The long-planned project is going ahead despite Equinor’s decision to cut investment following a plunge in oil prices that has reduced the company’s cash flow. OSLO: Norway approved on Wednesday Equinor’s 4.8 billion Norwegian crowns ($466 million) plan to build floating offshore wind turbines that will provide electricity to North Sea oil and gas platforms, […]
New wind farm financing in Europe to face delays in 2020
“Wind energy projects make an attractive investment and in the long-term there should be plenty of capital available to finance them,” the report said LONDON: Investment in new wind power projects in Europe fell almost 25 per cent to 19 billion euros ($20.7 billion) in 2019 compared to a year earlier and projects are likely […]
OPEC+ set to agree 4.3 mln bpd in output cuts: JP Morgan
Despite US President Donald Trump’s calls for cuts of 10 million bpd or more, OPEC+ are expected to agree on a “soft cut” of around 4.3 million bpd versus the group’s output in April 2020, JP Morgan said LONDON: OPEC and Russia this week are likely to agree to cut oil output by about 4.3 […]
Green Energy’s $10 Trillion Revolution Faces Oil Crash Test
In 2014, when the price of oil last crashed, the world’s governments had no agreement in place to fight climate change. The following year leaders signed the Paris accord. Read More…
Spanish Oil Major Repsol to Build 860MW of Wind Farms at Home
Repsol was the first oil major to set a net-zero target, and now it’s leading an Iberian renewables charge. Spanish oil major Repsol will build and operate 860 megawatts spanning 26 new wind farms in its home country, nearly doubling its pipeline of renewables projects in development. Repsol was the first among its oil and […]
The future is now: How oil and gas companies can decarbonize
Several trends are focusing the minds of industry executives. One is that investors are pushing companies to disclose consistent, comparable, and reliable data. Activist shareholders, for example, are challenging US- and Europe-based oil majors on their climate policies and emissions-reduction plans.1 Investors are also increasingly conscious of environmental issues. In the five markets examined by […]
BlackRock Sends Huge Warning Shot at Companies Ignoring Climate Risk
The world’s largest asset manager predicts a “fundamental reshaping of finance” as the climate threat comes into sharper focus. In a move that will resound across the world of energy investing, BlackRock, the world’s largest asset manager, this week warned of a “fundamental reshaping of finance” as the impacts of climate change become better understood. […]
Europe’s Energy Giants Line Up to Endorse Green Deal
The power sector sees huge opportunity, while the proposed “carbon border” raises questions for EU oil and gas imports. The European Union’s newly proposed Green Deal raises “significant questions” for the oil and gas industry, analysts said, but the plan was broadly welcomed by companies across the energy sector. On Wednesday the European Commission presented […]
Evaluating Saudi Aramco’s Green Investments Ahead of Its IPO
Saudi Aramco is a big backer of renewables (as long as the investments help it extract more oil). Investors in Saudi Aramco’s upcoming IPO could be purchasing a stranded asset if the oil behemoth sticks to its guns on fossil fuels. Despite Saudi Arabia’s big plans for solar and Aramco’s own impressive spend on renewables, […]
IEA sees India’s oil demand doubling, import dependence rising to 90% by 2040
NEW DELHI: India’s oil demand will double to more than 9 million barrels a day, marking largest absolute consumption growth for any country, and its dependence on imports will rise to 90% by 2040, according to the International Energy Agency’s latest World Energy Outlook. This means the Indian economy will continue to depend in the […]
