Tidal energy has the potential to provide 11.5 GW to the UK energy system, 11% of the UK’s electricity demand, and tidal stream projects could contribute up to £17 billion to the UK economy by 2050, according to Offshore Renewable Energy (ORE) Catapult and Imperial College London (ICL). In 2022, ORE
Norwegian company Ocean Sun and its partners have launched an offshore floating solar demonstrator in La Palma, Spain. The BOOST (Bringing Offshore Ocean Sun to the global market) floating solar demonstrator uses Ocean Sun’s patented floating solar photovoltaics (FPV) technology and marks the final
The Viking Link electricity interconnector between the UK and Denmark has commenced operations, now transporting power between the two countries. Deemed the world’s longest land and subsea interconnector, the £1.7 billion Viking Link started commercial operations on December 29, 2023. The link has
UK-headquartered Europa Oil & Gas has entered into a license offshore Equatorial Guinea with the acquisition of an equity interest in Antler Global. Europa Oil & Gas has acquired a 42.9% equity interest in Antler Global which holds an 80% working interest in the recently acquired and highly prospect
PGNiG Upstream Norway (PUN), part of the ORLEN Group, has signed an agreement with Wintershall Dea Norge for the swap of interests in upstream assets in Norway, a transaction that will increase PUN’s recoverable reserves of natural gas by more than 0.4 billion cubic meters. As part of the agreement,
Korea National Oil Corporation (KNOC) is taking part in a national initiative to explore and identify potential CO2 storage sites within waters around the Korean peninsula. KNOC announced on December 26 that it was embarking on a full-scale exploration to secure underground storage of carbon dioxide
South Korean Taihan Cable & Solution has acquired what is said to be Korea’s only cable-laying vessel (CLV) for the offshore wind market. Taihan, which announced the purchase on December 20, bought the vessel for approximately $38.4 million. The CLV, equipped with self-propulsion and a DP2 system, c
UK-based oil and gas company Baron Oil has signed a memorandum of understanding (MoU) with Timor Gap for the farm-up of the Chuditch production sharing contract (PSC) offshore Timor-Leste. Baron Oil announced a proposed assignment of a 15% working interest in the TL-SO-19-16 PSC offshore Timor-Leste
Equinor has signed an agreement with State Oil Company of Azerbaijan Republic (SOCAR) to divest all its remaining assets in Azerbaijan where it has been present since 1992. The assets comprise a 7.27% non-operated interest in the Azeri Chirag Gunashli (ACG) oil fields in the Azerbaijan sector of the
Dutch-Norwegian company SolarDuck has secured €15 million in funding for the further development and deployment of offshore floating solar power technology. According to SolarDuck, this funding sets the company on a path of continued growth, to deliver its first commercial projects and increase its
Fugro is planning to repurpose two platform supply vessels (PSVs) into geotechnical vessels. This news comes as the Dutch company is currently in the process of repurposing two other PSVs into geotechnical vessels. Fugro announced it had reached an agreement to acquire the Wartsila-designed Sea Gold
The WECHULL+ project has received a €2.5 million grant to develop new floating structures of high-performance concrete expected to reduce cost and CO2 footprint and improve circularity and reliability in the offshore renewable energy sector. The WECHULL+ project received the grant from the EU Clean
Norwegian seismic company PGS has reflagged the entire fleet of owned vessels to Norway, a move said to have the global geopolitical situation as a driving factor. The reflagging of the Ramform Tethys on December 5 marked the completion of the initiative to bring the entire PGS fleet of owned vessel
Abu Dhabi National Energy Company PJSC (TAQA) has signed a memorandum of understanding (MoU) to explore the possibility of becoming one of the shareholders in a project to develop a 900-kilometer HVDC electricity interconnection between Greece and Cyprus. Under the terms of the MoU, TAQA will explor
