🥃 Final Four and Renewable Fuels

Good Morning. This is the Sunya Scoop. The newsletter that takes energy transition news and turns it into an easy-to-read email for you.

Here’s what we have for you today:

• Final Four: Bourbon Madness continues

• BP and ADNOC offer to buy 50% of Israel’s NewMed Energy for offshore gas

• Diamondback joins OGMP 2.0 to reduce methane emissions

• RNG startup, Cowboy Clean Fuels, closes $7.5mm Series A

• Nacero developing methanol to SAF facility

• Volta shareholders approve sale to Shell

• Quote of the week – Total CEO

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BOURBON MADNESS

Continuing Bourbon Madness, as a reminder:

• We’ve selected an Elite Eight of the finest bourbons in the world and pitted them against each other in a bracket-style tournament that will leave your taste buds begging for more.

• Cast your votes, sip your favorites, and let’s see which one comes out on top. It’s Bourbon Madness, and it’s time to get sippin’!

You’ll be entered to win the winning bottle if:

1. you vote in all polls in all 3 brackets – Elite Eight (Tuesday’s edition), Final Four (today’s edition), Championship (next week)

2. you have completed the Gentleman’s Agreement (or Lady’s Choice). If you haven’t seen it, scroll down to the “Share Sunya Scoop” section towards the end of this newsletter

Here were results from your votes for the Final Four

Cast your votes for championship contenders!

Championship contenders will be announced in Tuesday (4/4)’s edition

LNG

BP and ADNOC offer to buy 50% of Israel’s NewMed Energy for offshore gas

• BP and Abu Dhabi’s state oil giant have offered to jointly acquire 50% of Israeli offshore natural gas producer NewMed Energy for around $2 billion.

• The offer is part of a plan to form a new joint venture focused on gas development in international areas of mutual interest, including the East Mediterranean.

• NewMed is the largest stakeholder in the Leviathan offshore field, which produces 12 billion cubic metres of gas supplied to Israel, Egypt, and Jordan.

• NewMed and its partners plan to nearly double Leviathan’s production to 21 to 24 bcm by 2027 and are exploring plans for an LNG terminal to further boost exports.

• The cash offer price is 12.05 ILS ($3.38) per share, reflecting a 72% premium above the pre-deal market price, valuing the entire company at about 14.1 billion ILS, or $3.96 billion.

• After the deal closes, NewMed will become a private corporation equally held by the BP-ADNOC JV and Delek Group, which holds the remaining 50%.

METHANE REDUCTION

Diamondback joins OGMP 2.0 to reduce methane emissions

• Diamondback Energy has joined the Oil and Gas Methane Partnership 2.0 to reduce methane emissions.

• The company will apply OGMP 2.0’s emission reporting framework to its asset base in the Permian Basin.

• Diamondback committed to implementing continuous emission monitoring systems to cover at least 90% of its oil production by the end of 2023.

• The company aims to reduce methane intensity by at least 70% from 2019 levels by 2024.

• OGMP 2.0 is a UN-backed reporting and mitigation program for the oil and gas industry, with over 100 member companies worldwide.

RNG

RNG startup, Cowboy Clean Fuels, closes $7.5mm Series A

• Cowboy Clean Fuels has closed a $7.5 million Series A financing round to produce carbon-negative, renewable natural gas from readily available waste agricultural byproducts.

• The funding will be used to clear regulatory pathway objectives, provide initial engineering design, and prepare for the company’s initial commercial-scale project launch in the Powder River Basin (PRB) of Wyoming.

• Cowboy Clean Fuels’ patented, proprietary technology utilizes non-producing Coal Bed Methane (CBM) wells and infrastructure to produce renewable methane through a naturally-occurring biogenic process, similar to anaerobic digestion, that occurs in deep, geologic formations.

• The company’s RNG technology is the first to result in the actual removal of carbon dioxide from the atmosphere, rather than simply reducing or preventing future emissions.

• The RNG technology has environmental benefits and has the potential to significantly mitigate the climate problem by removing and permanently sequestering atmospheric carbon dioxide.

RENEWABLE FUELS

Nacero developing methanol to SAF facility

• Nacero will convert its pre-construction, multi-billion USD facility in Texas, which was initially designed to produce low carbon gasoline, to the production of sustainable aviation fuel (SAF) and lower carbon aviation fuel (LCAF) utilizing TOPSOE’s MTJet™ technology.

• The facility will be the largest commercial scale facility in the US for producing SAF and LCAF and will produce these products from renewable natural gas (RNG) sourced from dairy farms and landfills, and from mitigated flared gas sourced in the Permian Basin.

• Nacero and TOPSOE will work together to offer America’s aviation industry a lower carbon solution for everyday jet fuel.

• TOPSOE will provide Nacero with engineering and design services to update their MTJet™ technology and will supply catalyst and proprietary hardware for Nacero’s Texas facility.

• The facility will produce more than 30,000 metric tons per day (MTPD) of methanol, processed to SAF and LCAF for the aviation industry.

• Nacero’s CEO and Chairman, Bruce Selkirk, believes that transitioning the facilities to SAF and LCAF can make a significant contribution to meeting the carbon reduction targets set by the airline industry and US government agencies while offering a cost-competitive product.

EV CHARGING

Volta shareholders approve sale to Shell

• Volta Inc. announced that its stockholders have approved a proposal to adopt the agreement and plan of merger dated January 17, 2023.

• We previously covered the original announcement here

• Volta will continue as the surviving corporation in the merger.

• The transaction is expected to close end of the month

• Volta stockholders will be entitled to receive $0.86 in cash a far cry from the $10 price at SPAC merger

Quote of the week

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.