The French oil and gas company’s partners in Block 20/11 are Petronas Angola E&P and Sonangol Pesquisa & Produção with stakes of 40% and 20%, respectively. The remaining 40% interest is owned by TotalEnergies’ subsidiary TotalEnergies E&P Angola Block 20, which is the operator of the concession.

Located 100km off the coast, and in a water depth of 1,700m, the Kaminho project is said to be the first large deepwater development in the Kwanza basin.

The deepwater project involves the conversion of a very large crude carrier (VLCC) to a floating production storage and offloading (FPSO) unit, which will be linked to a subsea production network.

Angola Minister of Mineral Resources, Oil & Gas Diamantino de Azevedo said: “This partnership is for us of extreme importance, as it creates a joint operating entity between Sonangol and TotalEnergies in production phase.

“It is also relevant that the contracts signed today include national companies and contribute to local content with more than 10 million hours of work to be performed by local companies”.

According to TotalEnergies, the all-electric FPSO will reduce greenhouse gas emissions and eliminate routine flaring. Associated gas will be reinjected fully into the reservoirs, said the company.

The production at the Kaminho deepwater project is slated to commence in 2028, with an expected peak production of 70,000 barrels of oil per day (bopd).

The offshore oil project would involve more than 10 million man-hours in Angola. This will be primarily for offshore operations and construction at local yards.

TotalEnergies chairman and CEO Patrick Pouyanné said: “Building on our pioneering spirit and our long-term partnership with Angola, we are pleased to launch the Kaminho project along with our strategic partners, Sonangol and Petronas, and the strong support and confidence of the Angolan authorities.

“This project, which leverages innovation to fit with our investment criteria – breakeven under 30 $/b and carbon intensity of 16 kg CO₂e/boe – will become our seventh FPSO in the country and the first-ever development in the Kwanza basin.”

Separately, TotalEnergies has awarded three new contracts worth $3.7bn to Saipem pertaining to the Kaminho project.

Under the first contract, Saipem will deliver the engineering, procurement, construction, transportation, and commissioning of the Kaminho FPSO vessel.

The second contract covers the operation and maintenance (O&M) of the same FPSO vessel for a firm period of 12 years. It can also be extended by an additional eight years.

Saipem’s scope for the third contract encompasses the engineering, procurement, supply, construction, installation, pre-commissioning, and assistance for the commissioning and start-up of a subsea, umbilicals, risers, and flowlines (SURF) package.

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Being developed at Haibin harbor in Lianyungang city, the pilot project entails an investment of CNY9.88bn ($1.38bn). It is said to become the largest offshore solar farm in China.

The solar farm will comprise an energy-storage facility with a capacity of 400MW. Its solar panels will cover an area of 18.8km^2.

The Chinese offshore solar project is being constructed in the warm seawater area designated for China National Nuclear Power’s nuclear power station in Tianwan.

An area of the water is used for the nuclear power plant’s warm water discharge, while the neighbouring space is designated for the offshore PV construction. The project is divided into two parts, namely offshore and onshore, reported Global Times.

The offshore section includes solar power generation, with the produced electricity sent to the onshore step-up substation through an overhead corridor bridge. It will then be integrated into the state grid following voltage adjustment.

According to the publication, the onshore energy storage project is in its last phase of construction and is likely to be completed and operational by the end of June 2024.

The offshore solar project will be linked to the state grid in September 2024 and its full capacity is slated to be connected next year.

The project is expected to produce 2.23 billion kilowatt-hours of power during its lifespan of 25 years. This clean energy produced will address the annual production and life requirements of 230,000 people.

Furthermore, the solar project is estimated to offset carbon dioxide emissions by 1.77 million tons per year as well as save approximately 680,000 tons of standard coal.

CNNP, has been quoted by South China Morning Post, as saying: “Upon completion, it will cross couple with the nuclear power station, forming a 10GW large-scale clean-energy production base.”

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The move comes after the implementation of dedicated site policing and the conditional confirmations from all members of the Ethiopian gold project’s finance syndicate.

KEFI Gold and Copper has scheduled early works for the Tulu Kapi project until September this year.

These include completing preparations for community resettlement, detailed engineering for procurement, conducting community consultations on social development plans, and undertaking recruitment and other organisational development activities.

This will be followed by major works, including procurement and fabrication of plant, site earthworks, grade-control drilling, mining, and definitive feasibility study (DFS) on underground mine, from October 2024.

The company also aims to satisfy all conditions required for closing the project financing.

KEFI Gold and Copper executive chairman Harry Anagnostaras-Adams said: “Our launch timing is fortuitously coinciding with the improved conditions in Ethiopia and all-time high gold prices.

“Tulu Kapi’s high grade and high process recovery, combined with our project design, has resulted in a robust set of economics for long-term operations which should support further exploration and development along with good opportunities to continue supporting local social development projects such as the already provided local school and water supply.”

The company holds a 95% stake in the Tulu Kapi gold project. The remaining 5% free-carry interest is held by Ethiopian government.

Last year in April, KEFI Gold and Copper signed the final umbrella agreement for project financing of the Tulu Kapi project. It outlined the roles of all syndicates, finance conditions, and conditions precedent to final formal approval being granted.

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The British oil and gas exploration and production company plans the drilling of the offshore development in the first half of 2025. Following the drilling, the Belinda field will be tied back to the Triton floating production storage and offloading (FPSO).

Located in Block 21/30f around 6km southeast of the Triton FPSO, the offshore field was discovered in 1990 and appraised in 2016. It is being developed as a single well tieback to the Triton FPSO.

According to Serica Energy, the Belinda field holds estimated proven and probable reserves of nearly 5 million barrels of oil equivalent (mboe) which represents 80% oil.

Production from the field is slated to begin in Q1 2026 upon the completion of the tie-back work to the Triton FPSO.

The Belinda field is the fifth well in Serica Energy’s Triton area drilling campaign which started last month using the COSLInnovator drilling rig. The area consists of eight producing oil fields.

They are namely Evelyn, Clapham, Pict, Bittern, Guillemot West, Guillemot Northwest, Gannet E and Saxon. All of the producing wells are designed to improve production through the Triton FPSO.

Serica Energy chairman and Interim CEO David Latin said: “We are delighted to have received approval to develop Belinda. This will build on our strong track record of delivering growth and adding value through investment in our assets.

“We have further potential projects in our portfolio which we continue to assess, including the possible re-development of the Kyle field, which could, like Belinda, be another low emissions tie-back candidate to the Triton FPSO.

“We look to the UK government to implement tax and licensing arrangements that support investments like Belinda, thereby creating UK jobs, earnings and tax receipts instead of increasing reliance on energy imports.”

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Under the terms of the agreement, the Spanish electric utility will pay Avangrid’s shareholders $35.75 per share to buy out the remaining shares of Avangrid, which is a renewable energy developer based in Connecticut.

The consideration represents a premium of 11.4% over the closing price of Avangrid common stock on 6 March 2024 and a 15.2% premium over the volume-weighted average price of Avangrid common stock over the 30 trading days.

Currently, Iberdrola holds around 81.6% of Avangrid’s capital.

Through the acquisition, Iberdrola aims to expand its presence in the networks sector within the US. Iberdrola is prioritising growth in markets having robust credit ratings and in regulated sectors such as networks.

Upon the completion of the transaction, a formal request will be submitted to delist Avangrid shares from the New York Stock Exchange (NYSE).

Presently, Avangrid has $44bn in assets and operates in 24 US states. The company focuses on two primary business areas, which are networks and renewables.

In the networks sector, Avangrid supervises eight electric and natural gas companies, serving more than 3.3 million customers in New York and New England.

Simultaneously, in the renewables sector, the company oversees a diverse portfolio of renewable energy generation facilities across the US.

Avangrid CEO and president Pedro Azagra said: “We are excited about Iberdrola’s continued investment in Avangrid and commitment to the United States.

“As a wholly-owned member of the Iberdrola Group, we will continue to serve our customers and build our renewable energy assets work to achieve our vision to lead the clean energy transition with a strong commitment to sustainability, community, governance, and our employees.”

Subject to customary conditions, including shareholders and the Federal Energy Regulatory Commission (FERC), the Maine Public Utilities Commission and the New York Public Service Commission approvals, the deal is expected to be complete in Q4 2024.

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Located nearly 85km northwest of Borkum and approximately 110km west of Helgoland, the offshore wind project represents an investment of close to €2.4bn.

Once operational, the He Dreiht project will generate sufficient clean energy to deliver electricity to 1.1 million households. The annual yield of the offshore wind farm, which will feature 64 Vestas V236-15 wind turbines, is expected to be 3.6 billion kWh.

The German offshore wind farm is owned 50.1% by EnBW, while a partner consortium consisting of Allianz Capital Partners, AIP and Norges Bank Investment Management holds the remaining 49.9%.

EnBW secured the contract for the He Dreiht offshore wind project back in 2017 during the first offshore auction held in Germany.

The company plans to install the first foundations in the seabed in the coming few days by utilising the Thialf floating crane.

Besides, the foundation installation works will continue into the summer. The wind turbines and cables are being manufactured simultaneously and are scheduled to be installed and laid in early 2025.

The He Dreiht offshore wind farm is slated to achieve full operations at the end of 2025. Dutch-German grid operator TenneT is anticipated to link the wind farm to the grid by leveraging an offshore converter station and two high-voltage DC export cables.

EnBW CEO Georg Stamatelopoulos said: “EnBW will play its part in further accelerating the energy transition in Germany, which is why it wants to invest a total of 40 billion euros in the energy transition by 2030 – the lion’s share of it in Germany.

“We are investing around 13 billion euros alone in constructing wind farms and solar parks as well as flexibly controllable and hydrogen-ready gas power plants. Our aim is to be a climate-neutral company by 2035.”

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Built 13km to 24km off the northern coast of France, in the Normandy region, the French offshore wind project represents a total investment of approximately €2bn.

It features 71 offshore Siemens Gamesa turbines, each with a generation capacity of 7MW.

The Fécamp offshore wind farm is expected to generate clean energy enough to supply electricity to approximately 770,000 people. This is equal to 60% of the annual power consumption of the Seine-Maritime department.

Besides, the French offshore wind facility will contribute towards the country’s energy transition goals. France aims to attain a 33% share of renewable energy in its energy mix by the end of this decade.

EDF Group chairman and CEO Luc Rémont said: “This new low-carbon electricity production facility would not have been possible without close, ongoing dialogue with elected representatives and local authorities, environmental associations, fishermen, economic players and local residents.

“The development of the Saint-Nazaire and Fécamp offshore wind farms has led to the emergence of a new industrial sector in France, essential for the development of future wind farms, in particular our Calvados, Dunkirk and Manche Normandie projects.”

The Fécamp project has generated around 3,000 jobs in the Normandy region for its construction. It has also created 100 local jobs for its operations.

The first energy production from the French offshore wind farm was achieved in July 2023 and wind turbine installation was completed in March this year.

Enbridge power president and corporate strategy executive vice president Matthew Akman said: “The successful completion of the Fécamp Offshore Wind Farm marks a significant milestone for Enbridge and our project partners.

“Following the successful completion of Saint-Nazaire in 2022, Enbridge continues to advance the development and construction of several offshore wind projects in France, including the Provence Grand Large floating offshore wind project, and the Calvados, Dunkirk and Normandy offshore wind projects.”

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Located about 131km from the coastline of Yorkshire, England, the Dogger Bank B is the second phase of the Dogger Bank offshore wind project. Other phases of the project are Dogger Bank A and Dogger Bank C.

The Dogger Bank offshore wind project is being executed as a joint venture (JV) between Equinor (40%), SSE Renewables (40%), and Vårgrønn (20%), which in turn is owned by Eni Plenitude and Hitec Vision.

Overall, 277 monopiles and transition pieces will be deployed across all three phases of the wind farm and the work is slated to be completed in 2026.

Seaway Strashnov and Seaway Alfa Lift, the company’s vessels, have initiated the installation of monopile foundations and transition pieces for the second phase of the Dogger Bank offshore wind project.

The monopile foundations and transition pieces offer a robust and steady platform for the scale of GE Vernova’s 13MW Haliade-X turbines.

Seaway7 project director Wouter van Dalen said: “After introducing our brand-new heavy lift vessel Seaway Alfa Lift to the project in October, the vessel operated through the high weather season installing transition pieces on Dogger Bank A, and now continues this work in phase B.

“The foundation installation scope is making excellent progress, enabled by our strong collaboration with our client Dogger Bank Wind Farm and our subcontractors.”

Manufactured by Sif and Smulders, the monopile and transition piece structures are currently being installed 128.7km off the Yorkshire coast.

The foundation installation campaign at Dogger Bank B comes after the successful installation of the offshore high voltage direct current (HVDC) platform in April 2024.

Recently, the team working on the Dogger Bank offshore wind project completed the installation of all 95 transition pieces on Dogger Bank A. This marked the conclusion of the installation of the foundations for the first phase of the project.

Dogger Bank wind farm project director Olly Cass said: “These installation milestones are the result of years of commitment and diligence from the project team and its delivery partners.

“As the world’s largest wind farm of its kind and due to the deployment of new turbine technology, every aspect of the wind farm has required us to come up with new innovative design and engineering solutions that will shape the future construction of offshore wind globally.”

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The capex encompasses mining, process plant, and infrastructure costs along with indirect costs and a contingency of $89.3m.

The Canadian development-stage mining company said that the study involves an initial mineral reserve estimate to support a long-life, large-scale, 50,000 tonnes per day (tpd) open-pit mining operation.

According to the FS, the Troilus project will utilise a conventional open-pit mining operation. The copper-gold project will have a mine life of 22 years with the potential for future underground development.

The Troilus project will also showcase a life-of-mine average payable gold production of 244,600 ounces per year, alongside yearly outputs of 17.3 million pounds of copper and 446,700 ounces of silver.

Besides, the mine is designed to provide 18.3 million tonnes of mill feed per year.

The process plant is anticipated to undergo three months of commissioning in pre-production, followed by a nine-month production ramp-up phase within the initial year of operation.

Located 120km north of Chibougamau, the Troilus gold-copper project includes four main zones of mineralisation.

Troilus Gold CEO Justin Reid said: “The Study provides a strong foundation to continue building and growing the Company.

“Our geology team has proven their ability to identify new targets and rapidly add significant ounces, and we believe there is strong potential to further expand the scale of this project and extend the mine life beyond the 22 years presented in this Study with further exploration and drilling.”

The FS estimates an after-tax net present value (NPV) of $884m for the Canadian gold-copper project.

It also projects a post-tax internal rate of return (IRR) of 14% with an after-tax payback period of 5.7 years.

The Troilus gold-copper project is estimated to generate a free cash flow of $2.2bn on an after-tax basis. It is based on a throughput of 50,000tpd over 22 years.

Troilus Gold aims to complete and submit the environmental and social impact assessment (ESIA) by the end of this year. It will also advance the federal and provincial permitting processes and obtain all final permits to start the construction.

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The agreement between Odfjell Well Services Norway AS and COSL Drilling Europe AS underscores the confidence placed in Odfjell Technology’s expertise and capability within the industry. Under the terms of the contract, Odfjell Technology will provide comprehensive Tubular Running Services, ensuring the smooth and efficient operation of COSL Drilling Europe AS’s offshore drilling activities.

“We are pleased to announce this significant contract with COSL Drilling Europe AS,” said Elisabeth Haram, EVP of Well Services. “This contract further strengthens our long-standing relationship with COSL and demonstrates their trust in Odfjell Technology’s ability to deliver high-quality services. We look forward to leveraging our expertise and capabilities to support COSL Drilling Europe AS’s operations over the coming years.”

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