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.
After interrupting for this weekend’s special edition, we are now back to regularly scheduled programming.
Here’s what we have for you today:
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BOURBON MADNESS
Winner of the Sunya Scoop Bourbon Madness 2023 and a bottle of Blanton’s is…
…a Houston-based New Energy Executive
Given the highly coveted nature of the prize causing security and safety risk, the winner will remain anonymous
CARBON MARKETS
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EQT announces its first nature-based carbon offset initiative
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Partnership with Wheeling Park Commission, Teralytic (soil analytics company), and Climate Smart Environmental Consulting
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Forest management projects to generate carbon offsets across 1,000+ acres of forest land at Oglebay and other properties
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Teralytic’s soil probe technology to ensure accurate, transparent quantification of offsets
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Initiative to support EQT’s efforts to reach net-zero Scope 1 and Scope 2 GHG emissions by or before 2025
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Conservation Practice Standards (CPS) by the U.S. Department of Agriculture’s NRCS and alignment to Verra guidelines
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Advanced soil probe technology to measure project impact on soil health, generating higher quality carbon offsets at lower cost
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EQT partners with Wheeling Country Day School for educational learning program on soil health
LOW-CARBON FUELS
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Humble Midstream exits joint venture with Enbridge for an undisclosed amount
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Joint progress made in engineering and capacity marketing for low-carbon ammonia production and export facility at Enbridge Ingleside Energy Center (EIEC) in Texas
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Yara Clean Ammonia shows interest in engaging directly with Enbridge to jointly develop the project, enhancing its long-term prospects
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Utility-scale production facility to supply ultra-low-carbon ammonia for growing global and domestic demand
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Up to 95% of CO2 generated from production to be sequestered in new carbon capture infrastructure
Between this and the Permian sale, last week was a big one for EnCap!
ENERGY TRANSITION
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Japan seeks G7 agreement to accelerate decarbonization efforts through collaboration at ministers’ meeting on climate, energy, and environment
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Meeting to be held in Sapporo on April 15-16, with Japan as G7 chair this year
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Japanese industry minister Yasutoshi Nishimura highlights need for energy security and economic growth alongside decarbonization
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Nishimura notes importance of LNG and natural gas as transition energy sources; differences exist on length of energy transition period
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G7 ministers expected to confirm commitment to existing sanctions on Russia and reducing dependence on Russian energy
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Japan continues to buy Russian gas from Sakhalin-2 project, accounting for 10% of its total imports; no requests to reduce dependence on Russian energy from G7 allies
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Japan engages in resource diplomacy, seeking to diversify energy supplies and maintaining ties with Middle Eastern countries
LNG
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Tellurian to sell 800 acres of land in Louisiana for $1 billion to an undisclosed institutional investor
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Land was designated for the proposed Driftwood LNG terminal facility
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Company will lease the land back for 40 years at an 8.75% capitalization rate
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Deal creates a 40-year liability of $87.5 million annually, escalating 3% yearly
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Driftwood project faced setbacks, including cancellation of some LNG supply deals
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Project received regulatory approvals in January to begin construction
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Expected to produce 27.6 million tonnes per annum of LNG when completed
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Deal contingent on Driftwood LNG LLC securing financing commitments for Phase 1 of the project on satisfactory terms for the buyer
The LNG financing crunch continues…
CARBON CAPTURE
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Harbour Energy and BP to develop the Viking CCS project in North Sea
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Harbour Energy will remain the operator with a 60% interest
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BP will acquire a 40% non-operated share
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The UK has launched the “Track 2” cluster sequencing process for carbon capture and storage
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Viking CCS is recognized by the government as one of the leading contenders for the process
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Final investment decision on the project is expected in 2024, subject to the outcome of the Track 2 CCS.
LITHIUM
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General Motors (GM) announces an investment in lithium technology start-up EnergyX to secure long-term supplies of the metal for its electric vehicle batteries.
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EnergyX is one of several companies developing direct lithium extraction technologies (DLE) that can extract lithium from brine deposits that have been largely ignored by the mining industry.
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GM plans to lead a Series B round of financing for EnergyX worth $50 million and will have the right of first refusal to buy lithium from any projects that EnergyX develops.
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GM’s scientists will work with EnergyX to commercialize the DLE technology, aiming to extract lithium efficiently from brine sources.
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EnergyX is building five demonstration facilities in Argentina, Chile, California, Arkansas, and Utah to test its technology.
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The investment follows GM’s $650 million investment in Lithium Americas Corp and its investment in Controlled Thermal Resources Ltd.
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EnergyX plans to launch an initial public offering by 2024.
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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.