TotalEnergies announces successful first oil production on the Eldfisk North Project, located in the Greater Ekofisk Area in the North Sea.

The Eldfisk North Project is located in PL018, and the licensees are TotalEnergies EP Norge AS (39.896 percent), ConocoPhillips Skandinavia AS (35.112 percent – Operator), Vår Energi ASA (12.388 percent), Sval Energi AS (7.604 percent) and Petoro AS (5.000 percent).

In December 2022, the Norwegian authorities approved the Eldfisk North Plan for Development and Operation with original production start scheduled in the second quarter of 2024. Cooperation and efficiency across companies have unlocked earlier first oil production.

“This is a nice example of a short cycle project which is delivered safely and ahead of plan. The Eldfisk North project is indeed unlocking additional resources while benefiting from the use of available capacities in the existing infrastructure in the Greater Elofisk Area. With a low break-even and greenhouse gas emissions below 10 kg/boe, the Eldfisk North project fits nicely in TotalEnergies portfolio.” said Jean-Luc Guiziou, senior vice president Europe for Exploration & Production at TotalEnergies.

The Eldfisk North Project comprises three 6-well subsea templates located approximately seven kilometres from the Eldfisk Complex. The development includes up to 14 wells, of which nine are producers and five will inject water into the reservoir. The Eldfisk North Project will produce 15,000 barrels of oil equivalent per day at peak and use the available capacity of Eldfisk facilities for processing and transportation.

The project has created approximately 4,000 to 4,500 jobs, and more than 80 percent of the total contract value has been awarded to Norwegian businesses.

For more information visit www.totalenergies.com

Odfjell Terminals US proudly announced that it has been awarded the International Liquid Terminals Association Safety Excellence Award for 2024, recognising its outstanding safety performance in 2023. This marks the second consecutive year that OTUS has received this prestigious accolade.

The company attributed this achievement to the unwavering commitment of its employees to maintaining a safe work environment. “We want to thank all employees at OTUS for their focus on safety every day,” stated a company spokesperson, highlighting the collective effort and dedication of the team in upholding high safety standards.

This recognition underscores OTUS’s ongoing commitment to safety and excellence in its operations within the liquid terminals industry.

For more information visit www.odfjell.com

Brenntag, the global leader in chemicals and ingredients distribution, announced the acquisition of the assets of Industrial Chemicals Corporation in Denver, Colorado. This strategic move enhances Brenntag’s geographical presence with a new distribution facility in a key region.

Over the past 60 years, the Biesemeier family built ICC into a leading regional distributor of industrial commodity chemicals. The centrally located Denver facility, directly linked to an inland rail terminal with extensive storage capacities, significantly bolsters Brenntag’s regional presence.

Scott Leibowitz, president of Brenntag Essentials North America, stated, “I want to welcome all our new colleagues of ICC to our team. Brenntag Essentials combines a cost-efficient network of last-mile service operations with regional sourcing and supply chain services, and global sourcing. The location in Denver, Colorado, is a highly compatible fit to our strategy, adding strong local last-mile service operations with a state-of-the-art site to strengthen our regional footprint in North America. With this acquisition, we will increase service levels and cost efficiency for Brenntag customers while providing Brenntag supply partners with greater access to the local market.”

Jamie Biesemeier-Wilkins, CEO of ICC, commented, “For nearly 70 years, ICC has been striving to support our customers in the best way possible. Brenntag recognised what we have built here, and we’re excited to be joining forces with them. It’s a great way to expand our reach and better serve our local and regional customers.”

ICC reported an annual revenue of $40 million in 2023. The signing and closing of the deal occurred simultaneously, with financial details remaining undisclosed.

for more information visit www.brenntag.com

CB&I, a wholly owned unrestricted subsidiary of McDermott, has been honoured with three Tank of the Year awards by the Steel Tank Institute/Steel Plate Fabricators Association for projects completed in 2023. The awards were presented during the STI/SPFA annual meeting held in Scottsdale, Arizona, from April 18-20, 2024.

Award-Winning Projects

ASME Pressure Vessel of the Year:
CB&I received this award for their construction of two 500,000-gallon liquid hydrogen spheres for Plug Power, located in Alabama, NY. These spheres exemplify excellence in high-pressure storage solutions.

API 620 Low Pressure Liquid Storage Tank of the Year:
The company was recognised for a 12-million-gallon single-containment LNG tank built for WEC Energy Group in Bluff Creek, WI. This project showcases CB&I’s expertise in low-pressure liquid storage solutions.

API 650 Atmospheric Storage Tank of the Year:
CB&I was awarded for the construction of two wet seal gasholders, although the client and location remain confidential. These gasholders highlight the company’s capabilities in atmospheric storage tank design and construction.

Acknowledgement and Gratitude

Cesar Canals, president & CEO of CB&I, expressed his pride and gratitude for the recognition, stating, “I am proud of and grateful for all our employees who made this prestigious recognition possible. Congratulations, and thank you for your constant focus during the design, fabrication, and construction of our steel plate tanks and high-pressure spheres.”

About STI/SPFA

STI/SPFA is a non-profit trade association comprising member companies that fabricate steel tanks, pipes, and pressure vessels for diverse industrial applications. The association is dedicated to promoting excellence and safety in the steel fabrication industry.

CB&I’s achievements at the STI/SPFA annual meeting underscore its commitment to delivering high-quality, innovative solutions in tank and pressure vessel fabrication, solidifying its position as a leader in the industry.

For more information visit www.mcdermott.com

“This successful refinancing is yet another vote of confidence in HES executing upon its strategy to further strengthen its position as a leading European multi-purposes bulk terminal operator. We are delighted and welcome a group of reputable financing partners, which comprise of relationship bank lenders and institutional investors, including new partners from our debut US private placement issuance of EUR 553 million, who will support us on our journey over the next 5 to 10 years”, said CEO and chairman of the executive board, Cees van Gent.

The facilities raised will be used to repay the existing group financing that is maturing in March of 2025. In addition, a CapEx facility of EUR 150 million has been secured to, amongst others, fund HES’ growth strategy.

HES recently filed its consolidated annual accounts for 2023, showing record-breaking EUR 178 million of normalised EBITDA (excluding exceptional items, 2022: EUR 153 million) and EUR 492 million in revenues (2022: EUR 471 million).

“HES’ ambitious long-term strategy is already yielding results. In addition, our commitment to partnering with customers to phase out thermal coal over time and diversify our portfolio is gaining momentum. We have a robust pipeline of commercial contracts and projects focused on green and sustainable commodities, reflecting our proactive approach towards a more environmentally conscious future.”, according to Cees van Gent.

For more information visit www.hesinternational.eu

The bulk storage and energy infrastructure sector serves as a critical component of complex supply chains, ensuring the reliable and timely delivery of products to various industries, including energy, manufacturing, food and agriculture, and transport. The sector’s contribution to these industries cannot be overstated, as it guarantees the continuous availability of essential resources and fuels.

One of the notable aspects of the sector is the extensive network of terminals operated by its members. With a total of 302 terminals spread across the United Kingdom, these facilities provide strategic locations for storage and distribution. This widespread coverage enables efficient transportation and accessibility for businesses in need of storage solutions.

In terms of storage capacity, the sector’s members offer an impressive 11.5 million cubic meters. This substantial capacity ensures that a wide range of products can be accommodated, from bulk liquids to gases and other materials requiring specialized storage conditions. The ability to store such a vast volume of goods underscores the sector’s role in meeting the diverse needs of industries reliant on its services.

Furthermore, the sector’s capacity to handle throughput is noteworthy. With approximately 75 million tonnes of throughput managed by its members, the sector demonstrates its capability to efficiently process and transport large quantities of products. This ability is crucial in maintaining the smooth flow of goods throughout the supply chain, minimizing disruptions and ensuring a steady supply to end-users.

A key asset of the bulk storage and energy infrastructure sector is its extensive collection of storage tanks. With over 3,000 tanks in operation, the sector offers a versatile and flexible storage solution. These tanks are designed to accommodate various products, including petroleum, chemicals, and other liquids, catering to the diverse needs of industries relying on the sector’s services. The availability of a wide range of storage options ensures that different types of products can be securely stored and easily accessed when needed.

For those seeking more in-depth information about the achievements and developments within the bulk storage and energy infrastructure sector, the 2024 Annual Review is available for download. This comprehensive report provides detailed insights into the sector’s performance, trends, and future prospects.

To access the Annual Review, please click on the following link: https://ow.ly/1tIs50SlM8a

New Fortress Energy Inc. has entered into a definitive agreement to sell its liquefaction and storage facility in Miami, Florida to a US middle-market infrastructure fund. The transaction is expected to close in the third quarter of 2024, subject to customary terms and conditions.

The Miami Facility, a small-scale liquefaction plant, features one liquefaction train capable of producing 8,300 MMBtu of LNG per day. It houses three LNG storage tanks with a total capacity of approximately 1,000 cubic metres and includes two separate LNG transfer areas designed for both truck and rail services. Additionally, the facility holds authorisation to export up to 60,000 tonnes of LNG per year to Free Trade Agreement and Non-FTA countries for a 20-year term that began on February 5, 2016.

Wes Edens, chairman and CEO of New Fortress Energy, stated, “The Miami Facility is the inaugural asset of NFE and we are proud to have built this best-in-class infrastructure. Today’s sale highlights our commitment and execution of our asset sale programme, allowing us to reduce debt and recycle proceeds into high return downstream projects.”

For more information visit www.newfortressenergy.com

Nordsol, a pioneer in bio-LNG technology, and Prodeval, a leader in biogas treatment and upgrading solutions, have announced their collaboration to construct a cutting-edge bio-LNG production plant in southern Portugal. This plant will serve an esteemed industrial facility in the olive oil production sector, converting organic waste into clean, renewable energy. The facility is set to begin operations in early 2025, marking a significant milestone in sustainable energy for the region and the industry.

Bio-LNG: Fueling the Future

Bio-LNG, or liquefied biomethane, is a renewable fuel that is chemically identical to conventional LNG. Produced through biogas liquefaction, bio-LNG offers a clean alternative to fossil fuels, suitable for long-distance transport and high-temperature industrial processes without the associated carbon footprint. Utilising existing LNG infrastructure, bio-LNG plays a crucial role in reducing greenhouse gas emissions.

From Organic Waste to Energy

The biogas plant and bio-LNG installation will be co-located to maximise the value of organic residues from olive oil production. The facility will produce 10 tonnes of bio-LNG and 21 tonnes of biogenic liquefied CO2 daily from 1100 nm³/h of biogas, primarily sourced from olive wastewater. The liquefied biomethane will be efficiently transported to a gasification unit and integrated into the natural gas network, supporting the decarbonisation of high-temperature industrial processes.

Innovative Technology and Strategic Integration

The bio-LNG production process involves upgrading biogas into biomethane using Prodeval’s advanced VALOPUR® membrane technology. This biomethane is then liquefied using Nordsol’s innovative, energy-efficient technology, providing a sustainable alternative to fossil fuels. The biogenic CO2 captured during the process will be liquefied using Prodeval’s V’COOL® FG system and utilised in the food and beverage industry, displacing CO2 from fossil resources.

To ensure peak performance and sustainability, the plant will integrate Prodeval’s systems for biogas upgrading and CO2 liquefaction with Nordsol’s patented technology for biomethane purification and liquefaction. This integration highlights the companies’ commitment to achieving the highest levels of energy efficiency and production reliability. This project marks Prodeval’s third installation for a client in Portugal, reinforcing its regional expertise.

A Commitment to Decarbonisation

The facility represents a robust response to the urgent need for decarbonisation. The bio-LNG and biogenic CO2 produced will be crucial in reducing the carbon emissions associated with industrial processes. By channeling bio-LNG into the national gas network and utilising captured CO2, the project aligns with global efforts to combat climate change and promotes circular economy principles.

Quotes

“We are pleased to partner with Prodeval, marking the introduction of our cutting-edge biogas liquefaction technology in Portugal. This collaboration showcases our high quality standards, technical expertise, and unparalleled energy efficiency within the industry. This plant not only represents a significant innovation in renewable energy production in this region but also reinforces Nordsol’s dedication to increasing bio-LNG production capacity across Europe.”

• Léon van Bossum, CEO of Nordsol

“This is fantastic news regarding the implementation of this project in Portugal in collaboration with Nordsol. I’m particularly excited because this project aligns perfectly with our values of promoting the use of biomethane in all its forms. LNG is and will continue to be a significant method for harnessing the potential of biomethane, especially for mobility purposes. I eagerly await its commissioning!”

• Sébastien Paolozzi, CEO of Prodeval

This groundbreaking project signifies a major advancement in renewable energy production, emphasising both companies’ dedication to innovation and sustainability in the bio-LNG sector.

For more information visit www.nordsol.com

UM Terminals, the bulk liquid storage specialist, has made a multi-million pound investment in one of its key strategic terminals.

The investment has been focused on the company’s Regent Road terminal in Liverpool, which is also home to its head office.

The improvements at Regent Road form part of UM Terminals’ strategic growth plan to ensure the breadth of product expertise, bulk liquid storage capability, value-add services and sustainability credentials remain industry-leading.

The investment, which has taken place in recent months, was also an important part of the onboarding of new customers, ensuring that the business was able to meet their specific requirements. A number of tanks at Regent Road have been upgraded to keep up with the demand for storage in the Liverpool area.

One major enhancement at Regent Road has seen the introduction of dual dock loading with customers now able to load and discharge cargo at Huskisson Dock and Canada Dock, reducing delays due to congested shipping berths.

The investment has also supported UM Terminals’ expansion into a broader range of products which now includes chemicals, industrial oils, vegetable oils, fertiliser, and key growth areas of biofuels and biofuel feed stocks.

The company is also underway transferring across to low carbon tank heating technology, part of the wider UM Group’s sustainability strategy.

This investment includes the introduction of industrial ground and water source heat pumps to support the reduction in its carbon footprint in line with various UK and international requirements.

Phil McEvoy, managing director of UM Terminals, said: “Regent Road is a key strategic terminal and this multi-million pound investment will ensure that it will continue to meet and exceed the expectations of existing and new customers.

“We talk a lot about how we are willing to invest in the right opportunities to ensure the facilities and services we provide match our customers’ requirements.

“We pride ourselves on the quick turnaround from customer enquiry to product in tank, finding the right solutions to meet their varied logistical challenges.

“This significant investment at Regent Road covers four key bases – meeting the needs of our customers, including new ones we are onboarding, ensuring our capabilities are the best they can be, having the right capacity and meeting our sustainability obligations.”

UM Terminals currently has a limited amount of storage available at Regent Road.

The company has six further terminals located in Liverpool, Hull and Portbury, all strategically situated to meet the logistical opportunities and challenges facing its customers.

Value-added services include biofuel feedstock pre-treatment, blending, water dilution, product packing, HMRC bonded warehouse and COMAH compliance.

For more information visit www.umterminals.co.uk

Hess Midstream LP announced that it has entered into a definitive agreement for the repurchase of approximately $100 million of Class B units by its subsidiary, Hess Midstream Operations LP, from affiliates of Hess Corporation and Global Infrastructure Partners, Hess Midstream’s sponsors. The terms of the repurchase transaction were unanimously approved by the board of directors of Hess Midstream’s general partner, based on the unanimous approval and recommendation of its conflicts committee composed solely of independent directors.

“We continue to execute unit repurchase transactions as part of our unique financial strategy, which highlights our differentiated ability to deliver significant shareholder returns while also maintaining balance sheet strength,” said Jonathan Stein, chief financial officer of Hess Midstream. “Since the beginning of 2021 through this current transaction, we will have returned $1.75 billion to shareholders through ongoing unit repurchases from our sponsors that have reduced the total unit count by nearly 25 percent. Following this unit repurchase, which is expected to provide immediate accretion to our shareholders, we expect to continue to have more than $1.25 billion of financial flexibility through 2026 that can be used to support potential incremental unit repurchases.”

Under the terms of the repurchase agreement, the repurchased units will be cancelled upon closing, which is expected to increase distributable cash flow per Class A share and provide capacity for incremental distribution growth above Hess Midstream’s annual distribution target of at least 5 percent through 2026, consistent with Hess Midstream’s return of capital framework.

Hess Midstream Operations LP, Hess Midstream’s consolidated subsidiary, has agreed to repurchase 2,724,052 Class B units of Hess Midstream Operations LP, equal to approximately 1.2 percent of the consolidated company, held by the Sponsors for an aggregate purchase price of approximately $100 million. The purchase price per Class B unit is $36.71, the closing price of the Class A shares on June 24, 2024. After completing the unit repurchase transaction, ownership of Hess Midstream on a consolidated basis will be approximately 41.0 percent for the public, 21.2 percent for Global Infrastructure Partners, and 37.8 percent for Hess Corporation. The unit repurchase is anticipated to close on June 26, 2024. Hess Midstream expects to fund the unit repurchase with cash on hand.

For more information visit www.hessmidstream.com

Aramco, a global leader in integrated energy and chemicals, has awarded contracts exceeding $25 billion to advance its strategic gas expansion. This initiative aims to boost sales gas production by more than 60 percent by 2030, compared to 2021 levels.

The contracts pertain to the second phase of development at the expansive Jafurah unconventional gas field, the third phase of expansion for Aramco’s Master Gas System, the deployment of new gas rigs, and ongoing capacity maintenance.

Amin H. Nasser, Aramco president & CEO, commented: “These contract awards demonstrate our firm belief in the future of gas as an important energy source, as well as a vital feedstock for downstream industries. The scale of our ongoing investment at Jafurah and the expansion of our Master Gas System underscores our intention to further integrate and grow our gas business to meet anticipated rising demand. This complements the diversification of our portfolio, creates new employment opportunities, and supports the Kingdom’s transition towards a lower-emission power grid, in which gas and renewables gradually displace liquids-based power generation. To get where we are today, a lot of hard work, innovation and a strong ‘can do’ spirit has been demonstrated by teams across our vast network of suppliers and service providers, who have joined Aramco on this journey to build and expand our world-class energy infrastructure.”

Aramco has awarded 16 contracts worth approximately $12.4 billion for phase two development at Jafurah. This phase involves constructing gas compression facilities, associated pipelines, expanding the Jafurah Gas Plant, and building new Riyas Natural Gas Liquid Fractionation Facilities in Jubail.

Additionally, 15 lump sum turnkey contracts, worth around $8.8 billion, have been awarded for the phase three expansion of the Master Gas System. This collaboration with the Ministry of Energy aims to expand the network and increase its capacity by 3.15 billion standard cubic feet per day by 2028, involving the installation of 4,000km of pipelines and 17 new gas compression trains.

Further, 23 gas rig contracts worth $2.4 billion, two directional drilling contracts worth $612 million, and 13 well tie-in contracts at Jafurah worth $1.63 billion have been awarded between December 2022 and May 2024.

The Jafurah unconventional gas field holds an estimated 229 trillion standard cubic feet of raw gas and 75 billion Stock Tank Barrels of condensate. Phase one of the Jafurah development, initiated in November 2021, is on track, with initial start-up expected in the third quarter of 2025. Aramco anticipates total lifecycle investment at Jafurah to surpass $100 billion, with production reaching two billion standard cubic feet per day by 2030, along with significant ethane, NGL, and condensate volumes.

Aramco’s Master Gas System, a comprehensive pipeline network, connects key gas production and processing sites across Saudi Arabia. Its expansion will enhance access to domestic gas supplies for industrial, utility, and other sectors, offering a lower-emission alternative to oil for power generation. Since 1982, the network has transported associated gas, reducing flaring and contributing to Aramco’s achievement of near-zero routine gas flaring and maintaining a flare volume of less than 1 percent of total raw gas production since 2012. This has helped Aramco maintain one of the lowest upstream carbon intensities in the industry.

For more information visit www.aramco.com

Kent, a leading engineering and project management company, has announced that it has been awarded the Front End Engineering Design contract for Fulcrum BioEnergy’s NorthPoint project. This innovative initiative aims to convert approximately 600,000 tonnes of pre-processed waste into 100 million litres of sustainable aviation fuel.

Fulcrum BioEnergy, a prominent US-based clean energy company, has chosen Kent for this critical project. Fulcrum focuses on developing projects that produce net-zero transport fuels from waste. Having successfully built its first plant in the United States, Fulcrum is now expanding internationally with its first commercial-scale venture in the UK.

Kent’s involvement builds upon its prior collaboration with Fulcrum, where it provided valuable study work in the UK. The project has received a significant boost through the allocation of a UK government grant under the Advanced Fuels Fund.

The scope of Kent’s responsibilities includes engineering services, cost-estimating, identification of long lead procurement items, managing multiple licensors, and execution planning. This comprehensive approach is designed to support tendering for engineering, procurement, and construction and ultimately pave the way for the project to achieve a financial investment decision . The physical scope encompasses process plant units, utilities, third-party connections, and the waste feedstock receipt facility.

Usman Darr, Kent’s UK managing director of Engineering, commented on the achievement, stating, “We are thrilled to be entrusted with the FEED contract for this project. This win underscores the strength and depth of our FEED capability for full process plant design. It demonstrates our ability to deliver large-scale FEED contracts competitively from our Woking office. Our experience in Waste-to-Fuels further solidifies our position as a reliable partner in sustainable energy projects.”

Darr continued, “We are committed to supporting Fulcrum BioEnergy in delivering this project, which we hope will be the first of many successful collaborations. This project is a crucial part of the UK’s journey to Net Zero, specifically contributing to the decarbonisation of the transport sector.”

Paul Hubbard, Fulcrum BioEnergy project director, added, “Fulcrum is pleased to be working with Kent Energies to complete the FEED engineering for our NorthPoint Waste-to-Fuels project. We look forward to working with Kent’s experienced engineering team and the successful completion of this FEED work to help ensure Fulcrum’s NorthPoint project achieves its objectives, ultimately contributing to decarbonising aviation in line with the UK government’s net-zero strategies.”

For more information visit www.kentplc.com

UK-headquartered Renewco Power and INDHO, a green hydrogen developer based in Ciudad Real, Spain, have announced the launch of Indhyco, a new platform dedicated to green hydrogen projects throughout Spain.

Indhyco aims to develop 1 GW of green hydrogen projects focused on industrial consumption, leveraging renewable power generation for efficient hydrogen production near consumption sources. This joint venture combines Renewco’s expertise in renewable energy projects in Europe and the US with INDHO’s extensive experience in the Spanish green hydrogen sector.

Renewco, since its 2021 launch, has developed a 5GW pipeline from 50 projects across the UK, Spain, Italy, and the US, with many advancing to the ready-to-build stage. INDHO, a pioneer in renewable hydrogen projects in Spain and Chile since 2016, has developed two green hydrogen projects in Spain, both now at the RTB stage.

Pedro Perejon, Renewco’s business development director in Spain, emphasised that the platform would strengthen Renewco’s position in Spain’s growing green hydrogen sector. He highlighted the benefit of collaborating with Fernando and Ricardo, experienced leaders in Spain’s green hydrogen industry.

Javier Salgado, Renewco’s H2 manager, stated that the alliance would address industrial decarbonization demands by developing green hydrogen projects, contributing significantly to reducing emissions through green derivatives.

Fernando A. Román, director at INDHO, noted that Indhyco’s projects would utilise renewable energy with existing infrastructures, benefiting both industrial and domestic sectors. Ricardo Izquierdo, director at INDHO, added that Indhyco is well-equipped to meet the ambitious green hydrogen goals set by Spain and the European Union.

For more information visit www.renewcopower.com

Neste welcomes the French government’s decision to approve the sale of transport fuels made from 100 percent renewable raw materials, such as renewable diesel (also known as “HVO100”), at fuel stations. Previously, these sales were restricted to logistics companies with dedicated fuel supply networks, making HVO100 unavailable to the general public. The government’s decision now allows HVO100 fuels, including Neste’s renewable diesel, to be sold and used unblended across all user segments in France.

“We are very pleased that the French government has decided to approve the sales of transport fuels from 100 percent renewable raw materials, allowing renewable diesel to be sold at all fuel stations. This is a significant step in the fight against climate change and means that, in the near future, privately operated vehicle fleets and consumers will be able to use this product and instantly reduce their greenhouse gas emissions,” said Claudia Stuckmann-Invernizzi, vice president of public affairs at Neste.

In November 2023, Neste demonstrated its commitment to reducing transport sector emissions by signing agreements with two fuel distributors to sell Neste MY Renewable Diesel in the French market. Fuels like Neste MY Renewable Diesel™, produced from 100% renewable raw materials, offer a ready-to-go solution for emission reductions. These fuels are widely available and help reduce emissions from existing fleets of both light-duty and heavy-duty vehicles in Europe and beyond. They are a crucial component of sustainable mobility.

Using Neste MY Renewable Diesel can reduce greenhouse gas emissions ( by up to 75 percent or even 95 percent* over the fuel’s lifecycle compared to fossil diesel. Neste MY Renewable Diesel is fully compatible with all diesel engines and the existing fuel distribution infrastructure. Its chemical composition is similar to fossil diesel, making it a drop-in replacement without the need for modifications to diesel-powered vehicles or their engines. The use of 100 percent renewable diesel is widely approved by vehicle and engine manufacturers.

The approval by the French government marks a significant milestone in the transition towards sustainable transport solutions, enabling broader access to renewable fuels and supporting the global effort to combat climate change.

For more information visit www.neste.com

Tree Energy Solutions, a global leader in the production of electric natural gas derived from green hydrogen, has announced a strategic collaboration with Itochu Corporation. This partnership aims to accelerate the adoption of e-NG to decarbonise hard-to-abate sectors.

The collaboration between Itochu and TES represents a significant step forward in developing innovative solutions for global decarbonisation through e-NG, a green molecule obtained by combining green hydrogen with biogenic or recycled CO2. The companies plan to explore various avenues of cooperation, including equity participation in TES’ e-NG projects, establishment of e-NG production and marketing ventures, and engagement in regulatory affairs to bolster the development and uptake of e-NG across key regions such as North America, Europe, and Japan.

Itochu, one of Japan’s leading sōgō shōsha, has set ambitious targets to reduce GHG emissions by 40 percent from 2018 levels by 2030 and achieve net zero GHG emissions by 2050. With its expansive market insight, Itochu is well-positioned to pursue new business opportunities effectively. This strategic advantage will significantly aid the scaling up of e-NG production and distribution. Actively seeking businesses that contribute to emission reduction, Itochu’s commitment aligns seamlessly with TES’ mission to establish a supply chain of e-NG and usher in a low-carbon economy.

Key areas of collaboration include potential long-term offtake agreements to supply e-NG to low-carbon fuel users, particularly in Japan. The agreement also involves exploring opportunities to produce and promote e-NG utilising CO2 emissions from hard-to-abate sectors in North America.

“This collaboration marks a significant milestone in our efforts to develop a global portfolio of e-NG projects and strategically expand into the Japanese energy market,” said Marco Alverà, CEO and co-founder of TES. “Japan is a crucial frontier in our growth strategy for e-NG, and partnering with Itochu will undoubtedly speed up our journey to deliver reliable and affordable green molecules.”

“We embark on this journey with great enthusiasm, partnering with TES to propel the adoption of synthetic methane, which aligns with our target to reduce GHG emissions by 40 percent from 2018 levels by 2030 and achieve net zero GHG emissions by 2050,” remarked Daisuke Inoue, executive officer, chief operating officer, Metals & Minerals Resources Division at Itochu Corporation. “Together, we are poised to unlock new possibilities, scale up e-NG production, and drive meaningful change in tackling the most challenging aspects of emissions reduction.”

For more information visit www.tes-h2.com

Yara Clean Ammonia, the world’s largest trader and distributor of ammonia, and Greenko ZeroC, the green ammonia production division of India-based AM Green, have signed a term sheet for the supply of renewable ammonia from Phase 1 of AM Green’s ammonia production facility in Kakinada, India.

This agreement outlines the long-term supply arrangement for up to 50 percent of the renewable ammonia produced at the Kakinada facility. Scheduled to be operational by 2027, the plant will generate and export renewable ammonia derived from continuous, carbon-free energy.

AM Green’s renewable ammonia and other sustainable fuels will meet the requirements of the EU’s Renewable Fuels of Non-Biological Origin (RFNBO) and the Renewable Energy Directive. For Yara Clean Ammonia, the renewable ammonia supply will support the production of low-emission fertilisers and contribute to the decarbonisation of various industries, including shipping, power generation, and other energy-intensive sectors.

Mr. Mahesh Kolli, president of AM Green, expressed enthusiasm about the partnership, stating, “We are delighted to partner with Yara Clean Ammonia to drive the transformation of various industries and numerous OECD economies. Our continuous focus on innovation and execution reinforces AM Green’s leadership as a global clean energy transition solutions platform for low-cost green molecules such as hydrogen, ammonia, fuels, and other chemicals.”

Mr. Hans Olav Raen, CEO of Yara Clean Ammonia, highlighted the significance of the collaboration, saying, “The AM Green Kakinada project enhances our portfolio of ammonia produced with renewable energy and solidifies Yara Clean Ammonia’s position as a reliable supplier of low-emission ammonia to both established and emerging markets. These markets include fertiliser production, clean ammonia-to-hydrogen conversion, shipping fuel, power generation, and various industrial applications.”

The partnership between Yara Clean Ammonia and Greenko ZeroC marks a significant step towards advancing the global clean energy transition, leveraging renewable resources to produce sustainable ammonia for diverse industrial applications.

For more information visit www.yara.com

For more information visit www.northammonia.com

JERA Co., Inc. and INPEX CORPORATION have recently signed an agreement to conduct a preliminary joint study on the feasibility of separating and capturing CO2 emissions produced by JERA in Japan, and subsequently transporting the captured CO2 to Australia for underground storage.

As the drive towards carbon neutrality intensifies, carbon capture and storage  technologies, which involve storing CO2 underground, are becoming essential for industries that face significant challenges in reducing CO2 emissions. With many governments actively supporting these initiatives, CCS projects are being developed across the Asia-Pacific region and globally.

Australia is making significant strides in reducing CO2 emissions, fostering a business environment that promotes CCS projects. The country benefits from an abundance of suitable sites for underground CO2 storage and is positioning itself to receive CO2 from international sources.

Under the terms of the agreement, JERA and INPEX will collaboratively assess the feasibility of the entire project value chain. This includes the separation and capture of CO2 emissions by JERA in Japan, the transportation logistics between the two countries, and the eventual underground storage of CO2 in Australia. The study will consider various transport methods, shipping conditions, and receiving protocols.

INPEX brings substantial expertise in CCS technologies and business development, particularly through its involvement in the Ichthys LNG Project in Australia. The company views CCS as an effective method for reducing CO2 emissions from multiple projects. JERA anticipates that this joint study with INPEX will be instrumental in establishing a global CCS value chain, facilitating the cross-border transportation and storage of CO2, and aiding in the global transition to a decarbonised society.

JERA has committed to achieving net-zero CO2 emissions from its domestic and international operations by 2050 under its “JERA Zero CO2 Emissions 2050” initiative. To support CCS projects, JERA is accelerating its evaluation of CO2 capture and storage technologies, along with the associated economic considerations.

For more information visit www.jera.co.jp

Botlek Terminal, situated in the Port of Rotterdam, is commemorating its 70th anniversary today. Over the years, this exceptional facility has consistently provided exceptional chemical handling and storage services. With an impressive infrastructure comprising 179 tanks, boasting a total capacity of 882,683 cubic metres, and 15 jetties, Botlek Terminal has steadfastly maintained its proud tradition of excellence.

On this special occasion, heartfelt appreciation is extended to valued clients for their unwavering support and loyalty throughout the years. It is their trust in the services provided by Botlek Terminal that has enabled its growth and prosperity. Furthermore, recognition is expressed for the dedicated personnel at Botlek Terminal, whose commitment to safety and delivery of high-quality service has been pivotal in its success.

As this significant milestone is celebrated, there is great enthusiasm about the future. With 70 years of experience as a foundation, Botlek Terminal is well-positioned to continue its legacy of excellence in chemical handling and storage for the next seven decades and beyond.

For more information visit www.liquin.com

Civacon, a part of OPW^® Fluid Transfer Solutions and a world leader in tank-truck components and systems, is pleased to be able to offer a complete array of product-training opportunities for its distributor and end-user customers. These training sessions are available to any new customers or those considering using Civacon for their future trailer specifications. The training events can also be especially beneficial for an existing customer’s new employees who would like to learn more about Civacon products, though they can also be a valuable refresher exercise for a customer’s more “veteran” employees. Topics covered in the training sessions include a review of Civacon product offerings, how they work, how they can benefit the customer’s tank-truck and cargo-trailer operations and how to troubleshoot any operational issues that may arise.

The training session’s content can also be customized to meet the customer’s individual needs. General training sessions – which can be performed via on-site demonstrations or virtually – can take as little as two hours with entire days sometimes required for more in-depth training opportunities. The goal of every training session, no matter the length or topic, is to give attendees a better understanding of Civacon products, which will make them more knowledgeable and confident when selling or using the equipment or systems. At the conclusion of the training event, attendees will receive PowerPoints or PDFs of the presentations that they can use for future reference. The training sessions also create valuable one-on-one collaboration and networking opportunities for the attendees and Civacon sales staff.

“We’ve participated in many types of training events and Civacon training is the best in the industry,” said Taylor Craigen, vice president of sales at The Jack Olsta Company, Huntsville, TX. “Our people come away well informed and able to turn what they learned into a better way to sell and utilise Civacon products, which provides long-term benefits for our business.”

If you are interested in either attending or hosting a Civacon training event, please reach out to your regional sales manager for more information on available training locations, dates, times and topics.

For more information visit www.opwglobal.com/civacon

Infinity Power is delighted to announce a strategic partnership with bp, Masdar, and Hassan Allam Utilities to explore the development of green hydrogen in Egypt. As part of this collaboration, the consortium has signed a Framework Agreement with the Government of Egypt to initiate a series of studies and activities assessing the project’s technical and commercial feasibility.

The signing ceremony, held at the Egypt EU Investment Conference in Cairo, saw the participation of several key signatories: Mohamed El-Khaiat, chairman of the New and Renewable Energy Authority; Ayman Soliman, CEO of the Sovereign Fund of Egypt; Walid Gamal Eldin, chairman of the Suez Canal Economic Zone; Mohamed I. Mansour, chairman of Infinity Power; Nader Zaki, BP’s regional president for the Middle East and North Africa; Andreas Bieringer, director of Green Hydrogen business development and commercial at Masdar; and Karim Hefzy, COO of Hassan Allam Utilities.

Distinguished officials, including Dr. Mohamed Shaker, minister of Electricity and Renewable Energy; Dr. Mostafa Madbouly, prime minister of Egypt; and Dr. Hala H. Elsaid, minister of planning and economic development, also witnessed the ceremony.

The project aims to develop green hydrogen and its derivatives, with a focus on exports and contributing to Egypt’s sustainable energy goals. This initiative marks a significant step forward in Egypt’s journey towards a cleaner, more sustainable energy future.

For more information visit www.weareinfinitypower.com

Proton Ventures and LBC Tank Terminals have announced a strategic collaboration to establish a joint venture focused on developing ammonia terminal operations in Northwestern Europe and North America. This partnership brings together Proton Ventures’ expertise in the green ammonia value chain and LBC Tank Terminals’ extensive knowledge in safe and sustainable storage of liquid bulk products.

Proton Ventures, a renowned company in the engineering and project management field, brings its experience in managing large-scale ammonia terminal projects. From feasibility studies to EPC works, Proton Ventures is committed to driving the energy transition through innovative ammonia-based solutions. The collaboration with LBC Tank Terminals allows them to combine technical expertise with operational excellence, advancing the development of green ammonia facilities crucial for reducing global carbon emissions and optimising renewable energy use.

LBC Tank Terminals, with strategic terminal locations across major ports in Europe and the United States, is a leader in global tank storage operations. Their focus on safety, sustainability, service, and efficiency enables them to support emerging supply chains. By joining forces with Proton Ventures, they aim to make a positive impact and transform the industry to meet global energy needs.

This joint venture between Proton and LBC emphasises the increasing demand for sustainable storage solutions and highlights the significance of strategic collaborations in driving the energy transition. The integration of both companies’ core competencies and market positions will result in a unique proposition. The partners are targeting to establish the joint venture before summer 2024, further accelerating the development of ammonia terminal operations.

For more information visit www.lbctt.com

OMV Petrom, the largest integrated energy producer in Southeastern Europe, has concluded a significant contract with Expur S.A. for the supply of fully refined vegetable oil. This feedstock will be utilised in OMV Petrom’s Petrobrazi refinery, specifically in its sustainable aviation fuel and renewable diesel production facility. The company recently made the final investment decision for this facility.

The contract, which spans six years with an option to extend for an additional two years, will commence deliveries in 2028. Expur S.A. will supply a maximum total quantity of 0.7 million tonnes of refined vegetable oil, with an estimated value exceeding EUR 750 million, depending on the ordered quantity. The pricing is based on a formula indexed to an international quotation.

Radu Căprău, a member of the OMV Petrom executive board responsible for refining and marketing, commented: “We are always looking for solutions for low-carbon emissions transportation, so as to remain our customers’ preferred choice in the future. Alongside electro-mobility, biofuels are our answer to this challenge. Through the contract with Expur, we are securing part of the raw material to produce diesel from renewable sources, thus progressing towards our ambition to become the first major producer of renewable fuels in the region.”

Expur S.A., a Romanian company and part of the Avril Group, is one of the largest producers of vegetable oil and renewable diesel in Europe. Nikolay Belchev, CEO of Expur S.A., stated: “In Expur, we frame our projects and investments on providing people with healthier food, protecting nature, and supporting the circular economy. Last year, we started up the engines of a cogeneration plant, a EUR 15.5 million investment where we use the husks from sunflower seeds hulls to generate the electricity and steam needed to run our Slobozia factory. We are the largest employer in Slobozia and we continue to develop strategic partnerships such as the one with OMV Petrom to support our long-term vision of becoming a leader in providing people with healthy food and renewable energy through excellence and innovation for a clean future.”

At least 50 percent of the contracted amount of fully refined vegetable oil under this partnership will be sourced from Romania, ensuring a sustainable flow along the entire supply chain, from production to market.

OMV Petrom plans to invest around EUR 1 billion for the decarbonisation of transport in Romania, of which approximately EUR 750 million will be allocated for the construction of a SAF/HVO facility and two green hydrogen facilities within the Petrobrazi refinery. Last year, OMV Petrom acquired a 50 percent stake in “Respiră Verde”, a leader in the collection of used cooking oil in Romania, to secure raw materials for biofuel production. “Respiră Verde” collects up to 10 kt of used edible oil per year from economic agents in the hospitality industry (hotels, restaurants) and retail.

For more information visit www.omvpetrom.com

ONEOK, Inc. has announced its agreement to acquire a system of natural gas liquids pipelines from Easton Energy, a Houston-based midstream company, for approximately $280 million, subject to customary purchase price adjustments.

The acquisition encompasses approximately 450 miles of NGL pipelines strategically located in Gulf Coast market centres for NGLs, refined products, and crude oil. These pipelines facilitate the transportation of various liquid products to existing customers.

ONEOK intends to integrate the acquired pipelines with its Mont Belvieu, Texas, NGL infrastructure and Houston refined products and crude oil infrastructure, thereby enhancing commercial synergies.

Pierce H. Norton II, president and chief executive officer of ONEOK, stated, “This strategic acquisition provides the quickest pipeline connectivity to and within the critical supply and demand centres for our NGLs, refined products, and crude oil assets in the Gulf Coast. We expect that this acquisition will accelerate the ability to capture commercial synergies related to our recent Magellan acquisition and future earnings growth.”

The transaction is expected to close mid-year 2024, subject to customary conditions, including the termination or expiration of the waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act.

For further information visit www.oneok.com

Chane is proud to announce the release of its 2023 sustainability report. Positioned centrally in the supply chain, Chane recognises its responsibility to aid partners and customers in progressing towards a more sustainable future, while also fostering a more sustainable society. This report underscores Chane’s commitment to sustainability, driven by tangible actions and strategic integration following significant expansion in 2022 and 2023.

The report details Chane’s achievements and challenges, providing a straightforward assessment of performance against specific sustainability targets:

• Safety Performance: Chane achieved a notable decrease in the Total Recordable Injury Rate, underscoring its commitment to safety at all operational levels.
• Environmental Impact Reduction: Through targeted investments in new technologies, Chane has advanced efforts to minimise its environmental footprint. These efforts include enhancing energy efficiency across operations and implementing waste reduction strategies.

John Kraakman, CEO of Chane, emphasised, “In 2023, we continued to make progress towards the targets we set in our Sustainability Roadmap 2025. Process safety and the health and safety of our employees have remained our top priorities in everything we do.”

Future Focus and Innovations

As Chane progresses, its focus remains sharply on delivering practical and impactful innovations:

• Safety Goals: Chane aims to further reduce TIR by 2025, highlighting its ongoing commitment to leading safety standards.
• Energy Transition: Chane increased sustainable aviation fuel production and made further investments in low-carbon products throughout the product and service portfolio, reinforcing its strategic direction towards sustainable energy solutions.

Looking ahead, Chane is determined to accelerate its efforts. “The future looks good and bright for Chane. Guided by our purpose, mission, and core values, we are fully confident that there is a big role for us as a service provider.” As Chane moves forward, its commitment to transparency and measurable sustainability goals are stronger than ever.

For more information visit www.chane.eu

Shell Offshore Carbon Storage NL has secured an exploration licence to investigate the feasibility of storing carbon dioxide in saline aquifers beneath the North Sea. These aquifers, layers of saltwater deep underground, hold potential as storage sites for CO2, offering an alternative to depleted gas fields for CO2 storage in the Netherlands.

Covering an expansive area of nearly 1500 km2 (579 mi2), the exploration licence encompasses the P&O Blocks, situated approximately 15 kilometres (9.3 mi) off the Dutch coastline near the Maasvlakte. SOCS NL aims to assess the viability of CO2 storage in aquifers within the Dutch sector of the North Sea, with a focus on understanding the associated costs and advancing the Netherlands’ capabilities in this field.

Carbon Capture and Storage technology is integral to achieving national and European climate objectives. Saline aquifer storage of CO2 has been successfully implemented by Shell and other entities in various regions, including Canada, Australia, and Norway. Currently, the Netherlands is actively developing infrastructure for transporting captured CO2 through initiatives like Porthos, Aramis, and the Delta Rhine Corridor.

For more information visit www.shell.nl

As the UK revels in festival season, Certas Energy is making a significant impact by fuelling events with sustainable energy solutions. At last weekend’s Isle of Wight Festival, Certas Energy supplied HVO renewable diesel in partnership with Vital Spark, a company specialising in temporary electrical installations and distribution for events and the entertainment industry.

Certas Energy HVO is a drop-in alternative diesel made from renewable raw materials and sustainable waste, including verified vegetable fats and oils. For events seeking to reduce their carbon footprint, the benefits of HVO are substantial. Certas Energy HVO offers an immediate reduction in greenhouse gas  emissions by up to 90 percent and can also reduce engine noise, enhancing the festival experience by allowing attendees to better hear their favourite bands.

The Isle of Wight Festival, which attracts around 60,000 visitors over the weekend, utilised Certas Energy HVO to power 150 generators. These generators provided energy for the expansive campsite, stages, electrical distribution, and lighting equipment.

By partnering with Certas Energy and using HVO fuel, Vital Spark was able to support a more sustainable festival. This collaboration significantly minimised the environmental impact on the picturesque Isle of Wight, demonstrating a successful model for integrating renewable energy into large-scale events.

For more information visit www.certasenergy.co.uk

Honeywell has unveiled a groundbreaking new naphtha to ethane and propane process, poised to revolutionise light olefin production globally and reduce CO2 emissions per metric tonne of olefin produced.

Ethane and propane serve as optimal feedstocks for the production of ethylene and propylene, key petrochemicals essential in various industries, including chemicals, plastics, and fibres. This innovation underscores Honeywell’s strategic alignment with significant megatrends, including the energy transition.

The NEP technology facilitates the production of ethane and propane from naphtha and/or LPG feedstocks. In a typical NEP-based olefin production complex, ethane is directed to an ethane steam cracking unit, while propane is allocated to a propane dehydrogenation unit. This approach enhances the generation of high-value ethylene and propylene while curbing the production of lower-value byproducts compared to conventional mixed-feed steam cracking units. Consequently, this novel approach yields substantial net cash margin increases ranging from 15 to 50 percent.

Moreover, an NEP-based olefins complex significantly reduces CO2 intensity per metric tonne of light olefins produced by 5 to 50 percent compared to traditional mixed-feed steam crackers. This advancement underscores Honeywell’s commitment to developing sustainable solutions amid growing demand for efficient petrochemical solutions.

Matt Spalding, vice president and general manager of Honeywell Energy and Sustainability Solutions in MENA, highlighted the significance of the technology, stating, “Our technology helps to enable more efficient production of ethylene and propylene, two chemicals which are in high demand, while also helping our customers lower their carbon emissions.”

This pioneering solution is a pivotal component of Honeywell’s Integrated Olefin Suite technology portfolio, representing a pioneering initiative in the industry to enhance light olefin production.

For more information visit www.honeywell.com

Venture Global has announced that the Federal Energy Regulatory Commission has approved its third export facility, CP2 LNG. The approval follows an independent and thorough review by the Commission and FERC staff.

“Venture Global applauds the Commission and FERC staff for their independent and thorough review and approval of CP2 LNG,” said Mike Sabel, CEO of Venture Global LNG. “This project will be critical to global energy security and supporting the energy transition, as well as providing jobs and economic growth across Louisiana and the United States. We appreciate Commissioner Clements’ service on the Commission and look forward to continuing to work with Chairman Phillips, Commissioner Christie, and the newly confirmed commissioners, as well the outstanding FERC staff. I’d like to thank the Venture Global team, who has worked with professionalism and great resolve to answer all requests from our regulators. We look forward to a swift non-FTA approval from the US Department of Energy for this project that is critical to both global and national security.”

The initial phase of CP2 has already secured 20-year sales and purchase agreements with major energy companies, including ExxonMobil, Chevron, JERA, New Fortress Energy, INPEX, China Gas, SEFE, and EnBW. Additionally, CP2 LNG has signed a Heads of Agreement with DTEK of Ukraine. Venture Global is actively discussing the remaining capacity and has initiated significant off-site construction for the project.

The CP2 LNG facility is poised to play a pivotal role in enhancing global energy security, supporting the energy transition, and stimulating economic growth both in Louisiana and across the United States. Venture Global is committed to advancing this project swiftly, anticipating further approvals from the US Department of Energy, underscoring its importance to both national and international energy security.

For more information visit www.venturegloballng.com

Equinor has recently forged an agreement with Standard Lithium Ltd to secure a 45 percent stake in two lithium project companies situated in Southwest Arkansas and East Texas.

Morten Halleraker, senior vice president for New Business and Investments in Technology, Digital, and Innovation at Equinor, emphasised the potential of sustainably produced lithium in facilitating the energy transition. He stated, “This investment is an option with limited upfront financial commitment. We can utilise core technologies from oil and gas in a complementary partnership to mature these projects towards a possible final investment decision.”

According to the terms of the agreement, Equinor will reimburse Standard Lithium for past costs amounting to USD 30 million, net to the acquired interest, and will cover Standard Lithium’s capex of USD 33 million to advance the assets towards a potential final investment decision. Additionally, Equinor has committed to milestone payments of up to USD 70 million in aggregate to Standard Lithium if a final investment decision is reached.

Lithium plays a pivotal role in the energy transition, particularly in meeting the escalating demand for electric vehicles and broader battery energy storage. Direct Lithium Extraction technologies, employed for lithium production from subsurface reservoirs, offer a promising avenue with a lower environmental impact compared to conventional methods.

In this collaboration, Standard Lithium and Equinor will hold 55 percent and 45 percent shares, respectively, in the two project companies, with Standard Lithium retaining operatorship. Equinor aims to lend its expertise in subsurface operations and project execution to support the operator in driving these projects forward.

For more information visit www.equinor.com

In a bid to meet the growing demand for Clean Petroleum Products in South America, VTTI Argentina has recently expanded its operations. The company has inaugurated two new storage tanks at its terminal in Zarate, Argentina, which will significantly increase its storage capacity by 10 percent. With a combined capacity of 22,600 m3, these tanks are a crucial step in addressing the rising demand for CPP in the Southern cone of South America.

Hugo Geurdes, the general manager of VTTI Argentina, expressed his satisfaction with the project’s successful completion and emphasised the company’s readiness to serve its customers. He also highlighted that this expansion aligns with VTTI’s 2028 Strategy, which focuses on investing in existing terminal infrastructure in key markets.

VTTI Argentina remains committed to safety, efficiency, and environmental responsibility while catering to evolving customer needs. The new tanks seamlessly integrate into the company’s existing infrastructure, providing customers with enhanced flexibility and improved connectivity to maritime and truck-loading facilities.

Furthermore, VTTI Argentina is actively exploring opportunities to diversify its business and enhance its physical and digital infrastructure. This demonstrates the company’s dedication to staying ahead of industry trends and meeting the evolving demands of the market.

The formal inauguration of the new tanks, known as ‘Phase V,’ took place on June 27, 2024, in the presence of the ambassador of the Netherlands to Argentina, along with clients and stakeholders. This event marked an important milestone for VTTI Argentina and its contributions to the energy infrastructure sector.

Since its establishment in 1978, the terminal in Zarate has played a vital role in the VTTI portfolio. Situated strategically in the Port of Zarate, the terminal facilitates the efficient distribution of energy, chemical, and fertilizer products through various means of transportation, including barges, vessels, and trucks. The continuous growth and strong demand have propelled VTTI Argentina to undertake ambitious expansions, with the addition of the two new tanks bringing the total capacity of the terminal to 252,000 m3.

For more information visit www.vtti.com

QatarEnergy has recently finalised a farm-in agreement with ExxonMobil, paving the way for QatarEnergy to acquire a 40 percent participating interest in two exploration blocks offshore Egypt.

As per the terms of the agreement, pending customary approvals from the government of Egypt, QatarEnergy will secure a 40 percent working interest in both the “Cairo” and “Masry” offshore concession agreements, while ExxonMobil, serving as the operator, will retain the remaining 60 percent working interest.

In response to the signing of this significant agreement, His excellency Mr. Saad Sherida Al-Kaabi, the minister of state for energy affairs and the president and CEO of QatarEnergy, expressed his satisfaction, stating, “I am pleased with our entry into the Cairo and Masry offshore exploration blocks as they expand QatarEnergy’s presence in the Arab Republic of Egypt and extend our ambitious exploration programme in-country.”

Minister Al-Kaabi further emphasised, “We look forward to collaborating with our esteemed long-term strategic partner ExxonMobil, alongside the Egyptian Natural Gas Holding Company and the Egyptian Ministry of Petroleum and Mineral Resources, in this promising and prospective region. I would like to take this opportunity to thank the Egyptian authorities and our partners for their valuable support and cooperation.”

The Cairo and Masry offshore exploration blocks, awarded to ExxonMobil in January 2023, encompass an area of approximately 11,400 square kilometres, situated in water depths ranging from 2,000 to 3,000 metres.

For more information visit www.qatarenergy.qa

TotalEnergies has signed an agreement to sell its entire interest in West of Shetland assets in the United Kingdom to The Prax Group. The assets include the Laggan, Tormore, Glenlivet, Edradour, and Glendronach fields, the onshore Shetland Gas Plant, and nearby exploration licences. The transaction is subject to approval from the relevant authorities.

These mature assets currently produce approximately 7,500 barrels of oil equivalent per day in TotalEnergies’ share, consisting of around 90 percent gas. The transaction will involve the transfer of relevant employees from TotalEnergies to Prax in compliance with applicable legislation.

“This transaction is in line with TotalEnergies’ strategy to continuously adapt its portfolio by divesting mature non-core assets,” said Jean-Luc Guiziou, senior vice president Europe for Exploration & Production at TotalEnergies. “TotalEnergies remains committed to the UK through both its upstream portfolio in the North Sea (Elgin-Franklin, Culzean and Alwyn fields) and its Integrated Power and Renewables portfolio.”

For more information visit www.totalenergies.com

In a recent development, Neste had the privilege of hosting an esteemed delegation from the Ministry of Transport and Communications of Lithuania at the Neste Singapore Refinery. The delegation, led by minister Marius Skuodis and deputy minister Agnė Vaiciukevičiūtė, PhD, participated in enlightening discussions centred around Neste’s groundbreaking renewable and circular solutions.

The discussions delved into the intricacies of Neste’s production processes for sustainable aviation fuel and renewable diesel, both of which originate from renewable raw materials at the Singapore refinery. The delegation gained invaluable insights into the pivotal role played by these sustainable alternatives in mitigating the environmental impact of air transport and aligning with global initiatives aimed at achieving net-zero aviation emissions by 2050.

Neste lauded Lithuania’s unwavering commitment to reducing aviation emissions and spearheading a green transition within the transport sector. The delegation’s specific emphasis on the development of infrastructure at airports for the storage and distribution of SAF exemplifies Lithuania’s proactive stance towards sustainability and underscores the nation’s steadfast dedication to environmental stewardship.

The visit served as a platform for fruitful collaboration and knowledge sharing, reaffirming Neste’s steadfast dedication to advancing sustainable solutions and actively supporting global initiatives aimed at fostering a greener future.

For more information visit www.neste.com

SM Energy Company has announced an agreement to acquire the Uinta Basin oil and gas assets from entities affiliated with XCL Resources, LLC for an unadjusted purchase price of $2.55 billion. Northern Oil and Gas, Inc. will concurrently acquire a 20 percent interest in the assets for $510 million, leaving SM Energy with an 80 percent interest valued at $2.04 billion. SM Energy will operate the acquired assets and plans to finance the acquisition through a combination of debt and cash on hand.

Key Additions to SM Energy’s Portfolio:

• Approximately 37,200 net acres, increasing the Company’s core net acreage by 14 percent
• Production increase to 195 MBoed by 2025, with crude oil making up over 50 percent
• 390 net locations with breakevens of $43 – $57/Bbl, extending inventory life to over 12 years.
• Cash production margin increase to $50.45/Boe by 2025
• Preliminary proved reserves increased by 107 million Boe, an 18 percent rise

Transaction Benefits: The acquisition aligns with SM Energy’s strategic objectives and is expected to be immediately accretive to key financial metrics. Acquired for 2.9x NTM Adjusted EBITDAX, the transaction is anticipated to increase 2025E Adjusted EBITDAX by 35 percent, Adjusted free cash flow by 45 percent, and cash production margin by 11 percent.

The acquisition expands SM Energy’s asset portfolio, significantly increasing oil volumes and extending low-breakeven inventory life. Pro forma 2025E net production is expected to rise to 195 MBoed, with oil production increasing to 52 percent of the commodity mix. The reinvestment ratio is expected to decrease by 5 percent, and inventory will grow by approximately 390 net quality locations, adding two years of inventory life.

SM Energy’s technical expertise is expected to unlock significant resource upside in the Core Uinta Basin, which has stacked pay potential and high oil content. This results in top-tier well performance and inventory with upside. The Company’s track record in full stack co-development offers potential to drive differential value across as many as 17 benches.

The acquisition supports an increase in the return of capital while maintaining a strong balance sheet. Adjusted free cash flow metrics support an 11 percent increase in the Company’s fixed quarterly dividend policy from $0.18 to $0.20 per share, starting in Q4 2024. The Board of Directors has also authorised a new $500 million share repurchase programme through 2027.

The high-margin barrels from the Uinta Basin, due to higher oil content, lower operating costs, and sufficient contracted transportation capacity, are competitive with those from the Midland Basin. SM Energy’s 2025E cash production margin is projected to increase by 11 percent, as the Uinta Basin cash production margin slightly exceeds that of the Midland Basin.

SM Energy remains committed to environmental stewardship, sustainability, and strong corporate governance, and intends to apply its standards to these new operations.

Financing: SM Energy plans to finance the acquisition through a combination of debt and cash on hand. To assist in financing this all-cash transaction, SM Energy has received firm commitments from J.P. Morgan, Bank of America, and Wells Fargo for an aggregate $1.2 billion 364-day unsecured bridge facility.

Timing and Approvals: The Company’s board of directors has approved the XCL Acquisition. Consideration at closing will be subject to customary purchase price adjustments. The effective date of the XCL Acquisition is May 1, 2024, and closing is anticipated to occur in September 2024, subject to customary closing conditions.

President and chief executive officer Herb Vogel commented: “Our differentiated technical team has again demonstrated what sets us apart, having identified a unique opportunity to add top-tier assets with significant upside for a reasonable multiple. We believe that this transaction checks the boxes for our acquisition criteria, and we expect to demonstrate value creation through performance optimisation, inventory expansion, and growth in adjusted free cash flow.”

For more information visit www.sm-energy.com