Dec 14, 2017

The World Bank has announced it will stop lending for most oil and gas projects

Oil and Gas
Sophie Chapman
2 min
The World Bank will stop funding to oil and gas projects after 2019
On 12 December, the World Bank announced that after 2019 it will no longer fund oil and gas projects, for the most part. I...

On 12 December, the World Bank announced that after 2019 it will no longer fund oil and gas projects, for the most part.

In a bid to make institutions revalue the environmental risks of fossil fuels, the bank has committed to only fund natural gas in the poorest countries.

President of the World Bank, Jim Yong Kim, made the announcement during the international climate summit that marked the second anniversary of the signing of the Paris Agreement, held by French President Emmanuel Macron.

“We're determined to work with all of you to put the right policies in place, get market forces moving in the right direction, put the money on the table, and accelerate action,” stated Mr Kim.

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"That's the only way we can meet the commitments we made two years ago, and finally begin to win the battle against climate change.”

Investments in oil and gas, including loans and equity stakes, contribute to approximately 2% of the bank’s US$280bn asset base.

The Washington-based bank’s International Finance Corp. invested $238mn into the industry in 2016.

In 2013, the World Bank made the commitment that they would no longer invest money into coal-powered generation projects.

“We were certainly pleased to see the announcement by the World Bank today,” commented Catherine McKenna, Federal Environment Minister.

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May 6, 2021

Global Offshore rebrands Enelift and invests in global hubs

Tubulars
rebrand
Globalhubs
Dominic Ellis
2 min
Enelift plans to augment existing solutions with robotics and remote operational and training technology

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."

 

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