Germany has granted rights to build offshore wind power plants with a target of 30 gigawatts by 2030, raising more than $14 billion (€12.6 billion), most of which will go towards easing utility bills. electricity Four sites with a combined planned generation of 7,000 megawatts have been awarded in the country’s inaugural auction of wind power facilities, the Federal Grid Agency said in a news release this week. Three of the projects are on the German side of the North Sea and one in the German Baltic Sea, which had the highest winning bid at almost $2.33 million (€2.07 million)…
Author: Automotivedealernews.com
Gemcorp Holdings Ltd. has qualified for a $335 million loan for a refinery project in Angola that is expected to meet about 10 percent of local demand for petroleum products. The financing fund led by Africa Finance Corp. (AFC) and African Export-Import Bank (Afreximbank) accounts for almost 71 percent of the $473 million cost for the Cabinda oil refinery, according to a joint press release by the parties on Thursday. The financial closure comes three years after state oil company Sonangol EP canceled the initial contract awarded to Hong Kong-based United Shine, reportedly for failing to meet capital and technical…
Shell Plc is exploring options for its global renewable energy operations, including a possible stake sale to outside investors, people with knowledge of the matter said. The U.K. energy giant is working with advisers to explore a range of possibilities that could also include spinning off the business into a more independent unit, the people said. Several international investors have been approached to gauge their interest in buying a stake, according to the people, who asked not to be identified because the information is private. The deliberations come as Chief Executive Wael Sawan focuses the company’s fossil fuel investments in…
The Australian unit of ConocoPhillips Co. and its partner 3D Oil Ltd. have awarded a drilling contract to Transocean Equinox for two wells in Australia’s Otway Basin towards the start of drilling in 2025. ConocoPhillips Australia, as the operator, has initiated an environmental plan (EP) as part of the regulatory approval process for exploration projects, 3D Oil said in a filing with the Australian Securities Exchange this week announcing the drilling contract . “The EP proposes seabed surveys and the drilling of up to six exploration wells in exploration permits VIC/P79 and T/49P, located in Commonwealth waters off the coast…
UK-based Ithaca Energy is acquiring the remaining 40% interest in Fotla Discovery along with three exploration licenses from Spirit Energy Resources, Ithaca Energy said in a press release. The acquisition will bring Ithaca Energy’s working interest in the Fotla Discovery to 100 percent upon completion and will provide the company with full control over the work and pre-final investment decision time. The acquisition is subject to the satisfaction of certain conditions precedent, including regulatory approval, and with a limited cash outflow in the near term, according to the press release. Financial terms of the deal were not disclosed. The total…
Oil production at the Avington field in Hampshire, England, will restart, according to a press release from UK Oil & Gas PLC, which has a 5% non-operated interest in the asset and surrounding licence. UK Oil & Gas said the Avington Joint Operating Committee has formally agreed to restart oil production at the field, which has “potentially significant recoverable oil resources” for future exploitation, as the three nearest similar producing fields at Avington show oil recoveries of approximately six to 13 percent of the oil assessed in place. Before the 2017 shutdown, the Avington field had produced 276 billion barrels…
The US Environmental Protection Agency (EPA) has fined Callon Petroleum subsidiary Callon Permian LLC approximately $1.3 million for excess emissions at the company’s oil and gas facilities in the basin of the Permian of West Texas, according to a statement from the agency on Thursday. The EPA detected emissions from tanks, flares and other equipment using a helicopter equipped with a special infrared camera that detects hydrocarbon leaks. Callon Permian failed to meet requirements for flares, tanks and combustors, as well as the general requirements of the federally approved Texas State Enforcement Plan, the agency said. In a consent agreement…
Dallas-based Energy Transfer LP has signed three long-term liquefied natural gas (LNG) agreements for its Lakes Charles LNG project, the company said in a news release. The three non-binding heads of agreement (HOA) combine for 3.6 million metric tons per annum (mtpa) of LNG to be exported to customers in Asia and the US. HOAs are subject to the negotiation and execution of definitive agreements, Energy Transfer said. The first HOA is with an unidentified Japanese consortium for the purchase of 1.6 mtpa for a term of 20 years, subject to the option to convert the offtake agreement into equity…
Oil fell from an 11-week high as traders locked in profits and the commodity’s 200-day moving average again proved a barrier to further advances. Both West Texas Intermediate and Brent are still heading for their third straight week of gains as supply disruptions in Africa and a reduction in shipments from Russia tightened the market. WTI futures ended the session around $75 a barrel, up about 2% this week. The US benchmark hasn’t broken above its 200-day mark since August, though futures edged closer in April. Brent settled below $80 a barrel. “Technicals are driving trade action today as crude…
One of Russia’s top oil buyers is bracing for trade trouble as the price of Urals, the country’s main export grade, crosses the $60-a-barrel limit set by Western nations to curb revenues from Moscow India and China have been the two dominant buyers of Russian crude since the invasion of Ukraine more than a year ago prompted others to shun the OPEC+ producer. However, as the Urals rise above the limit set by the Group of Seven, importers will face greater scrutiny on their purchases. Officials at three Indian refiners said they are preparing for tougher talks with local banks…