Energy top stories to 15/09/22. OPEC daily basket price stood at $97.66/bl, 14 Sept. 2022
International Rig Count is up 27 rigs from last month to 860 with land rigs up 17 to 650, offshore rigs up 10 to 210.
Turlock Irrigation District Water & Power is preparing two pilot canal projects: a 500-foot (152-meter) curved canal section near the town of Hickman, and a second mile-long (1.6-km long) straightaway in nearby Ceres.
GNN reported last year that the UC Santa Cruz investigation found that for every megawatt of solar energy generated during Turlock’s 290 days of average sunshine, the pairing of panels over canals could replace 15-20 diesel generators used to pump water along the canals. Called Project Nexus, the work is slated to begin this October with funding of $20 million from the state’s coffers. Read More
DNO ASA confirmed an oil discovery on the Ofelia prospect in the Norwegian North Sea license PL929 in which the Company holds a 10 percent interest. The well encountered a 73-meter oil column in Lower Cretaceous Agat Formation sandstones of moderate to good reservoir quality. Preliminary estimates of gross recoverable resources are in the range of 16-39 million barrels of oil equivalent. In addition, upsides have been identified in both the Agat Formation and the overlying Kyrre Formation. The partners, which in addition to the Company’s wholly-owned subsidiary DNO Norge AS, include license operator Neptune Energy Norge AS, Wintershall Dea Norge AS, Pandion Energy AS and ABP Norway AS, will consider development of the discovery with a tieback to the Neptune-operated Gjøa platform 15 kilometers to the south. Read More–>
Neptune Energy announced that S&P Global Ratings has upgraded Neptune Energy Group Midco Ltd. corporate credit rating to BB from BB-. S&P has also upgraded Neptune Energy Bondco plc’s existing $850 million senior notes due 2025 to BB from BB-.The outlook has changed to stable from positive. Read More
Angola and Libya have overtaken Nigeria as the biggest crude oil producers in the African continent.
The Organisation of the Petroleum Exporting Countries (OPEC) disclosed this in its Oil Market Report for September 2022 releases on Tuesday September 13 in Lagos.
The report revealed that Nigeria’s crude oil production for August averaged 1.100 million barrels per day which was 65,000mb/d lower than the 1.164mb/d produced averagely in July. While Angola was Africa’s highest crude oil producer for the month under review with an average production of 1.187mb/d. Libya’s crude oil production averaged also 1.123mb/d for the period. The report said: “According to secondary sources, total OPEC-13 crude oil production averaged 29.65 mb/d in August, higher by 618,000 month-on-month. “Crude oil output increased mainly in Libya and Saudi Arabia, while production in Nigeria declined.” Read More
2023 Ferrari Purosangue
After years of anticipation by the international automotive fraternity, Ferrari today unveiled the Purosangue, the first ever four-door, four-seater car in the Prancing Horse’s 75-year history, in the magnificently atmospheric surroundings of the Teatro del Silenzio in Lajatico (Pisa).
Since the marque’s earliest years, 2+2 cars (i.e. with two front and two smaller back seats) have played a significant role in its strategy. Many Ferraris have made combining benchmark performance with first class comfort one of the pillars of their success. Now, in the culmination of 75 years of leading-edge research, Ferrari has created a car that is unique on the world stage: not only do performance, driving pleasure and comfort coexist in perfect harmony, but it is also a peerless encapsulation of the Prancing Horse’s iconic DNA. This is the reason why the name Purosangue, Italian for ‘thoroughbred’, was chosen.
To enable the company to achieve the ambitious goals set for this project and create a car worthy of a place in its range, a completely different layout and innovative proportions compared to modern GT archetypes (so-called crossovers and SUVs) were adopted. The average modern GT’s engine is mounted forwards in the car, almost straddling the front axle with the gearbox coupled directly to it; this results in less than optimal weight distribution that delivers driving dynamics and driving pleasure well short of the standards of excellence to which Prancing Horse clients and enthusiasts have become accustomed.
The Purosangue, on the other hand, has a mid-front-mounted engine with the gearbox at the rear to create a sporty transaxle layout. The Power Transfer Unit (PTU) is coupled in front of the engine to provide a unique 4×4 transmission. This delivers exactly the 49:51% weight distribution that Maranello’s engineers deem optimal for a mid-front-engined sports car.
The Purosangue stands head and shoulders above the rest of the market thanks to its performance and comfort. It is the only car with these proportions to sport a mid-front-mounted, naturally-aspirated V12. Maranello’s most iconic engine debuts in this brand new configuration to ensure the car unleashes more power than any other in the segment (725 cv) whilst guaranteeing the most enthralling Ferrari engine soundtrack. Furthermore, it can deliver 80% torque even at low revs for unique driving pleasure at all times.
The Purosangue’s aero development focused on making the bodywork, underbody and rear diffuser as efficient as possible. New solutions include synergy between the front bumper and wheelarch trim which generates an air curtain that aerodynamically seals the front wheels, preventing turbulent transverse air flows being generated.
Ferrari has also given the Purosangue the very latest iterations of the vehicle dynamic control systems introduced on its most powerful and exclusive sports cars, including independent four-wheel steering and ABS ‘evo’ with the 6-way Chassis Dynamic Sensor (6w-CDS). Making its world debut is the new Ferrari active suspension system. This very effectively controls body roll in corners as well as the tyre contact patch over high-frequency bumps to deliver the same performance and handling response as in one of the marque’s sports cars.
The all-new chassis has a carbon-fibre roof as standard to keep weight down and lower the centre of gravity. Redesigning the bodyshell from scratch also meant the designers could incorporate rear-hinged back doors (welcome doors) to make ingress and egress easier while keeping the car as compact as possible. The cabin has four generous heated electric seats that will comfortably accommodate four adults. The boot is the largest ever seen on a Ferrari and the rear seats fold to increase the luggage space. Naturally enough, the Purosangue has a more commanding driving position than other Ferraris, but the configuration is the same as on every other Ferrari. As a result, the driving position is still intimate and close to the floor to provide greater connection to the car’s dynamic capabilities. Read More–>
Ferrari N.V. (NYSE/EXM: RACE) () informs that the Company has purchased, under the Euro 150 million share buyback program announced on June 30, 2022, as the initial tranche of the multi-year share buyback program of approximately Euro 2 billion expected to be executed by 2026 in line with the disclosure made during the 2022 Capital Markets Day (the “First Tranche”), the additional common shares – reported in aggregate form, on a daily basis – on the Euronext Milan (EXM) as follows: Read More
Air New Zealand has reached its next stop on its Flight NZ0 journey, their commitment to reaching net-zero carbon emissions by 2050. Air New Zealand will next week welcome the first shipment of Neste MY Sustainable Aviation FuelTM (SAF) into New Zealand (‘Aotearoa’) ready to power the airline’s fleet. The shipment of SAF is imported into New Zealand in partnership with Z Energy.
The 1.2 million liter (937 tons) import of neat SAF is equivalent to fueling around 400 return flights between Auckland and Wellington. Neste MY Sustainable Aviation Fuel use in its neat form reduces greenhouse gas emissions by up to 80%* over the fuel’s life cycle compared to fossil jet fuel use.
The first shipment will be used to help test and set up the supply chain for importing SAF into New Zealand. As SAF is a drop in fuel, it will be put into the fuel system at New Zealand’s Marsden Point harbor, where it will make its way down to Auckland Airport and will be delivered to Air New Zealand through the regular jet fuel supply chain.
Air New Zealand Chief Executive Officer Greg Foran says the airline is incredibly committed to getting the Air New Zealand fleet up and running on SAF and this shipment of fuel from Neste marks the beginning of making regular imports a reality. “This is a major milestone for us. We made a commitment when we announced Flight NZ0 earlier this year to find a more sustainable way to connect with the world. Air New Zealand is already one of the most fuel-efficient airlines in the world with our modern fleet, but the future of travel relies on low-carbon air transport.” Read More
TotalEnergies has completed the divestment of its 18% interest in the onshore Sarsang oil field in the Kurdistan region of Iraq, to ShaMaran Petroleum Corp., a company listed in Canada and Sweden and focused on oil exploration and development in Kurdistan, for a firm consideration of $ 155 million. An additional contingent consideration of USD 15 million is payable in the future depending on production and oil prices. The Sarsang field, discovered in 2011, is operated by HKN (62%), with KRG owning a 20% interest. TotalEnergies’ share of production was around 3,500 barrels per day in 2021. Read More
Feasibility Study on Establishing a Lower-Emissions Fuel Ammonia Supply Chain from Australia to Japan (Phase 2)
Woodside Energy Ltd. (“Woodside”), Japan Oil, Gas and Metals National Corporation (“JOGMEC”), Marubeni Corporation (“Marubeni”), Hokuriku Electric Power Company (“Hokuriku Electric”), The Kansai Electric Power Co., Inc. (“Kansai Electric”), Tohoku Electric Power Co., Inc. (“Tohoku Electric”), and Hokkaido Electric Power Co., Inc. (“Hokkaido
Electric”) have signed a joint research agreement under which they will jointly conduct a feasibility study (Phase 2) on the establishment of a lower-emissions fuel ammonia supply chain from Australia to Japan (the “Project”). Ammonia does not emit carbon dioxide (CO2) during combustion and is considered a promising next-generation lower-emission fuel for energy intensive thermal power plants and marine engines. Given existing proven technologies for the production, storage, and transportation of ammonia, it is expected to have early take-up as a lower-emission fuel. Read More
Woodside published the final Environmental Impact Statement (EIS) for the proposed Browse to North West Shelf (NWS) Project as directed by the Australian Department of Climate Change, Energy, the Environment and Water (DCCEEW). The final EIS includes responses to comments received during the public consultation process held over an
eight-week period from December 2019 to February 2020. As operator of the proposed Browse to NWS Project, Woodside welcomes the publication of the final EIS as
a key milestone for the project. The DCCEEW will now prepare its recommendation report and provide it to the Minister.
The proposed Browse to NWS Project would send feed gas from fields in the offshore Browse Basin to be processed at the NWS Project’s Karratha Gas Plant. Browse and the NWS Project Extension are expected to contribute to our communities for decades to come.1
The proposed Browse to NWS Project could contribute to energy security in Western Australia and in the Asia Pacific region, with production capacity of 11.4 million tonnes per year (LNG, LPG and Domestic Gas). Woodside CEO Meg O’Neill said moving into the assessment phase for the proposed project was a significant and positive step in the regulatory approval process. “The final EIS provides comprehensive detail of potential environmental impacts, proposed mitigations and management measures.
“The processing of Browse gas through the Karratha Gas Plant could provide energy needed in Western Australia and overseas, while providing jobs and taxation revenue that support our host communities,” she said.
Key work activities continue in support of progress towards front-end engineering design entry. The corresponding State Environmental Review Document Response to Submissions will also be published once accepted by the Western Australian Environmental Protection Authority. Read More
TechnipFMC (NYSE: FTI) has been awarded a significant(1) engineering, procurement, construction and installation (EPCI) contract by TotalEnergies for its Lapa North East field in the pre-salt Santos Basin offshore Brazil.
TechnipFMC will reconfigure and install umbilicals and flexible pipe in a new configuration that will further secure the production of the field.
Jonathan Landes, President, Subsea, at TechnipFMC, commented: “The Brazilian offshore market is becoming more diverse with regard to work scope and customer opportunity. On Lapa North East, we are working with a valued client with whom we have built a trusted relationship. By offering the flexibility of a phased campaign, we are helping TotalEnergies accelerate its schedule and begin production sooner.” Read More
Duxion Motors Inc. (“Duxion”) today announced that it has entered into a Memorandum of Understanding (“MOU”) with Dymond Aerospace Inc. (“Dymond”) to supply 200 patented eJet motors™ for use in Dymond’s new fleet of 100 unmanned cargo aircraft.
Under the terms of the MOU, Duxion will supply 20 eJet motors™ per year for ten years starting in 2026 for a total purchase of $500 million CAD. Each eJet motor™ will be built using Duxion’s patented technology incorporating a rim-driven motor which utilizes permanent magnet technology in a novel manner to deliver a world class thrust to weight ratio. The eJet motors™ for this application will be capable of producing 8,000+ lbs of thrust, similar to the thrust produced by the engines of 50-passenger CRJ100 aircraft. Each of Dymond’s aircraft will be outfitted with two Duxion eJet motors™, powered by hydrogen fuel cells. Read More
Electra.aero, Inc. (“Electra”), a next-gen aerospace company with a mission to help decarbonize aviation and open new air transportation markets, has successfully completed a fully integrated test of the proprietary hybrid-electric propulsion system for its low-carbon emissions, electric short takeoff and landing (eSTOL) aircraft, moving Electra closer to leveraging its hybrid engine technology to significantly reduce aircraft emissions, noise, and operating costs. The hybrid system is being integrated into Electra’s piloted technology demonstrator aircraft, to demonstrate and test Electra’s eSTOL ultra-short takeoff and landing performance and fuel burn savings. The technology was first developed for Electra’s 9-passenger eSTOL aircraft and will later be scaled to larger aircraft. Hybrid-electric propulsion is Electra’s first step on a path to zero-emissions air mobility, used initially as it is the only sustainable technology that can meet range requirements for the regional air mobility market. Electra’s eSTOL aircraft is designed so that hydrogen and battery-electric propulsion systems can be used in the future when those technologies are commercially viable. To support these long-range goals, Electra is exploring green hydrogen with its partner Plug Power (NASDAQ: PLUG), the leading provider of hydrogen fuel cell turnkey solutions. Read More
Airbus is partnering with Japanese helicopter operator Hiratagakuen to develop advanced air mobility services in the Kansai region and beyond. This is a key addition to the company’s strong regional footprint and growing international network to pioneer the future of mobility.
Through this agreement, Airbus and Hiratagakuen will tackle crucial aspects required to launch a commercial transportation service with CityAirbus NextGen. As a major first step, the partners’ joint project to organise a simulation of ideal routes, concepts of operations and necessary equipment for safe eVTOL flights in the Kansai region, has been selected by the Osaka prefecture, with a demonstration flight scheduled for later this year.
With the aim to implement air mobility services beyond urban environments, the joint work of Airbus and Hiratagakuen will support the development of advanced air mobility solutions with CityAirbus NextGen, for use cases ranging from air medical services to commercial air transport and ecotourism in a variety of operational contexts. To reach this objective, and with the support of local stakeholders, Airbus and Hiratagakuen will use an H135 helicopter to test advanced navigation and communication technologies for safe operations of eVTOLs in urban environments, while simulating CityAirbus NextGen’s flight configuration. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $88.70 | Up |
| Crude Oil (Brent) | USD/bbl | $94.22 | Up |
| Bonny Light | USD/bbl | $95.86 | Up |
| Saharan Blend | USD/bbl | $93.09 | Down |
| Natural Gas | USD/MMBtu | $9.02 | Up |
| OPEC basket 14/09/22 | USD/bbl | $97.66 | Up |
The Organization of the Petroleum Exporting Countries (OPEC) marks the 62nd Anniversary of its founding.
Between 10-14 September 1960, OPEC’s five Founding Fathers – Dr Fuad Rouhani of Iran, Dr Tala’at al-Shaibani of Iraq, Ahmed Sayed Omar of Kuwait, Abdullah Al-Tariki of Saudi Arabia and Dr Juan Pablo Perez Alfonzo of Venezuela – descended on the Al-Shaab Hall in Baghdad to establish the Organization. OPEC’s creation marked the beginning of a new chapter in the oil industry.
OPEC’s five Founder Members joined efforts to safeguard their legitimate national interests. They called for cooperation, dialogue and mutual respect among all, as well as the need to address challenges in a collective manner and use oil to support national growth and development. The most vivid demonstration of that is the ongoing ‘Declaration of Cooperation (DoC)’ process, whereby OPEC works with 10 non-OPEC producing countries towards oil market stability.
The proactive and responsible decisions undertaken by DoC participants following the outbreak of the COVID-19 pandemic and the severe contraction in oil demand serve as testament to the firm commitment to these principles. Read More
During the period from September 05 to September 09, 2022, Eni acquired n. 12,243,697 shares, at a weighted average price per share equal to 11.8510 euro, for a total consideration of 145,100,103.48 euro within the authorization to purchase treasury shares approved at Eni’s Shareholders’ Meeting on 11 May 2022, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999.
On the basis of the information provided by the intermediary appointed to make the purchases, the following are details of transactions for the purchase of treasury shares on the Electronic Stock Market on a daily basis: Read More
Strong economic activity in the UAE, Saudi Arabia and the rest of the Middle East will continue to boost oil demand in the region, the Organization of the Petroleum Exporting Countries (OPEC) said. Oil demand in the region was robust in June, doubling to 1 million barrels per day (mb/d), OPEC said in its report released on Tuesday.
The growth was driven by high electricity consumption during the summer, as well as increased mobility and air travel activity in the region.
Among those driving the growth were power generation requirements for residual fuels in Saudi Arabia due to hot weather and similar requirements for fuel oil in Iraq, OPEC said. “Mobility in the region remained impressive and supported gasoline demand [growth],” the report said.
“Middle East airline activity continues … helping jet/kerosene to improve.” The economy in Saudi Arabia grew 9% in the second quarter of the year, maintaining the fastest growth rate since 2011. The kingdom’s non-oil gross domestic product (GDP) went up 5.4%. Read More
Tullow Oil Plc – 2022 First Half Result Summary
Group working interest production for the first half of 2022 averaged 60.9 kboepd, in line with expectations.
Ghanaian drilling programme ahead of schedule, having completed two previously drilled wells and drilled and completed
another three wells. A further six wells are expected to be drilled and two of these completed by year-end.
Operational delivery: continued strong FPSO uptime (Jubilee c.95% and TEN c.99%), gas export (averaging c.90 mmscfd) and
water injection (Jubilee c.170 kbwpd and TEN c.65 kbwpd).
Reserves of 242 million barrels as of 30 June, valued at c.$4.7 billion after hedging (c.$5.3 billion before hedging)1
.
Revenue of $846 million with realised oil price of $87/bbl after hedging; gross profit of $620 million; profit after tax of $264
million; underlying operating cash flow of $165 million.
First half free cash flow of $(205) million (negative), which includes an arbitration payment of $76 million (outflow), Uganda FID
payment of $75 million (inflow) and Ghana pre-emption consideration of $126 million (outflow), but excludes the benefit of over
$200 million revenue relating to two Ghana liftings, which took place in early June but for which cash was received shortly after
30 June 2022, on 1 and 5 July respectively.
Capital investment in the first half of 2022 was c.$156 million plus decommissioning costs of c.$29 million.
Net debt at 30 June 2022 of c.$2.3 billion; Gearing reduced to 1.9x net debt/EBITDAX; liquidity headroom and free cash of $0.6
billion.
Pre-emption of Deep Water Tano component of Kosmos Energy/Occidental Petroleum Ghana transaction successfully
completed.
Announcement of recommended all-share combination of Tullow Oil plc and Capricorn Energy plc Read More
In partnership with Mercury, Vestas has secured a 43 MW order for Kaiwera Downs Wind Farm in New Zealand. The project will feature ten V136-4.2 MW wind turbines in 4.3 MW operating mode which Vestas will supply and install.
Upon completion, Vestas will deliver a 30-year Active Output Management 5000 service and maintenance agreement (AOM5000) to optimise energy production, while providing Mercury with long-term business case certainty for the wind farm.
“We are pleased that Vestas and Mercury’s portfolio continues to expand in New Zealand’s promising renewable energy market. Kaiwera Downs Wind Farm reinforces our common vision of decarbonising New Zealand’s energy network together”, said Jan-Daniel Kämmer, Vice President Sales of Vestas Australia and New Zealand.
“As the world’s largest installer and maintainer of wind energy, Vestas is proud that valued customers like Mercury, continue to choose our leading technology and capabilities across construction, grid integration and service”, said Danny Nielsen, Senior Vice President and Country Head of Vestas Australia and New Zealand. “Kaiwera Downs Wind Farm will build on our current Australian & New Zealand installed base of almost 5 GW, allowing us to continue to offer our best-in-class energy solutions for our customers and local communities”.
While featuring the largest rotor diameter in New Zealand, it is also the first wind project to be constructed on the South Island since 2015 and will be Mercury’s first wind project since Turitea Wind Farm was announced in 2019, which is also a partnership with Vestas.
Delivery of Vestas’ wind turbines is expected to occur in the second quarter of 2023, with commissioning to commence in the third quarter of 2023. Read More
Lightyear is a Dutch solar EV that has grown alongside Electrek over the years, and we’ve been able to track its progress toward bringing the first solar electric passenger car to market. That feat should be accomplished before year’s end, as Lightyear gears up for a limited production run of its flagship SEV, the Lightyear 0.
Up to this point, the Lightyear team has done an excellent job at keeping the public abreast of its progress in developing the Lightyear 0. This showcase has included prototype range testing in the summer of 2021, followed by durability testing and news of partnerships with companies like Sibros. Read More
President Biden toured General Motors’ Detroit Auto Show exhibits, experiencing firsthand a number of electric vehicle entries and concept vehicles from Chevrolet, Cadillac, GMC and Buick.
GM’s commitment to an all-electric future is on full display at the auto show, with all four U.S. brands showcasing EVs, including:
Chevrolet’s new EV portfolio, featuring Equinox EV, Blazer EV and Silverado EV, in addition to the Bolt EV and Bolt EUV. The Silverado EV will be built at Factory ZERO in Detroit and Hamtramck, Michigan. The Bolt EV and Bolt EUV are built at Orion Assembly in Orion Township, Michigan.
The GMC HUMMER EV Pickup and SUV, built at Factory ZERO
The Cadillac LYRIQ, built at Spring Hill Manufacturing in Tennessee
The Buick Wildcat EV concept
GM’s Ultium EV Platform is the foundation of the company’s electric vehicle strategy and the driver of its vision for a zero-emissions future. The platform is built on a flexible battery architecture to enable the production of EVs across different vehicle types, allowing customers to choose an electric vehicle based on level of performance, range needs and price point.
GM is making major investments in the U.S. to create or retain good jobs at all levels and support its goal of 1 million units of annual EV capacity in North America by 2025. Major U.S. investments include:
Factory ZERO in Detroit and Hamtramck, Michigan – 2,200 jobs and $2.2 billion investment
Orion Assembly in Orion Township, Michigan – Create 2,350 jobs and retain 1,000 jobs; $4 billion investment
Spring Hill Manufacturing in Spring Hill, Tennessee – 3,200 jobs and $2 billion investment
Lockport Components in Lockport, New York – 230 jobs and $154 million investment Read More
Fugro expands its presence in the Middle East with new facility in JAFZA
The leading global Geo-data solutions provider, Fugro has inaugurated a new facility in the Jebel Ali Free Zone (JAFZA) expanding its footprint in the Middle East and India region. With this new facility, Fugro reaffirms its commitment to offering expertise and advanced Geo-data solutions to the rapidly growing energy, infrastructure, and construction industries in the Middle East and India. The new 28,000-square-meter facility will be the new base that advances collaboration between teams and act as a regional base combining expertise to support clients with advanced Geo-data solutions. The facility will also host a state-of-the-art Remote Operations Centre (ROC) expanding the company’s remote and autonomous capabilities, transforming the maritime sector. Since entering the Middle East in the early 1970s, Fugro has established itself in multiple strategic locations across the region including Qatar, Egypt, India, and Saudi Arabia. The new facility was inaugurated by the Fugro Board of Management Mark Heine and Barbara Geelen – and attended by the Council General of the Netherlands in Dubai, Abdulla Bin Damithan, the CEO & Managing Director DP World UAE and JAFZA. Read More
U.S. Rig Count is down 1 from last week to 759 with oil rigs down 5 to 591, gas rigs up 4 to 166 and miscellaneous rigs unchanged at 2. Canada Rig Count is down 3 from last week to 205, with oil rigs down 3 to 140, gas rigs unchanged at 65.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 9th September 2022 | 759 | -1 |
| Canada | 9th September 2022 | 205 | -3 |
| International | August 2022 | 860 | +27 |
World’s First 100% Hydrogen-Powered Trains Now Running Regional Service in Germany. The new route, between the Lower Saxony towns of Cuxhaven, Bremerhaven, Bremervörde and Buxtehude, will use only hydrogen fuel cell trains from a French company Alstom, purchased by the German regional rail company LNVG.
Inside fuel cells, hydrogen stored on the roof of the train combines with oxygen to make power. When that hydrogen and oxygen combine, the only thing left is H2O. Alstom’s model can go 1,000 kilometers, or 621 miles before it needs a refueling, which for these inter-small town services means no refill will be needed until service finishes at the end of the day. Read More
IKAV, the international asset management group, has agreed to acquire Aera Energy LLC (“Aera”), through two separate transactions with the joint venture subsidiaries of ExxonMobil and Shell respectively. The transactions are subject to regulatory approval.
Aera is one of California’s largest oil and gas producers, accounting for nearly 25% of the state’s production. Formed in June 1997 and headquartered in Bakersfield, California. In 2021, Aera produced approximately 95,000 barrels of crude oil equivalent per day. With operations centered in the San Joaquin Valley, most of Aera’s oil production originates from Kern County.
Aera will remain as the operator, and IKAV’s investment in Aera underlines that conventional energy will continue to play an essential role in California’s energy supply during the state’s transition to renewable sources. IKAV is committed to driving forward Aera’s strategy to produce safe, responsible and affordable energy for all of California as well as to help achieve the statewide carbon neutrality goals. As such, IKAV’s strategy supports reducing emissions in conventional energy production , as well as the energy needed to power those operations, (Scope1 and 2) toward being carbon neutral within the next decades. We plan to achieve this by committing significant investment to building a diversified renewable energy portfolio on site, including wind, solar (some supplemented with batteries), concentrated solar power
(CSP) as well as carbon capture and storage. Initially, the renewable assets will exclusively serve the energy demands of the oil production facility but over time it will be able to feed power directly into the California grid. Read More
In July 2022, Neste announced that it would acquire Walco Foods, an Irish trader of animal fats. The acquisition has been approved by regulatory authorities, and the transaction has been closed. Neste’s raw material strategy is focusing on growth of waste and residues and the development of new raw material sources. With this acquisition Neste continues to enhance its global supply of waste and residue raw materials. Read More
U.S. Environmental Protection Agency (EPA) announced the 10 winners of the Let’s Talk About Heat Challenge. Winners will receive prizes of $12,000 each for their innovative strategies and messages to raise awareness of extreme heat risks and protect public health, especially in underserved communities. The Let’s Talk About Heat Challenge was developed in support of the National Climate Task Force’s Extreme Heat Interagency Working Group, which is being led by EPA, NOAA, and HHS with support from the White House.
“This summer, unprecedented heat is having devastating impacts on people across this country and around the world. As we work to make our communities more resilient and combat climate change, we must also make sure people have the information they need to stay safe during intense heat waves. I congratulate our challenge winners for helping to protect their neighbors and our most vulnerable community members by raising awareness of heat risks,” said Vicki Arroyo, EPA Associate Administrator for Policy and senior representative on the National Climate Task Force’s Extreme Heat Interagency Working Group. Read More
Mitsui Chemicals, Inc. (Tokyo: 4183; President & CEO: HASHIMOTO Osamu) announced that it invested in Apeiron AgroCommodities Pte. Ltd., rebranded and known as Apeiron Bioenergy (Head Office: Singapore; Founders: Chris Chen, Richard Huang) in June 2022. Apeiron Bioenergy is one of the largest collectors and sellers of used cooking oil in Southeast Asia and China region, which can be employed as a raw material for the production of bio-based chemicals and plastics. This investment will help Mitsui Chemicals expand its procurement of biomass raw materials as it looks to meet growing demand for bio-based chemicals and plastics. Read More
Nippon Paper Industries Co., Ltd. (Tokyo: 3863; President: NOZAWA Toru) and Mitsui Chemicals, Inc. (Tokyo: 4183; President & CEO: HASHIMOTO Osamu) are set to partner in the development of a new biocomposite with a high content of cellulose powder, a woody biomass material. The two companies intend to develop products and bring them to market at the earliest possible opportunity, with plans to expand into a wide range of fields – including daily necessities, containers, building materials, household appliances and auto parts. Aimed at bringing to market a new biocomposite that offers a high level of industrial stability in terms of both quality and supply, the tie-up will see the partners tap into their stable materials supply chains and leverage the advanced materials manufacturing and development technologies they have cultivated over many years. Read More
VH Global Sustainable Energy Opportunities (“GSEO””) has agreed to acquire and build three fully-permitted solar PV sites for £21.2m as part of the existing £50m commitment to its Australian solar PV and storage investment programme (the “Australian Energy Transition Programme”). The Australian Energy Transition Programme was originally announced in August 2021 with operating partner Birdwood Energy. Phase I, announced in late 2021, consisted of the acquisition of two operating solar PV sites with a combined capacity of 17MW. Phase II, being the construction of co-located battery storage systems (“BESS”) has already commenced on one of the two Phase I sites. The addition of BESS will allow greater optionality to capture positive power price movements, prevent over-exposure to negative power prices, and allow them to earn revenues from providing frequency response services to the local grid. Read More
VH Global Sustainable Energy Opportunities plc announced the acquisition of the Mascarenhas Hydro Electric Facility (“Mascarenhas”, the “Hydro Facility”) in the state of Espírito Santo, Brazil. The acquisition is for a total consideration of BRL 1,225mn comprised of BRL 800mn on closing subject to adjustments. The remainder is payable subject to the conditions established under the process of renewal of the Hydro Facility concession in H1 2027. The transaction closing is subject to customary regulatory approvals. This run-of-river asset’s nameplate capacity is 198MW and has been operational since 1974. The Hydro Facility is being acquired from EDP Energias do Brasil S.A., a listed company on the Sao Paulo Stock Exchange, one of Brazil’s largest electric utility companies and a subsidiary of leading European utility Electricidade de Portugal S.A. (EDP).
Since it was first commissioned, the Hydro Facility has been maintained and managed to a high standard. As a result, it offers a strong and sustainable cashflow potential for GSEO with an estimated remaining useful life of 45 years. Over 60 per cent of the revenues are secured under long-term Power Purchase Agreements (PPA) with local utilities. The energy regulator in Brazil ranks over 140 hydro plants across the country, based on a number of factors to assess their quality and operation. The Mascarenhas facility has been consistently ranked as a top 10 hydro plant in the country.
The acquisition of the Hydro Facility adheres to the Company’s renewable power enablement strategy for Brazil. Brazil is an OECD Key Partner Country with the largest power market in Latin America and a population of over 213 million people. Brazil is also one of the largest hydro power markets in the world. Read More
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