Category Archives: Offshore

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

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.

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

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.

PREVIOUS STORY: https://www.fox17online.com/news/local-news/lakeshore/muskegon/water-rescue-in-progress-in-muskegon-county

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

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.

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

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.

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

An offshore wind turbine project operated by Avangrid and Copenhagen Infrastructure Partners broke apart this week, scattering debris throughout Massachusetts coastal waters, with much of the flotsam washing up on Nantucket beaches.

Since the turbine experienced a catastrophic malfunction for reasons that are not yet clear social media has been inundated with pictures and videos of beachgoers and government employees picking up trash bags and dumpsters full of debris.

The turbine in question is owned by Vineyard Wind US, a joint project of Copenhagen Infrastructure Partners of Denmark and Avangrid, the parent company of Central Maine Power (CMP). The turbine itself was manufactured by GE Vernova, which has experienced similar failures in the past with their offshore wind projects.

[RELATED: Vineyard Wind US Offshore Wind Turbine Breaks Apart, Scatters Debris Off New England Coast]

On Wednesday, Wineyard Wind CEO Klaus Skoust Mller attended a Nantucket select board meeting hoping to assuage locals concerns about the industrial wind turbine debris now polluting miles of beach and much of the coastal waters.

Mller apologized to the residents at the meeting and assured them that none of the debris was toxic in nature, but the locals werent appeased.

We were always told we were going to be able to fish around these things, that they werent going to affect our livelihood, charter boat captain and former Select Board member Bob DeCosta said, according to a report in the Nantucket Current.

I would like to see a representative from the federal government and they should treat this like an aircraft incidentnone of these turbines should be allowed to turn a bladeuntil they find out exactly what happened.

[COMMENTARY: Unmitigated Carbon Super-Polluters: The Truth About Offshore Wind]

Following the destruction of the turbine, the Bureau of Ocean Energy Management (BOEM), a subdivision of the National Oceanic and Atmospheric Administration (NOAA), which is itself a sub-agency of the U.S. Department of Commerce, ordered Vineyard Wind to cease operations at all of its turbine sites.

Following the July 13, 2024, blade failure incident at Vineyard Wind, BSEE has issued a Suspension Order to Vineyard Wind to cease power production from all its wind turbine generators until it can be determined whether the blade failure affects any other VW turbines, the agency said.

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. BSEE has also issued a Preservation Order to safeguard any evidence that may be relevant to determining the cause of the incident, the agency said.

[RELATED: Fishermens Alliance Highlights Offshore Wind Threat to Haddock, Lobster Fisheries in Gulf of Maine]

Although much of the industrial waste from the turbine has washed up on local beaches, a significant amount remains at-sea, posing a potential threat to commercial fishermen accustomed to working in those waters.

The New England Fishermens Stewardship Association (NEFSA), which has long pointed up the dangers and pitfalls of industrialized wind power operations off the New England coast, spoke to The Maine Wire about the catastrophic environmental impact of the incident and the bleak future in store for the Gulf of Maine if the state moves ahead with its plan to construct thousands of offshore turbines in the name of clean energy.

[RELATED: Historically Undeveloped Sears Island Now Threatened by Maines Wind Turbine Project]

I think this is just one small piece showing us whats coming up, said NEFSA founder Jerry Leeman, speaking about the destroyed turbine off the Massachusetts coast.

Those fibers, fiberglass, the foam, has now gone into the ecosystem, Leeman said. Those microfibers are now, you know, being digested by Cetaceans as well as the wildlife.

Images and videos of the fallout from the turbine disaster circulated broadly on social media, with frustrated beach-goers and mariners wondering why the Biden Administration, which has made offshore wind power a cornerstone of its green energy policy, and Vineyard Wind werent doing more to assist with the community clean-up effort.

The offshore installation was previously touted as the largest turbine in the western world by Vineyard Wind.

While speaking with the Maine Wire, Leeman broke down the environmental damage that will likely be caused by the 300-foot long blade falling into the ocean. (Vineyard Wind initially denied that the blade had fallen into the ocean despite several images circulating on the Internet showing that the blade had, in fact, fallen into the ocean.)

According to Leeman, one of the greatest environmental threats will come when local sea life ingests the fiberglass particles and per- and polyfluoroalkyl chemicals, commonly known as PFAS, which will then become part of the U.S. food supply.

[RELATED: UMaines Floating Wind Turbine Scheme Fails to Advance in Biden Admin Offshore Wind Contest]

Although PFAS chemicals have been the subject of environmental and regulatory concerns in Maine and elsewhere, environmentalists have simultaneously turned a blind eye to the use of those very chemicals in both wind turbines and solar panels two technologies the advocate to subsidize even as they fret the introduction of PFAS chemicals into the environment.

A recent U.K. study found that oysters and mussels have become contaminated with hazardous fiberglass particles which, if ingested by humans, cannot be excreted and cause reproductive harm and even cancer.

The reason for the damage to the turbine remains unknown, but it occurred during the summer when New Englands oceans typically experience the least chaotic weather, suggesting that catastrophic turbine failures could occur far more often in other seasons when the seas are harsher.

[RELATED: Another Offshore Wind Project Scuttled as Maine Charges Forward with Mills Roadmap]

Leeman warned about the possible environmental catastrophe that could occur if thousands of turbines are placed in the Gulf of Maine and the Vineyard Wind turbine collapse is replicated on a vaster scale.

That was for one blade, and now youre talking about possibly putting 1000s of blades in our ocean, said Leeman. So imagine, you know, catastrophic hurricane, or, you know, a powerful noreaster

The recent incident has led Leeman to renew NEFSAs calls for New England governments to slow down the push for industrial-scale offshore wind development due to their possibly disastrous consequences and potential to harm commercial fisheries.

[RELATED: Offshore Wind Projects Facing High Costs and Delays Amid Industry Crisis: WSJ]

Offshore wind turbines have long concerned fishermen and lobstermen, and not only for their effect on the environment and commercially important fish populations.

The turbines are potentially dangerous for fishermen sailing in low-visibility conditions, and the chemicals they release into the ocean can contaminate their catches, significantly devaluing their products.

Most recently, Vineyard Wind has claimed that the blade of the damaged turbine is sitting on the ocean floor, and company has promised to recover it in due course, without indicating a timeline for that recovery. Its unclear whether environmental remediation plans were put in place at the time the Commonwealth of Massachusetts created legal and financial incentives for the company to install the turbine.

Nantucket is reportedly considering taking legal action against the company for the disaster.

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CMP Parent Company's Offshore Wind Turbine Creates Environmental Disaster Off New England Coast - The Maine Wire

FILE - Turbines operate at the Block Island Wind Farm, Dec. 7, 2023, off the coast of Block Island, R.I. The Massachusetts Senate debated a bill Tuesday, June 25, 2024 aimed at expanding the adoption of renewable energy in a bid to to help Massachusetts get one step closer to meeting its aggressive climate goals, including reaching net zero greenhouse gas emissions by 2050. (AP Photo/Julia Nikhinson, File)

Atlantic, N.J. Three events Wednesday highlighted the uneven progress of the offshore wind industry in the Northeast, including the start of a major project in New York, research aimed at preventing environmental damage in New Jersey, and a temporary shutdown of a wind farm in Massachusetts after a broken turbine blade washed ashore on a famous beach.

The federal government has ordered an offshore wind developer off Nantucket Island, a popular summer tourist destination in Massachusetts, to suspend operations after parts of a damaged turbine blade washed up on the beaches.

A spokesman for the federal Bureau of Safety and Environmental Enforcement said Wednesday that operations at Vineyard Wind have been suspended until it can be determined whether the blade failure impacts other turbine blades on the development. As a result, power production on the lease area has been suspended and installation of new wind turbine generator construction is also on hold.

Meanwhile, Nantucket officials said all South Shore beaches have reopened on the island after the company said six truckloads of debris were collected. The company said that the debris consists of nontoxic fiberglass fragments and that any washing ashore will be pieces of one square foot or less.

Were making progress in the debris recovery efforts and mobilizing even more resources on the island to hasten the cleanup as quickly as possible, Vineyard Wind CEO Klaus Moeller said in a statement, which asks people to report any debris sightings to the company or town officials and avoid handling themselves. The public can have confidence that we will be here as long as it takes to get the job done and make sure the beaches are cleaned up.

Vineyard Wind said it is also working with the U.S. Coast Guard to maintain a safety zone of 1,640 feet around the affected offshore turbine.

The regions power grid operator, ISO New England, said it was aware of the incident but that it would have no impact.

New Englands power system remains reliable, ISO New England spokesperson Matthew Kakley said in a statement. Our system operators plan for unanticipated issues on the system, such as resource outages.

Vineyard Wind is a joint venture between Avangrid and Copenhagen Infrastructure Partners and said no personnel or third parties were near the turbine when the damage occurred. It said in a statement that blade manufacturer and installation contractor GE will now be conducting the analysis into the root cause of the incident.

The developments massive wind turbines began sending electricity to the grid this past winter. It said it will deploy trained individuals to collect the debris for the next several days.

Also on Wednesday, a groundbreaking ceremony was held to start construction of New Yorks largest offshore wind project, Sunrise Wind, a 924-megawatt project by the Danish wind developer rsted. Once completed, the project will provide enough clean energy to power approximately 600,000 New York homes.

It will be located approximately 30 miles east of Montauk, N.Y.

We look forward to building New Yorks largest offshore wind project, helping the state meet its clean energy targets while strengthening the local offshore wind workforce and supply chain, said David Hardy, executive vice president and CEO Americas for rsted.

rsted was far along in the approval process to build two offshore wind farms in New Jersey when it scrapped both projects last October, saying they were no longer financially feasible.

And New Jersey officials on Wednesday said they would make nearly $5 million available for scientific research projects to document current environmental conditions in areas where wind farms are planned, as well as to predict and prevent potential harm to the environment or wildlife.

Shawn LaTourette, New Jerseys environmental protection commissioner, said his state is committed to advancing science that will ensure that offshore wind, a necessary component of our work to address the impact of climate change, is developed responsibly and in a manner that minimizes impacts to our precious coastal environment.

The state is seeking proposals for surveying wildlife and habitats before wind farm construction starts; making technical innovations in data collection and analysis; studying fishery sustainability and socio-economic impacts of offshore wind; identifying and reducing the impact of offshore wind noise on marine life, and studies of bird and bat abundance, among other things.

Concerns about potential damage to the environment, marine life and birds have been among the reasons cited by opponents of offshore wind for trying to halt the nascent industry in the U.S. On Wednesday, one of the most vocal groups, Protect Our Coast-NJ used the Nantucket accident to renew its call to end the offshore wind industry, calling the incident simply unacceptable.

FILE - Giant wind turbine blades for the Vineyard Winds project are stacked on racks in the harbor, July 11, 2023, in New Bedford, Mass. Vineyard Wind said Tuesday, July 16, 2024, that it is working to recover debris on Nantucket's southern-facing beaches after one of the wind turbine blades suffered damage last weekend. (AP Photo/Charles Krupa, File)

Land-based wind turbines spin in Atlantic City, N.J., on April 28, 2022. On July 11, 2024, Community Offshore Wind identified itself as the third company to submit plans for an offshore wind farm in New Jersey by the previous day's deadline. (AP Photo/Wayne Parry)

A land-based wind turbine spins in Atlantic City, N.J. on April 28, 2022. On July 11, 2024, Community Offshore Wind identified itself as the third company to submit plans for an offshore wind farm in New Jersey by the previous day's deadline. (AP Photo/Wayne Parry)

FILE - Land-based wind turbines turn in Atlantic City, N.J. on July 20, 2023. On Monday, July 1, 2024, the U.S,. Interior Department approved the Atlantic Shores offshore wind project in New Jersey, which would be the states first wind farm once additional federal and state approvals are granted. (AP Photo/Wayne Parry, File)

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Blade collapse, N.Y. launch and N.J. research show uneven progress of offshore wind - theday.com

NOTE: The article was updated on 17 July with more information about the offshore wind project proposed by Corio Generation.

A total of twelve offshore wind projects have now been granted feasibility licenses for the Gippsland Offshore Wind Zone, enabling a potential generation capacity of 25 GW, according to Chris Bowen, Australias Minister for Climate Change and Energy.

In May, the Australian government granted the initial licences to six offshore wind projects, with a combined capacity of approximately 12 GW.

Now, twelve projects have been granted feasibility licences for the Gippsland Offshore Wind Zone, enough to generate 25 GW, more electricity than the entire state of Victoria generated last year, said Minister Bowen in a social media post.

RWE has been granted a feasibility licence from the Australian government for developing the Kent Offshore Wind Farm project in the Bass Strait, off the Gippsland coast.

The licence approval grants RWE an exclusive 7-year seabed right to develop the project and also allows the company to apply for a commercial licence to build and operate the wind farm for up to 40 years.

The lease area has the potential to host a wind farm with up to 2 GW of capacity, enough to power up to 1.6 million Australian homes with renewable energy.

The site is about 67 kilometres off the coast and has an average water depth of 59 metres. The wind farm is expected to become operational in the first half of the 2030s, subject to the timing of the planning and approvals process, secured offtake, and grid connection.

RWE has been active in the country for 10 years and operates one of Australias largest solar farms. By securing exclusive seabed rights in the Bass Strait off Gippsland, we are now entering the Australian offshore wind market and will bring our more than 20 years of experience in this field, said Sven Utermhlen, CEO of RWE Offshore Wind.

BlueFloat Energys proposed Gippsland Dawn Offshore Wind Project has also been granted a feasibility licence.

Gippsland Dawn is proposed to be located between Paradise Beach and Ocean Grange and can generate up to 2.1 GW of electricity, enough to power more than one million homes.

BlueFloat said the project will create 2,000 jobs during construction, which could begin in 2029, and 200-300 ongoing jobs during operations and maintenance stages.

Capital investment of about USD 10 billion is proposed and the project could be operational by 2031, said the company.

The feasibility licence will enable investigation work, including offshore metocean, geophysical and geotechnical investigations. Detailed technical studies and surveys will be completed. Gippsland Dawn will continue to seek feedback and engage closely with stakeholders and the community during every step of the projects development, said Darragh White, Gippsland Dawns Project Director.

Navigator North is a joint venture between Australias Origin Energy and the renewable energy company RES.

The project is approximately 34 kilometres from shore and covers and area of 700 square kilometres. Navigator North has the potential to deliver 1.5 GW of installed capacity, create an estimated 1,400 new jobs during the design and construction phase, and a further 60 jobs over the projects 30-year operational life, said Origin.

Together, we will look to develop a competitive wind project that we believe could provide material renewable supply to the energy market. We will place local communities and workforces at the heart of any potential Navigator North development and future operations, said Greg Jarvis, Origins head of energy supply and operations.

The 2.5 GW Great Eastern Offshore Wind project is located approximately 22 kilometres off the central Gippsland coast to the east of Wilsons Promontory.

The fixed-bottom wind farm has recently achieved a milestone by completing 17 months of a 24-month marine environmental baseline survey programme to inform the project development, said Corio.

Great Eastern is expected to be operational in 2032 to meet Victorian state targets and the project will then be operational for 30-plus years, according to its developer.

Other projects that reached this stage are developed by Iberdrola Australia OW 2 (Aurora Green), and rsted Offshore Australia 1 (the Gippsland 02 project).

The government opened a window for applications for feasibility licences within the Gippsland area on 23 January 2023. The application period closed in April last year with 37 feasibility licence applications received, after which the government began the review process.

For the remaining 25 applications, a preliminary decision was made to not proceed to grant a feasibility licence on the basis that they are not as meritorious as overlapping applications, Australias Department of Climate Change, Energy, the Environment and Water (DCCEEW) said in December 2023.

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Australia Approves Twelve Offshore Wind Projects, Set to Generate 25 GW Capacity - Offshore WIND

Launched in April 2014, Kaombo is the first project on ultra-deep offshore Block 32, located off the Angolan coast. With 658 million barrels of estimated oil reserves situated at depths of up to 1,950 meters and spread across 800 square kilometers, Kaombo is one of Totals greatest technical feats ever.

The Kaombo project is located in Block 32, a concession that Total operates with a 30% stake. Its aim is to tap into the oil deposits spread across six fields - Gengibre, Gindungo, Caril, Canela, Mostarda and Louro - connected via 300 kilometers of subsea pipelines to two Floating Production, Storage and Offloading (FPSO) vessels: Kaombo Norte and Kaombo Sul.

This massive, complex project has some unique characteristics:

In an effort to control costs and in line with its policy of continuous improvement, Total decided not to build new FPSO vessels for this project. Instead, two oil tankers were converted into FPSO units with internal turret - this central structure is the nerve center of the FPSO-, a first for Total.

The first FPSO, Kaombo Norte, which started production in July 2018, develops three of the six fields Gengibre, Gindungo and Caril and the second FPSO, Kaombo Sul, which produced first oil eight months later, operates on the other three Canela, Mostarda and Louro. Each vessel produces and stores up to 115,000 barrels per day.

This unique infrastructure and the extensive expertise channeled into the project make Kaombo a showcase for innovation.

Link:

Kaombo: An Innovative Ultra-Deep-Water Offshore Project in Angola - Total

Canadas Tenaz Energy, a public energy company focused on the acquisition and development ofinternational oil and gas assets, has set the stage to become the second largest operator in the Dutch sector of the North Sea (DNS) by acquiring all of the issued and outstanding shares of NAM Offshore (NOBV), thanks to an agreement with Nederlandse Aardolie Maatschappij (NAM), a 50/50 joint venture (JV) between the UK-based Shell and the U.S.-headquartered ExxonMobil.

Tenaz Energy will get its hands on substantially all of NAMs offshore exploration and production business, including associated pipeline infrastructure and onshore processing in the Netherlands, bar those in the Ameland area, for a base consideration of 165 million (around $179.7 million), before closing adjustments and contingent payments. With an effective date of January 1, 2024, the acquisition is expected to close in mid-2025, following statutory merger clearances and operational transition activities.

According to the Canadian player, this transaction delivers on its mergers and acquisitions strategy, as the firm is focused on acquiring a high margin, low-decline asset base with high-capacity infrastructure, low-risk development opportunities, and future exploration upside. This acquisition is expected to add production of nearly 11,000 boe/d (99% TTF2 natural gas) and 53.6 million boe of total proved plus probable reserves. In 2023, the offshore gas fields that are part of this acquisition together produced 1.1 billion m3 of gas, enough to supply almost 1 million Dutch households for a year.

With expectations of generating around 90 million (about $97.99 million) of free cash flow in 2024 based on current strip prices, Tenaz claims that NOBVs cash flow profile is underpinned by a combination of physical fixed-price and collar hedges for 2024 through 2026. The firm intends to fund the closing of the acquisition through a combination of interim free cash flow between the effective date and closing, a 23 million (close to $25.04 million) deposit paid to NAM, cash on hand, and available capacity under a new credit and delayed draw term loan facility with National Bank of Canada (NBC).

The Canadian companys current estimate of required cash-to-close is approximately 30 million ($32.66 million) assuming a mid-year closing date. Upon completion, Tenaz is convinced that it will turn into the second largest operator in the Dutch North Sea, as NOBVs production accounts for around 20% of gas production in the DNS, which is 87% operated by the Shell-ExxonMobil JV. The firm believes the acquisition will generate significant accretion in all key metrics, including production, reserves, cash flow, free cash flow, and net asset value per share.

Anthony Marino, President & CEO of Tenaz, commented: This acquisition is an important step in our strategy of securing value enhancing acquisitions that have substantial organic investment opportunities. We welcome NOBVs workforce of highly skilled and experienced professionals who will be critical to the continued success of Tenaz. We are delighted to invest in the revitalization and sustainability of the Netherlands energy industry, and we look forward to establishing our Dutch headquarters near the existing NOBV office in the Netherlands.

Moreover, Tenazs portfolio will now be enriched with upstream assets consisting of a portfolio of production and exploration licenses in the DNS, comprising 2,415 net square kilometers (approximately 600,000 net acres) in shallow water at an average water depth of 34 meters, about 60 km offshore. The current production of around 11,000 boe/d, which is predominantly from the Permian-aged Rotliegend Sandstone at an average depth of 3,500 meters, is from six hubs and two main production areas, the Joint Development Area (JDA) and the L02/L09 fields.

While the low base production decline rate is approximately 10%, the Canadian player points out that the acquired asset base is replete with identified workover and optimization projects, infill drilling opportunities, and exploration prospects. With capital reinvestment into the assets remaining low for over a decade, only 0.5 net wells have been drilled on NOBV license interests over the past five years, and no capital investment is planned for 2024. As a result, Tenaz thinks there is a significant opportunity for reinvestment.

Our evaluation of NOBV has determined that there are several years of workover and optimization projects, at least thirty potential development drilling locations, and more than eighty exploration leads and prospects on this extensive offshore license base. Exploration and development potential is enhanced by the presence of 3D seismic surveys over substantially all of the asset base, including a high-effort Ocean Bottom Node survey acquired on the JDA in 2022 which is still undergoing processing, elaborated the Canadian firm.

Therefore, Tenaz plans to initiate a high-return workover program on the existing well stock and phase in a development drilling program over time, expecting to drill the most prospective of the identified exploration prospects to offset base production decline and generate moderate production growth. The gas produced from the JDA and L02/L09 areas is transported to and processed at the Den Helder gas plant, which processes roughly 50% of all gas produced in the DNS.

Afterward, this is delivered into the national gas grid, while condensate is transported to customers via inland vessels. While JDA high calorific content (HiCal) gas is transported via the West Gas Transport (WGT) system, low calorific content (LoCal) gas is transferred via the LoCal pipeline. On the other hand, the L02/L09 area production is transported via the Northern Offshore Gas Transport (NOGAT) pipeline with some of the non-operated assets produced through the Noordgastransport (NGT) system.

Once the acquisition is complete, Tenaz will take over the operator role at all three gas processing trains at Den Helder and the LoCal pipeline feeding into it, thus, the firms ownership in the midstream assets will be 45.6% in the JDA LoCal system, alongside 31.1% and 23.0% in the K13 and K13 extension portions of the WGT HiCal system respectively. Additionally, the company will become a contract operator of the NOGAT portion of Den Helder, however, it will not have an ownership position in or operate the pipeline feeding it.

The firm will not get additional interest in the NGT system and will keep its current 21.3% equity interest. Aside from a base payment at closing, three potential contingent payments to NAM may be triggered by future financial performance, exploration discoveries, and realized gas pricing. After McDaniel and Associates (McDaniel) completed an independent assessment of the reserves associated with the assets, the evaluation projected that the existing upstream assets would have a remaining economic production life of 22 years.

Martijn van Haaster, NAMs Director, highlighted: With this sale, we are concluding our 60 years of offshore activities and a new chapter is starting for our colleagues and for NAM. Of course, this also means that we will have to say goodbye to colleagues and that always hurts.

But at the same time, with Tenaz Energy as the new owner and operator, a positive impulse will be given to the desired acceleration of offshore gas production. That is good for the employees involved and that is good for the Netherlands.

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Shell and ExxonMobil JV cuts a deal with Canadian firm to give up its North Sea oil & gas business for $180 million - Offshore Energy