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Category Archives: Offshore
A Giant Offshore Wind Turbine Blade Breaks, Prompting Beach Closures – The New York Times
Posted: July 21, 2024 at 4:59 pm
Debris from a damaged wind turbine blade has been washing up on the shores of Nantucket, Mass., prompting the closure of several beaches to swimmers and spurring an investigation into what caused the mishap.
The damage to the blade occurred on Saturday evening at Vineyard Wind, the countrys second large-scale offshore wind farm, which is 14 miles off the coast of Marthas Vineyard, Mass. Its still under construction but the first turbines began generating electricity in February.
The companies behind the project, Avangrid and Copenhagen Infrastructure Partners, plan to install a total of 62 turbines by the end of the year that could, at full strength, produce 800 megawatts of electricity, or enough to power more than 400,000 homes.
The turbines being installed at Vineyard Wind are enormous, featuring 351-foot-long blades that can reach heights taller than the Eiffel Tower.
The damaged blade appeared to experience a break approximately 65 feet from its root, Craig Gilvarg, the communications director for Vineyard Wind, said in an email. The blade was still undergoing testing at the time. The company quickly recovered three large pieces from the ocean, he added, and nearly the entirety of the blade remains affixed to the turbine and has not fallen into the water.
It is unclear what caused the blade to break, but green and white debris as well as sharp fiberglass shards have been washing up on shore, and the Nantucket Harbormaster announced on Tuesday that six beaches on the south side of the island would be closed to swimmers. No injuries were reported.
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A Giant Offshore Wind Turbine Blade Breaks, Prompting Beach Closures - The New York Times
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Letter from London: Offshore Man and the Wages of Foresight – CounterPunch
Posted: at 4:59 pm
Photograph by Nathaniel St. Clair
Another four people died last week after their dinghy capsized in the Channel. When youre drowning, you dont say I would be incredibly pleased if someone would have the foresight to notice me drowning and come and help me, you just scream, once said former Beatle John Lennon. Attempting foresight, our new UK Home Secretary Yvette Cooper has just announced a Border Security Command (BSC) to combine with a Returns and Enforcement Unit with which she hopes to ensure swift deportations of anyone deemed a failed asylum seeker.
Though waving not drowning, I know a man with professional foresight who lives offshore. He carries in his head one of the darker estimations of the Western world. Hes often right too, said an American who also knows him. We first met when he and the American gave advice on a voluntary chatbot and later machine learning project alluded to here before. This was for a non-vaccine, non-lockdown solution to Covid. Basically, a bunch of us worked our virtual socks off for nearly two years only to keep seeing our government award VIP lane contracts to everyones best friend or barman, to the point where we could no longer keep the project alive. (Another absurd chapter in the UK Covid story.) We donated the earlier version (with about 900,000 data sets) to the NHS. This became one of only a handful of officially approved NHS Covid apps. At least some of us can now enjoy one or two lifelong friendships from it.
One thing trading has taught me is how brutally the reality of economic logic crushes all our dreams and hopes and takes us in directions we never thought possible let alone likely, qualified Offshore Man last week. This was from an Arab country filling with exiles. We were talking about France but for him, it could just as well have been the UK or Germany. Of France, he said the Republic was gone: The Euro is 100% dead bar the shouting, almost certainly means the EU is too, he added. Germany whilst still solvent, he went on, is in economic freefall. What is one to do in the face of such well-informed negativism? In my case, nothing. I court this friends take on the world not because I agree with it I often dont but because his view is rare, original thinking is rare, and he is an independent person.
Our new government continues its honeymoon with a lack of lounging about or posing by the pool. (I dont see this honeymoon lasting as long as I had thought, warns Offshore Man.) These new honeymooners have strict timetables with which to visit local sights. They do not go gentle on harbor walks, so to say, without counting the fish first. It would be incorrect to describe them as the same old, same old. Being of a less pessimistic disposition than my friend, I find it quite easy to warm to, say, Hilary Benns preliminary work on what could be a reuniting Ireland. Okay, I remain circumspect about some of the fresh words dished out in the wood-paneled press room in Whitehall bookended by Union flags. Even the phrase dished out no longer works. Earnestly presented may be better? Offshore Man again warns: This is very different to Blairs first days. Blair got the public behind what he did first and was careful. He did add, though: The noises regarding NHS reform sound promising, Ill say that. Grace Blakeley, author of Vulture Capitalism: Corporate Crimes, Backdoor Bailouts, and the Death of Freedom might disagree with that. She claims Labours new National Wealth Fund is just PFI (Private Finance Initiative) 2.0 or a way to channel taxpayer money into the pockets of private investors.
In such moments I find I reach for art and was pleased therefore to hear again from sculptor Steve Johnson. Two works of his I had not seen before involve a potent England flag sealing one small window and a blank curtain a second window. They are both called Georges Day SE8. He tells me: Opposite my studio in a social housing high rise, a person has lived behind a curtain/flag on the 15th floor for years and it never opens to let the light in. For me, it conflates Ms Haversham and Enoch Powell, or even todays right-wing Reform UK leader Nigel Farage, in a chilling reality. The second image had a greyer flag: Greyer after years of collecting dust aka Ms. Haversham, he said, adding: If Starmer doesnt level up or cut the waiting lists, Ill make one 2 meters wide [much bigger] in five years. How I wish an artists eye was available more often. The essential insularity of the subject matter in this piece is both vast and helpful. Johnson is showing these to save Acme Studios in South East London which is presently under threat from London property developers who dont appear to share the same art-savvy standards of their peers for example in the Scottish capital of Edinburgh. Around 100 artists are showing in support of the studios survival. Acme wants to buy the property themselves, and I am left wondering if our new Culture Secretary Lisa Nanny has been told. A special man, Steve Johnson is a Fellow of the Royal Society of Sculptors and brings weight to whatever he does. I used to see him ride to his studio on what I always considered the tallest bicycle in London. As an artist with five hammers, around 20 chisels and gouges, and power tools with high-velocity rotating blades, he is dare I say it, given his flags unflagging.
On Russia, Offshore Man says it is a country that can barely maintain its own territory and resources. And with a plummeting population, I dont think Russians could be sold on any further adventures. Not without severe provocation which I hope we arent stupid enough to deliver. This was at the time of the Russian missile attack on the maternity clinic in Kyiv, and a few weeks after debris from Ukrainian missiles intercepted by Russian air defense systems landed on children on a Sevastopol beach. (Once again: To jaw-jaw is better than to war-war.) UK military intelligence reports that Russia has lost more than 70,000 troops over the last two months approximately 1200 per day. Offshore Man continued: Putin is old and oil prices are set to drop sharply as a structural glut is slowly forming. Russia is likely to fragment in the coming years. He added: Its true there are some on the right who are misguided and feel a kinship with Russia because it is outside the clutches of the western culture war warriors, etc. But not many, and most realize what a diseased regime it is.
Finally, a people-trafficking gang that smuggled hundreds of Iraqi-Kurdish migrants in refrigerated trucks into the UK has just been convicted. They were charging up to 10,000 $13,000 per person. Now you dont need any foresight to see what a lot of money that can make you if you dont get caught. The people smugglers responsible for the cheap Chinese-made dinghies I used to see flooding into Lesbos from Turkey were sometimes making up to 300,000 close to $400,000 in total per ride. The people smugglers were on as much as 3m $4m per day. Goodness knows which crackpot regimes support the people smugglers.
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Letter from London: Offshore Man and the Wages of Foresight - CounterPunch
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Northeast Offshore Report- July 19, 2024 – On The Water
Posted: at 4:59 pm
In a tournament-heavy week across the Mid-Atlantic region, yellowfin and bigeye tuna, along with white marlin, have been the main draw for anglers making the run to places like Hudson or Wilmington Canyon. Trolling ballyhoo has been the key to success for tuna along the edge, but the fishing hasnt exactly been lights out, and golden and blueline tilefish continue to save trips. High winds and high seas hampered the tuna fishing earlier this week, but as things settled down, white marlin put on the feed bag in the canyons and a mid-shore school bluefin jig bite developed off New Jersey and Long Island due to a large mass of sand eels.
Meanwhile in southern New England, the bluefin bite has been slow with only some small, undersize bluefin. But further north, fishing is good on Jeffreys Ledge despite rampant shark activity, and bluefin are really beginning to fill in around the northern end of Stellwagen and Middle Bank. The mackerel have thinned out a bit, and those bluefin have moved inside Isles of Shoals to feed on bunker in 30 to 50 feet of water, where theyre being caught on the troll and with poppers.
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The trolling bite exploded for bigeye tuna in Wilmington Canyon early in the week and while it didnt remain hot for long, it was good enough for one boat to bring in a 191-pound bigeye to win the 37th Annual Ocean City Tuna Tournament last Sunday. A few of the fish were taken on spreader bars, but most were caught by trolling skirted ballyhoo. On a similar note, just north in Atlantic City, NJ, a 193-pound bigeye was brought back to the dock this week.
More recently, a few bluefin tuna have been taken over inshore lumps in the 15- to 30-fathom range. And while some large mahi were taken in the Jimmy Johnson Quest for the Ring Tourney in NJ, chicken mahi are beginning to show up on floating structure and over mid-shore reefs. There are enough of them around that even bottom fishing party boats are getting in on the action by casting jigs toward mats of grass and flotsam on the surface.
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Find the right Garmin setup for how you spend your time on the water with Garmins Marine System Builder. Already a Garmin User? Access the full SiriusXM how-to video library for using Fish Mapping on your Garmin MFD.
Yellowfin and bigeye tuna were taken on trolled ballyhoo in the canyons this week when conditions permitted a safe run. Hudson Canyon has some big yellowfin with a mixture of white and blue marlin. Meanwhile, the mid-shore grounds hosted a bite of school bluefin and big yellowfin tuna that showed a preference for Nomad jigs and UVT jigs in 90 to 160 feet of water; a few yellowfin were even taken on poppers. According to Captain Adrian Moeller of Rockfish Charters those yellowfin have mostly moved off the mid-shore grounds now, but large sand eels are keeping school bluefin well fed.
For boats running out of Ocean City, NJ, during the Jimmy Johnson Quest for The Ring Championship Fishing Week, white marlin have been the most bountiful; at this time, 80 of the 113 tournament catch entries are white marlin, with the largest weighing in at 63 pounds.
Click here to view live tournament scores
The Canyon Runner Sportfishing team offers coaching, concierge services, seminars and a Virtual Captain System which will exponentially help increase your catches inshore, mid-shore and canyons. Their Virtual Captain System provides all the fish-catching and safety intel including a built-in warning system that gives you the ability to track over 400 Member boats & 15 Pro-Staff boats in real time! Hows that for a network of buddy boats? Learn more.
There are reports of bluefin as close to home as Ipswich Bay where theyre feeding on herring, mackerel, and pogies. The fish are beginning to fill in around the northern end of Stellwagen and Middle Bank, and there are some tuna being caught on south end of the bank and Peaked Hill Bar.
There are still tuna around Jeffreys Ledge where both casting at feeds and trolling have been successful; however, sharks havemoved in thick to collect their tax.
To the south, white marlin have been spotted in the shipping lanes about 20 miles south of the Dump, and small school bluefin remain available with some commercial-size giants around, but legal rec. fish have been tougher to come by. Captain Larry Backman of the Skipjack in Falmouth said his best guess for bluefin would be to fish the 30-fathom line from Butterfish Hole to Tuna Ridge.
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Offshore wind development faces mixed progress in the Northeast – Environmental Health News
Posted: at 4:59 pm
A broken turbine blade in Massachusetts, a new wind project in New York, and New Jersey research illustrate the mixed progress in the Northeasts offshore wind industry.
Wayne Parry reports for The Associated Press.
In short:
Key quote:
Were making progress in the debris recovery efforts and mobilizing even more resources on the island to hasten the cleanup as quickly as possible.
Klaus Moeller, CEO of Vineyard Wind
Why this matters:
Offshore wind farms are celebrated for their potential to provide vast amounts of clean energy, significantly reducing our reliance on fossil fuels. However, the collapse of a turbine blade raises questions about the structural integrity of these massive installations. Ensuring the durability and safety of wind turbines is paramount, not just for worker safety, but also to prevent environmental harm.
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Offshore wind development faces mixed progress in the Northeast - Environmental Health News
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Offshore winds bumpy road shown by turbine collapse off Nantucket – Fortune
Posted: at 4:59 pm
Three events Wednesday highlighted the uneven progress of the offshore wind industry in the Northeast, including the start of a major project in New York, research aimed at preventing environmental damage in New Jersey, and a temporary shutdown of a wind farm in Massachusetts after a broken turbine blade washed ashore on a famous beach.
The federal government ordered a wind farm operator off the coast of Nantucket in Massachusetts to suspend operations while cleanup continues after a wind turbine blade fell into the water, broke apart, and washed up on beaches at the popular vacation spot.
Vineyard Wind said Wednesday that it has removed 17 cubic yards of debris, enough to fill more than six truckloads, along with several larger pieces that washed ashore. The debris was mostly non-toxic fiberglass fragments ranging in size from small pieces to larger sections, typically green or white.
Vineyard Wind, a joint venture between Avangrid and Copenhagen Infrastructure Partners, bolstered its beach patrols to 35 people looking for and removing debris.
Were making progress in the debris recovery efforts and mobilizing even more resources on the island to hasten the cleanup as quickly as possible, the companys CEO Klaus Moeller said in a statement. The public can have confidence that we will be here as long as it takes to get the job done.
Also on Wednesday, a groundbreaking ceremony was held to start construction of New Yorks largest offshore wind project, Sunrise Wind, a 924-megawatt project by the Danish wind developer Orsted. Once completed, the project will provide enough clean energy to power approximately 600,000 New York homes.
It will be located approximately 30 miles (50 kilometers) east of Montauk, New York.
We look forward to building New Yorks largest offshore wind project, helping the state meet its clean energy targets while strengthening the local offshore wind workforce and supply chain, said David Hardy, executive vice president and CEO Americas for Orsted.
Orsted was far along in the approval process to build two offshore wind farms in New Jersey when it scrapped both projects last October, saying they were no longer financially feasible.
And New Jersey officials on Wednesday said they would make nearly $5 million available for scientific research projects to document current environmental conditions in areas where wind farms are planned, as well as to predict and prevent potential harm to the environment or wildlife.
Shawn LaTourette, New Jerseys environmental protection commissioner, said his state is committed to advancing science that will ensure that offshore wind, a necessary component of our work to address the impact of climate change, is developed responsibly and in a manner that minimizes impacts to our precious coastal environment.
The state is seeking proposals for surveying wildlife and habitats before wind farm construction starts; making technical innovations in data collection and analysis; studying fishery sustainability and socio-economic impacts of offshore wind; identifying and reducing the impact of offshore wind noise on marine life, and studies of bird and bat abundance, among other things.
Concerns about potential damage to the environment, marine life and birds have been among the reasons cited by opponents of offshore wind for trying to halt the nascent industry in the U.S. On Wednesday, one of the most vocal groups, Protect Our Coast-NJ used the Nantucket accident to renew its call to end the offshore wind industry, calling the incident simply unacceptable.
Jason Ryan, a spokesman for the American Clean Power Association, said the wind industry is committed to safe and reliable operations, adding it follows rigorous and regulated standards and strict environmental protocols.
Referring to the Nantucket incident, he said, Wind power is one of the safest forms of energy generation, and millions of people around the world live and work near wind farms without issue. This type of incident is extremely rare and there were no injuries. We are working closely with our member companies and are confident the situation will be resolved expeditiously.
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Offshore winds bumpy road shown by turbine collapse off Nantucket - Fortune
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Offshore and inshore fishing reports received – Galveston County Daily News
Posted: at 4:59 pm
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Offshore and inshore fishing reports received - Galveston County Daily News
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Offshore, Middle East Buoys SLBs 2Q as US Land Revenue Falls – Hart Energy
Posted: at 4:59 pm
SLB delivered strong second-quarter earnings driven by the offshore market, newfound success in the Middle East and Asia and an increase in North American revenue.
Evercore ISI analysts said SLBs North American revenue was up 3% compared to the first quarter due to offshore digital, exploration data licenses and increased drilling.
But like competitor Halliburton, SLB saw diminished returns on land.
This was partially offset by lower drilling revenue in U.S. land and lower production systems sales in the GoM, Evercore analyst James West wrote in a July 19 report. We are updating our forecast to reflect continued strength in international activity offsetting North American softness.
For the quarter, SLB generated $9.14 billion in revenue, up 5% from the first quarter and 13% year-over-year (yoy).
Evercore said SLBs international activity remains robust, with the Middle East and Asia driving revenue growth of +24% YoY (+6% QoQ) to $3.3 billion. Europe and Africa also demonstrated significant growth of 20% yoy to $2.4 billion, while Latin America increases were relatively subdued.
All across the Middle East, we see growth year-on-year, Olivier Le Peuch, CEO of SLB, said during a July 19 earnings call. Hence, we benefit from this very large growth and multiple levels of activity growth in the Middle East and we foresee it continuing going forward.
In the Middle East, SLB leveraged its technology and integration capabilities to benefit from investments in oil capacity expansion and conventional and unconventional gas development. Revenue in the Middle East and Asia grew due to increased sales of production systems and increased intervention and evaluation activity in Saudi Arabia.
Higher digital revenue across the area and increased drilling in the region, as well as the acquisition of the Aker subsea business in Australia, also contributed to the growth.
Offshore, the companys OneSubsea joint venture secured numerous high-value contracts, Le Peuch said, employing advanced subsea production processing technologies to optimize reservoir recovery and reduce project cycle times.
Through OneSubsea, were helping customers unlock reserves and reduce cycle times through an extensive subsea production processing technology portfolio, he said. And we are increasingly being offered the opportunity to partner with customers in early engineering phases to unlock the economics of the assets.
SLB said its solutions in production and recovery are increasingly sought after by clients looking to offset natural decline and maximize asset value. The companys production systems revenue increased to $3.03 billion, a 7% raise increase from the first quarter and a 31% increase yoy.
Growth was led by the Aker acquisition as well as strong activity in Europe and Africa.
In production and recovery, we are seeing customers embrace our offerings as they work to offset natural decline, extend performance and maximize the value of their producing assets, Le Peuch said. We have many solutions to help customers access resource to our production system and reservoir performance division, and this is showing up in the strong results these divisions are achieving.
Underpinning SLBs strategies is commitment to digital innovation and AI, which are pivotal in accelerating returns and driving operational efficiencies, the company said. SLB anticipates significant opportunities for high-margin growth as clients increasingly prioritize digital infrastructure upgrades.
Looking ahead, SLB aims to strengthen its portfolio further with the pending acquisition of ChampionX, positioning itself to fully capitalize on emerging market opportunities.
Due to securities laws, SLB was unable to buy back stock until ChampionXs shareholders approved the deal.
After ChampionX shareholders agreed to the deal, SLB resumed repurchasing stock in the second quarter. SLB bought back 9.9 million shares valued at $465 million.
Net income attributable to SLB increased by 4% from the first quarter to $1.11 billion. Adjusted EBITDA of $2.29 billion was up 11% from the first quarter.
SLB generated cash flow from operations of $1.44 billion and free cash flow of $776 million. For the full year, SLB said it expects to spend $2.6 billion in capital investments.
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Offshore, Middle East Buoys SLBs 2Q as US Land Revenue Falls - Hart Energy
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Brazil Could Tap Into 96 GW of Offshore Wind by 2050, Says World Bank Report – Offshore WIND
Posted: at 4:59 pm
Brazil holds a technical offshore wind potential of over 1,200 GW and with offshore wind strategy and policies, permitting regulations, grid and port upgrades in place could install as much as 96 GW of generation capacity by 2050, according to a study released by the World Bank Group.
The study, conducted by DNV, cites the World Banks estimates published in 2020, which show Brazil has 1,228 GW of potential offshore wind to tap into, including 480 GW through fixed-bottom (at water depths less than 70 metres) and 748 GW through floating wind technology (at water depths from 70 metres to 1 kilometre).
Building on this, the report Scenarios for Offshore Wind Development in Brazil brings three scenarios that show that even with the base case, Brazil has an opportunity to install 16 GW by 2050, which represents 3 per cent of the countrys generation capacity.
The intermediate growth scenario envisages 32 GW of installed offshore wind capacity by 2050 and, according to the ambitious scenario, the country could build as much as 96 GW of offshore wind farms by 2050 if a clear energy strategy, significant infrastructure investment, and prompt action to harness the growing interest in offshore wind in Brazil are made.
Offshore wind can support Brazils green hydrogen targets, drive economic growth, and potentially create up to 516,000 full-time equivalent (FTE) jobs and contribute USD 168 billion (approximately EUR 154 billion) in national gross value added under the third, ambitious scenario.
Among the challenges to fulfilling these scenarios, the report highlights that, since offshore wind has higher initial costs, Brazil would need to explore options for concessional finance and will also need to ensure that initial seabed rights are allocated primarily based on qualitative rather than price-based criteria.
Transmission upgrades and grid flexibility to integrate offshore wind effectively into the energy mix would also require substantial investments. Upgrades are also needed on regional ports and the logistics infrastructure, and the supply chain needs to be developed to support the production of large components, all of which adds to the overall costs.
Furthermore, clear permitting policies are needed as environmental and social considerations require meticulous planning and community consultations.
Whatever course policymakers and stakeholders choose to chart, they must act swiftly to capitalize on current interest, particularly amid waning investor enthusiasm for emerging markets. Updates in transmission networks, port infrastructure, and manufacturing capabilities, along with Environmental & Social sensitivity mapping all prerequisites for offshore wind development , have lengthy timelines. Providing a clear market entry pathway, including seabed exclusivity and offtake arrangements in initial offshore wind auctions, is essential, DNV stated in a press release issued on 18 July.
DNV and the World Bank prepared the study in collaboration with Brazils Ministry of Mining and Energy (MME), and the Energy Research Office (EPE), to provide a thorough analysis for policymakers and stakeholders.
Last year, the Ministry and EPE published a new version of Brazils offshore wind roadmap after the regulatory framework for energy generation was updated.
The new offshore wind roadmap includes considerations regarding the assignment of federal areas for offshore wind development in accordance with Brazils law on regularisation, administration, leasing and disposal of areas.
Interest in exploring the feasibility and construction of offshore wind farms in Brazil has been shown by multiple industry players, especially over the past few years, during which the Institute for the Environment and Natural Resources (IBAMA) has been receiving applications for environmental investigation licences in connection with offshore wind projects.
Many of the projectshave been proposed by European developers, including Iberdrola (through its Brazilian subsidiary Neoenergia), Acciona, Corio Generation and oil & gas majors TotalEnergies, Shell, and Equinor, as well as Brazils Petrobras.
According to the last update from IBAMA in April, there are now applications for environmental investigation permits for 97 projects totalling more than 234 GW of potential generation capacity.
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Brazil Could Tap Into 96 GW of Offshore Wind by 2050, Says World Bank Report - Offshore WIND
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New CFC Taxation Ruling That Impacts Offshore Trustees A Backdoor to CRS? – Hubbis
Posted: at 4:59 pm
By:
Michael Wong Special Senior Consultant Taipei Baker McKenzie
Peggy Chiu Partner Taipei Baker McKenzie
Daniel Chou Associate Partner Taipei Baker McKenzie
In Brief
In an unprecedented move, Taiwan's Ministry of Finance (MOF) issued a new ruling on 10 July 2024 that requires offshore trustees to register with Taiwan tax authorities when a Taiwan tax resident settler transfers the shares or capital of a Controlled Foreign Corporation located in a low-tax countries or regions outside of Taiwan (CFC) as trust assets. MOF indicates that this new ruling is to supplement the ruling dated 4 January 2024 that imposes Alternative Minimum Tax (AMT) on the settler/beneficiaries of offshore trusts when CFC is involved.
The new ruling stipulates that for those offshore trustees who are covered by this ruling they will need to prepare books, detailed income statements, distribution statement, etc. for all the trust assets (including CFC and non-CFC assets) owned by the trust pursuant to Taiwan's Income Tax Act (ITA). For offshore trustees with no presence in Taiwan, they will need to appoint a local agent for registration, obtain a tax identification number, and handle all relevant reporting and withholding procedures going forward.
As the new ruling has a retrospective effect and applies from 1 January 2024, there may be a risk of non-compliance even if an offshore trustee immediately terminates its current Taiwan engagements as a result of this new ruling.
In the past, Taiwan's tax laws were generally considered not applicable to offshore trustees as MOF did not have jurisdiction over them. With the implementation of the CFC taxation, MOF is eager to obtain information on offshore trusts as they may contain assets that generate Taiwan CFC income. Because Taiwan is not a full member of the CRS network, it can only achieve information exchange through bi-lateral negotiation and the progress has been slow (thus far only with respect to Japan, UK and Australia). If this unprecedented attempt to compel offshore trustees to voluntarily register in Taiwan becomes successful, this can vastly increase Taiwan government's visibility on offshore assets, in essence creating a "CRS backdoor."
This new ruling creates a number of difficulties for offshore trustees. They will obviously need to consider the scope, applicability and legality of the ruling and the potential penalties for non-compliance. But more fundamentally this also put them directly on the front line with respect to larger AML related issues, particularly if they know (or have reason to know) that their trust set-ups have Taiwan tax residents who are themselves non-compliant.
Actions To Do
Granted that the ruling is new and we expect further clarification from the MOF in the coming days, we believe there are some actions that may be considered immediately:
Offshore trustees: Please review your Taiwan client's offshore structure and assess the CFC risk immediately. The compliance team need to consider the non-compliance risk and how to be compliant going forward. While no planning / restructuring may be perfect, do-nothing may be the worst option in the long run.
rivate bankers: It's a good opportunity to open dialogue with your clients. Trusts are still good tools for succession planning, but a higher level of sophistication will be required.
Providers of other offshore solutions: You may consider your role in mitigating the CFC risks to make life easier for both trustees and their clients.
Family office: As we always maintain, when considering succession planning, please do not consider tax planning as your sole objective. Instead proper focus should be on legal enforceability, succession objectives, family mission and dynamics, with tax efficiency being the icing on the cake. Please discuss with your legal counsel whenever there is a new legal update, and work with your legal/tax counsel to discuss with your trustee on long term and more sustainable solutions.
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New CFC Taxation Ruling That Impacts Offshore Trustees A Backdoor to CRS? - Hubbis
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OPEC+ not expected to change supply levels after market and price stabilisation – Offshore Technology
Posted: at 4:59 pm
Delegates for OPEC+ member nations do not expect the extended energy groups coming monitoring session to make any changes to supply levels for the rest of the year.
The group agreed last month to begin gradually restoring to the global supply chain 2.2 million barrels a day (mbbl/d) of suspended crude output from this October.
Following an immediate price fall after the announcement, prices have since stabilised, with Brent futures back at around $85 a barrel.
According to several US media reports, the organisations Joint Ministerial Monitoring Committee has no plans to make any changes to output policy, citing delegates, who asked not to be identified.
Members of the enlarged group are likely to wait and see what happens over the summer months, when demand for gasoline and petroleum can fluctuate.
The group has been limiting supplies for almost two years in an effort to moderate prices and reduce excess supplies.
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In June, both the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ agreed to maintain oil output reductions until 2025.
Offshore Technology reported recently that with just a few members exceeding their agreed limits, oil production from OPEC has remained constant for the third month in a row.
The intergovernmental body produced an average of just under 27mbbl/d in June, some 80,000 barrels a day (bpd) less than during the previous month.
However, the analysis showed that Iraq and the United Arab Emirates have still not fully adopted the cutbacks agreed within the group earlier this year.
In early July, Kazakhstans Energy Ministry announced that it will, by the end of September 2025, make allowances for surpassing its OPEC+ oil production limit in the first half of this year, demonstrating a comprehensive plan for gradual compensation aimed at placating other members of the group.
Kazakhstan, a key player among the eight OPEC+ nations, has agreed to implement additional voluntary production decreases.
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