Latest Energy News
Companies
ExxonMobil will cut its capital expenditures by 30% in 2020 to US$23bn
8 Apr 2020ExxonMobil has reduced its 2020 investment plans by 30% from US$33bn to US$23bn. Most of the capital expenditure cut will be located in the Permian Basin in western Texas and in the south-eastern New Mexico (United States), where the company expected to produce 360,000 bbl/d in 2020. ExxonMobil now foresees to reduce its output by 15,000 bbl/d in 2020 (around 345,000 bbl/d), and by 100,000 to 150,000 bbl/d in 2021 (to 210,000 – 260,000 bbl/d).
Read moreTotal sells oil assets in Brunei, Liberia, Sierra Leone, invests in India
8 Apr 2020Total has sold non-core assets in exploration and production (E&P) in Brunei and marketing and services in Sierra Leone and Liberia for more than US$400m. In Brunei, Total has sold to Shell Total E&P Deep Offshore Borneo, which holds an 86.95% interest in Block CA1. Total was the operator of the block, together with Murphy Oil (8.05%) and Petronas (5%). The block net output to Total reached 5 kboe/d in 2019.
Read moreChina Three Gorges plans Shangai IPO to raise US$3.5bn
8 Apr 2020China Three Gorges (CTG) plans to launch an initial public offering (IPO) in Shanghai with the objective to raise CNY25bn (US$3.5bn). The company would sell up to 8.57 billion shares, i.e. up to 30% of its renewable subsidiary China Three Gorges Renewables Group, which holds a total capacity of more than 10 GW of solar, wind and small hydro plants. Thanks to the IPO, China Three Gorges would finance 7 offshore wind parks for CNY20bn (US$2.8bn) and use the remainder as working capital.
Read moreInfrastructure & Investments
Investments in new wind parks in Europe decreased by 24% in 2019
8 Apr 2020According to WindEurope, renewable projects developers invested a total of €52bn in 2019, including €19bn in the construction of new wind park (-24% compared to 2018). The remaining €33bn was spent on refinancing operations (€10.2bn), project and company acquisitions (€17.5bn) as well as public market fundraising (€5.1bn). The amount of new wind capacity in Europe financed in 2019 decreased by 27%, from 16 GW in 2018 to 11.7 GW in 2019.
Read moreAndes Green submits plans for 1 GW of solar projects in Chile
8 Apr 2020Andes Green has submitted its 1 GW Ghungnam KCS solar power project to the Environmental Assessment Service (SEA) of Chile. The project, estimated at US$4bn, would be located in Pozo Almonte, in the Tarapacá Region (northern Chile), and would consist of a 707 MW solar PV plant, a 300 MW CSP (solar thermal) plant and a molten-salt storage system. The CSP project would be developed in two 150 MW phases. Pending approval, construction would last 5 years and the project could be operated over 30 years.
Read moreShell postpones FID on Crux gas project in Australia
8 Apr 2020Shell and its partners have decided to postpone the final investment decision (FID) for the Crux gas project in northwestern Australia. The FID was initially expected in 2020, with the construction of offshore installations (platform and gas pipeline to the Prelude FLNG) starting in 2020 and operations in 2025. However, the fall in oil prices, declining markets and the global economic downturn have prompted partners to delay the project.
Read moreEuroAfrica Interconnector plans Egypt-Cyprus-Greece power interconnection
8 Apr 2020EuroAfrica Interconnector has initiated a €650m tender for the engineering, procurement, construction and installation (EPCI) of a 1 GW subsea high-voltage direct current (HVDC) line between Egypt, Cyprus and Greece (Crete and Attica). Interested parties have until 7 May 2020 to participate. The phase 1 of the project is expected to cost €2.5bn. The interconnection between Egypt and Cyprus should be commissioned in December 2022, while Cyprus-Crete link will be operational in December 2023.
Read moreIberdrola commissions 500 MW Nunez de Balboa solar PV project in Spain
8 Apr 2020Iberdrola has commissiond its 500 MW Núñez de Balboa solar PV project near Badajoz in Extremadura (western Spain), which is one of the largest solar PV projects in Europe. The €300m project, which was developed in partnership with Ecoenergías del Guadiana, was built in just one year and construction was completed at the end of December 2019.
Read morePolicy & Regulatory
Switzerland will liberalise its power market in early 2021
7 Apr 2020Switzerland will go ahead with plans to open the electricity market for all customers, with the introduction of an amendment to the Electricity Supply Law (loi sur l’approvisionnement en électricité, LApEl) by early 2021. So far, only large consumers (more than 100,000 kWh/year) can freely choose their electricity supplier. Households and small businesses will be authorised to remain in the basic supply or to return to it after moving to the free market.
Read moreSaudi Arabia shortlists bidders for 1,400 MW of solar capacity at US$1.6-1.8c/kWh
7 Apr 2020The Ministry of Energy of Saudi Arabia has shortlisted bidders for the Round Two of its National Renewable Energy Program (NREP) that is offering nearly 1.5 GW of solar PV capacity to be developed by independent power producers (IPP). For the Round Two Category A including the 50 MW Madinah PV project and the 20 MW Rafha PV projects, two consortia were shortlisted, one led by Al Blagha Holding and one led by First Solar. Bid prices ranged between SAR7.27c/kWh (US$1.94c/kWh) and SAR19.04c/kWh (US$5.08c/kWh).
Read more
No Comment