By Glenn Kangisser and Shu Shu Wong, Haynes and Boone
2022 has been a year of challenge with the effects of the Covid-19 pandemic still impacting markets and the war in Ukraine affecting so many. Consequences of such a tumultuous year include the energy supply crisis, the fluctuation in commodity prices, the cost-of-living crisis and the onset of recession, which are all inextricably linked.
The chairman of Scotland’s national investment bank wants to speak to companies in the north and north-east that want to get into the next “massive industrial revolution”.
Oil steadied after a three-day gain as concerns that near-term Chinese demand may decline amid a surge in Covid cases offset support from lower US inventories and a weaker dollar.
Shell (LON: SHEL) suspended production at a floating liquefied natural gas facility off the west coast of Australia after a fire broke out, tightening fuel supplies to Asia right as winter starts to boost consumption.
Recent political tensions have put a spotlight on the UK’s heavy reliance on fossil fuels, highlighting the necessity to transition to clean, renewable energy. Energy companies must innovate the sector and build a greener energy system.
With Siemens Energy AG taking full control of its troubled Gamesa unit, executives finally have a clear path to fix a business that’s delivered three years of straight losses.
Plans to accelerate the rollout of offshore wind in the UK could be knocked off course by renewed oil and gas activity, as both sectors compete for the same resources.
Consultancy firm ERM Group has secured work on the Salamander Floating offshore wind farm, a joint venture between Simply Blue Group, Orsted and Subsea7.