The UK’s path to reaching net-zero by 2050 will result in a structural shift in the energy system, requiring significant investment in new technologies and business models.
Aker Solutions and Kvaerner are on track to implement the planned merger in mid-November. This will create a supplier that will enable customers, industry and societies to accelerate the transition to sustainable energy production.
Despite the effects of COVID-19 on global demand and supply, the outlook for South America’s offshore production is on track to surpass volumes coming from North America by 2024. While several projects in Brazil and Guyana have taken final investment decision (FID), and are less likely to be postponed or suspended, offshore US and Mexico tell a different story.
A new study by Westwood Global Energy Group shows that 11 billion barrels of oil and 36 billion barrels of oil equivalent (boe) gas in 119 discoveries >100 million boe in size made between 2008 and 2016 is currently stalled with no progression towards development.
It’s available in abundance, flexible enough to reach far-flung corners of the globe, less polluting to the environment, and yet the full promise of natural gas will unfold once the world is past the coronavirus pandemic, according to energy ministers of the leading gas exporting countries at a Ministerial Roundtable held recently (11 November).
Baker Hughes has acquired Compact Carbon Capture (3C), a pioneering technology development company specializing in carbon capture solutions.
Leading oil and gas engineering, procurement, and construction (EPC) companies are increasingly shifting their strategies towards cleaner energy segments, according to GlobalData, a leading data and analytics company. Major oil and gas EPCs have traditionally relied on projects within the oil and gas value chain, building relatively little exposure to renewables.
Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) and Husky Energy Inc. (TSX: HSE) have announced a transaction to create a new integrated Canadian oil and natural gas company with an advantaged upstream and downstream portfolio that is expected to provide enhanced free funds flow generation and superior return opportunities for investors.
They say few US Presidents ever really change a great deal. Certainly, the bolder aspirations of the Democratic campaign – among them tackling the coronavirus pandemic, healthcare, the economy and climate change – may founder on the hard grit of Washington politics.
Following ExxonMobil’s Q3 earnings release, Steven Ho, Oil & Gas Analyst at GlobalData, a leading data and analytics company, offers his view:
A comprehensive Rystad Energy analysis of oil production costs has revealed that the average breakeven price for all unsanctioned projects has dropped to around $50 per barrel, down around 10% over the last two years, and 35% since 2014.
As around 75% of Mexico’s oil and gas producing wells are ageing, intervention activities should remain resilient in the years ahead, likely surpassing $3 billion from 2021 to 2023, a Rystad Energy analysis shows. Around 30% of that will be spent onshore with the remaining 70% going offshore.
The US presidential election of 2020 comes amid a pandemic that has ravaged energy markets and the two main candidates have very divergent energy visions.
Strohm, the world’s leading manufacturer of thermoplastic composite pipe (TCP), has received a circa EUR 25 million Convertible Loan from its shareholders as it strengthens its position for low carbon energy transition activities and renewables.
The investment, which was secured at the start of the year before the global coronavirus pandemic struck and subsequent oil price fall, will be used to support the firm’s strategic objective of tripling its 2019 capacity in the next 18 months and the continuation of its product development for the new emerging sectors.
The business, which rebranded from “Airborne Oil & Gas” earlier this month to Strohm (October), ascertained the financial support based on the increasing market acceptance of its corrosion free TCP technology as a viable alternative to traditional subsea pipeline solutions with a significantly extended service life.
In the last 12 months, Strohm has secured a series of new business wins adding to an already healthy order book with contracts in the pipeline to deliver around 20km in total of its spoolable, lightweight product. The company is also developing solutions for the emerging sectors of carbon capture, utilisation and storage (CCUS) and hydrogen on the basis that installation of its TCP delivers a 50% lower carbon footprint compared to conventional steel alternatives.
Bernhard Schmidt, chairman of Strohm’s supervisory board, said: “We are excited about the future of TCP and the instrumental role of Strohm in further developing this technology and opening up the market. I would like to thank the shareholders for their continued support of the company and their belief in the unique technology of TCP. We enjoy working with the management team with whom we have a shared vision of TCP’s continuous growth potential in both the traditional and new markets within the energy space as a key transitioning technology.”
Strohm’s shareholder base includes strategic investors such as Aker Solutions, Chevron Technology Ventures, Evonik, private equity investor HPE Growth, Saudi Aramco Energy Ventures, Shell Ventures, Subsea 7, and Sumitomo Corporation.
Strohm CEO Oliver Kassam added: “We are very pleased by the overwhelming and continuous support of our shareholders. As momentum grows in the energy transition space, this new funding allows us to triple our capacity and seize on new opportunities to support operators with a zero corrosion, lower CO2 emission technology at a lower cost. The market conditions are challenging right now but we remain confident of the robust growth potential of TCP in the traditional segments of brownfield production enhancement and deepwater riser solutions.
Earlier this year, Strohm – which has the world’s largest track record for TCP - installed a second high flow TCP Jumper Spool for Anasuria in the North Sea, completed a 3km flowline in offshore West Africa, and secured new orders for 10km of flowlines and a deepwater TCP Jumper Spool both destined for the same region in 2021.
Visit the Strohm website here
Reuters Events announces that CEO’s of two of the world’s leading energy service companies, Halliburton and Baker Hughes, will join the speaker faculties for their flagship Energy Transition Summit.
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