Business Developments & Projects
Marubeni-funded green hydrogen injection demonstration project kicks off in Portugal
Japan’s Marubeni Corporation has launched the first green hydrogen injection demonstration project in the natural gas distribution network of Portugal through its investment in Floene Energias, a gas distribution system operator in Portugal with over 70% of the country’s market share. According to M
Europeans launch association for promotion of osmotic energy as renewables source
Four European companies have teamed up to launch an association to promote the potential and the development of osmotic energy called Osmotic Energy for the European Union (OE4EU).
TECO 2030 unlocks $4.6 million grant from Innovation Norway
Norway’s cleantech company TECO 2030 has achieved a prerequisite required to release the NOK 50 million ($4.6 million) grant given to the company by Innovation Norway in October 2021. Innovation Norway, the Norwegian Government’s instrument for supporting innovation and development of Norwegian ente
Double win for Norwegian multi-purpose support vessel
Norway’s Golden Energy Offshore Services (GEOS) has secured a bring-to-work (B2W) contract and a medium-term contract in direct continuation for its multi-purpose support vessel (MPSV) Energy Duchess. For the B2W contract, the vessel will be used to accommodate and bring technicians and equipment to
TEN reveals order for Suezmax pair in Korea, as it wraps up record year
Greek shipping major Tsakos Energy Navigation (TEN) has placed orders for the construction of two scrubber-fitted environmentally designed Suezmax tankers in South Korea. The company did not disclose the name of the yard, however, previous market reports indicate that the builder is Hyundai Heavy In
What is being said about UK’s £20 bln funding for carbon capture and storage projects?
As part of the UK’s 2023 Spring Budget, £20 billion (nearly $24.2 billion) funding has been unveiled to scale up carbon capture and storage (CCS) projects. The energy industry sees this funding as a way to speed up decarbonisation across the UK and step up the shift towards renewables.
Fluxys and GASCADE highlight high offshore hydrogen infrastructure potential for Europe in a DNV study
Infrastructure system operators GASCADE and Fluxys have highlighted the significant advantages of an offshore hydrogen backbone in the North and Baltic Seas in the ‘Specification of a European Offshore Hydrogen Backbone’ study commissioned to the classification society DNV. According to the companie
7 new members join methane busting initiative
Seven new members have joined the Methane Abatement in Maritime Innovation Initiative (MAMII), launched in September 2022. New members of the Methane Abatement in Maritime Innovation Initiative (MAMII) include CoolCo, United Overseas Management, Capital Gas, Celsius Tankers, Global Meridian Holdings
Eidesvik and Reach Subsea complete purchase of 2009-built subsea vessel
The joint venture between Eidesvik Offshore and Reach Subsea has completed the acquisition of the subsea inspection, maintenance, and repair (IMR) vessel Viking Reach. The purchase price for the vessel previously known as Edda Sun was $29 million. Viking Reach is suited for survey and light construc
UK government halves ring-fenced support for tidal energy in next renewables auction
The UK government has confirmed the £205 million budget for renewable energy projects in the fifth round of contracts for difference (CfD) auction, which features plans to cut the tidal stream ring-fence from £20 million to £10 million.
Report: Strikes at French refineries and LNG terminals are in week two
Strikes against the French government’s planned pension reform entered a second week on Wednesday, disrupting maintenance at nuclear reactors, hitting liquefied natural gas (LNG) prices, and blocking some shipments from refineries and depots, Reuters news agency reported. According to Reuters, at le
In pursuit of balanced import and export, North Sea Link to reduce capacity
Norway’s Statnett has decided to reduce the maximum capacity on the 1,400 MW North Sea Link interconnector between Norway and the UK in order to make a balance for import and export. Capacity will be set to a maximum of 1,100 MW in both directions, from the installed capacity of 1,400 MW, and will b
Minesto secures €10.7 million through rights issue
Minesto has announced the preliminary outcome of its rights issue which brough in SEK 120 million (€10.7 million) of fresh funding for the company’s tidal energy technology and projects.
Shell keeps the top spot as most valuable oil & gas brand with Aramco at its heels
Shell remains the world’s most valuable oil and gas brand for the ninth consecutive year, however, Aramco is closing the gap.