• 9 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes The EU Loses The Principles On Which It Was Built
  • 19 minutes Batteries Could Be a Small Dotcom-Style Bubble
  • 2 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 1 hour Saudi Fund Wants to Take Tesla Private?
  • 1 hour Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 3 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 14 hours How To Explain 'Truth Isn't Truth' Comment of Rudy Giuliani?
  • 12 hours Starvation, horror in Venezuela
  • 5 hours Saudi PIF In Talks To Invest In Tesla Rival Lucid
  • 10 hours Corporations Are Buying More Renewables Than Ever
  • 16 hours China still to keep Iran oil flowing amid U.S. sanctions
  • 15 hours Are Trump's steel tariffs working? Seems they are!
  • 15 hours Is NAFTA dead? Or near breakthrough?
  • 6 hours Film on Venezuela's staggering collapse
  • 2 hours China goes against US natural gas
Saudi Investment Fund Eyes Tesla Rival

Saudi Investment Fund Eyes Tesla Rival

Saudi Arabia’s wealth fund PIF…

WTI Set For Longest Weekly Losing Streak Since 2015

WTI Set For Longest Weekly Losing Streak Since 2015

West Texas Intermediate crude was…

Statoil Reshuffles Ownership In World's Largest Offshore Wind Project

Wind

Norway’s oil major Statoil has signed a swap agreement with UK’s energy firm SSE and with German company Innogy to revise the ownership of the four offshore wind projects off the east coast of Yorkshire in the UK that comprise the world’s largest offshore wind development, Dogger Bank.  

Under the deal, Statoil gets half of the equity interest in three out of the four individual projects. The Norwegian company will hold 50 percent in Creyke Beck A and B, as well as 50 percent Teesside A, while Innogy will own 100 percent of Teesside B. The other 50 percent in the Statoil-held projects will be owned by SSE.  

Each of the four projects has an agreed target installed capacity of 1.2 GW, for a total of 4.8 GW of the Dogger Bank development, which is expected to be able to provide renewable energy to up to 5 million homes in the UK.  

According to Forewind, the Statoil-SSE-Innogy consortium that had pursued the project so far, the new ownership agreements mean that the projects will now be progressed towards Financial Investment Decisions by their respective owners.

“Dogger Bank represents a unique opportunity for the UK to develop secure, sustainable and cost-competitive energy from its world-class wind resource and the asset constitutes a very important element in Statoil’s strategy to gradually complement our oil and gas portfolio with profitable renewable energy solutions,” Irene Rummelhoff, Statoil’s executive vice president for New Energy Solutions, said in the company statement.

Related: How Much Fuel Does It Take To Get To The Moon?

Statoil has a strategic ambition to allocate 15-20 percent of its annual investments towards new energy solutions in 2030, the Norwegian group said in its Energy Perspectives 2017 report.

“Statoil supports the Paris agreement. We believe that being able to produce oil and gas with lower emissions, while also growing in profitable renewables, will give competitive advantages and provide attractive business opportunities in the transition to a low carbon economy,” CEO Eldar Sætre said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News