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World needs new offshore oil investments to avoid shortages

HOUSTON: Higher investments in offshore oil production are critical to avoiding a supply squeeze by 2020, as expanding shale output will not match projected demand increases in the next few years, U.S. oil producer Hess Corp said on Thursday. The past four years of low oil prices have major producers pulling back on needed offshore investment, and the gap between supply and demand should help prices rebound, Hess Chief Operating Officer Greg Hill said at an energy conference at Rice University’s Baker Institute. “The…

Dutch open ‘world’s largest offshore’ wind farm

THE HAGUE: Dutch officials on Monday opened what is being billed as one of the world’s largest offshore wind farms, with 150 turbines spinning in action far out in the North Sea. Over the next 15 years, the Gemini wind park, which lies some 85 kilometers (53 miles) off the northern coast of The Netherlands, will meet the energy needs of about 1.5 million people. At full winds the wind park has a generating capacity of some 600 megawatts, and will help supply some 785,000 Dutch households with renewable energy, the…

Apple, Microsoft, other US firms hiding $1.6 trillion in offshore tax havens: Oxfam

WASHINGTON: The 50 largest US companies, including Apple, Microsoft and Wal-Mart, are parking about $1.6 trillion in offshore tax havens to reduce their US tax burden, according to a study published Wednesday.  Poverty-fighting organization Oxfam America said the sum for 2015 was a $200 billion increase over the prior year. The report cites the companies' own data. While not illegal, the companies "used a secretive network of 1,751 subsidiaries in tax havens to stash" their earnings outside the United States, Oxfam…