A new law pertaining to offshore wind development has been introduced by Finland. The Finnish Act on Offshore Wind Power in the Exclusive Economic Zone (EEZ) has been passed by the nation. The new policy, which was signed by the Finnish president, will take effect the following year. 

The newly introduced policy allows for the organization of Finland’s first tender for offshore wind projects in its EEZ. In addition, the new law aims to address regulatory gaps and promote sustainable energy development.

Also read: Japan Awards Offshore Wind Contracts to Accelerate 2030 Decarbonization Goals

Offshore Wind Development Legislation

The new law establishes a clear legal framework for offshore wind projects, Finland’s Ministry of Economic Affairs and Employment said. Such a framework will establish an environment that is predictable and encouraging for project development and construction.

The regulation also aims to make sure that offhsore wind development does not become a roadblock for other marine activities.

Offshore Wind Tender

Finland’s administration plans to identify suitable offshore wind areas in 2025. The government intends to scout suitable areas and conduct a strategic environmental assessment (SEA). After finalizing the locations, the first areas for offshore wind development will be tendered in autumn next year.

The Energy Authority will organize competitive tendering after the government selects the designated areas.

A decree under the new Act will outline the criteria for selecting tender winners. This decree is expected to take effect before the start of the first tendering process.

Competitive Tendering Model

Finland’s new offshore wind tendering model includes three key components:

1. Government selection of offshore wind areas.
2. Organization of competitive tendering by the Energy Authority.
3. Granting of exclusive permits to tender winners for project development.

If the winning bidder does not apply for an exploitation permit, the second-best tenderer will have the opportunity to do so. However, obtaining a permit does not guarantee project construction, as additional approvals are required.

Current Offshore Wind Landscape

Currently, Finland operates one offshore wind farm—the 42 MW Tahkoluoto facility, located off the west coast in icy sea conditions. In May 2024, the government rejected 16 exploitation permit applications, citing the need to finalize legislation for offshore wind development.

This new law marks a pivotal moment in Finland’s renewable energy journey, aligning with its goals for sustainable energy and climate action.

ExxonMobil Guyana has restarted hydrocarbon explorations at the Stabroek Block off South America’s North Atlantic. The company, backed up by Noble Corporation-owned MODUs and Stena Drilling owned MODUs, is gearing up to drill deeper into a possible source of oil and natural gas. The Haimara_3 exploration drilling site, within Guyana’s Exclusive Economic Zone began on December 25, 2024, MARAD reported.

Stena Drilling’s Stena Carron drillship is leading the operations, expected to conclude by December 31, 2024. The drilling project is supported by subsea vessels like Havila Phoenix and C-Installer, plus ships like Seacor Amazon. The Stena Carron can drill as deep as 35,000 feet in waters up to 10,000 feet deep.

Developmental Drilling Activities Expand Scope

ExxonMobil has also restarted developmental drilling at two additional sites. The Noble Tom Madden drillship began drilling at the YT_1i07 well site on December 23, 2024. This project, situated 203.6 kilometers offshore, will wrap up by December 31. Simultaneously, the Noble Sam Croft drillship resumed drilling at the UA_3i04 well site, 194 kilometers from the coast. Both projects are part of a broader strategy to maximize the block’s potential.

Under a commercial enabling agreement (CEA) with Noble Corporation, ExxonMobil has extended contracts for four drillships—Noble Tom Madden, Noble Sam Croft, Noble Don Taylor, and Noble Bob Douglas—adding 4.8 rig years to their operational timelines. These extensions secure their deployment in Guyana until August 2028.

Also read: ExxonMobil Reaffirms Commitment to $15 Billion Natural Gas and CCS Investment in Indonesia

SBM Offshore first brought the FPSO Liza Destiny into service, which has been operating off the Coast of Guyana since December 2019 under the Liza Phase 1. The crew support vessel C-Worker 1 is assisting maintenance, which will thus be completed by December 31, 2024. Liza Destiny lies 169.5 kilometers offshore over an area of 466.9 square kilometers.

ExxonMobil has already achieved 30 major oil and gas discoveries since the first in 2015 on the Stabroek Block, with recoverable resources in excess of 11 billion barrels of oil equivalent. Currently, it’s ExxonMobil holding a 45% stake with the operator role on account of the other two blocks in Guyana, while Hess Guyana Exploration got the remaining 30%.

By 2027, six floating production, storage, and offloading (FPSO) units will be producing over 1.2 million barrels of oil daily, and ExxonMobil is presently in the process of seeking approval for its seventh project, Hammerhead, which could add 180,000 barrels per day by 2029, thus greatly increasing Guyana’s production.