Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )

Dong Energy takes over a U.S. offshore wind development project

Denmark’s Dong Energy recently entered into an agreement with U.S. renewable energy company RES Americas Developments to take over an offshore wind energy development project off the coast of Massachusetts. The lease covers an area that could accommodate more than 1,000 MW of wind energy, according to the company’s press release.

Source: BOEM Dong Energy will be taking over OCS-A 500

Source: BOEM Dong Energy will be taking over OCS-A 500

RES originally purchased the lease through a commercial auction in the state of Massachusetts. Under the terms of the agreement, which still needs to be approved by the Bureau of Ocean Energy Management, Dong Energy will take over the lease and lead project development activities, with support from RES Americas. The lease area is about 293 square miles, and is located approximately 56 miles from shore with water depths ranging from 131 to164 feet.

Samuel Leupold, Executive Vice President of Wind Power, said: “The U.S. is an interesting market for offshore wind with the potential to become a significant area for future development.” Leupold went on to say that the condition of the land in the Massachusetts lease were similar to those that the company has operated in before, which will give the company an edge in developing the new project.

Dong Energy generates about 5 trillion watt hours (TWh) of energy through wind and hydro production. The company also has oil and gas assets, which averaged 115 MBOPD in 2014, 90% of which came from Norwegian fields and 10% from Danish fields.

Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. The company or companies covered in this note did not review the note prior to publication. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.

Tags: ,

Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.