(Energy Analytics Institute, 30.Sep.2024) — Energy briefs as well as others related to finance and projects during Sep. 2024 including Petrobras inking separate MOUs with its Argentine and Surinamese counterparts YPF and Staatsolie; TechnipFMC being awarded two subsea contracts by Petrobras; CNOOC Limited saying the Shenhai-1 Phase II Natural Gas Development Project has commenced production; Woodside Energy completing its acqusition of OCI Clean Ammonia in Texas; and more.
AFRICA
Mozambique
— McDermott, through a consortium with Saipem and China Petroleum Engineering and Construction Corporation, has been awarded a front-end engineering design (FEED) contract for the Rovuma LNG Phase 1 in Mozambique, the co. said 30 Sep. 2024 in an official stmt.
LATIN AMERICA AND THE CARIBBEAN (LAC)
Argentina
— YPF President and CEO Horacio Marín downplayed the impact of Petronas deciding to not move fwd as a partner in a massive LNG facility planned on Argentina’s Atlantic Coast. “There is no need to dramatize” the news if Petronas finally leaves the project to develop LNG in Argentina, the daily Argentina news agency Clarín reported 24 Sep. 2024 on its website.
Brazil
— Petrobras and its Argentine counterpart YPF inked a MOU to analyze the joint development of business in the E&P segment, Petrobras announced 26 Sep. 2024 in an official stmt.
— TechnipFMC has been awarded two subsea contracts by Petrobras for the pre-salt fields offshore. The first award is a substantial contract—between $260mn-$500mn—to design, engineer, and manufacture riser flexible pipe. TechnipFMC will also supply associated services including packing and storage, the company said 19 Sep. 2024 in an official stmt.
— Petrobras announced (i) the settlement of the intl capital markets offering of US$1bn 6.000% Global Notes due 2035, issued by its wholly-owned subsidiary, Petrobras Global Finance B.V. (“PGF”) and (ii) the final results and settlement of the previously announced cash tender offers by PGF, w/ respect to any and all of PGF’s outstanding notes of the series, Petrobras announced 16 Sep. 2024 in an official stmt.
Colombia
— Ecopetrol S.A., in compliance w/ the ruling issued by the Fourth Labor Court of the Santa Marta Circuit, will no longer use the names “Uchuva” and “Tayrona” to refer to its offshore exploration projects in the Colombian Caribbean, nor any project in which the co. is involved, Ecopetrol announced 24 Sep. 2024 in an official stmt.
Mexico
— New Fortress Energy Inc. announced that its Fast LNG (FLNG) asset located offshore Altamira, Mexico has achieved First Full Cargo & Sail Away, the co. announced 30 Sep. 2024 in an official stmt. The first full LNG cargo fully loaded onto the Energos Princess and setting sail for Europe.
— New Fortress Energy Inc. will delay the payment of the co.’s previously declared $0.10/shr Class A common stock dividend, w/ a record date of 13 Sep. 2024, until it reaches an agreement w/ its noteholders to address the co.’s near-term maturities and liquidity requirements, the co. announced 30 Sep. 2024 in an official stmt.
Suriname
— Petrobras and Staatsolie Maatschappij Suriname N.V. signed a non-binding MOU aimed at assessing cooperation opportunities in the areas of hydrocarbon exploration and production, carbon capture, new energy sources, contingency response planning, among others, the Brazilian state-owned co. announced 26 Sep. 2024 in an official stmt. Cooperation w/ Staatsolie could also result in better sustainable oil and gas practices and contribute to climate resilience in the region, Petrobras said.
Trinidad and Tobago
— Trinidad and Tobago’s head of the Ministry of Energy and Energy Industries (MEEI), Stuart R. Young, Acting Prime Minister of the twin-island country, on 7 Sep. 2024 called for a move from conversation on CCS to implementation due to the urgency of addressing climate change, within the context of Trinidad’s hydrocarbon economy and its global exports. Stuart’s comments came during his feature address at the International CCS Symposium hosted at the UWI Conference Centre, St. Augustine Campus.
Venezuela
— “26% of global oil production is sanctioned, illegally sanctioned, unilaterally, violating all international law,” Delcy Rodríguez, the Executive Vice President and Minister of Petroleum, Mision Verdad reported her as saying on 28 Sep. 2024 during the Russian Energy Week event held in Moscow.
NORTH AMERICA
Canada
— Luca Mining Corp. closed its fully subscribed brokered private placement pursuant to the “listed issuer financing exemption” under Part 5A of NI 45-106 – Prospectus Exemptions resulting in the issuance and sale of 19,000,000 units of the co. (the “LIFE Units”) at a price of C$0.45 per LIFE Unit for aggregate gross proceeds of C$8,550,000 (the “LIFE Offering”). The co. also closed its concurrent non-brokered private placement of 6,126,167 units of the co. (the “Non-LIFE Units” and, together with the LIFE Units, the “Units”) at a price of C$0.45 per Non-LIFE Unit for aggregate gross proceeds of C$2,756,775 (the “Concurrent Private Placement” and, together with the LIFE Offering, the “Financings”). The combined gross proceeds raised pursuant to the Financings was C$11,306,775, Luca said 26 Sep. 2024 in an official stmt.
US
— Woodside Energy completed the acquisition of 100% of OCI Clean Ammonia Holding B.V., which holds its lower carbon ammonia project in Texas, from OCI N.V. (together w/ its affiliates, OCI), Woodside announced 30 Sep. 2024 in an official stmt.
— Matson, Inc. started construction on the first of three new “Aloha Class” containerships designed for its Hawaii and China-Long Beach Express (CLX) services. After a small ceremony at Philly Shipyard in Pennsylvania, the cutting of steel plates began, initiating the work to build the ships for delivery to Matson in 2026 and 2027, Matson anounced 30 Sep. 2024 in an official stmt.
— Amber Energy Inc. has been selected as the acquirer of PDV Holding, Inc., the parent of U.S. refiner Citgo Petroleum Corporation. The decision was announced by Robert Pincus, the Special Master appointed by the U.S. District Court for the District of Delaware to oversee the sale of PDV. Amber Energy is backed by a group of strategic U.S. energy investors, including Elliott Investment Management L.P. The transaction is expected to close in mid-2025, pending certain regulatory and other approvals, including approval by the U.S. District Court for the District of Delaware, and the satisfaction of certain conditions including those related to the Court process, Amber said 27 Sep. 2024 in an official stmt.
— TotalEnergies inked a deal w/ Lewis Energy Group to buy a 45% interest in dry gas producing assets owned and operated by Lewis in the Eagle Ford basin in Texas. The acquisition of these low cost and long plateau assets further strengthens TotalEnergies’ integration across the gas value chain in the US, and follows the Texas Dorado acquisition announced in Apr. 2024, the French co. announced 27 Sep. 2024 in an official stmt.
— Chevron has agreed Hess CEO John Hess will not join its BODs in a deal w/ the U.S. Federal Trade Commission to proceed w/ the $53bn takeover deal, Bloomberg News reported 26 Sep. 2024, citing people familiar w/ the matter.
— Norfolk Southern Corporation named Brian Barr as VP and Chief Mechanical Officer. In this role, Barr will lead mechanical operations across the co.’s 22-state network, reporting to COO John Orr, the co. said 26 Sep. 2024 in an official stmt.
— American oil and gas cos. are beginning to publicly disclose the pmts they make to govt’s in countries where they operate. After over a decade of legal battles following the passage of Section 1504 of the Dodd-Frank Act, this long-awaited moment sheds light on how cos like ExxonMobil, Chevron, ConocoPhillips and others contribute million to billions to govt’s across the globe, Oxfam America announced 23 Sep. 2024 in an official stmt.
— A D.C. federal judge has ruled that PDVSA must face an Oklahoma-based petroleum contract drilling co.’s lawsuit after its drilling rigs in Venezuela were seized at gunpoint, Law 360 reported 23 Sep. 2024.
— Woodside Energy completed its first North American equity market briefing at the NYSE on 16 Sep. 2024, the Australian co.’s CEO Meg O’Neill announced on LinkedIn.
EUROPE
Norway
— Northern Lights JV unveiled the completed CO2 receiving facilities in Øygarden, Norway. The onshore and offshore infrastructure has been delivered on time for customers and within budget and is now ready to receive CO2 from Norwegian and European industry. Northern Lights is the first to offer commercial CO2 transport and storage as a service, Northern Lights announced 26 Sep. 2024 in an official stmt.
— On 7 Sep. 2024, Troll B and C became partly powered from shore. This reduces annual emissions from the Norwegian continental shelf (NCS) by 250,000 tonnes of CO2, Equinox announced 17 Sep. 2024 in an official stmt.
— The Johan Castberg FPSO is now securely anchored on the Johan Castberg field in the Barents Sea. The hook-up of the FPSO to the subsea facilities, preparing it for production start-up towards the end of the yr, will now start, Equinor announced 17 Sep. 2024 in an official stmt.
Viena
— OPEC+, which previously announced additional voluntary cuts in Apr. 2023 and Nov. 2023, including Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on 5 Sep. 2024, during which the eight member countries emphasized their collective resolve to ensure full compliance with the voluntary production adjustments, OPEC announced 5 Sep. 2024 in an official stmt.
ASIA
China
— CNOOC Limited said the Shenhai-1 Phase II Natural Gas Development Project has commenced production. The main production facilities include a new fixed production platform and 3 centralized subsea wellheads, w/ 12 development wells planned to be commissioned. It is expected to reach peak production of 162 MMcf/d of gas and 3,931 b/d of condensate in 2025, CNOOC said 27 Sep. 2024 in an official stmt.
— “The Chinese government’s announcement of its largest stimulus package since the pandemic, combined with the sudden rise of geopolitical tension in the Middle East, and the threat of another hurricane in the Gulf Coast, has dealt a blow to the bearish sentiment that dominated the oil markets in the past three weeks,” Rystad Energy Global Market Analysis Director Claudio Galimberti wrote 24 Sep. 2024 in a research report. “The stimulus is good news for oil demand, which has been weaker than expected, specifically in China, for the past three months.”
South Korea
— Hanwha Power Systems signed a MOU w/ GasLog to convert its LNG carrier propulsion system to an ammonia gas turbine at Gastech 2024 held in Houston on 19 Sep. 2024, Hanwha said 19 Sep. 2024 in an official stmt.
AUSTRALIA
— Woodside and the Australian Conservation Foundation (ACF) have agreed to dismiss the ACF’s challenge to a primary environmental approval for Woodside’s Scarborough Energy Project, Woodside announced 19 Sep. 2024 in an official stmt.
— Woodside signed a SPA w/ JERA for the long-term supply of LNG to Japan. Under the SPA, Woodside will supply 0.4 mtpy (six cargoes) of LNG over 10 ys on a delivered basis, commencing in Apr. 2026, Woodside announced 17 Sep. 2024 in an official stmt.
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By Ian Silverman, Aaron Simonsky and Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.
