Norway’s New Oil Mega-Project Clashes With Growing Focus on Climate

By Mikael Holter (Bloomberg) --The timing of Norway’s biggest oil project in decades is a bit awkward. Equinor ASA kicked off its massive Johan Sverdrup field, a rare mega-project in the aging North Sea, at a moment where the pressure on the oil industry and governments to act against the climate crisis has never been greater. The field is set to produce crude for 50 … [Read more...]

BP is Striking Out in a Hotspot for Offshore Oil Exploration

By Peter Millard and Kelly Gilblom (Bloomberg) --It was supposed to be BP Plc’s big Brazilian breakthrough after years of setbacks in one of the world’s top destinations for offshore oil. The potential bonanza is still out of reach, two years after the London-based major teamed up with Brazil’s national oil company and a unit of China National Petroleum Corp. to outbid two … [Read more...]

Transocean Relinquishes Ownership in Drillship Pair Under Construction

Offshore drilling contractor Transocean has decided to walk away from two drillships under construction at South Korea’s Samsung Heavy Industry. In a statement on Tuesday, the Switzerland-based company said it was relinquishing their respective interests in two drillships under construction – the Ocean Rig Santorini and the Ocean Rig Crete to SHI. The decision means that … [Read more...]

Dominion Proposes Largest Offshore Wind Farm in U.S.

Virginia-based electric utility provider Dominion Energy is proposing the United States' largest offshore wind development off Virginia’s coast. The proposal is for a 2,600-megawatt commercial offshore wind development that will ramp up to include 220 wind turbines providing renewable energy for up to 650,000 homes by the year 2026. If approved, the project would be … [Read more...]

Melting Arctic Means New, and Faster, Subsea Cables

By Thomas Pfeiffer and Ilya Khrennikov (Bloomberg) --Global warming has opened up Arctic passages to new shipping routes. Now the melting ice is handing an opportunity to other industries. Submarine data cables have become easier to lay in previously frozen regions, offering a shorter route for communications between the world’s major economic centers and giving a … [Read more...]