Weekly HEG Global Energy Digest
British Petroleum launches gas production offshore Egypt
BP started gas production from the Atoll Phase One project, offshore Egypt, company representatives announced.
The daily production is 350 million cubic feet of gas. This amount of gas is directed to the national grid. It also produces 10,000 barrels of condensate every day.
The site is situated in the North Damietta concession in the East Nile Delta. The project has been accomplished seven months ahead of plan and 33% under the initial cost estimate.
Atoll is the first new British Petroleum project to start functioning this year.
The 13 projects that commenced operations in 2016 and 2017 offered over 500,000 barrels of crude equivalent a day of new net production capacity. The entire production from the company’s new projects is now likely to be 900,000 barrels of oil equivalent per day by 2021.
Article Source: http://www.energymarketprice.com/energy-news/british-petroleum-launches-gas-production-offshore-egypt
A stake in Arctic energy project is offered by Moscow to Saudis
Saudi Arabia is thinking about an investment in Russian Arctic LNG capacities, as stated by Kingdom’s Minister of Energy Khalid al-Falih.
He met with his Russian partner Aleksandr Novak and inked a memorandum on collaboration. They reached new deals, counting one relating to LNG. Novak declared that there is a list of 23 projects that might be developed, adding that the LNG accord is likely to be inked later this year.
Novak considers that collaboration between the two nations could extend in the future if the Saudis take up the offer.
Moscow invited the kingdom’s national oil firm Saudi Aramco to take part of the project in 2017. Arctic LNG-2 is guided by Russian gas producer Novatek, which wants to start construction of the first LNG train in 2022 or 2023. The project’s yearly capacity will be over 18 million tons of LNG. It will represent the second large-scale LNG project conducted by Novatek, after Yamal LNG.
Article Source: http://www.energymarketprice.com/energy-news/gas-exports-to-europe-via-norway-pipeline-hit-a-record-high-in-2017
World first floating wind farm operates successfully
Norwegian energy giant Statoil declared its Hywind project off Peterhead had surpassed expectations in its first three months of production.
According to Statoil, the floating wind farm estimated at £200 million operated at 65% of its peak capacity between November and January.
During those months, the medium capacity factor for a bottom-fixed array is 45-60%, as stated by the company.
Statoil and the partner of the project Masdar achieved this performance despite having to provisionally turn off the turbines during the period due to difficult weather conditions.
The 30 megawatt wind farm is situated 15miles off the Aberdeenshire coast and capable of providing around 20,000 homes with electricity.
Beate Myking, senior vice-president of offshore wind operations, Statoil, declared: “We have tested the Hywind technology in harsh weather conditions for many years and we know it works. Putting the world’s first floating windfarm into production comes with some excitement. Therefore, it is very encouraging to see how well the turbines have performed so far.”
Statoil has as target to reduce costs of energy from Hywind over the next 10 to 12 years.
Article Source: http://www.energymarketprice.com/energy-news/world-first-floating-wind-farm-operates-successfully
EU wind power investments fell 19% due to reduced costs
Investments in new wind energy capacity in Europe dropped to €22.3 billion (£19.8bn) in 2017, or a 19% decline from 2016 as the sector saw lower costs, according to the latest data from WindEurope.
While offshore wind investments fell by 60% to €7.5 billion (£6.7 billion), onshore investments reached a record level of €14.8 billion (£13 billion).
Still, the investments backed a record 11.5GW of projects, or 2.5GW in offshore and 9GW in onshore wind.
Onshore wind capacity increased by 12.5GW and offshore wind by 3.1GW, representing around 55% of all power capacity installations in 2017.
The report states: “Cost reductions across the industry’s value chain and increased industry competition have made it possible for investors to finance more capacity for less cash.”
Germany was the major investor, generating €6.7 billion (£6bn) for new onshore and offshore wind farms, or 30% of the total investments made last year. Meanwhile, the UK generated around €5 billion (£4.4bn), or 22% of the total investments.
Article Source: http://www.energymarketprice.com/energy-news/finnish-clean-energy-company-will-provide-a-wave-park-in-bali