Energy

Against the backdrop of encouraging global economic growth and an improved outlook for the shipping industry, the International Union of Marine Insurance (IUMI) provided its expert opinion on the current state of offshore energy insurance market at its Spring Conference in Hamburg 18-19 March 2018. The content below has been edited for length.

Vineyard Wind will begin the third in an ongoing series of undersea marine surveys in early April to gather geological and ecological information that will inform ongoing permitting reviews. Information collected includes water depths, geology of sea floor, benthic habitat types as well as the presence of shellfish, eel grass, and other species.

Imenco Corrosion Technology AS (sister company of Imenco AS) have been awarded a contract to deliver equipment for corrosion protection (cathodic protection) of the world’s largest offshore wind farm – Hornsea Project One off the Yorkshire coast in UK.

The employment of the GRT has turned out to be an important milestone for the logistics function of Siemens Gamesa. Having been striving to create efficient solutions for long-term storage, Siemens Gamesa has included a GRT in their portfolio with the potential to ensure cost reduction and help ensure max lifespan of their turbines.

The EU-funded FORESEA programme has awarded a “Recommendation for Support” to three offshore renewable energy projects under call 4, following an interim review.

Statoil and Total have completed their previously announced transaction whereby Statoil has acquired Total’s equity stakes in, and taken over the operatorships of, the Martin Linge field and the Garantiana discovery on the Norwegian continental shelf.

The board of directors of Statoil proposes to change the name of the company to Equinor. The name change supports the company’s strategy and development as a broad energy company.

Statoil and its partners have decided to invest just over NOK 5 billion in the further development of the Snøhvit field in the Barents Sea, which will provide feedstock for the LNG plant at Melkøya in Hammerfest.

Statoil has signed an agreement with Polenergia to acquire a 50 % interest in the two early phase offshore wind development projects in Poland, Bałtyk Środkowy III (BSIII) and Bałtyk Środkowy II (BSII).

The two projects have a planned capacity of 1200 MW with the potential to power more than 2 million Polish households.

On 7 March 2017, a former chief executive of Brazilian government-controlled oil firm Petroleo Brasileiro SA (Petrobras), Aldemir Bendine, was convicted of corruption charges. His sentence, via a federal judge, was set at 11 years in prison.

DeepOcean AS has been awarded a significant contract for performing subsea, umbilicals, risers and Flowlines (SURF) replacement and construction work in the North Sea and the Norwegian Sea.

Oil production growth from the United States, Brazil, Canada and Norway can keep the world well supplied, more than meeting global oil demand growth through 2020, but more investment will be needed to boost output after that, according to the International Energy Agency’s latest annual report on oil markets.