Potentia Energy purchases major Australian renewable energy assets
Potentia Energy is a joint venture of Italy's Enel and Japan's INPEX Corp. It announced Thursday that it will buy control stakes in renewable energy projects worth 1 gigawatt in Australia. This investment comes from investors in private equity funds and superannuation funds. Potentia stated that the acquisition included 700 megawatts in wind and solar assets and 430 Megawatts in late-stage projects, consisting of South Australian and Queensland Battery Energy storage system. The company also said that a wind farm in West Australia is included in this portfolio.
Handelsblatt reports that Scholz, Germany's Scholz, welcomes the U.S. energy policy turnaround
The German newspaper Handelsblatt reported that German chancellor Olaf Scholz welcomed U.S. president Donald Trump's plans to increase oil and gas exports. He said it was good for Europe and Germany. Scholz stated in an interview that the move will help with the transition towards climate neutrality. This phase would last until the middle of this century. The chancellor stated that "more supply on the market will mean lower energy prices". Scholz praised Trump's desire to build new terminals of liquefied gas (LNG), which his predecessor Joe Biden had not done.
HMC Capital, based in Australia, will buy Neoen’s Victoria portfolio at a price of $612 million
HMC Capital, an Australian asset manager, announced on Thursday that it would buy the renewable energy generation portfolio and storage in Victoria from France-based Neoen for A$950,000,000 ($611.61million). HMC stated that the portfolio will be a great addition to their energy transition platform. It includes four operational assets, each with a capacity of 652 megawatts (MW), and six development assets, with a combined capacity of over 2,800 MW. The deal will increase HMC's Assets Under Management (AUM) from A$17 billion to A$19.3 billion. It is expected that the deal will be positive for earnings after FY26.
LNG traders divert cargoes to Asia from Europe as demand in the east increases
Analysts and shipping data indicate that three LNG cargoes bound for Europe were diverted to Asia in order to meet the stronger Asian demand, and because gas prices have decreased in Europe. The rapid change of course shows the agility of the trading firms to send LNG supplies either to Europe or Asia. As Asian prices rise, the arbitrage window for sending U.S. and African Liquefied Natural Gas to Asia opens. The price of a million British thermal unit (mmBtu), the most expensive this year, rose to $15.00 per mmBtu on Friday due to colder temperatures in North Asia.
Australian LNG producers could need to commit to more gas for the local market due to a possible shortage
Due to a decrease in supply forecasts for next year the Australian competition watchdog stated on Friday that liquefied gas producers (LNG) may have to commit more gas to the domestic rather than export market. According to the Australian Competition and Consumer Commission's quarterly report, the LNG supply surplus on Australia's east coast is expected to drop to 12 to 27 petajoules in the first quarter 2025. This is down from 26 to 35 petajoules forecasted in June. The lower forecast is due to an increase in exports contracted in the third quarter of 2009. Australia was the largest LNG exporter in the world until the U.S.
BMW will bring its first Hydrogen car to the market in 2028
BMW plans to launch its first hydrogen powered vehicle in 2028 using the fuel cell technology it developed with Toyota Motor Corp. The company did not provide any further information. It said that the vehicle will be a model already in production with an option for hydrogen fuel cells. The company did not provide any details about the price or volume of production. BMW CEO Oliver Zipse stated in a press release that the vehicle will "highlight the way technological progress shapes the mobility of tomorrow".
Beach Energy's profit drops to a 2-1/2-year low due to a downgrade of reserves
Beach Energy, an Australian oil and natural gas company backed by billionaire Kerry Stokes fell to its lowest level in more than two-and-a half years on Monday, after reporting a drop in profits and downgrading reserves for a major gas field in Victoria. The shares of the company closed at A$1.245 on Friday, a 12.6% decline. This was their lowest closing price since December 29, 2021. It was also its worst session since April 1. The stock fell by as much as 132% in the morning. The stock was the biggest loser on the benchmark ASX 200 benchmark.
Thyssenkrupp steel faces a $1.4 billion funding shortfall in its planned separation from parent
The supervisory board chair of Thyssenkrupp’s steel division said that the company needs an additional 1.3 billion euro ($1.4 billion) to cover costs beyond what its parent was willing to pay as part of a planned separation. Sigmar Gabriel said, after a supervisory meeting of Thyssenkrupp Europe (TKSE), that an external audit will be conducted to determine the unit’s restructuring and financing needs. He added that this could occur before the end of the year. Gabriel said that the board will reconvene to…
Lithuania Seeks Alternative Bids for LNG Import Terminal
Lithuania is seeking alternative bids from providers of floating liquefied natural gas (LNG) terminals to potentially replace its existing import terminal, operator Klaipedos Nafta said on Friday.The Baltic state leases a floating storage and regasification vessel (FSRU) from Norway's Hoegh LNG and has an option to buy it when the lease expires in 2024.The state-controlled Klaipedos Nafta said it had decided to seek alternative bids to make sure that it gets the best terms, and has to make the final decision by the end of 2022.Lithuania has been importing LNG via the current terminal, dubbed Independence, since 2014, thereby en
Norway Earmarks $369M for Green Industry Investments
The Norwegian government proposes spending 3.6 billion Norwegian crowns ($369 million) on investments to make its economy greener as it gradually emerges from coronavirus lockdowns, the government said on Friday."The crisis we are now in hasn't made the need for transformation smaller - it has increased it," Prime Minister Erna Solberg told a news conference.While a half-century of oil and gas production has made Norway one of the world's wealthiest nations, the country aims to transition into a less oil-dependent economy and make more room for other…
Innogy Sells Offshore Wind Installation Vessel
Germany-based energy firm innogy has sold its offshore installation vessel ‘Seabreeze II’ to Hong Kong-based firm SPIC Ronghe International Financial Leasing Co. Ltd. Richard Sandford, Director of Offshore Investment & Asset Management at innogy SE explained that ten years ago innogy had decided to acquire and operate its own installation vessels so to eliminate an important bottleneck in the construction of offshore wind farms."However, since that time, such bottlenecks have eased through the availability…
Frontline Profitable in Q1 Despite Low Freight Rates -CEO
Oil tanker firm Frontline's earnings are in the black so far in the first quarter despite strong headwinds from low freight rates, it's top executive said on Thursday."We are at current rates still running at a profit," Chief Executive Robert Hvide Macleod told a news conference. (Reporting by Victoria Klesty, editing by Terje Solsvik)
Solveig buys oilfield operator Capricorn from Cairn
Norwegian pipeline firm Solveig Gas has agreed to buy oil firm Capricorn Norge from Cairn Energy for $100 million, completing its transformation into a North Sea field operator, Solveig's owner HitecVision said on Wednesday.The private equity fund told Reuters earlier this year it aimed to turn Solveig into an integrated exploration and production company, using the cash flow from its gas pipelines to fund expansion.Cairn separately confirmed the deal, adding it will use the proceeds to fund its ongoing oil business in British waters.Capricorn owns 10% in the Wintershall Dea-operated Nova field in the North Sea…
Mitsui Looks to Sell BassGas Stake
Japan's Mitsui & Co has put its 40% stake in the BassGas project off southeastern Australia up for sale, the company said on Thursday.Mitsui's stake in the BassGas project, which includes the undeveloped Trefoil gas project, could be worth about A$360 million ($244 million), according to Credit Suisse. However, a person with knowledge of the asset estimated it at about A$140 million.Mitsui Australia's spokesman said Rothschild has been engaged to advise on the sale of the stake, which Mitsui acquired with its takeover of oil and gas producer AWE last year.
ExxonMobil Looks to Sell Australian Assets
Exxon Mobil Corp said on Wednesday it was looking to sell its 50% stake in the Gippsland Basin oil and gas development in Australia's Bass Strait as part of a broader review of its global portfolio of assets.The sale could fetch up to $3 billion, however decommissioning costs for the ageing fields could dent the price tag, analysts and bankers said.The Gippsland Basin joint venture, off the state of Victoria, has long been the mainstay oil and gas supplier for southeastern Australia, but output is in decline."As…
Equinor to Clean up Onshore Bahamas Spill
Equinor will clean up the onshore oil spill discovered this week at its Bahamas storage terminal in the aftermath of hurricane Dorian, the Norwegian energy company said on Sunday.In preparation for the hurricane, Equinor shut down operations at the South Riding Point terminal on Aug. 31 and none of its staff were at the site during the storm."Based on current visual assessments, there are no indications of continued oil leakage from the tanks or of oil spills from the terminal to sea or beaches," Equinor's…
Kawasaki Begins Hydrogen Project
Japanese public multinational corporation Kawasaki Heavy Industries and its subsidiary company based in Melbourne Hydrogen Engineering Australia announced commencement of construction work to build the Hydrogen Liquefaction and Loading Terminal for the Hydrogen Energy Supply Chain pilot project (Project).The facility will convert hydrogen gas into liquefied hydrogen, which will be stored and then loaded onto the world’s first specialized marine carrier for transport to Japan. The Project will involve the…
Sapura Energy Bags Multiple Contracts
Malaysia’s oilfield services player Sapura Energy said it has has clinched contracts worth a total of MYR 1 billion ($242 million) for several new oil patch deals and one – the company’s first – offshore wind contract.The 10 new contracts are for its engineering and construction and drilling segments across Malaysia, Thailand, Taiwan and Australia, said a press release from the company.In addition, the company has been selected for a frame agreement with Petroliam Nasional Bhd (Petronas) for fixed offshore structure works…
Hurricane Achieves First Oil at Lancaster
Hurricane Energy has announced first oil at its Lancaster field off Scotland, the first such success for so-called fractured basement reservoirs in Britain and a major milestone for the company within its guided schedule.Hurricane specializes in recovering oil from fractures in hard and brittle rock known as fractured basement reservoirs, which some see as a risky way to obtain crude."Lancaster is the UK's first producing fractured basement field and the fact that Hurricane has delivered this industry milestone on time and within budget is an incredible achievement…
U.S. and Gulf Allies Face Task Protecting Oil Shipping Lanes
The United States and its allies may need to to start escorting commercial vessels to prevent further attacks in Gulf oil shipping lanes, Gulf sources and experts said.Even then, the conventional naval and air capabilities of Western and Gulf powers tasked with policing vital commercial waters may be of limited use against the asymmetric warfare tactics suspected in recent operations, including naval mines.Six tankers have been hit in the past month in two attacks near the Strait of Hormuz, through which almost a fifth of the world's oil passes…
