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(Energy Analytics Institute, 30.Jun.2024) — Energy briefs as well as others related to finance and projects during June 2024 including Wintershall Dea and its partners from TotalEnergies and Pan American Energy have started development drilling at the Fenix field in Argentina; Trendsetter Engineering has been awarded a significant contract by Trident Energy do Brasil to deliver two six-slot production subsea manifolds for the Bonito and Bicudo Fields in Brazil; Technip Energies, in consortium w/ Turner Industries, has been awarded the EPC contract by ExxonMobil Low Carbon Solutions Onshore Storage LLC for a Louisiana carbon capture and sequestration (CCS) Project; and more.

LATIN AMERICA

Argentina

Tecpetrol began operating the Ramos field in Salta 2 and became the first gas producer in northern Argentina w/ 1.8 MMcm/d of production, the co. announced 20 June 2024 on Instagram.

Source: Wintershall DEA

Wintershall Dea and its partners from TotalEnergies and Pan American Energy have started development drilling at the Fenix field. The co. is on track to bring this key energy project into production this yr. Fenix is set to be Argentina’s largest offshore gas field. The project is expected to contribute to Argentina’s long-term energy supply for more than 15yrs. “The whole team is looking forward to a successful drilling campaign,” says Manfred Boeckmann, Managing Director of Wintershall Dea Argentina said 6 June 2024 in an official stmt.

Brazil

— The FPSO Maria Quitéria is currently en route to Brazil. The FPSO departed from China in May and is expected to arrive at its location in the 3Q:24, Petrobras said 19 June 2024 in an official stmt. The FPSO is slated to start operations in the 4Q:24 vs an initial plan to commence ops in 2025.

Petrobras, on 18 June 2024, signed a Protocol of Intentions with the Government of the State of Rio de Janeiro to carry out joint studies to feasibility of implementing an offshore wind energy pilot project, the Brazilian energy giant said 18 June in an official stmt. The agreement provides for the establishment of cooperation mechanisms, w/ the alignment of the project w/ state programs and policies and the promotion of actions to improve the the region where the pilot will be implemented.

Trendsetter Engineering has been awarded a significant contract by Trident Energy do Brasil to deliver two six-slot production subsea manifolds for the Bonito and Bicudo Fields in Brazil. This contract encompasses the design and manufacture of the subsea manifolds, associated pipework, and mudmat foundations, Trendsetter said 13 June 2024 in an official stmt.

Oceaneering International, Inc. announced that its Manufactured Products segment has secured two significant contracts w/ Petroleo Brasileiro S.A. (Petrobras) through a competitive bidding process. The expected aggregate net revenue is in the range of $120mn to $183mn, Oceaneering said 10 June 2024 in an official stmt

Sigma Lithium Corporation will participate in a Trade and Investment Mission to China to celebrate 50yrs of diplomatic relations between the countries, led by Brazil’s VP Geraldo Alckmin, Sigma said 5 June 2024 in an official stmt.

— The consortium formed by Mitsubishi Power Americas, Inc. and CONSAG Engenharia – an Andrade Gutierrez company (CONSAG) – inked an agreement w/ Portocem Geração de Energia S.A. and New Fortress Energy, Inc. (NFE) for the engineering, procurement, and construction (EPC) of the Portocem Thermoelectric Power Plant (UTE Portocem) in Brazil, Mitsubishi said 1 June 2024 in an official stmt.

Chile

Vortex Metals Inc. launched its Phase One Drilling and Exploration Program at the Illapel Copper Project in Chile, w/ its first-pass drill program set to commence in 3Q:24, the co. said 5 June 2024 in an official stmt. The upcoming program aims to systematically evaluate and advance several high-priority targets within the project area marking a pivotal step toward the co.’s objective to delineate a high-grade copper resource in one of the world’s most prolific copper-producing regions.

Colombia

Vista Gold Corp. announced that Maria Vallejo Garcia has joined the co. as Director, Projects and Technical Services, Vista said 18 June 2024 in an official stmt.

Ecuador

— The public works minister said a power outage in Ecuador had been caused by the failure of a key transmission line. Within hours, power had begun to be restored to the nation of 18 million, The New York Times reported 20 June 2024.

Guyana

–US firm Fulcrum LNG was selected to help Guyana develop a plan to design, finance, construct and operate a natural gas processing facility in the South American country, Reuters reported 20 June 2024, citing President Irfaan Ali.

— The govt intends to submit a supplementary budget proposal of $66mn to the National Assembly for approval, the DPI reported 18 June 2024 on Instagram. This allocation aims to mitigate the impact of rising fuel prices. VP, Dr Bharrat Jagdeo, while detailing the measures the govt has implemented to cushion the rising cost of living so that Guyanese do not feel its full impact, noted that the cost of fuel is on a steep incline.

— Despite there being a robust system in place for the lawful exportation of gold, VP, Dr Bharrat Jagdeo, has expressed the need for strengthening of this system and ramping up of charges and penalties to tackle gold smuggling, the DPI reported 16 June 2024 on Instagram. Jagdeo, who was at the time speaking at a press conference at Office of the President, said that gold smuggling continues to pose a challenge to the country’s financial landscape.

Wärtsilä introduces Wartsila Connector Module, an enhanced engine auxiliary module design for Wartsila’s proven 18V50SG Engine Power Plants. The new Wärtsilä Connector Module is a significant advancement in engineering, offering substantial improvements in the construction, installation, and commissioning processes for engine power plants, Wärtsilä said 14 June 2024 in an official stmt.

Mexico

Silver Storm Mining Ltd. entered into a debt settlement letter agreement w/ a legal service provider to the co. to settle the co.’s outstanding debt for past services performed by the creditor in the amount of $286,760.95 by issuing 972,200 common shrs in the capital of the co. at a deemed price of $0.18/shr common, in addition to the payment to the creditor of $111,760.95, Silver Storm announced 21 June 2024 in an official stmt.

— Mexico’s President Andres Manuel Lopez Obrador said that businessman Carlos Slim is interested in participating in the country’s first deepwater natural gas project, working alongside state energy co. Pemex, Reuters reported 17 June 2024. In Mar., the news agency reported that Pemex officials and the billionaire tycoon’s team were discussing ways to revive development of the Lakach field in the Gulf of Mexico but that other potential partners were also approached.

New Fortress Energy (NFE) updated the timing of its first LNG expectation for its first Fast LNG unit located offshore Altamira, Mexico. The co. has made tremendous progress on its path towards the start of liquefaction ops, it said 14 June 2024 in an official stmt.

Peru

Sierra Metals Inc. announces, as at 28 June 2024, the co.’s common shrs will begin trading on the Bolsa de Valores de Lima (“BVL” or the “Lima Stock Exchange”) under the symbol of BVL:SMT, Sierra announced 28 June in an official stmt.

Suriname

SBM Offshore, in partnership w/ Technip Energies, and in line w/ the FEED studies for a FPSO vessel for the development project located in the Block 58 in Suriname w/ TotalEnergies EP Suriname B.V., an affiliate of TotalEnergies, a Fast4Ward® hull for the Block 58 development project has been reserved by TotalEnergies.

— On the occasion of the 2024 Suriname Energy Oil and Gas Summit, Javier Rielo, SVP Americas, Exploration & Production for TotalEnergies, and Annand Jagesar, CEO of Staatsolie Maatschappij Suriname N.V, the Suriname national oil co., announced several significant steps towards the FID of the development of offshore Block 58. This decision is expected in the 4Q:24, for a production start-up in 2028, TotalEnergies said 5 June 2024 in an official stmt.

NORTH AMERICA

Canada

Power Nickel Inc. started the 2024 summer Drill Program w/ 20 holes targeted and over 8,000m of drilling as the co. continues ramping up exploration for additional mineralized zones of high-grade copper, platinum, palladium, gold, silver and nickel at the polymetallic Lion Zone on its Nisk Property in Nemaska, Quebec, the co. said 10 June 2024 in an official stmt.

Power Nickel Inc. as partnered with Karbon-X to offset the carbon footprint associated w/ its drilling, the co. said 3 June 2024 in an official stmt.

US

— The Sumitomo Mitsui Banking Corporation (SMBC) Americas Division announced that Brian Reed has joined the bank to lead the Industrials Group as SMBC’s expansion continues in the Americas, Sumitomo said 26 June 2024 in an official stmt.

ISN announced that SSR Mining Inc. selected ISNetworld as its primary contractor info. mgmt system for its Seabee Operations, a high grade underground mine specializing in the production of gold doré bars. ISN will assist SSR Mining’s Seabee Operations w/ enhancing its contractor management process through all aspects of review and verification, contractor communication and compliance, scorecard creation and ongoing monitoring, ISN announced 26 June 2024 in an official stmt.

ExxonMobil inked a non-binding MOU w/ SK On that opens the door to secure a multiyear offtake agreement of up to 100,000 metric tons of MobilTM Lithium from the co.’s first planned project in Arkansas, Exxon said 25 June 2024 in an official stmt.

–Effective w/ the sale of his co. to Kimmeridge, Commonwealth LNG Founder and Executive Chairman Paul Varello has announced his retirement, the LNG co. announced 25 June 2025 in an official stmt. Prior to establishing Commonwealth LNG in 2014, he was Founder and Chairman of Commonwealth Engineering and Construction, an engineering and project management co.  He also previously served as Chairman and CEO of Sterling Construction Company; CEO of American Ref-Fuel Company; and 18yrs at Fluor Corporation, culminating in the role of President of the Process Sector.

ExxonMobil and Air Liquide announced an agreement to support the production of low-carbon hydrogen and low-carbon ammonia at ExxonMobil’s Baytown, Texas facility. The agreement will enable transportation of low-carbon hydrogen through Air Liquide’s existing pipeline network, Exxon said 24 June 2024 in an official stmt. Additionally, Air Liquide will build and operate four Large Modular Air separation units (LMAs) to supply 9,000 metric tons of oxygen and up to 6,500 metric tons of nitrogen daily to the facility. 

— Sempra appointed Jennifer M. Kirk to the co.’s BODs effective 20 Jun. 2024. Kirk is currently the global controller and chief accounting officer of Medtronic plc and has deep executive experience in finance, accounting and capital market activities, including over 20yrs in the energy industry, Sempra said 20 June 2024 in an official stmt.

Cheniere Energy increased share repurchase authorization by an add’l $4bn through 2027, the co. said 17 June 2024 in an official stmt. The co. also plans to increase its 3Q:24 dividend by ~15% to $2/shr common annualized.

— Members of Cheniere Energy’s executive mgmt are scheduled to present at the 2024 J.P. Morgan Energy, Power and Renewables Conference in NYC on 18 June 2024 at 11:30am ET, the co. said 17 June 2024 in an official stmt.

— TGS is launching a new initiative to enhance market insights in U.S. offshore wind. This initiative aims to establish its flagship product, 4C Offshore, as the leading source for offshore wind and subsea cable market intelligence in this emerging mkt, the co. said 18 June 2024 in an official stmt.

TGS released the Dynamic Matching FWI (DM FWI) volume for West Kermit 3D in the Delaware Basin. The final new data volumes include time reprocessing and a fully integrated depth model, featuring diving wave and reflection DM FWI. The West Kermit 3D seismic survey spans 1,054 sq km across Loving and Winkler Counties, Texas, and aids in evaluating and developing prolific multi-target Delaware Basin acreage, TGS said 17 June 2024 in an official stmt.

Nostra Terra announced that James Newman, an existing 11.3% shareholder in the co. through the subscription by his wholly owned co., Dos Hermanos International, in the Jan. 2024 fundraise has agreed to be appointed as a non-executive director, subject to the completion of satisfactory regulatory checks, Nostra Terra said 13 June 2024 in an official stmt.

— Craig Morford, VP, General Counsel and Sec. for Exxon Mobil Corp., has announced his retirement effective, 1 July 2024. The BODs has elected Jeff Taylor as VP, General Counsel and Sec. to succeed him, the co. said 12 June in an official stmt.

Bristow Group Inc. will present at the 2024 J.P. Morgan Energy, Power & Renewables Conference on 18 Jun. 2024. Bristow’s President and CEO Chris Bradshaw, and SVP and CFO Jennifer Whalen, are scheduled to present at 10:55am ET and participate in investor meetings throughout the day, Bristow announced 11 June 2024 in an official stmt.

SFPP, L.P., a subsidiary of Kinder Morgan, Inc., launched a binding open season to solicit commitments to support a proposed expansion of the East Line portion of its pipeline system from El Paso, Texas to Tucson, Arizona, SFPP said 10 June 2024 in an official stmt.

Noble Corp. BODs approved a 25% increase in its qtrly dividend to $0.50/shr, starting w/ the dividend which is to be paid in the 3Q:24, Noble announced 10 June 2024 in an official stmt.

— Noble Corp. plc and Diamond Offshore Drilling, Inc entered into a definitive merger agreement under which Noble will buy Diamond in a stock plus cash transaction. As part of the transaction, Diamond shareholders will receive 0.2316 shares of Noble, plus cash consideration of $5.65/shr for each shr of Diamond stock, representing an 11.4% premium to closing stock prices on 7 June 2024. Upon closing, Diamond shareholders will own 14.5% of Noble’s outstanding shrs, Noble announced 10 June 2024 in an official stmt.

Technip Energies, in consortium w/ Turner Industries, has been awarded the EPC contract by ExxonMobil Low Carbon Solutions Onshore Storage LLC for a Louisiana carbon capture and sequestration (CCS) Project. Technip Energies will oversee the engineering and procurement while Turner Industries will be responsible for the construction, Technip announced 6 June 2024 in an official stmt.

Unit Corp. said the previously announced qtrly cash dividend of $1.25/shr of common stock for the 2Q:24 will be paid on 27 Jun.e2024, to shareholders of record as of the close of business on 17 June. The qtrly cash dividend will be funded by cash on Unit’s balance sheet, the co. said 6 June in an official stmt.

Hess Midstream LP announced the pricing of an underwritten public offering of an aggregate 10,000,000 Class A shrs representing limited partner interests in HESM by an affiliate of Global Infrastructure Partners at a public offering price of US$34.30/shr per Class A, Hess announced 6 June 2024 in an official stmt.

EUROPE

Norway

Equinor has been awarded the operatorships for the development of two new CO2 storages in the North Sea. The new licenses are important building blocks for developing the Norwegian Continental Shelf into a leading area for CO2 storage in Europe, Equinor said 20 June 2024 in an official stmt.

— Siv Helen Rygh Torstensen, EVP in Equinor ASA, has on 18 Jun. 2024 sold 3483 shrs in Equinor ASA at a price of NOK 288.99/shr, the Norwegian co. announced 18 Jun. in an official stmt.

Equinor and main French gas transmission operator GRTgaz signed a project development agreement (PDA) for a CO2 transport system for captured CO2 from industrial emitters in France to safe and permanent storage offshore Norway via the planned CO2 Highway Europe pipeline project, Equinor said 17 Jun. 2024 in an official stmt.

Kongsberg Maritime has received Approval in Principle from classification society DNV to enable a key role to be transferred from a ship to a shore-based control center, marking a significant step in the journey towards uncrewed vessel operations, Kongsberg said 13 June 2024 in an official stmt.

— In a meeting in the corporate assembly of Equinor ASA on 4 June 2024 Tone Hegland Bachke and Fernanda Lopes Larsen were elected as new members to the BODs of Equinor.

UK

England

TotalEnergies inked an deal w/ institutional investor EIG for the acquisition of all the shares of West Burton Energy, which owns and operates the West Burton B gas-fired power plant in Nottinghamshire, in England, for an enterprise value of £450mn.

ASIA

China

CNOOC Limited achieved a major exploration breakthrough in ultra-shallow gas play in ultra-deep water South China Sea, the co. announced 6 June 2024 in an official stmt.

TotalEnergies has entered into an agreement to sell its wholly-owned subsidiary TotalEnergies EP (Brunei) B.V. to Hibiscus Petroleum Berhad, a Malaysian independent E&P co., for a consideration of $259mn. The transaction is expected to close in the 4Q:24, TotalEnergies said 14 June 2024 in an official stmt.

India

— The International Solar Alliance (ISA) will host the first International Solar Festival in New Delhi on 5-6 Sep. 2024, said Dr Ajay Mathur, Director General, ISA, at a distinguished gathering in the city, in the presence of Shri Bhupinder Singh Bhalla, Hon’ble Secretary, Ministry of New and Renewable Energy (MNRE); Ms Saina Nehwal, Former World Number 1 Badminton Player, Olympian, and Padma Bhushan Awardee; and Ms Arushi Sana, Official Youth Ambassador, COP28 UAE, ISA 26 June 2024 in an official stmt.

AFRICA

Angola

— Liz Williamson, Head of Corporate Finance at Rand Merchant Bank (RMB), will speak at the 2024 edition of the Angola Oil & Gas (AOG) conf. – the country’s premier industry event taking place in Luanda this Oct. 2024. Williamson is expected to discuss strategies for increasing access to capital for Angolan oil and gas projects, as well as global financial trends and investment opportunities, Energy Capital & Power said 10 June 2024 in an official stmt.

Egypt

— In a nod to its increasingly important contribution to Africa’s economic growth and development, Afreximbank has been recognized with a haul of 8 Awards at the EMEA Project Finance and EMEA Achievement Awards 2023 Charity dinners held in London on 5-6 June. respectively, Afreximbank said 10 June 2024 in an official stmt.

Liberia

— TGS has partnered w/ the National Oil Company of Liberia (NOCAL) to undertake significant additional multi-client seismic data reprocessing offshore Liberia, TGS said 10 June 2024 in an official stmt.

Nigeria

Tetracore commissioned phase one of its CNG facility in Nigeria, which represents a significant step towards strengthening the country’s natural gas distribution infrastructure. Tetracore has also broken ground on the construction of a modular LNG facility, which is poised to not only diversify Tetracore’s oil and gas portfolio but advance monetization in the gas-rich nation, the African Energy Chamber said 10 June 2024 in an official stmt.

MIDDLE EAST

Qatar

Nippon Steel Corporation, in a joint endeavor w/ Sumitomo Corporation, has rec’d orders for high-alloy seamless OCTG that it manufactures for a CCS project intended for a project to construct blue ammonia manufacturing plant that QatarEnergy will lead in Qatar’s Mesaieed Region, Nippon said 14 June 2024 in an official stmt.

UAE

Gulf Marine Services rec’d and signed the second phase of the 4-yr contract originally announced on 11 Mar. 2024 for one of its vessels operating in the Middle East, the co. said 10 June 2024 in an official stmt. Gulf Marine’s backlog as of 1 June stands at $431.2mn.

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

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