(Energy Analytics Institute, 31.Dec.2024) — Energy briefs as well as others related to finance and projects during Dec. 2024 including Venture Global filing for IPO; Rio Tinto approving $2.5bn to expand the Rincon project in Argentina; ExxonMobil, with the announcement of the Hammerhead and Longtail projects offshore Guyana, looking to take the total number of developments in Stabroek to 8 by 2030; APA Corporation declaring a regular cash dividend; Canadian Natural Resources Limited (CNRL) completing the acquisition of Chevron Canada Limited‘s Alberta assets; Saudi Investment Recycling Company (SIRC) inking a Joint Development and Cost Sharing Agreement (JDCSA) with Aramco and TotalEnergies to assess the development of a sustainable aviation fuels (SAF) production unit in the Kingdom of Saudi Arabia; and more.
LATIN AMERICA AND THE CARIBBEAN
Argentina
— Argentina inaugurated the Mercedes-Cardales gas pipeline w/ the addition of a new compressor plant. This will allow the pipeline to boost its transport capacity of Vaca Muerta gas by 6 MMcm/d and save $2.5mn that would have been used to import gas, Argentina’s Energy Secretariat said 20 Dec. 2024 in a post of social media.
— Rio Tinto approved $2.5bn to expand the Rincon project in Argentina, the co.’s first commercial scale lithium operation, demonstrating its commitment to building a world-class battery materials portfolio. Rincon’s capacity of 60,000 tonnes of battery grade lithium carbonate per yr is comprised of the 3,000-tonne starter plant and 57,000-tonne expansion plant, Rio Tinto said 12 Dec. 2024 in an official stmt.
—MSU Energy S.A., incorporated under the laws of the Republic of Argentina, announced 10 Dec. 2024 in an official statement the results as of the expiration date of its previously announced offer to exchange) up to $218,973,000 in aggregate principal amount of its $600,000,000 aggregate principal amount outstanding 6.875% Senior Notes due 2025 (CUSIPs: 76706AAA2 (144A) / P8S12UAA3 (Reg S); ISINs: US76706AAA25 (144A) / USP8S12UAA35 (Reg S)) for 9.750% Senior Secured Notes due 2030, as more fully described in the exchange offer memorandum dated 8 Nov. 2024, as amended.
Chile
— On 29 Dec. 1945, Chile began a new chapter in its energy development. In Springhill, Tierra del Fuego, Well No. 1 marked the beginning of national oil production, laying the foundations for the creation of state-owned Enap in 1950. Some 79yrs later, Enap continues to improve it operational excellence and financial sustainability with an eye on the country’s path towards an energy transition, the co. announced 29 Dec. 2024 on social media.
Colombia
— A group of young people from Bogota won the Evoke Tournament, an initiative supported by Ecopetrol, w/ a project called Ecolocos, which consists of a sponge made of human hair, capable of absorbing hydrocarbons in water bodies, Ecopetrol announced 27 Dec. 2024 in an official stmt.
— Collective Mining Ltd. announced initial assay results for the first of a planned series of orthogonally drilled holes designed to test the potential of newly modeled broad and high-grade subzones within the Apollo system, located within the co.’s multi-target Guayabales Project in Caldas, Colombia. Collective currently has 4 drill rigs operating as part of its fully funded and on-schedule 40,000m drilling program for 2024. A fully funded 60,000m drill program is planned for 2025, which will be the largest drilling campaign in the history of the co., Collective said 16 Dec. 2024 in an official stmt.
Ecuador
— EP Petroecuador general manager Leydi Jiménez Rivera took a technical tour of the Esmeraldas Refinery facilities, where she supervised maintenance work progress at the Fluid Catalytic Cracker (FCC) and Non-Catalytic 1 units, EP Petroecuador said 26 Dec. 2024 in a post on social media.
— In Secoya and Sucumbíos fields, EP Petroecuador is implementing a project at 3 flaring towers at the Pichincha and Secoya stations to take advantage of associated gas that is produced during oil production. EP Petroecuador will capture this hydrocarbon for the production of LPG and also capture residual gas for electricity generation, the co. announced 23 Dec. 2024 in a post on social media.
— Lumina Gold Corp. rec’d notice of the passing of a resolution by the gov’t of Ecuador’s Strategic Committee for the Promotion and Attraction of Investments to extend its existing Exploration Investment Protection Agreement to include spending from 2010 up until the end of 2024. The increased amount of investment protected by the agreement is $79mn, Lumina said 10 Dec. 2024 in an official stmt. The addendum to the Exploration Investment Protection Agreement is expected to be executed by public deed in the coming wks.
Guyana
— ExxonMobil, w/ the announcement of the Hammerhead and Longtail projects offshore Guyana, looks to take the total number of developments in Stabroek to 8 by 2030. There, total production capacity in Guyana, on an investment basis, is expected to reach 1.7 MMb/d w/ gross production growing to 1.3 MMb/d by 2030, the co. announced 11 Dec. 2024 in an official stmt. Exxon leds a 3 co. consortium in Strabroek w/ partners CNOOC and Hess Corp.
— Fulcrum LNG, which was selected by the gov’t of Guyana to move fwd a project to develop the country’s offshore gas, was formed by former Exxon Guyana exec. Jesus Bronchial. Baker Hughes and McDermott will team up w/ Fulcrum LNG in the development process. Fulcrum LNG was picked from among 17 cos. to develop a plan around the design and construction of gas facilities to commercialize Guyana’s gas resources. Guyana, which started producing oil offshore in late-2019, has around 17 Tcf of associated gas, which could spearhead the small South American nation’s next energy wave.
Mexico
–The shares in Paratus Energy Services Ltd. will be traded ex cash distribution of $0.22/shr as from 3 Dec. 2024. The cash distribution will be paid as return of capital on or about 13 Dec. 2024, Paratus said 3 Dec. 2024 in an official stmt.
Suriname
— Staatsolie and the Staatsolie Foundation for Community Development together invested $2.6mn in social initiatives in 2024. Investments were made in areas such as healthcare, education, and support for the disadvantaged, Staatsolie said 30 Dec. 2024 in an official statement.
Trinidad and Tobago
— The National Gas Company of Trinidad and Tobago Limited (NGC) will be conducting preventative maintenance works on 8 Dec. 2024 on 2 of its odouriser units_ Aranguez Government Secondary School—Boundary Road Ext, El Socorro, San Juan and Tarouba Regulator Station—Opposite Brian Lara Stadium, Tarouba.
MIDDLE EAST
Saudi Arabia
— Saudi Investment Recycling Company (SIRC) inked a Joint Development and Cost Sharing Agreement (JDCSA) w/ Aramco and TotalEnergies to assess the development of a sustainable aviation fuels (SAF) production unit in the Kingdom of Saudi Arabia. This collaboration will draw on the expertise of the 3 partner cos. to develop a production unit of SAF by converting local residues from the circular economy, such as used cooking oil and animal fats, TotalEnergies said 3 Nov. 2024 in an official stmt.
NORTH AMERICA
Canada
— Canada Nickel Company Inc. completed a non-brokered private placement of an aggregate of 3,480,000 common shrs that will qualify as “flow-through shares” at an issue price of C$1.15 per FT Share. Aggregate proceeds from the offering were C$4,002,000, Canada Nickel said 30 Dec. 2024 in an official stmt.
— G Mining Ventures Corp. appointed Vincent Benoit, Managing Partner and CIO of La Mancha Capital Advisory LLP, to its BODs, effective 20 Dec. 2024. The G Mining’ BODs now comprised of 11 members, the co. said 20 Dec. 2024 in an official stmt.
— Agnico Eagle Mines Limited and O3 Mining Inc. jointly announced that Agnico Eagle, through a wholly-owned subsidiary, has commenced its offer to acquire all of the issued and outstanding common shrs of O3 Mining not already owned, directly or indirectly, by Agnico Eagle for $1.67 in cash per common shr, pursuant to a friendly, board-supported take-over bid by delivering the offer and take-over bid circular to O3 Mining shareholders. The directors’ circular of O3 Mining is being delivered to O3 Mining shareholders concurrently with the take-over bid circular of Agnico Eagle, Angico said 19 Dec. 2024 in official stmt.
— Shell Aviation Canada team introduced a hybrid fueling vehicle fleet at the Kelowna International Airport (YLW), a first in Canada. This is the first of 5 hybrids planned for deployment across the Canadian network as part of Shell’s net zero commitments, the UK co. announced 14 Dec. 2024 on social media.
— LNG Canada, located in Kitimat, British Columbia, will tab into an abundance of low-cost Canadian natural gas. LNG Canada is a long-life asset w/ 40yr export licenses for the initial export of up to 14 mtpa. The madden LNG cargo is slated to sail in mid-2025, sources tell Energy Analytics Institute (EAI). A second phase of LNG Canada looks to add another 14 mtpa.
— Parkland Corporation announced 11 Dec. 2024 in an official stmt that a dividend of $0.35/shr will be paid on 15 Jan. 2025 to shareholders of record on 20 Dec. 2024. The dividend will be an ‘eligible dividend’ for Canadian income tax purposes, Parkland said.
— Chantier Davie Canada Inc. inked an agreement w/ Construction Dinamo Inc., a Québec construction co., related to Davie’s recent decision to modify its construction strategy to better meet National Shipbuilding Strategy (NSS) requirements and respond to the Icebreaker Collaboration Effort (ICE Pact) opportunity. The agreement addresses the delivery of construction and supervision services for key sub-projects within the major upgrade of Davie’s Lévis shipyard, Davie announced 10 Dec. 2024 in an official stmt.
— Sandstorm Gold Ltd. entered into an Automatic Share Purchase Plan (ASPP) w/ its designated broker to facilitate the purchase of the co.’s issued and outstanding common shrs under its previously announced Normal Course Issuer Bid. The ASPP will facilitate purchases under the NCIB at times when the co. would ordinarily not be permitted to make purchases, whether due to regulatory restriction or customary self-imposed blackout periods, Sandstorm announced 10 Dec. 2024 in an official stmt.
— Canadian Natural Resources Limited (CNRL) completed the acquisition of Chevron Canada Limited‘s Alberta assets. These assets included a 20% interest in the Athabasca Oil Sands Project (AOSP) and a 70% operated interest in light oil and liquids rich Duvernay assets, the Canadian co. announced 6 Dec. 2024 in an official stmt. CNRL now owns 90% of AOSP, which includes the Muskeg River and Jackpine mines, the Scotford Upgrader and the Quest Carbon Capture and Storage facility. The acquisition also includes various working interests in a number of other non-producing oil sands leases. CNRL eyes 2025 production from assets acquired from Chevron in Canada to be 122,500 boe/d, consisting of 62,500 b/d of long life no decline AOSP and 60,000 boe/d from the Duvernay, comprised of 179 MMcf/d of gas and 30,000 b/d of liquids, said CNRL.
— Power Nickel Inc. revealed an exploration update on its discovery of the Lion Zone at its Nisk Project near Nemaska Quebec. Based on assays reported to the mkt to date, the Lion Zone has been intercepted across a strike length of 550 m. This mineralized zone is adjacent to an ultra mafic rock unit that outcrops at surface for 1.8 km, Power Nickel announced 2 Dec. 2024 in an official stmt. The co. has been drilling west of the established 550 m of strike length, stepping out at 150 m increments. Already drilled w/ assays pending are holes 76, 78, 79, 80, 81 along the western strike extension. The purpose of these holes was to test the potential continuation of the Lion Zone to the west and the plunging nature of the deposit along strike, Power Nickel said in the stmt.
US
— Duke Energy Florida filed a plan w/ the Florida Public Service Commission (FPSC) to recover $1.1bn in direct costs associated w/ the co.’s emergency activation and response to hurricanes Debby, Helene and Milton in 2024. Such responses included mobilizing over 27,000 workers and add’l resources to restore power for 2mn impacted customers, Duke said 27 Dec. 2024 in an official stmt.
— Venture Global filed for what could be one of the largest IPOs globally next year, Reuters reported 20 Dec. 2024. The LNG producer plans to list its Class A common shares under the symbol “VG” on NYSE, Reuters said, citing the co.’s filing.
— Paratus Energy Services Ltd. successfully placed $500mn new senior secured bonds, which will commence trading on Nordic ABM on 20 Dec. 2024, Paratus announced 20 Dec. 2024 in an official stmt.
— Uranium Energy Corp. CEO and president Amir Adnani, and EVP Scott Melbye, will participate in the Goldman Sachs Energy, CleanTech & Utilities Conference from 8-9 Jan. 2025. Mgmt will also host 1-on-1 investor meetings over the 2 days to discuss the expansion of UEC’s production platforms and infrastructure, including its recent acquisition of the Sweetwater Plant in Wyoming from Rio Tinto, Uranium said 19 Dec. 2024 in an official stmt.
— “AI is revolutionizing the way we work by providing us with unprecedented access to data and insights, enabling us to make better, faster decisions and unlock value in our daily work and operations,” Chevron Technical Center VP Balaji Krishnamurthy said 18 Dec. 2024 in an official Chevron stmt.
— Sempra‘s chairman and CEO Jeffrey W. Martin rec’d the lifetime achievement award from S&P Global Commodity Insights at this yr’s Platts Global Energy Awards. The award recognizes Martin’s lasting contributions and influence in the global energy industry as well as his vision and leadership during his career at Sempra, the co. announced 17 Dec. 2024 in an official stmt.
— ExxonMobil, after its purchase of Pioneer, achieved its goal of generating over 50% of its total Upstream production from advantaged assets located in the Permian (US), Stabroek (Guyana), and LNG 3 yrs earlier than expected, the co. said 11 Dec. 2024 in an official stmt. By 2030, over 60% of Exxon’s production is forecast to come from these 3 advantaged assets, which are expected to grow by an add’l 1.2 MMbod/d during that period. Exxon’s total Upstream production is forecast to reach 5.4 MMbod/d by 2030. This, as the co. looks to lower its operated Upstream emissions intensity 40%-50% v 2016. In the Permian, Exxon is applying its technology advantage to increase capital efficiency and resource recovery and expects to roughly double production in the Permian Basin to approximately 2.3 MMboe/d by 2030.
— The PV modules of Boviet Solar Technology Co. Ltd. were utilized in the Escalante Solar project, which has been recognized as Solar Builder Magazine’s 2024 Project of the Year Over 10 MW. Built on the site of the former 253-MWac coal-fired Escalante Generating Station—which was retired in 2020—near Grants, New Mexico, the solar project began generating carbon-free electricity on 1 Jun. 2024, Boviet said 11 Dec. 2024 in an official stmt.
— The BODs of APA Corporation declared a regular cash dividend on the Houston-based co.’s common shrs. The dividend is payable 21 Feb. 2025, to stockholders of record on 22 Jan. 2025, at a rate of $0.25/shr on APA’s common stock, the co. said 11 Dec. 2024 in an official stmt.
— The BODs of Nucor Corporation announced the increase of its regular qtrly cash dividend on the co.’s common stock to $0.55/shr. This cash dividend is payable on 11 Feb. 2025 to stockholders of record on 31 Dec. 2024 and is Nucor’s 207th consecutive qtrly cash dividend, Nucor said 11 Dec. 2024 in an official stmt. Nucor has increased its regular, or base, dividend for 52 consecutive yrs – every yr since it first began paying dividends in 1973, the steel co. said.
— Houston-based W&T Offshore, Inc. is asking a federal judge to declare insurers have colluded to damage the co. by jointly demanding add’l collateral and premiums. W&T is seeking $250mn in collateral beyond what the co. has already contracted for bonds backing its production activities, the co. announced 11 Dec. 2024 in an official stmt. At the heart of the dispute are rules from the federal Bureau of Ocean Energy Management (BOEM), which require energy producers in the Outer Continental Shelf to provide a bond to pay for well, platform, pipeline and facilities cleanup if the operating co. fails to do so.
— Molten Salt Solutions successfully closed off its seed funding, securing $3mn from Silicon Valley firms Future Ventures and True Ventures. This investment will support the development of the company’s first commercial-scale lithium isotope enrichment process, the co. said 11 Dec. 2024 in an official stmt. Currently, there is no commercial source of enriched lithium isotopes, and conventional enrichment methods are not suitable for industrial-scale production.
— Hyundai Motor Company appointed Randy Parker as the CEO of Hyundai and Genesis Motor North America effective 1 Jan. 2025. Parker will lead all Hyundai operations and functions in the US, Canada and Mexico and Genesis in the US and Canada, along with oversight for Hyundai’s manufacturing facilities in Alabama and Georgia. Parker succeeds José Muñoz in that role, who has been promoted to president and CEO of Hyundai Motor Company. Parker will also remain the CEO of Hyundai Motor America, Hyundai said 10 Dec. 2024 in an official stmt.
— Nippon Steel Corporation said it will reward United States Steel Corporation (US Steel) employees in the US w/ a closing bonus of $5,000, less applicable withholdings and authorized or required deductions, following the closing of the transaction between the parties. Eligible non-union employees in the US below the senior manager level will receive this closing bonus, Nippon announced 10 Dec. 2024 in an official stmt.
— Mgmt of TXNM Energy, Inc. will meet w/ analysts and investors this wk in New York City to affirm the co.’s 2024 consolidated earnings guidance of $2.70/shr-$2.75/shr diluted, the co. announced 9 Dec. 2024 in an official stmt.
— JinkoSolar Holding Co., Ltd. filed a patent infringement action in the US District Court for the Northern District of California (San Francisco) against VSUN Solar USA, Inc., Toyo Co., Ltd., and their related entities in the US and abroad for infringement of JinkoSolar’s patents. JinkoSolar has been awarded over 2,800 issued patents, w/ a proprietary portfolio that includes 462 industry-leading patents related to N-type TOPCon technology, one of the highest numbers of TOPCon patents in the industry, JinkoSolar said 7 Dec. 2024 in an official stmt.
— Avg. natural gas deliveries to US LNG export terminals rose 0.5 Bcf/d from last wk to 14.5 Bcf/d, according to data from S&P Global Commodity Insights. Gas deliveries to terminals in South Louisiana were essentially unchanged at 8.7 Bcf/d, while gas deliveries to terminals in South Texas rose by 11.6% (0.5 Bcf/d) to 4.5 Bcf/d, the US-based Energy Information Administration (EIA) said 5 Dec. 2024 in a stmt on its website. Gas deliveries to terminals outside the Gulf Coast were essentially unchanged at 1.2 Bcf/d, the EIA said.
— Twenty-six LNG vessels (9 from Sabine Pass, 5 from Cameron, 5 from Freeport, 4 from Corpus Christi, 2 from Calcasieu Pass, and 1 from Cove Point) w/ a combined LNG-carrying capacity of 98 Bcf departed the US between 28 Nov.-4 Dec. 2024, the EIA said 5 Dec. 2024 in a stmt on its website, citing shipping data provided by Bloomberg Finance, L.P.
— ONEOK will fully merge w/ EnLink Midstream after reaching an agreement to acquire the rest of ENLC‘s public units for $4.3bn, East Daly Analytics announced 5 Dec. 2024 in a research report.
— ExxonMobil will host a virtual webcast of its Corporate Plan Update and Upstream Spotlight event from 8:30am to 12:15pm CST on 11 Dec. 2024. Presenters include Darren Woods, Chairman and CEO; Kathy Mikells, SVP and CFO; Neil Chapman, SVP; and Jim Chapman, VP, Treasurer and Investor Relations, Exxon said 4 Dec. 2024 in an official stmt.
— The BODs of TXNM Energy voted to boost the co.’s annual dividend payment by $0.08, a 5.2% increase, to an indicated annual rate of $1.63/shr of common stock. The BODs declared the resulting qtrly stock dividend of $0.4075/shr, payable 14 Feb. 2025, to shareholders of record at the close of business 31 Jan. 2025, TXNM announced 3 Dec. 2024 in an official stmt. Also, the BODs of Public Service Company of New Mexico, wholly owned subsidiary of TXNM, declared the regular qtrly dividend of $1.145/shr on the 4.58% series of cumulative preferred stock. The preferred stock dividend is payable 15 Jan. 2025, to shareholders of record at the close of business 31 Dec. 2024.
EUROPE
Finland
— Mitsubishi Corporation will conduct a feasibility study for the Arctial Low-Carbon Aluminium Project in Finland jointly w/ Rio Tinto, Fortum, Finnish Industry Investment (Tesi), and Vargas Holding. The project is a primary aluminum manufacturing project using CO2-free electricity and is the first new project in Europe in over 30yrs, Mitsubishi said 4 Dec. 2024 in an official stmt. The feasibility study will comprehensively assess the financial and technical aspects of the project as well as its economic, social and environmental impacts.
Germany
— France’s TotalEnergies acquired VSB and strengthened its renewables position in Germany, while the French oil giant sold a 50% interest in a 2 GW renewable portfolio in US, the co. said 4 Dec. 2024 in an official stmt.
Greece
— Sungrow announced a strategic partnership w/ KTISTOR Energy for deployment of the PowerTitan 2.0 liquid-cooled Battery Energy Storage System (BESS) across several key projects in Greece. KTISTOR is a construction co. w/ significant activity in the field of construction of Renewable Energy Sources projects as an EPC, as well as developing and integrating the own private projects covering a wide range of applications, including wind, solar, BESS, followed by ancillary services, Sungrow said 16 Dec. 2024 in an official stmt.
ASIA
China
— Sungrow recently earned electromagnetic compatibility (EMC) certification from VDE, one of the largest technology organizations in Europe, for its microinverter, Sungrow announced 17 Dec. 2024 in an official stmt. The products followed comprehensive testing at the VDE German laboratory and this milestone demonstrates Sungrow microinverter’s exceptional ability to operate seamlessly in complex electromagnetic environments without interfering w/ other electronic devices, setting a new global standard for the microinverter’s EMC performance, Sungrow said.
— JinkoSolar Holding Co., Ltd. said its BODs approved to upsize the existing shr repurchase program by increasing the aggregate value of Class A ordinary shrs represented by ADSs that may be repurchased from $200mn to $350mn. In addition, the BODs also approved to extend the existing shr repurchase program for an add’l 12-mth period through 30 Jun. 2026, JinkoSolar said 10 Dec. 2024 in an official stmt. Under the extended shr repurchase program, JinkoSolar may repurchase up to $215.5mn of its Class A ordinary shrs represented by the ADSs through 30 Jun. 2026.
— The use of new energy vehicles represents 77.6% of China’s public transport system, according to the Minister of Transportation Li Xiaopeng.
— China looks fwd to working together w/ the various parties to continuously bring together the forces of the Global South in favor of unity and cooperation among developing countries, according to Chinese Foreign Minister Wang Yi.
Japan
— The acquisition of US Steel Corporation by Nippon Steel is still under review, following the 23 Dec. 2024 decision from the Committee on Foreign Investment in the United States (CFIUS) to refer the matter to the US president. US president Joe Biden must make a final determination on whether or not to approve the acquisition within 15 days of the referral, Nippon announced 26 Dec. 2024 in an official stmt. The review process of the Antitrust Division of the US Department of Justice is also still pending.
AUSTRALIA
Australia
— Woodside Energy Group Ltd has amended its Securities Dealing Policy (Policy) w/ effect from 4 Dec. 2024, the Australian co. announced 11 Dec. 2024 in an official stmt.
____________________
By Editors at Energy Analytics Institute. © Energy Analytics Institute (EAI). All Rights Reserved.
