The cost of floating wind farms is on a steeper decline than that of traditional offshore wind, with the emerging sector increasingly attractive to oil and gas companies, said Sebastian Bringsværd, head of floating wind development at Norwegian energy giant Equinor.

After years of industry anticipation, the floating wind market is finally gaining momentum in a commercially meaningful way. The goal, Bringsværd said, is to scale floating projects up to a comparable level as traditional projects, which are often 500 megawatts or larger, taking advantage of offshore wind’s huge economies of scale.

Just a few years ago that was an “ambitious” vision,” Bringsværd said. “Now I see that's very realistic.”

In its annual report released on Thursday, Equinor, among Europe's largest oil producers, laid out a new climate roadmap to keep it in line with the Paris Climate Accord, including plans to transform into a "global offshore wind...

A small-cap oil explorer has been plunged into turmoil over a loan tied to to the future of its boss, in the latest row to hit the Aim stock market.

Nostra Terra is fighting off a bid to replace chief executive Matt Lofgran and chairman Ewen Ainsworth by shareholder Eridge Capital.

Investors will vote on whether to sack the pair next month - but Nostra Terra has revealed that a $1.7m (£1.3m) loan could be at risk if Mr Lofgran is kicked out.

Lender Washington Federal Bank must grant its permission for Mr Lofgran to leave the firm under the terms of an agreement with one of its subsidiaries.

In a letter to shareholders, Mr Ainsworth said there is a risk that this permission will not be granted if the coup succeeds, throwing Nostra Terra's future into doubt.

Although such loan agreements are not uncommon, Eridge claims the board should have reported the covenant given its...

Oil futures traded sharply lower Tuesday as concerns about the coronavirus and its impact on demand resurfaced, fueling a broader aversion to assets considered risky on Wall Street. Growing doubts that a group of global crude producers, particularly Russia, are inclined to reduce output further to stabilize prices also weighed on prices.

West Texas Intermediate crude for March delivery CLH20, -1.81%  lost $1.11, or 2.1%, to $50.94 a barrel on the New York Mercantile Exchange, while April Brent crude BRNJ20, -1.96%  fell $1.33, or 2.3%, to $56.34 a barrel on ICE Futures Europe.

“The risk-off tone was also driving oil on Tuesday, with WTI and Brent crude prices off by between 1.5%-1.8% amid fading hopes that OPEC and its allies will be able to agree to emergency production cuts to counter the deteriorating demand outlook,” wrote Raffi Boyadjian, senior investment analyst at XM in a Tuesday research note.

The decline comes after both grades...

LONDON — Oil fell below $57 a barrel on Tuesday, pressured by concerns over the impact on oil demand from the coronavirus outbreak in China and a lack of further action by OPEC and its allies to support the market.

Forecasters including the International Energy Agency (IEA) have cut 2020 oil demand estimates because of the virus. Though new cases in mainland China have dipped, global experts say it is too early to judge if the outbreak is being contained.

Brent crude was down $1.02 at $56.65 a barrel by 1100 GMT after rallying in the previous five sessions. U.S. West Texas Intermediate crude fell 82 cents to $51.23.

“Risk aversion has returned to the markets,” said Commerzbank analyst Carsten Fritsch.

“OPEC+ has shown no sign yet of reacting to the virus-related slump in demand by making additional production cuts.”

The virus is having a wider impact on companies and financial markets. Asian shares fell and Wall Street was poised to...

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