Energy Update
DeepOcean, a subsidiary of DeepOcean Group Holding (DeepOcean), has won a contract for performing marine operation scope on the Snorre Expansion Project in the North Sea.
Southern California Gas is partnering with a development team to advance a new process that converts natural gas to hydrogen, carbon fiber, and carbon nanotubes.
When Shakespeare’s Duke in As You Like It is deposed and forced into exile by his wicked brother, losing everything and living rough in the woods, he fears all is lost. But he soon sees unexpected blessings. So too do we in the year now ending.
2017 was a whirlwind of energy market records, policies, and reports. And here’s my list of the big seven areas of note.
New York Gov. Andrew Cuomo yesterday said that the state is launching an initiative to deploy 1,500 MW of energy storage by 2025. To support that goal, Cuomo also proposed that the NY Green Bank commit at least $200 million for storage-related investments.
As part of New York’s 2018 State of the State proposal, Gov. Andrew Cuomo yesterday said that New York will procure at least 800 MW of offshore wind power between two solicitations to be issued in 2018 and 2019.
Many regions of the U.S. have overbuilt and retained too many power plants, which can be detrimental to their owners, consumers, clean alternatives like wind and solar power, and flexible resources like energy storage and demand response (compensating customers for being flexible with their energy use).
(Wed, 03 Jan 2018) Crude oil prices ended 2017 at the highest levels since 2013. West Texas Intermediate (WTI) crude oil prices averaged $51/b in 2017, up $7/b from the 2016 average, and ended the year at $60/b, $6/b higher than at the end of 2016. Brent prices have moved up $10/b since the end of 2016 and ended the year at $65/b, widening the Brent-WTI spread to $5/b at the end of the year, the largest difference since 2013.
Tallgrass Energy Partners has announced two strategic acquisitions by its Tallgrass Terminals business and several significant commercial developments that continue to expand the variety of services offered by Pony Express in key crude oil producing basins it serves.
Petrochemical major Royal Dutch Shell has dropped its previously announced agreement to sell its Danish refining business Dansk Shell to Dansk Olieselskab.
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