Business & Finance
UK National Grid reports busiest January on record for its subsea interconnectors
The UK National Grid’s subsea electricity interconnectors achieved a record in January with more power being imported in and exported out of the UK than ever. The five interconnectors, which connect Great Britain with France, Belgium, the Netherlands and Norway, transported almost 12 per cent more p
Masdar sets up new office in Azerbaijan to back country’s clean energy goals
Abu Dhabi’s renewable energy company Masdar has opened a new office in Baku, Azerbaijan, to strengthen its support for the country’s renewable energy development. During the inauguration event for the office, located in Port Baku Tower, Masdar pledged to work with the goverment and other stakeholder
HH2E and LEAG to boost hydrogen economy in Germany
Energy companies HH2E and LEAG have signed a Memorandum of Understanding (MoU) in which they confirmed their intention to work together to set up a regional and national green hydrogen economy in Germany. According to HH2E, this should happen in connection with planned projects of both companies in
Norwegian energy giant hires DOF for subsea decommissioning work
DOF Subsea has secured an engineering, preparatory works, removal, transportation, recycling and disposal (EPRD) contract with Norwegian state-owned energy giant Equinor. The contract is for the Heimdal subsea decommissioning works and includes the recovery and disposal of approximately 2,000 tons o
Smart Green Shipping nets more funding as it readies for demonstration of its FastRig wingsail
Smart Green Shipping, a systems design and engineering company based in Dumfries, has secured £ 1.35 million investment for its development of retrofit sails and technology for sustainable commercial ships. MOL Drybulk Ltd (MOLDB), a 100% owned subsidiary of Mitsui O.S.K. Lines, and Scottish Enterpr
TGS set to conduct 4D survey in Gulf of Mexico
Norwegian seismic player TGS has signed a letter of authorization (LOA) to carry out a proprietary 4D OBN survey in Walker Ridge canyon in the U.S. Gulf of Mexico.
BalticSeaH2 project moves forward
Gasgrid Finland, a Finnish state-owned company and transmission system operator, has announced that a joint hydrogen valley project, BalticSeaH2, between Finland and Estonia is underway. Gasgrid said the 5-year project will next proceed to the preparation of a financing agreement with the Clean Hydr
Denmark grants its first permits for full-scale CO2 storage
The Danish Ministry of Climate, Energy and Supply has granted the country’s first-ever permits for full-scale CO2 storage in the North Sea. In the first round of tenders for storing CO2 in the Danish North Sea, three permits have been awarded, two to TotalEnergies EP Danmark, and one to a consortium
Volatility in oil & gas prices on the cards for 2023 after roller-coaster ride in 2022, says Westwood
Westwood dives into upstream oil and gas trends in 2022, predicting that 2023 will also be marked by oil and gas price volatility.
Drydocks World and Aker Solutions to revamp FPSO destined for UK’s giant oil & gas field
Drydocks World Dubai and Aker Solutions will work together on upgrading an FPSO for one of the largest undeveloped oil fields in the UK.
January brings increase to offshore rig count
The international offshore rig count recorded an increase of ten units in January 2023 compared to December last year, according to the latest rig count report from Baker Hughes. The international rig count is up 60 rigs from last year’s count of 841, with offshore rigs up 31 and onshore rigs up 29.
$10 million raised to cover ongoing arbitration costs regarding two cancelled drillships
Northern Drilling has raised $10 million for litigation costs arising from the ongoing arbitration pertaining to cancelled orders for two drillships with the South Korean shipbuilder, Daewoo Shipbuilding & Marine Engineering (DSME).
GTT receives €4.66M for CO2 capture system design for MerVent 2025
As part of the MerVent 2025 project, French LNG containment specialist GTT has received €4.66 million in funding from a French public investment bank Bpifrance for the design of an onboard CO2 capture system and for the development of intelligent operational performance solutions. Within the framewo
Strong start of 2023 for Northern Irish decommissioning specialist
Northern Ireland-based decommissioning specialist Decom Engineering has commenced 2023 with a number of international contracts said to be valued at over seven figures. Decom Engineering reported that it had secured new projects in Africa, Norway, Thailand and Singapore, while strengthening ties wit