COP28, FPSO deal, and canceled rig contract
Offshore Energy Today
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While COP28 amassed over $57 billion since November 30, 2023, in a bid to boost climate action, the oil and gas industry showed its decarbonization drive with a new charter. In the meantime, the highlights of the day include an FPSO topside modules fabrication deal for a Brazilian gas project and a rig contract, which has been called off in Nigeria.
During the first four days of COP28 UAE , governments, businesses, investors, and philanthropies have already poured commitments of over $57 billion across the climate agenda. The UAE revealed a $30 billion catalytic fund, ALTéRRA, with an emphasis on unlocking private finance across the Global South, as part of climate finance steps being taken to ensure the goals of the Paris Agreement. The World Bank also disclosed an increase of $9 billion annually to finance climate-related projects while $2.5 billion was mobilized for renewables and $1.2 billion for methane emission reduction.
Furthermore, a landmark global oil and gas industry charter with 50 signatories was born at COP28, as many National Oil Companies (NOCs) decided to take ”historic” first steps to decarbonization. Among the signatories of the charter, representing more than 40% of global oil production, over 60% are NOCs and the rest are IOCs. This is said to be the largest-ever number of NOCs to commit to a decarbonization initiative.
Among other things, the signatories - encompassing five oil majors - agreed to invest in the energy system of the future including renewables, low-carbon fuels, and negative emissions technologies along with increasing transparency, covering enhancing measurement, monitoring, reporting, and independent verification of greenhouse gas emissions and their performance and progress in reducing emissions.
Among today's top new contracts is Seatrium 's deal with MODEC for parts of the topside modules fabrication of an FPSO vessel, which is destined for an Equinor -operated pre-salt gas and condensate project offshore Brazil.
On the other hand, Dolphin Drilling has terminated its contract for a semi-submersible rig with Peak Petroleum Industries Nigeria Limited (Peak Petroleum). This deal was for drilling activities off Nigeria.
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Melisa ?av?i?
Senior Editor at Offshore Energy Today
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