Thomson Reuters News

(Photo: Flipflopi)

Boat Made of Flip-flops Sails for Cleaner Seas

many people have started local businesses, like hotels along the shores, and contributed to a huge mess - as you can see, the place is littered with plastic bottles," he added.The Flipflopi, built from 10 tonnes of plastic waste, was first launched late last year.Co-founder Ben Morison told the Thomson Reuters Foundation he began working on the project in 2016 "to transmit the message about the impact that plastic is having on marine ecosystems, how this affects us, and most important of all, what we can do about it".Global challengeResearchers estimate the world has produced more than 8

© peteri/Adobe Stock

Scientist Pool Data to Create the $3B Ocean Map

without a map?" asked Larry Mayer, director of the U.S.-based Center for Coastal and Ocean Mapping, a research body that trains hydrographers and develops tools for mapping."We depend on having that knowledge of what's around us - and the same is true for the ocean," he told the Thomson Reuters Foundation.With their deep craters and mountain ranges, the contours of the earth beneath the waves are both vast and largely unknown.But a huge mapping effort is underway to change that.The U.N.-backed project, called Seabed 2030, is urging countries and companies to pool data to create a map

© Mykola Mazuryk / Adobe Stock

India Plans Deep Dive for Seabed Minerals

resources sooner or later ... there is no other way," said Gidugu Ananda Ramadass, head of India's deep sea mining project at the National Institute of Ocean Technology (NIOT) in the southern city of Chennai."For the future of mankind ... the ocean is the only hope," he told the Thomson Reuters Foundation.India, Asia's third-largest economy, is going full steam ahead in anticipation of the International Seabed Authority (ISA) - a U.N. body that oversees mining on the high seas - giving the green light for commercial exploitation.Captain Nemo appeared to get one thing wrong, however

© Kelly / Adobe Stock

Mexican Wave Energy Project Moving Forward

;s completely untapped, and it has to change,” said Inna Braverman, co-founder of Tel Aviv-based Eco Wave Power.“At the moment we’re a comparable price to solar, but the advantage on top of solar is the availability of the resource... It keeps working 24/7,” she told the Thomson Reuters Foundation.After scanning the coast for optimal wave conditions, the company decided to set up its first Mexican plant near Manzanillo, the country’s busiest cargo port some 845 kilometers (525 miles) west of Mexico City.Situated close to the shore, hundreds of floating buoys connected

Richard Branson with Usain Bolt (Photo: Caribbean Climate-Smart Accelerator)

Caribbean States Kick Off Green Defense Against Disasters

26 countries would give start-ups easier access to financing for large projects."Just the fact that we've got ... pretty much every single Caribbean nation signed up and a lot of agencies willing to work with them gives a good chance of speeding the process forward," Branson told the Thomson Reuters Foundation by telephone.Partners include the Inter-American Development Bank, private firms and countries from Grenada to Anguilla and Dominica.The effort kicked off by rolling out a handful of projects, including an announcement that Airbnb, the home-sharing website service, was expanding to

Schlumberger Revenue Misses Estimates

posted net income attributable of $430 million, or 31 cents per share, in the second quarter ended June 30, compared with a loss of $74 million, or 5 cents per share, a year earlier.Total revenue rose 11.3 percent to $8.30 billion, but missed analysts' estimate of $8.36 billion, according to Thomson Reuters I/B/E/S.(Reporting by John Benny in Bengaluru; Editing by Sriraj Kalluvila

Prelude FLNG (File photo courtesy Shell)

Shell Feeds Gas to Australia's New Prelude FLNG

Royal Dutch Shell has introduced gas to its 490 meter (1,600 ft) long Prelude floating liquefied natural gas (FLNG) unit as part of the cooling process before start-up, a spokeswoman told Reuters on Wednesday.Gas was fed to the unit from liquefied natural gas (LNG) carrier Gallina, she said. Thomson Reuters Eikon ship tracking data shows that the vessel left Prelude FLNG port on June 7."This will cool down the tanks and process equipment and pipework with gas and is an opportunity to test processes and systems before the subsea wells are opened at start-up," she said.Shell and Inpex Corp

© SeanPavonePhoto / Adobe Stock

Caribbean Set to Ride the 'Blue Economy' Wave

improve fisheries, and develop sustainable energy, said Mark Weary, a senior director at NatureVest, which funds deals for The Nature Conservancy."The private sector capital is interested in the debt restructuring work because of the cash-flow it creates for conservation," Weary told the Thomson Reuters Foundation.He said renewable energy projects would be likely to attract investors."It's a true impact," said Weary. "They get their money back with a return and you generate all this cash for the environment."(Reporting by Sophie Hares; editing by Jared Ferrie. Thomson

File Image (CREDIT: AdobeStock / © DonvictoriO)

TGS Boosted by Seismic Market Recovery

first-quarter revenues far above forecasts as markets continue to improve, it said on Tuesday, sending its share price surging.   Net revenues for the January-March quarter rose by 56 percent year-on-year to $135 million, beating the average $106 million forecast by analysts, according to Thomson Reuters estimates.   TGS, whose vessels scan the seabed for potential oil and gas deposits, said more than 85 percent of first-quarter revenues came from sales of previously collected data held in the company's extensive library.   "With all regions performing above our expectations

© Richard Carey / Adobe Stock

Efforts to Curb Plastic Litter in Oceans are Working

, have introduced plastic bag levies since 2003, which have led to massive reductions in their use.   "The action of all these nations ... meant there are less bags being distributed, less bags ... escaping into the marine environment," Thomas Maes, co-author of the study, told the Thomson Reuters Foundation.   "If we think a bit more wisely about plastic, especially the single use items we use in our daily life, we can make big changes," said the marine scientist at Britain's governmental Centre for Environment, Fisheries and Aquaculture Science.   United Nations

© Eugene Wais / Adobe Stock

Rising Tide of Innovation at Davos to Keep Plastic out of the Sea

the marketplace.   An estimated $80 billion to $120 billion of plastic packaging material is lost to the economy each year, which creates a financial incentive for business to reuse plastic, the Ellen MacArthur Foundation has said. (Reporting by Adela Suliman; editing by Megan Rowling. Thomson Reuters Foundation

Aker BP recently awarded a contract worth up to $68 million to Odfjell Drilling for the lease of the semi-submersible drilling rig Deepsea Stavanger in the Norwegian Sea and the Barnts Sea (Photo: Aker BP)

Offshore Rig Firms See End to Historic Downturn

, particularly for high-end rigs, with Odfjell Drilling signing in August a nine-month contract with Aker BP at a day rate of $250,000.   Analysts mostly have "Buy" or "Strong Buy" ratings for Borr Drilling, Odfjell Drilling, Transocean and Northern Drilling, according to Thomson Reuters data, as they have the most exposure to harsh-environment rigs, the newest fleets and the lowest debts in the sector.   However, Simen Lieungh, chief executive of Odfjell Drilling, told Reuters he did not expect day rates rising significantly to $350,000-400,000 until late 2019.  

(File photo: Hess)

New Offshore Oil Investments Needed to Avoid Shortages -Hess

crude surplus was starting to shrink.   Hess in July posted a bigger than expected second quarter loss as its oil production slipped. It recently suffered some production hits from Hurricane Harvey. Hess's third quarter per share profit is expected to fall 18 percent to $1.33, according to Thomson Reuters data.   While deepwater projects require significantly higher capital expenditures than conventional or shale production, those costs are declining as the industry gains greater efficiencies, Hill said.   There is the potential for deepwater drilling costs to shrink by as much

Coiled carbon nanotube yarns, created at the University of Texas at Dallas and imaged here with a scanning electron microscope, generate electrical energy when stretched or twisted. (Image: University of Texas at Dallas)

Stretch for Power: High-tech Yarn Generates New Energy

," he said.   But the twistron's most compelling feature was the ability to operate in sea water and potentially harvest vast amounts of energy from the ocean, he added.   "The grander dream is to make a real difference in the energy economy of nations," Baughman told the Thomson Reuters Foundation by phone.   A trial in South Korea showed that a small twistron attached between a buoy and a sinker on the seabed produced electricity every time a passing wave pulled the yarn.   Baughman said that the technique could be scaled up in the future to create sea-power

Schlumberger expects reactivation costs to squeeze margins

production at two oilfields.   Net profit attributable to Schlumberger fell about 44 percent to $279 million, or 20 cents per share, in the first quarter. (   Excluding items, Schlumberger earned 25 cents per share, matching analysts' estimates, according to Thomson Reuters I/B/E/S.   Revenue of $6.89 billion came in below estimate of $6.96 billion.     (By Arathy S Nair and Swetha Gopinath; Editing by Sriraj Kalluvila)  

Photo: Greg Trauthwein

New York at Risk of Flooding Every Two Decades -Study

an enormous undertaking to protect coastal areas and New York, a city of 8.5 million people, he said.   "Something like that periodically hitting the coastline, it would result in incredible engineering projects, up and down the U.S. seaboard, to protect society," Horton told the Thomson Reuters Foundation in a phone interview.   The projections highlight the importance of slashing greenhouse gas emissions that cause climate change, he said.   The study is based on a combination of historical data and computer model projections.   It was the first to make projections

Oil Industry Suppliers See Light at the End of the Tunnel

projects to be sanctioned in the next 12-18 months," the group said.   No Easy Road Back But the road back to bumper profits will not be easy and there will be winners and losers.   Analysts mostly have "buy" recommendations for Technip and Schlumberger, according to Thomson Reuters data, but there is little consensus elsewhere.   "In terms of what might start recovering earliest, it's more likely to be company-driven, - ie. a service company grabbing the situation by the horns and actually doing something about it. So Technip-FMC, Schlumberger-Cameron, potentially

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