Business & Finance
Petrobras sees oil reserves drop in 2020
Brazilian oil major Petrobras has noted a small decrease in its proved reserves of oil, condensate, and natural gas for 2020 when compared to figures from the year before.
Failure to comply with new environmental rules will pose ‘a huge business risk’
With the increasing pressure for shipowners to sharpen their environmental performance, driven by IMO 2050, regional regulations and market pull from charterers, banks and investors, the decarbonization challenge is here to stay. “This represents a whole new ball game for the industry. Optimisation
Vantage rig completes maintenance ahead of Eni gig
MMH Malta, a port facility and provider of services for offshore drilling rigs, has completed a maintenance program on a Vantage Drilling-owned jack-up rig.
Shell takes majority stake in Irish floating wind project
Dutch oil and gas major Shell has agreed to take a majority stake in a 1 GW floating wind project offshore Ireland. Shell New Energies, the renewable energy trading, generation, and supply arm of Shell, has signed an agreement with Simply Blue Energy to acquire 51 per cent in Simply Blue Energy’s Ki
DNV GL combines Oil & Gas, Power & Renewables to create Energy Systems
Assurance and risk management company DNV GL has decided to combine its current Oil & Gas and Power & Renewables businesses into one new business area called Energy Systems.
After devastating 2020, Rystad expects bankruptcy numbers to normalize in 2021
After the costliest Chapter 11 year in history, 2021 bankruptcy numbers will normalize if WTI keeps up, an analysis by Rystad Energy has shown.
Amazon, partners invest in electrofuels company to decarbonize transportation sector
Infinium has closed a funding round bringing together a consortium of investors including Amazon’s Climate Pledge Fund, Mitsubishi Heavy Industries (MHI), AP Ventures, Neuman & Esser, and the Grantham Environmental Trust.
Wan Hai Lines splashes $565 million on 12 boxships
Taiwanese container shipping company Wan Hai Lines has ordered twelve 3,013 TEU container vessels worth a total of $565 million. The containerships will be built by Japanese shipbuilder Japan Marine United Corporation’s Nihon Shipyard, Wan Hai Lines said. The contract announcement coincides with the
Beach Energy ditches New Zealand well plans
Beach Energy and its partners in the Wherry prospect, offshore New Zealand, have decided to abandon the project as it no longer meets the risk profile.
Statkraft and Aker come together for offshore wind in Norway
Statkraft, Aker Offshore Wind and Aker Horizons have signed a cooperation agreement to explore offshore wind opportunities in Norway. The companies will work together to explore the possibility to develop, operate and deliver power from commercial-scale offshore wind projects in Norway. The cooperat
Subsea Expo called off as virus woes continue
The world’s largest underwater engineering event – Subsea Expo – will not be taking place this year. Organisers, Subsea UK, who have already postponed the event from February to May this year due to the coronavirus-imposed restrictions have decided to wait until 2022 before staging the event. The th
Disappointment for Lundin in Barents Sea
Lundin Energy came up dry in the Bask prospect following results from an exploration well in the Barents Sea drilled with the West Bollsta rig.
MAN to supply engines for Hapag-Lloyd’s LNG-powered newbuilds
Engine manufacturer MAN Energy Solutions has won an order to supply six main engines for Hapag-Lloyd’s LNG-powered 23,000+TEU ultra large container vessels. The MAN B&W 11G95ME-GI Mk10.5 engines will be built in Korea and will offer the option of operating on LNG or conventional fuel, meeting Tier I
Maersk Tankers sells product tanker fitted with rotor sails
Maersk Pelican, the world’s first product tanker testing the use of wind propulsion technology, has been sold and delivered to its new owner, Maersk Tankers said. Data from VesselsValue shows that the LR2 tanker has been sold to Buana Lintas Lautan, an oil and gas company from Indonesia, for an undi