Equinor wind project to rank among largest offshore developments in world as wind investment soars

Source: By Erin Dougla, Houston Chroncile • Posted: Tuesday, September 24, 2019

Equinor’s offshore wind project in the Dogger Bank region of the UK North Sea will rank among the largest offshore development projects in the world planned through 2026, according to analysis by Rystad Energy, an energy research and consulting firm.

The Dogger Bank project, which Rystad Energy expects to rank as the sixth-largest offshore development project during that time period, will also be the Equinor’s largest project through 2026, with an expected $11 billion in capital investments starting in 2020.

Equinor, a Norwegian energy company, intends to become the world’s largest offshore wind operator, and is spending big to get there. In July, it won a major project off the coast of New York — another $3 billion in potential investments that will include as many as 80 wind turbines. And, four other projects that total 7.4 gigawatts in capacity, are up for sanctioning in the 2020s.

“The influx of offshore wind contracts worth billions of dollars will be welcomed with open arms by marine contractors,” said Audun Martinsen, head of oilfield services research at Rystad Energy. “Many anticipate challenging times ahead given the uncertain outlook for offshore oil and gas developments.”