EnergyWatch

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Oil and gas industry's credit under pressure

New credit ratings for the global oil and gas industry show that UK companies have seen the biggest setbacks. However, the entire business's credit situation bears more risk than three years ago, looking at the biggest companies.

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Statkraft acquires UK wind developer

As a follow-up to its target of installing 600 MW of solar and wind energy in the UK, the Norwegian utility acquires a previous customer, doubling its employee count.

EU requirements can only be met with millions of EVs

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In four months, tighter EU regulations will set strict boundaries for the amount of CO2 emitted by new cars. Vehicle manufacturers have the choice to either sell electric cars by the millions or pay major fines.

New study concludes gas will remain indispensable

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A new analysis commissioned by Nord Stream 2 AG concludes that natural gas will be difficult to replace in industry and the electricity sector for at least the next 20-30 years due to both supply security and price concerns.

Flex LNG executive following new loss: "A cold shower"

The first half of 2019 was a cold shower for most of the LNG market, says Flex LNG's chief executive in connection with the gas carrier's presentation of yet another deficit. However, he believes improvement might be just around the corner.

Long queues are Ørsted's main Brexit fear

If the UK leaves the EU without a trade agreement, it would lead to months of chaos in British ports, according to leaked internal documents. The risk of delays causes more concern than import duties, says Ørsted CEO Henrik Poulsen.

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Seadrill books new major deficit

John Fredriksen-controlled rig company Seadrill reports a triple-digit million-dollar deficit for the second quarter. The company also lost half a million USD on its bottom line in the first half of the year.

Equinor buys out Shell in Gulf of Mexico field

The Norwegian oil major expands its stake in the Caesar Tonga field in the Gulf of Mexico, buying out Shell, which initially planned to sell to another party. Equinor now holds almost half the field.

Twin malfunctions cause major blackout in Britain

Ørsted's offshore wind farm and RWE's gas plant shut down at the same time and caused power outages in sections of the UK's grid, leaving around one million UK residents without power due to "rare and unusual circumstances".

Siemens Gamesa boosts Brazilian production

The German-Spanish wind turbine manufacturer's plan for expanding its existing factory in Brazil entails covering its full need for converters, which were previously made by other suppliers.

Oil companies persuade states to make pipeline protests a felony

After years of lobbying, several US oil companies, including Koch Industries Inc., Marathon Petroleum Corp. and Energy Transfer Partners LP, have thus far convinced nine states to criminalize protesting near energy infrastructure. Opponents say such measures underline the undemocratic role of corporate capital and violate free speech.

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