Geothermal Energy: A New Life for Old Offshore Oil Wells?
Old offshore oil wells could be turned into geothermal energy producers under a plan by a new consortium. The group, The Aquarius North Sea Geothermal Consortium, is “actively” working with North Sea operators to see if old wells could be used to generate geothermal energy for existing platforms. But a future goal is greenfield geothermal exploration.Kirsten Pasturel, CEO of ZeGen Energy, says there’s huge potential with some mature oil fields producing over 100,000 barrels of water per day, at temperatures hot enough to generate power.“The potential is huge when you look at the amount of water produced on the UK Continental Shelf…
Shell Accelerating Renewables Push in Germany
Royal Dutch Shell in Germany aims to produce aviation fuel and naphtha made from crops and renewable power and to increase to commercial scale an electrolysis plant that makes fossil-free hydrogen, as it seeks to move away from crude oil.The energy major told an online conference on Friday it had applied for subsidies to carry out the work from the European Union and from German funds earmarked for decarbonization.Fabian Ziegler, head of Shell Deutschland, said several hundred million euros should be spent per year…
RP Global to develop a 1GW solar PV and wind project pipeline in Poland
Renewable energy developer and investor RP Global is working on a pipeline of projects in Poland to deliver more than 1,000 MW in the next two to four years. The first projects to be commissioned from this pipeline by mid-2022 include five Solar PV parks totalling approximately 180 MW, located in different regions of Poland.RP Global has been present in Poland for over 15 years, having developed and built five wind farms in the country. The company owns and operates two wind farm summing 104 MW as part of a 50:50 joint venture with the Marguerite Fund…
Renewable Energy: Wave Power Projects Takes a Big Step
Eco Wave Power has secured the engineering coordination permit from the Municipality of Tel-Aviv Jaffa (permit number 2020-3249) needed for the cement works and installation of 10floaters for the EWP-EDF One wave energy project in the Port of Jaffa, Israel.This permit allows Eco Wave Power to proceed with the actual installation of the project in the seaside of the breakwater, which shall include cement works for the breakwater’s reinforcement and the installation of 10 floaters, on 30 linear meters of a pre-existing breakwater within the port, having an installed capacity of 100 KW.
Biden to Target Drilling, Fossil Fuel Subsidies in New Climate Orders
President Joe Biden was set on Wednesday to sign executive actions to combat climate change, including pausing new oil and gas leases on federal land and cutting fossil fuel subsidies as he pursues green policies in stark contrast to those of his predecessor Donald Trump.The orders map out the direction for the Democratic president's climate change and environmental agenda and mark a reversal from Trump, a Republican businessman-turned-politician who sought to maximize U.S. oil, gas and coal output by removing regulations…
Valenciaport to the Fore in Spain's LNG Bunkering Ops
Valenciaport is at the forefront in Spain in the supply of LNG (Liquefied Natural Gas) by the shipping company Baleària. Specifically, in 2020, the Dénia-based company carried out a total of 291 natural gas supply operations, reaching 26,777 cu. m., in the Port of Valencia, which represents 40% of the bunkering operations carried out by the company in Spain. The Port Authority of Valencia (PAV) and Baleària have been collaborating for years in the introduction of LNG and the improvement of supply services to ships with this fuel with the implementation of the Multi Truck to Ship System (MTTS).
Offshore Oil Firm Eco Atlantic Launches Renewables Division
Eco Atlantic, an oil company with offshore oil and gas acreage in Guyana and Namibia, said Tuesday it had formed a new solar energy-focused company Eco Atlantic Renewables, citing, in part, a lack of oil and gas acquisition opportunities.Formed with Nepcoe Capital Partners Ltd. ("Nepcoe"), a renewable energy developer and investment company, the aim of Eco Atlantic Renewables is to source, acquire and develop an exclusive pipeline of potential high yield solar projects. Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic") owns 70% of Eco Atlantic Renewables and the remaining 30% is owned by Nepcoe."Investment into renewables…
ArcVera Gets IECRE Approval for Wind Power Performance Testing Services
ArcVera Renewables, a consulting and technical services for wind, solar, and storage projects, has received an approval by the International Electrotechnical Commission - Renewable Energy (IECRE) to operate as a Renewable Energy Testing Laboratory. IECRE is the IEC system for certification to standards relating to equipment for use in renewable energy applications."IECRE approval validates the quality of ArcVera’s wind turbine PPT processes and the thoroughness of its quality management system," ArcVera said.“With the achievement of IECRE accreditation…
Mercuria Teams Up with Envysion for Project Investment
Trading house Mercuria and Singapore-based asset manager Envysion Wealth Management have agreed to co-invest in mining and energy projects, as default-hit banks tighten their purse strings and leave commodities firms seeking other funding.The deal, signed on Wednesday, will see Mercuria present potential projects for investment to Envysion, founded and led by former Julius Baer banker Veronica Shim. Envysion will then decide whether to participate via a fund with a start-up amount of $100 million to $200 million.Such…
Prime Minister Modi: India to Double Refining Capacity in 5 Years
India plans to nearly double its oil refining capacity in the next five years, Prime Minister Narendra Modi said on Saturday, offering a much more aggressive timeline than previously despite the coronavirus pandemic blighting the economy.The country's energy minister was quoted http://www.ficci.in/ficci-in-news-page.asp?nid=23094 in June as saying India's oil refining capacity could jump to 450-500 million tonnes in 10 years from the current level of about 250 million tonnes.But addressing a petroleum university's convocation…
Fortescue Assessing Green Ammonia Plant in Australia's Tasmania
Fortescue Metals Group said on Tuesday it was assessing prospects to build an ammonia plant in the southern island state of Tasmania, as part of its push to become a major renewable energy producer.The project would include a 250-megawatt hydrogen plant at the Bell Bay Industrial Precinct with green ammonia production capacity of 250,000 tonnes per year for domestic and international export, Fortescue said in a statement.Bell Bay is about 41 km (26 miles) northwest of the city of Launceston.The project is targeted for an investment decision by the Fortescue Board in 2021…
Virtual Conference to Focus on Transatlantic Marine Renewables
Marine industry experts from Portugal and Canada are staging a special Blue Economy conference to spark transatlantic business growth. WavEC Offshore Renewables is teaming up with the Embassy of Canada to Portugal to host ‘Advancing the Blue Economy through Intercontinental Collaboration’. It runs on December 09 and 10.The two-day online event includes a world-class roster of speakers. They will share knowledge on floating offshore wind, alongside latest advances in wave power, floating solar, hydrogen and offshore…
CorPower Moves Foward with its Plan to Generate Energy from Waves
CorPower Ocean is set to move forward fast on its wave energy project in the Atlantic Ocean after securing a 10-year license in PortugalThe TUPEM license - awarded by the national Directorate-General for Natural Resources (DGRM) - provides a ‘Permit for the Private Use of the Maritime Space’ up to 12 miles off the coast of Aguçadoura in northern Portugal.CorPower Ocean Country Manager Miguel Silva said the permit unlocks the demonstration phase of the firm’s flagship HiWave-5 project, paving the way for a new class…
Australia's Iron Ore Giant Fortescue Plans 235GW Green Energy Drive
Australian mining magnate Andrew Forrest outlined ambitious plans on Wednesday to build a renewable energy business, aiming to compete with oil giants to provide low-cost green energy globally.Billionaire Forrest, who turned Fortescue Metals Group over two decades into the world's fourth-biggest iron ore miner, said Fortescue Future Industries (FFI) has already signed preliminary deals, such as in Papua New Guinea and Africa, and a team of executives is looking for other partners."We are building a portfolio of renewable assets…
Shell to Slash Jobs and Capacity at Major Singapore Refinery
Royal Dutch Shell will halve crude processing capacity and cut jobs at its Pulau Bukom oil refinery in Singapore as part of an overhaul to reduce its carbon emissions.The refinery on Pulau Bukom, a small island in the Southeast Asian city-state, can process 500,000 barrels per day (bpd) of oil and is Shell's largest wholly-owned refinery worldwide.The move brings the total refining capacity cuts by Shell in recent months to 571,000 bpd, or just over a fifth of its capacity globally.Shell aims to reduce the number of…
Philippines Says No to New Coal Projects. Puts Focus on Gas
The Philippines has stopped accepting new proposals for coal-based power projects to encourage investment in other energy sources like natural gas and renewables, the government's energy chief said on Wednesday.The moratorium on endorsements for greenfield coal-powered plants comes as the government aggressively pursues natural gas as a major source of energy, not just for power generation but also industrial, commercial and household sectors.Coal is set to remain the dominant power source for years to come, however…
Coronavirus, Consolidation Taking Toll On Energy Jobs
Oil and gas companies worldwide are taking an axe to their employment rolls, shedding workers to survive what is expected to be a prolonged stretch of weak demand.Exxon Mobil Corp said it will cut its workforce by 15%, or about 14,000 people, along with oil majors Chevron Corp and Royal Dutch Shell Plc.All told, more than 400,000 oil and gas sector jobs have been cut this year, according to Rystad Energy, with about half of those in the United States, where several big exploration companies and most large oil service companies are headquartered.Coronavirus has devastated swathes of the global economy…
Total Keeps Dividend But Cuts Investment Target
Total trimmed its 2020 investment target on Friday after a sharp drop in third-quarter net profit, though the French oil and gas producer maintained its dividend.The company cut its investment target to $13 billion from $14 billion and said it was keeping a lid on operating costs too, even as it strives to grow in renewable energy and electricity markets.Energy companies were hit hard by COVID-19 lockdowns and the related collapse in fuel demand.The price of Brent crude has largely stayed above $40 a barrel since June…
GIEK Doubling Down on Offshore Wind
Tasked to provide the financial power to help Norwegian companies export their wares to the world, Wenche Nistad, CEO of the Norwegian Export Credit Guarantee Agency (GIEK) pulls no punches when asked about the appetite for investment in traditional offshore oil and gas today: “The money has disappeared; nobody wants to invest in oil and gas anymore; it’s all about renewable energy.”While GIEK’s guarantees to offshore wind total only about $500 million today, a scant portion of its cumulative portfolio, the offshore wind portion has quadrupled in value since the end of 2019.
World's Largest Wealth Fund Cites Paucity of Good Green Energy Deals
While societal, political and corporate pressure continue to push innovation on renewable energy, the world's largest wealth fund is apparently having trouble identifying good investment deals in the sector.Norway's $1.1 trillion sovereign wealth fund, the world's largest, is having trouble finding suitable unlisted renewable- energy projects to invest in due to the paucity of projects and strong competition for stakes in them, its new CEO said.Such investments are new for the fund which, until this year, was only allowed to invest in stocks…
