Joe Biden tackles two major energy issues on opening day
New US President Joe Biden hit the ground running by signing 17 executive orders on his inauguration day - including two key developments affecting the energy sector.
He cancelled the permit for the $9 billion Keystone XL pipeline project, which is designed to carry oil from Canada's oil fields to Nebraska.
TC Energy Corporation said it was "disappointed" with the decision and will assess its implications, and consider its options.
François Poirier, TC Energy’s President and Chief Executive Officer, said its base business continues to perform well and it is advancing $25 billion of secured capital projects. "These initiatives are expected to generate growth in earnings and cash flow per share and support annual dividend increases of eight to ten per cent in 2021 and five to seven per cent thereafter," he said.
In another signficant environmental move, the US has rejoined the Paris Climate Agreement, the legally binding international treaty on climate change which was adopted by 196 Parties at COP 21 in Paris in 2015. President Trump announced the US' withdrawal in 2017 and it was implemented on November 4 last year.
The United Nations Secretary-General, António Guterres, welcomed the US' return to the coalition but warned there is "very long way to go".
"The climate crisis continues to worsen and time is running out to limit temperature rise to 1.5 degrees Celsius and build more climate-resilient societies that help to protect the most vulnerable. We look forward to the leadership of the United States in accelerating global efforts towards net zero, including by bringing forward a new nationally determined contribution with ambitious 2030 targets and climate finance in advance of COP26 in Glasgow later this year."
Democratic National Committee Chair Tom Perez acknowledged the many challenges facing the new administration. "We have a pandemic to battle, an economy to rebuild, a nation to unite and heal. The time has come for real leadership in the White House. The time has come to put the American people above partisanship."
To read Joe Biden's Top 10 energy priorities, click here.
Global Offshore rebrands Enelift and invests in global hubs
Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.
The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.
The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.
Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.
Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.
The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.
Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".
"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.
Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.
"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."