By Paul Burkhardt (Bloomberg) --Total SA has deployed a rig to South Africa to look for more oil near a massive discovery, in a rare example of exploration in a frontier area. The Odfjell Deepsea Stavanger has left Bergen in Norway for the southern tip of Africa, Africa Energy Corp., Total’s partner in the project, said Thursday. While drilling work has dropped off … [Read more...]
Norway’s Full-Scale Carbon Capture Project Could Become Financial Disaster, Report Warns
By Mikael Holter (Bloomberg) --Norway’s plan for a full-scale carbon capture and storage project could end up a financial disaster, according to a new report that includes an increased cost estimate for the venture. The likely cost of building and operating the project over 10 years -- most of which would be funded by the government -- could be as much as 25 billion kroner … [Read more...]
Japan Launches Auction for Floating Offshore Wind Farm
By Aya Takada (Bloomberg) --Japan officially launched its effort to seek participants in the nation’s first auction for a floating offshore wind farm. The nation’s economy and land ministries will select the winner of the auction around June 2021 to construct the floating turbines off the southern prefecture of Nagasaki, according to a joint statement on Wednesday. The … [Read more...]
Offshore Drillers Face New Round of Bankruptcies
By Liz Hampton and Nerijus Adomaitis DENVER/OSLO, June 24 (Reuters) - The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms. A collapse of the offshore industry will have broad impact. Drillers … [Read more...]
U.K. Offshore Oil and Gas Industry Pledges to Cut Emissions in Half Over Next Decade
By Amanda Jordan and Laura Hurst (Bloomberg) --The U.K. offshore oil and gas industry pledged to cut emissions from its operations by half in the next decade, and eliminate them completely by 2050. The commitment announced by industry body OGUK Tuesday reflects mounting pressure on energy producers to bolster the fight against global warming. Yet it relates only to direct … [Read more...]