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(Energy Analytics Institute, 31.Dec.2023) — Energy briefs as well as others related to finance and projects during Dec. 2023 including why Venezuela wants to annex the Essequibo; Petrobras acquiring 29 blocks in the Pelotas basin in the 4th Permanent Concession Offer Cycle of the National Agency of Petroleum, Natural Gas and Biofuels (ANP); the consortium of EDF (40%), TotalEnergies (30%) and Sumitomo Corporation (30%) entering into a joint development agreement for the Mphanda Nkuwa hydropower project (MNK) in Mozambique; Colombia’s Ministry of Mines and Energy on offshore wind energy in Colombia; ExxonMobil‘s plans to grow annual earnings and cash flow by $14bn from YE:23 through 2027; KAPSARC participating in COP28; Pembina Pipeline Corp. entering into an agreement to buy Enbridge’s interests in Alliance, Aux Sable and NRGreen for $3.1bn; and more.

ASIA

China

— The cost of producing solar modules in China has dropped by 42% in the last 12 months to US$0.15/watt giving manufacturers in the country an enormous cost advantage over international rivals according to a new Horizons rpt from Wood Mackenzie published on 14 Dec. 2023.

JinkoSolar Holding Co., Ltd. (NYSE: JKS) has been honored w/ the PV Magazine Publisher’s Pick Award 2023 for its latest commercial and industrial energy storage system SunGiga, the co. revealed 12 Dec. 2023 in an official stmt.

LATIN AMERICA AND THE CARIBBEAN

Argentina

— Argentina’s new populist president takes after Trump and Bolsonaro by seeking to destroy democracy from within.

Brazil

Petrobras signed w/ Enauta Energia S.A. contracts for the assignment of its entire stake in the Uruguá and Tambaú fields, in deep waters in the post-salt, located in the Santos Basin, Petrobras announced 21 Dec. 2023 in an official stmt.

— Rating agency S&P raised Petrobras’ credit rating from BB- to BB, w/ a stable outlook, as a reflection of the improvement in the rating of the Federative Republic of Brazil, state-owned Petrobras said 20 Dec. 2023 in an official stmt.

Perenco Brazil announced first oil to the Floating Storage and Offloading (FSO) vessel, “FSO PARGO”, has been successfully rec’d following issuance of all operational licensing from the Brazilian regulatory authorities earlier in Dec., the co. said 19 Dec. 2023 in an official stmt.

Petrobras closed the competitive process for the sale of its 18.8% stake in the share capital of UEG Araucária S.A. (UEGA), together w/ the sale of the stakes of its partners, Companhia Paranaense de Energia – COPEL and COPEL Geração e Transmissão S.A. – COPEL GET (together, Copel Group), which hold 20.3% and 60.9% of the share capital, respectively, Petrobras announced 15 Dec. 2023 in an official stmt.

Petrobras will pay the first installment of the remuneration to shareholders for the 2Q:23. The gross amount to be distributed is R$0.574652 per common and preferred share in the form of dividends, Petrobras announced 15 Dec. 2023 in an official stmt.

Petrobras inked a new amendment to the natural gas purchase agreement w/ Bolivia’s Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) that provides for the maximum volume of 20 MMcm/d to be maintained, w/ greater flexibility in firm delivery and receipt commitments according to the seasonality and availability of supply, the Rio de Janeiro-based co. said 15 Dec. 2023 in an official stmt.

Petrobras bought 29 blks in the Pelotas basin in the 4th Permanent Concession Offer Cycle of the National Agency of Petroleum, Natural Gas and Biofuels (ANP), the co. announced 13 Dec. 2023 in an official stmt.

Petrobras’ BODs approved a judicial settlement regarding the collection of differences in monetary correction and interest on Eletrobras‘ Compulsory Loan, the Rio de Janeiro-based co. said 12 Dec. 2023 in an official stmt.

Colombia

Aris Mining Corporation (TSX: ARIS) (NYSE-A: ARMN) filed a a National Instrument 43-101 – Standards of Disclosure for Mineral Projects compliant technical rpt in support of the updated mineral resource and reserve estimates for the Segovia Operations in Colombia. The technical rpt entitled “NI 43-101 Technical Report for the Segovia Operations, Antioquia, Colombia” has an effective date of 30 Sep. 2023 and supports the disclosures made by the co. in its news releases dated 2 Nov. 2023 and 27 Nov. 2023, Aris announced 6 Dec. 2023 in an official stmt. The technical rpt is available for review on SEDAR+ at www.sedarplus.ca , on the co.’s website at www.aris-mining.com , and in the co.’s filings with the US SEC at www.sec.gov.

— Colombia’s Ministry of Mines and Energy is promoting development of South American country’s offshore wind projects. The ministry believes that w/ these enablers Colombia will be a pioneer and leader in offshore wind energy in LatAm and the Caribbean.

Guyana

CGX Energy Inc. and Frontera Energy Corp. plan to host a virtual presentation on 11 Dec. 2023.

Mexico

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) announced financial results for the yr ending 30 Sep. 2023, w/ Parral generating $30mn from the sale of 1.4mn silver equivalent ounces, GoGold announced 19 Dec. 2023 in an official stmt.

Kootenay Silver Inc. (TSXV: KTN) announced the balance of drilling results from its 2023 diamond drilling program at Columba Silver Project in Chihuahua, Mexico. The program totals 12-holes for a total of 3,052.8m designed to extend known mineralization on the “D Vein” target area at Columba. The results contained herein represent the final two drillholes for 2023. Kootenay has completed over 30,000m in 147 holes since 2019 and the current drilling at D Vein target provides strong justification for resumption of work in the new yr, the co. announced 14 Dec. 2023 in an official stmt.

Kootenay Silver Inc. (TSXV: KTN) announced results from an additional four holes of its current 2023 diamond drilling program at Columba Silver Project in Chihuahua, Mexico. The program is now complete and totals 12-holes for a total of 3,052.8m designed to extend known mineralization on the “D Vein” target area at Columba. Results from two remaining holes will be released once final data are received, verified, and interpreted by Kootenay. The current program brings the project total to over 30,000 meters drilled in 147 holes since 2019, the co. said 7 Dec. 2023 in an official stmt.

Suriname

TotalEnergies and its partners QatarEnergy and Petronas inked a PSC for Block 64 w/ Staatsolie Maatschappij Suriname, the state-owned oil co. of Suriname, the French co. announced 15 Dec. 2023 in an official stmt.

QatarEnergy signed two PSCs for Suriname’s offshore Blocks 64 and 65, which it had won during a bid round held in Jun. 2023, the co. revealed 15 Dec. 2023 in an official stmt.

Trinidad & Tobago

— On 19 Dec. 2023, Touchstone Exploration Inc. (TSX, LSE: TXP) announced its annual 2024 capital budget, preliminary 2024 guidance and an operational update.

Atlantic LNG joined the Oil & Gas Methane Partnership 2.0 (OGMP 2.0). This UN Environment Programme initiative enhances accuracy and transparency in methane emissions reporting, contributing to the International Methane Emissions Observatory (IMEO) for informed decision-making, Atlantic LNG said 13 Dec. 2023 in a post on LinkedIn.

Touchstone Exploration Inc. (TSX, LSE: TXP) announced 7 Dec. 2023 in an official stmt. the following purchases under its Employee Share Purchase Plan.

Venezuela

— The National Gas Company of Trinidad and Tobago (NGC) and Shell were granted a license for the exploration and exploitation of non-associated gas in the Dragon field, located in Venezuela’s Paria peninsula.

— Oil majors operating in Guyana’s waters are “moving ahead aggressively” w/ production plans despite Venezuela’s threats to take over the region in an escalating border conflict, Bloomberg reported 11 Dec. 2023, citing President Irfaan Ali. Speaking from Georgetown, Ali said Guyana’s troops are prepared to defend the nation’s territory after Venezuela’s Nicolas Maduro revived a long-dormant dispute over the Essequibo, a swath roughly the size of Florida where major oil discoveries have been made in recent years, the new agency said. Cos. operating there were not intimidated by orders from the Venezuelan leader to leave the region, he added.

Kpler’s Matt Smith talked about the Venezuela-Guyana dispute over the Essequibo: the referendum was symbolic more than anything else, he said during an interview w/ CNBC.

— Why Venezuela wants to annex a huge chuck of Guyana, according to CBC News.

MIDDLE EAST

United Arab Emirates (UAE)

— The first test flight to demonstrate the potential for converting Methanol to SAF (Sustainable Aviation Fuel) has taken place in Dubai on the sidelines of COP28 in the UAE, TotalEnergies announced 6 Dec. 2023 in an official stmt. Masdar, TotalEnergies, the UAE General Civil Aviation Authority, Airbus, Falcon Aviation Services and technology licensor Axens all contributed to the successful flight.

— During COP28, IDB Invest and IFC launched the Amazon Finance Network, bringing together financial institutions to increase investment flows, mobilize capital, promote financial inclusion, share knowledge on innovative financial solutions, and generate synergies with the public sector. The initiative aims to generate sustainable impact across the Amazon region, IDB Invest announced 5 Dec. 2023 in an official stmt.

— Execs. from Saudi Arabia-based KAPSARC will have active agendas during COP28 as summarized.

NORTH AMERICA

Canada

Invenergy celebrated the opening of a new office in Montreal. Located in the historic district of Old Montreal, the new office will serve as a regional hub for Invenergy’s work in Quebec, the co. said 13 Dec. 2023 in an official stmt.

Pembina Pipeline Corp. entered into an agreement to buy Enbridge’s interests in Alliance, Aux Sable and NRGreen for $3.1bn (subject to certain adjustments), including $327mn of assumed debt, representing Enbridge’s proportionate share of the indebtedness of Alliance, the co. announced 13 Dec. 2023 in an official stmt.

Cboe Canada welcomes LiTHOS Energy Ltd. as they graduate their public listing. Following a voluntary delisting from the Canadian Securities Exchange, LiTHOS is now trading on Cboe Canada under the ticker symbol LITS, Cboe said 8 Dec. 2023 in an official stmt.

Pembina Pipeline Corp. said the predictability and resilience of its “business is being demonstrated once again in 2023 with the expectation of another record setting financial year,” the co. announced 4 Dec. 2023 in an official stmt, adding that strong results reflect growing volumes and rising capacity utilization across many key systems.

US

Chord Energy Corporation (NASDAQ: CHRD) appointed Susan Cunningham as Independent Chair of Chord Energy’s BODs, effective 1 Jan. 2024. Lynn A. Peterson is scheduled to retire as the Executive Chair of Chord Energy’s BODs on 31 Dec. 2023, which will reduce the BODs size to nine members, Chord said 27 Dec. 2023 in an official stmt. The co. also announced the appointment of Darrin Henke to EVP and COO, effective 2 Jan. 2024. Chip Rimer, Chord’s current EVP and COO, will retire on 12 Jan. 2024.

enCore Energy Corp. (NYSE American: EU) (TSXV: EU) announced the resignation of CFO Ms. Mierkey, effective 23 Dec. 2023. Dr. Dennis Stover has agreed to act as Interim CFO until the conclusion of a CFO search, enCore announced 21 Dec. 2023 in an official stmt. A CFO search committee consisting of CEO Paul Goranson, Executive Chairman William Sheriff and Audit Committee Chair William Harris has been formed and is well advanced in the efforts to select a new CFO.

Kodiak Gas Services, Inc. (NYSE: KGS) and CSI Compressco LP (NASDAQ: CCLP) executed a definitive merger agreement whereby Kodiak will buy CSI Compressco in an $854mn all-equity transaction which include the assumption of $619mn of net debt, based on the closing price of Kodiak’s stock on 18 Dec. 2023, CSI Compressco announced 19 Dec. 2023 in an official stmt.

Sempra (NYSE: SRE) (BMV: SRE) has been named to the Dow Jones Sustainability Index (DJSI) North America for the 13th consecutive yr, the California-based co. announced 18 Dec. 2023 in an official stmt, earning recognition as a high performer in risk management, stakeholder engagement, policy influence, and info. security/cybersecurity, among other areas.

Koch Ag & Energy Solutions (KAES) announced an agreement to acquire OCI Global‘s fertilizer plant in Wever, Iowa, for $3.6bn. The transaction, once finalized, will give KAES 100% ownership of the state-of-the-art facility, which was opened in 2017 and has the capacity to produce 3.5mn metric tons of nitrogen fertilizers and diesel exhaust fluid annually, KAES announced 18 Dec. 2023 in an official stmt.

Rockcliff Energy II LLC, a portfolio co. of Quantum Energy Partners, entered into a definitive agreement w/ TG Natural Resources LLC (TGNR), whereby TGNR will buy 100% of the membership interests in Rockcliff for $2.7bn, prior to customary adjustments, Quantum announced 15 Dec. 2023 in an official stmt.

— The BODs of Nucor Corp. (NYSE: NUE) announced the increase of its regular quarterly cash dividend on Nucor’s common stock to $0.54/shr. This cash dividend is payable on 9 Feb. 2024 to stockholders of record on 29 Dec. 2023 and is Nucor’s 203rd consecutive quarterly cash dividend, the co. said 14 Dec. 2023 in an official stmt. Nucor has increased its regular, or base, dividend for 51 consecutive yrs – every yr since it first began paying dividends in 1973.

Shell Offshore Inc., a subsidiary of Shell plc, acquired the 20% working interest (WI) of MOEX North America LLC, a 100% subsidiary of Mitsui & Co., Ltd., in the Kaikias field in the US GOM. Shell now has 100% WI and remains the operator, the co. said 13 Dec. 2023 in an official stmt.

Shell Offshore Inc., a subsidiary of Shell plc, revealed the FID for a phased campaign to deliver three wells in the Great White unit designed to boost production at the Shell-operated Perdido spar in the US GOM. After completion of this campaign in Apr. 2025, these wells collectively are expected to produce up to 22,000 boe/d at peak rates, Shell announced 12 Dec. 2023 in an official stmt.

Shefali Shah has been appointed to Bristow Group’s Board of Directors effective immediately.

Bristow Group Inc. (NYSE: VTOL) appointed Shefali Shah to its BODs. The appointment to the new director position is effective immediately. Shah currently serves as EVP, Chief Administrative Officer, and General Counsel for Avaya Holdings Corp, which provides customer experience solutions to many of the world’s largest brands, where she is responsible for strategic initiatives, Bristow announced 11 Dec. 2023 in an official stmt.

MPLX LP (NYSE: MPLX) will host a conf. call on 30 Jan. 2024, at 9:30am EST  o discuss 2023 fourth-quarter and full-year financial results, the co. announced 8 Dec. 2023 in an official stmt.

Cadiz, Inc. (NASDAQ: CDZI/CDZIP) announced that Susan Kennedy, Executive Chair of the Board of Directors, will step into a full-time role as the co.’s CEO beginning 1 Jan. 2024, the co. announced 7 Dec. 2023 in an official stmt. Scott Slater, who has served as president and CEO of Cadiz since 2011, plans to continue to serve as a senior advisor to the co.. The co. also plans to create two new executive positions in 2024, one focused on development and operation of the Cadiz Water Supply and Storage Project and one focused on scaling the co.’s wholly owned water filtration business, ATEC Water Systems, LLC.

Oracle opened an Oracle Cloud Region in Colombia in partnership w/ Claro, becoming the first major cloud provider to establish a public cloud region in the Andean country. Claro is one of the host partners for the new Oracle Cloud Bogotá Region, and through its partnership w/ Oracle it becomes the first telecommunications operator to offer Oracle Cloud Infrastructure (OCI) services to organizations across Colombia, Oracle announced 6 Dec. 2023 in an official stmt.

ExxonMobil said 6 Dec. 2023 in an official stmt that it was on track to deliver ~$14bn of further earnings and cash flow growth potential over the next 4-yrs.

— As energy cos. expand and evolve the energy sources they pursue, the University of Oklahoma Michael F. Price College of Business is launching an undergraduate certificate program focused on the business of renewable energy, the university announced 6 Dec. 2023 in an official stmt. The new certificate program, one of the first of its kind, is set to launch in spring 2024 and will be open to all OU students, regardless of major. The program will equip students with cutting-edge knowledge of the newest forms of energy and the business acumen necessary to help cos. commercialize them.  

Duke Energy (NYSE: DUK) announced that Cameron McDonald will become senior vice president and chief human resources officer, effective 1 Jan. 2024. She will succeed Ron Reising, who will retire at the end of the 1Q:24 after an 18-yr career w/ the org. and its predecessor cos., Duke said 5 Dec. 2023 in an official stmt.

— The BODs of MDU Resources Group, Inc. (NYSE: MDU) approved the appointment of Garret Senger as chief utilities officer for the co.’s electric and natural gas utility business, effective 6 Jan. 2024. Senger currently is EVP of regulatory affairs, customer service and administration for the utility business, MDU announced 4 Dec. 2023 in an official setmt. Senger’s new role will be effective the same day that Nicole A. Kivisto assumes the role of president and CEO of MDU Resources.

Keystone Agency Partners (KAP) named Brian Morgan as the Chief Revenue Officer (CRO) to its exec. leadership team. Brian brings over two decades of leadership experience, notably demonstrated during his role at Plexus Groupe, Keystone said 1 Dec. 2023 in an official stmt.

AFRICA

– The consortium of EDF (40%), TotalEnergies (30%) and Sumitomo Corp. (30%) has been selected as strategic partner by the gov’t of Mozambique and entered into a joint development agreement for the Mphanda Nkuwa hydropower project (MNK), the French major said 13 Dec. 2023 in an official stmt.

EUROPE

Belgium

— Listed Belgian shipowner Exmar appointed Carl-Antoine Saverys as its new CEO, taking over from Francis Mottrie who will stay on board as COO France, the co. announced 19 Dec. 2023 in an official stmt.

— To contribute to the acceleration of its development in the electricity business, TotalEnergies bought three start-ups that have benefited from its TotalEnergies On acceleration program based at STATION F in Paris, the energy giant announced 12 Dec. 2023 in an official stmt.

— What is the Paris Agreement and how does it work?

Germany

— Germany’s electrical vehicle subsidy programme will end prematurely on Monday after paying out some 10 billion euros since 2016, the Economics Ministry said, the latest sign of belt-tightening following the adoption of a revised 2024 budget this wk, Reuters announced 16 Dec. 2023.

JinkoSolar Holding Co., Ltd. (NYSE: JKS) has been awarded with the ESG Transparency Award from EUPD Research, the co. announced 14 Dec. 2023 in an official stmt.

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By Ian Silverman, Aaron Simonsky and Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.

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