Norway firms up 2021 oil investment
OSLO: Oil and gas firms in Norway have boosted their 2021 investment forecast by 12 per cent.
Investment in the country's main economic sector is now projected at 166.3 billion crowns ($18.4 billion) next year, up from a forecast of 148.6 billion in August. Some ongoing developments have become more expensive, the statistics office (SSB) said, and some plans have been delayed from 2020 to 2021.
Petroleum companies, including Equinor, have revived several projects after the Norwegian parliament in June granted tax incentives to spur investment and safeguard jobs amid the Covid-19 pandemic. Meanwhile, Norway will offer oil firms 136 new offshore exploration blocks in a new frontier area licensing round in the Norwegian Sea and the Barents Sea.
Young energy leaders speak up
DUBAI: A 1,000-strong body of young people coming up through the ranks in the global energy sector have sent an unambiguous message to leaders in their own industry and governments that action on climate change was not fast enough.
The warnings come in a Manifesto published by Generation 2050, the initiative from the Energy Institute (EI), supported by high-profile partners across the world of energy, who share the view that tomorrow’s energy leaders should be heard today.
With less than a year until COP26, it articulates the views of young people working in or studying every aspect of energy - from oil and gas through to nuclear, renewables and energy efficiency, from London to Lagos, Singapore to San Francisco.
India to double oil refining capacity
MUMBAI: India plans to nearly double its oil refining capacity in the next five years, Prime Minister Narendra Modi has said, offering a much more aggressive timeline than previously despite the coronavirus pandemic blighting the economy.
The country's energy minister in June said India's oil refining capacity could jump to 450-500 million tonnes in 10 years from the current level of about 250 million tonnes.
Modi said "work is being done to nearly double the country's oil refining capacity in the next five years".
He said India was also aiming to raise the share of natural gas in its energy-consumption mix by up to four times. The cleaner-burning fuel currently accounts for about 6 per cent of the energy consumed in the country.
India would achieve its targets of increasing renewable energy capacity to 175 gigawatts by 2022 and 450 gigawatts by 2030 ahead of schedule, Modi added. The country had renewable energy capacity of about 75 gigawatts at the end of 2018.
Large green hydrogen project in Spain
OSLO: Nel Hydrogen Electrolyser, a division of Nel ASA, has has agreed with Iberdrola to collaborate in the development of a green hydrogen production plant with the capacity of more than 200 MW in Spain by 2023. As part of this MoU, Iberdrola and Nel also plan to jointly develop a green hydrogen technology value chain in Spain.
Earlier in November Iberdrola, one of the largest power utilities in the world, announced plans with world-leading fertilizer manufacturer Fertiberia to develop an 800 MW green hydrogen project for the production of green ammonia. Shortly thereafter, Nel and Iberdrola announced that Nel would be the preferred partner for the delivery of a 20 MW PEM electrolyser facility in Puertollano, Spain.
"This initiative will accelerate the production of green hydrogen in Spain and will create a new industry, the manufacturing of electrolyser systems, with high growth potential," said Ignacio Galán, Iberdrola Chairman and CEO.
Absolicon wins energy prize
STOCKHOLM: Absolicon has won E-Prize, Sweden's leading energy award for businesses, in the category renewable energy. The company was awarded the prize for its concentrating solar collector T160, which with sunlight produces heat and steam for district heating networks and industrial processes.
E-Prize rewards Swedish companies with the most innovative solutions for climate-friendly energy supply and sustainable transport in the future. Absolicon’s patented and certified solution consisting of concentrating solar collectors that produce heat and steam for district heating networks and for operating processes in industries that manufacture food, medicines, or clothing. The solar collector follows the sun during the day and converts the sunlight into 160 deg C hot water or pressurized steam.
Absolicon is currently constructing a solar heating field for district heating in Härnösand and is planning several pilot plants for industrial solar heating in countries such as Saudi Arabia and Mozambique. Absolicon is also the official supplier of solar heat to the Swedish pavilion at the World Expo 2020 in Dubai.
Varel Energy announces rebrand
HOUSTON: Varel International Energy Services (Varel), a long-standing provider of drilling and downhole solutions, has announced its redefining vision for business growth supported by a fresh, new brand. The new brand enables a strong narrative around Varel’s people, approach and customer experience. The enterprise announces Varel Energy Solutions (VES) as the new company name and image, effective immediately. The VES strategy is to be a leading value creator in the well construction energy sector. VES intends to strengthen its current solution offerings through strategic acquisitions and organic investment in highly adaptive, low-cost manufacturing.
