The United States and French energy major TotalEnergies said on Monday they would redirect nearly $1 billion from offshore wind leases to U.S. oil and natural gas production.The agreement marks a new strategy in the Trump administration's wide-ranging effort to stymie development of U.S. offshore wind projects, which President Donald Trump has said he finds ugly, costly and inefficient.
Oil prices plummeted 7% on Tuesday after soaring to a more than three-year high in the previous session as U.S. President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to oil supplies.Brent futures LCOc1 fell $6.79, or 6.9%, to $92.17 a barrel at 0840 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was down $6.55, or 6.
Kuwait Petroleum Corporation began cutting oil output on Saturday and declared force majeure, adding to earlier oil and gas reductions from Iraq and Qatar as the U.S.-Iran war blocked shipments from the Middle East for the eighth consecutive day.The war has blocked the world's most important oil artery the Strait of Hormuz which is responsible for 20% of global oil and LNG supply.
Allseas’ small modular reactor (SMR) technology could generate up to $150 million billion in economic value for the Netherlands and create as many as 40,000 new jobs by 2050, according to an impact study released on Monday by the offshore engineering group.The study, conducted by consultancy Roland Berger
Wallem Group, a leading global maritime partner, is celebrating the centenary of moving its headquarters to Hong Kong.The celebrations will be marked by a special event on November 12, 2025 in the presence of Guest of Honour Hong Kong Finance Secretary, commemorating 100 years since the relocation—22 years after Norwegian shipbroker and agent Haakon Wallem formed Wallem & Co. in 1903.
BP has won its arbitration case against Venture Global over the U.S. supplier's failure to deliver liquefied natural gas under a long-term contract that was due to start in late 2022, Venture Global said on Thursday.The International Chamber of Commerce International Court of Arbitration found that Venture Global breached its obligations to declare commercial operations had begun at the
Dutch offshore contractor Allseas has launched a five-year plan to design, develop and deploy a Small modular reactor (SMR) tailored for integration into offshore vessels and for onshore use.Building on 40 years of engineering expertise in the offshore energy industry, Allseas move into nuclear marks the next bold step aimed at delivering clean, high-performance energy systems to sea and shore.