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Liberty Energy To Acquire Pec In $160M Deal

Offshore Technology

Liberty Energy To Acquire Pec In $160M DealLiberty Energy Solutions’ holding company Alliance Energy Services will acquire Singapore-headquartered PEC in a transaction valued at $160m (S$206.5m). According to Liberty Energy’s announcement, the agreement has been approved via a scheme of arrangement at an extraordinary general meeting in Singapore. This approval paves the way for PEC to be delisted from the Singapore Stock Exchange following the buyout. PEC provides maintenance and EPC services for various industries including oil and gas and pharmaceuticals. The company reported revenue of S$391m and profit of S$15m for the past 12 months ending 31 December 2024. Liberty Energy holds a majority stake in Alliance Energy Services and PEC’s chair Edna Ko and CEO Robert Dompeling own a minority interest. Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis. Liberty Energy is a provider of energy engineering solutions and products to the oil and gas and petrochemical sectors. The company undertakes 200 plant turnarounds annually for global clients. With operations spanning the US, Canada, Asia and the Middle East, Liberty Energy is known for its advanced research and development and extensive field experience. The company’s client list includes industry giants such as ExxonMobil, Chevron and bp. Liberty Energy also owns CR3 and ZymeFlow, subsidiaries specialising in energy efficiency and chemical cleaning solutions, respectively. ShawKwei & Partners, the controlling shareholder of Liberty Energy, alongside management ownership, supports the company’s strategic vision. Liberty Energy chair and ShawKwei founder and managing partner Kyle Shaw said: “We are excited to welcome PEC into Liberty Energy. PEC’s strong management team, technical expertise, and reputation for reliability and service excellence align well with our strategy of building a global platform for best-in-class energy solutions.” PEC will retain its leadership with Ko and Dompeling at the helm, collaborating with Liberty Energy to enhance service offerings. The acquisition strengthens Liberty Energy’s global reach and reinforces its position as a provider of comprehensive energy solutions.

Ukraine’S Naftogaz Secures $466M Financing For Purchasing Gas

Offshore Technology

Ukraine’S Naftogaz Secures $466M Financing For Purchasing GasUkraine-based Naftogaz has secured a total of €410m ($466.4m) in funding for the immediate procurement of one billion cubic metres of natural gas. This financial package, which will be disbursed via the European Bank for Reconstruction and Development (EBRD), comprises a €270m loan from the EBRD and a €140m grant from the Norwegian Government through the NORAD fund. The gold standard of business intelligence. Find out more The agreements were signed by Roman Chumak, acting chairman of the board at Naftogaz, and Mark Magaletsky, deputy director of the EBRD in Ukraine. Chumak confirmed that the financing is already accessible and that the company is promptly utilising it for gas imports. He emphasised that collaboration with international financial institutions is a pivotal element of Naftogaz’s long-term strategy to diversify supply sources and ensure Ukraine’s energy stability. “These funds are critical for Naftogaz. They will allow us to purchase nearly 1bcm of gas, which is essential to ensure a stable heating season amid the ongoing war and repeated attacks on energy infrastructure. We are grateful to all partners supporting our preparations for next winter,” Chumak said. Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis. The financing was secured with support from the Ukrainian Government, the Ministry of Economy of Ukraine, Ukraine’s Ministry of Finance, the Ministry of Energy of Ukraine and Norway’s Ministry of Foreign Affairs. Naftogaz also recently expanded its partnership with Polish energy company Orlen, signing a deal for the additional supply of 100 million cubic metres of natural gas to Ukraine. This marks the third contract under a long-term collaboration framework between the two entities, aimed at bolstering regional energy security.

Venture Global’S Calcasieu Pass Lng Export Project Starts Operations

Offshore Technology

Venture Global’S Calcasieu Pass Lng Export Project Starts OperationsVenture Global has started commercial operations at its Calcasieu Pass liquefied natural gas (LNG) export project in Cameron Parish, Louisiana, south of the city of Lake Charles. The company has also started the sale of low-cost, US LNG to the long-term customers of the project. The gold standard of business intelligence. Find out more The project, notable for its rapid completion, started commercial operations in just 68 months after the final investment decision in August 2019. The Federal Energy Regulatory Commission (FERC) recently gave the green light for full operations at the Calcasieu Pass facility and its associated TransCameron pipeline in Louisiana. This project will help bolster the US trade, particularly with European allies, through multi-billion-dollar contracts. Despite facing substantial challenges such as a global pandemic, two hurricanes and a force majeure event related to manufacturing issues with the power island, the project’s owner-led approach to construction helped complete the project. Venture Global CEO Mike Sabel said: “I am incredibly proud of our team who have worked relentlessly and diligently to successfully construct and commission our first LNG project. We are excited to reach this milestone and are grateful for our regulators and supply chain partners who have worked with our team to reach commercial operations as efficiently and safely as possible.” The Calcasieu Pass facility covers 432 acres and has a mile of deep waterfront. It includes 18 liquefaction units capable of processing 626,000 tonnes per annum, arranged in nine blocks, along with three units for gas pre-treatment. The site offers two berths for loading ships up to 185,000m³ and has two LNG storage tanks, each with a capacity of 200,000m³. Additionally, the operation includes a 720MW gas turbine power plant with an extra 23MW gas turbine on site. The facility offers some of the most competitive liquefaction fees in the global market, with rates below $2 per million British thermal units. Long-term sales and purchase agreements ensure that customers will benefit from low-cost North American LNG throughout the 20-year contract duration.

Us Oil Production Forecasted To Peak At 14Mbbl/D In 2027: Eia Report

Offshore Technology

Us Oil Production Forecasted To Peak At 14Mbbl/D In 2027: Eia ReportThe US Energy Information Administration (EIA) forecasts that US oil production will peak at 14 million barrels per day (mbbl/d) in 2027, maintaining this level until the end of the decade, before declining. This projection signals the impending end of the US shale boom, with output expected to fall to approximately 11.3mbbl/d by 2050. The EIA’s Annual Energy Outlook highlights that the US, the world’s largest oil producer, will see a gradual decline from the current production level of around 13.7mbbl/d. The report suggests that former US President Joe Biden’s policies have influenced this trajectory, despite record-setting oil output during his tenure in 2023 and 2024. The Department of Energy (DOE) attributed this decline to Biden’s policies, stating they have set a “disastrous path” for US energy production. However, the issuance of drilling permits accelerated under Biden compared with Trump’s first term, according to the DOE, reported Reuters. The International Energy Agency (IEA) noted that Trump’s tariffs on trading partners have increased costs for shale drillers, impacting US oil output forecasts for 2025. US shale oil production is projected to peak at 10mbbl/d in 2027, up from around 9.69mbbl/d this year, before declining to 9.33mbl/d by 2050, as per the EIA. The post-pandemic recovery in US oil demand is expected to stabilise next year, with demand edging up slightly from 20.51mbbl/d this year to 20.52mbbl/d next year. Before the Covid-19 pandemic, US oil consumption averaged 20.54mbbl/d in 2019, with a record high in 2005 of 20.80mbbl/d. The EIA recently lowered its global oil demand growth forecasts, citing weaker economic activity due to the US-China trade war. Brent crude is expected to average $67.87 a barrel (bbl) this year, down from an earlier forecast of $74.22/bbl. US benchmark West Texas Intermediate (WTI) crude oil is forecasted to average $63.88/bbl in 2025, nearly $7 below the prior forecast. Brent futures were trading slightly below $65/bbl on Tuesday, down around 13% this year, while WTI futures were around $61.25/bbl, down about 14%. The IEA also predicts that global oil demand growth will slow, with US production tapering due to Trump’s tariffs and retaliatory moves from trading partners. The IEA reported a sharp cut in world oil demand growth this year, projecting a rise of 730,000 barrels per day (bpd), down from the previous forecast of 1.03mbbl/d. “The deteriorating outlook for the global economy amid the sudden sharp escalation in trade tensions has prompted a downgrade to our forecast for oil demand growth this year,” the IEA stated. In 2026, the IEA predicts a further slowdown in demand growth to 690,000bpd due to economic fragility and increased electric vehicle adoption.

Indonesia Plans To Boost Us Energy Imports By $10Bn Amid Tariffs

Offshore Technology

Indonesia Plans To Boost Us Energy Imports By $10Bn Amid TariffsIndonesia is set to propose an increase in energy imports from the US, with plans to purchase additional crude oil and liquefied petroleum gas (LPG) worth around $10bn (Rp168.4trn), reported Reuters. This move is part of the country’s strategy to address its trade surplus with the US and avoid a 32% tariff on Indonesian exports. The gold standard of business intelligence. Find out more Indonesian Energy Minister Bahlil Lahadalia announced the initiative to local media, highlighting that Indonesian officials will soon head to Washington for tariff negotiations. The overall goal is to acquire US goods valued at $18bn–19bn. Bahlil suggested that to meet this target, Indonesia should raise the LPG import quota from the US and boost crude oil purchases. To accommodate the increased imports from the US, Indonesia may need to reduce LPG imports from other sources. Energy Shift Institute managing director Putra Adhiguna mentioned that Indonesia could start by cutting 20–30% of its LPG imports from non-US suppliers, depending on the contracts. Data from Kpler indicates that Indonesia imported approximately 306,000 barrels per day (bpd) of crude oil last year, primarily from Nigeria, Saudi Arabia and Angola, with around 13,000bpd sourced from the US. In response to the proposed changes in LPG imports, a spokesperson from Pertamina, the nation’s leading LPG retailer, stated that the company is reviewing its import strategy and awaiting government directives. Recently, Venezuela’s state oil company, PDVSA, withdrew several permissions it had granted to Chevron, a US-based company, for loading and exporting Venezuelan crude oil. This decision follows the US tariffs imposed on Venezuela’s oil customers and comes after Washington revoked essential licences for several PDVSA partners, including Chevron, last month. Navigate the shifting tariff landscape with real-time data and market-leading analysis. Request a free demo for GlobalData’s Strategic Intelligence here.

Tullow Oil Agrees Preliminary Terms For $120M Kenyan Asset Sale

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Tullow Oil Agrees Preliminary Terms For $120M Kenyan Asset SaleTullow Oil has reached an agreement to divest its Kenyan subsidiary, Tullow Kenya, to Gulf Energy for a minimum consideration of $120m (£90.48m). The deal was signed by its own subsidiary Tullow Overseas Holdings. The transaction’s payment structure includes an initial $40m upon completion, another $40m due by 30 June 2026, or with the approval of the field development plan, whichever comes first, and the final $40m to be paid over five years, starting from the third quarter of 2028. Additionally, Tullow retains the right to a royalty payment, contingent on certain conditions, and a back-in option for a 30% stake in any future development phases at no cost. This deal is not only accretive to Tullow’s equity and leverage metrics but also expedites the company’s deleveraging efforts. This transaction will be classified as a significant transaction under the UK Listing Rules (UKLR), specifically UKLR 7 as updated on 29 July 2024 . Tullow interim chief executive officer and chief financial officer Richard Miller said: “Today’s announcement marks another step forward in Tullow’s accelerated deleveraging journey with near-term cash receipts of $80m and mitigating significant capital exposure, whilst retaining a material option on the future development of the project. I am confident that the proceeds from this transaction, coupled with the $300m from the disposal of our assets in Gabon, position the business strongly for a successful refinancing. “We look forward to working with Gulf Energy, who have the requisite financing to complete the transaction and are a strong and credible counterparty, and by doing so, unlock material value for the people of Kenya.” Last month, Tullow Oil agreed to sell its Gabon assets to Gabon Oil Company for $300m, net of tax. The deal encompasses Tullow’s Gabonese assets, which are expected to produce 10,000 barrels of oil per day by 2025 and include around 36 million barrels of proven reserves.

Totalenergies Inks 15-Year Lng Supply Deal In Dominican Republic

Offshore Technology

Totalenergies Inks 15-Year Lng Supply Deal In Dominican RepublicTotalEnergies has entered into an agreement with Energia Natural Dominicana (ENADOM), a joint venture between AES Dominicana and Energas, to supply 400,000 tonnes per annum of liquefied natural gas (LNG). The 15-year contract, subject to the finalisation of the sale and purchase agreements (SPAs), is expected to commence in mid-2027, with pricing indexed to the Henry Hub. The gold standard of business intelligence. Find out more TotalEnergies LNG senior vice-president Gregory Joffroy said: “We are pleased to have signed this agreement to answer, alongside AES and its partners, the energy needs of the Dominican Republic. “This new contract underscores TotalEnergies’ leadership in the LNG sector and our commitment to supporting the island’s energy transition. It will be a natural outlet for our US LNG supply, which will progressively increase.” The deal will facilitate the provision of natural gas to a new 470MW combined-cycle power plant in the Dominican Republic, which is currently under construction. This initiative is part of the country’s efforts to transition towards cleaner energy sources and reduce reliance on coal and fuel oil, thereby lowering carbon emissions. ENADOM chief executive officer Edwin De los Santos added: “This agreement with TotalEnergies is the result of the confidence placed in the Dominican Republic’s energy sector and, specifically, in ENADOM and AES. “This partnership, alongside ENADOM’s has demonstrated investment capabilities in providing natural gas to the Dominican electricity market by ensuring a reliable, competitive and environmentally responsible energy supply. ENADOM is proud to play a pivotal role in the expansion and strengthening of the nation’s energy matrix in the Dominican Republic.” TotalEnergies recently opted to buy LNG from Train 4 at NextDecade’s Rio Grande LNG facility in Brownsville, Texas.

Totalenergies, Nextdecade Sign 20-Year Lng Deal For Rio Grande Train 4

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Totalenergies, Nextdecade Sign 20-Year Lng Deal For Rio Grande Train 4TotalEnergies has exercised its option to purchase liquefied natural gas (LNG) from Train 4 of NextDecade’s Rio Grande LNG facility near Brownsville, Texas, US. Subsidiaries of both companies have entered into a long-term sale and purchase agreement (SPA) in which TotalEnergies Gas & Power North America will acquire 1.5 million tonnes per annum (mtpa) of LNG over a 20-year period. The gold standard of business intelligence. Find out more The agreement is contingent upon a positive final investment decision (FID) for Train 4, which will be decided based on various factors including the arrangement of sufficient financing for the construction of Train 4 and its associated infrastructure. The LNG will be provided on a free-on-board (FOB) basis, with pricing indexed to the Henry Hub benchmark. NextDecade chairman and chief executive officer Matt Schatzman said: “TotalEnergies has been a key contributor to the success of Rio Grande LNG Phase 1, and we are pleased to be expanding our strategic partnership with TotalEnergies with the execution of this Train 4 SPA. “This SPA completes the commercial support we need for Rio Grande LNG Train 4, and we are now focused on progressing Train 4 toward a positive FID.” NextDecade has secured long-term commitments for a total of 4.6mtpa from Train 4 and anticipates that these agreements will be adequate to support a positive FID. The Rio Grande LNG facility, situated on a 984-acre site in Brownsville, is designed to produce LNG with a lower carbon intensity, aligning with the industry’s shift towards more sustainable energy practices. NextDecade is developing and constructing the facility through its subsidiaries. Last month, NextDecade signed a framework agreement with Baker Hughes to supply gas turbine and refrigerant compressor technology for Trains 4 through 8 at the Rio Grande LNG facility. This agreement also includes the provision of maintenance services for the equipment supplied.

Eu To Unveil Detailed Plan To Cut Russian Oil And Gas Imports Next Month

Offshore Technology

Eu To Unveil Detailed Plan To Cut Russian Oil And Gas Imports Next MonthThe EU is set to unveil a comprehensive plan to end its reliance on Russian oil and gas by 2027, following delays. The European Commission will release the strategy next month, addressing the EU’s commitment to quit Russian fossil fuels following Moscow’s 2022 invasion of Ukraine, reported Reuters. The gold standard of business intelligence. Find out more The initial plan was postponed due to uncertainties surrounding US President Donald Trump’s proposed tariffs, which could impact EU-US energy trade discussions. Despite reduced Russian pipeline gas deliveries since 2022, the EU increased imports of Russian liquefied natural gas (LNG) last year, with Russia accounting for 19% of the EU’s total gas and LNG supply in 2024. While the EU has not sanctioned Russian gas imports, Hungary has vowed to block energy sanctions that require unanimous EU approval, the report said. Some governments are hesitant to sanction Russian LNG without securing alternative supplies. The Commission has not specified the tools it will propose to expedite the Russian energy phase-out, though the Bruegel think tank suggests imposing tariffs on Russian gas imports. The EU may increase LNG purchases from the US, which helped fill the Russian supply gap during the 2022 energy crisis. The US was Europe’s third-largest gas supplier last year after Russia and Norway. However, businesses and EU diplomats’ have expressed concerns about potential vulnerabilities from relying on US gas, especially as Trump considers energy a trade negotiation tool. Meanwhile, Russia’s new energy strategy anticipates stable crude production and significant growth in natural gas production and exports over the next 25 years. Russian pipeline gas exports to Europe have collapsed since the 2022 invasion, but crude exports continue globally. Russia is aiming for natural gas exports of 293 billion cubic metres (bcm) by 2030, up from 146bcm in 2023, potentially reaching 438bcm by 2050. The strategy also projects stable annual oil production of 540 million tonnes (mt) through 2050, slightly increasing from 531mt in 2023. Oil exports are expected to remain stable at 235mt annually from 2030 to 2050. However, US sanctions have hindered LNG deliveries from Russia’s Arctic LNG-2 plant, which began production in December 2023. Russia expects LNG exports to rise to 142bcm by 2030 from 45bcm in 2023, further increasing to 241bcm by 2050, according to its energy strategy. Russia’s oil shipments through the Baltic Sea declined by around 10% in the last four months of 2024 due to the effects of EU sanctions.

Evolution Petroleum Acquires Non-Operated Oil And Gas Assets Across Three States

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Evolution Petroleum Acquires Non-Operated Oil And Gas Assets Across Three StatesEvolution Petroleum has completed the acquisition of non-operated oil and natural gas assets across three US states – New Mexico, Texas and Louisiana. The $9m acquisition, effective 1 February 2025, was funded through cash and existing credit facilities. This strategic move aims to enhance Evolution’s portfolio with a focus on long-life oil and gas properties. The acquisition is valued at approximately 3.4-times the estimated next 12 months adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation), based on current strip pricing. It is expected to add approximately 440 net barrels of oil equivalent per day (boepd) of stable, low-decline production, comprising 60% oil and 40% natural gas. This acquisition is set to provide enhanced cash flow visibility and strengthen long-term dividend sustainability. Evolution Petroleum’s acquisition offers low-risk development opportunities with potential for incremental production growth. The $9m purchase price is set against an estimated $13m of Proved Developed PV-10, highlighting the strategic value of the assets. The company aims to maintain a diversified portfolio through acquisitions and selective development opportunities. Evolution Petroleum president and CEO Kelly Loyd said: “Despite recent commodity price and market volatility, our TexMex transaction remains highly accretive to both near-term and long-term cash flows and directly supports our core objective – preserving and enhancing the long-term sustainability of our dividend. “Our negotiated deal represents a significant discount to PV10 at the current strip and, due to its low-decline nature, should only get better if oil prices move back up to a more normalised price range. “TexMex is yet another execution of our proven strategy and represents exactly the kind of transaction that underpins Evolution’s long-standing commitment to deliver a stable and sustainable dividend.” Evolution Petroleum’s strategy focuses on building a diverse portfolio of long-life oil and natural gas properties. The company seeks to achieve this through acquisitions, production enhancements and other exploitation efforts, ensuring long-term sustainability and growth.