Daily Energy News
Policy & Regulatory
US court clears linking carbon markets in California and Quebec (Canada)
21 Jul 2020The District Court for the Eastern District of California (United States) has ruled that linking the carbon markets of California (US) and Quebec (Canada) is constitutional and doesn’t conflict with the federal governments foreign policy. This decision could encourage new linkages between US states and Canadian provincial markets.
Read moreNew Jersey (US) confirms plans to develop 7.5 GW of offshore wind by 2035
21 Jul 2020The state of New Jersey (United States) has released its draft Offshore Wind Strategic Plan, confirming its plans to develop 7.5 GW of offshore wind power by 2035. The plan determines infrastructure projects (including transmission networks), and protection measures for the fishing industry among other things.
Read moreSECI issues 1,070 MW solar PV tender in Rajasthan (India)
21 Jul 2020The Solar Energy Corporation of India (SECI) has issued a tender for developing up 1,070 MW of grid-connected solar PV projects in Rajasthan (northern India) under Tariff-based competitive bidding. Bidders will have submit a single bid for 10 MW to 1,070 MW and the projects will be developed on a build-own-operate (BOO) basis. The winners will sign 25-year power purchase agreements (PPAs) with SECI and will sell the power generation to Rajasthan Urja Vikas Nigam Limited (RUVNL); the projects will have to be commissioned within 18 months from the effective date of the PPA.
Read morePeru unveils measures to support investments in the power sector
21 Jul 2020The Ministry of Energy and Mines (Minem) of Peru has unveiled a package of measures aimed at boosting investments in the Peruvian power sector, in order to strengthen energy supply in exceptional situations, such as the current pandemic. The government plans to amend the Regulation for the Generation of Electricity with Renewable Energies to promote geothermal power generation and the Electric Concessions Law to require operators requesting a concession extension to present a detailed schedule for the construction and commissioning of power projects.
Read moreCompanies
Chevron will take over US oil company Noble Energy for US$5bn
21 Jul 2020Chevron and Noble Energy have reached a definitive agreement, under the terms of which Chevron will acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at US$5bn (US$10.38 per share). Including debt, the total enterprise value is US$13bn. Noble Energy holds low-capital, cash-generating offshore gas assets in Israel and will enhance Chevron’s position in the Eastern Mediterranean. It will also improve Chevron’s US unconventional position thanks to its assets in the DJ Basin and in the Permian Basin (USA).
Read moreTullow Oil’s shareholders clear sale of Ugandan oil assets to Total
20 Jul 2020The shareholders of Tullow Oil have approved the proposed sale of the company’s entire interests in Blocks 1, 1A, 2 and 3A in Uganda and of the proposed East African Crude Oil Pipeline System to Total. In April 2020, Total agreed to buy Tullow’s entire interests in the Lake Albert oil development project in Uganda, including the East African Crude Oil Pipeline (EACOP) for a total consideration of US$575m.
Read moreUS oil producer California Resources files for bankruptcy
20 Jul 2020California Resources, the largest oil and gas producer in California (United States), has filed for Chapter 11, seeking bankruptcy protection after defaulting on interest payments. The company, which was spun off from Occidental Petroleum in 2014, is massively indebted and the recent fall in global oil prices due to the coronavirus pandemic and the fall in demand prompted the company to cut production and capital spending and to announce plans to restructure its debt. California Resources has reached an agreement for US$1.1bn debtor-in-possession financing package.
Read moreTechnology
EU’s ESA clears Norway’s €2.1bn state aid to CCS project
21 Jul 2020The European Free Trade Association (EFTA) Surveillance Authority (ESA) has approved the Norwegian government’s plans to fund €2.1bn for the development of carbon capture and storage (CCS) facilities at the Norcem cement factory in Brevik and at Fortum Oslo Varme Waste-to-Energy plant.
Read moreInfrastructure & Investments
Israel approves Eastmed gas pipeline agreement to export gas to Europe
21 Jul 2020The government of Israel has approved a framework agreement on the construction of the Eastmed gas pipeline, which would deliver 10 bcm/year of gas from offshore Israel to Cyprus, Greece and Italy. The framework agreement had been signed by Greece, Cyprus and Israel but still require a final approval in Israel. IGI Poseidon, the joint venture of the Greek gas transmission company DEPA and the Italian energy group Edison (part of EDF), which would build the European gas infrastructure, has already invested €70m in the planning.
Read moreRosatom starts loading fuel at Leningrad II-2 nuclear reactor (Russia)
21 Jul 2020The Russian nuclear company Rosatom has started to load fuel into the second VVER-1200 reactor of the Leningrad II nuclear power plant in Sosnovy Bor, in western Russia, marking the kickoff of the physical start-up to the reactor.
Read more
No Comment