Daily Archives: July 21, 2024

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Offshore and inshore fishing reports received - Galveston County Daily News

Brazil holds a technical offshore wind potential of over 1,200 GW and with offshore wind strategy and policies, permitting regulations, grid and port upgrades in place could install as much as 96 GW of generation capacity by 2050, according to a study released by the World Bank Group.

The study, conducted by DNV, cites the World Banks estimates published in 2020, which show Brazil has 1,228 GW of potential offshore wind to tap into, including 480 GW through fixed-bottom (at water depths less than 70 metres) and 748 GW through floating wind technology (at water depths from 70 metres to 1 kilometre).

Building on this, the report Scenarios for Offshore Wind Development in Brazil brings three scenarios that show that even with the base case, Brazil has an opportunity to install 16 GW by 2050, which represents 3 per cent of the countrys generation capacity.

The intermediate growth scenario envisages 32 GW of installed offshore wind capacity by 2050 and, according to the ambitious scenario, the country could build as much as 96 GW of offshore wind farms by 2050 if a clear energy strategy, significant infrastructure investment, and prompt action to harness the growing interest in offshore wind in Brazil are made.

Offshore wind can support Brazils green hydrogen targets, drive economic growth, and potentially create up to 516,000 full-time equivalent (FTE) jobs and contribute USD 168 billion (approximately EUR 154 billion) in national gross value added under the third, ambitious scenario.

Among the challenges to fulfilling these scenarios, the report highlights that, since offshore wind has higher initial costs, Brazil would need to explore options for concessional finance and will also need to ensure that initial seabed rights are allocated primarily based on qualitative rather than price-based criteria.

Transmission upgrades and grid flexibility to integrate offshore wind effectively into the energy mix would also require substantial investments. Upgrades are also needed on regional ports and the logistics infrastructure, and the supply chain needs to be developed to support the production of large components, all of which adds to the overall costs.

Furthermore, clear permitting policies are needed as environmental and social considerations require meticulous planning and community consultations.

Whatever course policymakers and stakeholders choose to chart, they must act swiftly to capitalize on current interest, particularly amid waning investor enthusiasm for emerging markets. Updates in transmission networks, port infrastructure, and manufacturing capabilities, along with Environmental & Social sensitivity mapping all prerequisites for offshore wind development , have lengthy timelines. Providing a clear market entry pathway, including seabed exclusivity and offtake arrangements in initial offshore wind auctions, is essential, DNV stated in a press release issued on 18 July.

DNV and the World Bank prepared the study in collaboration with Brazils Ministry of Mining and Energy (MME), and the Energy Research Office (EPE), to provide a thorough analysis for policymakers and stakeholders.

Last year, the Ministry and EPE published a new version of Brazils offshore wind roadmap after the regulatory framework for energy generation was updated.

The new offshore wind roadmap includes considerations regarding the assignment of federal areas for offshore wind development in accordance with Brazils law on regularisation, administration, leasing and disposal of areas.

Interest in exploring the feasibility and construction of offshore wind farms in Brazil has been shown by multiple industry players, especially over the past few years, during which the Institute for the Environment and Natural Resources (IBAMA) has been receiving applications for environmental investigation licences in connection with offshore wind projects.

Many of the projectshave been proposed by European developers, including Iberdrola (through its Brazilian subsidiary Neoenergia), Acciona, Corio Generation and oil & gas majors TotalEnergies, Shell, and Equinor, as well as Brazils Petrobras.

According to the last update from IBAMA in April, there are now applications for environmental investigation permits for 97 projects totalling more than 234 GW of potential generation capacity.

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Brazil Could Tap Into 96 GW of Offshore Wind by 2050, Says World Bank Report - Offshore WIND

SLB delivered strong second-quarter earnings driven by the offshore market, newfound success in the Middle East and Asia and an increase in North American revenue.

Evercore ISI analysts said SLBs North American revenue was up 3% compared to the first quarter due to offshore digital, exploration data licenses and increased drilling.

But like competitor Halliburton, SLB saw diminished returns on land.

This was partially offset by lower drilling revenue in U.S. land and lower production systems sales in the GoM, Evercore analyst James West wrote in a July 19 report. We are updating our forecast to reflect continued strength in international activity offsetting North American softness.

For the quarter, SLB generated $9.14 billion in revenue, up 5% from the first quarter and 13% year-over-year (yoy).

Evercore said SLBs international activity remains robust, with the Middle East and Asia driving revenue growth of +24% YoY (+6% QoQ) to $3.3 billion. Europe and Africa also demonstrated significant growth of 20% yoy to $2.4 billion, while Latin America increases were relatively subdued.

All across the Middle East, we see growth year-on-year, Olivier Le Peuch, CEO of SLB, said during a July 19 earnings call. Hence, we benefit from this very large growth and multiple levels of activity growth in the Middle East and we foresee it continuing going forward.

In the Middle East, SLB leveraged its technology and integration capabilities to benefit from investments in oil capacity expansion and conventional and unconventional gas development. Revenue in the Middle East and Asia grew due to increased sales of production systems and increased intervention and evaluation activity in Saudi Arabia.

Higher digital revenue across the area and increased drilling in the region, as well as the acquisition of the Aker subsea business in Australia, also contributed to the growth.

Offshore, the companys OneSubsea joint venture secured numerous high-value contracts, Le Peuch said, employing advanced subsea production processing technologies to optimize reservoir recovery and reduce project cycle times.

Through OneSubsea, were helping customers unlock reserves and reduce cycle times through an extensive subsea production processing technology portfolio, he said. And we are increasingly being offered the opportunity to partner with customers in early engineering phases to unlock the economics of the assets.

SLB said its solutions in production and recovery are increasingly sought after by clients looking to offset natural decline and maximize asset value. The companys production systems revenue increased to $3.03 billion, a 7% raise increase from the first quarter and a 31% increase yoy.

Growth was led by the Aker acquisition as well as strong activity in Europe and Africa.

In production and recovery, we are seeing customers embrace our offerings as they work to offset natural decline, extend performance and maximize the value of their producing assets, Le Peuch said. We have many solutions to help customers access resource to our production system and reservoir performance division, and this is showing up in the strong results these divisions are achieving.

Underpinning SLBs strategies is commitment to digital innovation and AI, which are pivotal in accelerating returns and driving operational efficiencies, the company said. SLB anticipates significant opportunities for high-margin growth as clients increasingly prioritize digital infrastructure upgrades.

Looking ahead, SLB aims to strengthen its portfolio further with the pending acquisition of ChampionX, positioning itself to fully capitalize on emerging market opportunities.

Due to securities laws, SLB was unable to buy back stock until ChampionXs shareholders approved the deal.

After ChampionX shareholders agreed to the deal, SLB resumed repurchasing stock in the second quarter. SLB bought back 9.9 million shares valued at $465 million.

Net income attributable to SLB increased by 4% from the first quarter to $1.11 billion. Adjusted EBITDA of $2.29 billion was up 11% from the first quarter.

SLB generated cash flow from operations of $1.44 billion and free cash flow of $776 million. For the full year, SLB said it expects to spend $2.6 billion in capital investments.

Originally posted here:

Offshore, Middle East Buoys SLBs 2Q as US Land Revenue Falls - Hart Energy

By:

Michael Wong Special Senior Consultant Taipei Baker McKenzie

Peggy Chiu Partner Taipei Baker McKenzie

Daniel Chou Associate Partner Taipei Baker McKenzie

In Brief

In an unprecedented move, Taiwan's Ministry of Finance (MOF) issued a new ruling on 10 July 2024 that requires offshore trustees to register with Taiwan tax authorities when a Taiwan tax resident settler transfers the shares or capital of a Controlled Foreign Corporation located in a low-tax countries or regions outside of Taiwan (CFC) as trust assets. MOF indicates that this new ruling is to supplement the ruling dated 4 January 2024 that imposes Alternative Minimum Tax (AMT) on the settler/beneficiaries of offshore trusts when CFC is involved.

The new ruling stipulates that for those offshore trustees who are covered by this ruling they will need to prepare books, detailed income statements, distribution statement, etc. for all the trust assets (including CFC and non-CFC assets) owned by the trust pursuant to Taiwan's Income Tax Act (ITA). For offshore trustees with no presence in Taiwan, they will need to appoint a local agent for registration, obtain a tax identification number, and handle all relevant reporting and withholding procedures going forward.

As the new ruling has a retrospective effect and applies from 1 January 2024, there may be a risk of non-compliance even if an offshore trustee immediately terminates its current Taiwan engagements as a result of this new ruling.

In the past, Taiwan's tax laws were generally considered not applicable to offshore trustees as MOF did not have jurisdiction over them. With the implementation of the CFC taxation, MOF is eager to obtain information on offshore trusts as they may contain assets that generate Taiwan CFC income. Because Taiwan is not a full member of the CRS network, it can only achieve information exchange through bi-lateral negotiation and the progress has been slow (thus far only with respect to Japan, UK and Australia). If this unprecedented attempt to compel offshore trustees to voluntarily register in Taiwan becomes successful, this can vastly increase Taiwan government's visibility on offshore assets, in essence creating a "CRS backdoor."

This new ruling creates a number of difficulties for offshore trustees. They will obviously need to consider the scope, applicability and legality of the ruling and the potential penalties for non-compliance. But more fundamentally this also put them directly on the front line with respect to larger AML related issues, particularly if they know (or have reason to know) that their trust set-ups have Taiwan tax residents who are themselves non-compliant.

Actions To Do

Granted that the ruling is new and we expect further clarification from the MOF in the coming days, we believe there are some actions that may be considered immediately:

Offshore trustees: Please review your Taiwan client's offshore structure and assess the CFC risk immediately. The compliance team need to consider the non-compliance risk and how to be compliant going forward. While no planning / restructuring may be perfect, do-nothing may be the worst option in the long run.

rivate bankers: It's a good opportunity to open dialogue with your clients. Trusts are still good tools for succession planning, but a higher level of sophistication will be required.

Providers of other offshore solutions: You may consider your role in mitigating the CFC risks to make life easier for both trustees and their clients.

Family office: As we always maintain, when considering succession planning, please do not consider tax planning as your sole objective. Instead proper focus should be on legal enforceability, succession objectives, family mission and dynamics, with tax efficiency being the icing on the cake. Please discuss with your legal counsel whenever there is a new legal update, and work with your legal/tax counsel to discuss with your trustee on long term and more sustainable solutions.

Read more:

New CFC Taxation Ruling That Impacts Offshore Trustees A Backdoor to CRS? - Hubbis

Delegates for OPEC+ member nations do not expect the extended energy groups coming monitoring session to make any changes to supply levels for the rest of the year.

The group agreed last month to begin gradually restoring to the global supply chain 2.2 million barrels a day (mbbl/d) of suspended crude output from this October.

Following an immediate price fall after the announcement, prices have since stabilised, with Brent futures back at around $85 a barrel.

According to several US media reports, the organisations Joint Ministerial Monitoring Committee has no plans to make any changes to output policy, citing delegates, who asked not to be identified.

Members of the enlarged group are likely to wait and see what happens over the summer months, when demand for gasoline and petroleum can fluctuate.

The group has been limiting supplies for almost two years in an effort to moderate prices and reduce excess supplies.

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In June, both the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ agreed to maintain oil output reductions until 2025.

Offshore Technology reported recently that with just a few members exceeding their agreed limits, oil production from OPEC has remained constant for the third month in a row.

The intergovernmental body produced an average of just under 27mbbl/d in June, some 80,000 barrels a day (bpd) less than during the previous month.

However, the analysis showed that Iraq and the United Arab Emirates have still not fully adopted the cutbacks agreed within the group earlier this year.

In early July, Kazakhstans Energy Ministry announced that it will, by the end of September 2025, make allowances for surpassing its OPEC+ oil production limit in the first half of this year, demonstrating a comprehensive plan for gradual compensation aimed at placating other members of the group.

Kazakhstan, a key player among the eight OPEC+ nations, has agreed to implement additional voluntary production decreases.

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OPEC+ not expected to change supply levels after market and price stabilisation - Offshore Technology

Some debris from the broken wind turbine is spotted on a Nantucket beach. Photo Credit: Town of Nantucket Marine Department

The federal government suspended the operations of a wind farm located off the coast of Massachusetts after a massive turbine fell apart, sending debris into the ocean and forcing local officials to temporarily close nearby beaches.

Earlier this week, Vineyard Wind's developer reported a "blade failure incident" at the facility and said it had dispatched crews to collect debris in the surrounding waters and on beaches in Nantucket, Massachusetts. According to Vineyard Wind, the turbine blade was undergoing testing when it unexpectedly broke about 20 meters from its root.

The incident is the latest black eye to both the offshore wind energy industry, which has faced a number of economic setbacks in recent months, and the Biden administration's green energy plans. Vineyard Wind was the first large-scale, offshore wind project approved in the U.S. The Department of the Interior signed off on the project in May 2021, less than four months after President Biden took office.

And it appears to at least partially vindicate critics of efforts to rapidly expand offshore wind development over concerns about their impacts on the fishing industry, national security, marine wildlife, and historic resources along the nation's coasts. The Biden administration has rubber-stamped a total of nine commercial-scale offshore wind projects in an effort to meet the president's goal of delivering 30 gigawatts of offshore wind power by 2030.

"Unfortunately, we fully expect this will happen again," said New England Fishermens Stewardship Association CEO Jerry Leeman, who has opposed accelerated offshore wind development. "We do not yet know the cause of Saturdays incident. But we do know that no human structure can forever withstand the corrosive power of the ocean."

"The Vineyard Wind windmills are taller than the Eiffel Tower. Their blades are longer than a football field," he continued. "When they fall, they endanger vessels and degrade the environment. We must stop the industrialization of our oceans to protect mariners and marine life."

While it remains unclear why the turbine broke, the developer and federal officials are investigating the incident.

The Bureau of Safety and Environmental Enforcement, an Interior Department subagency, said it issued a suspension order on Wednesday to cease power production from all of Vineyard Wind's turbines pending the investigation and until it can be determined whether the blade failure affects any other turbines.

"The Suspension Order suspends power production on the lease area and suspends installation of new wind turbine generator construction: Those operations will remain shut down until the suspension is lifted," the agency said in a statement to theWashington Free Beacon.

It added that it is onsite to conduct the investigation and will conduct an independent assessment to ensure the safety of future offshore renewable energy operations.

And a spokesman for Vineyard Wind said the developer took immediate action when the incident occurred on Saturday and is cooperating fully with federal investigators.

The Interior Department didn't respond to a request for comment.

After Vineyard Wind was federally approved three years ago, Interior Secretary Deb Haaland said it was an "important step" in fighting climate change while Commerce Secretary Gina Raimondo said the project was an example of an investment needed to meet the administration's "ambitious climate goals."

Haaland added that her agency was committed to working with stakeholders to "avoid and reduce potential impacts as much as we can," during a groundbreaking ceremony in Barnstable, Massachusetts, months later.

Vineyard Wind ultimately began delivering full power to the grid in February.

"This marks a turning point in the clean energy transition. After many decades of advocacy, research, policymaking, and finally construction, Americas offshore wind industry has gone from a dream to reality," Massachusetts Gov. Maura Healey (D.) said at the time.

Meanwhile, town officials in Nantucket, where many of the broken turbine's remnants have been discovered, reopened beaches Wednesday afternoon after they were closed earlier in the week. While most of the debris has been removed, residents were advised to continue to wear footwear on the beach and leave pets at home.

"Vineyard Wind should be shuttered permanently," David Portnoy, the founder of Barstool Sports and a Nantucket resident, said in an X post on Wednesday. "You don't get 2 strikes in this business."

See original here:

Offshore Wind Farm Fast-Tracked By Biden Admin Shut Down After Turbine Falls Apart - Washington Free Beacon

July 20, 2024 3:46 pm Last Updated: July 20, 2024 8:00 pm

Peter Auster, senior research scientist at Mystic Aquarium, examines scuba cylinders in preparation for dives in the Northeast Canyons and Seamounts Marine National Monument. (Photo courtesy of Mystic Aquarium)

Mystic Mystic Aquarium researchers were part of a team that set sail Friday for the nations first and only marine national monument off the continental United States.

This is part of our countrys investment in trying to understand how the world works and that will allow us to be better informed about how wild communities of animals interact together, Peter Auster, senior research scientist at the aquarium and professor emeritus at the University of Connecticut, said Thursday.

The 10-day expedition to the Northeast Canyons and Seamounts Marine National Monument will explore local and migratory sea life and may provide insight on how a natural ecosystem functions with little human intervention.

Its a biodiversity hot spot and in a pretty small space, Auster said. You get a lot of bang for your buck.

He said the monument, approximately 130 miles southeast of Cape Cod, spans an area roughly the size of Connecticut, just a fraction of a percent of American Atlantic waters.

He explained the underwater geography of the monument is home to a wide variety of sea life: from creatures in the deepest portions of the canyons, more than 14,000 feet below the surface, to those living on the underwater mountains, a comparatively shallow 300 feet down, as well as those nearer the surface.

The monument was designated as a marine protected area in 2015 and is the only entanglement-free zone for sea turtles and marine mammals along the entire Eastern Seaboard.

Commercial fishing ended in the protected area last year, and Auster explained that this research can provide a baseline to understand what impact man has on the oceans, which can inform conservation efforts.

Its a rare opportunity to study how marine communities of wildlife function and interact in the absence of humans, which is exactly what we are going out to do on this safari, he said.

The 11-member expedition, funded by the United States Fish and Wildlife Service, which manages the monument in partnership with the National Oceanic and Atmospheric Administration, will focus on five key areas of research.

The team will study the monuments apex predators, like sharks, tuna and billfish, remotely with baited underwater video cameras as well as up close by scuba diving.

Auster said there is speculation that tuna may be spawning in the area, so the team will also retrieve samples of fish larvae to see what types of fish are breeding there.

Additionally, the team will test deep-sea fish tracking equipment, study seabirds, collect and identify gelatinous animals, such as jellyfish and other similar creatures, and collect samples of free-floating DNA from a variety of depths to study the diversity of sea life that live in and pass through the waters of the monument.

Auster explained that as fish and other creatures move through the water, cells containing DNA slough off.

Depending on how long its floating around before it degrades, if you take a water sample, you can figure out who the players are that have been in that general region, he explained.

Katie Cubina, education and outreach consultant for the aquarium, said Thursday that a videographer will document what happens on the cruise for the use of educators, students and the public and to update the aquariums Ocean Refuge exhibit.

The big thing for the aquarium is not just to do the work, but to share the work, she said.

She also said the team would host a series of live Zoom events including one with youth participants from 10 underserved Connecticut communities. Members of the public can keep up to date with what the team is doing through daily videos and posts on the aquariums social media platforms.

See the rest here:

Aquarium part of team to explore offshore national monument - theday.com

The Biden administration ordered the Vineyard Wind offshore wind farm to suspend operations this week after a blade from one of its turbines broke, dropping debris into the ocean that then washed up on Nantucket Island in Massachusetts.

A large portion of the damaged blade came off Thursday and had sunk to the ocean floor by Friday, Nantucket city officials said.

The federal Bureau of Safety and Environmental Enforcement, part of the Interior Department, ordered Vineyard Wind to stop power production from all of its wind turbines until officials can determine if the blade breakage affects more of the projects turbines.

No Vineyard Wind workers were injured when the turbine was damaged Saturday, the company said.

The cause of the blade failure is being investigated.

The cause of the breakage is unknown at this time. GE, as the projects turbine and blade manufacturer and installation contractor, will now be conducting the analysis into the root cause of the incident, Vineyard Wind spokesman Craig Gilvarg told the Nantucket Current.

GE Vernova, which designed the turbines, told local NPR affiliate WCAI-FM that the company is working around the clock on the issue and is working with urgency to finish its analysis of what caused the blade breakage.

Each of the turbines on the companys wind farm is more than 800 feet tall, according to the Vineyard Gazette, with each blade 350 feet long, almost as big as a football field. The blade was damaged about 65 feet from its root, according to The Boston Globe.

Vineyard Wind said the fiberglass debris, typically green and white in color, is not toxic. By Wednesday, 17 cubic yards of debris had been recovered and several larger pieces had been recovered.

Link:

Feds order offshore wind farm near Nantucket to suspend operations after blade breaks - Washington Times

In context: SpaceX is banking on Starlink to generate more revenues from its commercial and remote government applications. The recent increase in performance of a new mobile community gateway will likely help deliver that. It is now preparing to use the technology on naval ships or airplanes. It won't come cheap, however.

SpaceX's ongoing efforts to enhance and expand its Starlink service, particularly for commercial and remote applications, have taken another leap forward with its recent test of a new mobile community gateway capability that can deliver download speeds of up to 8Gbps and an upload speed of 2,794.7 Mbps.

SpaceX VP for Starlink Engineering Michael Nicolls tweeted an Ookla speed test near Jacksonville, Florida, proving the system's blazing-fast capability. Nicolls added, "no land in sight," suggesting that the test occurred at sea or in the air. A follow-up tweet from Elon Musk said gateways will soon offer over 8 Gbps, indicating that the service isn't quite ready yet.

The technology extends SpaceX's existing community gateway business, which aims to provide high-speed internet to remote areas. Last year, it established its first community gateway in Unalaska, Alaska, serving customers through an OptimERA ISP. This extension is geared toward use on ships and airplanes, potentially catering to shipping companies or government clients.

The service involves significant upfront costs and monthly fees, reflecting its high-capacity specialization. Clients wanting to build a community gateway should expect to pay $1.25 million upfront, with monthly access fees starting at $75,000 per Gbps. SpaceX has already received experimental licenses from the FCC to test the service using its drone landing pad ships as gateway stations.

The expansion is not without its logistical and market hurdles. For instance, connecting cell phones to satellites hundreds of kilometers away is challenging due to the low antenna gain and transmit power of mobile devices. Starlink is competing with terrestrial networks in some applications and locations, so it has a disadvantage on a cost-per-Gbps basis, particularly against fiber optic networks.

Whether satellite internet services can eventually achieve economic viability is debatable. Questions regarding its ability to generate enough revenue to offset the enormous investment costs remain unanswered. So, its potential for mass adoption is uncertain.

Satellite market research company Quilty Space notes that SpaceX only recently turned profitable. Still, it surpassed negative expectations previously voiced by many industry veterans. The company has deployed more than 5,000 satellites and appears to have a steady cash flow and sufficient funds to invest in the future.

Read more from the original source:

Starlink's mobile gateway tech achieves 8Gbps download speeds in offshore test - TechSpot

MUSKEGON COUNTY, Mich. Divers located the body of a Lake Michigan drowning victim Friday morning.

According to Muskegon County Sheriff's Office capt. Michael Herremans, at 10:28 a.m. Friday the body of a 26-year-old man was recovered 2 miles offshore from the Muskegon Channel in 80 feet of water. The man disappeared when he fell out of a boat near that spot at 10:30 a.m. Thursday. He was not wearing a life jacket at the time.

The victim's name has not been released.

Assisting the Muskegon County Sheriff's Office in the recovery efforts were the Norton Shores Fire Department, the Muskegon Fire Department, the Muskegon Township Fire Department, the North Muskegon Fire Department, the Norton Shores Police Department, the Michigan Department of Natural Resources, the U.S. Coast Guard and the Muskegon Police Department.

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Drowning victim recovered 2 miles offshore from Muskegon Channel - FOX 17 West Michigan News