State-run Norwegian energy company Equinor has revealed it is exploring the possibility of building a floating offshore wind farm that would supply clean energy to two North Sea oil fields. The potential project is expected to cut down CO2 emissions by more than 200,000 tonnes annually and...
Global oil demand could peak within a decade if nations work together to hit climate goals, or keep growing into the 2050s in a conflict-ridden world, according to Norwegian energy firm Equinor. The company, formerly known as Statoil, made the double-edged prediction in its new energy...
Norway’s state oil company has won approval for a corporate rebrand that will see its name change to Equinor, reflecting its strategy to move away from oil and to a broader energy focus. The removal of the word ‘oil’, part of Statoil’s name for half a...
The US$256 million Hywind Scotland project, the world’s first floating wind farm, has started production off the coast of Scotland, delivering electricity to the national grid from six 5MW floating turbines. Norwegian energy firm Statoil confirmed its 30MW project was up and running after arriving from...
Statoil (NYSE:STO) has announced a new oil discovery in the UK’s segment of the North Sea, the first such breakthrough in 2017 which arrives as a timely boost to the declining basin. The Norwegian oil giant’s discovery in the Moray Firth Basin off the coast of...
A consortium led by BP (LSE:BP) will continue to hold a presence in Azerbaijan after the British oil major announced it signed a contract with state energy firm SOCAR to extend its production sharing deal. The existing deal was due to expire in 2024, but the...
Royal Dutch Shell (LSE:RDSB) has parted with its 45% stake in an Irish gas project, raising a further US$1.23 billion in support of its debt reduction strategy through the sale. The Anglo-Dutch oil major will sell its share in the Corrib gas field to the investment...
The world’s first floating wind farm has been installed off the Western coast of Norway, in a significant technological advance for the offshore renewable energy industry. Five turbines were ‘mated’ in the deep waters of Norway’s fjordlands, ready to be moved across the North Sea towards...
The North Sea will be subject to further exploration activity after the UK Oil and Gas Authority (OGA) announced the granting of 25 licenses for oil and gas exploration. Licenses were issued to 17 companies, despite the tender attracting the lowest interest in 14 years and...
In one of his last moves as President of the United States, Barack Obama has set aside 122,405 acres of offshore North Carolina for potential wind energy development. Offshore wind energy remains only an emerging industry in the US, but the Bureau of Ocean Energy Management...