Business & Finance
UK mid-2020s offshore wind farms could be first to run with ‘negative subsidies’ and lower consumer bills
The offshore wind farms that won the Contracts for Difference (CfDs) in the latest UK CfD round will most likely be the first to operate with “negative subsidies”, even before the zero-subsidy projects awarded in auctions in the Netherlands and Germany. According to an analysis by an international t
Rystad sees supply glut ahead after second wave of Covid-19 and more OPEC oil hit the market
The upcoming partial return of curtailed OPEC+ oil production from August is set to create a new four-month supply glut of around 170 million barrels, a Rystad Energy analysis reveals.
Enagas logs profit hike as LNG business grows
Spanish LNG terminal operator Enagas reported a 9.4 percent profit rise in the first half as its regasification plants continued to operate as usual during the Covid-19 pandemic. The company said profit after tax in the January-June period increased to 236.3 million euros ($276.9 million). This comp
£100 million growth deal to support energy transition of Scottish islands
The leaders of the three Scottish island councils recently welcomed the Scottish and UK governments’ award of £100 million in funding as part of the Islands Growth Deal. The money goes to Orkney, Shetland and the Western Isles. The multimillion pound deal will provide investment for local projects a
Yara Marine: We had high hopes for scrubbers in 2020, but Covid-19 changed all that
Driven by the impending IMO 2020 sulphur cap, the scrubber market was in the middle of a historic boom in 2019, with strong prospects expected in 2020. However, the coronavirus pandemic changed everything for many industries, including the exhaust gas cleaning segment. “The coronavirus turned our wo
OMV delineates Hades discovery in Norwegian Sea
OMV is the process of concluding the drilling of an appraisal well on the Hades gas/condensate discovery in the Norwegian Sea.
Hurricane stabilises Lancaster field output
Hurricane Energy has stabilised production from its Lancaster field following the commissioning of the electric submersible pumps on two producing wells.
CorPower lands €9 million funding deal
Swedish wave energy developer CorPower Ocean has secured €9 million equity funding for its breakthrough wave energy tech. Midroc New Technology led the funding round, with additional investment from ALMI Invest Greentech, EIT InnoEnergy, and private investors. The company will use the funds to dem
Wakelin resigns from Atlantis board
Atlantis said that its non-executive director and chair of the Audit Committee Ian Wakelin has resigned from its board. Namely, Wakelin has accepted the role of chairman of Viridor Group, a British waste company. He will leave in October but in the interim assist the transition of the Audit Committe
Charges and revenue drop drag Schlumberger into the red
Oilfield services major Schlumberger recognised a $3.34 billion loss in the second quarter on $3.7 billion charge and revenue drop of some 35 per cent. The loss of $2.47 per share compares with profit of 35 cents per share same time last year. Revenues fell from $8.26 billion in Q2 2019 to $5.35 bil
TAQA files decommissioning plans for two North Sea platform topsides
TAQA Bratani has filed its decommissioning programs for the Tern and North Cormorant platform topsides, located in the UK North Sea, to the UK authorities.
UK proposes to ease OFTO rules on four offshore wind farms
The UK Government has proposed to exempt Beatrice, Hornsea One, Rampion, and East Anglia One offshore wind farms from the requirement to hold a licence to transmit electricity, due to COVID-19-related delays in transferring their transmission assets. The four offshore wind farms, involved in the fif
Equinor sees red as low oil price and Covid-19 halve 2Q revenues
Equinor sank to the red in the second quarter of the year as its revenues were halved amid Covid-19 pandemic and low oil prices.
COVID-19 impacts offshore wind players’ balance sheets, but not build-out and expansion plans
With financial results for the second quarter and the first half of the year now being presented, the status of the offshore wind sector in relation to the impact of the global COVID-19 crisis is becoming more prominent and, once again, it shows that the companies are both shaken and unshaken by it,