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.

The post ExxonMobil decides to proceed with Whiptail development offshore Guyana appeared first on NS Energy.

Demonstrating its dedication to enhancing river quality, the North West’s water company is undertaking a significant upgrade at the treatment plant. This initiative involves the implementation of new processes designed to augment treatment capacity and diminish the presence of phosphorus and other nutrients in the discharged water from the facility.

Scheduled for completion in summer 2025, the project holds significant importance in enhancing water quality within the River Calder, a vital tributary of the River Ribble.

Through this upgrade, the facility will bolster its capacity by 27%, effectively meeting the escalating demands from Burnley and its adjacent towns. Moreover, the introduction of additional stormwater storage will curtail the frequency of storm overflows during heavy rainfall episodes.

Commencing in 2021, the project has made substantial progress, with the bulk of construction activities concluded. Current efforts are concentrated on the installation of mechanical and electrical components.

Significant enhancements are underway to revamp the treatment processes at the facility, integrating cutting-edge technology to elevate the wastewater treatment to a superior standard.

Among these advancements is the implementation of an innovative technology utilising iron oxide particles, aimed at augmenting treatment capacity and diminishing nutrient levels, particularly phosphorus. Following treatment, the iron particles are retrieved through a magnetic drum for reuse within the process.

Senior Project Manager Tony Elliott said: “We know our customers want to see cleaner rivers and fewer occasions when untreated sewage is released into the environment. This project will tackle that problem – by storing more sewage in times of heavy rainfall, and by upgrading the treatment process itself so that the treated water released back into the River Calder around the clock is even cleaner.

“As well as increasing the capacity at the facility, we’re also introducing new processes which will speed up the treatment process.”

The Burnley upgrade forms a vital component of a broader initiative aimed at enhancing water quality in Pendle Water and the River Calder. This comprehensive project focuses on upgrading wastewater treatment facilities and minimising the frequency of storm overflow occurrences in the region.

Over the past five years, United Utilities has allocated over £330m for various projects spanning from infrastructure enhancements to riverside tree planting initiatives across Lancashire. These endeavours aim to enhance water quality in the River Ribble and its tributaries.

In its draft business plan for the period 2025 to 2030, United Utilities is proposing an unprecedented investment of £13.7bn. This substantial investment is intended to facilitate the delivery of cleaner rivers, more dependable water supplies, and additional support for customers facing financial challenges in the North West region.

The regulatory body will assess these proposals and provide its draft response by June 2024, with the final plans slated for agreement by December 2024.

The post United Utilities allocates £77.7m for Burnley wastewater treatment works appeared first on NS Energy.

Alcoa and Alumina Limited have forged an exclusivity and transaction process deed (referred to as the ‘Process Deed’). Additionally, the Alumina Limited Board of Directors has affirmed that, upon the execution of a scheme implementation agreement, it plans to endorse the transaction to Alumina Limited shareholders. In this all-scrip (all-stock) transaction, Alumina Limited shareholders are proposed to receive 0.02854 Alcoa shares for each Alumina Limited share (designated as the “Agreed Ratio”). As per Alcoa’s closing share price on February 23, 2024, the Agreed Ratio suggests an equity valuation of roughly $2.2bn for Alumina Limited.

The Alumina Limited Board of Directors plans to endorse the Agreed Ratio provided that no superior proposal arises and pending an independent expert’s affirmation (and ongoing affirmation) that the transaction serves the best interests of Alumina Limited shareholders.

Under the Process Deed, Alcoa and Alumina Limited aim to finalise and execute a scheme implementation agreement for the all-scrip transaction. Upon the Agreement’s completion, Alumina Limited shareholders would hold 31.25% ownership, while Alcoa shareholders would possess 68.75% of the combined company.

Alcoa operates Alcoa World Alumina and Chemicals (AWAC) solely, a joint venture (JV) with Alumina. AWAC encompasses several affiliated entities engaged in bauxite mining and alumina refining across Australia, Brazil, Spain, Saudi Arabia, and Guinea. Additionally, AWAC holds a 55% stake in an aluminium smelter located in Victoria, Australia. Alcoa directly or indirectly owns 60%, and Alumina Limited holds 40% of the AWAC entities, respectively.

The agreement seeks to enhance Alcoa’s economic stake in its core operations and streamline governance by acquiring the minority partner in its AWAC JV. This move would afford greater operational agility and strategic flexibility. Furthermore, it would enable Alumina Limited shareholders to partake in the growth potential of a stronger, better-capitalized company boasting a larger and more diversified portfolio, alongside exposure to Alcoa’s upstream aluminium business.

Acquiring Alumina Limited bolsters Alcoa’s core tier-1 bauxite and alumina business while granting Alumina shareholders access to Alcoa’s global aluminium operations. This move consolidates Alcoa’s ownership in one of the world’s largest producers of bauxite and alumina with tier 1 assets, enhancing its stake in significant bauxite mines and alumina refineries worldwide, excluding China.

The merger strengthens Alcoa’s status as the foremost pure-play upstream aluminium company, fostering vertical integration across the value chain. The proposed transaction also enhances Alcoa’s financial flexibility, enabling efficient funding, capital allocation, and liability management.

Under the proposed all-scrip Agreement, Alumina Limited shareholders would receive 0.02854 Alcoa shares for each Alumina Limited share. This equates to a value of A$1.15 per Alumina Limited share.

Additionally, two new directors, mutually agreed upon by both parties, would be appointed to Alcoa’s Board of Directors upon the transaction’s closure.

The completion of the transaction would be contingent upon fulfilling certain customary conditions and obtaining regulatory approvals.

The post US aluminium producer Alcoa places offer to acquire Alumina for $2.2bn appeared first on NS Energy.

In this collaboration, Incheon City will provide administrative support, including efforts to raise local awareness and understanding, and establish policies and infrastructure for offshore wind. Meanwhile, Ørsted will utilise its extensive 30-year experience to develop its projects into a model that benefits local residents, businesses, and suppliers alike.

Representing the Ørsted Group, Thomas Thune Andersen, Chair of Ørsted’s Board of Directors, signed the agreement alongside Yoo Jeong-bok, Mayor of Incheon, during a ceremony at Ørsted’s offices in Greater Copenhagen, Denmark. The event was attended by Lars Aagaard, Danish Minister for Climate, Energy & Utilities, Kim Hyung Gil, Korean Ambassador to Denmark, and Svend Olling, Danish Ambassador to Korea.

In November 2023, the Ministry of Trade, Industry & Energy of the Republic of Korea issued a 1.6 GW electricity business license (EBL) to Ørsted, granting exclusive development rights for an offshore wind farm situated 70 km off the coast of Incheon. Upon completion, it will stand as Korea’s largest offshore wind farm, playing a crucial role in accelerating the country’s net-zero transition. This endeavor is poised to generate local job opportunities and foster supply chain growth, aligning with Ørsted’s strong sustainability commitments.

The next phases for Ørsted’s Incheon offshore wind project involve conducting environmental impact assessments, carrying out site investigations, and preparing for participation in Korea’s annual fixed-price wind auction.

Pending successful outcomes of these processes and Ørsted’s final investment decision, the project is anticipated to reach completion in the early 2030s.

Ørsted’s Incheon project holds significant potential to contribute to Incheon City’s net-zero target by supplying renewable energy to over 1 million Korean households and reducing carbon emissions by approximately 4 million tonnes annually.

Ørsted Board of Directors chair Thomas Thune Andersen said: “Ørsted will work closely with the City of Incheon to launch a new offshore wind industry and boost local economic development in the region. We have a strong track record working with Korean suppliers in our global portfolio over the past decade. We’ll build on this legacy of collaboration with our Incheon project, which will lead the way for a thriving offshore wind industry by generating reliable renewable energy, attracting long-term investments, and creating jobs.”

The post Ørsted to develop offshore wind power industry in Incheon appeared first on NS Energy.

The majority of the contracts extend over a period of ten years and offer options such as direct purchase (“as-produced”), scheduled profile delivery (“as-nominated”), or delivery of constant volumes (“baseload delivery”). The initial contract is slated to commence in 2026, with subsequent contracts set to unfold in 2027 and 2028, effectively allocating the entire electricity volume available for the Power Purchase Agreements (PPAs).

RWE’s Kaskasi wind farm is situated approximately 35km off the coast of Heligoland and comprises 38 wind turbines boasting a combined installed capacity of 342MW. With its capability, Kaskasi has the potential to provide green electricity to around 400,000 households annually.

Among its notable features, three turbines within the wind farm showcase the world’s pioneering rotor blades designed for recycling at the end of their lifespan. This groundbreaking innovation utilises a novel type of resin, enabling the separation of materials for the first time. Additionally, the wind farm incorporates inventive elements such as specialized steel collars for certain foundations, based on an RWE patent, and a concrete ring that expands within the seabed. These advancements are aimed at achieving a more robust connection between the seabed and the piles, paving the way for the use of shorter piles in future installations.

The Kaskasi wind farm is a vital component of the Heligoland cluster, which encompasses the Amrumbank and Nordsee Ost wind farms. Scheduled for regular operation by spring 2023, this cluster represents a significant stride in Germany’s offshore wind energy sector. Alongside Kaskasi, RWE holds interests in other key wind farms in the German North Sea, including Nordsee One, Alpha Ventus 1 and 2, and the Arkona offshore wind farm in the German Baltic Sea. With these assets, RWE boasts an offshore wind portfolio in Germany amounting to approximately 1.2GW (RWE share).

Demonstrating its commitment to furthering offshore wind energy expansion, RWE is spearheading the development of the North Sea cluster situated north of the island of Juist. Comprising four sites with a collective capacity of up to 1.6GW, these projects are slated for commissioning in 2027 and 2029, respectively. This strategic initiative underscores RWE’s dedication to advancing sustainable energy solutions along the German coastline.

The post RWE’s Kaskasi wind farm to supply green power to seven German firms appeared first on NS Energy.

As agreed, General Motors and Panasonic Holdings will purchase 18,000 tonnes per annum of active anode material each for an initial period of six and seven years, respectively. The supply will represent approximately 85% of the NMG’s Phase-II production.

Around 95% of the anode side of electric vehicle (EV) batteries are made of graphite.

The sales price will be based on an agreed price formula based on future prevailing market prices, a pricing mechanism to satisfy project financing ratios and meet stable procurement for the two companies.

General Motors and Panasonic Holdings have also committed to make an initial $25m equity investment each in NMG, directly or through an affiliate.

The investment, which is subject to certain conditions, will be for advancing NMG’s Phase-II operations – the Matawinie Mine and the Bécancour Battery Material Plant, in accordance with their respective specifications.

Separately, NMG has also received financial backing of $37.5m from strategic partner Mitsui and long-time investor Pallinghurst.

NMG chair Arne H Frandsen said: “Today, influential actors in strategic minerals, modern commodities, batteries, and EVs are coming together to drive the establishment of a Canadian source of graphite to support energy autonomy, national security, and global decarbonisation.

“I am confident that such commercial and investment levers will constitute the bedrock on which NMG can build its Phase II operations and more.”

GM Global Purchasing and Supply Chain vice-president Jeff Morrison said: “Our collaboration with NMG is a milestone for the industry, and in our ongoing development of a more sustainable and resilient battery supply chain.

“From our assembly plants and battery cell plants in the U.S., to our investments across the supply chain, we are developing a North American EV ecosystem aimed at benefiting consumers, expanding economic opportunity, and creating a competitive advantage for GM.”

In April last year, construction and mining equipment manufacturer Caterpillar signed definitive agreements to supply NMG’s Matawinie Mine with a comprehensive solution to cover a zero-exhaust emission fleet, supporting infrastructure, and service.

The post Graphite miner NMG signs offtake agreements with Panasonic and GM appeared first on NS Energy.

As part of its responsibilities, Aker Solutions will oversee the design and provision of the floating foundation structures necessary for the Haewoori Offshore Wind project. Additionally, the company will conduct front-end engineering design tasks related to the inter-array cable, marshaling port, wind turbine integration, and transport and installation.

Under subcontract, Principle Power will leverage its established WindFloat technology to design the floating platforms and mooring system. Aker Solutions will handle execution planning and collaborate with Haewoori Offshore Wind to involve the Korean supply chain, enhancing local participation in the projects.

The transportation and installation design will be managed by Windstaller Alliance, a joint venture comprising Aker Solutions, DeepOcean, and Solstad Offshore.

Aker Solutions New Energies executive vice president Henrik Inadomi said: “At Aker Solutions, we are committed to work in close collaboration with customers and partners to further strengthen our market offering and speed-up the deployment of offshore wind solutions.

“Contributing to a project of this size and scale is a great opportunity to demonstrate our offshore expertise to accelerate the development of much-needed projects across the globe. Working together with Principle Power, we aim to provide a technically advanced offering and support Haewoori Offshore Wind in realising these landmark developments.”

Work on the front-end engineering design (FEED) will commence promptly and is scheduled for completion by November 2024.

The post Aker Solutions secures FEED contract for 1GW Haewoori Offshore Wind project appeared first on NS Energy.

According to a company statement, the miner will recognise a non-cash impairment charge of nearly $2.5bn (post tax) for its Western Australia Nickel business and an additional $3.2bn write-down with regard to Samarco dam failure in Brazil in 2015.

BHP is set to release its HY24 results on 20 February 2024. The results are subject to BHP’s external auditor review and final review and approval by the BHP Board.

Last month, in an operational review, BHP highlighted challenges in the nickel industry as increased supplies from Indonesia led to a fall in prices.

The company conducted a value assessment of Western Australia Nickel, as the impairment reduced the carrying value of the business unit’s net operating assets to negative $300m.

BHP is working to optimise the operations at Nickel West and evaluating development plans for Western Australia Nickel to preserve cash. This may include putting Nickel West into a period of care and maintenance.

BHP CEO Mike Henry said: “This is an uncertain time for the Western Australia nickel industry and we are taking action to address the current market conditions. We are reducing operating costs at Western Australia Nickel and reviewing our capital plans for Nickel West and West Musgrave.”

Last month, the Federal Court of Brazil ordered BHP and its partners to pay BRL47.6bn ($9.7bn) in damages over the Samarco-operated Fundão tailings dam failure in 2015.

According to BHP, the $3.2bn impairment will increase BHP Brasil’s provision for the Samarco dam failure to $6.5bn.

The company added that BHP Brasil will continue to support the extensive ongoing remediation and compensation efforts through the Renova Foundation.

As of December 2023, the Renova Foundation has spent nearly $7.2bn on reparation and compensation programmes.

Henry added: “BHP Brasil along with Samarco and Vale continue to progress negotiations towards a settlement of the Federal Public Prosecutor Office Claim and Framework Agreement obligations in Brazil. The Renova Foundation has made good progress on reparation and compensation programmes and over 84% of the community resettlement cases have been completed.”

The post BHP reports $5.7bn impairment from nickel operations and dam failure appeared first on NS Energy.

Together, they have entered into a distribution agreement aimed at commercialising LiqTech’s innovative filtration solution for treating produced water. This solution facilitates re-injection and reuse of water and also aids in lithium harvest. The distribution agreement covers five states across the US, namely Texas, Oklahoma, Louisiana, Ohio, and Pennsylvania.

Utilising LiqTech’s established ceramic silicon carbide filtration technologies, the company’s produced water treatment solution prioritises tertiary water treatment. Its aim is to enable re-injection and reuse while meeting existing and forthcoming regulatory standards. LiqTech’s inaugural commercial test unit for produced water, launched in May 2022 in the Middle East, has operated successfully for the past two years. The purity of the clean brine (permeate) surpasses the performance benchmarks initially set by the end user. Moreover, the system operates with minimal chemical usage and demonstrates outstanding energy efficiency.

Razorback Direct channels the majority of its Research and Development efforts into advancing the beneficial reuse and recycling of produced water. Their ultimate objective is to reduce Operational Expenditure (OpEx) by implementing highly efficient chemistry-enabled solutions. At the heart of the company’s mission is the responsible stewardship of natural resources, waste reduction, and maximizing the value extraction from subsurface produced resources for oil and gas operators. This partnership with LiqTech significantly bolsters Razorback Direct’s produced water treatment capabilities by integrating highly complementary ceramic ultrafiltration technology.

LiqTech International president and CEO Fei Chen said: “The agreement with Razorback Direct is a critical development to expand our presence in North America by showcasing the benefits of our produced water treatment solution to the oil and gas industry.

“Produced water treatment, and the oil and gas industry in general, are key strategic focus areas for LiqTech, with water increasingly being recognised as a scarce and valuable asset that plays a key role both in terms of overall sustainability, financial success and regulatory compliance. We strongly believe that LiqTech and Razorback Direct are two complementary partners.

“Razorback Direct brings service and operation forces on the ground in the US and solid expertise in helping operators in the oil and gas industry streamline their operations and reduce OpEx costs. Combining this with our proven silicon carbide ceramic filtration technology can make a significant impact in helping operators effectively manage water resources.”

The post LiqTech partners Razorback Direct for commercialisation of water treatment solution appeared first on NS Energy.

This is LG Energy Solution’s second offtake agreement with WesCEF, following their first five-year deal signed in 2022 for 50,000 tonnes of battery-grade lithium hydroxide.

The latest agreement further expands LG Energy Solution’s supply chain for competitive lithium procurement.

According to the battery company, the latest procurement could be utilised to produce around 11,000 tonnes of lithium hydroxide, a key raw material for cathodes.

LG Energy Solution Procurement Center senior vice-president Kang Yeol Lee said: “As an industry leader, in line with the global trend of electrification and corresponding clean energy policies, we are upholding the value of sustainability in not just our products but every aspect of our business, including supply chain.

“Partnering with major suppliers with great potentials like WesCEF, we will ensure stable procurement of key raw materials, thereby delivering advanced battery technologies at competitive prices.”

The lithium hydroxide for the agreement will be delivered by the Mt. Holland lithium project in Western Australia. The project, currently under construction, is expected to begin production in the first half of 2025.

WesCEF and joint venture partner Sociedad Química y Minera (SQM) have committed more than A$2bn ($1.3bn) for the development of the lithium project.

Covalent Lithium has been appointed as the manager to develop and operate the project.

Apart from offtake agreements, LG Energy Solution and WesCEF are assessing collaboration opportunities in upstream minerals and chemical processing.

The post WesCEF signs deal to supply lithium concentrate to LG Energy Solution appeared first on NS Energy.