Latest News
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RWE Secures All Permits for Construction of Denmark’s Largest Offshore Wind Farm
The Danish Energy Agency has granted RWE the offshore construction permit for 1.1 GW Thor offshore wind farm, marking the final authorization ahead of construction start set for spring 2025.Good progress is already being made on land, with the laying of cables and the construction of an onshore substation in the municipality of Lemvig.At the beginning of 2025, RWE will prepare the seabed for the construction activities, which will kick off in spring when the foundations are installed.Turbine installation is scheduled to begin in 2026, RWE said.Located approximately 22 kilometres off the west coast of Jutland, Thor will consist of 72 Siemens Gamesa wind turbines of SG 14-236 DD type.Half of the turbines will be equipped with CO2-reduced steel towers and 40 turbines will use recyclable rotor blades.The plan is to perform the turbine installation works from the port of Esbjerg. The port of Thorsminde will serve as an operations and maintenance base, creating 50-60 local jobs.Construction of RWE’s new service building is expected to start later this year. Thor is expected to be fully operational by no later than the end of 2027.“With our Thor project we are delivering Denmark’s largest offshore wind farm to date. But it is not just the size of the project that makes us ambitious.“We are also leading the way with investments in new sustainable technology with recyclable rotor blades and turbine towers made of greener steel. Denmark is already a pioneer when it comes to renewable energy and innovative solutions. We are proud to contribute to this journey with Thor,” said Thomas Michel, COO RWE Offshore Wind.
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Control System Automation Maximizes Your Operation
Pressure control equipment is the backbone of the Oil and Gas Industry. It is the first and last line of defense in pressure and flow control. Advancements in valves, chokes, blowout preventers (BOPs), relief valves, and other equipment have allowed our industry to become exponentially more efficient in the production of Oil and Gas. If pressure control equipment is the backbone of our industry, then the control and automation systems are the brain. Originally designed to eliminate human presence in hazardous areas, these systems have evolved with technology, expanding their capabilities.As pressure control equipment has progressed, so have the control systems used to control and monitor its operation. Most of this equipment operates manually, requiring personnel to enter a high-pressure area, “red zone”, and expose themselves to potentially dangerous environments while actuating the equipment. Over time, injuries and accidents have led many operators to require this equipment to be remote-controlled using hydraulic, pneumatic, or electric actuation. This necessity led to the development of remote-control systems to monitor and control these actuators.CORTEC Hydraulic Choke & Valve Command Center Control Panel in the FieldAs recently as 30 years ago, most control systems were analog; they were generally hydraulic power units (HPUs) with minimum monitoring instrumentation. Industry standards, such as API 16C, API 16D, and others, exist that dictate the basic requirements for critical well control systems like choke and kill and BOP systems. These standards are regularly reviewed and constantly evolving, yet they only represent the minimum requirements for controlling and monitoring this equipment. These minimum requirements are sufficient to perform pressure and flow control operations safely in most instances, but higher levels of functionality are available. Basic remote-controlled systems will open and close chokes and valves as the user directs, and will monitor pressures and positions to control the equipment as if it were being manually controlled. However, the advancements in electronic and hydraulic components have revolutionized the design of control systems. These technological developments have enabled the creation of systems that operate with higher efficiency, offer greater access to information, and empower operators to exercise better control over their equipment, significantly enhancing the overall performance and reliability of control systems across the industry.CORTEC_CX-HB3.0 Hydra-Balance Dual Choke Setpoint SystemAdvanced control systems can host a myriad of sensors that display and record information based on user-specific set points, such as pressure, flow rate, and position, which has proven to be very efficient and eliminates human error. By continuously monitoring pressure levels and making rapid adjustments through automated valve and choke control, these systems prevent dangerous situations, helping optimize process performance while minimizing the need for manual intervention and alerting users to issues before they become catastrophic. The data collected by these advanced control systems can be aggregated and analyzed to develop better procedures for operations, resulting in improved efficiency. Nevertheless, control and automation systems are not “one size fits all”; they vary based on an operator’s specific needs. What is being controlled? What is the operation? What information is needed for control, such as temperature, pressure, position, fluid level, flow rate, etc.? What can we automate? What safeguards do we need to put in place? These are some of the questions we ask in the preliminary design stage of a control system.In most cases, users are often unaware of the potential for automation and are frequently surprised by unique suggestions for automating operations they usually perform manually. Instead of settling for minimal control, CORTEC aims to create control systems that can optimize the performance of your pressure control equipment and enhance your overall operation. We provide a variety of options, including standard API 16C monogrammed drilling choke control systems, resettable relief valve controls, choke command centers, frac relief valve control, auto bleed-off and equalization systems, and automated sand dump control systems, to name a few.CORTEC CX-EC3. MPD Choke Setpoint_SystemCORTEC offers turnkey automated solutions to complement our choke and valve products for drilling and completion operations. These solutions deliver systems with precise control in a simple, manageable package. Our experienced team has designed these control system configurations to accommodate a variety of end-user preferences. Whether you need a single setpoint system or conventional well control, CORTEC has the expertise and capability to deliver custom compact control consoles or larger command centers that meet your specific requirements and result in a substantial reduction in operating costs and increased efficiency.To learn more about how CORTEC can help you maximize your operation with turnkey automated solutions, visit uscortec.com/products/automation or contact us directly at [email protected] .
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Gold little altered ahead of US payrolls data
Gold traded bit changed on Friday as investors avoided taking big positions ahead of the U.S. payrolls data that could provide additional ideas about the Federal Reserve's rate of interest outlook. Area gold was flat at $2,746.09 per ounce, since 0235 GMT. Rates ended lower on Thursday after striking a record high of $2,790.15 in intraday trade. U.S. gold futures rose 0.2% to $2,755.70. Investors are still in the state of mind of buying the dips and that strategy is still going to hold through the (U.S.). election, and maybe after that due to the fact that there is going to be a. great deal of turmoil, said Marex expert Edward Meir. Democratic Vice President Kamala Harris held a marginal 46%. to 43% lead over Republican former President Donald Trump, with. a glum electorate saying the nation is on the incorrect track, a. brand-new Reuters/Ipsos survey discovered. Gold prices gained more than 4% in October in the middle of safe-haven. circulations spurred by the Middle East stress and U.S. election. unpredictability. Market focus is now on the U.S. nonfarm payrolls report, due. at 1230 GMT, for ideas about the health of the world's largest. economy. Traders see a 95% possibility of a 25-basis-point Fed rate cut. next week, the CME FedWatch tool showed. With no indications of recession and inflation decreasing, the. economy looks positive ... the secret now is how rapidly the Fed. will decrease rates, Meir said. Zero-yield gold flourishes in a low interest rate environment. Information on Thursday revealed that U.S. labour expenses recorded. their tiniest boost in more than 3 years in the 3rd. quarter, while the number of Americans submitting brand-new applications. for welfare was up to a five-month low recently. Among other metals, area silver was flat at $32.65. per ounce and platinum was nearly the same at $987.64. Palladium fell 0.42% to $1,101.00, hitting a more. than one-week low.
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Indonesian authorities says someone dead in cooking oil factory near Jakarta
A single person has passed away in big fire at a cooking oil factory near the Indonesian capital Jakarta, with around 20 firefighting trucks at the website attempting to contain the blaze, regional fire authorities stated on Friday. Video Footage from City TV showed large flames and rippling black smoke coming out of a building in the centre of the complex in Bekasi, a city on Jakarta's eastern edge. The report said roadways had actually been surrounded the factory. Haryanto, a fireman who was at the factory complex, informed Reuters that a person had actually been discovered dead at the site. The factory is operated by PT Primus Sanus Cooking Oil Industrial (Priscolin), Maswa, a staffer at the local fire department, informed Reuters.
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Oil climbs more than $1/bbl on reports Iran preparing to strike at Israel
Oil rates extended gains on Friday, climbing more than $1 a barrel to pare weekly losses, as geopolitical stress in the Middle East rose following reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days. Brent unrefined futures, which have rolled to the January agreement, climbed $1.31, or 1.80%, to $74.12 a barrel by 0128 GMT. U.S. West Texas Intermediate crude futures rose $ 1.35, or 1.95%, to $70.61 a barrel after settling up 0.95% in the previous session. Israeli intelligence recommends Iran is preparing to attack Israel from Iraqi territory in the coming days, possibly before the U.S. presidential election on Nov. 5, Axios reported on Thursday, mentioning two unknown Israeli sources. The attack is expected to be carried out from Iraq using a. large number of drones and ballistic missiles, the Axios report. added. Oil prices were also supported by expectations that OPEC+. could postpone December's organized boost to oil production by a. month or more, four sources near to the matter told Reuters on. Wednesday, mentioning concern about soft oil need and increasing. supply. A choice to postpone the boost might come as early as. next week, two of the sources said. However, rates are set to fall more than 1% for the. week, struggling to recuperate from a 6% loss on Monday after. Israel's strike against Iran's military on Oct. 26 bypassed oil. and nuclear facilities and did not disrupt energy supplies. In spite of the crude oil market seeking to secure a third. straight day of gains, it has been unable to entirely eliminate. the big space lower that followed Monday's re-open, said IG. market expert Tony Sycamore based in Sydney. However, WTI's rebound ought to extend back towards where. it closed last Friday at about $71.80, he included, as tensions in. the Middle East went back to focus. After that, though, all bets are off. I believe it will. depend upon who wins the U.S. election and what fiscal stimulus. details, if any, come from the NPC standing committee conference,. Sycamore stated, referring to major events in the U.S. and China,. world's largest oil consumers, next week. In China, production activity swung back to development in. October, a private-sector survey revealed on Friday, echoing an. official survey on Thursday that revealed production activity. expanded in October for the first time in six months. Both. surveys suggest stimulus measures are having an impact. U.S. gasoline stockpiles fell unexpectedly recently to a. two-year low on strengthened need, the Energy Details. Administration (EIA) stated on Wednesday, while unrefined inventories. also posted a surprise drawdown as imports slipped. The world's biggest oil producer pumped a regular monthly record. high of 13.4 million barrels per day in August, EIA said.
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Prince William heads to South Africa for green prize event
Prince William jets to South Africa next week for the start of a 4 field trip which will take in the annual awards ceremony for the British heirtothe throne's multimillion dollar environmental reward. William takes a trip to Cape Town on Monday for a series of occasions to promote his Earthshot Reward, while he will likewise attend the United for Wildlife Global Summit and have a meeting with South African President Cyril Ramaphosa during his stay. His royal highness is anticipating hanging out with individuals from South Africa and throughout the wider continent, also as celebrating the amazing environment services that will be highlighted, Kensington Palace stated in a statement. The trip will be the Prince Of Wales' first to South Africa since 2010, and he will be making the see alone as his other half Kate is still managing a go back to work after ending up a course of preventative chemotherapy for cancer. William, who like his dad King Charles has become an eager environmental advocate, established the Earthshot Prize in 2020, influenced by his last see to Africa six years earlier. A nod to former U.S. President John F. Kennedy's moonshot. project which led to the 1969 lunar landing, its goal is to find. innovations to fight climate and other green problems, and awards. 5 winners 1 million pounds ($ 1.3 million) each to drive their. tasks. The event itself will be held on Nov. 6, hosted by U.S. star Billy Porter and South African television presenter Bonang. Matheba, and will also feature efficiencies by the similarity. Nigerian pop star Davido and Tanzanian vocalist Diamond Platnumz. Supermodel Heidi Klum and actress Nina Dobrev will be amongst. the celebs revealing the winners. I can't wait to be part of a night that celebrates. imagination, human ingenuity, and artistry in all its various. kinds, Porter stated.
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Oil extends gains on reports Iran preparing to strike at Israel
Oil costs extended gains in early Asian trade on Friday, following reports that Iran was preparing a vindictive strike on Israel from Iraqi area in the coming days. U.S. West Texas Intermediate unrefined futures increased $ 1.24, or 1.8%, to $70.50 a barrel by 2229 GMT after settling up 0.95% in the previous session. Brent crude, which will roll to the January contract, has yet to begin trading. The December contract which expired on Thursday closed 0.85% higher at $73.17. Israeli intelligence recommends Iran is preparing to attack Israel from Iraqi area in the coming days, potentially before the U.S. presidential election on Nov. 5, Axios reported on Thursday, citing 2 unknown Israeli sources. The attack is expected to be performed from Iraq utilizing a. large number of drones and ballistic missiles, the Axios report. included. The report said that carrying out the attack through. pro-Iran militias in Iraq might be an attempt by Tehran to avoid. another Israeli attack against strategic targets in Iran. Oil prices were also supported by expectations that OPEC+. might postpone December's organized boost to oil production by a. month or more, 4 sources close to the matter told Reuters on. Wednesday, pointing out concern about soft oil demand and increasing. supply.
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Ecologists sue over United States approval of ioneer's Nevada lithium mine
Environmental and Native groups on Thursday filed a lawsuit challenging the U.S. Interior Department's approval of ioneer's Rhyolite Ridge lithium mine in Nevada, the very first domestic source of the battery metal to be allowed by Democratic President Joe Biden's. administration. In a suit filed in federal court in Las Vegas, groups. consisting of the Center for Biological Diversity argued the task. posed an existential threat to the unusual wildflower Tiehm's. buckwheat and might drive it to termination. They stated the mine would likewise adversely effect groundwater,. springs, wetlands, air quality, cultural resources and wildlife. habitats, and would transform a remote part of rural Nevada into. a commercial complex. The groups said the Interior Department's Bureau of Land. Management (BLM) authorized the mine without ensuring that it. would not jeopardize the wildflower or unduly effect the. environment in infraction of the National Environmental Policy. Act, the Federal Lands Policy and Management Act, and the. Endangered Species Act. The Interior Department decreased to comment. Australia-based ioneer stated it does not expect the claim. to meaningfully impact our proposed development timeline and. that it believes the job can be established sustainably. We are positive that the BLM will prevail versus this. claim, said Chad Yeftich, ioneer's vice president of. corporate advancement and external affairs. We intend to. intervene and intensely safeguard the BLM's decision, which was. based upon its cautious and extensive allowing procedure.. The crucial minerals miner received approval for the mine last. week following a more-than six-year review process during which. regulators, ioneer and conservationists tussled over the fate of. Tiehm's buckwheat. The license cleared the method for development of a mine that will. end up being a crucial supplier to Ford Motor and other. electric-vehicle makers. It was released amidst a flurry of. current moves by Biden administration officials to support. important minerals production and offset China's market. supremacy. The permit likewise unlocked a $700 million loan from the U.S. Department of Energy, in addition to a $490 million equity. investment from Sibanye Stillwater to fund the task. The Interior Department stated when it approved the mine that. it had taken many steps to safeguard the environment near the. mine site, approximately 225 miles (362 km) north of Las Vegas. The project contains enough lithium to power roughly 370,000. EVs each year. Building is slated to begin next year, with. production commencing by 2028.
Asian stocks dragged by tech, yen gains little traction as BOJ holds
Asian stocks slid on Thursday as chipsector stocks tracked overnight decreases by Wall Street peers and Facebook owner Meta Platforms warned of speeding up expenses for artificial intelligence.
More megacap tech earnings are due later on in the day from Apple and Amazon.
The yen hovered near to a three-month low against the dollar, weighed down by political instability as a drubbing for Japan's ruling coalition in parliamentary elections last weekend could postpone a normalisation of financial policy.
The Bank of Japan made little mention of politics when keeping rates the same on Thursday, restating only that there were lots of uncertainties about the economic outlook.
Its policy statement ran to simply 2 lines, while a. different economic upgrade revealed it still planned to tighten. policy gradually if the economy established as anticipated.
More broadly, the dollar was relaxing, having. pulled back from a near three-month peak to major peers on. Wednesday.
Investors were likewise treading warily ahead of U.S. non-farm. payrolls information on Friday, the governmental election next Tuesday. and a Federal Reserve policy decision on Thursday.
Japan's Nikkei share average fell 0.5% as of 0155. GMT. South Korea's Kospi dropped 1.3%.
North Korea stirred local tensions by test shooting what a. U.S. authorities said was an intercontinental ballistic missile. into the sea off the reclusive country's east coast on Thursday.
Hong Kong's Hang Seng added 0.2%, however mainland. Chinese blue chips slipped 0.7%. Investors are. waiting for more clarity on stimulus from Beijing next week, when. officials convene a week-long congress.
Surveys on production and services in China did reveal some. pick up in activity, with the main acquiring supervisors'. index (PMI) rose to 50.1 in October.
Taiwanese markets were shuttered due to a tropical cyclone.
S&P 500 futures alleviated 0.35%, while Nasdaq futures. dipped 0.47%. The Philadelphia SE semiconductor index. plunged 3.35% over night, with Advanced Micro Gadgets. tumbling more than 10% following dour projections.
EUROSTOXX 50 futures and DAX futures both. relieved 0.4%, while FTSE futures fell 0.1%.
HARD MONTH FOR YEN
The U.S. dollar index was stable at 104.15 following. its pullback from the greatest given that Aug. 2 at 104.63 reached on. Tuesday.
The dollar was a portion lower on the yen at 153.36. , but not far from this week's high of 153.885.
The dollar is still up a heady 6.8% up until now in October. and heading for its best month considering that late 2016 as political. unpredictability in Japan further hold-ups rate hikes.
The euro has actually also acquired 4% on the yen this month to. reach 166.65 yen.
Japan's untidy political circumstance is an advantage for currency. speculators, stated Shoki Omori, primary Japan desk strategist at. Mizuho Securities. However for the most part, the ball is on the. dollar side, he stated.
If the U.S. sees more mixed information, we might see greater. volatility in the set, Omori said. Non-farm payrolls is going. to change the photo if it comes out completely various from. agreement.
The individual intake expenses index, the Fed's. preferred procedure of inflation, is also due in the future Thursday.
On the other hand, in the final stretch of the U.S. governmental. contest, viewpoint surveys still put Republican Donald Trump and. Democrat Kamala Harris neck-and-neck, although monetary markets. and some wagering platforms have actually been favoring a Trump. triumph.
Gold reached a fresh all-time high of $2,790.15 per. ounce.
Oil rates extended a rally from Wednesday, driven by. optimism over U.S. fuel need following an unexpected drop in. crude and gasoline stocks.
Brent crude futures acquired 0.5% to $72.90 a barrel. and U.S. West Texas Intermediate unrefined futures climbed. 0.5% to $68.93 per barrel. Both contracts increased more than 2% in. the previous session.
(source: Reuters)