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☆ Oil Projects Must Consider Full Climate Impact, Top U.K. Court Rules
▼ + stars: | 2024-06-21 | by ( Jenny Gross | ) www.nytimes.com time to read: +1 min

Britain’s highest court has ruled that local councils and planning groups must consider the full environmental impact of new fossil fuel projects when deciding whether to approve them, a decision that could have far-reaching consequences and that climate activists hailed as a major victory. In particular, the ruling will make it harder for Britain to move ahead with plans to develop large offshore oil fields in North Sea, including Rosebank, one of the country’s largest undeveloped oil fields. Situated off the coast of Scotland, Rosebank contains an estimated 300 million barrels of recoverable oil. Now, they will also be required to estimate and disclose the emissions produced by their suppliers or consumers, such as from oil being refined or burned as fuel. Those emissions, produced along what’s known as a company’s “value chain,” make up the bulk of greenhouse gas emissions related to oil production.

Persons: Annalisa, “ It’s Organizations: University of Stirling, Court Locations: Britain, North, Scotland, Rosebank

☆ OPEC+ decision to increase oil supply is a 'bearish surprise' for the market, Goldman says
▼ + stars: | 2024-06-04 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

The detailed plan laid out by OPEC+ over the weekend to increase oil production delivered a "bearish surprise" to a market in which prices were already under downward pressure, according to Goldman Sachs. OPEC+ plan difficult to reverse The OPEC+ members said the production increases are subject to market conditions and could be reversed. Struyven described OPEC's forecast as "very bullish," with Goldman forecasting demand growth of 1.5 million bpd in 2024. Market could deteriorate in 2025 The oil market will remain in balance or in a slight deficit for the time being, according to Ryan McKay, senior commodity strategist at TD Securities. Yet those cuts have failed to limit shale oil production in the U.S., Lipow said.

Persons: Goldman Sachs, Brent, WTI, Daan Struyven, Bob Yawger, Yawger, Helima Croft, Goldman's Struyven, Andrew Lipow, Struyven, Lipow, Ryan McKay, McKay, Daan Organizations: West Texas Intermediate, Goldman, OPEC, Mizuho Securities, CNBC, RBC Capital Markets, Lipow Oil Associates, TD Securities, JPMorgan Locations: OPEC, Saudi Arabia, Russia, U.S, Brazil, Guyana, Norway, Senegal, Persian, Arabian

The Biden administration greenlit the seventh large offshore wind project in the United States Tuesday. Danish wind energy developer Ørsted and the utility Eversource plan to build a 924-megawatt project, Sunrise Wind, 30 miles (48 kilometers) east of Montauk, New York. This month, the companies opened the nation's first commercial-scale offshore wind farm. They announced their financial commitment to the Sunrise Wind project when the Interior Department issued its decision. The Biden administration wants enough offshore wind energy to power 10 million homes by 2030.

Persons: greenlit, Ørsted, Chuck Schumer, Biden, Deb Haaland Organizations: Biden, Interior Department, U.S, Sunrise, Associated Press Locations: United, Montauk , New York, York, Montauk, Fork, AP.org

America's first commercial-scale offshore wind farm is officially open, a long-awaited moment that helps pave the way for a succession of large wind farms. The Biden administration has approved six commercial-scale offshore wind energy projects, and auctioned lease areas for offshore wind for the first time off the Pacific and Gulf of Mexico coasts. Ørsted CEO Mads Nipper called the opening a major milestone that proves large offshore wind farms can be built, both in the United States and in other countries with little or no offshore wind energy currently. The first U.S. offshore wind farm was supposed to be a project off the coast of Massachusetts known as Cape Wind. The nation's second large offshore wind farm, Vineyard Wind, is expected to open later this year off the coast of Massachusetts, too.

Persons: Ørsted, Kathy Hochul, Deb Haaland, Biden, Hochul, “, ” Hochul, Eversource, Mads Nipper, Equinor, David Hardy, Ørsted . Ørsted, It’s, it’s, Haaland Organizations: Montauk Point , New York . New York Gov, . New York, Fork, Associated Press, Ørsted ., DONG Energy, Danish Oil, Gas, Industry, Copenhagen Infrastructure Partners Locations: Montauk Point , New York ., Gulf of Mexico, . New, York, Rhode Island, Long, United States, New York, Norwegian, Denmark, Germany, U.S, Massachusetts, Avangrid, Copenhagen, AP.org

☆ Ship damaged offshore Yemen, days after a Houthi-struck vessel sank in the Red Sea
▼ + stars: | 2024-03-06 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

A merchant vessel was hit and took damage offshore of Yemen, the U.K. Maritime Trade Operations said Wednesday, days after a ship struck by Iran-backed Houthis sank in the Red Sea. The UKMTO said that the incident took place 54 nautical miles southwest of Aden, adding that the merchant vessel "suffered damage" and was being assisted by international coalition forces active regionally. Earlier, the UKMTO reported that the merchant vessel was hailed for 30 minutes by an entity declaring itself to be the "Yemeni Navy," before the ship was instructed to alter course. Vessels in the vicinity reported "a large bang, and a plume of smoke sighted," according to the UKMTO. CNBC could not independently confirm the incident or the flag and ownership of the impaired vessel.

Persons: Houthis Organizations: Maritime Trade Operations, Yemeni Navy, CNBC, U.S . Central Command Locations: Yemen, Iran, Red, Aden, Barbados, U.S, Belize

☆ Iceland scientists want to drill a hole straight into a reservoir of molten magma about a mile underground. It could generate limitless energy.
▼ + stars: | 2024-01-15 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +9 min

Scientists in Iceland want to drill straight into an underground magma chamber. AdvertisementScientists in Iceland want to drill a hole into a magma chamber about a mile underground in an attempt to generate limitless energy. KMTIngólfsson expects one well on a magma chamber could be as productive as 10 other wells elsewhere. I'm not sure how much more efficient systems would be if drilled into a magma chamber," he said. AdvertisementA short time to get a lot of moneyKMT hopes to break ground on the first hole into the magma chamber in 2026.

Persons: —, Ingólfsson, Mika Mika, Paolo Papale, Jon Gluyas, Iceland Layne Kennedy, Gluyas, Hafsteinn Karlsson, it's Organizations: Service, Scientists, Italy's National, of Geophysics, Volcanology, New, KMT, Durham University, Global Geothermal Energy Advancement Association, KMT Ingólfsson, Gluyas Locations: Iceland, Namafjall, Pisa, Northern Iceland, Landmannalaugar, Krafla, Mexico, Kenya, Ethiopia, Italy

☆ One country dominated clean energy growth this year, and it isn't the US, UK, or Germany. It's China, by a landslide.
▼ + stars: | 2023-12-27 | by ( Associated Press | ) www.businessinsider.com time to read: +11 min

In the United States, California continues to have the most solar energy, followed by Texas, Florida, North Carolina, and Arizona. China was one of the few growing markets this year for wind, the Global Wind Energy Council said. Faster permitting and other improvements in key markets such as Germany and India also helped add more wind energy. The top three markets this year are still China, the United States, and Germany for wind energy produced on land, and China, the United Kingdom, and Germany for offshore. The analysts are predicting that the global industry will rebound next year and make nearly 12% more wind energy available worldwide.

Persons: Mohammed bin Rashid Al Maktoum, Joshua A, Bickel, it's, Michael Taylor, IRENA, Karim Shahi, Rafiq Maqbool, Daniel Bresette, Bresette, Abigail Ross Hopper, Wood, Wood Mackenzie, Julia Nikhinson Construction, John Hensley, Seth Wenig, Hau Dinh, Evan Hartley, Paul Braun, John Eichberger, Daan Walter Organizations: Service, International Energy Agency, Business, IEA, United Arab Emirates, Climate, AP, International Renewable Energy Agency, Arizona . Workers, Energy Limited's, Energy, Environmental, Energy Study Institute, Solar Energy Industries Association, Global Energy Monitor, Wind Energy, Clean Power, Workers, Atlas Public, Benchmark Mineral Intelligence, Benchmark, University of Illinois, Panasonic, Toyota, Health, General Motors Co, LG Energy, Transportation Energy Institute, Rocky Mountain Institute Locations: Germany, Spain, Mohammed, Dubai, United, Bickel China, Europe, United States , California, Texas , Florida, North Carolina, Arizona, Karim, Khavda, Bhuj, India, Pakistan, Gujarat, China, Wood Mackenzie, Montauk Point , New York, Asia, United States, State, New London, Conn, United Kingdom, Hai Phong, Vietnam, Kansas, Ohio

The documents showed that the government also labeled as part of its climate change efforts items as disparate as Navy security operations and distributing fortified milk among the rural poor. Of this, Pemex spent 5.6 billion pesos on climate change and 1.3 billion pesos on the energy transition in the same period, the public accounts show. "Mexico started really strong," said Maria Jose de Villafranca, the lead researcher for Mexico at Climate Action Tracker. The government did not make officials available to discuss its climate change plans. Mexico has not released information about its strategy, which has been criticized by climate change experts as non-compliant with the Paris Agreement.

Persons: Gustavo Graf, Andres Manuel Lopez Obrador, Lopez Obrador, Lopez Obrador's, Pemex, Victor Gomez, Gomez, Maria Jose de Villafranca, There's, Jason DeVito, Stefanie Eschenbacher, Simon Jessop, Dave Graham, Claudia Parsons Organizations: REUTERS, MEXICO CITY, Reuters, United, CFE, United Nations, Navy, Federated Hermes, Thomson Locations: El Bosque, Mexico, MEXICO, DUBAI, United States, Paris, United Nations, Dubai, CFE, Mexico City

A European company has canceled plans to build blades for offshore wind turbines in coastal Virginia, the latest sign of struggle within the U.S.'s nascent industry. Dominion said its 176-turbine project will be the largest offshore wind farm under development in the U.S. The main appeal of offshore wind for supporters, including environmentalists and many state governments, is that it doesn't burn fossil fuels and therefore drive climate change. But opponents claim offshore wind is inherently unworkable without massive financial subsidies. But the costs of renewable energy — wind, solar, and other forms — have been declining, while becoming increasingly competitive, he said.

Persons: Siemens Gamesa, Joe Biden, Robert McNab, ” McNab, “ Organizations: Siemens, Dominion, U.S, Old Dominion University Locations: Virginia, Port of Virginia, Portsmouth, Spain, U.S, New Jersey, Massachusetts, Spanish, Connecticut, Virginia Beach, Europe, Norfolk , Virginia

WASHINGTON (AP) — A project to build a first-of-a-kind small modular nuclear reactor power plant was terminated Wednesday, another blow to the Biden administration's clean energy agenda following cancellations last week of two major offshore wind projects. Oregon-based NuScale Power has the only small modular nuclear reactor design certified for use in the United States. “We absolutely need advanced nuclear energy technology to meet (the Biden administration’s) ambitious clean energy goals,'' spokeswoman Charisma Troiano said. In 2020, the Trump administration approved up to $1.4 billion for the project, known as the Carbon Free Power Project. Most prospective subscribers were unwilling to take on the risks associated with developing a first-of-a-kind nuclear project, the Utah group said.

Persons: Joe Biden's, Biden, Charisma Troiano, “, Timothy Fox, Fox, Trump, Obama, John Hopkins, NuScale, Ken Cook, ” Cook, ___ McDermott Organizations: WASHINGTON, Biden, Idaho National Laboratory, Energy Department, DOE, ClearView Energy Partners, The Energy Department, Energy Department's, Energy Department's Idaho National Laboratory, Carbon, Power, Congress, Utah Associated Municipal Power Systems, Nuclear Energy Institute, Environmental, U.S . Nuclear Regulatory Commission, AP Locations: Oregon, United States, Utah, Idaho, New Jersey, U.S, Washington, Idaho Falls , Idaho, Energy Department's Idaho, California, Providence , Rhode Island

In total, the cancellations equate to nearly one-fifth of President Joe Biden’s goal of 30 gigawatts of offshore wind power by 2030. Despite the setbacks, offshore wind continues to move forward, the White House said, citing recent investments by New York state and approval by the Interior Department of the nation’s largest planned offshore wind farm in Virginia. Hardy spoke at the American Clean Power industry group’s offshore wind conference in Boston last month on a panel with Morris. Phil Murphy, has established increasingly stringent clean energy goals, moving from 100% clean energy by 2050 to 100% by 2035. “Offshore wind is a lot bigger than Ørsted.”The first U.S. commercial-scale offshore wind farms are currently under construction: Vineyard Wind off Massachusetts and South Fork Wind off Rhode Island and New York.

Persons: jeopardizing, Ørsted, Joe Biden’s, Biden, Timothy Fox, “, Molly Morris, David Hardy, Hardy, Morris, “ We’re, ”, Walt Musial, Musial, Conor Bambrick, Phil Murphy, Murphy, Catherine Klinger, Catherine Bowes, ″ Bowes, Michael Brown, ” ___ McDermott Organizations: WASHINGTON, Biden, Interior Department, Interior’s Bureau of Ocean Energy Management, Industry, ClearView Energy Partners, Ørsted, American Clean, National Renewable Energy Laboratory, Energy Department, P, Environmental, ., Democratic Gov, New, U.S, Offshore, Ocean, ___, AP Locations: New Jersey, U.S, Danish, New England, Massachusetts, Connecticut, New York, Virginia, Interior’s, Gulf of Mexico, East Coast, Washington, Norwegian, Jersey, United States, Boston, Europe, Virginia Beach, Rhode Island, . New Jersey, Rhode, North America, Providence , Rhode Island, Hill, Albany , New York, Catalini, Trenton , New Jersey

ATLANTIC CITY, N.J. (AP) — Wind energy developer Orsted is writing off $4 billion, due largely to the cancellation of two large offshore wind projects in New Jersey whose financial challenges mirror those facing the nascent industry. Some projects already have been canceled, and many offshore wind developers are seeking better terms from governments with whom they have already contracted. Despite the challenges, some wind projects are moving forward. Orsted said it is proceeding with its Revolution Wind project in Connecticut and Rhode Island. And New Jersey still has several other offshore wind projects in various stages of development, with four new proposals submitted in August alone.

Persons: ” Mads Nipper, “, ”, Louis Knight, Biden, Jeff Van Drew, “ David, Goliath, Robin Shaffer, Orsted, ___, Wayne Parry Organizations: CITY, New, Orsted, Northern, World Meteorological Organization, Sierra Club, “, U.S, Government, Office, Republican, Dominion Energy, Virginia Beach, American Clean Power Association, Oceantic Network, Shell, EDF Renewables, Atlantic Locations: N.J, New Jersey, Danish, U.S, New England, Carolinas, New York, Coast NJ, Connecticut, Rhode, Virginia, Atlantic Shores, EDF Renewables North America, www.twitter.com

Murphy said Orsted was facing the same supply chain, inflation and other challenges that competitors in the offshore wind industry face. The decision was the latest in a series of setbacks for the offshore wind industry in the northeast. A handful of other offshore wind projects have been canceled. And New Jersey still has several other offshore wind projects in various stages of development, with four new proposals submitted in August alone. The White House in statement Tuesday night noted that in just the past week several investments in offshore wind had been made.

Persons: Orsted, Biden, Mads Nipper, ” Nipper, Phil Murphy, Murphy, “, ”, Republicans —, Jeff Tittel, ” Michael Kikukawa, White, Wayne Parry Organizations: CITY, New, New Jersey Gov, Democratic, Republicans, Sierra Club, Dominion Energy, Dominion, Shell, EDF Renewables Locations: N.J, Danish, New Jersey, United States, Connecticut, Rhode Island, East, New York, Massachusetts, Spanish, Virginia, Virginia Beach, U.S, Atlantic Shores, EDF Renewables North America, www.twitter.com

☆ Check out the giant ship critical to building the world's biggest offshore wind farm
▼ + stars: | 2023-10-16 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +5 min

As wind turbines get bigger, the vessels that install them are having to change, too. VCG | Visual China Group | Getty ImagesA project to build a facility described as "the world's largest offshore wind farm" took a big step forward this month by producing its first power. The sea in the Dogger Bank Offshore Development Zone is up to 63 meters deep, meaning the Voltaire's ability to work in deeper waters is crucial. "Off the Scottish coast, for example, expensive floating windfarms are often the only way to tap into offshore wind," he said. Søren Lassen is head of offshore wind research at Wood Mackenzie, a research and consultancy group.

Persons: De Nul Group's, GE Vernova's, Voltaire —, De, —, Jan De Nul Group's Voltaire, Voltaire, Jan De Nul, Jan De Nul's Rutger Standaert, Standaert, Søren Lassen, Wood Mackenzie, Lassen, David L, Ryan, Wood Mackenzie's Lassen Organizations: Visual China, Getty, Dogger Bank Wind, GE, Dogger Bank, Dogger Bank Offshore Development, COSCO Shipping Shipyard, CNBC, Boston Globe, GE Offshore, Blades, U.S Locations: China, North, Golden, Dogger, U.S

☆ Senegal President Names New Finance, Energy Ministers in Reshuffle
▼ + stars: | 2023-10-11 | by ( Oct. | At P.M. | ) www.usnews.com time to read: 1 min

(Reuters) - Senegalese President Macky Sall on Wednesday named new finance and energy ministers as part of a government reshuffle four months ahead of elections. Sall dismissed the government and reappointed Prime Minister Amadour Ba on Friday, without explaining the reasoning behind the decision. Among other changes, former Interior Minister Antoine Diome, who was criticised by the opposition for the government's crackdown on widespread protests earlier this year, was appointed oil and energy minister. Senegal will next year begin producing oil and gas from large offshore fields which are expected to transform the West African country's economy over the coming decades. Mamadou Moustapha Ba will run the finance and budget ministry.

Persons: Macky Sall, Sall, Amadour Ba, Antoine Diome, Mamadou Moustapha Ba, Doudou Ka, Ngouda Dione, Edward McAllister, Chris Reese Organizations: Reuters, Wednesday Locations: Senegal

☆ Factbox: US offshore wind projects facing inflation headwinds
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +10 min

One megawatt (MW) can power about 1,000 U.S. homes but since wind is an intermittent resource - 1 MW of offshore wind can power about 500 U.S. homes, according to offshore wind developers. SOUTH FORKDenmark's Orsted (ORSTED.CO), the world's largest offshore wind power developer, is building the 132-MW project off Rhode Island and Massachusetts. COMMONWEALTH WINDThe 1,232-MW project off Massachusetts, which was formerly a part of the larger New England Wind project, is also facing potential delays. ATLANTIC SHORES OFFSHORE WIND SOUTHThe joint venture between Shell and French EDF is developing a large offshore wind park off New Jersey. MARWINMaryland's first offshore wind project is expected to start operations in 2025-2026.

Persons: Joe Biden, Kevin Lamarque, Joe Biden's, GW, Lazard, Vineyard, Orsted, Eversource, NYSERDA, Norway's Equinor, Avangrid, MARWIN, Nerijus Adomaitis, Nichola Groom, Scott DiSavino, Marguerita Choy Organizations: Federal, State, White, REUTERS, U.S, U.S . Department of Energy, Reuters, Washington , D.C, U.S . Energy Information Administration, Avangrid, Copenhagen Infrastructure Partners, Public Service Enterprise, Orsted, Eversource Energy, Rhode Island Energy, Dominion Energy, Virginia Beach, Dominion, NYSERDA, COMMONWEALTH, Shell, EDF, US, Italy's Renexia SpA, US Wind, Thomson Locations: Washington , U.S, U.S, New England, New York, Pennsylvania, Washington ,, Spanish, Copenhagen, Rhode Island and Massachusetts, New Jersey, Rhode, Connecticut, Orsted, VIRGINIA, Virginia, York, Long, Montauk, Massachusetts, French, ATLANTIC, Atlantic Shores, Italy's Renexia, Maryland

Excerpts from recent editorials in the United States and abroad:Aug. 31The Washington Post on sexism in the U.S. militaryNearly eight years ago, the United States opened up all military combat roles to women, clearing a pathway for female service members to join the most elite military forces. Women at multiple military bases reported that other soldiers would bang on their doors in the middle of the night. Even a program that once represented the highest ideals of the United States — its compassion, its expertise and its resources — is becoming a casualty of the country’s most destructive and divisive forces. Lack of adequate cooling during hot summers has plagued Southern states for decades, but climate change has now made it a problem in Northern states as well — Michigan, Minnesota, South Dakota, Indiana. Ukraine received the first batch of uranium munitions from the United Kingdom in March to use in its UK-made Challenger 2 tanks.

Persons: Soldiers, “, ”, George W, Bush, Anthony Fauci, Mark Dybul, PEPFAR, Henry Hyde, Dave Weldon, H.I.V, Hyde, Weldon, Biden, MAGA, Biden’s, Mr, Chris Smith of, Smith, Roe, Wade, Tommy Tuberville, Susan B, Anthony Pro, ” Nyserda, Don’t, Louisianans, it’s, commissaries, Joe Arpaio, let’s, perceptibly Organizations: Washington, Green, Ranger Regiment, Green Berets, Army Rangers, Special Operations, Army Special Operations Command, Special Forces, Army, Command, New York Times, Democrats, Republicans, Catholic Church, Republican Party, AIDS Relief, Republican, Heritage Foundation, Biden, Mr, PEPFAR, America, Family Research, United, New York State Energy Research, Development Authority, Alliance, Clean Energy, Alliance for Clean Energy, Developers, Micron Technology, Los Angeles Times, Staff, Prisons, US State Department, US Locations: United States, U.S, Afghanistan, Africa, Illinois, Florida, Chris Smith of New Jersey, Alabama, New York, Ukraine, California , Connecticut, Hawaii , Indiana , Maine , Maryland , Massachusetts, Michigan , New Jersey, New Mexico, Rhode Island, New Hampshire, Vermont, Louisiana, Angola, Texas, Southern, Michigan, Minnesota, South Dakota , Indiana, Maricopa County, Ariz, Los Angeles, California, Corcoran, Tulare Lake, China, Russia, United Kingdom, Moscow, Belarus, Washington, Europe, Asia, Brazil, Indonesia

BELEM, Brazil, Aug 8 (Reuters) - Eight Amazon nations agreed to a list of unified environmental policies and measures to bolster regional cooperation at a major rainforest summit in Brazil on Tuesday, but failed to agree on a common goal for ending deforestation. The failure of the eight Amazon countries to agree on a pact to protect their own forests points to the larger, global difficulties of forging an agreement to combat climate change. Bolivia and Venezuela are the only Amazon countries not to sign onto a 2021 agreement among more than 100 countries to work toward halting deforestation by 2030. But tensions emerged in the lead up to the summit around diverging positions on deforestation and oil development. Fellow Amazon countries also rebuffed Colombia's leftist President Gustavo Petro's ongoing campaign to end new oil development in the Amazon.

Persons: Luiz Inacio Lula da Silva, Marcio Astrini, Lula, Luis Arce, Mauro Vieira, Ricardo Stuckert, Gustavo Petro's, Petro, Alexandre Silveira, Silveira, Jake Spring, Steven Grattan, Brad Haynes, Rosalba O'Brien, Jason Neely, Peter Graff, Aurora Ellis, Richard Chang Organizations: Climate, Reuters, Bolivian, Brazil's, Amazon Cooperation Treaty Organization, REUTERS, Amazon, Brazil's Energy, United Nations, Thomson Locations: BELEM, Brazil, Brazilian, Belem, Bolivia, Colombia, Peru, Ecuador, Guyana, Suriname, Venezuela

[1/3] A general view shows the water conditions of the Piraiba river before a summit of Amazon rainforest nations, in Belem, Para state, Brazil August 6, 2023. REUTERS/Ueslei MarcelinoSAO PAULO, Aug 7 (Reuters) - Eight Amazon rainforest nations are expected to face divisions over proposals to block new oil drilling and end deforestation when they meet on Tuesday for their first summit in 14 years. But at a pre-summit meeting last month, Colombian President Gustavo Petro pushed his Brazilian counterpart Luiz Inacio Lula da Silva to block all new oil development in the Amazon. Brazil is weighing whether to develop a potentially huge offshore oil find near the mouth of the Amazon River. "Are we going to let hydrocarbons be explored in the Amazon rainforest?

Persons: Ueslei Marcelino, Gustavo Petro, Luiz Inacio Lula da Silva, Petro, Lula, Jake Spring, Oliver Griffin, Lucinda Elliott, Brad Haynes, Cynthia Osterman Organizations: REUTERS, Ueslei, Ueslei Marcelino SAO PAULO, Amazon Cooperation Treaty Organization, Brazilian, Miami Herald, Global Forest Watch, Thomson Locations: Belem , Para, Brazil, Bolivia, Colombia, Ecuador, Guyana, Peru, Suriname, Venezuela, Belem, Amazon, Lula's, Leticia, Bolivian, Bogota, Montevideo

SummaryCompanies BP hikes dividend by 10%Will repurchase $1.5 billion of sharesWeak refining, oil trading and high maintenance weighLONDON, Aug 1 (Reuters) - BP's (BP.L) second-quarter profit slumped 70% from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy giant to boost its dividend by 10%. BP's underlying replacement cost profit, its definition of net income, missed expectations of $3.5 billion in a company-provided survey of analysts. It fell from $8.5 billion a year earlier and from $5 billion in the first quarter. BP's gearing, or debt-to-capital ratio, stood at 21.7% in the second quarter, compared with 19.6% in the first quarter and 21.9% a year earlier. For the third quarter, BP expects oil prices to be supported by OPEC supply cuts alongside above-historical-average refining margins helped by lower inventories and U.S. demand.

Persons: Bernard Looney, Looney, Biraj Borkhataria, Ron Bousso, Jason Neely Organizations: Rivals Chevron, Exxon Mobil, Shell, BP, Reuters, Reuters Graphics Reuters, RBC, Thomson Locations: Ukraine, Germany

☆ U.S. and the Philippines hold largest war drills near disputed waters
▼ + stars: | 2023-04-11 | by ( ) www.cnbc.com time to read: +3 min

A Philippine Black Hawk helicopter takes off as U.S. and Philippine marines take part in a joint amphibious assault exercise off the waters of South China Sea on March 31, 2022, in Claveria, Philippines. Ezra Acayan | Getty Images News | Getty ImagesThe United States and the Philippines on Tuesday launch their largest combat exercises in decades that will involve live-fire drills, including a boat-sinking rocket assault in waters across the South China Sea and the Taiwan Strait that will likely inflame China. The annual drills by the longtime treaty allies called Balikatan — Tagalog for shoulder-to-shoulder — will run up to April 28 and involve more than 17,600 military personnel. About 12,200 U.S. military personnel, 5,400 Filipino forces and 111 Australian counterparts are taking part in the exercises, the largest in Balikatan's three-decade history. "We will hit it with all the weapons systems that we have, both ground, navy and air," Logico said.

☆ Biden's clean energy factory jobs may elude U.S. union workers
▼ + stars: | 2023-03-06 | by ( Nichola Groom | ) www.reuters.com time to read: +9 min

Right to work laws allow employees to work in union-represented workplaces and be covered by collective bargaining agreements without joining a union or paying dues. American products, he vowed, would be made with union labor. Union labor. Many of the jobs created will be union jobs, the official added. "It's not a favorable environment, but we can still organize," Samantha Smith, senior adviser for clean energy jobs at the AFL-CIO, said in an interview.

Power giant Orsted aims to build a huge offshore windfarm to help the country meet renewable goals. Last year the North Sea Transition Authority (NSTA), which regulates offshore energy activity, concluded that large crossovers between such ventures were unfeasible with current technology. This largely unreported clash risks undermining Britain's drive to meet its climate goals, according to the companies involved and a North Sea green transition expert. The BP-Orsted showdown could also presage similar disputes elsewhere in an increasingly crowded North Sea, the experts told Reuters. There is hope on the horizon for wind and CCS projects that share ground, say regulators and industry experts.

Despite layoff announcements and signs of a slowdown elsewhere in the economy, the labor market for clean energy jobs remains tight. said Abigail Ross Hopper, president of the Solar Energy Industries Association trade group. The Biden Administration has repeatedly promised that new green energy jobs would be well-paying union jobs. Some solar companies have tried to recruit veterans, saying the skills learned in military life translate well to the industry. Utility scale solar developer SOLV Energy, SunPower and Nextracker last year teamed up with nonprofit Solar Energy International to fund a women-only training program for solar installers.

CNOOC has hired JPMorgan to advise it on a potential exit from its interests in U.S. shale gas assets, which could raise around $2 billion, the sources familiar with the matter said. The sources cautioned that a sale was not guaranteed, and CNOOC could still retain these interests if it did not receive suitable offers or political situations changed swiftly. In the Eagle Ford basin of south Texas, CNOOC's stake is in oil and gas assets owned by U.S. shale driller Chesapeake Energy Corp (CHK.O). While Chesapeake has itself put those assets up for sale, any decision there is not expected to impact CNOOC's plans, one of the sources said. Norway's Equinor (EQNR.OL) is said to be considering buying the stakes in a deal valued between 20 billion and 30 billion Norwegian crowns ($2-3 billion).

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