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    JTSB releases its final report on Wakashio grounding

    longlinder grounded

    Crewmember falls from tanker off Boston

    New partnership aims to reduce the risks posed by dry bulk cargoes

    St. Lawrence Seaway resumes traffic as grounded vessel is refloated

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    Always do what your gut tells you: Keep it healthy

    Book Review: A role model for ship managers

    Book Review: How we perceive and deal with luck in life and business

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    Skarv Shipping orders up to eight low carbon MPVs vessels

    Skarv Shipping orders up to eight low carbon MPVs vessels

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    Seaside LNG becomes the latest member of the SEA-LNG coalition

    Grieg Green: It’s time to shed our focus on workers’ rights at ship recycling facilities

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    Two COSCO companies issue their first electronic bills of lading

    Two COSCO companies issue their first electronic bills of lading

    Jotun Hellas pioneers vessel maintenance and safety with novel Aerial Drone Inspection Service

    Jotun Hellas pioneers vessel maintenance and safety with novel Aerial Drone Inspection Service

    IUMI explores the implications of digitalization on marine insurance

    IUMI explores the implications of digitalization on marine insurance

    UK-Singapore consortium achieves world’s first fully-digitalised shipment

    UK-Singapore consortium achieves world’s first fully-digitalised shipment

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    orange county oil spill fines

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    Do you know which vessel took a sharp turn on floating standards?

    MARPOL 50 Watch Column: Expert thinking on tackling marine pollution and climate crisis worldwide

    MARPOL 50 Watch Column: Expert thinking on tackling marine pollution and climate crisis worldwide

    Valenciaport: ETS poses many risks for non-EU ports

    Valenciaport: ETS poses many risks for non-EU ports

    World Maritime Day 2023: Celebrating 50 years of MARPOL

    World Maritime Day 2023: Celebrating 50 years of MARPOL

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    Gard Club: Industry needs to mature and learn from incidents and human errors

    Gard Club: Industry needs to mature and learn from incidents and human errors

    Tokyo MOU: Fire Safety is one of the most frequently detainable deficiencies

    Tokyo MOU: Fire Safety is one of the most frequently detainable deficiencies

    Seafarer Stories: Capt. Cristian Bacanu, Master

    Seafarer Stories: Capt. Cristian Bacanu, Master

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SAFETY4SEA

Investment in renewables to overtake oil and gas in Asia Pacific

by The Editorial Team
May 28, 2019
in Offshore
renewables
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Renewable energy investment in Asia excluding China will overtake spending on upstream oil and gas projects in the region as soon as next year, according to Rystad Energy.

Total capital expenditure (capex) in renewables will overtake exploration and production (E&P) spending in 2020, with contributions from Australia and other Asian countries such as Vietnam, Taiwan and South Korea, Rystad Energy’s latest analysis revealed.

These countries each have strong pipelines for renewable energy developments of all types, including offshore wind. And, importantly, most have large targets outlining the inclusion of renewable power sources within their respective energy mixes, with corresponding support policies,

…says Gero Farruggio, Head of Renewables at Rystad Energy.

In Australia, the renewable energy project pipeline is now over double the national electricity market.

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Only 1% of the country’s solar, wind and utility storage projects is currently owned by oil majors, but Rystad Energy forecasts that this is likely to change.

By 2020 it is feasible that the majors will be the dominant renewable developers in Australia as they pursue ‘oil and gas’ scale opportunities. Commercial drivers are increasing the desire to ride the ‘solar-coaster. Upstream companies will lead the charge, building sizeable utility storage, solar and – ultimately – offshore wind portfolios. Solar panels, lithium ion batteries and turbines will soon be conventional segments of Australia’s oilfield services,

…Farruggio said.

Rystad Energy expects renewables in Australia will continue the strong growth seen in 2018 through 2020, although the country still faces the local challenge of transmission losses, which impacts revenues and creates policy uncertainty.

However, investor confidence is high in Australia, and the country currently has a development pipeline of over 105 GW of solar, wind and storage projects, as well as a fleet of ageing coal-fired power stations which will require replacement.

The growth in India’s renewables presents significant scale and one to watch.

It is no surprise that Petronas and Shell have recently made moves in the Indian C&I renewables space,

…he added.

Tags: Asia PacificAustraliaoil and gas industryrenewable energy
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