EAI’s NRGBriefs: Nov. 2024

(Energy Analytics Institute, 30.Nov.2024) — Energy briefs as well as others related to finance and projects during Nov. 2024 including Woodside Energy saying work on its Trion project offshore Mexico is 15% complete; TechnipFMC being awarded a major iEPCI contract by TotalEnergies for the GranMorgu project on Block 58 offshore Suriname; Sempra saying that Port Arthur LNG Phase 1 construction remains on time and on budget; Energy Transfer eying an ammonia hub concept at Lake Charles, LA and Nederland, TX; and more.

LATIN AMERICA AND CARIBBEAN

Argentina

— To further explore the hydrocarbon potential of the Argentine Sea, state-owned YPF started processing 3D seismic data obtained from CAN-102 block, and expects results in early 2025, the co. announced 8 Nov. 2024 in an official stmt.

— YPF continues w/ works to revamp the Puesto Hernández – Luján de Cuyo oil pipeline, to boost the transportation capacity from the Neuquina basin to the Luján de Cuyo refinery, expected to be operational by 2025, YPF announced 8 Nov. 2024 in an official stmt.

Brazil

— The West Polaris successfully completed an industry-first power mgmt system upgrade. Currently in Brazil, this SHI 10k drillship now features the innovative AKA automatic swing bus system, Sea Drill Ltd. said 29 Nov. 2024 in a post on social media. The upgrade enhances our dynamic positioning (DP) capabilities by utilizing a hybrid battery system, allowing for safe and efficient automatic power transfer for thrusters 1 and 6 w/o the risk of fault propagation.

— FACT SHEET: Yara and Yara in Brazil: Founded in Norway in 1905, Yara has 18,000 employees and operations in more than 60 countries. In Brazil, Yara is positioned in all the main agricultural hubs. W/ over 5,000 employees in the LatAm country, Yara serves all types of producers and crops and has been working to boost fertilizer production, reducing dependence on raw material imports and modernizing the domestic industry, Petrobras said 18 Nov. 2024 in an official stmt.

Ecuador

— A ship carrying the 23 stationary generators arrived at the port of Guayaquil. The units will add 80 MW to the national electricity system, helping to ensure a reliable and sustainable supply for the country’s development, Ecuador’s Ministry of Energy and Mines said 30 Nov. 2024 in a post on social media.

— Ecuador’s Ministry of Energy and Mines said it is committed to preserve water levels at the country’s reservoirs and guaranteeing the electricity supply across the Andean country. To this end, scheduled power cuts from 2-8 Dec. 2024 will last between five 5-7 hours per day, the ministry said.

— EP PetroEcuador award 4,320,000 bbls to UNIPEC America, Inc., the state-owned co. said 13 Nov. 2024 on social media.

Guyana

— ExxonMobil’s first three projects offshore Guyana in the Stabroek blk — Liza Phase 1, Liza Phase 2 and Payara — are producing an avg. of just over 650,000 b/d, the co. said 13 Nov. 2024 in an official stmt. By YE:27, Exxon and its partners Hess Corp. and CNOOC look to have a total of 6 projects on production producing over 1.3 MMb/d.

Mexico

— In Puerto Peñasco, Sonora, the largest photovoltaic plant in LatAm is under construction. When online it will generate 1000 MW of clean energy of which 12 MW will be stored on batteries, the SENER said 29 Nov. 2024 in an official stmt.

— Silver Storm Mining Ltd. said Mr. Carmelo Marrelli, the co.’s current CFO, will be stepping down from his position once a suitable successor is appointed. Marrelli will remain available as needed to facilitate a seamless transition of responsibilities to his successor, Silver Storm said 27 Nov. 2024 in an official stmt.

— Work related to the 100,000 b/d Trion project offshore Mexico is 15% complete, Woodside Energy said 14 Nov. 2024 in an official stmt. Woodside and state-owned Pemex are partners in Trion. First production is slated for 2028.

Peru

— Lumina Gold Corp. announced that the Ministry of Energy and Mines of Ecuador has extended the Los Cangrejos mining concession until 2049. This decision creates positive conditions to continue the investment plans for Cangrejos. Lumina can apply for another 25-yr extension beyond 2049, the co. said 21 Nov. 2024 in an official stmt.

Suriname

— TechnipFMC has been awarded a major integrated Engineering, Procurement, Construction, and Installation (iEPCI) contract by TotalEnergies for its GranMorgu project on blk 58 offshore Suriname.

Trinidad and Tobago

— The Ministry of Energy and Energy Industries (MEEI) announced on 19 Nov. 2024 in an official stmt. that a negotiated PSC for Block NCMA 2 has been signed between the Government of the Republic of Trinidad and Tobago and the successful bidder, BP Exploration Operating Company Limited (BPEOC).

EUROPE

Austria

— The global industrial sector has faced headwinds, particularly due to declines in major OECD economies, OPEC said 12 Nov. 2024 in its Monthly Oil Market Report (MOMR). “While there have been modest improvements recently, a full rebound is not yet assured. As service sector spending is expected to moderate toward the end of 2024 and into 2025, a recovery in industrial output will be essential. Positively, inflation has significantly declined since early 2024 in the US, Eurozone, and UK, which may prompt central banks in these economies to maintain accommodative monetary policies. Overall, while uncertainties persist, global economic growth is expected to remain well- supported in the near term,” OPEC said in the MOMR.

Norway

— Equinor announced on 24 Jul. 2024 an ordinary cash dividend of $0.35/shr and an extraordinary cash dividend $0.35/shr for 2Q:24. The NOK cash dividend is based on average USDNOK fixing rate from Norges Bank in the period plus/minus 3 business days from record date 19 Nov. 2024, in total 7 business days, Equinor said 25 Nov. 2024 in an official stmt. Avg Norges Bank fixing rate for this period was 11.0741. The total cash dividend for 2Q:24 of $0.70/shr is consequently NOK 7.7519/shr. On 29 Nov. 2024, the cash dividend will be paid to relevant shareholders on Oslo Børs (Oslo Stock Exchange) and to holders of American Depositary Receipts (ADRs) on New York Stock Exchange.

— Equinor has awarded a 2yr firm contract to Northern Ocean Wind AS to employ the mobile rig Deepsea Bollsta on the Norwegian continental shelf, the Norwegian co. said 18 Nov. 2024 in an official stmt.

NORTH AMERICA

Canada

— Silvercorp Metals Inc. closed its previously announced private placement of $150,000,000 aggregate principal amount of 4.75% convertible senior notes due 2029, which includes the exercise in full of the initial purchasers’ option to purchase up to an additional $20,000,000 aggregate principal amount of notes. Net proceeds from the offering will be destined for the construction of copper-gold mining projects outside of China, for the exploration and development of other projects and for working capital, the co. said 25 Nov. 2024 in an official stmt.

— On 12 Nov. 2024, Golar LNG declared a dividend of $0.25/shr in respect of the three mths ended 30 Sep. 2024 to shareholders of record on 25 Nov. 2024, which will be paid on or around 2 Dec. 2024, Golar LNG said 27 Nov. 2024 in SEC Form 6-K.

— The Sevan Louisiana secured an extension w/ an independent operator in the US GOM, continuing operations through Dec. 2024. After 10yrs w/ Sea Drill Ltd., the Sevan Louisiana has earned a strong track record, including completing her 10-year SPS earlier this year and being named Rig of the Quarter in 2Q:24, Sea Drill said 27 Nov. 2024 in a post on social media. W/ 498 days LTI-free to date, the rig is an example of operational excellence and safety, according to Sea Drill.

— Chevron Corp. is targeting a production capacity of 100,000 b/d of renewable fuels by 2030, the co. said 27 Nov. 2024 in a post on social media.

— ExxonMobil Corporation and LG Chem inked a non-binding MOU for a multiyear offtake agreement for up to 100,000 metric tons of lithium carbonate, the Spring, Texas-based co. said 20 Nov. 2024 in an official statement.

— An unprecedented court ruling is putting an $18.4bn the Rio Grande LNG (RGLNG) project in jeopardy. The court ruling has far-reaching implications that threaten all other infrastructure projects subject to federal regulation, RGLNG said 20 Nov. 2024 in an stmt on its website. On 6 Aug. 2024, the US Court of Appeals for the D.C. Circuit vacated the Federal Energy Regulatory Commission’s (FERC) reauthorization order for the RGLNG facility.

— Caterpillar Inc. employees and retirees, together w/ the Caterpillar Foundation, the philanthropic org. of Caterpillar, pledged over $15.2mn to the United Way chapters and their partner agencies across the US, Mexico, Canada and Panama as part of its 2024-2025 campaign. The campaign achieved a record-breaking amount for the 3rd yr, Caterpillar said 18 Nov. 2024 in an official stmt.

— Marine Petroleum Trust declared a qtrly cash distribution to the holders of its units of beneficial interest of $0.102923/unit, payable on 30 Dec. 2024, to unitholders of record on 29 Nov. 2024, Marine Petroleum said 18 Nov. 2024 in an official stmt.

— Argent Trust Company, as trustee of the Cross Timbers Royalty Trust, declared a cash distribution to the holders of its units of beneficial interest of $0.092742/unit, payable on 13 Dec. 2024, to unitholders of record on 29 Nov. 2024, Argent said 18 Nov. 2024 in an official stmt.

— Developers have proposed both greenfield and brownfield natural gas projects that could add an additional 11 Bcf/d of new capacity from Texas across to Mississippi, East Daley Analytics said 14 Nov. 2024 in an emailed stmt.

— 26 LNG vessels: Sabine Pass (9), Freeport (5), Cameron (4), Corpus Christi (4), Calcasieu Pass (3), and Cove Point (1) w/ a combined LNG-carrying capacity of 97 Bcf left the US between 7-13 Nov., the EIA said in its wkly rpt on 13 Nov. 2024, citing shipping data provided by Bloomberg Finance, L.P.

— Woodside Energy, Baker Hughes and Bechtel teamed up to raise money for United Way of Greater Houston in a tricycle race. The race raised $150,000 and featured execs. and racing teams from each of the 3 cos. and United Way, Woodside said 12 Nov. 2024 in an official stmt.

— Energy Transfer is eying an ammonia hub concept at Lake Charles, LA and Nederland, TX that would provide infrastructure services to several blue ammonia facilities, including natural gas supply, CO2 transportation to 3rd party sequestration sites, ammonia storage and deep-water marine loading services, the co. said 6 Nov. 2024 in an official stmt.

— Kinder Morgan and partners will move fwd w/ a long-awaited expansion of Gulf Coast Express Pipeline (GCX), adding more eastbound takeaway to meet gas production growth from the Permian Basin, East Daley Analytics said 6 Nov. 2024 in a research rpt.

— Port Arthur LNG Phase 1 construction remains on time and on budget. Additionally, construction has commenced on the 72-mile Port Arthur Pipeline Louisiana Connector to support gas supply to Port Arthur LNG Phase 1, Sempra announced 6 Nov. 2024 in an official stmt.

— Norfolk Southern Corporation appointed Joseph H. Carpenter IV as VP Law. Carpenter brings more than 22 yrs of experience in the rail industry, w/ expertise in managing complex litigation and driving strategic legal initiatives, Norfolk said 4 Nov. 2024 in an official stmt.

— CenterPoint Energy said 4 Nov. 2024 in an official stmt that Tropical Storm Rafael, as named by the National Hurricane Center, continues to slowly become better organized south of Jamaica in the south-central portion of the Caribbean Sea. Per the National Weather Service, it is expected to continue to gain strength and could become a hurricane by midweek.

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