NS ENERGY
About the Publisher
-----
Contact Information
Email Address-----
Company Phone-----
Address-----
Socials
Facebook-----
Instagram-----
LinkedIn-----
Filters
By Country
233
articles found
View by
NS ENERGY
Asante Gold Estimates Initial Capex Of $116M For Bibiani Gold MineAsante Gold has revealed that the Bibiani gold mine in Ghana will require an initial capital expenditure (capex) of $116m over two years, based on the findings of a definitive feasibility study (DFS).
The DFS, which focuses on underground mining potential below the existing Bibiani Main and Walsh pits, was completed by mining engineers from Bara International with Middindi Consulting and SLR Consulting as contributing sub-consultants.
Asante Gold said that the latest study further reinforces the underground strategy outlined at the prefeasibility stage in the April 2024 Bibiani technical report.
The initial cost will be used for the development, infrastructure, and equipment procurement needed to achieve steady-state production of 2.6Mtpa, as well as the installation of permanent underground infrastructure.
The underground mining will be phased in alongside the open-pit mining at the main pit. This approach will ensure a consistent delivery of mineralised material to the plant, meeting the planned mill throughput.
According to the DFS, the underground mine development at the Bibiani project will have an initial life of seven years.
The Bibiani gold mine is expected to have a gold production of 831,000 ounces.
The DFS projects a post-tax net present value (NPV) of $516m for the Ghanaian gold project. It also estimates an after-tax internal rate of return (IRR) of 71%.
In addition, the study estimates a net cash flow of $675m for the Bibiani gold mine.
Asante Gold CEO Dave Anthony said: “We are on a path to achieving annual production of more than 250,000 ounces in 2026 and beyond, further supported by commencement of underground mining in Q4 2025 and other growth initiatives that have already advanced.
“These include the Bibiani-Goaso Highway bypass in June 2024 to facilitate access to additional mineralised material and completion of the new sulphide treatment plant, which is on track for Q2 2025.”
Asante Gold acquired the Bibiani gold mine in 2021, and mineralised material from the Bibiani underground operation will be processed at the existing Bibiani process plant.
Originally designed by Lycopodium in 1997, the plant incorporates SAG/ball mill grinding and a conventional CIL circuit. It was operated until 2005, after which it was placed into care and maintenance.
Under Asante’s management, the plant underwent refurbishment from Q3 2021 to Q2 2022. The plant was recommissioned in June 2022, with the original design throughput rate of 2.4Mtpa.
By the time the first underground mineralised material is ready for processing, upgrades to the sulphide recovery section of the plant will be complete, allowing for a gold recovery rate of 92%.
Asante Gold plans to select a contractor to initiate and prepare underground mine infrastructure in Q3 2025, with development activities set to begin in Q4 2025. Full production from the underground workings is expected to commence in 2027.
Give your business an edge with our leading industry insights.water
Jan 15, 2025
NS ENERGY
Plenitude Completes Construction Of Largest Battery Storage Facility In TexasPlenitude, through its subsidiary Eni New Energy US, has completed the construction of the Guajillo plant, the company’s largest battery storage system ever.
Located in the in Webb County, Southwest Texas, about 20 kilometers from the city of Laredo, Guajillo has a capacity of 200MW and is equipped with lithium-ion LFP batteries (lithium iron phosphate), able to efficiently store the electricity produced by generation plants, making it available when market demand is greatest. The plant was built right next to one of Plenitude’s largest operating solar farms, “Corazon Solar Farm,” also to maximize operational synergies and consolidate the company’s presence in the area, where it operates on about 800 hectares site.
The plant is scheduled to be commercially operational by mid-2025. Guajillo will play an important role in stabilizing the local power grid, contributing to the efficiency of the entire Region’s power system, which is experiencing a very strong growth in electricity generation from renewable sources.
“Large lithium-ion batteries are a rapidly expanding technology, enabling an increasing penetration of renewable energies in electrical systems. Guajillo’s completion positions Plenitude at the forefront also in this sector and consolidates our presence in the U.S. renewable energy market, where we have reached 1,5 GW of installed capacity,” said Patrick Monino, Head of Plenitude Renewables North America and Managing Director of Eni New Energy US.
Plenitude, a company controlled by Eni, is present in more than 15 countries around the world with a business model that integrates the production of electricity from 4 GW of renewable capacity, the sale of energy and energy solutions to 10 million European customers, and an extensive network of nearly 22,000 charging points for electric vehicles. By 2027, the company has the objective to reach 8 GW of installed renewable capacity globally.
Give your business an edge with our leading industry insights.water
Jan 15, 2025
NS ENERGY
Doe Announces $1.67Bn To Montana Renewables To Expand Us Sustainable Aviation Fuel ProductionAs part of the Biden-Harris administration’s Investing in America agenda, the Department of Energy’s (DOE) Loan Programs Office (LPO) announced today the closing of a $1.67 billion ($1.44 billion of principal and $233 million of capitalized interest) to Montana Renewables, LLC (Montana Renewables, or MRL). The loan guarantee will help finance the expansion of a renewable fuels facility in Great Falls, Montana to produce sustainable aviation fuel (SAF), renewable diesel, and renewable naphtha. Today’s announcement underscores President Biden and Vice President Harris’ efforts to build a thriving bioeconomy that benefits all Americans while also helping advance sustainable fuels to cut harmful emissions and deliver healthier communities across the nation.
The decarbonization of the U.S. transportation and industrial sectors depends on a significant increase in the production of biofuels—which are expected to deliver new economic opportunities for agricultural and rural communities across the nation while tackling the climate crisis. This project will utilize vegetable oils, fats, and greases to produce sustainable fuels.
The MRL facility has been in operation since late 2022, currently producing about 140 million gallons per year of biofuels, most of which is renewable diesel. The loan guarantee will fund facility expansion to produce about 315 million gallons per year of biofuels, most of which will be SAF. Once the facility reaches full capacity, Montana Renewables will be a leading global SAF producer, expected to produce about half of all North American SAF and about 12% of all global SAF through 2030. MRL will produce fuels with significantly lower greenhouse gas emissions, on a life cycle basis, when compared to the production and consumption of conventional co-products, including jet fuel.
This project supports the Biden-Harris Administration’s SAF Grand Challenge goal of increasing U.S. production of SAF to 3 billion gallons per year by 2030 and 35 billion gallons per year by 2050. As the aviation sector aims to meet its decarbonization goals, SAF will become increasingly vital. SAF is one of the only viable near-term options to decarbonize the airline industry, which is responsible for 11% of U.S. transportation emissions or 3.3% of total U.S. emissions.
LPO borrowers are required to develop and ultimately implement a comprehensive Community Benefits Plan (CBP). CBPs ensure borrowers meaningfully engage with community and labor groups to create good-paying jobs and improve the well-being of the local community and workers. This project is expected to create, at its peak, 450 construction jobs and up to 40 new operations jobs. A majority of the workers currently employed at the MRL facility are union workers covered by a collective bargaining agreement with the United States Steelworkers Local 0491. For more than a decade, Calumet (the parent company of MRL) has funded various Great Falls educational initiatives in science, technology, engineering, arts, and mathematics at local schools and colleges.
President Biden and Vice President Harris’ Justice40 Initiative, established by Executive Order 14008, sets a goal that 40% of the overall benefits of certain federal investments in climate, clean energy, and other areas flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution.
Give your business an edge with our leading industry insights.water
Jan 13, 2025
NS ENERGY
Petronas Subsidiary Takes Fid On Hidayah Field Development In IndonesiaMalaysian state-owned energy company Petronas said that its subsidiary PC North Madura II has taken a final investment decision (FID) on the Hidayah field development in Indonesian waters.
The field is located in the North Madura II Contract Area offshore East Java.
Petronas, through its subsidiary, holds a 100% participating interest in the North Madura II production sharing contract (PSC).
The development plan for the Hidayah field includes drilling production wells, supported by an unmanned integrated wellhead and central processing platform.
Additionally, the project features a floating storage and offloading (FSO) unit with living quarters and a central control room to ensure operational integrity and efficiency.
Petronas executive vice president and upstream CEO Mohd Jukris Abdul Wahab said: “This milestone underscores PETRONAS’ unwavering commitment to supporting the Government of Indonesia’s target of achieving energy self-sufficiency. We are grateful for the continued support of the host authority and look forward to close collaboration as we progress the Hidayah field development.”
The Hidayah field development builds on an oil discovery made in February 2021 at the Hidayah-1 exploration well. This well, spudded in January 2021, reached a depth of 2,739m and identified an oil-bearing carbonate reservoir within the Ngimbang formation.
The well demonstrated a production rate of approximately 2,100 barrels of oil per day (bopd), with further assessments confirming its potential.
In January 2023, the Indonesian government approved the plan of development I (POD I) for the Hidayah field.
The field, situated about 6km north of Madura Island, has been identified as holding reserves estimated at 88.55 million stock tank barrels (MMSTB). The reserves were confirmed after drilling three exploration wells, including Hidayah-1.
Its development is projected to involve an investment of approximately $926m, excluding sunk costs. Operating costs, including taxes, are estimated at around $2bn over the project’s lifecycle, with abandonment and site restoration costs expected to reach $201m.
Production from the Hidayah field is scheduled to commence in early 2027, with an initial output forecast of 8,973bopd.
Peak production, estimated at 25,276 barrels per day, is expected to occur in 2033. The field is projected to remain in operation until 2041, contributing approximately $2.1bn to Indonesia’s state revenue over its operational period.
Petronas operates multiple PSCs across Indonesia, including Ketapang, North Madura II, and North Ketapang in East Java, and the Bobara PSC offshore West Papua. The Malaysian company is also involved as a joint venture partner in five PSCs located in Sumatra, the Natuna Sea, East Java, and East Indonesia.
Give your business an edge with our leading industry insights.water
Jan 13, 2025
NS ENERGY
Engie To Expand Capacity Of Wind Farm Project In EgyptENGIE has announced the expansion of its flagship wind farm project situated along the shores of the Gulf of Suez in Ras Ghareb, Egypt.
Currently under construction, this project is the largest wind farm in Africa and is being developed in collaboration with Orascom Construction, Toyota Tsusho Corporation, and Eurus Energy Holdings Corporation under the Red Sea Wind Energy consortium.
The expansion will increase the wind farm’s total capacity from 500MW to 650MW, reinforcing ENGIE’s commitment to renewable energy development across Africa and the Middle East.
An additional agreement has been signed with the Egyptian Electricity Transmission Company (EETC) to extend the long-term Power Purchase Agreement (PPA). This agreement guarantees revenues for the 150MW extension and secures revenue for the entire 650 MW capacity for a period of 25 years.
ENGIE holds a 35% stake in the Red Sea Wind Energy consortium and serves as the technical and project management partner. The other stakeholders include Orascom Construction PLC (25%), Toyota Tsusho Corporation (20%), and Eurus Energy Holdings Corporation (20%).
The consortium has also achieved financial close for the 150MW extension. The financing mirrors that of the original 500MW project, with funding provided by the Japan Bank for International Cooperation (JBIC) in collaboration with Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, Société Générale, under Nippon Export and Investment Insurance (NEXI) cover, and the European Bank for Reconstruction and Development (EBRD).
ENGIE has confirmed that 306 MW of the project’s capacity is now connected to Egypt’s national grid as part of its first commissioning phase, ahead of schedule. Full commissioning of the expanded wind farm is expected by the third quarter of 2025, as initially planned prior to the extension.
The Red Sea Wind Energy project will contribute significantly to Egypt’s renewable energy goals, which target 42% of electricity generation from renewable sources by 2030. The wind farm is projected to reduce CO₂ emissions by approximately 1.3 million tonnes annually and generate renewable energy sufficient to power over 1 million homes.
This is the consortium’s second wind farm project in Ras Ghareb, following the successful commissioning of a 262.5 MW facility in October 2019. With this latest extension, ENGIE’s total wind power capacity in Egypt will reach 912.5 MW.
ENGIE Renewables & Energy Management senior executive vice-president Paulo Almirante said: “We are committed to be replicating the same level of operational excellence for Red Sea Wind Energy’s expansion, relying on our Egyptian partners and the consortium’s operational excellence.
“Once completed in 2025, Red Sea Wind Energy will be one of the largest onshore wind facilities in ENGIE’s global portfolio and will significantly contribute to the Egyptian government’s ambitions to transition to a low-carbon economy.”
Give your business an edge with our leading industry insights.water
Jan 13, 2025
NS ENERGY
Onpath Energy Announces Billion-Pound Investment PlansSecretary of State for Education Bridget Phillipson MP has cut the ribbon to officially open renewable energy developer OnPath Energy’s new Sunderland headquarters.
The Houghton and Sunderland South MP visited Chase House on Rainton Bridge Business Park, which sits within her constituency, to find out more about OnPath’s plans for contributing towards the government’s net zero and skills development agendas, as well as their ambitions to invest around one billion pounds in clean energy projects across the UK over the next five years.
More than 30 jobs have been created by OnPath over the last 12 months, with more set to follow in 2025 as the business works towards its objective of becoming the UK’s leading land-based renewable energy developer.
Richard Dunkley, CEO at OnPath Energy, says: “The new government has been very firm in its commitment to accelerating the transition to net zero.
“We will be contributing towards reaching this destination by aiming to invest around one billion pounds in building more of the renewables infrastructure the UK needs over the next five years, a plan which will in turn create and support hundreds of skilled, sustainable green jobs across the UK, including within the North East.
“Alongside this, we are working to bring communities with us on the energy transition by creating industry-leading commitments on community benefits and community shared ownership.
“We will achieve this by developing people, giving them the skills required to underpin the sector’s future success, and by operating in genuine partnership with stakeholders and the communities in which we’re working; we describe this as the OnPath Together approach to development.”
Cllr Michael Mordey, leader of Sunderland City Council, says: “We are delighted that OnPath is growing its presence here in Sunderland.
“It is a business that has a commitment to supporting the city and its people, through its responsible approach as an employer, as well as by working with a local supply chain, and we’re proud to be able to join them today as they celebrate their relocation to Houghton-le-Spring, adding to our dynamic business community.”
Following its acquisition by Brookfield Asset Management in late 2023, OnPath Energy (formerly Banks Renewables) is building an enhanced portfolio of onshore wind, solar and energy storage projects.
It already owns and operates ten onshore wind farms across Scotland and northern England and expects to progress the construction of several projects across the UK over the coming year.
Richard Dunkley continued: “OnPath has ambitious plans to make further long-term capital investment in this high-quality renewable energy infrastructure, amplifying the difference we can make to a net zero future for the UK that will help to lower consumer bills, improve the UK’s energy security and deliver a just transition that is fair and inclusive for everyone.
“We’re very grateful to the minister for taking the time to officially open our new headquarters and look forward to contributing to her government’s drive towards the successful attainment of its environmental, energy and skills development goals.”
Give your business an edge with our leading industry insights.water
Jan 13, 2025
NS ENERGY
Mas Gold And Rockridge Resources Receive Final Orders Approving Proposed Plans Of Arrangement With Eros ResourcesEros Resources Corp. (TSXV: ERC) (OTCQB: EROSF) (“Eros”), MAS Gold Corp. (TSXV: MAS) (OTCQB: MSGCF) (Frankfurt: 63G) (“MAS Gold”) and Rockridge Resources Ltd. (TSXV: ROCK) (“Rockridge”) are pleased to announce that MAS Gold and Rockridge have obtained final orders of the Supreme Court of British Columbia approving the previously announced proposed statutory plans of arrangement under section 288 of the Business Corporations Act (British Columbia) pursuant to which Eros will acquire all of the issued and outstanding common shares of MAS Gold and Rockridge that it does not already own in exchange for common shares of Eros, as more particularly described in the Joint Management Information Circular of Eros, MAS Gold, and Rockridge dated November 26, 2024, and in accordance with the terms of the business combination agreement between Eros, MAS Gold, and Rockridge dated September 30, 2024 (the “Business Combination Agreement”), all pursuant to the previously announced three-way merger transaction (the “Transaction”).
It is currently anticipated that the Transaction will be completed mid-January 2025, subject to the satisfaction or waiver of customary closing conditions. It is anticipated that the common shares of MAS Gold and Rockridge will be delisted from the TSX Venture Exchange following completion of the Transaction
Give your business an edge with our leading industry insights.water
Jan 13, 2025
NS ENERGY
Constellation To Buy Clean Energy Producer Calpine In $16.4Bn DealConstellation Energy has signed a definitive agreement to acquire Calpine, an operator of natural gas and geothermal plants in the US, in a cash-and-stock transaction valued at approximately $16.4bn.
The deal includes 50 million shares of Constellation stock, $4.5bn in cash, and the assumption of $12.7bn in Calpine’s net debt.
After factoring in Calpine’s cash flow until closing and tax attributes, the transaction values the company at $26.6bn.
Through the merger, Constellation aims to establish the largest clean energy provider in the US.
The deal will combine Constellation’s emissions-free nuclear generation with Calpine’s low-emission natural gas plants and renewable energy assets.
Established in 1984, Calpine operates a fleet of 79 energy facilities with a combined generation capacity exceeding 27GW.
Through its wholesale power operations and retail businesses, the company serves customers across 22 US states and Canada.
Calpine president and CEO Andrew Novotny said: “Together, we will be better positioned to bring accelerated investment in everything from zero-emission nuclear to battery storage that will power our economy in a way that puts people and our environment first.
“It’s a win for every American family and business in our newly combined footprint that wants clean and reliable energy. ECP’s commitment to these goals over the last seven years was critical to the progress we have made as a company and to laying a foundation for future growth.”
Together, the companies will boast nearly 60GW of generation capacity spanning nuclear, natural gas, geothermal, wind, hydro, cogeneration, battery storage, and solar.
Additionally, the acquisition will expand Constellation’s footprint nationwide, with presence in Texas, and other key states including California, New York, and Pennsylvania.
The combined entity is also anticipated to address surging electricity demands with a diverse portfolio of energy solutions, offering expanded capabilities for retail and commercial customers.
Constellation will expand its customer base to 2.5 million households and businesses, providing tailored energy solutions, including new products integrating nuclear, renewable, and natural gas technologies.
Calpine’s natural gas plants are expected to support grid reliability during the transition to cleaner energy sources.
Both companies are investing in carbon capture technologies, aligning with broader efforts to reduce emissions.
Constellation also plans to increase zero-emission energy production by expanding its renewable portfolio and advancing nuclear and other clean energy projects.
Constellation president and CEO Joe Dominguez said: “By combining Constellation’s unmatched expertise in zero-emission nuclear energy with Calpine’s industry-leading, best-in-class, low-carbon natural gas and geothermal generation fleets, we will be able to offer the broadest array of energy products and services available in the industry.
“Both companies have been at the forefront of America’s transition to cleaner, more reliable and secure energy, and those shared values will guide us as we pursue investments in new and existing clean technologies to meet rising demand.”
In addition, the acquisition is projected to deliver immediate financial benefits, with Constellation expecting adjusted operating earnings per share (EPS) growth exceeding 20% in 2026.
The deal will also contribute annual free cash flow additions of more than $2bn.
Calpine’s major shareholders, including Energy Capital Partners (ECP), Canada Pension Plan Investments (CPP Investments), and Access Industries, have agreed to an 18-month lock-up period for their equity ownership in Constellation common stock.
Subject to regulatory approvals, including the US Federal Energy Regulatory Commission (FERC), the Canadian Competition Bureau, and state-level authorities, the transaction is anticipated to be completed within 12 months.
Give your business an edge with our leading industry insights.water
Jan 13, 2025
NS ENERGY
Arch Resources, Consol Energy Stockholders Approve Merger To Form Core Natural ResourcesArch Resources and Consol Energy announced that their respective stockholders have approved all proposals related to their previously announced merger to establish a North American natural resource company.
Both companies will file the certified voting results of their special meetings with the US Securities and Exchange Commission through Form 8-K filings.
The transaction remains subject to the satisfaction or waiver of customary conditions and is expected to be completed on 14 January 2025.
Dubbed Core Natural Resources, the new entity is set to commence trading on the New York Stock Exchange (NYSE) on 15 January 2025.
Core Natural Resources, which will be headquartered in Canonsburg, Pennsylvania, is expected to have a market capitalisation of approximately $5.2bn and will operate 11 mining sites across six states in the US.
It is also poised to become a leading North American producer and exporter of high-quality, low-cost coal.
The combined entity will offer a diverse portfolio of coal products, ranging from high-calorific-value thermal coal to metallurgical coal, catering to both domestic and international markets.
Among its assets will be one of North America’s largest and most cost-effective thermal coal mining complexes, alongside an extensive metallurgical coal portfolio.
Core Natural Resources will also hold interests in approximately 25 million tonnes per annum (tpa) of export coal capacity via two marine export terminals on the US East Coast.
Additionally, the company will have strategic connectivity to export facilities on the West Coast and in the Gulf of Mexico.
Announced in August 2024, the merger is structured as an all-stock transaction.
Under the terms of the agreement, Arch Resources stockholders will receive 1.326 shares of Consol Energy common stock for each Arch Resources share they hold.
Following the merger, Arch Resources stockholders will own approximately 45% of Core Natural Resources, while Consol Energy stockholders will hold 55%, on a fully diluted basis.
Give your business an edge with our leading industry insights.water
Jan 10, 2025
NS ENERGY
Adnoc Gas Awards Three Contracts Worth $2.1Bn For Key Lng Supply InfrastructureADNOC Gas, along with its subsidiaries, has announced the awarding of three major contracts worth $2.1bn.
These contracts aim to establish critical infrastructure, including a liquefied natural gas (LNG) pre-conditioning plant (LPP), compression facilities, and transmission pipelines, to supply feedstock to the Ruwais LNG Project.
The LPP and compression facilities will be located at ADNOC Gas’ Habshan 5 plant, part of the larger Habshan Complex, one of the world’s largest integrated gas processing facilities.
The complex, consisting of five plants, has a combined processing capacity of 6.1 billion standard cubic feet of gas per day. The newly awarded transmission pipelines will connect the Habshan Complex to the Ruwais LNG facility.
The $1.24bn LNG Pre-conditioning Plant (LPP) contract was awarded to a consortium comprising Engineering for the Petroleum and Process Industries (ENPPI) and Petrojet, while the China Petroleum Pipeline Engineering Company received a $514m contract for developing the pipelines.
Petrofac Emirates secured a $335m contract to construct the new compression facilities.
ADNOC Gas CEO Fatema Al Nuaimi said: “These contract awards reaffirm ADNOC Gas’ commitment to delivering sustainable growth and maximising shareholder value. We are investing in world-class infrastructure and innovative technologies as we expand our capacity in LNG liquefaction and strengthen our position as a global player.”
These contracts form part of ADNOC Gas’ strategy to establish essential infrastructure for the Ruwais LNG Project, which is being developed on behalf of the Company’s largest shareholder, ADNOC.
The capital expenditure (CAPEX) for these projects is separate from the costs outlined for ADNOC Gas’ planned acquisition of ADNOC’s majority stake in the Ruwais LNG Project, anticipated to become operational in 2028.
This investment aligns with ADNOC Gas’ $15bn CAPEX plan through 2029, as highlighted in the Company’s recent strategic update.
The new infrastructure will support the Ruwais LNG export facility, which is set to more than double ADNOC Gas’ LNG production capacity, increasing it to over 15 million tonnes per annum (mtpa).
The Ruwais LNG plant will feature two liquefaction trains, each with a processing capacity of 4.8 mtpa. The facility will be powered by clean grid electricity, a first for LNG operations in the Middle East and North Africa (MENA) region.
Upon completion, the Ruwais LNG plant aims to be one of the world’s lowest-carbon intensity LNG facilities.
Give your business an edge with our leading industry insights.water
Jan 10, 2025NS ENERGY
Cnooc Fined £125,000 As Crackdown On Excessive Flaring And Venting ContinuesA sixth North Sea operator has been fined for excessive flaring or venting in the past two years as the industry regulator continues its crackdown on those who breach agreed limits.
The North Sea Transition Authority (NSTA) has imposed a penalty of £125,000 on CNOOC Petroleum Europe Limited for venting without consent at its Buzzard field, 60 miles north-east of Aberdeen, on two separate occasions in the space of a fortnight.
The NSTA has now issued fines totalling £825,000 for flaring or venting consent breaches since late 2022.
It is crucial that licensees comply with regulatory obligations to show they are operating their assets responsibly and assist the UK’s move towards net zero – safeguarding public and investor confidence in the sector.
Flaring and venting make up about one-fifth of the UK oil and gas industry’s offshore production emissions. While some flaring and venting is unavoidable for safety and operational reasons, more must be done to reduce the amount of gas being emitted via these processes.
The NSTA has kept a sharp focus on this area. The “OGA Plan” for emissions reduction and tougher guidance published in 2021 require licensees to seek ways of shrinking their carbon footprints, including from flaring and venting.
It also recently wrote to operators to warn them that from 1 January 2025, £500,000 is the new starting point for considering fines relating to breaches of flaring and venting regulations.
As part of its approach, the NSTA closely scrutinises operators’ flaring and venting consent applications, pushes back against requests to raise limits, and uses its sanction powers to deal with suspected breaches.
On 31 May 2022, CNOOC detected a leak in the line which supplies fuel needed to keep the flame lit on Buzzard’s flare stack. CNOOC shut off the fuel line and began venting excess gas into the atmosphere unignited.
The company confirmed to the NSTA on 1 June that it had breached the annual consent for Buzzard, only to continue venting until a fault with a generator led to production operations shutting down on 3 June.
Despite being fully aware that it did not have a valid consent for additional venting, CNOOC restarted production and export activities from Buzzard on 9 June, then further venting took place due to a faulty valve on the fuel gas system. CNOOC continued to produce, and therefore vent, through to 13 June.
Between 31 May and 13 June, CNOOC exceeded its annual venting limit for Buzzard by a total of 435.13 tonnes of gas. A revised consent was granted on 14 June, bringing Buzzard back in compliance for any further venting during the rest of 2022.
The company cooperated throughout the investigation and introduced measures to prevent recurrences, including improved monitoring and a new approach to consent applications. Previously, CNOOC had only requested consent to vent minimal volumes of gas, as venting was uncommon on Buzzard.
Jane de Lozey, NSTA Director of Regulation, said:
“North Sea operators have taken up the challenge of cutting flaring and venting, almost halving emissions from these processes since 2018. However, at a time when the industry is competing for investment, and its commitment to the energy transition is under intense scrutiny, it is vital that all operators remain vigilant on emissions.”
Give your business an edge with our leading industry insights.water
Jan 10, 2025NS ENERGY
Arizona Sonoran Announces Strategic Private Placement With HudbayArizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) is pleased to announce that Hudbay Minerals Inc. (TSX, NYSE: HBM) (“Hudbay”) has agreed to subscribe for 11,852,064 common shares of the Company (“Common Shares”) in a non-brokered private placement (“Private Placement”) at a price of C$1.68 per Common Share (the “Issue Price”) for total consideration of C$19,911,467. Closing is expected to occur on or about January 30, 2025, subject to certain customary closing conditions. Proceeds of the Private Placement are to be allocated to drilling, exploration, technical studies and advancement of the Cactus copper project in Arizona (“Cactus” or the “Project”), and for general corporate purposes.
George Ogilvie, Arizona Sonoran President and CEO commented, “We are pleased and appreciative to welcome this further endorsement of our Project and the go-forward plan, by the team at Hudbay. It is the Company’s objective to develop Cactus to be a significant producer of copper cathodes for direct use by industry in the State of Arizona and the larger US supply chain. We welcome Hudbay, a mid-tier base metal producer with decades of base metal successes in the Americas and a strong existing footprint in Arizona, as a larger and increasingly engaged shareholder, able to lend its experience and expertise as we advance and develop Cactus.”
Peter Kukielski, Hudbay President and CEO commented, “Cactus is an exciting copper development project in Arizona. We see the US as a tier-1 mining jurisdiction and this investment increases our exposure to another high-quality development project in the region as we continue to advance our Copper World project.”
Hudbay currently holds 2,870,800 shares, representing 2.12% of the Company’s issued and outstanding Common Shares prior to giving effect to the Private Placement. Post-closing of the Private Placement, Hudbay will own approximately 9.99% of the Common Shares of ASCU.
In connection with the Private Placement, Hudbay and ASCU will enter into an investor rights agreement, pursuant to which Hudbay will have certain customary rights and obligations, provided Hudbay maintains certain ownership thresholds in ASCU, including: (i) the right to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership in ASCU at the time of such issuance(s); and (ii) observer rights at meetings of the technical and sustainability committee of the Company’s board of directors and certain other customary information access rights. In addition, pursuant to the terms of the investor rights agreement, Hudbay will agree to vote on a basis consistent with the voting recommendations of ASCU’s board of directors or management in respect of various ordinary course matters presented at the Company’s 2025 and 2026 annual shareholder meetings.
The Private Placement is expected to close on or about January 30, 2025, and is subject to the receipt of customary regulatory approvals, including approval by the TSX. The Common Shares to be issued in connection with the Private Placement will be subject to a statutory hold period in accordance with applicable securities laws.
Scotiabank is acting as financial advisor, and Bennett Jones LLP as legal advisor, to the Company, in connection with the Private Placement.
Give your business an edge with our leading industry insights.water
Jan 10, 2025