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Tag: Offshore

India embarks on offshore wind energy effort

India embarks on offshore wind energy effort

Business
June 19 (UPI) -- The completion of studies for the offshore wind energy potential in India expands the sector in a greening economy, the government said Tuesday. Norwegian energy advisory group DNV GL announced Tuesday it completed a study, co-funded by the European Union and an offshore wind energy group in India, examining the offshore wind energy potential for two coastal states. "It is the beginning of India's journey from onshore to offshore -- A dream comes true," India's Ministry of New and Renewable Energy stated. India under its commitments for the Paris climate agreement targeted 175 gigawatts of renewable energy capacity by 2022, with about 35 percent of that coming from wind energy. India has one of the fastest growing economies in the world. Its trade deficit hit $ 16.3 bill...
Exxon, Equinor complete partnership offshore Brazil

Exxon, Equinor complete partnership offshore Brazil

Business
June 6 (UPI) -- Development of oil basins off the coast of Brazil remains a core focus, Norwegian energy company Equinor said after selling off interests to Exxon Mobil. Equinor, formerly known as Statoil, completed a transaction with Exxon that puts the latter in an equity partnership at the BM-S-8 block off the coast of Brazil with a 36.5 percent stake. The block is within the Carcara oil field, which has an estimated 2 billion barrels of reserves. "Carcará is a world-class asset and has strengthened our position in Brazil, one of Equinor's core areas due to its large resource base and excellent fit with our technology and capabilities," Anders Opedal, the country manager for Equinor, said in a statement. Brazil ranks second behind Venezuela in terms of proven oil reserves in So...
OMV next in line to tap U.A.E. offshore

OMV next in line to tap U.A.E. offshore

Business
April 6 (UPI) -- Austrian energy company OMV said it became the latest in a growing list of foreign companies wading into oil fields off the coast of Abu Dhabi.The Austrian company said it acquired a 20 percent working interest in the offshore Satah al-Razboot complex, which includes satellite fields Bin Nasher and al-Bateel, and Umm Lulu. The deal with Abu Dhabi National Oil Co. included infrastructure associated with the fields for a combined price of $ 1.5 billion.ADNOC had no comment on the deal. In an outline of its ambitions, the company said it can produce as much as 1.4 million barrels of oil per day offshore, about 40 percent of its total capacity.ADNOC so far this year has signed agreements with Asian energy companies, Italian major Eni and French supermajor Total.The United Arab...
More than $1 billion on contracts awarded offshore Norway

More than $1 billion on contracts awarded offshore Norway

Business
April 3 (UPI) -- More than $ 1.5 billion in contracts for drilling services were awarded to companies for work in Norwegian waters, energy major Statoil said.The company said Tuesday it awarded contracts to energy services companies for work ranging from maintenance to drilling on 18 of Statoil's fixed platforms on the Norwegian continental shelf.Drilling services company Archer Ltd. received the bulk of the four-year contracts for work offshore Norway. Combined, Archer took in about half of the total contract value.Services companies were among those hardest hit by a market downturn that saw the price of crude oil drop below $ 30 per barrel in early 2016. Archer reported fourth quarter revenue of $ 223.7 million, a 5 percent increase over the previous quarter.The price for Brent crude oil...
Offshore wind now cheaper than new nuclear

Offshore wind now cheaper than new nuclear

Business
The cost of new offshore wind power is set to fall by 50% over the next five years following the award of new government contracts.The results of the latest auction for new projects were cheered by environmental campaigners as the contracts - which guarantee a set price for power - tumbled to record lows.The cost fell to £74.75 per megawatt hour (MWh) for projects delivered in 2021/22 and £57.50 for projects in 2022/23.That compares with £92.50 MWh for the new Hinkley Point C nuclear power station - due to start generating electricity in the latter half of the 2020s.:: Hinkley Point C hit by £1.5 over-run and delayVideo:Hinkley Point costs to rise by more than £1bnThe results of the auction for 11 new contracts, which also included biomass and waste plant energy schemes, should help put do