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The Netherlands presents a new plan to reduce CO2 emissions
28 Apr 2020The Dutch government has presented a new package to further reduce the country’s CO2 emissions in the short run, in order to comply with a 2015 judgment of the court in The Hague in the Urgenda case and with a December 2019 Supreme court ruling mandating the government to cut GHG emissions by at least 25% between 1990 and 2020.
Read moreNYSERDA (US) plans a 1-2.5 GW offshore wind tender in July 2020
27 Apr 2020The New York Public Service Commission (PSC) has allowed the New York Energy Research and Development Authority (NYSERDA) to launch a new tender for at least 1 GW and up to 2.5 GW of offshore wind capacity. The tender should be issued in July 2020.
Read moreNorway plans to expand its restricted area for upstream Arctic activity
27 Apr 2020The Norwegian government has proposed to extend its forbidden area for oil exploration in the country’s Arctic waters (so-called ice edge boundary). The new limit is located where sea ice appeared 15% of the time in April from 1988 to 2017, whereas the previous boundary was based on 30% probability and the years between 1967 and 1989. The new line remains sufficiently far north and doesn’t affect existing explorations licences. The new no-go zone proposal will be presented for approval to the parliament.
Read moreCompanies
China’s CYPC closes the acquisitions of Sempra’s Peruvian businesses
28 Apr 2020Sempra Energy has completed the sale of its equity interests in its Peruvian businesses to China Yangtze Power Co. (CYPC), a subsidiary of China Three Gorges Power Corporation (CTGPC) for US$3.6bn in cash. The two parties signed an agreement in October 2019, on the sale of Sempra’s 83.6% stake in the power distribution company Luz del Sur, Tecsur (electric construction and infrastructure services) and Inland Energy (Luz del Sur’s generation business). The transaction was cleared by Peruvian authorities in April 2020.
Read moreBP and Hilcorp revise payment terms for Alaska assets sale (US)
28 Apr 2020BP and Hilcorp have amended the terms of the US$5.6bn sale of BP’s assets in Alaska (United States) – whose value remains unchanged – adjusting the structure and phasing of payments.
In August 2019, BP agreed to sell its entire oil and gas business in Alaska to Hilcorp for a total consideration of US$5.6bn. The transaction includes all of BP’s upstream and midstream activities in Alaska, including BP Exploration, its upstream oil and gas company that holds interests in the giant Prudhoe Bay field, and BP Pipelines that owns interests in the Trans Alaska Pipeline System (TAPS).
Read morePKN Orlen bought 80.5% of power group Energa for €617m (Poland)
28 Apr 2020The Polish oil and gas group PKN Orlen (27.5% owned by the Polish Treasury) has taken over the power company Energa. Between 31 January 2020 and 22 April 2020, PKN Orlen bought 80.5% of Energa, including the entire Polish Treasury stake (52%), for PLN2.8bn (€617m), offering PLN8.4 (1.9€) per share. PKN Orlen paid PLN1.8bn (€397m) for the Polish Treasury’s stake, including preferences shares. Due the coronavirus epidemic, PKN Orlen had extended the subscription period for Energa shares in its takeover bid from 9 April 2020 to 22 April 2020.
Read moreSonangol starts divesting assets before 2022 privatisation (Angola)
28 Apr 2020The Angolan state-owned oil and gas company Sonangol has opened a public tender and officially started to sell its stakes in non-strategic assets, including a 30% stake in the oil and gas contractor Petromar and a 33.3% stake in SBM Shipyard (a joint venture with SBM Offshore providing floating production solutions to the offshore energy sector). The group will streamline its portfolio before the sale of a 30% stake in its share capital in 2022.
Read moreInfrastructure & Investments
Vietnam adds two LNG-to-Power projects (2.7-3 GW) to national planning
28 Apr 2020The government of Vietnam has added the Ca Na phase I and Long Song phase I (Ba Ria-Vung) LNG-fired power projects to the National Power Development Planning (PDP). The Ca Na LNG-fired power project is developed by the Thai energy group Gulf in the Ninh Thuan province. The first 1.5 GW phase that has been included in the PDP is expected to be commissioned in 2025-2026. The entire project will have a capacity of 6 GW, for a total investment of US$7.8bn. The first phase of the Long Song project (1,200-1,500 MW) is also scheduled to enter operations in 2025-2026.
Read moreVattenfall takes FID on the 240 MW South Kyle wind park (UK)
28 Apr 2020Vattenfall has taken the final investment decision (FID) to build the 240 MW South Kyle wind project in Scotland (United Kingdom) and has reached an agreement with the infrastructure fund Greencoat UK Wind, which will acquire the project for £320m (€367m) once the project is commissioned in the first quarter of 2023. The Swedish power producer will operate the subsidy-free wind park for at least 10 years on behalf of Greencoat UK Wind and buy the electricity it produces for at least 15 years under a power purchase agreement (PPA).
Read moreADNOC and ADPower plan 3.2 GW HVDC power line in Abu Dhabi (UAE)
28 Apr 2020The Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi Power Corporation (ADPower) have issued a joint tender for the development and operation of a HVDC subsea transmission line connecting ADNOC’s offshore production facilities to ADPower’s onshore power grid in Abu Dhabi (United Arab Emirates). The proposed HVDC project would include two subsea HVDC lines and converter stations that would have a total installed capacity of 3,200 MW.
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