• 14 hours Oil Pares Gains After API Reports Surprise Crude Inventory Build
  • 15 hours Elon Musk Won’t Get Paid Unless Tesla Does “Extraordinarily Well”
  • 15 hours U.S. Regulators Keep Keystone Capacity Capped At 80 Percent
  • 16 hours Trump Signs Off On 30 Percent Tariff On Imported Solar Equipment
  • 18 hours Russian Funds May Invest In Aramco’s IPO To Boost Oil Ties
  • 19 hours IMF Raises Saudi Arabia Growth Outlook On Higher Oil Prices
  • 20 hours China Is World’s Number-2 In LNG Imports
  • 1 day EIA Weekly Inventory Data Due Wednesday, Despite Govt. Shutdown
  • 1 day Oklahoma Rig Explodes, Leaving Five Missing
  • 2 days Lloyd’s Sees No Room For Coal In New Investment Strategy
  • 2 days Gunmen Kidnap Nigerian Oil Workers In Oil-Rich Delta Area
  • 2 days Libya’s NOC Restarts Oil Fields
  • 2 days US Orion To Develop Gas Field In Iraq
  • 4 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 4 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 4 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 5 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 5 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 5 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 5 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 5 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 5 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 5 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 6 days Venezuelan Output Drops To 28-Year Low In 2017
  • 6 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 6 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 6 days Kinder Morgan Delays Trans Mountain Launch Again
  • 6 days Shell Inks Another Solar Deal
  • 7 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 7 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 7 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 7 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 7 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 7 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 7 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 7 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 7 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 7 days Norway Grants Record 75 New Offshore Exploration Leases
  • 7 days China’s Growing Appetite For Renewables
  • 8 days Chevron To Resume Drilling In Kurdistan
Oil Prices Book Biggest Weekly Loss Since October

Oil Prices Book Biggest Weekly Loss Since October

Oil prices retreated somewhat this…

World’s First Floating Wind Farm Close To Launch

Wind

The world’s first commercial-scale floating wind farm is about to start production after the delivery of the fifth and final turbine to the site of the farm, Buchan Deep, off the coast of Scotland.

In the following weeks, final installations will be done at the site and the farm will be ready for launch, as Statoil planned when it announced its final investment decision for the facility.

The Norwegian company, which is also very active in wind power in Europe, said at the time that the 30-MW project would need investments of US$250 million (2 billion crowns). Statoil noted that this was 60-70 percent lower than the cost of the demo version of Hywind, developed off the Norwegian coast.

In January this year, Emirati Masdar bought a 25-percent interest in Hywind, with the remainder staying in Statoil’s hands. The Emirati company is betting big on renewable energy projects, with total investments so far at US$8.5 billion.

The Hywind project is unique in that it is the first offshore wind farm that has the turbines floating, on a 78-meter-long underwater ballast structure and three mooring lines connecting the turbines to the seabed to keep them upright. The Guardian quoted Statoil’s head of low-carbon operations as noting that the floating turbine approach can work at water depths of between 100 and 700 meters but that’s not the limit and greater depths will also soon become available for floating wind farms.

Related: Oil Futures Point To Higher Oil Prices

Traditional wind turbines offshore can only be installed at depths of up to 40 meters--and that makes the North Sea particularly suitable for wind power installations because of its shallow waters. Yet floating turbines can open up much wider parts of seas and oceans to renewable energy generation.

Meanwhile, Statoil is expanding in wind power beyond its home continent. Last December, the company won an offshore wind lease in New York, bidding US$42.47 million for 79,350 acres. The area, Statoil said, can accommodate generation capacity of more than 1 GW.

By Irina Slav 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