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Policy & Regulatory

EU creates a €10bn fund to support energy transition in Eastern Europe

13 Jul 2020

The European Commission has approved the rules on operation of the Modernisation Fund, an EU solidarity fund to support 10 Central and Eastern European EU Member States in their transition to climate neutrality by helping to modernise their energy systems and improve energy efficiency. Beneficiaries include Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania and Slovakia.

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New South Wales (Australia) plans a new 8 GW renewables zone

13 Jul 2020

The government of the Australian state of New South Wales (NSW) plans to invest AUD79m (US$55m) to create a new 8 GW Renewable Energy Zone (REZ) in New England, which is expected to attract AUD12.7bn (US$8.8bn) in investment.

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UK Ofgem unveils a €28bn green investment plan for 2021-2026

10 Jul 2020

The UK Office of Gas and Electricity Markets (Ofgem) has released a £25bn (€27.9bn) green investment plan for 2021-2026, which seeks to improve the country’s gas and electricity transmission and distribution infrastructure and to deliver emissions-free green energy.

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Companies

BP and RIL launch their fuel retail joint-venture in India

13 Jul 2020

BP and Reliance Industries Limited (RIL) have started their new fuels and mobility joint venture in India, Reliance BP Mobility Limited (RBML). BP paid RIL US$1bn for a 49% stake in the joint venture, with RIL holding 51%. The joint company aims to expand RIL’s existing Indian fuel retail network of over 1,400 retail sites under the “Jio-bp” brand to up to 5,500 over the next five years. It also includes RIL’s aviation fuels business, which currently operates at over 30 airports throughout the country with plans to expand to 45 aviation fuel stations over the next five years.

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Shell plans to sell its stake in the Masela gas block (Indonesia)

13 Jul 2020

Shell has initiated talks to sell its 35% stake in the Masela gas block in the Timor Sea near Indonesia’s border with northern Australia, operated by Inpex (65%). The Masela Block Production Sharing Contract (PSC) – due to expire in 2028 – was extended for another 27 years, i.e. until 2055, in 2017.

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Petrobras and Mubadala (UAE) start talks over the Bahia refinery (Brazil)

13 Jul 2020

The Brazilian national oil and gas company Petrobras will start exclusive negotiation with Abu Dhabi’s investment fund Mubadala Investment to sell its 333,000 bbl/d Landulpho Alves (RLAM) refinery in Bahia (Brazil).

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Infrastructure & Investments

Flamanville-3 nuclear project’s cost may rise by €6.7bn (France)

13 Jul 2020

According to the French Court of Audit (Cour des Comptes), the estimated construction cost of EDF’s 1.650 EPR nuclear project in Flamanville might rise to €19.1bn (+€6.7bn, including €4.2bn in financial costs) due to additional costs. Consequently, the production cost of the electricity generated by the EPR could reach between €110/MWh and €120/MWh.

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India commissions a 750 MW solar plant in Madhya Pradesh

13 Jul 2020

The Indian Prime Minister has inaugurated the 750 MW Rewa solar project in Bhopal in Madhya Pradesh (central India). The solar complex was developed in three projects of 250 MW over 1,500 hectares of land. It required investments of US$860m. The facility is operated by Rewa Ultra Mega Solar Limited (RUMSL), a joint venture of Solar Energy Corporation of India (SECI) and Madhya Pradesh Urja Vikas Nigam (MPUVN). The power will be bought by the Delhi Metro Railways Corporation and the Madhya Pradesh Power Management Company.

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Cyprus starts building its first LNG import terminal

13 Jul 2020

The Cypriot government has officially launched the construction of the first LNG import terminal in Cyprus, with a capacity of 1 bcm/year (0.74 Mt/year).

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Energy & Climate Markets

Kinsale Head gas fields ceases production (Ireland)

10 Jul 2020

The Kinsale Head gas field off the coast of Cork in Ireland has ceased to produce after 42 years. The Kinsale Head gas field was discovered by US company Marathon Oil in 1972 and acquired by Malaysia’s national oil and gas group Petronas in 2009. With a peak production of 2.8 bcm/year, it was Ireland’s only indigenous source of natural gas until 2015 and the country’s largest operating gas field.

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