Cape Wind approval marks milestone for American offshore wind industry

first_imgUS Secretary Ken Salazar has announced approval of the first-ever Construction and Operation Plan  (COP) for a U.S. offshore wind energy project, granting Cape Wind Associates the official go-ahead to begin construction on the over-100-turbine project across 25 square miles of Nantucket Sound.  When complete, the project will produce enough electricity to supply hundreds of thousands of American homes.  The American Wind Energy Association (AWEA) congratulates Cape Wind and the Department of the Interior for the progress it has made in developing the American offshore wind industry. ‘Offshore wind power is the new frontier for our industry,” said Denise Bode, CEO of AWEA. ‘Thank you to Secretary Salazar for being a champion of offshore wind and for his commitment to making this industry a reality.  The Secretary understands the manufacturing and job opportunities that offshore wind brings to America and knows that it needs long-term policy support in order to do so.’  Joined by Dennis Duffy, vice president of Cape Wind Associates and Michael Bromwich, director of the Department of the Interior’s Bureau of Ocean Energy Management, Secretary Salazar signed the COP at the historic Charlestown Navy Yard in Boston.  AWEA is the national trade association of America’s wind industry, with more than 2,500 member companies, including global leaders in wind power and energy development, wind turbine manufacturing, component and service suppliers, and the world’s largest wind power trade show. AWEA is the voice of wind energy in the U.S., promoting renewable energy to power a cleaner, stronger America.  Look up information on wind energy at the AWEA Web site. Find insight on industry issues at AWEA’s blog Into the Wind. Join AWEA on Facebook. Follow AWEA on Twitter. Boston, MA (April 19, 2011) ‘last_img read more

Medco gets green light for $80m Paus Biru gas project, reports Q1 loss

first_img“We have negotiated with the potential gas buyer, and we expect first gas in 2023,” said Medco chief operating officer Ronald Gunawan at a press conference on Tuesday.Read also: Medco drills new gas well offshore in South Natuna SeaSKK Migas noted in a statement that Medco’s contract for the block would expire in 2027. The publicly-listed company took over the block from Ophir Energy after acquiring the latter in 2019.The operation of Paus Biru – meaning “blue whale” in Indonesian – will raise Indonesia’s gas output, which stood at 6,830 mmscfd in June, as the country aims to become a major gas producer in the Asia Pacific region by 2030. On Thursday, the publicly listed company reported that it had booked $20 million in losses in the first quarter, a reversal from $28.05 million of net profit recorded in the same period last year. The loss occurred as profits from the oil and gas and power segments were offset by losses at mining firm PT Amman Mineral Nusa Tenggara (AMNT) as development on phase 7 progresses, the company wrote in a statement.Its capital expenditure (capex) stood at $67 million in this year’s first three months, down from $130 million spent in the last quarter of 2019 following the early completion of the development phase 4B of Bualuang in Thailand in December and deferrals and reductions in the 2020 capital program. Of the first quarter’s capex, $51 million was for the oil and gas segment, while $16 million was for the power segment.”While commodity prices and capital markets have begun to recover, Medco has responded quickly with protocols to ensure the well-being of our staff and over $200 million of expenditure deferrals and reductions to preserve cash and support our balance sheet,” Medco CEO Robert Lorato said in the statement. “Despite reducing our capital program, I am pleased to see successful exploration discoveries in both Natuna and Ijen.”Medco reported a successful exploration drilling program in South Natuna Sea Block B PSC following commercial discoveries in both the Bronang-2 and Kaci-2 wells. The wells tested with high-quality dry gas and have opened up a new play with several future opportunities, it said, while two further exploration wells will be drilled in Block B this year.The recent geothermal exploration in Blawan Ijen, East Java, also led to the discovery of a steam reservoir at the Ijen 6-1 well.Read also: Indonesia aims to double gas production by 2030 with major projects in pipelineMedco reported oil and gas production of 101 million barrels of oil equivalent per day (mboepd) in the first quarter, up 10 percent from the corresponding period last year, but down 5 percent from the fourth quarter of 2019 due to the extended shutdown at Block A Aceh in the first three months of 2020.It expects to produce 100-105 mboepd oil and gas throughout this year and book power sales of 2,600 GWh with total capex of $240 million.”The world and our industry continue to adapt to these extraordinarily challenging times caused by the coronavirus pandemic and low oil price environment,” said president director Hilmi Panigoro. “Medco will continue to focus on safeguarding the well-being of our people and minimizing the impact on our business as we continue to deliver on our commitment to stakeholders.”Stocks of Medco, traded at Indonesia Stock Exchange (IDX) with the code MEDC, rose 1.79 percent on Thursday morning trading as the main gauge, the Jakarta Composite Index (JCI), slipped 0.1 percent.Topics : Oil and gas producer PT Medco Energi Internasional has secured government approval for the development of the gassy Paus Biru Field in the Madura Strait off the coast of East Java as it reports a loss in the first quarter.Medco’s $80 million development plan for the field, located within the Sampang Block, was approved by the Upstream Oil and Gas Special Regulatory Taskforce (SKK Migas) on July 30.The plan includes drilling a new gas well, erecting a new drilling rig and installing underwater pipes to channel 31 million standard cubic feet per day (mmscfd) of gas, which is slated for the Grati gas-fired power plant (PLTGU) of state-owned company PT Indonesia Power.last_img read more