Oil industry eyes renewable energy for future growth

Renewable energy projects The oil industry may be committing up to a fifth of their total investment in green energy projects after 2030 as hydrocarbons production declines. A growing number of key oil and gas players are starting to invest in renewable energy projects. Analysis from Wood Mackenzie suggests that major energy companies like Royal Dutch …

Floating Offshore Wind ‘Comes of Age’

Floating offshore wind reaching maturity Floating offshore wind projects have “come of age” with several projects representing hundreds of megawatts (MW) of power now under way. The first of numerous large-scale demonstration projects will be commissioned later this year. Another two are coming in 2018. Industry group WindEurope has reported that the technology behind floating offshore …

Electricity Interconnector between Germany and Norway gets financial surge

NordLink electricity interconnector The European Investment Bank (EIB) has signed a €300 million loan agreement to help complete NordLink, the first electricity interconnector project between Germany and Norway. The loan has been made to Norwegian transmission system operator (TSO) Statnett, which is working with grid operator TenneT TSO BV and Germany’s state-owned development bank, KfW, …

Kuwait joins Saudi Arabia, Russia to seek oil cuts into 2018

OPEC oil cuts Kuwait joined Saudi Arabia and Russia in supporting an extension of oil cuts by OPEC and other global producers through the first quarter of 2018 to help trim global stockpiles. An extension of the cuts at already agreed-upon output volumes is needed to reach the goal of paring world inventories to their five-year …

Upstream players struggle with uncertainty

Wood Mackenzie survey indicates that upstream players are grappling with the current uncertain situation The oil and gas industry is facing a challenging year. Oil prices remain volatile, and uncertainty remains about whether prices will recover from around $50/bbl. Across the upstream sector, companies are considering their next investments, while weighing up how to remain …

RENTING INSTEAD OF PURCHASING YOUR EQUIPMENT: 5 REASONS WHY

Why should you rent instead of purchase equipment? We will give you five reasons why to choose rental. FINANCE Because the fleet is not used all the time Renting helps to avoid the burden of excessive investment, maintenance and other costs. Renting provides you with the equipment when you need it and so is more efficient …

Germany’s Energiewende turns successful corner

Germany’s “Energiewende” —the country’s low-carbon energy revolution— turned another successful corner last weekend when renewable energy sources nearly stamped out coal and nuclear. Thanks to a particularly breezy and sunny Sunday, renewables such as wind and solar, along with some biomass and hydropower, peaked at a record 85 percent, or 55.2 gigawatts, and even came …

World’s First ‘Subsidy-Free’ Windfarms Get German OK

GAME-CHANGING LEAP FORWARD The wind energy sector took a game-changing leap forward this week when two leading developers announced that they will be building the world’s first offshore windfarms without government financial aid. GERMANY’S FIRST WIND POWER AUCTION In the first German wind power auction, three of the four windfarms accepted will be built with …

Germany Charges Europe’s Largest Battery Storage Project

Europe’s largest battery storage project is set to kick off in the German region of Schleswig-Holstein, close to the border with Denmark. INSPIREME PROJECT Constructed near a substation in the municipality of Jardelund, the 48-megawatt system of lithium-ion batteries will have a capacity of over 50 megawatt hours (MWh). This capacity corresponds to the average …