Energy/Automotive News| WTI Crude $86.05/bbl, Brent $90.19/bbl, Opec $90.29/bbl
London, 09 April 2024, (Oilandgaspress):– Chevron has quit operations in Myanmar by transferring its stake in a natural gas field and an associated pipeline to its former partners in the ventures, after pledging to leave the Southeast Asian country following a military coup in 2021.
“The withdrawal gives effect to our intention to exit Myanmar in a controlled and orderly manner, following the February 2021 coup, and ongoing humanitarian crisis,” a spokesperson for Chevron has told Reuters.. Read More
Watson Farley & Williams (“WFW”) has advised Asian Development Bank (“ADB”) as lender on an up to US$20m loan for Lhoopa, Inc. (“Lhoopa”) to finance a project to provide affordable housing for average-income earners in the Philippines. The financing will bolster Lhoopa’s capacity to acquire, renovate, construct and offer affordable housing units priced at an average of Php 850,000 targeting local professionals such as drivers, security guards, factory workers, teachers and office administrative staffs. 25% of the housing units sold will be certified by Excellence in Design for Greater Efficiencies, an internationally recognised green building standard system.
The loan had a complex structure including an accordion facility to allow further drawdown upon meeting specified targets, a revolving element for loans to be repaid and redrawn and, lastly, structural features enabling the borrower to obtain further secured financing on similar terms.
ADB is a regional development bank supporting projects in developing countries across the Asia Pacific region by providing loans, technical assistance, grants and equity investments to promote social and economic development. Established in 2018, Lhoopa works closely with the Philippine state-owned Home Development Mutual Fund (PAG-IBIG), which was established to provide a national savings programme and affordable housing financing.
The cross-border WFW Finance team that advised ADB was led by Hanoi Partner Matt Lorimer, supported by Senior Associate Christian Orton and Senior Legal Manager Jim Chan. Read More
Watson Farley & Williams (“WFW”) has advised Banco Santander, MUFG Bank and Natixis, acting as lenders on a €175m green loan granted to Grenergy Renovables for the construction of a 300 MW portfolio of Spanish photovoltaic plants. Santander is one of the world’s largest banks by number of customers, with a significant presence in key markets across Europe, North America and South America. It has made great progress towards achieving its responsible banking goals, including providing €220m in green finance between 2019 to 2030. MUFG Bank, formerly Bank of Tokyo Mitsubishi UFJ in Spain, is leading Japanese bank with a centuries’ old pedigree and one of the largest financial institutions worldwide for AUM.
Natixis is a French multinational financial services company specialising in asset and wealth management, as well as corporate and investment banking.
Grenergy Renovables is a global independent power producer (IPP) that designs, develops and implements large-scale renewable energy projects.
The WFW Madrid Finance team that advised the lenders was led by Partner Rodrigo Berasategui, working closely with Senior Associate Juan Vicente Barquilla and Associates Antón Ramil, Álvaro del Real and Arancha Ruesta. They were supported on regulatory matters by Partner David Díez, Senior Associate Ignacio Soria and Associates María Vela, Miguel Rubio and Carlota Díaz. Read More
Saab has signed an initial three-year contract with the UK Ministry of Defence, for the provision of support to Live Simulation systems with ILT-D (Instrumented Live Training), valued at £60M and options to extend until 2030. The ILT-D contract, replaces the previous DFWES (Direct Fire Weapon Effect Simulator) contract. ILT-D supports high fidelity systems that use a blend of laser and geometric pairing technology to simulate direct and indirect fire effects. This data rich capability provides objective feedback which is used to inform the After Action Review (AAR) process and validate training.
The contract includes a significant investment in extending the life of the capability to provide the UK MoD with the most modern system available. This ensures it remains relevant to the British Army’s evolving training needs, addresses obsolescence issues, and continues to be interoperable with partner nations through exploitation of the latest generation of Saab hardware and software. Support will be continued across permanent Collective Training locations in the UK and Germany, as well as at the Infantry Training Centre in Catterick, Infantry Battle School in Brecon and the Commando Training Centre Royal Marines.
“As Saab Training and Simulation marks 30 years of collaboration with the British Army, we are delighted that ILT-D is in place to support training for the next epoch. This contract exemplifies our commitment to delivering world leading live simulation capabilities at the point of need, so the UK can conduct training as both a deterrence and reassurance around the globe,” said James Passmore, VP Director of Marketing and Sales, Saab UK.
“Our collaboration with Saab UK builds on the long-standing relationship and represents the dedication DE&S and the British Army have to providing the best training possible for our dedicated soldiers. Ahead of the Collective Training Transformation Programme, ILT-D will ensure that the British Army has access to a training capability that is able to keep pace with the training needs bought about by an increasingly complex strategic context and rapidly evolving character of warfare,” said Simon Pearce, Training and Simulation Systems Portfolio Leader for Defence Equipment & Support, the contracting authority.
With interoperability and deployability at its core, Saab’s Live Simulation Systems have a growing global user community. The British Army has recently deployed its Saab systems around the world including overseas exercises delivered in Finland, Sweden, Estonia, Kenya, Oman, Jordan, Cyprus and Germany. Read More
KBR (NYSE: KBR) announced today it has been awarded an engineering services contract by First State Hydrogen, Inc. to support the feasibility and development of its first clean hydrogen production facility in the U.S. mid-Atlantic region. KBR will provide engineering services to study the feasibility of developing a clean hydrogen production facility through electrolysis powered by renewable energy. The study is part of First State Hydrogen’s vision to provide clean hydrogen for Delaware and the U.S. mid-Atlantic and help the region meet its sustainability goals.
“We are excited to be a part of this important project that will contribute toward a cleaner, more sustainable world,” said Jay Ibrahim, President, KBR Sustainable Technology Solutions. “This award highlights KBR’s extensive and innovative clean hydrogen expertise, in providing solutions that matter, and our strategic commitment to the energy transition.”
“This is an important step for First State Hydrogen as we start laying the groundwork for a clean hydrogen facility that will drive our mission to responsibly and safely advance the clean hydrogen economy and create a more sustainable future,” said Dora Cheatham, VP Sales & Commercialization, First State Hydrogen. “We’re excited to have the KBR team with us on this journey.” Read More
Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI) received an order for natural-gas-fired gas turbine combined cycle (GTCC) power generation system equipment for Lamma Power Station’s Unit 13 to be built in Hong Kong by The Hongkong Electric Co., Ltd. (HK Electric). The new unit has an output of 380 megawatts (MW) and is scheduled to begin operation in early 2029. The GTCC power generation equipment delivered to the Lamma Power Station will be a consecutive order following previous orders for Units 10, 11 and 12 from July 2015.
The newly ordered GTCC power generation facilities will be constructed on Lamma Island, which is located southwest of Hong Kong Island, adjacent to the existing Units 9, 10, 11 and 12. The work is part of a large-scale project in line with the Hong Kong government authority’s policy to increase the ratio of gas-fired power generation, as gas is an energy transition fuel that will reduce environmental impact by providing benefits such as reduction of carbon emissions. Among the main equipment of the newly ordered GTCC power generation system, Mitsubishi Power will manufacture and supply its M701F gas turbine, a steam turbine, a heat recovery steam generator, and a Selective Catalytic Reduction System (SCR). The generator will be manufactured by Mitsubishi Generator Co., LTD, a new company headquartered in Hyogo Ward, Kobe City that was formed on April 1 through the integrating power-generator systems businesses of MHI and Mitsubishi Electric Corporation. Once in operation, the new facility will respond to Hong Kong Island’s robust power demand.
HK Electric is one of Hong Kong’s leading power providers and the sole electricity provider to Hong Kong Island and Lamma Island. Mitsubishi Power has had business relations with HK Electric for many years, having delivered numerous power generation system core components — including gas turbines, steam turbines and boilers — for the Lamma Power Station. It can be said that this latest order also reflects our high assessment of the excellent performance and proven track record of Mitsubishi Power products. Read More
px Group, the operator of several key UK and European infrastructure sites, can today share that it has acquired a majority stake in LIFTE H2, the Germany-based one-stop shop for hydrogen engineering solutions.
LIFTE H2 is committed to driving Europe’s green transition by engineering and delivering simple, safe and affordable hydrogen infrastructure solutions. The company guides its customers through every phase of their hydrogen transition, from generating hydrogen via electrolysis to its utilization in sectors like heavy transport. LIFTE’s executives and engineers bring extensive expertise in hydrogen technology, having previously worked on hydrogen and renewable energy projects for firms such as Shell, Uniper, E.ON, RWE, Siemens Energy, and TÜV SÜD.
Recognised as a reliable collaborator within the European hydrogen landscape, LIFTE H2 maintains active roles in prominent industry bodies and associations, including Clean Energy Partnership, Hydrogen Europe, Deutsches Institut für Normung, and Clean Port & Logistics, reinforcing our commitment to sustainable progress.
px Group and LIFTE H2 share a long-term vision for the role of sustainable infrastructure in the energy sector. px Group says there are opportunities to bolster LIFTE H2’s engineering team with its own engineering and operations expertise, as well as a potential to bring LIFTE H2’s hydrogen development knowledge to the UK to accelerate the applications of hydrogen in the UK. Together px Group and LIFTE H2 engineering team have 250 capable engineers for various hydrogen and energy transition projects. Today’s announcement delivers further growth into continental Europe for px Group, with the company already operating in Norway and activities being developed in the Netherlands, Germany, and Nordics. Read full article
Rimac Energy, a pioneer in advanced battery energy storage systems (BESS), has recently opened a new 1850 m2 facility in Witney, Oxfordshire to house its rapidly growing team in the UK and serve as a hub for technological innovation. The Oxfordshire facility will manufacture the company’s next-generation of BESS and will create more than 70 high-skilled jobs for engineers, technicians, and researchers for the UK tech industry and Oxfordshire region.
The new state-of-the-art location underscores Rimac Energy’s commitment to the global clean energy market and emphasizes seamless collaboration between its teams in Croatia and the UK. Read full article
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $86.05 | Down |
| Crude Oil (Brent) | USD/bbl | $90.19 | Down |
| Bonny Light | USD/bbl | $92.38 | Down |
| Saharan Blend | USD/bbl | $91.68 | Down |
| Natural Gas | USD/MMBtu | $1.90 | Up |
| Murban Crude | USD/bbl | $90.09 | Down |
| OPEC basket 08/04/24 | USD/bbl | $90.29 | Down |
Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: @OilAndGasPress on Twitter |
Oil and gas press covers, Energy Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas,
