After three successive years of growth, the global service market will see a recession in 2020 driven by lower oil prices, according to research firm Rystad Energy. In a new update, Audun Martinsen, head of oilfield services, forecasts a 4% decline in global oilfield service revenue if oil prices stay flat next year.
After analyzing 55 cases of Mergers and Acquisitions in the North Sea, energy consultant Wood Mackenzie found that only 18 have made a positive return. Two factors have had the biggest impact on value destruction: asset under-performance (post-deal) and oil and gas price movements.
The offshore wind sector needs more sustainable approaches to risk management and insurance in order to respond to a global changing risk profile of technical and supply chain issues, alongside natural catastrophe and extreme weather, according to renewable energy insurance provider GCube Insurance.
Europe invested €27 billion in new wind farms in 2018, which will finance a record amount of future new wind energy capacity, according to WindEurope’s annual report. The amount invested is similar to previous years, but, thanks to cost reduction, especially in offshore wind, it will finance a record 16.7 GW of new wind capacity.
Europe added 4.5 GW of wind energy capacity in the first half of 2018, according to a report by WindEurope. The figure is down on the same period last year (6.1 GW) though is in line with expectations. The 1.1 GW of offshore wind was mainly in the UK (911 MW), Belgium (175 MW) and Denmark (28 MW).
In its ‘Energy Trends’ report for Q1 2018, the UK Department for Business, Energy and Industrial Strategy said the country has made 15% progress in the target set under the 2009 EU Renewable Directive. Provisional calculations show that 10.2% of final energy consumption in 2017 came from renewable sources; up from 9.2% in 2016.
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- Maritime Health
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