Daily Archives: July 5, 2020

An oil rig sits off in the distance in Bay Bulls. Based on our offshore history, incentives for oil exploration come with a price, writes guest columnist Patrick Laracy. (Submitted by Tyson Hodder)

This column is an opinionby Patrick Laracy, ageologist and lawyer in the petroleum and mineral industries.For more information aboutCBC's Opinion section, please see theFAQ.

There appears to be a growing chorus in favour of offshore oil exploration incentives in the belief it will offset some of the stress currently facing the local industry.

Given the turmoil in the oil markets and the resulting fallout, I suspect that the only effective solution to low oil prices will be higher prices. Based on our offshore history, incentives for oil exploration come with a price.

Having worked for the provincial government in the early Nineties and represented the province on various offshore joint committees with Ottawa and Nova Scotia, my experience is that Ottawa has never been fond of our power under the Atlantic Accord. Both of these realities are linked.

It is worth reminding ourselves that the Petroleum Incentives Program (PIP) of the early Eighties was a child of the National Energy Program (NEP) and the promotion of federal interests in the offshore through Petro-Canada. I worked at Petro-Canada in Calgary at the time.

The NEP, among other things, expropriated 25 per cent of all the petroleum interests offshore without adequate compensation to the interest holders. PIP grants were really an attempt to placate industry for that federal overreach, while also asserting greater federal influence in the offshore. A clever piece of manoeuvering.

This happened when Canada's self sufficiency and security of oil supply was a legitimate concern.

In fact, the Atlantic Accord contains a "security of supply" provision. When security of supply is not in jeopardy in the country, as is the current situation, the province has paramount jurisdiction on key decision-making in the offshore.

That has been the case since the Nineties, and as such the province has ultimate authority over the approval of offshore projects. This authority is coupled with the province's power in the Atlantic Accord to set the fiscal framework for any development.

In other words, the province can set terms for a particular project which can make that project economically viable or not an unprecedented power federally delegated to the province.

But, this power structure assumes that whether or not a project proceeds is primarily an economic one and not an environmental one.

With the recent changes to the federal offshore environmental review process (formerly Bill 69), the provincial power is susceptible to being undermined if projects are hijacked by environmental roadblocks, thus nullifying economics as the determinative factor in their development.

To use a familiar metaphor, Bill 69 has shifted the (environmental review) fence posts. This creates further uncertainty in the regulatory process which is not in the provincial interest nor in industry's interest.

The Atlantic Accord Review Agreement of April 2019 was being negotiated at the same time that Bill 69 was being ushered through the legislative process. The Review Agreement provides the province with a stream of cash payments funded primarily by the proceeds from the federal government's 8.5 per cent equity ownership interest in Hibernia.

Further, in that agreement the province "agreed to restrict petroleum activities in the proposed Laurentian Channel Marine Protected Area" (Sydney Basin and St. Pierre Bank region). In other words, we reduced the size of our open offshore area for exploration by 11,580 square kilometres.

In an attempt at balance, the agreement couples this concession with the acknowledgement that exploration could proceed in the Northeast Slope Marine Refuge (Orphan Basin) area.

But exploration could proceed there anyway under the Atlantic Accord, so we gained nothing in that regard which we didn't already have. It would seem, on the face of it, that incentives come with a price.

That is not to say that the price for future trade-offs may not be worth the benefits gained.

That will depend on the province's ability to fully understand the context of the negotiation and the implications thereof, all muddled in the politics of the day. As such, any demands for incentives for exploration should be made with some thoughtful consideration as to what we are prepared to give up in return.

Given the vulnerable state of our economy, we should be particularly careful.

The offshore is critical to our economic recovery. Desperation is never a good bargaining strategy and we know that the realities of the oil industry change rapidly.

Higher oil prices will be the cure for our current offshore anxieties. In the interim, we should reduce regulatory red tape and facilitate favorable tax and royalty structures to maintain competitiveness with other jurisdictions.

Besides, should we not be focused on the immediate production (i.e., Terra Nova) and development (i.e., West White Rose) challenges we face?

Read more from CBC Newfoundland and Labrador

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Would offshore oil incentives help us right now? Be careful what you wish for - CBC.ca

7/3/2020

ST. JOHNS, NEWFOUNDLAND - A month after Natural Resources Canada Minister Seamus ORegan said an announcement was coming very soon, the offshore oil and gas industry is still waiting for assistance to help it recover from COVID-19 and remain globally competitive. Concerns run deep in the industry for the future of exploration and construction projects in 2020 and beyond and immediate action is required to provide investor confidence in the November Call for Bids for exploration licenses.

Minister ORegan was quoted in The Telegram on June 4, 2020 during the announcement of the regional assessment, as saying that help was coming very soon for the offshore oil and gas industry. That was a month ago and our industry still faces a crisis that requires assistance from the Government of Canada to help it recover from COVID-19. It is time for very soon to become now, said Charlene Johnson, Noia CEO.

For months, Noia, the Canadian Association of Petroleum Producers (CAPP), the Government of Newfoundland and Labrador, and many others have been asking the Government of Canada to provide assistance to the offshore oil and gas industry. There have been numerous meetings, discussions, and exchanges of information. While Noia believes the industry clearly has the support of Minister ORegan and the Newfoundland and Labrador Liberal Members of Parliament, the federal government has not provided consequential assistance to the industry.

Minister ORegan has advocated for and spoken favorably of our industry, its role in the global energy market, and how oil produced offshore Newfoundland and Labrador can help provide a lower carbon product to that market. We ask Minister ORegans cabinet colleagues to support him and our offshore and help the thousands of people who have been impacted by this crisis. We need immediate action to get people back to work, to remain globally competitive, and to retain the investment we have previously attracted to our industry. We need a show of faith in our future and we need it immediately, said Karen Winsor, Noia Board Chair & COO of Atlantic XL

In numerous interviews and forums held in recent weeks, Minister ORegan has championed the Newfoundland and Labrador offshore oil and gas industry, the people who work in it, and the product it produces. The commitment of the Government of Newfoundland and Labrador to achieve net zero by 2050 and the willingness of the offshore oil and gas industry to help achieve that goal have also been lauded by the minister. Noia believes the Government of Canada needs to foster these attributes and support our offshore now.

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Canadian trade group says the offshore industry is still waiting for promised assistance - WorldOil

By now, you have probably seen quite a bit about offshore wind energy development planned for multiple regions of the United States. Fishermen and related businesses understandably run the gamut from bewildered (That would never happen where I fish), to overwhelmed (Theres too much else going on to pay attention), to laser-focused (Leases are on my fishing grounds). Here are seven key reasons you should get involved now.

1. Wind is big

Just a few years ago, pilot or demonstration projects were the name of the game in U.S. offshore wind energy, but times have changed. Qualified companies are large and almost exclusively foreign-owned. Many or most are linked to governments and national oil and gas companies. They work closely with highly active trade associations, embassies, and investment firms.

The projects themselves are no less extraordinary. Current generation offshore wind turbines are three times the height of the Statute of Liberty, and the blades are among the largest composite human-made structures in existence. In the North Sea, Denmark even plans to build two artificial islands to house the large amount of offshore wind infrastructure there and export the power.

2. Conflicts are complex

There are so many aspects of interactions between offshore wind and fisheries that will be better understood the more the fishing industry brings its knowledge to the table. Offshore wind projects are not simply a series of sticks in the water.

In deeper waters of the Pacific, Hawaii and Gulf of Maine, floating platforms will be connected through a series of suspended cables. Inter-array cables run between turbines, and scour protection and mattressing extend far beyond the bases. The southern New England lease area alone is 1,400 square miles in area and transit distances around installations could be significant if adequate safety corridors are not required.

When viewed in conjunction with strict fisheries management measures, everything from interactions with protected resources to changes in port traffic and access will affect fisheries in ways that those outside the industry arent well-suited to understand without your involvement.

3. Early projects will set precedent

Just because the current projects are not located in your area doesnt mean they wont affect you. A relatively small group of developers own the leases, and the federal permitting process is being tested and tweaked in real time.

Even states are following closely in the footsteps of others, as was recently seen when Massachusetts largely followed a Rhode Island-developed process for compensatory mitigation for the Vineyard Wind project. The developer stated its intent for that process to set precedent for every project in every state. Whats more, practices for fisheries mitigation and conflict reduction are often being imported wholesale from Europe, and were seeing that trend in everything from the regulatory process to Coast Guard recommendations to the army of wind consultants developing stakeholder outreach plans.

While that can be positive where early lessons have been learned, it can also interfere with a full ability to address location-specific issues. The key point: for better or worse, were not starting from ground zero.

4. The process is nothing like fisheries management

Those familiar with the regional fishery management councils are used to transparent, inclusive decision making: whether you love or hate the outcome, you know where to go to be heard. Regardless of BOEMs ultimate jurisdiction, in practice offshore wind planning is highly decentralized among federal agencies, and most design decisions are driven through state processes that also include multiple agencies and private sector groups.

A lot happens behind closed doors before any public announcements, particularly when it comes to the studies that determine siting locations. Public comment periods are very specific to given project decisions and phases, but there has been no early, comprehensive review of fisheries impacts.

5. Projects arent necessarily isolated

Project siting isnt limited to areas with large coastal electricity markets and adequate shoreside transmission capacity. It also is, or will be, used to power remote industrial uses too even oil and gas platforms! Entire conferences in Europe have been convened for years around topics like co-location of other activities in offshore wind arrays and the role of oil and gas in offshore renewables.

There is also evidence that a surge in renewables could require expansions in seabed mining for battery and technology components and offshore gravel extraction for materials. Regional planning approaches have linked these uses and the broader offshore wind community with MPA designations and large-scale ocean exploration and research efforts. The fishing industry is historically not great at tracking and engaging in these efforts.

6. Limited research exists on effects to fish

Although offshore wind has been in Europe for over a decade, there are very few peer-reviewed studies on its impacts to fisheries and fish stocks (a 2019 NMFS meta-analysis showed only 11 in total). Much of the known research is generated by wind companies and consultants, and the data they collect is often considered proprietary.

Weve worked with federal, state partners, recreational fishermen, and offshore wind developers to form the Responsible Offshore Science Alliance so that we can bring better coordination and transparency to scientific efforts. A newly formed transcontinental working group through the International Council for the Exploration of the Sea (ICES) will also share important knowledge, but both of these efforts are in their infancy.

7. Get ready to share space

It takes a lot of vessels to create a wind energy project. From geological and geophysical surveys to environmental monitoring, pile driving, cable laying, crew transfers, and maintenance, the ocean is going to get busy. Most of these activities are not currently conducted on U.S.-flag vessels, nor appear to be expected to any time in the near future. And there are persistent efforts in Washington, D.C., to waive, amend, or revoke the Jones Act, creating a heavy dose of legal uncertainty in the meantime.

How can you get involved?

In June 2018, East Coast fishing industry leaders formed the Responsible Offshore Development Alliance, or RODA, to call attention to the lack of fisheries representation and science in the development of these offshore activities. Last year, we expanded to the West Coast and welcome any commercial fishing-dependent business, including from service sectors, to join as members or simply reach out to learn more about our strength in numbers approach.

I also strongly encourage fishing professionals and others interested in this issue to review and provide input on BOEMs Supplemental Environmental Impact Statement for the Vineyard Wind project. You can do that in BOEMs Virtual Meeting Room here: https://www.boem.gov/Vineyard-Wind-SEIS-Virtual-Meeting. The public comment period closes on July 27.

Annie Hawkins is executive director of the Responsible Offshore Development Alliance.

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Offshore wind: Seven things every fisheries professional needs to know - National Fisherman

The whole world waits with bated breath to see the curve being flattened. An all-out effort is being made in every sphere to wipe out the novel coronavirus from the face of the earth. However, the road to recovery seems a long, arduous process. In fact, no sector is immune to this fast-evolving deadly virus, especially the energy space wherein the offshore drilling industry responsible for 30% of the global oil production is facing an impossible set of challenges.

Industry Performance

Lets take a look at the price performance of the Oil and Gas - Drilling industry. In the year-to-date period, the S&P 500 Index has dipped 3.2% compared with the oil and gas energy sectors 37.8% slump. During this period, the Zacks Oil and Gas - Drilling industry has also plunged a whopping 67.9%. Moreover, the industry currently ranks at the bottom 21% of the Zacks Industry Rank.

With the world awash in excess oil, crude prices at multi-decade lows and demand likely to be tepid for the long haul, offshore drillers are in the soup.

Crude Crush Intensifies Offshore Industry Struggles

When oil was trending in the triple-digit territory in 2014, energy companies had billions reserved for exploration budgets. This aggressive approach was essentially in response to fluctuating commodity prices and severely-dented balance sheets when prices fell to a 13-year low of around $26 per barrel in 2016. With operating profitability being compromised, the worst oil price rout in more than half a century triggered a major restructuring in the companies long-term focus. Most producers grew cautious by shunning large, capital intensive projects.

Particularly, the dwindling price forced top energy players to cut spending due to costly offshore drilling projects on account of squeezed profit margins. This, in turn, meant less work for the beleaguered drillers. With old contracts rolling off, the companies either got rigs stacked or bore high reactivation expenses and accepted much-reduced dayrates. As a result, overall revenues took a hit. Most offshore drilling stocks lost billions in market value during this period.

Barely had they overcome from the oil price plummet when the coronavirus outbreak struck them hard, further aggravating their woes. The pandemic triggered an unprecedented sell-off of the commodity of oil. On a worrying note, with major cities on lockdown and travel restrictions in place, the consumption for crude is set to take a substantial beating. Global efforts to combat the adverse COVID-19 impact and rev up the economic activity have been partly effective. The virus-inflicted demand slowdown induced a significant oil sell-off, forcing E&P players to take a relatively conservative approach to capex programs, thereby scrapping contracts with many offshore drillers.Many oil producers are withdrawing from endeavors that require oil to be pegged $60 per barrel to make a profit and this could consume enough time before they can actually achieve that price again. Big Oil companies like Chevron (CVX - Free Report) , ExxonMobil (XOM - Free Report) and Royal Dutch Shell (RDS.A - Free Report) abandoned drilling deals earlier this year to preserve liquidity and shareholder value.

The highly cyclical nature of the industry makes its participants who generally build big and expensive drilling rigs heavily dependent on the prevalent unpredictable business environment. In other words, its extremely difficult for any driller to perform well during a commodity downturn.

The coronavirus chaos sent most offshore drilling companies into a tizzy. As the drop inoil pricesand the ramp-down in business activity due to the pandemic mess weakened demand for offshore drilling services, the relevant companies encountered a second wave of bankruptcy.

Of the seven largest offshore drillers, the currently Zacks Rank #4 (Sell) Diamond Offshore Drilling Inc (DO - Free Report) as well as three other companies, namely Noble Corporation (NE - Free Report) , Seadrill Limited and ValarisPlc (VAL - Free Report) either sought protection from creditors under chapter 11 or already began debt-restructuring discussions to avoid insolvency. These companies tend to utilize the proceedings of reformation to streamline and boost its balance sheet, thereby attaining a more secure debt profile while continuing to concentrate on safe, reliable and efficient contract drilling services for its global clients. You can seethe complete list of todays Zacks #1 Rank (Strong Buy) stocks here.

Conclusion

The near-term market softness on account of the latest oil price collapse is a significant threat to the offshore drilling contractors. That said, a few players are well-equipped to deal with the current market headwinds.

Sector consolidation, adoption of superior technologies, new operational systems optimization of the fleet through strategic sell-offs, acquisition and profitable collaborations among other tactical strides certainly bode well for the drilling companies.

For offshore players, curtailed costs amid strong operating efficiencies are likely to generate decent returns for most projects even at today's oil prices. As a matter of fact, the lower breakeven and attractive project economics are sealing more offshore deals.

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Can Offshore Drilling Industry Weather the Coronavirus Storm? - Zacks.com

When Hilary Peace spies the mouth of Aberdeen Harbour at Fittie, she knows she is finally home.

The former NHS nurse may have sampled the crystal-clear waters of Norway, but nothing compares to the north-east.

Hilary is normally away for one month before setting eyes on the Aberdeen coastline, although Covid-19 has seen her trips extend to six weeks.

Her time at sea is not unusual in this part of the world, where hundreds of people make their living upon the choppy waters.

But Hilary is not an oil and gas worker, or casting a net in the fishing industry.

As her vessel comes to dock, she is relieved of her duty which could see her save the life of a fellow crew mate.

Hilary has been an Iqarus offshore medic for two years, and is the only medic on board at any one time.

She looks after 12 patients, which may seem minor in comparison to the 25 years she spent working as a nurse.

Although there are common ailments such as toothache or flu, Hilary is working with an added complication which wouldnt be a factor in A&E.

Her patients can normally be found on the seabed, doing maintenance or interventions to offshore structures and pipelines.

Hilary swapped the wards for Rever Topaz, which is a dive support vessel, after deciding a career change was in order.

Alongside the divers, she is also responsible for the physical and mental wellbeing of all on board, including the marine crew and project crew.

Prior to Covid, Id go to my hospital where I have an open door policy, said Hilary.

But now I go down to the vessel and try to take everyones temperature.

We keep our distance as much as we can, but it is much smaller than what you have on a serious platform.

Ive got 12 divers to an area of saturation, so they are working on a seabed and need their temperatures checked twice a day.

Hilary is also responsible for running health campaigns, and she has made it her mission to make sure the crew stays fit.

My most successful campaign was Topaz Tummies, which is similar to Weight Watchers, she said.

Theres a weekly weigh-in, plus diet and exercise advice.

The guys like it, as they are able to track their progress.

The vessel is lovely, theres great food and great people to work with.

Hilary returned to Aberdeen in mid-April, having joined the Topaz crew in Norway at the start of March.

It was eerie coming back to a very quiet Aberdeen, she said.

I have been to Norway, Holland, Aberdeen and Sunderland with this vessel.

Norway is beautiful, with its stunning fjords and crystal-clear waters.

But nothing is better than coming into Aberdeen Harbour at Fittie, knowing that Ill be home soon.

Its not all plain sailing, however, and Hilary can be called upon to get seriously ill crew members off the vessel.

Both time, location and the added complication of divers falling ill on the seabed means she has to act quickly.

People get unwell offshore, just as they do at home, said Hilary.

There are lots of minor ailments to deal with such as coughs, colds, sore ears and toothache. I give out a lot of Lemsip.

There are some people who develop very serious illnesses, though.

A couple of patients have been very sick with sepsis, and they had to be medevaced off to hospital.

Occasionally, divers get unwell. Its daunting because you cannot physically examine the person when they are at depth.

The divers are directly looked after by the life-support team on board.

We have specialised equipment that we can blow down to the diver, and his team-mates can attach the ill diver to the kit.

From the surface, I can see what they see in the chamber, monitor his vital signs and monitor his heart.

Depending on the depth that the divers are diving at, you can get someone back from space to Earth quicker than you can get a diver back to the surface.

Decompression at depth takes a long time.

This is remote medicine, there is no doctor next door to ask for help. You dont know what will turn up at the hospital door and you have to think on your feet very quickly.

Hilary also makes sure to bring plenty of supplies aboard, including her go-to condiment.

For me, its boxes of Shreddies and granola, a bottle or two of salad cream and some Haribos, she said.

I dont suffer from seasickness, fortunately. You really need to be a people person, as you live and work in close proximity to everyone, so we have to get on well and have lots of laughter.

I feel really privileged to do this job, though I love it.

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Meet the NHS nurse turned offshore medic whose patients are often found on the seabed - Press and Journal

The UK government has been urged to remove barriers to the further expansion of offshore wind, including allowing Ofgem to consider alternative methods for grid connection, by parliament's Environmental Audit Committee (EAC).

Chair of the committee Philip Dunne MP (pictured) has written to Energy Minister Kwasi Kwarteng highlighting remaining barriers for expansion of offshore wind energy in the UK and how they can be overcome.

EAC said connecting to electricity grid remains a challenging issue for new wind farms.

The current approach offers each developer a bespoke single connection, with multiple wind farms creating significant impacts from cabling to the local environment and communities.

In order to minimise these impacts on communities and drive efficiency for operators, it is key that Ofgem considers alternative methods for grid connection to enable developers more flexibility to support greater use, EAC said.

It also noted that demand for deep water ports is getting greater with the increased size of turbine blades and support needed for floating wind farms.

But the UKs deep water ports are already reaching capacity, limiting further progress, the committee said.

The government should look to the examples of France and other European countries that have invested significantly in deep water ports, and clarify how it is supporting port investment and co-location of technology clusters to develop competitive advantage, it added.

The Offshore Wind Sector Deal between industry and the government set out an aspiration of 60% of the supply chain utilising content from the UK, but EAC said it has learnt that this is incredibly challenging and expensive for SMEs.

EAC is therefore seeking clarity on how much the government will be allocating in the next budget to encourage investment by industry to support a green economic recovery, and in particular, to give confidence to SMEs to enter the offshore wind supply chain.

The committee also urged the government to consider the export potential of offshore wind, and to shift the balance of energy project finance by UK Export Finance from fossil fuel to renewable energy projects, especially where the UK has a strong competitive edge in offshore wind expertise.

It also said that a more strategic approach to planning offshore wind would be strategic marine planning, rather than piecemeal leasing and planning applications, ensuring wildlife is protected and avoid sites being refused due to interference with shipping or aviation radar.

EAC said this could ensure clarity for the sector ahead of applying for planning permission.

The government has therefore been asked what is currently being done to adopt a more strategic approach to support the UKs net zero ambitions.

EAC's calls follow a recent evidence hearing held by the committee and written evidence received as part of its inquiry Technological Innovation and Climate Change.

Dunne said: Offshore wind is a brilliant British success story not only do we have the worlds largest operational offshore wind farm off Walney Island, UK innovators also designed and tested the worlds longest turbine blade.

The government rightly has set ambitious targets to increase offshore wind energy generation, but achieving and exceeding them will require the government to support the sector even more.

From ensuring the grid is capable of taking energy from expanding sites, to paving the way for deep water port infrastructure necessary for larger turbine blades, we can seize the opportunity to generate more energy through offshore wind as we move to a low carbon economy.

Offshore wind has to play an even more significant role if the UK is to meet net-zero carbon emissions by 2050.

See the rest here:

UK urged to tackle 'barriers' to offshore expansion - reNEWS

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Latest Research report on Offshore Wind Cable Market Size predicts favorable growth and forecast - 3rd Watch News

The Polish government and representatives from the local wind energy industry have signed a Letter of Intent (LoI) to cooperate on the development of offshore wind in Poland.

The letter, signed on 1 July, defines the next steps in the collaboration to jointly develop a strong wind industry in Poland.

According to WindEurope, the letter is an important step towards Polands first Offshore Wind Act which is being prepared by the government and is expected to enter into force this year.

Today marks the birth of offshore wind in Poland. Offshore wind has shown its reliability and efficiency elsewhere in Europe. With this joint Letter of Intent Polish government and industry send a strong sign to investors and markets that they want lots of offshore wind too and are putting in place a regulatory framework to support it, said Giles Dickson, CEO WindEurope.

The potential for offshore wind in the Baltic is immense, and the Polish wind industry is ready to get started. Wind will contribute to a more modern, independent and healthy Poland. It will strengthen cooperation in the Baltic Sea region. And it will create future-proof Polish jobs in the manufacturing, service, maritime and port industries.

In its National Energy and Climate Plan (NECP), Poland identified offshore wind as one of key technologies to meet its goals for renewable energy for 2030.

By 2030, Poland aims to have installed 3.8 GW of offshore wind, with 10 GW of new capacity awarded Contracts for Difference (CfDs).

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Polish Govt and Wind Energy Industry Sign Offshore Wind Co-Op Deal - Offshore WIND