Latest News
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Esgian Week 29 Report: New Drilling Plans in Guyana and Norway
Esgian provides an update on new drilling plans in Guyana and Norway in its Week 29 Rig Analytics Market Roundup.Report SummaryContractsADES has secured a 10-year contract extension for 250-ft jackup Admarine 657 offshore Saudi Arabia, commencing immediately upon the expiration of its current contract term with Saudi Aramco in the third quarter of 2024.Market sources indicate that Arabian Drilling 250-ft jackup ArabDrill 80 has secured a one-year extension with Al Khafji.Diamond Offshore has secured a contract with Beacon Offshore Energy subsidiary BOE Exploration & Production LLC for 12,000-ft drillship Ocean BlackRhino in the US GOM.Drilling Activity and DiscoveriesPetrogas E&P Netherlands achieved first gas production from the first well on the B10 platform in the Dutch North Sea on 6 July 2024.ExxonMobil is drilling the Haimara-3 appraisal well on the Stabroek block offshore Guyana with Noble 12,000-ft drillship Noble Sam Croft.Kuwait Oil Company (KOC) and its parent company, the state-owned Kuwait Petroleum Corporation (KPC), have announced the discovery of a large oil reserve at the Al-Nokhatha offshore field.Odfjell Drilling managed 10,000-ft semisubmersible Hercules is drilling the Sitka C-02 well on licence EL 1156 in the Flemish Pass offshore Newfoundland, Canada for Equinor.ExxonMobil has filed a project summary with the Environmental Protection Agency of Guyana for the Hammerhead development project on the Stabroek block.The Norwegian Ocean Industry Authority (Havtil) has given Aker BP consent for exploration drilling in block 6506/6 in the Norwegian Sea.The Norwegian Ocean Industry Authority (Havtil) has granted Equinor consents for exploration drilling in the North Sea and the Norwegian Sea.Australian energy company Santos stated that its Barossa Gas Project offshore Australia remains on target to commence production in the third quarter of 2025, with the drilling of the third well in a six-well program underway.DemandQatarEnergy has signed an agreement with Chevron to acquire a 20% working interest in a production sharing contract for Block 5 in the west Shallow Offshore area offshore Suriname in water depths of around 98 to 148 ft (30 to 45 m).Santos and its partners in the Dorado Phase 1 development offshore Australia expect to re-enter the Front End Engineering Design (FEED) stage of the project this year and make a final investment decision (FID) in 2025.Mobilisation/Rig MovesOdfjell Drilling’s 6th generation 10,000-ft semisub, Deepsea Atlantic, has completed its contract with Equinor and is heading to a yard in Norway.Shelf Drilling 250-ft jackup High Island IX has arrived at a port in Saudi Arabia for a planned out-of-service period, expected to take around 90 days.Other NewsThe Lebanese Petroleum Administration has announced an extension for the third oil and gas exploration licensing round deadline to 17 March 2025.Longboat Energy, a Southeast Asian-focused E&P company, has completed the sale of its 50.1% holding in Longboat Japex Norge (LJN) to its joint venture partner Japan Petroleum Exploration Co. Ltd (JAPEX).The North Sea Transition Authority (NSTA) has opened investigations into missed deadlines for well decommissioning.Following the Labour Party’s victory in the UK’s general elections earlier in July 2024, King Charles delivered a speech at the State Opening of Parliament on 17 July 2024, outlining the government’s commitment to a clean energy transition.LLOG Exploration Company has acquired 41 blocks in the East Breaks and Alaminos Canyon area of the deepwater US GOM.Noble Corporation plc intends to voluntarily delist from NASDAQ Copenhagen, effective in late 2024 or early 2025.
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Sev.en GI's offer for majority in Coronado Global Resources fails
An offer agreed in 2023 for Czech billionaire Pavel Tykac's Sev.en Global Investments to take a 51% stake in coal miner Coronado Global Resources from the Energy & & Minerals Group (EMG) has actually failed as a. regulative due date ended, the companies included said on. Tuesday. Metallurgical coal miner Coronado Global Resources. has 3 mining complexes in Australia and the United States. and has annual coal production of 16 million metric heaps. EMG has ended the agreement because of certain. conditions not being satisfied by the Outside Date (including. receipt of Foreign Financial investment Regulatory Board regulative. approval), EMG said in a declaration, including the outdoors date was. June 22. Sev.en said it was not looking for to extend or renegotiate the. transaction. It said no celebration has actually raised any regulatory concerns. in the review process. We have thoroughly reassessed the transaction on the expiry. of the outside date and concluded that terminating the offer is. in Sev.en Global Investments' benefits, Sev.en Chief. Executive Alan Svoboda said in the statement. Shares in Coronado have lost a 3rd given that the deal was. announced in 2015. The monetary terms of the offer were not divulged.
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EU leaders want more green industry in Europe, draft programs
European Union leaders will call today for a greater concentrate on making green innovations in Europe, as competition to produce electric vehicles and wind turbines warms up with China and the United States, a. draft declaration revealed. EU nations' leaders fulfill in Brussels on Thursday for a. two-day summit, where they plan to choose who ought to take the. bloc's leading tasks for the next five years, and offer guidance on. policy goals. A draft of that assistance, seen on Tuesday,. showed a growing dream among European policymakers to support. European industries to produce the innovations needed to. fulfill climate objectives. We will develop a more encouraging environment for scaling up. Europe's manufacturing capacity for net-zero innovations and. products, the draft said, including that Europe's green shift. should concentrate on keeping markets competitive. Other green subjects were less prominent in the draft, which. did not define whether leaders mean to enhance EU environment. policies in the next 5 years, or invest more in adjusting to. intensifying climate change dangers from floods and heatwaves. Among the next European Commission tasks is to propose a. lawfully binding target for the EU to cut emissions by 2040. This. was not discussed in the draft. Two EU diplomats stated some federal governments have looked for to minimize. the files' concentrate on Europe's green agenda, which has actually faced. opposition in recent months from conservative and far-right. politicians. Gains for those parties in this month's European Parliament. election are set to make it harder for the EU to pass ambitious. climate policies in the next five yeas, lawmakers and officials. have actually said. Months of protests by farmers have added to EU policymakers'. wariness about targeting the sector with new rules to motivate. more environmentally-friendly practices. The European Union will promote a competitive, sustainable. and resistant farming sector that continues to guarantee food. security, and champ dynamic rural neighborhoods, the draft. said, adding that the bloc would continue to safeguard nature. The file stated EU nations will need to invest more in. moving sectors off fossil fuels and onto electrical energy, as well. as in power grids and energy storage.
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TSX futures dip ahead of Canada inflation data
Futures linked to Canadian stocks were subdued on Tuesday, hurt by a decline in unrefined prices, while investors turned mindful ahead of the domestic inflation data that might even more strengthen expectations from the Bank of Canada (BoC) to cut rate of interest further. September futures on the S&P/ TSX index were down 0.07% at 6:19 a.m. ET (1019 GMT). All eyes will be on the Customer Cost Index (CPI) numbers at 08:30 a.m. ET that might offer guarantee to Canadian policymakers before they slash the loaning expenses in July. Traders are pricing in a 65.6% possibility of a 25-basis-points rate cut by the Canadian reserve bank in its next policy conference on July 24. BoC Governor Tiff Macklem on Monday said there is enough slack in the Canadian labor market to enable development and task creation even as inflation slows. On the products front, oil prices, slipped after increasing in the previous session, as financiers wait for U.S. consumer cost information due later on this week. Copper was partially up as the U.S. dollar reduced somewhat however subdued demand in China kept gains in check. On the flip side, gold rates stayed soft ahead of crucial U.S. inflation data. Wall Street futures were combined, with S&P and Nasdaq futures increasing, as AI chipmaker Nvidia recuperated in premarket trading after falling about 13% in the last three sessions. In corporate news, French sustainable power producer Neoen SA signed a share purchase contract for the acquisition of a bulk stake by property management company Brookfield . PRODUCTS Gold XAU=: $2336.06; +0.13% US crude CLc1: $81.28; -0.43% Brent crude LCOc1: $85.63; -0.44% FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report global stocks poll for Canada Canadian markets directory site
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Denmark will be first to impose CO2 tax on farms, federal government states
Denmark, a major pork and dairy exporter, will introduce a tax on animals carbon dioxide emissions from 2030, making it the very first country to do so and intending to inspire others to follow, the government said on Tuesday. A tax was very first proposed in February by government-commissioned specialists to help Denmark reach a legally binding 2030 target of cutting greenhouse gas emissions by 70%. from 1990 levels. The centrist federal government late on Monday reached a. wide-ranging compromise with farmers, industry, labour unions. and environmental groups on policy connected to farming, the. nation's biggest source of CO2 emissions. We will be the first country in the world to present a. real CO2 tax on farming. Other nations will be influenced by. this, Tax Minister Jeppe Bruus of the centre-left Social. Democrats stated in a statement on Tuesday. While based on approval by parliament, political professionals. expect an expense to pass following the broad-based consensus. The offer proposed taxing farmers 300 Danish crowns ($ 43.16). per tonne of CO2 in 2030, increasing to 750 crowns by 2035. Farmers will be entitled to an earnings tax deduction of 60%,. implying that the actual cost per tonne will start at 120 crowns. and increase to 300 crowns by 2035, while aids will be made. available to support changes in farm operations. The tax might add an additional expense of 2 crowns per kilo (2.2. pounds) of minced beef in 2030, Minister for Economic Affairs. Stephanie Lose told public broadcaster DR. Minced beef retails. from around 70 crowns per kilo at Danish warehouse store. New Zealand this month scrapped plans to present a comparable. tax after dealing with criticism from farmers. But while Danish farmers had revealed issues that the. nation's climate goals might require them to lower production and. cut jobs, they said the compromise makes it possible to preserve. their service. The arrangement brings clarity when it concerns substantial. parts of the farmers' conditions, the L&F farming market. group said.
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Japan's Mitsui builds ammonia plant in UAE, to start production in 2027
Mitsui & & Co has begun constructing an ammonia plant in the United Arab Emirates ( UAE) with partners consisting of an Abu Dhabi National Oil Company ( ADNOC) unit, it stated on Tuesday. The Japanese trading home is increasing its efforts to develop global supply chains of greener fuels such as hydrogen and ammonia to help take on environment change. Mitsui's partners are TA'ZIZ, which is owned by ADNOC, Fertiglobe, and South Korea's GS Energy. The plant, located in Al Ruwais in the UAE, aims to begin producing 1 million metric loads each year of ammonia from 2027, with lower carbon dioxide (CO2) emissions compared to conventional ammonia, Mitsui stated in a declaration without elaborating. Facilities will be installed in the plant to capture and store CO2 discharged throughout the manufacturing procedure, with plans to begin production of tidy ammonia by 2030, Mitsui said. The business did not reveal the overall job expense. Mitsui will offtake a particular volume of the clean ammonia produced at the plant to provide Japan and other Asian markets, providing it for uses consisting of fuel, chemical and fertiliser feedstock, it stated. Independently, the Japan Bank for International Cooperation ( JBIC) said it has actually signed a loan contract with Mitsui to finance the project. The loan is co-financed with Sumitomo Mitsui Banking Corp, offering $27 million loan in total. In the UAE, Mitsui and ADNOC have been collectively establishing and handling a liquefied natural gas (LNG) plant since the 1970s. Ammonia, primarily produced from hydrogen originated from natural gas and nitrogen extracted from the air, does not emit CO2 when burned. It is principally utilized as a basic material for fertiliser and chemicals, but it can also work as a low-carbon fuel in power generation and marine bunker operations.
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CORRECTED (AUTHORITIES)- Alcazar invests $500 mln in North Macedonia's biggest wind farm
Renewable energy financier Alcazar Energy Partners stated on Tuesday it has launched the largest wind farm job in North Macedonia with a financial investment of a minimum of $500 million in debt and equity to assist create 400 megawatts of renewable energy. The Shtip job, situated 75 km south of the capital Skopje, is a central part of a deal revealed at the COP28 environment talks last year to accelerate the nation's shift away from coal-fired power generation. Building is set to begin in the 2nd half of 2025. When up and running, the task is anticipated to provide an almost fivefold increase in the country's installed wind capability, able to power more than 100,000 homes and avoid the release of over 670,000 tons of climate-damaging carbon emissions a year. Alcazar Energy views North Macedonia as a particularly promising investment location, acknowledging its significant possible for renewable energy development, Alcazar co-founder Daniel Calderon said in a statement. Due to its place and grid connections with Greece, Bulgaria, Serbia and Kosovo, the task should help reduce energy shortages and support the energy transition throughout the broader region. Funding will be managed by Alcazar, which just recently raised $ 490 million through Alcazar Energy Partners II, with backing from the U.S. International Development Financing Corporation and other public and private financiers. This task is of fantastic significance to Europe, offered North Macedonia's extensive grid interconnections with its neighbours, stated Hristijan Mickoski, Prime Minister of North Macedonia. It will supply much-needed clean and affordable energy at a. vital time when the continent is making every effort to minimize its. reliance on fossil fuels..
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Eramet, BASF cancel strategy to invest $2.6 billion in refining complex in Indonesia
French miner Eramet said on Monday it had actually chosen, along with Germany's BASF, to cancel a $2.6 billion joint financial investment task in a. nickelcobalt refining complex in Weda Bay, Indonesia. After a comprehensive examination, including conversations about. project execution method, both partners have chosen versus. this investment, Eramet said in a news release, without. elaborating. Eramet will continue to examine potential investments in. the nickel electric car battery worth chain in Indonesia and. will keep the market notified in due course, it added. An Indonesian official stated the companies have actually notified the. federal government about the decision, stating that there are numerous. high pressure acid leach (HPAL) centers in the country. currently and on the pipeline. I think this cancellation was due to the fact that they saw that. there was already a lot of HPAL in Indonesia, so it is easier to. get MHP (combined hydroxide precipitate), so there was no requirement to. invest large capex to construct it by themselves, stated Septian Hario. Seto, senior authorities at Indonesia's Coordinating Ministry of. Maritime and Financial Investment Affairs. A number of Chinese companies and their local partners have invested in HPAL in Indonesia as the nickel-rich nation aims to construct a. homegrown EV industry. In January 2023, Indonesian officials had said the French. group and BASF were close to finalising a $2.6 billion. investment in the production of nickel for use in batteries for. electrical automobiles. The project was based on resources extracted. from Eramet's mine in Weda Bay. Eramet had then verified negotiations were underway, however. said the job underwent a final financial investment decision.
Dutch PM prompts Germany's Scholz to deliver on $24 bln TenneT bid, letter shows
Dutch Prime Minister Mark Rutte has advised German Chancellor Olaf Scholz to come up with a bid for the German system of grid company TenneT, according to excerpts of a letter seen , airing his aggravation about the dragged out process.
Rutte's request is the greatest indicator yet of growing tension in between the 2 federal governments over a landmark energy infrastructure offer that has been in the making for nearly two years without resulting in an agreement.
A deal is anticipated to worth TenneT Germany at someplace between 20 billion to 25 billion euros ($ 22-27 billion),. according to individuals acquainted with the matter.
We are disappointed that regardless of numerous concrete. signs and reassurances from different parts of your. federal government that the German state is still intending on buying. TenneT Germany, we have not gotten a concrete company deal that. could supply the basis for a contract, Rutte wrote in the. previously unreported letter, outdated May 17.
As we are now in the second year of settlements, we,. together with the Boards of TenneT, urge you to make such (a). encouraging deal, he stated in the letter.
The German federal government and the Dutch Economy Ministry. both declined to comment.
Rutte's remarks suggest that the Dutch federal government is losing. perseverance with Berlin over the TenneT << IPO-TTH. AS> > deal,. and it has also started to explore a sale of the electricity. grid operator's German activities to personal financiers as a plan. B.
The Hague and Berlin have actually consistently come close to an. agreement over the offer.
The efforts, led by German Economy Minister Robert Habeck,. were driven by Berlin's desire to get higher control over secret. energy facilities in the wake of Europe's energy crisis, as. well as hopes a purchase will speed up the energy transition.
Berlin spent numerous billions of euros as a result. of severing energy ties with Russia, bailing out providers and. safeguarding market from collapsing due to high energy expenses in. the wake of Russia's intrusion of Ukraine.
Nevertheless, distinctions over rate, along with Germany's. budgetary issues and varying views within Berlin's ruling. coalition have actually complicated the sale.
German Financing Minister Christian Lindner is sceptical due. to issues over whether Berlin could offer stakes in TenneT on. to private investors even more down the line, fearing there might. not suffice demand.
Rutte, who is set to leave office this month when a brand-new. right-wing federal government takes power, said the sides need to reach. contract by July 1, before Berlin presents a provisionary spending plan. for 2025.
The Dutch parliament is still expected to authorize a sale.
If no offer can be reached, the Dutch strategy is to offer TenneT. in part or whole to personal financiers, as there is no political. support in the Netherlands for continued ownership of Germany's. biggest electrical grid.
Germany, meanwhile, is playing for time, expecting a lower. price tag in the wake of greater interest rates and falling grid. returns that are anticipated make it harder for the Netherlands to. find personal investors for the possessions, the people said.
One alternative offer structure that is being considered is. Germany taking a minority stake in TenneT Germany instead of. buying the entire property, the people said, including Berlin was not. under pressure to act.
A representative for TenneT stated there were extensive talks. about alternatives to a complete sale of its German system to Berlin,. although the latter stays the preferred result, adding. there was wish for development within the next 3 weeks.