Cappro news – Page 6
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CapPro newsAccelerated change on the cards for logistics in 2024
From government plans to unlock access to grid connections, to updates on support for major energy users, the focus on driving efficiency and supporting decarbonisation is set to continue in 2024. Jodie Eaton, ceo of Shell Energy UK, digs deeper into what’s ahead and considers how major energy users can take advantage of the opportunities available.
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CapPro newsFast-tracking wind energy in Victoria
Changes to land and planning regulations in Victoria, Australia, aim to speed up the development of renewable energy projects in the state, which intends to have at least 2 GW of offshore wind energy by 2032, increasing to 4 GW by 2035 and 9 GW by 2040.
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CapPro newsJapan to open up more waters to offshore wind
Japan’s Ministry of Economy, Trade and Industry (METI) is stepping up efforts to develop the offshore wind energy industry, having approved a draft amendment that would allow for projects to be developed in exclusive economic zones.
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CapPro newsUSA allocates USD750 million to help hydrogen supply chain
The US Department of Energy (DoE) has allocated USD750 million for 52 hydrogen projects across the country in a bid to ramp up manufacturing process and assist the supply chain.
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CapPro newsUpstream FIDs to grow this year with focus on deepwater projects
Up to 30 upstream projects larger than 50 million of barrels of oil equivalent (boe) could reach FID in 2024, up from 24 last year, according to Wood Mackenzie’s Class of 2024: benchmarking this year’s upstream FIDs report.
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CapPro newsOil to remain the backbone of Saudi strategy for decades to come
Capital Projects Monitor’s attention was piqued during February when the Saudi energy ministry cancelled its long-term plan of expanding oil production from 12 million to 13 million barrels per day (bpd). Was this the first indication that the country’s Vision 2030 strategy to diversify away from oil and fossil fuels was starting to bear fruit? The notion was immediately written off as premature.
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CapPro newsGrowing interest in natural hydrogen recovery
There is a growing body of research into the natural hydrogen sector and its potential as a cost-effective, low-carbon energy source.
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CapPro newsAR6 gets funding boost as Energy Profits Levy extended
The UK’s sixth Contracts for Difference (CfD) round received its biggest ever funding boost from government, with more than GBP1 billion (USD1.2 billion) allocated for the upcoming auction.
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CapPro newsBoosting renewable deployment in the Caspian and Central Asia region
WindEurope and the Azerbaijan Renewable Energy Agency signed a memorandum of understanding (MoU) on March 1, 2024 to advance the deployment of onshore and offshore wind energy in Azerbaijan and the wider Caspian Sea area. In what has been an oil and gas hotspot traditionally, the region’s project logisticians are increasingly involved with renewable energy cargoes.
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CapPro newsTotalEnergies hopes for Mozambique LNG restart in second half of 2024
The Mozambique LNG project has been under force majeure since April 2021 thanks to insurgent activities destabilising the region. The USD20 billion project has the potential to transform the Mozambique economy and developer TotalEnergies hopes the project can come back online this year.
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CapPro newsPivotal year for UK’s offshore wind sector
The UK launched its fifth offshore wind leasing round, targeting floating projects in the Celtic Sea. RenewableUK believes 2024 could be a record-breaking year for the sector in terms of project awards – a shot in the arm is required after what proved to be a volatile 2023.
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CapPro newsNorth Africa’s untapped renewable energy potential
Climate mitigation efforts, including renewable energy deployment, are crucial for North Africa’s climate resilience and economic. Fortunately, the region is endowed with immense renewables potential, especially solar and wind power, making it a prime candidate for a renewables-based energy transition. Egypt, in particular, has reformed legislation and introduced tax breaks to facilitate new hydrogen developments.
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CapPro newsUrgent action required if EU to hit net-zero targets
The European Union (EU) will not meet its climate targets until well into the 2060s, as focus shifts to energy security and economic stability, according to Wood Mackenzie’s recent EU27: Energy Transition Outlook report.
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CapPro newsRegional LNG demand variation not enough to derail Shell’s optimism
Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50 percent by 2040, according to Shell’s LNG Outlook 2024. The growth will be driven by increased industrial coal-to-gas switching in China, South Asia and Southeast Asian countries.
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CapPro newsGas shortfalls and renewable delays call for diversified strategies
Energy shortfalls could and should drive new waves of Colombian energy projects, but business is still quite thin on the ground at present for heavy lift and project logistics entities.
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CapPro newsGrid investments still far below what’s needed
A resilient power transmission system is critical to meeting net-zero emissions targets. The US Department of Energy (DoE) recently issued an RFP for new grid infrastructure and, like much of the world, it’s trying to play catch up.
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CapPro newsOFS shares slide as OPEC+ holds steady
Global oil demand growth is set to slide in 2024 while supply is boosted by non-OPEC+ members. As it attempts to manage prices, OPEC+ is expected to hold steady on production. Those moves, and an announcement Saudi’s energy ministry that it wouldn’t push on with production increases, naturally called some major projects into question and oilfield service (OFS) providers took a hit in the markets.
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CapPro newsAustralia hopes for breakthrough in ESF steelmaking
Australia’s two largest iron ore producers and its biggest steelmaker partnered to investigate the development of the country’s first ironmaking electric smelting furnace (ESF) pilot plant. The technology could allow the country’s lower-grade ores to be used in a greener steelmaking process.
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CapPro newsBNEF: Electrified transport investments surpass renewable energy in 2023
BloombergNEF’s Energy Transition Investment Trends 2024 finds that renewable energy, electric vehicles, hydrogen and carbon capture all drive investment growth year-on-year. Global investment in the low-carbon energy transition surged 17 percent in 2023, reaching USD1.77 trillion.
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CapPro news17 companies selected in UK’s 33rd O&G licencing round
Shell, Equinor, bp, Total and NEO were among the 17 separate companies that were offered a total of 24 licences in the second tranche of the UK’s 33rd oil and gas licensing round.