Market report

SSE goes Dutch | BP takes hit | Wood extends Shell deal

SSE
SSE: expanding in the Netherlands

Energy group SSE said it is advancing the development of a 2GW offshore wind farm in the IJmuiden Ver Wind Farm Zone in the Netherlands in partnership with AFG.

It plans to finalise investment decisions by late 2025 and commission the project by the end of the decade.

The Perth-based FTSE 100 giant said the Dutch government had awarded the consortium a 40-year lease for the site, including a grid connection, and required it to reimburse €20m for environmental studies.

This is SSE’s first seabed award in the Dutch offshore wind market, expanding its offshore wind pipeline to 9.3GW and aligning with the Netherlands’ target of 21GW by 2032 and 50GW by 2040.

IJmuiden Ver Alpha will be located about 62 kilometres off the Dutch coast off the port town of IJmuiden and will have an installed capacity of around 2GW, enough to meet around 7% of the current Dutch electricity demand. 


BP

BP is taking a hit of up to $2bn in the second quarter relating to asset impairments and onerous contract provisions, including charges relating to the ongoing review of its Gelsenkirchen refinery in Germany.

The oil and gas giant also forecast flat upstream production in the second quarter, while its gas marketing and trading result was also expected to be average following a strong result in the first quarter.


Wood Group

Engineering and consulting firm Wood Group has signed an extended contract with Shell to provide brownfield engineering, procurement, and construction management for the latter’s Prelude floating liquefied natural gas platform facility in Western Australia.

Chief executive Ken Gilmartin said the six-year deal builds on its 70-year global relationship with Shell to deliver integrated brownfield engineering solutions for Prelude, the world’s largest floating offshore gas facility.”



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