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Topic Summary

Posted by: AGelbert
« on: July 17, 2018, 06:09:55 pm »

Solar — A Disruptive Technology (Graph)May 6, 2013 Zachary Shahan
Read more at http://cleantechnica.com/2013/05/06/solar-a-disruptive-technology-graph/#4v1VXoYOrAOfC4pp.99

Agelbert NOTE: As you can see below, this great trend continues to this day: 

Renewable Energy Clean Energy tech cost reductions up to and including 2017
Posted by: AGelbert
« on: June 14, 2018, 05:48:16 pm »

June 14, 2018

#Business & Jobs #Fossil fuels


Siemens said to mull sale of flagship gas turbine business 

Siemens is considering the sale of its struggling business that produces gas turbines for power plants, according to people familiar with the matter, report Oliver Sachgau and Eyk Henning for Bloomberg. But a final decision has not yet been made, and the company could end up weathering a downturn and keeping the business that has suffered from a collapse in orders as the global energy industry shifts to renewable sources like wind and solar and away from large-scale power plants that run on fossil fuels, according to the report.

Read the report in English here.

Find plenty of background in the factsheet Germany’s Siemens: A case study in Energiewende industry upheaval.

Posted by: AGelbert
« on: June 09, 2018, 02:05:34 pm »

June 8, 2018 by Bloomberg

Next Offshore Wind in U.S. Can Compete With Gas, Developer Says

By Jim Efstathiou Jr. (Bloomberg) — Massive offshore wind turbines keep getting bigger, and that’s helping make the power cheaper — to the point where developers say new projects in U.S. waters can compete with natural gas.

The price “is going to be a real eye-opener,” said Bryan Martin, chairman of Deepwater Wind LLC, which won an auction in May to build a 400-megawatt wind farm southeast of Rhode Island.

Deepwater built the only U.S. offshore wind farm, a 30-megawatt project that was completed south of Block Island in 2016. The company’s bid was selected by Rhode Island the same day that Massachusetts picked Vineyard Wind to build an 800-megawatt wind farm in the same area.

Bigger turbines that make more electricity have cut the cost per megawatt by about half, said Tom Harries, a wind analyst at Bloomberg New Energy Finance. That also reduces maintenance expenses and installation time. All of this is helping offshore wind vie with conventional power plants.

See Also: Massachusetts, Rhode Island Award Major Offshore Wind Contracts

“You could not build a thermal gas plant in New England for the price of the wind bids in Massachusetts and Rhode Island,” Martin said Friday at the U.S. Offshore Wind Conference in Boston. “It’s very cost-effective for consumers.”

read more:

Posted by: AGelbert
« on: May 24, 2018, 07:30:05 pm »

Agelbert NOTE: This article answers the question that has ALWAYS been in the category of "Do wild bears poop in the woods".

Can we get 100% of our energy from renewable sources? 

By Michelle Froese | May 18, 2018

This article comes from Science Daily, with materials provided by Lappeenranta University of Technology.

Scientists have demonstrated that there are no roadblocks on the way to a 100% renewable future.

֍ Is there enough space for all the wind turbines and solar panels to provide all our energy needs?

֍ What happens when the sun doesn’t shine and the wind doesn’t blow? 🤔

֍ Won’t renewables destabilize the grid and cause blackouts?    

In a review paper last year in the high-ranking journal Renewable and Sustainable Energy Reviews, Master of Science Benjamin Heard 🐉 and colleagues 🦕 🦖 presented their case  against 100% renewable electricity systems. They doubted the feasibility of many of the recent scenarios for high shares of renewable energy, questioning everything from whether renewables-based systems can survive extreme weather events with low sun and low wind, to the ability to keep the grid stable with so much variable generation.

Now scientists have hit back with their response to the points raised by Heard and colleagues. The researchers from the Karlsruhe Institute of Technology, the South African Council for Scientific and Industrial Research, Lappeenranta University of Technology, Delft University of Technology and Aalborg University have analysed hundreds of studies from across the scientific literature to answer each of the apparent issues.

They demonstrate that there are no roadblocks on the way to a 100% renewable future.

“While several of the issues raised by the Heard paper are important, you have to realise that there are technical solutions to all the points they raised, using today’s technology,” says the lead author of the response, Dr. Tom Brown of the Karlsruhe Institute of Technology.

“Furthermore, these solutions are absolutely affordable, especially given the sinking costs of wind and solar power,” adds Professor Christian Breyer of Lappeenranta University of Technology, who co-authored the response.

Brown cites the worst-case solution of hydrogen or synthetic gas produced with renewable electricity for times when imports, hydroelectricity, batteries, and other storage fail to bridge the gap during low wind and solar periods during the winter. For maintaining stability there is a series of technical solutions, from rotating grid stabilisers to newer electronics-based solutions.

The scientists have collected examples of best practice by grid operators from across the world, from Denmark to Tasmania.

Furthermore, these solutions are absolutely affordable, especially given the sinking costs of wind and solar power.

The response by the scientists has now appeared in the same journal as the original article by Heard and colleagues.

There are some persistent myths that 100% renewable systems are not possible,” says Professor Brian Vad Mathiesen of Aalborg University, who is a co-author of the response. “Our contribution deals with these myths one-by-one, using all the latest research. Now let’s get back to the business of modeling low-cost scenarios to eliminate fossil fuels from our energy system, so we can tackle the climate and health challenges they pose.”   


📢 And of the rest planet needs that INDEPENDENCE too!
Posted by: AGelbert
« on: March 06, 2018, 09:46:13 pm »

Coal Stacks Felled to Make Way for Solar in Ontario (VIDEO)  

March 2, 2018

Posted by: AGelbert
« on: December 12, 2017, 02:40:24 pm »

GE Cutting 12,000 Jobs as Renewables and Energy Storage Upend Fossil Fuels

Motley Fool   
Travis Hoium, The Motley Fool
Motley FoolDecember 12, 2017

When an electric energy pioneer like General Electric (NYSE: GE) reconfigures its entire energy business, investors should take note. That's exactly what happened last week when GE Power announced it would cut 12,000 jobs, or 18% of the division's workforce, reducing the company's exposure to traditional power plants.

What wasn't affected was GE's staffing or investments in renewable energy and energy storage. In fact, these emerging energy assets are what's disrupting fossil fuels more broadly. GE has made the first step to reducing exposure to fossil fuels -- now the question may be "What's next?"

Coal power plant with smoke coming from smoke stacks. (picture at link)
Coal power plants like this one are being shut down by the hundreds, forcing GE to cut back on its power plant business. Image source: Getty Images.

What GE's layoffs tell us

As part of a plan to cut $1 billion in structural costs at GE Power, there will be about 12,000 positions eliminated up and down the business. Weak fundamentals in the power plant business overall were the drivers of the move, with the press release saying:

Traditional power markets including gas and coal have softened. Volumes are down significantly in products and services driven by overcapacity, lower utilization, fewer outages, an increase in steam plant retirements, and overall growth in renewables. GE Power is right-sizing the business for these realities and is focused on improving operational excellence and reducing its footprint and structure, which will help drive significant improvements in cash flows and margins.

Notice that growth in renewables was given as a reason for the reduction in GE's power business. As wind and solar energy have come down in cost, they've replaced traditional coal and natural gas power plants as the fuel of choice for new power plants around the world. And there's no reason that's going to change. What's unclear is if GE is going to transition from the dying fossil fuel business to the growing renewable energy business.

Is GE taking renewables seriously?

If GE is hoping to play a meaningful role in renewable energy in the future it's going to have to take the industry more seriously. GE sold its thin-film solar business to First Solar (NASDAQ: FSLR) in 2013, largely exiting the solar market. In wind, GE is a market leader in turbines, but pricing pressure has compressed margins for the industry as a whole. Energy storage is the third leg of renewable energy disruption, and GE hasn't made a meaningful play in the industry so far, ceding market share to AES (NYSE: AES), Siemens, and Tesla (NASDAQ: TSLA).

The only segment where GE seems to have taken renewable energy seriously is financing. The company has financed $5 billion of projects over the last three years. But that level of investment isn't going to drive earnings for a $153 billion company.

To take renewable energy seriously, I think GE needs to start putting its balance sheet to work, scooping up assets and developing projects around the world. Buying First Solar or SunPower (NASDAQ: SPWR) would make sense, although SunPower is majority owned by Total (NYSE: TOT) today. With SunPower, in particular, it could invest in the manufacturing scale necessary to become profitable and increase market share to become a top-3 manufacturer.


Posted by: AGelbert
« on: November 21, 2017, 01:15:51 pm »


Norway Oil Bosses Insist End Isn’t Near After $35 Billion Shock Investment Dump

November 20, 2017 by Bloomberg


By Mikael Holter (Bloomberg) — Can Norway dump $35 billion in oil and gas investments, and simultaneously convince that same industry to throw money into the country’s own fossil-fuel future?

After the initial shock of learning that Norway’s $1 trillion wealth fund wants nothing to do with it, the petroleum industry says both are in fact possible.

But the mood is shifting. While the fund said its proposal is about spreading risk and doesn’t imply a negative outlook on the oil industry ;), the plan reverberated as a nod from western Europe’s biggest oil producer to the uncertain future facing oil.

Confident Lobby

The proposal needs approval from Norway’s government and possibly even Parliament. Crucially, it has no bearing on the terms offered to oil companies operating offshore Norway, said both Industry Energy and the Norwegian Oil and Gas Association , a lobby group for companies such as Royal Dutch S , Total SA and Exxon Mobil Corp. all companies that could be dropped by Norway’s wealth fund if the proposal is implemented.

Full article:


Message for the Norwegian Oil and Gas Association:   

Posted by: AGelbert
« on: November 17, 2017, 11:35:55 am »

Norway’s $1 Trillion Fund Wants Out of Oil and Gas Stocks

November 16, 2017 by Bloomberg


By Sveinung Sleire (Bloomberg) — The $1 trillion fund that Norway has amassed pumping oil and gas over two decades wants out of energy stocks.

Norway, which relies on oil and gas for a fifth of economic output, would be less vulnerable to declining crude prices without investments in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

“Our perspective here is to spread the risks for the state’s wealth,” Egil Matsen, the deputy central banker overseeing the fund, said in an interview in Oslo. “We can do that better by not adding oil-price risk.”

The plan would entail the fund, which controls about 1.5 percent of global stocks, dumping as much as $40 billion of shares in international giants such as Exxon Mobil Corp. and Royal Dutch Shell Plc.   The Finance Ministry said it will study the proposal and decide what to do in “fall of 2018” at the earliest.

Full article:


Posted by: AGelbert
« on: November 07, 2017, 06:59:50 pm »

Lazard: Wind & Solar Power Costs Continue To Fall, Putting Coal & Nuclear At A Disadvantage

November 7th, 2017 by Steve Hanley


Lazard is a global asset management company that tracks the cost of producing electricity, among other things. It uses a measure called the Levelized Cost of Energy (LCOE), which averages the estimated costs of construction, maintenance, and fuel for electricity generating assets over the number of megawatt-hours that each is expected to produce over its lifetime. In simple terms, it is one way of comparing different ways of making electricity to see which cost more and which cost less.

Wind & Solar Costs Declined By 6%
Excellent full article:   

Posted by: AGelbert
« on: November 01, 2017, 05:31:41 pm »

Rick Perry’s Halfhearted Attempt to Make Coal a Winner


In this week’s episode of The Energy Gang: Why everyone is blasting Secretary Perry’s attempt to shore up aging coal plants.
Almost no one likes Perry's proposed rule for coal and nuke plants.  ;D



Posted by: AGelbert
« on: October 19, 2017, 02:17:49 pm »


Oil’s Biggest Rigs Get Sent to Junkyard as Daily Losses Mount  ;D

October 18, 2017 by Bloomberg


By David Wethe (Bloomberg) — Transocean Ltd. is finally sending Pathfinder to its grave, after two years in a Caribbean purgatory that cost about $15,000 a day.

Deepwater Pathfinder moored off Trinidad and Tobago. Photo credit: Boh/CC

The move by the world’s biggest offshore-rig operator signals just how bleak the future looks for deepwater drilling. Pathfinder is the most famous of six floating rigs the company is scrapping in burials that will add up to a bruising $1.4 billion write-off. Competitors are going the same route, jettisoning more rigs in the third quarter than have ever been trashed in a 90-day stretch, according to Heikkinen Energy Advisors analyst David Smith.

That’s how bad it is, with predictions crude prices won’t go much higher than $60 a barrel in the next year compared with around $50 recently. “Deepwater is going to be playing a much-reduced role on the global oil-supply stage relative to what the industry expected as recently as three years ago,” said Thomas Curran, an analyst at FBR Capital Markets in New York.

For all that, it could have been worse, in one way, for Transocean. It has been the most aggressive in an unprecedented experiment with what’s called cold-stacking for big drillships. After oil prices cratered in 2014, the company didn’t send all of its unwanted rigs out to sea in the time-honored temporary holding pattern where engines keep running and a crew remains on board — something know as warm stacking, naturally, that runs up a daily bill of some $40,000. Instead, Transocean dropped anchor on nine high-tech ships 12 miles off the coast of Trinidad & Tobago and simply shut the motors off. So far the savings are in the neighborhood of $90 million.

New Generation

This hadn’t been tried before with the new generation of finely tuned, computer-driven giants never intended for long-term parking. Equipped with derricks towering 220 feet above the platform and able to drill in 10,000 feet of water, the vessels had been in demand since birth. The big question was whether one could be shut down so solidly and later switched back on at a reliable cost. (Rival Ensco Plc brought its DS-4 drillship back from cold stack, but it wasn’t mothballed as long as Transocean’s rigs and was tied to a dock, allowing it access to more auxiliary power while parked.)

With Pathfinder, and a cousin called the GSF Jack Ryan that’s also being scrapped after its Caribbean cold stacking, Transocean will never know for sure The Vernier, Switzerland-based company declined to comment for this story.

full article:

Posted by: AGelbert
« on: September 23, 2017, 04:45:57 pm »

Agelbert NOTE: As you will learn, these floating drill rigs were previously cold stacked. That means they put them out of service HOPING to return them to service when oil prices "went up". Massive increases in Renewble Energy from both solar and wind has kept that from happening.   The fact that these rigs will now be scrapped makes it crystal clear to an objective observer that Transocean fossil fuelers cannot figure out any way to make money out of them for the forseeable future (i.e. for at least 20 years - the average life of one of these floaters before scrapping). GOOD!

Transocean to Scrap Six Floaters from Fleet

September 22, 2017 by gCaptain

Sedco Express File photo

Transocean has announced its plan to scrap six deepwater and ultra-deepwater floating drilling rigs, aka “floaters”, as the offshore drilling company continues to shed older and less-competitive rigs from its fleet.

The floaters to be retired include the ultra-deepwater floaters GSF Jack Ryan, Sedco Energy, Sedco Express, Cajun Express, and Deepwater Pathfinder, and the deepwater floater Transocean Marianas. The rigs will be classified as held for sale and will be recycled in an environmentally responsible manner.

All six rigs were previously cold stacked.

Transocean says it will recognize an impairment charge of approximately $1.4 billion during the third quarter of 2017 as a result of the sale.

“We continue to enhance the quality of our fleet through the addition of new, high-specification assets, and the retirement of older, less competitive rigs,” said Jeremy Thigpen, President and Chief Executive Officer. “We remain committed to providing our customers with the most technically capable and highest quality ultra-deepwater and harsh environment assets in the industry, and will continue to objectively evaluate our rigs and high-grade our fleet as the market evolves.”

Following the retirement and sale of the six rigs, Transocean will own and operate a fleet of 38 mobile offshore drilling units  >:( consisting of 25 ultra-deepwater floaters, seven harsh environment floaters, two deepwater floaters and four midwater floaters.

Posted by: AGelbert
« on: July 11, 2017, 10:14:46 pm »

JULY 11, 2017 / 3:07 AM

Electricity investment overtakes oil, gas for first time ever in 2016: IEA 

PARIS (Reuters) - Investments in electricity surpassed those in oil and gas for the first time ever in 2016 on a spending splurge on renewable energy and power grids as the fall in crude prices led to deep cuts, the International Energy Agency (IEA) said on Tuesday.

Total energy investment fell for the second straight year by 12 percent to $1.7 trillion compared with 2015, the IEA said. Oil and gas investments plunged 26 percent to $650 billion, down by over a quarter in 2016, and electricity generation slipped 5 percent.

"This decline (in energy investment) is attributed to two reasons," IEA chief economist Laszlo Varro told journalists.

"The reaction of the oil and gas industry to the prolonged period of low oil prices which was a period of harsh investment cuts; and technological progress which is reducing investment costs in both renewable power and in oil and gas," he said.

Oil and gas investment is expected to rebound modestly by 3 percent in 2017, driven by a 53 percent upswing in U.S. shale, and spending in Russia and the Middle East, the IEA said in a report.

"The rapid ramp up of U.S. shale activities has triggered an increase of U.S. shale costs of 16 percent in 2017 after having almost halved from 2014-16," the report said.

The global electricity sector, however, was the largest recipient of energy investment in 2016 for the first time ever, overtaking oil, gas and coal combined, the report said.

"Robust investments in renewable energy and increased spending in electricity networks, made electricity the biggest area of capital investments," Varro said.

Electricity investment worldwide was $718 billion, lifted by higher spending in power grids which offset the fall in power generation investments.

"Investment in new renewables-based power capacity, at $297 billion, remained the largest area of electricity spending, despite falling back by 3 percent," the report said.

Although renewables investments was 3 percent lower than five years ago, capacity additions were 50 percent higher and expected output from this capacity about 35 percent higher, thanks to the fall in unit costs and technology improvements in solar PV and wind generation, the IEA said.

Investments in coal-fired electricity plants fell sharply. Sanctioning of new coal power plants fell to the lowest level in nearly 15 years, reflecting concerns about local air pollution, and emergence of overcapacity and competition from renewables, notably in China. Coal investments, however, grew in India.

"Coal investment is coming to an end. At the very least, it is coming to a pause," Varro said.

The IEA report said energy efficiency investments continued to expand in 2016, reaching $231 billion, with most of it going to the building sector globally.

Electric vehicles sales rose 38 percent in 2016 to 750,000 vehicles at $6 billion, and represented 10 percent of all transport efficiency spending. Some $6 billion was spent globally on electronic vehicle charging stations, the IEA said.

Spending on electricity networks and storage continued the steady rise of the past five years, reaching an all-time high of $277 billion in 2016, with 30 percent of the expansion driven by China’s spending in its distribution system, the report said.

China led the world in energy investments with 21 percent of global total share, the report said, driven by low-carbon electricity supply and networks projects.

Although oil and gas investments fell in the United States in 2016, its total energy investments rose 16 percent on the back of spending in renewables projects, the IEA report said.

Editing by Susan Thomas

Posted by: AGelbert
« on: June 30, 2017, 07:23:52 pm »

France To Ban New Oil & Gas Exploration Beginning In Autumn

June 30th, 2017 by Steve Hanley


Emmanuel Macron, the new president of France and not yet 40 years old, is taking the first steps toward his stated goal of advancing his country’s commitment to the Paris climate change accords. Nicholas Hulot, Macron’s Ecological Transitions minister, told the French press this week that his country will impose a moratorium on new oil and gas exploration licenses.

There will be no new exploration licenses for hydrocarbons, we will pass the law this autumn,” Hulot said.


Agelbert NOTE: Private reaction from Trump and his handler, Rex Tillerson:   
Posted by: AGelbert
« on: June 23, 2017, 09:45:10 pm »

Book Preview: The Tesla Revolution — Why Big Oil Has Lost The Energy War


June 23rd, 2017 by Guest Contributor

Originally published on EV Annex.
By Charles Morris

Everybody seems to be piling on the poor ;D oil barons these days. Just as Tony Seba’s latest paper  nmpredicting the doom of the industry is making the rounds, a new book explains their predicament from an even more Tesla-centric perspective. 

The Tesla Revolution: Why Big Oil Has Lost the Energy War is by Rembrandt Koppelaar, a Senior Researcher at the Swiss Institute for Integrated Economic Research, and Willem Middelkoop, founder of the Commodity Diversity Fund.

It examines the disruptive combination of electric vehicles and renewable energy, both fields in which our favorite California company is dominant. It’s a scholarly volume, with plenty of facts and figures, as the following brief excerpts will show (via GreenBiz).

Posted by: AGelbert
« on: June 20, 2017, 02:52:28 pm »

One View of the Fall of Oil & Gas  ;D

June 19th, 2017 by George Harvey


We should also bear in mind one other thing that can be less than obvious but may play a large role in the overall picture. It is that a small loss of revenue can sometimes produce large financial losses, putting profits into negative territory. In a stressed company, this can end in complete collapse.


Posted by: AGelbert
« on: June 19, 2017, 01:02:37 pm »


Sweden’s Largest Pension Divests From Paris Accord Violators, Including ExxonMobil & TransCanada    

June 19th, 2017 by Joshua S Hill


Sweden’s largest pension fund, AP7, announced last week that it had divested all its investments in six separate companies that it says had violated the Paris Climate Agreement, including big name companies such as ExxonMobil, Gazprom, and TransCanada .

AP7 provides pensions to 3.5 million Swedish citizens, making it the country’s largest national pension fund. Last week, the group announced that it had divested itself from six companies it believed had violated the Paris Climate Agreement in different ways. Specifically, AP7 accused ExxonMobil, Westar, Southern Corp, and Entergy of fighting against climate legislation in the United States, Gazprom for exploring for oil in the Russian Arctic, and TransCanada for building large-scale pipelines across North America.

Posted by: AGelbert
« on: June 17, 2017, 06:16:30 pm »

In Latest Sign of Crude Glut, Ageing Supertankers Used to Store Unsold Oil  ;D

June 16, 2017 by Reuters

ReutersBy Keith Wallis and Henning Gloystein SINGAPORE, June 16 (Reuters) – Traders are increasingly storing oil in ageing supertankers in Southeast Asia as they grapple with a supply overhang that has left the system clogged with unneeded fuel despite an OPEC-led drive to cut production to prop up prices.

Around 10 very large crude carriers (VLCCs), all between 16 and 20 years old, have been chartered since the end of May to store crude for periods ranging from 30 days to around six months, brokers told Reuters. Each VLCC can carry 2 million barrels of oil.

These vessels are in addition to around 30 supertankers used for long-term storage around Singapore and Linggi, off the West coast of peninsula Malaysia.

One of the main drivers for storing oil in tankers is that crude prices for immediate delivery are cheaper than for future sale, a market condition known as contango.

Brent crude futures, the international benchmark for oil prices, have fallen by 13 percent since late May, to around $47 per barrel. Brent for delivery at the end of 2017 is $1.5 per barrel more expensive.

“Floating storage does seem … viable assuming time charter rates of under $20,000 per day,” said Rachel Yew, oil and tanker market analyst at Oceanfreightexchange.

Current rates to charter a five-year-old 300,000 DWT for one year are $27,000 per day, according to shipping services firm Clarkson. Rates for VLCCs at least a decade-old are much cheaper.

“It makes a lot of sense for a trader to pay $16,000-$19,000 per day to take an older VLCC for 30-90 days to store oil,” said a Singapore-based supertanker broker, asking not to be identified.

The festering supply glut comes even as the Organization of the Petroleum Exporting Countries (OPEC) pushes to withhold production until the end of the first quarter of 2018.


Floating storage is an indicator of oversupply. 

“Too much unsold oil  is headed to Asia,”
said Oystein Berentsen, managing director for oil trading company Strong Petroleum. 

A shortage of spare onshore storage in China, as well as an expectation that new Chinese crude import quotas for independent refineries will be announced soon, are also playing a role in putting crude into tanker storage in Southeast Asia.

“Once China’s quota are released, you want to have oil close to China. Because onshore storage there is pretty full, the next easiest location is around Singapore and Malaysia,” said one trader.

“This expectation of new Chinese orders also helps explain why future crude is more expensive  than current crude.     That’s why we store it for later sale,” he added.  

(Reporting by Keith Wallis and Henning Gloystein; Editing by Joseph Radford)

(c) Copyright Thomson Reuters 2017.

Posted by: AGelbert
« on: May 29, 2017, 06:47:32 pm »


India cancels plans for huge coal power station — because solar energy is getting so cheap  


Good news from India, as authorities report the scrapping of plans for nearly 14 gigawatts of coal-fired power stations.
Indian energy

India is the world’s second most populous country, and one of the fastest growing economies. Several projections put future India as the world’s most populous country and the world’s third largest economy by 2050, so if we are to truly combat global warming and achieve a sustainable future for the planet, India will be a key player.

Looking at India’s development over the past few decades has been quite a rollercoaster. With poverty running rampant through many parts of the country and a severe lack of infrastructure in the rural areas, it was surprising and inspiring to see the country’s ambitions in terms of renewable energy. In recent years, India has become one of the best markets for solar energy, with more and more panels being installed every day.

There are over 300 million people currently living in India with no access to electricity, most of which live in rugged, inaccessible areas. Establishing a conventional grid would be incredibly costly, but this is the beauty of solar power: it doesn’t really require a conventional grid. Aside from being renewable, clean, and cheap, solar can work with a local or separated grid.

Still, despite India investing massively in renewable energy (mostly solar), they’ve also developed a backup plan — also committing to fossil fuel energy, especially coal; pretty much the dirtiest source of energy. Last year, India announced plans to build more than 300 gigawatts (GW) of new coal capacity by 2030, even though that was found to be almost entirely unnecessary and wasteful, as over 90% of that new capacity would remain idle. Basically, the Indian government remained determined to not put all their eggs in one basket and invest both in renewable and fossil fuel energy.

Coal of the past

In 2017, things changed a bit. The Indian state of Gujarat announced the cancellation of a proposed 4 GW coal ultra-mega power project, citing a surplus of energy in the area and a desire to continue moving away from coal. That was just the start.

Now, in total, 13.7GW of planned coal power projects have been canceled this month alone, which is quite a figure.

Analyst Tim Buckley, director of energy finance studies at the Institute for Energy Economics and Financial Analysis (IEEFA) said that tariffs have dropped so much in India that a tipping point has been reached: solar energy is now cheaper than coal.

“Measures taken by the Indian Government to improve energy efficiency coupled with ambitious renewable energy targets and the plummeting cost of solar has had an impact on existing as well as proposed coal fired power plants, rendering an increasing number as financially unviable.” 

“India’s solar tariffs have literally been free falling in recent months,” he added.
It’s a positive prospect for India, which could trigger a chain reaction elsewhere in the world.

Posted by: AGelbert
« on: May 28, 2017, 08:12:38 pm »

Wind & Solar Are Already Cheaper Than Coal & Gas, So Let’s Get On With It   

May 28th, 2017 by Guest Contributor '


Originally published on RenewEconomy.
By Sophie Vorrath

New wind and solar energy generation is already cheaper – on average – than the cost of existing coal or gas power on Australia’s National Electricity Market.

We’ve reported it, and Bloomberg New Energy Finance foreshadowed it at the recent Australian Solar Council Solar and Energy Storage conference in Melbourne (did we mention battery storage..?).

And this week, the CEO of the Australian Renewable Energy Agency delivered the news to the federal government’s Senate Environment and Communications Legislation Committee, with the moment captured on video. 

Posted by: AGelbert
« on: April 17, 2017, 05:14:50 pm »

Big Announcements on Renewable Energy

InsideClimate News April 17, 2017 | Rona Fried | Renewables & Efficiency

Thanks to continuing declines in solar and wind costs, the world added record amounts of renewable energy last year at the lowest prices ever , according to the United Nations.  55% of all new power came from renewables – one of the reasons emissions were flat in 2016 for the third year in a row.

Electricity from renewables rose 9% (139 gigawatts), while the cost to install all that dropped 23%.

Renewables now provide 11.3% of the world’s electricity, preventing 1.7 gigatons of carbon emissions a year.

“More for less” was the story of renewable energy in 2016. Global investment in renewables (excluding large hydro) fell by 23% to $241.6 billion, the lowest total since 2013, but there was record installation of renewable power capacity worldwide in 2016,” says the report.

Key Findings:

◾Investment in renewables was roughly double that of fossil fuels for the fifth consecutive year.

◾Costs to install solar PV, onshore wind and offshore wind were down 10%

◾Record investments in offshore wind, up 53% to $25.9 billion in Europe and China

◾Solar and wind prices reached record lows at power auctions – prices “that would have seemed inconceivably low only a few years ago.”

In 2017, about 85 gigawatts (GW) of solar will be added around the world, more than double that of 2014, and China is expected to add 30 GW of that. The US, China, Japan and India will dominate the market in 2017, with India overtaking Japan as the third-largest market, according to GTM Research.

For the first time, offshore wind will be built without any subsidies, as DONG Energy won an auction to build two offshore wind farms in Germany’s North Sea at super-low prices. The price to construct offshore wind farms is down 46% in the last five years – 22% in 2016 alone- reports Bloomberg.

China’s emissions WENT DOWN for the first time last year, dropping 1% even as the economy grew 6.7%, says the International Energy Agency.  The US had the biggest drop in emissions at 3%.

US Renewables

Thanks to energy efficiency and renewables, US carbon emissions are 14% lower than 2005 levels – we are back to 1992 levels.  ;D

Wind and solar are increasingly the lowest-cost resources getting connected to the grid, changing the investment calculus for utilities and dominating new capacity builds. Electricity demand nationwide continues to fall, even as millions more square feet of buildings are constructed. And in states across the country, distributed solar is decimating load growth,” says GTM Research.

56 GW of coal plants could close in the Midwest because the average cost of wind is $10/ megawatt-hour cheaper, according to Moody’s Investor Services.

San Diego slid past Los Angeles in 2016 as the most active solar market. Installations rose 60% to 303 megawatts (MW) – enough to power 76,000 homes. LA is in second place, followed by Honolulu and San Jose.  The top 20 cities have nearly 2 GW of solar PV installed – about as much as the entire US at the end of 2010, says Shining Cities 2017: How Smart Local Policies are Expanding Solar Power in America.

California got 13% of its electricity from solar in 2016, according to the US Energy Information Agency.

Read our article, US Solar Grows 95% in 2016, In Best Year Ever.

Big Announcements

Chicago‘s mayor announced that all government buildings will run on 100% renewable energy by 2025, the most aggressive goal of any US city to date. For perspective, those buildings consume as much energy as 295,000 households. Two of the dirtiest coal plants in the country are also closing.

Florida is finally about to be a solar leader!  ;D Utility Florida Power & Light plans to install an incredible 2.7 GW of solar across the state in the next seven years – enough to power 420,000 homes. After it closes a second coal-fired power plant, solar will be the primary electricity source after natural gas.

New York State committed to 2.6 GW of offshore wind – the first major installation in the US. By 2030, wind will supply energy for 1.25 million homes.

Facebook announced it’s building another 100% wind-powered data center, this time in Nebraska on 144 acres – at least two 450,000 square-foot buildings.

The world’s largest beer-maker, Anheuser-Busch, announced it will run completely on renewables by 2025

It joins 90 other companies and 25 U.S. cities – large and small – that have made this commitment. Cities range from Madison, Wisconsin to Abita Springs, Louisiana. Pueblo, Colorado is doing it to bring electric rates DOWN and get more reliable energy and Georgetown, Texas says wind and solar power are more predictable and lack the volatile prices of oil and gas – a contract signed today sets prices for the next 25 years.

Tesla’s Nevada Gigafactory started manufacturing in January, bringing back battery production to the US, in addition to making the Model 3 electric car.

By 2018, the Gigafactory, which is a third complete, will double the world’s production capacity for lithium-ion batteries and employ 6,500 people. Besides building batteries for its vehicles – which could soon include trucks – Tesla is making batteries for homes and as back ups to the electric grid. 95% of components will be made in the US, including the enormous 70 MW solar array on the roof!


Posted by: AGelbert
« on: December 22, 2016, 05:49:30 pm »

Global Energy News | Wed Dec 21, 2016 | 8:34pm EST

2016: A year of transition from talk to action on climate change
By Megan Rowling

BARCELONA (Thomson Reuters Foundation) - When it comes to climate change and the battle to keep it in check, 2016 was a year of extremes.

The euphoria of the super-fast entry into force of the Paris Agreement to curb global warming crashed days later with the election of Donald Trump as U.S. president, fuelling fears he may pull the world's second-largest emitting nation out of the pact.

But the explosion of efforts to drive climate action forward - at local, national and international levels - nurtured hopes the global movement to tackle climate change has grown more powerful than any single government.

One important reason is that money is moving away from environmentally harmful projects into cleaner, greener investments. Renewable energy has become much cheaper, making it competitive with fossil fuels in many places.

And in a year set to notch up a new heat record, stoked partly by the El Niño phenomenon, governments stepped up concrete measures to protect their people from climate and weather extremes such as floods, droughts and storms.

As 2016 draws to a close, the Thomson Reuters Foundation asked experts to list the top five signs climate action is gathering speed. Here is a compilation of their views.


The Paris Agreement on climate change took effect in November - 11 months after it was crafted by U.N. member states. Its swift entry into force was unexpected, but the prospect of a skeptical U.S. leader moving into the White House spurred international determination to push on with ratification.

At U.N. climate talks last month, governments gave themselves two years to hammer out the rules to put the Paris accord into practice and review national plans to keep temperature rise to "well below" 2 degrees Celsius.

In October, 191 countries in the International Civil Aviation Organization (ICAO) agreed on a global carbon reduction and offsetting scheme for air travel.

That same month, 197 parties to the Montreal Protocol on substances that deplete the ozone layer signed up to an amendment to phase down hydrofluorocarbons (HFCs), one of the fastest growing and most potent greenhouse gases, used mainly in cooling and refrigeration.


In May, the G7 group of wealthy countries set a deadline for the first time to end "inefficient" fossil fuel subsidies, encouraging all countries to do so by 2025, although the wider G20 shied away from a firm commitment at a later summit.

Meanwhile, Bank of England Governor Mark Carney led the charge to ramp up pressure on companies to heed the financial implications of their fossil fuel assets.

An international task force set up to prevent market shocks from global warming will ask companies to disclose how they manage risks to their business from climate change, as well as the impact of emissions cuts on their bottom line.

And a global campaign to persuade investors to pull their money out of fossil fuels gathered pace, doubling in size in 15 months, as the number of institutions that have committed to divest reached 688, representing $5.2 trillion in assets under management.

The International Energy Agency boosted its five-year growth forecast for renewable energy thanks to strong policy support in the United States, China, India and Mexico, and sharp cost reductions.

Renewables surpassed coal last year to become the largest source of installed power capacity in the world, it said.

Solar energy had a good year, as 2016 heralded the first solar-powered round-the-world flight, plans for roads paved with solar panels were announced for four continents, and Tesla Motors Inc. unveiled solar roof tiles.

A group of 48 developing states most at risk from climate change said they would strive to make their energy production 100 percent renewable as soon as possible before 2050.


Severe droughts linked to a powerful El Niño, hitting more than 60 million people, especially in southern Africa, reminded governments of the importance of preparing for weather and climate extremes by improving infrastructure, public services and food security.

Also In Global Energy News
Blue skies return to Beijing, but dangerous smog still blankets northern China
Activist investor ramps up pressure on Shell to act on climate change

U.N. envoys drafted a blueprint to reduce the damage from such events in future, while aid agencies tested innovative ways to get money to where it's needed before a disaster strikes.

Meanwhile, developing states are working on national plans to adapt to climate change effects - including wild weather, rising seas and melting glaciers - backed with up to $3 million per country from the fledgling Green Climate Fund.


This year saw a flurry of initiatives to tackle climate change get underway or expand - involving businesses, investors, cities and local governments, among others.

For example, the Under2 Coalition, a club of sub-national governments that have committed to cut their emissions by at least 80 percent by 2020, grew its membership to 165, accounting for a third of the global economy.

And the Science Based Targets initiative said more than 200 companies had pledged to set emissions reduction targets in line with the global effort to keep temperature rise under 2 degrees.

"2016 truly marked the year of transition from endless talks and global negotiations on how to tackle climate change to moving into action by governments, provinces, cities, companies, parliaments and affected communities," said Saleemul Huq, director of the Dhaka-based International Centre for Climate Change and Development (ICCCAD).

Sources: E3G, Red Cross/Red Crescent Climate Centre, ActionAid, CARE International, 350.org, ICCCAD, International Institute for Environment and Development, World Resources Institute, Oxfam

(Reporting by Megan Rowling @meganrowling, editing by Alisa Tang. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights and climate change. Visit news.trust.org)

Posted by: AGelbert
« on: December 03, 2016, 08:09:34 pm »

Samsung Heavy Says $776 Million order for FPSO Facility Cancelled  ;D

December 2, 2016 by Reuters

ReutersSEOUL, Dec 2 (Reuters) – Samsung Heavy Industries Co Ltd said on Friday that a 907.6 billion won ($776.8 million) order for a substructure for a liquefied natural gas (LNG) floating production, storage and offloading (FPSO) unit has been cancelled.

The South Korean shipbuilder said in a regulatory filing that the order, which came from an unspecified European firm, was cancelled as the firm did not issue a work order by a deadline agreed upon.

A Samsung Heavy spokesman could not be immediately reached for comment.

($1 = 1,168.4100 won) (Reporting by Joyce Lee)

(c) Copyright Thomson Reuters 2016.
Posted by: AGelbert
« on: November 22, 2016, 10:10:57 pm »

Move over Trump: People are at the heart of the climate fight

by Megan Rowling | @meganrowling | Thomson Reuters Foundation

Monday, 21 November 2016 15:04 GMT

Posted by: AGelbert
« on: November 17, 2016, 11:24:54 pm »

Worst Still to Come for Norway Offshore Fleet as More Rigs Idled   ;D
November 16, 2016 by Bloomberg

By Mikael Holter

(Bloomberg) — The offshore fleet tending to Norway’s oil industry, already sailing through the worst downturn in a generation, is in for even more pain, according to the head of the Norwegian Shipowners’ Association.

Almost one in four offshore vessels, or about 140 units, and half of the floating rigs, or about 20 units, are now out of work, Chief Executive Officer Sturla Henriksen said. He sees that going “from bad to worse” over the next year, with as many as three in four rigs idled by the end of 2017 and no real recovery in sight.

“It’s a highly challenging situation, but it will get worse,” he said in an interview in his Oslo office on Tuesday. “It will still be bad two to three years from now, and maybe longer.”

There will only be demand for 14 of about 40 floating rigs in Norway next year, Jarand Rystad, managing partner of consultancy Rystad Energy AS, said at a conference in Stavanger Wednesday, echoing Henriksen’s forecast.

More than two years after crude prices started to collapse, oil companies worldwide have cut spending by hundreds of billions of dollars, decimating demand for services from drillers, seismic surveyors and supply vessels. Norway, western Europe’s biggest oil and gas producer and home to one of the world’s biggest offshore fleets, has been battered by the downturn. The industry has cut more than 40,000 jobs since 2014 and the government resorted to the first-ever withdrawal from its massive wealth fund to cover budget needs.

Cash Lifeline

Henriksen’s grim predictions echo comments from analysts and companies such as Seadrill Ltd., owner of the world’s third-biggest offshore rig fleet. While utilization rates for floating rigs could reach a bottom as soon as the beginning of next year, it’s impossible to say when rental rates would recover, Seadrill CEO Per Wullf said in September.

And many contracts signed before the downturn are now expiring, meaning a crucial cash-flow lifeline will be lost as deals are at best re-negotiated at rates near operational costs, Henriksen said.

“It’s now starting to bite in such a way that the structural consequences are coming,” he said. “We’re going to see changes both in the ownership structure and for the companies. We’re going to see fewer and bigger units, with other ownership constellations than we’ve seen before.”

Norway billionaire Kjell Inge Rokke pushed through a merger of supply vessel company Solstad Offshore ASA with rival Rem Offshore ASA in July after blocking a restructuring proposal in a bondholder vote. Rokke’s Aker has made clear that it has an appetite for further deals as it bets on a recovery of oil and oil-service markets in the coming years.

Statoil Monopoly

The plight of the Norwegian oil-service industry has been exacerbated by the dominant position of Statoil ASA, said Henriksen, who has previously criticized the state-controlled oil producer for squeezing suppliers by demanding price cuts to unsustainable levels. Norwegian authorities should remove management of Statoil’s state-ownership from the Petroleum and Energy Ministry, which also acts as the industry’s regulator, as well as reduce the 70 percent of the country’s oil and gas fields that it currently operates, he said.

“Statoil acts as the monopolist that it is,” Henriksen said. It “wields that power for everything that it’s worth, in a way that may serve Statoil in the short term but that has major consequences for Norway’s entire service industry.”

Officials at Statoil didn’t immediately reply to phone calls from Bloomberg.  ;)

The Shipowners’ Association, which represents numerous owners of transportation vessels, is also concerned about the U.S. election win of Donald Trump because the implementation of some of the candidate’s campaign pledges would have grave consequences for the health of the world economy, Henriksen said.

“There’s a deep concern linked to the uncertainty and unpredictability that he has created,” he said. “For an industry that has a symbiotic relationship with international trade and global economic development — partly driven by it and partly a premise for it — there’s not much encouragement to get from a candidate who has built his campaign on protectionism and nationalism.”

© 2016 Bloomberg L.P

Posted by: AGelbert
« on: November 12, 2016, 06:24:45 pm »

Oil Tankers Used to Store Millions of Barrels at Sea as Land Sites Fill

November 11, 2016 by Bloomberg

By Alex Longley

(Bloomberg) — Oil companies booked tankers to store as many as 9 million barrels of crude in northwest Europe amid signs that space in on-land depots is filling up, a ship-operator said. The glut could get bigger still, given the region is scheduled to load the most cargoes in 4 1/2 years next month.

There are 14 to 16 Aframax-class tankers now storing crude in the region, Jonathan Lee, chief executive officer of Tankers International, operator of the world’s biggest pool of supertankers, said by phone Friday. Standard cargoes are normally almost 600,000 barrels. Lack of on-land capacity to hold the oil is the most likely cause of the buildup, he said.

North Sea producers are among a long list of suppliers adding barrels just as OPEC prepares to try and eliminate a surplus. Pressure on the exporter club is piling up because its own members are pumping like never before while nations outside the group including Brazil, Kazakhstan, Canada and Russia are producing more than ever or pumping from new fields.

Traders began looking for profit at sea again earlier this month, according to a Bloomberg survey, with Tankers International saying at the time that between five and 10 ships had been chartered to hold oil near Singapore, most likely to profit from weak crude prices.

Doing the Contango   

Those ships are the industry’s biggest supertankers, holding 2 million barrels a piece. The vessels in the North Sea would normally carry about 70 percent less oil.

Oversupply in the oil market has caused a key oil-price spread that denotes the scale of any surplus to balloon. The difference in the price of January and February Brent contracts rose to $1.18 a barrel this week, the widest since April 2015, excluding days when the price expires.

When the month-on-month discount gets deep enough — something called contango — it sometimes rewards traders to hire ships, keep hold of the oil, and sell it at the later price, because the gap more than covers the cost of booking a vessel.
Other times, there just isn’t space to unload, forcing vessels to wait. Inventories in Amsterdam, Rotterdam and Antwerp are the highest for the time of year since at least 2013, according to data from Genscape Inc.

“The big question is whether it’s contango  or whether it’s a lack of physical land-based storage” that’s caused the storage buildup in Northwest Europe, London-based Lee said. “It seems to be the latter at the moment.”   

The Brent price spreads collapsed  ;D because supplies are being pushed onto the market that were previously unavailable.

Libya shipped the most oil since late 2014 in October, while Nigeria’s petroleum minister said the nation is now pumping more than 2 million barrels a day for the first time since the start of the year. That is in addition to new supply from Kazakhstan’s Kashagan oil field and Russian output at a post-Soviet record.

© 2016 Bloomberg L.P

Posted by: AGelbert
« on: October 31, 2016, 01:39:30 pm »

Climate| Oct. 31, 2016 08:20AM EST
Big Oil    Is in Big Trouble    

Oil Change International Oil Change International
By Andy Rowell


Something significant happened on Friday that warrants more than just a few column inches in a newspaper. AGREED 

With the most divisive presidential election in U.S. history just days away from concluding, it is easy to understand why more is not being made of the news, but just to tell you something seismic happened on Friday last week.

The world's largest listed oil company, Exxon, announced that it was going to have to cut its reported proved reserves by just under a fifth—by 19 percent.

It would be the biggest reserve revision in the history of the oil industry. It is yet another sign that Big Oil is in big trouble.

The Chicago Tribune:

"Big oil companies have been solid investments for years, with a deceptively simple business model: Find at least as much new oil as you sell, book those barrels as future sales and reinvest in the hunt for new reserves. That made sense as long as oil prices went up, but it locked companies into a vicious cycle of replenishment, leading them to search for ever more extreme, and expensive, sources of crude oil in the Arctic and beneath the oceans."

And it added:

"Cheap oil has stopped that business cold and the threat of climate action raises fundamental questions about whether it'll ever be viable again."

Full article:

Agelbert NOTE: For those magical thinking fossil fuelers who think this will help the Big Oil crooks and liars to jack up the price of fossil fuels, I can only pity your descent into straw grasping wishful thinking. Demand destruction is NOT going to go away. The Fossil Fuel "Industry"  will disappear in disgrace if logic and sanity prevails.   

Posted by: AGelbert
« on: October 06, 2016, 02:18:12 pm »

Who coulda node?  ::)



What happens to demand for oil in a deep global recession? It tends to plummet, and unless production falls by the same amount, then price tends to plummet as well, as supply stays stubbornly higher than cratering demand.

These two nuclear options could strike the global economy even without any planning. Once the global economy tips into recession, oil may fall under its own weight and the dollar may gain ground as other currencies fall.


However, at the moment the oil predatory crooks and liars are following their time honored scare tactics to jack up the price of crude based on Hurricane Matthew's projected supply interruption.

As usual, they jack up the price BEFORE any damage has occurred and are slow as a snail in molasses to lower it when demand continues to evaporate. The fossil fuel industry CROOKS  have a cute term for this "phenomenon": They claim that prices are "inelastic" on the way down and "elastic" on the way up.     

Oh, the pliability of the English language.    ::)

Posted by: AGelbert
« on: October 04, 2016, 06:58:51 pm »

More German Coal Plants Face Early Closures as Profits Fade  ;D

Updated on September 30, 2016 — 9:26 AM EDT
Quarter of hard-coal stations seen closing, Nena says

German coal-fired power plant closures are poised to accelerate as dwindling margins prompt utilities to retire the stations early.

A quarter of hard coal-fired generation capacity in Europe’s largest economy may shut ahead of schedule if plant operators forgo spending on upgrades to keep aging stations open, according to Nena AS, an Oslo-based energy consulting firm. Steag GmbH, the nation’s fifth-biggest power producer, is considering shuttering at least five of its 13 German coal stations before plan, Juergen Froehlich, a spokesman for the utility, said by e-mail.

As German coal plant profitability lingers near its lowest levels in at least five years, other utilities may follow Steag, helping ease a surplus of generating capacity exacerbated by the rise of renewable energy, according to Goldman Sachs Group Inc. While utilities have shut about 18 percent of Germany’s current hard coal-fired capacity since 2011, only 9 percent more is slated to close through 2019, according to consultants Pira Energy.

“You have a lot of old hard-coal plants in Germany and you need to take investment decisions now if you want to continue operating them,” Bengt Longva, a senior analyst at Nena, said by phone.

Dark Spread

The clean-dark spread, a measure of coal-plant profitability, for next month in Germany dropped 57 percent in the past 12 months to EU2.80 per megawatt hour, a third of the five-year average for this time of year, according to broker data compiled by Bloomberg. At the same time, gas-fired generation margins have recovered to 2.86 euros per megawatt hour from minus 8 euros.

“We have seen some resilience for coal, but dark spreads have been narrowing and along the curve I don’t see how these units will be running next year,” said Bruno Brunetti, a director of electricity at Pira in New York. “Recovery of costs is now becoming a real issue.”

While fuel prices have risen this year, coal has climbed faster than natural gas. This spurred a 15 percent jump in German gas-fired generation as of July, compared with a decline of 16 percent in hard-coal plant output, according to German utility lobby BDEW. Hard coal makes up about 18 percent of the country’s generation.

Even with German power prices slumping the lowest in more than a decade, total installed generation capacity has increased by more than 50 percent to 195 gigawatts since 2006 due to the surge in renewables, according to the Fraunhofer ISE research institute. Fossil fuel-plant capacity fell 11 percent in the same period. A gigawatt is enough to power 2 million European homes.

“The industry is reacting at last,” Goldman Sachs analysts wrote in a Sept. 13 note. More utilities may follow Steag’s move, “further improving the outlook for supply and demand,” they wrote.

In addition to Steag’s mooted closures of some of its own plants, the utility and RWE AG, Germany’s largest electricity producer, decided to shut their co-owned Voerde A and Voerde B coal units by April next year.

What’s happening in Germany is a game of chicken,” said Andreas Gandolfo, an analyst at Bloomberg New Energy Finance in London. “If someone else shuts their power plant first, you benefit.”

Posted by: AGelbert
« on: September 24, 2016, 03:58:39 pm »

Offshore Job Slash Continues Globally      

Published at 02:05PM - 21/09/16

Since the start of the week, various oil and gas companies have already announced significant offshore job cuts across the industry, affecting different parts of the globe.

The move follows the continued challenges hitting the oil and gas industry as well as the uncertainty surrounding the evolution of crude oil prices.

The list of companies reducing their taskforce includes Technip, Petronas, Boskalis, Farstad and Shell and their decisions should impact different continents.

Offshore Job Slash Continues Across the Industry

Royal Boskalis Westminster started the trend after announcing it is moving ahead with plans to take a series of vessels out of service and lay off hundreds of workers.

Over the next two years, the company will see 24 vessels taken out of service, which is expected to result in the loss of 650 jobs worldwide.

On Monday, Technip also announced it is set to cut 130 jobs in Aberdeen. The company is undergoing consultation on the redundacies, with proposals that reflect “significantly reduced activity levels being experienced” across the industry.

Shell is shedding jobs in Norway

In Malaysia, Petronas is also reportedly planning to cut down its workforce by several hundreds as it continues to struggle with low oil prices.

In March, the firm had already implemented a restructuring, which resulted in redundancies of around 1,000 jobs.

Norway Affected by Job Cuts

Further East, in Australia, Farstad Shipping also announced job cuts following the closure of its Melbourne office, shedding from 65 to 30 employees as it moves all its activities to Perth.

Back in Europe, Shell had already warned that its merger with the BG Group would lead to thousands of offshore job cuts across its global operations. The company will now implement a reduction of 145 positions.

As well as this, according to media reports, the supermajor confirmed it will also discontinue 110 contractor agreements, on top of those 145 positions.

However, Shell is not the only firm to take the leap in Norway. FMC Technologies and Aker Solutions are also reportedly shedding jobs in the North European country, laying off 200 and 100 offshore workers, respectively.


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