The global offshore wind industry had a record year in 2021 in terms of new capacity but is still projected to fall short of the International Energy Agency's net zero goals by 2030, a Global Wind Energy Council (GWEC) report said on Wednesday.More giant offshore turbines were installed in 2021 than in any previous year, with 21.1 gigawatts (GW) of capacity connected to the grid, the GWEC's 2022 global offshore wind report said…
The global oil and gas industry's profits in 2022 jumped to some $4 trillion from an average of $1.5 trillion in recent years, the head of the International Energy Agency (IEA), Fatih Birol, said on Tuesday. Despite those profits, countries…
International Energy Agency (IEA) head Fatih Birol said on Thursday that energy markets could be tighter in 2023, adding he hoped prices would not rise further in order to ease the pressure on energy-importing developing countries.'I wouldn't be too relaxed about the markets…
Nine new countries have joined the Global Offshore Wind Alliance (GOWA), pledging to ramp up offshore wind deployment in order to tackle the climate and energy security crises. The new members include Belgium, Colombia, Germany, Ireland, Japan…
SPE Offshore Europe 2023 celebrates 50 years since the first edition was held in 1973 at Aberdeen University. The theme of the milestone event, being held at P&J Live, Aberdeen, from 5-8 September 2023, is ‘Accelerating the transition to a better energy future…
Norway must do more to prepare for a decline in its dominant oil and gas industry in the coming decades as other nations start to free themselves from petroleum dependence, the International Energy Agency (IEA) says in a new report.Western Europe's…
A new report from the International Energy Agency (IEA) estimates that if there was a concerted, global effort to eliminate unnecessary flaring and control leaks across the supply chain, nearly 210 billion cubic meters (bcm) of natural gas could be made available to gas markets…
World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook…
World oil demand growth will slow in 2023, OPEC delegates and industry sources said, as surging crude and fuel prices help drive up inflation and act as a drag on the global economy.Fuel use has rebounded from the 2020 pandemic-induced slump…
The European Union has agreed to ban the bulk of imports of Russian crude and oil products in its latest round of sanctions following Moscow's invasion of Ukraine.The ban on seaborne crude imports will be phased in over six months and for seaborne refined products over eight months…
Almost half the shortfall in planned oil supply by OPEC and its allies is down to Nigeria and Angola, data seen by Reuters shows, reflecting a number of factors including moves by Western oil majors away from African projects.OPEC and its allies…
ExxonMobil Corp. estimates there will be a $4 trillion market by 2050 for capturing carbon dioxide and storing it underground, the company said in a presentation on Tuesday.That is about 60% of the $6.5 trillion market the U.S. largest crude producer estimates for oil and gas by then…
International Energy Agency member countries will convene for an extraordinary meeting on Friday to discuss stabilizing oil markets, executive director Fatih Birol told the New York Times on Thursday.'We are going to discuss what kind of steps…
Brazil's oil production is expected to increase by around 300,000 barrels a day in 2022, an increase of 10% from last year, Minister of Mines and Energy Bento Albuquerque said on Wednesday.Albuquerque's statement was made at the opening of an…
ING Groep NV will no longer finance new oil and gas projects, its energy chief said, one of the first major global banks to commit to such a step in the fight against climate change.The move by the Dutch financial services firm raises pressure…
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