Azeri Central East joins six other offshore platforms that were already installed on the ACG field, which has been producing since 1997. To date, the offshore Azerbaijani field, located off the coast of Baku, has yielded more than 4.3 billion barrels of oil.

The development of the ACE project was approved in April 2019. It is the first platform to come online since the start-up of the West Chirag platform in 2014.

BP operates two more platforms in the Caspian Sea, which serve the Shah Deniz gas field.

The ACE platform and its associated facilities are engineered to handle a capacity of up to 100,000 barrels of oil per day (bpd), with the project anticipated to yield approximately 300 million barrels throughout its operational lifespan.

The 48-slot production, drilling and quarters platform sits midway between the Central Azeri and East Azeri platforms in a water depth of 137m.

Its jacket has a weight of 16,000 tonnes and a height of 153m. The platform houses three production risers, one for water injection, one for oil export, and one for gas export.

BP projects senior vice president Ewan Drummond said: “I’m incredibly proud of the team at bp for safely delivering the first bp-operated offshore platform fully controlled from onshore. This establishes a new benchmark for innovative engineering and competitive project delivery for our company and the wider industry.”

Oil undergoes processing on the platform before being transported roughly 130km via a newly established in-field pipeline to the Sangachal terminal onshore, connected to an existing 30″ subsea export line.

Initial oil production from ACE is from the first well that was drilled from the platform towards the end of last year.

Production from ACE is projected to ramp up through 2024, to approximately 24,000bpd as two additional planned wells are drilled, completed, and integrated into operations.

BP is the operator of the ACG project with a stake of 30.37%. Its partners include SOCAR (25%), MOL (9.57%), INPEX (9.31%), Equinor (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh (2.31%).

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According to the terms of the definitive merger agreement, Prysmian Group will pay $290 per share in cash to shareholders of the Nasdaq-listed Encore Wire.

The consideration represents about 20% premium to the 30-day volume weighted average share price (VWAP) of the US-based Encore Wire as of 12 April 2024.

Encore Wire chairman, president, and CEO Daniel Jones said: “This transaction maximises value for Encore Wire shareholders and provides an attractive premium for their shares. Encore Wire and Prysmian are two highly complementary organisations, and we anticipate a bright future for Encore Wire as part of Prysmian.

“Furthermore, as part of a larger, global operation, we expect this transaction will bring additional future opportunities for our employees, whose dedication and hard work made this transaction possible.”

Through the acquisition, Prysmian Group aims to boost its exposure to secular growth drivers as well as improve the company’s presence in North America.

Besides, the cabling solutions provider intends to utilise Encore Wire’s operational efficiency and best in class service across the former’s portfolio.

The deal will also allow the combined company to better address customers’ requirements in North America by expanding Prysmian Group’s product offering.

Prysmian Group is expected to generate approximately €140m in run-rate EBITDA synergies expected within four years from the closing of the transaction.

Prysmian Group designated CEO Massimo Battaini said: “The acquisition of Encore Wire represents a landmark moment for Prysmian and a strategic and unique opportunity to create value for our shareholders and customers.

“Through this acquisition, Prysmian will grow its North American presence, enhancing its portfolio and geographic mix, while significantly increasing the exposure to secular growth drivers.”

Subject to Encore Wire’s shareholders’ approval, regulatory approvals, and other customary conditions, the transaction is anticipated to be completed in the latter half of this year.

The deal has been unanimously approved by each company’s board of directors.

Goldman Sachs Bank Europe SE, Succursale Italia is sole financial adviser to Prysmian Group while Wachtell, Lipton, Rosen & Katz is the company’s legal adviser.

For Encore Wire, J.P. Morgan Securities is serving as financial adviser while O’Melveny & Myers is the legal adviser.

In February this year, Prysmian Group secured a contract worth €1.9bn for the 2GW Eastern Green Link 2 (EGL2) subsea electricity superhighway project between Scotland and England.

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The deal mainly involves Equinor transferring its 100% stake and operatorship in Ohio’s Marcellus and Utica shale formations in the Appalachian Basin, situated in southeastern Ohio, to EQT. This will be in return for a non-operational 40% interest from EQT in the Northern Marcellus formation in Pennsylvania.

To balance the transaction, Equinor will provide a cash payment of $500m to EQT.

Equinor said that the asset swap deal is aimed at bolstering resources contributing to increased cash flow and further decreasing the CO2 emissions intensity within the firm’s international portfolio.

After the transaction, the Norwegian energy major will raise its average working interest from 15.7% to 25.7% in specific Northern Marcellus gas units operated by Chesapeake. In order to fulfill prior gas sales obligations, Equinor will engage in a gas buy-back arrangement with EQT.

Equinor exploration and production international executive vice president Philippe Mathieu said: “With this transaction, we continue to high-grade the US portfolio and improve profitability by strengthening our gas position in the most robust part of the Appalachian Basin. These assets are well positioned to leverage anticipated positive developments in the US gas market.

“The proposed swap improves portfolio robustness with an expected reduction in well break-evens and upstream carbon intensity. This also means that we have now fully exited all operated positions onshore US.”

Through the agreement, Equinor will acquire an estimated 225 million cubic feet per day (MMcf/d) of projected 2025 net production from the Northern Marcellus shale formation.

On the other hand, EQT will receive approximately 26,000 net acres in Monroe County, Ohio, with an estimated 2025 net production of 135 million cubic feet equivalent per day (MMcfe/d) directly offsetting its operated acreage.

Additionally, EQT will gain around 10,000 net acres in Lycoming County, Pennsylvania, with a projected 2025 net production of approximately 15MMcfe/d from its existing operated assets.

Furthermore, EQT will obtain the remaining 16.25% ownership in the company-operated gathering systems that serve core operated acreage in Lycoming County, Pennsylvania.

EQT president and CEO Toby Rice said: “This transaction marks an extremely positive start to our divestiture program, bringing in over $1.1bn of value, including synergies and development plan optimisation, for 40% of our non-operated assets, while retaining gas price upside.

“We plan to opportunistically divest the remaining portion of our non-operated assets in Northeast Pennsylvania and have tremendous confidence in being able to achieve our de-leveraging goals.”

Contingent on customary closing adjustments, the mandated regulatory approvals and clearances, the deal is anticipated to close in late Q2 2024.

Last month, EQT signed a deal to acquire Equitrans Midstream in a move to create a major vertically integrated natural gas enterprise in the US, with an initial enterprise value of over $35bn.

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The current AP1000 activities at Khmelnytskyi are part of a Memorandum of Understanding (MoU) signed in 2022, for the deployment of nine AP1000 reactors in Ukraine.

The AP1000 is the only available operating Generation 3+ reactor that offers fully passive safety systems, modular construction design and the smallest footprint per MWe.

Currently, the AP1000 reactor is commercially operational in the US, China, and Bulgaria.

The technology is considered to be deployed at multiple other sites in Central and Eastern Europe, the UK, India and North America.

Energoatom head Petro Kotin said: “The Westinghouse company is our reliable strategic partner: both in the development and loading of alternative fuel into the VVER reactors, and in the creation of a fuel production line in Ukraine.

“During the war, we have not stopped, but on the contrary deepened and accelerated our cooperation.”

Ukraine’s Energy Minister Herman Halushchenko said: “The facilities that we plan to build at the Khmelnytskyi NPP will enable Ukraine to make the largest recovery since the Second World War. I am very grateful to Westinghouse.

“In 2020, we signed an agreement to develop fuel for VVER-440 type reactors for five years. But after the full-scale invasion, we significantly accelerated that process and did the impossible – Westinghouse, together with Ukrainian specialists, developed that fuel twice as fast.”

The first batch of Westinghouse VVER-1000 nuclear fuel has been delivered for the two operating units at the Khmelnytskyi Nuclear Power Plant.

Westinghouse manufactured the VVER-1000 fuel at its fuel fabrication facility in Sweden

The company also delivered the first batch of VVER-440 nuclear fuel to Ukraine’s Rivne Nuclear Power Plant in September last year, in a development program.

In addition to the AP1000 reactor, Westinghouse signed an MoU with Ukraine in September last year, for the development and deployment of the AP300 Small Modular Reactor (SMR).

Westinghouse president and CEO Patrick Fragman said: “Westinghouse is honoured to be a trusted partner supporting Ukraine in its pursuit of clean, reliable and secure energy for generations to come.

“This milestone moves us one step closer to bringing another AP1000 reactor online in Europe and joining our global fleet of AP1000 units in China and the U.S., and we remain proud to continue our long-standing, nearly 20-year partnership with Ukraine on proven and reliable nuclear fuel supply.”

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The permit has been issued by the North Carolina Department of Environmental Quality (NCDEQ)’s Division of Energy, Mineral, and Land Resources (DEMLR) after a thorough review. It is subject to customary conditions as well as those tailored to the project’s specifics.

The application for the mining permit was submitted by Piedmont Lithium on 30 August 2021.

Located in Gaston County, the Carolina project is to become a fully-integrated lithium project, encompassing mining, spodumene concentrate production, and lithium hydroxide conversion, all within a single site.

Currently, the American lithium project is in the development stage.

The Carolina lithium project is being designed to have an annual output of 30,000 metric tons of lithium hydroxide.

According to Piedmont Lithium, the projected capacity would more than double the present US production capacity of about 20,000 metric tons annually.

Besides, the Carolina lithium project is expected to greatly contribute to the energy security of the US.

The construction of the American lithium project is expected to begin after obtaining the remaining necessary permits, rezoning approvals as well as project financing activities.

Piedmont Lithium president and CEO Keith Phillips said: “The North Carolina mining permit approval is the precursor for the county rezoning process, and we look forward to continued engagement with the local community and the Gaston County Board of Commissioners.

“Construction would commence following receipt of all required permits, rezoning approvals, and project financing activities.

“We have had extensive and ongoing dialogue with possible funding sources for Carolina Lithium, including the U.S. Department of Energy’s Loan Programs Office and strategic parties who could provide some combination of capital, offtake, and technical support.”

In February 2024, Piedmont Lithium completed a 27% reduction in its workforce as part of the company’s cost-cutting measures amid a decline in lithium prices.

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The company made the final investment decision (FID) after receiving the necessary government and regulatory approvals.

The Whiptail project, which will use a Floating Production Storage and Offloading (FPSO) vessel, will entail an investment of around $12.7bn. It would include up to ten drill centres with 48 production and injection wells.

The FPSO vessel, set to be named Jaguar, is currently under construction.

By the end of 2027, the development is expected to increase Stabroek block’s production capacity by around 250,000 barrels per day.

ExxonMobil Upstream Company president Liam Mallon said: “Our sixth multi-billion-dollar project in Guyana will bring the country’s production capacity to approximately 1.3 million barrels per day.

“Our unrivalled success in developing the Guyana resource at industry-leading pace, cost and environmental performance is built on close collaboration with the government of Guyana, as well as our partners, suppliers, and contractors.

“The Stabroek block developments are among the lowest emissions intensity assets in ExxonMobil’s upstream portfolio and will provide the world with additional reliable energy supplies now and for years to come.”

ExxonMobil affiliate ExxonMobil Guyana operates the Stabroek block with 45% interest. The remaining stake is with Hess Guyana Exploration (30%) and CNOOC Petroleum Guyana (25%).

Currently, more than 6,200 Guyanese support Stabroek block operations. The figure represents 70% of the workforce.

The projects in Stabroek block also support economic development for Guyana, with more than $4.2bn been paid into the Guyana Natural Resource Fund since first production in 2019.

In November 2023, ExxonMobil and Hess commenced production at the $9bn Payara oil development on the Stabroek Block.

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The duo, which holds the engineering, procurement, and construction (EPC) contract, was issued full notice to proceed from Cedar LNG LP partners, comprising the Haisla Nation and Pembina Pipeline.

To be built within the traditional territory of the Haisla Nation, the FLNG project will have a capacity to export three million tonnes per year (Mtpa) of LNG.

Black & Veatch will oversee the comprehensive topside design and equipment supply, leveraging its PRICO technology. On the other hand, Samsung Heavy Industries will deliver the hull with the containment system, in addition to handling the fabrication and integration of all topside modules.

Samsung Heavy Industries executive vice president and chief marketing officer SI Oh said: “Cedar FLNG has achieved another milestone of notice to proceed, solidifying an excellent partnership between SHI and Black & Veatch.

“Both of our firms continue to excel in FLNG market.”

During the peak of construction at the Cedar LNG project, a workforce of up to 500 individuals will be engaged. Once operational, approximately 100 personnel will maintain full-time positions at the facility.

The FLNG project has reached an advanced stage, securing major environmental approvals such as a British Columbia Environmental Assessment Certificate and a positive Decision Statement from the Canadian government.

A final investment decision (FID) on the project is anticipated to be made by the middle of this year. Its in-service date is projected to be in late 2028.

Cedar LNG will be the first indigenous majority-owned LNG project in the world. It will also be the first-ever FLNG to be electric-driven, powered by renewable energy sources.

Besides, it will be the first FLNG export facility in Canada. The project is expected to have low carbon intensity with renewable electricity powering essential components such as refrigeration compressors, boil-off gas compressors, and six centrifugal pumps.

Black & Veatch energy and process industries business president Laszlo von Lazar said: “Black & Veatch is committed to helping our clients and the communities they serve make meaningful progress on their decarbonisation journey.

“The Cedar LNG project represents important first steps toward reducing carbon emissions through lower-carbon LNG facilities, which can supply customers looking to move away from more carbon-intensive feedstocks.”

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Manulife Investment Management spearheaded the financing round for the community solar developer and owner, joined by current investors Diamond Generating and Generate Capital. Nexamp enlisted BofA Securities as its sole placement agent for the fundraise.

Manulife Investment Management managing director Pradeep Killamsetty said: “We believe in community solar and Nexamp has built an exceptional platform to meet the moment.

“We are proud to support the Nexamp team in their efforts to further expand their community reach and execute on their growth plans for a cleaner future.”

The influx of capital will enable Nexamp to speed up the implementation of its project pipeline across the US. It will also help the firm enhance its presence and collaborations in both established and emerging markets and support the ongoing development of its range of generation and consumer-focused solutions.

In January, Nexamp revealed its decision to establish a second national headquarters in Chicago and announced plans to invest over $2bn in local renewable energy infrastructure in Illinois.

Furthermore, in 2023, Nexamp initiated a collaboration with North American solar manufacturer Heliene, securing access to 1.5GW of domestically produced modules.

The modules will be deployed across numerous community solar projects spanning the nation. Presently, Nexamp serves nearly 80,000 customers and manages a portfolio exceeding 1.5GW of generating capacity, inclusive of projects under construction, with the potential to power over 300,000 households.

The company is actively developing several additional gigawatts of project capacity across more than 20 markets, with the combined potential to provide power to over one million customers in the years to come.

Nexamp CEO Zaid Ashai said: “This landmark financing comes at a pivotal moment in the evolution of America’s energy economy, and underscores the indispensable role of community solar in democratising access to clean, affordable energy solutions for every American.

“This unprecedented investment reflects swelling confidence in the ability of independent renewable energy providers to reimagine outmoded infrastructure and reshape our grid. Nexamp is committed to deep collaboration with communities across the nation in building a more sustainable future for us all.”

In May 2023, the clean energy company secured over $400m in tax equity and debt commitments. US Bancorp Impact Finance led the tax equity portion and Mitsubishi UFJ Finance Group (MUFG) while spearheaded the debt portion.

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Under the contract, the power solutions brand of Mitsubishi Heavy Industries (MHI) will deliver a natural-gas-fired gas turbine combined cycle (GTCC) power generation system equipment.

Unit 13 of the power station will have an output of 380MW. It is slated to start operation in early 2029. It will replace an ageing coal-fired generation unit, ensuring sustained generation capacity.

Besides, Unit 13 will be the fifth GTCC at the Lamma Power Station, which has been serving Hong Kong since 1982.

Previously, Mitsubishi Power had supplied GTCC power generation equipment for Units 10, 11, and 12 of the power project.

According to Mitsubishi Heavy Industries, the newly ordered GTCC power generation facilities will be erected on Lamma Island, situated southwest of Hong Kong Island, adjacent to the current Units 9, 10, 11, and 12.

The work on Unit 13 will form a significant part of a large-scale project aligned with the directives of the Hong Kong government to augment the proportion of gas-fired power generation.

As part of the newly ordered GTCC power generation system, Mitsubishi Power will produce and deliver key equipment including its M701F gas turbine, a steam turbine, a heat recovery steam generator, and a selective catalytic reduction system (SCR).

Mitsubishi Generator, a recently established company based in Kobe City, Japan, will manufacture the generator. This entity was formed earlier this month through the consolidation of the power-generator systems businesses from Mitsubishi Heavy Industries and Mitsubishi Electric.

Unit 12 of the Lamma Power Station, which is also of 380MW capacity, entered into commercial operation in late March 2024.

Unit 13 mirrors the design of the power station’s existing gas-fired generation units. This unit is expected to play a crucial role in continuing to decrease carbon emissions during the energy transition phase.

With appropriate modifications and adaptation, all the five gas-fired units will be able to potentially utilise hydrogen as fuel alongside natural gas in the future.

HK Electric managing director Francis Cheng said: “HK Electric and Mitsubishi have had a journey together for decades. Our prolonged and close partnership began from the oil-firing era, then transitioned to coal, and now from coal to gas.

“We will continue to work together to advance energy transition, develop zero-carbon energy and help build a greener Hong Kong.”

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Commodity prices can be very volatile, so when the price suddenly decreases, mining companies will typically try to increase production to maintain their top line revenue.  Access to timely operational & production information is essential to be able to succeed in these competitive markets.

At the same time, in the resource global market, every mining company wants to be the lowest cost provider. If they can achieve this, then they will always be competitive in their market.

To consistently achieve this, decision makers need accurate and timely information that views each operation in context across the value chain. An integrated view of operations delivers better visibility across the mining value chain, allowing mining companies to respond quickly to market changes and opportunities.

The information revolution through Mining Operations Management (MOM)

Even though consistent visibility and operational excellence is critical, some mines are still heavily reliant on field operators, manual processes, and voice radio communications to determine if an asset is performing correctly. Conventional legacy systems were typically designed to be siloed which makes it difficult to create the right context across mining operations. Thus, to present the information to the end-users in this situation, manual processes and custom data solutions must both be used, which results in multiple custom applications creating many versions of the truth, making it very difficult for optimum decision making.

So even though the miners generate vast quantities of data about their operations every day, they still may struggle to convert it to useful, timely and accurate information for multiple stakeholders across the overall mining value chain.

This is where the value of a Mining Operations Management (MOM) platform comes into play, enhancing the utilization of data generated by current automation and control systems in mining operations.

Optimal digital solution for mine to market integration and operational efficiency
The MOM suite interprets and contextualizes data from the control, business, and laboratory systems to provide an accurate representation of production performance and availability.  It integrates and models data from existing operations and business systems and then delivers fit-for-purpose applications designed for mining that interact, share, and cooperate on the same platform to deliver new insights for better decision making that impacts bottom line. It also provides a single user-interface across all modules, and shared data between production, downtime, accounting, and reconciliation facilities – improving data integrity across the site.

Miners can choose out-of-the box functionality from MOM where they see the bigger impacts and larger returns, which includes Tracking & Reporting, Inventory Management, OEE & Asset Utilization KPIs, Downtime / Loss Accounting, Production & Performance Reporting and Metal Reporting.

With this, miners can review the performance of their processes and assets, understand the business impact of planned and unplanned stoppages, identify where production losses occur and their causes, and tackle the complexities of inventory management. In particular, ‘Downtime Accounting’ serves as a tool to pinpoint and clarify the causes of suboptimal performance, equipment failures, and delays throughout the value chain. It is designed to integrate seamlessly with the technologies and systems miners already use, offering scalability as they update and modernize their technological infrastructure through digital transformation.

MOM can be further contextualized with sustainability data in the Sustainable Digital Factory, where the business operations and sustainability key performance indicators (KPIs) can be merged to understand the positive and negative impacts of decisions. This is a new initiative by Rockwell Automation and Accenture, to help companies embrace sustainability as part of the manufacturing process.

Bringing mining to a whole new level – safe, sustainable, secure, connected, smart and compliant

Once again, we are seeing a paradigm shift in the mining industry whereby companies are increasingly seeing the need to increase production while meeting sustainability targets, reducing greenhouse gas carbon emissions and wastes toward net-zero initiatives.

In short, MOM can help identify those ways to improve production, reduce cost per ton, optimize water and energy usage and enable the workforce to be more productive and safer too.  Learn more about how this digital technology can open a new vision for mining operations.

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