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UK Offshore Wind Industry Employs 40,000 People, New Report Finds
RenewableUK and the Offshore Wind Industry Council (OWIC) have released a new report showing that the number of people working in the offshore wind industry has risen from just over 32,000 two years ago to nearly 40,000 today – an increase of 24%.The Wind Industry Skills Intelligence Report 2025 has also revealed that the number of people working in onshore wind in the U.K. now stands at just over 15,000. This brings the UK’s total current wind industry workforce to over 55,000.The report projects future job numbers by examining three potential deployment scenarios for offshore wind in 2030, with installed capacities of 39 GW, 47 GW and 52 GW.It also includes a scenario for onshore wind of 27 GW by 2030, in line with Government targets to reach clean power within the next five years.These projections show that between 74,000 and 95,000 people will be needed to support the accelerated deployment of offshore wind by the end of the decade, while the number of jobs in onshore wind will rise to over 17,500.This means the total UK wind workforce could reach over 112,000 by 2030. The highest numbers of new jobs are expected to be created in Scotland, the east of England and in Yorkshire and the Humber.The report contains a number of recommendations to ensure that these new roles can be filled by people with the right qualifications, including the development of a national workforce strategy.This should include the creation of regional training hubs in coastal communities around the UK, with a focus on training and upskilling, including fast track approaches for new entrants and those from other sectors in the skills and roles most needed by the industry.A central workforce data observatory should be established to monitor labor supply, demand and skills gaps. Industry should work with education providers to offer apprenticeships and internship programs.The study identifies specific jobs roles where skills shortages need to be addressed to meet the demand for workers, such as high voltage cable specialist, wind turbine technician, environmental adviser, installation engineer, planning officer and technical manager.It highlights opportunities for workers in other parts of the energy sector with relevant experience such as oil and gas, or former military personnel, to retrain for these roles in renewables. The study also calls for further efforts to align STEM education (science, technology, engineering and maths) at secondary school and university levels more closely with the needs of the wind industry, with specialized modules being taught to students.The report states that the number of women working across the wind industry has continued to rise year on year since 2022 to reach 22% - the offshore wind industry has a target of 33% by 2030.The average age of people working in the industry is under 40, whereas in comparable sectors such as transport, workers are typically in their mid to late-40s, reflecting the fact that younger people are choosing careers in renewables.“This report shows that the number of people working in high quality well-paid jobs in the wind industry onshore and offshore is set to grow even higher over the next five years, well beyond the 55,000 employed today. But it also identifies a looming skills gap which we have to address by recruiting and training enough workers to take on a wide variety of new roles in renewables though technical apprenticeships and graduate training programs.“Industry and Government both have roles to play in ensuring that we enable experienced workers from other sectors with transferable skills to retrain so that they have a clear career pathway into renewables. We also need to foster young talent and inspire the next generation of engineers, designers, technicians and project managers to build the clean energy system of the future,” said Jane Cooper, RenewableUK’s Deputy Chief Executive.
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Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up
Malaysian state energy company Petronas said on Tuesday it expects to take one to two years to set up a planned joint venture with Italian energy group Eni on upstream assets in Indonesia and Malaysia.The companies announced a joint venture framework, moving forward with a pact signed in February that they said can deliver up to 500,000 barrels per day of oil equivalent (boe), combining about 3 billion boe of reserves with an additional 10 billion boe of potential exploration upside."Asia has huge, huge potential," Eni CEO Claudio Descalzi told Reuters on the sidelines of the Energy Asia conference in Kuala Lumpur."The cooperation between countries, to find synergies and exchange energies and put together resources and competencies, is essential. And that is a very strong example, Indonesia and Malaysia together," Descalzi said.The asset combination focuses on Indonesia's Kutai Basin, where Eni's portfolio includes developments in the Northern and Gendalo-Gandang hubs, which hold substantial gas reserves."The whole idea of having this as a combination is to have an independent entity created in order to be self-financed," Mohd Jukris Abdul Wahab, executive vice-president and CEO - upstream at Petronas, said at the conference.Petronas has said it was looking to include oil and gas projects in Indonesia's Kutai Basin in the planned joint venture, proposing to swap interests for its assets in Malaysia and Indonesia with Eni's blocks there.However, Petronas said it would exclude Indonesian assets recently awarded to the company, such as the Binaiya and Serpang blocks.The companies said they aimed to finalize their agreement by this year-end, with completion thereafter subject to regulatory approvals.(Reuters - Reporting by Florence Tan and Ashley Tang; Writing by Emily Chow; Editing by Tom Hogue, Clarence Fernandez and Rashmi Aich)
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Iron ore prices continue to fall due to a slowdown in China's demand and a stronger dollar
Iron ore futures declined on Wednesday and were on course for a fifth consecutive session of declines, pressured both by a stronger dollar and the slowing demand in China, which is the world's largest steelmaking consumer. As of 0242 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange lost 0.86% and was 693 yuan (US$96.42) per metric ton. The benchmark July Iron Ore traded on the Singapore Exchange fell 0.68%, to $92.15 per ton. Galaxy Futures, a broker, says that steel production will slow as the off-season approaches, and demand will likely weaken even further. The rainy season in southern China has slowed down construction activity. High temperatures in the north are contributing to a slower pace of construction, according to ANZ analysts. According to Mysteel's data, China's blast-furnace steel producers saw their production fall for the fifth consecutive week between June 6-12. The consultancy attributed this to the regular maintenance stops among mills. ANZ reported that Beijing's efforts to curb the overcapacity of the steel industry are working. The National Bureau of Statistics reported that China's crude output of steel fell 6.9% compared to the same month a year ago, reaching 86.55 millions tons. Steelhome data show that the total iron ore stocks across China's ports increased by 1.06% in a week to 133.4 millions tons on June 13. Also pressuring prices was a stronger U.S. dollar, which held onto gains against major currencies on the day amid safe-haven bids, making greenback-denominated assets less affordable to holders of other currencies. Coking coal and coke were both up 0.6% on the DCE. The benchmarks for steel on the Shanghai Futures Exchange were flat. Hot-rolled coils traded flat, and wire rod gained 0.24%. Rebar dropped nearly 0.3%. Stainless steel fell 0.04%. ($1 = 7.1871 Chinese Yuan) (Reporting and editing by Sumana Niandy; Reporting by Michele Pek)
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Fed markets are jittery as the Mideast conflict continues
On Wednesday, investors were urged to seek safety in U.S. Treasuries or the dollar as they dumped stocks. Investors are becoming increasingly concerned about the possibility of an increased direct U.S. involvement in the Israel-Iran war, as it enters its sixth day. President Donald Trump has called for Iran to surrender unconditionally and warned that the patience of the United States is wearing thin. Joseph Capurso is the head of sustainable and international economics for Commonwealth Bank of Australia. The markets are trying hard to assess the risk of a large U.S. Military intervention. The market may not be thinking clearly, but the oil and currency prices indicate that they are pricing in some risk of a very bad outcome. Brent crude futures rose 0.33% on Wednesday to $76.70 a barrel, while U.S. Crude increased 0.45% to 75.18 per barrel. Both prices had increased by more than 4% the previous session. Risk-off movements across the markets have also been gaining momentum. The MSCI broadest Asia-Pacific share index outside Japan dropped 0.26%, as did the EUROSTOXX futures which fell 0.4%. The U.S. Stock futures are little changed from the overnight cash session in Wall Street, which ended in the negative. The dollar strengthened at its one-week peak of 145.445 Japanese yen, and maintained most of its gains versus other currencies. The euro was last seen buying $1.1487, after a 0.7% drop on Tuesday. The pound rose to $1.3435 after a 1.1% drop in the previous session. The rise in oil prices has a marginal negative impact on the yen, as Japan and the EU import a lot of energy while the United States exports it. The war has shown that the U.S. Dollar still has a haven status under certain circumstances, for example, when it is perceived to increase the risk of disruption of global oil supply and when it diverts the attention of traders away from risks that are U.S. centric," said Thierry Witzman, global FX rates and rates strategist, Macquarie Group. FED OUTCOME The Middle East conflict, coupled with the prolonged uncertainty surrounding Trump's tariffs, and signs of fragility within the U.S. economic system, create a difficult backdrop for the Federal Reserve to make its policy decision on Wednesday. Data released on Tuesday showed that U.S. retails sales dropped by more than expected 0.9% in May. This was the largest drop in four month. The Fed is expected to maintain its current interest rates. However, the focus will be on updated central bank projections of the economy and benchmark rate. Erik Weisman is the chief economist of MFS Investment Management. He said, "We don't expect much innovation from the Fed." The new forecasts in the Summary of Economic Projection may indicate a slightly slower growth combined with a slightly higher inflation. Investors piled into safe-haven bonds after the latest developments in Israel-Iran conflict. Bond yields are inversely related to bond prices. The benchmark 10-year rate was at 4.4027% last, after falling roughly 6 basis points the previous session. The yield on the two-year bond was 3.9581%. Spot gold fell 0.12% elsewhere to $3,384.73 per ounce.
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Mamelodi Sundowns wins the opening match to top Group F at Club World Cup
Mamelodi Sundowns, the South African champions, won their first game at the Club World Cup Tuesday. Striker Iqraam Raymonds scored the only goal as they defeated South Korea's UlsanHD 1-0. After Borussia Dortmund was held to a 0-0 draw by Fluminense in the morning, this result placed this month's African Champions League runner-up at the top of Group F. Esperance from Tunisia also lost their first match to Flamengo, while Egypt's Al Ahly had drawn in the opening round. Rayners scored nine minutes before the halftime break at the Inter & Co Stadium, in a match which was delayed for just over an hour because of the threat from lightning in central Florida. As a precaution, French referee Clement Turpin sent the teams back to their changing rooms after the teams came onto the pitch for the start of the match. After VAR checks, Rayners' two other first half strikes were ruled out - one was for handball while the other was inches offside. It was the Brazilian playmaker Lucas Ribeiro who slipped a pass past the Ulsan defense for the striker. Ribeiro's shot was blocked after some clever passing created a chance. Sundowns dominated the game with more than 70% possession. However, their passing was at times pedestrian and they wasted goals. Ulsan tried to find chances in the counter-attack. After a quick break, the Brazilian forward Erick Fairios missed the chance with the goal right at his fingertips. Ulsan rarely had the initiative but Sundowns missed two chances.
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The oil price continues to rise as the Iran-Israel conflict enters its sixth day
The oil prices rose in the early hours of trading on Wednesday, after the previous session ended with a gain of more than 4%. This was due to fears that the conflict between Israel and Iran could disrupt supply. Brent crude futures were up 19 cents or 0.25% to $76.64 per barrel at 0029 GMT. U.S. West Texas Intermediate Crude Futures increased 23 cents or 0.31% to $75.07 a barrel. The U.S. president Donald Trump called on Iran to "surrender unconditionally" Tuesday as the Iran-Israel war entered its sixth day. Three officials confirmed on Tuesday that the U.S. Military is sending more fighter planes to the region in order to strengthen its forces. Analysts say the market is primarily concerned about disruptions to the supply of oil in the Strait of Hormuz. This area carries around a fifth of all the seaborne crude oil. On Tuesday, two oil tankers collided and caught fire near the strait. United Kingdom Maritime Trade Operations warned on Monday of electronic interference affecting navigation systems. Iran is OPEC’s third largest producer, extracting approximately 3.3 million barrels of crude oil per day. Analysts say that other members of the Organization of the Petroleum Exporting Countries (OPEC) could use their spare capacities to compensate for a decrease in Iranian production. The markets are also anticipating a second session of U.S. Federal Reserve meetings on Wednesday. It is expected that the central bank will keep its overnight benchmark interest rate between 4.25% and 4.50%. Tony Sycamore is a market analyst at IG. He said that the Fed could cut rates in July by 25 basis points, earlier than what the market expects. Sycamore stated that "the situation in the Middle East may become a catalyst to the Fed sounding more dovish as it did after the Hamas attack on October 7, 2023." Low interest rates boost the economy and increase demand for oil. The Middle East conflict creates new sources of inflation, including a surge in oil prices, which makes the Fed's decision difficult. Market sources cited American Petroleum Institute data on Tuesday to report that U.S. crude, gasoline, and distillate stocks decreased last week, while inventories increased.
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Santos’ Barossa Liquefied Natural Gas project is progressing towards its final commissioning plan
Santos announced on Wednesday that it has progressed towards the final commissioning of its Barossa LNG Project following the arrival and deployment of a floating storage, production and offloading vessel (FPSO) at the Barossa Gas Field. The number two independent gas producer in Australia said that five of the six wells have been drilled. The final well is expected to be finished by the third quarter. In a press release, Australia's No. 2 independent gas producer stated that five wells of the six-well programme have been drilled. The final well is expected to be completed in the third quarter. Santos stated that the project remains on schedule for first gas to be produced in the third quarter 2025. The joint venture partners SK E&S, JERA Co and Santos have already invested $3.95billion in this project. Santos said that the Barossa Project, along with the Pikka Phase 1 in Alaska, will deliver a 30 percent increase in production in the next 18-months compared to the year 2024. Santos Darwin LNG, located in Australia's Northern Territory, will receive natural gas from Barossa. This update follows the announcement on Monday of a $18,7 billion all-cash bid by an international consortium led Abu Dhabi's National Oil Company to buy Santos. Santos joining the consortium will give it control over two Australian LNG plants - Gladstone LNG, and Darwin LNG - as well as stakes PNG LNG, and undeveloped Papua LNG. (Reporting from John Biju, Bengaluru. Editing by Rashmi aich)
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Mexico fines Slim’s Telcel $94 Million for SIM card deal With Oxxo convenience store
Mexico's telecoms regulator fined America Movil subsidiary Telcel 1,78 billion pesos (93.61 millions dollars) on Tuesday for signing exclusive deals with convenience-store chain Oxxo in order to sell its SIM card. America Movil, a telecommunications company controlled by the Mexican billionaire Carlos Slim's family, has denied the findings of the regulator and vowed to contest the investigation and fine. The fine is the result of an investigation that was launched by the Federal Telecommunications Institute in 2021 at the request from a competitor regarding the alleged monopolistic practice by Telcel. IFT fined Oxxo, Mexico’s ubiquitous Femsa convenience chain, as well as IMMEX (another Femsa subordinate) for their roles in the deal. Femsa didn't immediately respond to an inquiry for comment. The IFT stated that "the... monopolistic practices consisted of Telcel giving incentives to Oxxo, IMMEX and IMMEX on condition that they wouldn't sell SIM cards by competitors." Telcel will appeal the decision through "all available legal means," America Movil stated in a press release, calling the IFT investigation "biased" as well as "lacking in evidence." $1 = 19,0150 Mexican Pesos (Reporting and editing by Bill Berkrot, Stephen Coates and Brendan O'Boyle)
Miners, financiers see scope in energy transition however struggle with choices: Russell
Mining financial investment conferences have a fantastic track record of pointing to the next development location for commodities, as they unite early phase investors and junior miners looking for to get jobs off the ground.
A decade ago lithium was the popular metal, 5 years earlier it was the turn of gold and more just recently copper has been the flavour of the month at these occasions throughout Asia.
However at the 121 Mining and Energy Financial investment conference this week in Singapore there was no clear option, and no real consensus on where the very best chances lie.
If there was a broad style, it was that the energy transition is real and happening, even if it will take place at varying speeds and in various types across Asia, the world's. most populated area and the engine space of worldwide economic. growth.
But how best to utilize the energy shift into. lucrative investments is developing into a vexing challenge for. both those with cash to splash and those looking for to develop. jobs focused on speeding up the modification to cleaner fuels and. power systems.
Among the unexpected metals on the radar screen at the. conference was lithium. It headed out of favour recently. after a surge in financial investment took the market into surplus,. leading to a collapse of rates, which have actually dropped some 88%. given that reaching a record high in December 2022.
The thinking is that while the lithium market is currently. oversupplied, and this might continue into 2025, there is a wave of. brand-new need coming.
Much of the bearishness surrounding lithium has been about. the slower-than-expected uptake of electric vehicles in the. industrialized world.
However while sales might have been frustrating, lithium demand. is set for strong boosts in the next few years as electric. heavy cars get in service, and as battery storage to firm. renewables such as wind and solar become more widespread.
It's this need for lithium that will end up defeating any. weakness in EV cars and truck sales, and it's set to accelerate strongly by. 2030, which is coincidently around the time a mining company may. be able to cause new production assuming they started. development quickly.
STEEL DEMAND EQUALS COAL
Another out of favour commodity is coal, however there was. interest expressed in metallurgical, or coking coal, the greater. quality fuel used generally to make steel.
In result this is an India play, with the expectation that. as it continues its enormous infrastructure construct out, the South. Asian country will likewise produce more steel, and therefore need to. import coking coal given the lack of domestic resources.
While coal is the bogeyman of climate modification, the view amongst. some investors is that offered the energy shift relies. heavily on steel, coking coal can be acceptable offered its function. in producing steel.
Steel can be de-carbonised by upgrading iron ore utilizing green. hydrogen and then utilizing electric arc heating systems, however the view is. that this will take several years to reach the scale required,. and in the meantime the coal-intensive, standard oxygen. heater approach will control in India, as it carries out in China.
Another part of the product complex attracting financier. interest is the midstream sector, where raw materials are. processed into intermediate products.
The desire of Western countries to diversify away from. China's supremacy of metal processing is unlocking. opportunities, such as the capital offered from the U.S. Inflation Reduction Act.
The trick is navigating the administrative procedures behind. the different international legislations, and even if the money can be. accessed, it still might not be enough to get rid of China's. economies of scale and first mover advantages.
For instance, establishing a lithium processing plant in. Australia, the world's most significant manufacturer of the battery metal, is. likely to come in at up to eight times the capital and operating. expense of a comparable operation in China.
Accessing capital remains a continuous struggle, with both. financiers and miners stating the pools of readily available capital are. shrinking, especially if Chinese cash is considered politically. inappropriate.
This suggests that smaller jobs are significantly turning to. intermediaries to get funding, such as international trading houses. such as Glencore and Trafigura.
Banks will lend to these reputable business, and. they in turn will lend to smaller-scale jobs.
But the problem with this procedure is that it increases the. cost of capital and slows down the pace at which brand-new tasks. can be brought on line.
The bottom line is that the energy shift is viewed as. using big chances to miners, traders and investors,. however it stays afflicted by uncertainty over which innovations. will become the leaders, and also the absence of collaborated. government policies such as rewards and carbon taxes.
The opinions expressed here are those of the author, a writer. .
(source: Reuters)