Located about 130km offshore the southern parts of Namibia, the Kudu gas field was discovered in 1974. It is estimated to hold 1.3 TCF of gas (P 50).

Under the terms of the deal, BW Kudu will increase its stake in the Kudu licence from 56% to 95%, while NAMCOR will retain the remaining 5% interest.

Additionally, the deal gives the opportunity to NAMCOR to acquire an additional 5% stake post first gas. Financial terms of the deal were undisclosed.

Upon completion of the transaction, BW Kudu will pay $4m and carry NAMCOR’s share of development costs until first gas.

The transaction is subject to the approvals of Namibian regulatory authorities as well as BW Kudu’s and NAMCOR’s boards.

BW Energy CEO Carl Arnet said: “Kudu gas is an important project for the energy sector and for Namibia. It has the potential to provide a valuable contribution to Namibia’s energy mix and local value creation by monetizing stranded gas which is an untapped natural resource in Namibia.

“The next step for the Kudu joint venture will be to secure long-term commercial gas sales agreements, update the development plan to meet offtake needs and ensure robust financial project returns.”

BW Energy said that the new arrangement would help secure financing for the development of the Kudu field while enabling gas sales arrangements.

NAMCOR managing director Immanuel Mulunga said the Kudu project may become the first offshore oil and gas development in the country.

Mulunga added: “It represents an opportunity to reduce carbon emissions and strengthen energy independence for Namibia, which currently imports a major part of its electricity from coal fired power plants outside of the country.”

“Developing Kudu will provide insights which can be used to unlock similar abundant stranded gas reserves available around the world,” Arnet further said.

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Under the terms of the deal, I Squared Capital will acquire outstanding common and preferred shares, as well as convertible debentures, to become the majority owner of Atlantic Power.

Additionally, I Squared Capital will acquire medium-term notes of certain Atlantic Power subsidiaries.

Atlantic Power president and CEO James J Moore said: “The all-cash price of $3.03 per common share represents a significant premium to our recent trading levels.

“As our fellow shareholders know, the future value of our shares is highly dependent on power prices and re-contracting outcomes for several major power purchase agreements that are expiring in the next three to five years.

“The acquisition of our shares for cash would remove this uncertainty for investors and provide immediate and significant cash value. We have carefully considered the offer and we encourage our fellow shareholders to join management and the board in voting to approve this transaction.”

Atlantic Power owns 11 power generation assets

Atlantic Power owns 11 power generation assets in the US and two provinces of Canada. It sells electricity and steam to investment-grade utilities and other large customers under long term power purchase agreements.

I Squared Capital partner Thomas Lefebvre said: “We are excited to partner with James Moore and the management team, who have made great progress over the past several years in improving the company’s balance sheet and leverage ratio while addressing operational challenges.

“Atlantic Power has an attractive portfolio of assets that I Squared Capital is well positioned to manage and we look forward to working together.”

Last year, I Squared Capital has completed the sale of Etenorte and Eteselva to Interconexión Eléctrica – ISA Peru for $158.5m.

Etenorte and Eteselva have more than 740km of power transmission lines in Peru.

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The latest move follows completion of 100% palm oil biodiesel trials on jet fuel at the end of December 2020.

Pertamina spokesman Hatim Ilwan quoted by Reuters as saying that the trials for the new diesel, dubbed Green Diesel, at the Cilacap refinery commenced on 09 January 2021 and is planned to be continued till 16 January of the same year.

Ilwan was quoted by the news agency as saying: “This trial will continue until it is ready and safe to use as fuel that can be used by the community.”

Indonesia is undertaking a mandatory biodiesel programme with 30% palm oil content, known as B30.

The government, however, is mulling to increase energy production using the vegetable oil in order to reduce fuel imports.

Due to the reduced fuel prices this year, the programme has become less economical. As a result, plans to increase the biocontent to 40% is being consider but funding issues are delaying the programme, the report said.

Ilwan said: “The Green Jet Fuel meanwhile, uses refined, bleached and deodorized palm kernel oil (RBDPKO) or palm kernel oil.”

Ilwan added that the facility will have the capacity to produce 3,000 barrels of the fuel per day in the early stages of commercial production.

The capacity represents three time increase in the planned capacity for Dumai refinery in Riau Province where the company completed the first round of the trial, Nikkei reported.

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The refinancing of the projects, which were acquired in 2017 and have a capacity of 50 MW each, was completed with two green loans.

The green loans comply with the Green Loan Principles and are the third and fourth of this type in Cubico’s portfolio, following the refinancings of a 99 MW wind portfolio in Italy in 2019 and the 50 MW Arenales CSP plant in Spain last year.

The projects, which became operational in 2008 and 2009, use parabolic trough thermosolar technology with seven-and-a-half hours of molten salt storage each.

The bank club is comprised of the following Mandated Lead Arrangers (MLAs): Banco Santander, Bankinter, BNP Paribas, Crédit Agricole CIB, Export Development Canada and Société Générale.

Cubico was advised by Herbert Smith Freehills (legal) and Chatham Financial (hedging).

The MLAs were advised by Clifford Chance (legal), Altermia Asesores Tecnicos (technical), Eisenar (insurance) and EY (tax and model audit).

David Swindin, Head of EMEA at Cubico, said: “Once again our banks have shown an outstanding level of support to Cubico to allow us to close this refinancing with a very tight timeframe.

“The Andasol plants remain a core part of our portfolio and we look forward to working with the banks on future growth opportunities in Europe.”

José Canales, Head of Iberia at Cubico, added: “The refinancing of the Andasol CSP plants allows Cubico to benefit from a very satisfactory debt market environment and shows the Iberian team’s determination in the continuous search for levers to maximise the value of our operating assets.”

The post Cubico Sustainable Investments refinances 100 MW of CSP in Spain with green loans appeared first on NS Energy.

UK’s De Beers and the Botswana government jointly owns Debswana Mining Company.

The Jwaneng diamond mine is located in South Central Botswana, about 160 miles (257km) southwest of Gaborone.

Debswana and the Botswana government said that the project is planned to be carried out in-house, according to Reuters.

In March 2019, a contract for the expansion project, known as Cut 9, was awarded by Debswana to Majwe Mining, a joint venture between Thiess (70%) and long-term local partner Bothakga Burrow Botswana (30%).

The contract follows Majwe’s completion of the Cut 8 project at the Jwaneng diamond mine in 2018.

The Cut 8 project increased the depth of the mine from 400m to 650m. As a result of the eight cut, the pit of the mine became 2.7km long and 1.8km wide.

Debswana corporate affairs head Rachel Mothibatsela was quoted by the news agency as saying: “The Cut 9 operation will transition to an owner-mining operation, with some of the key services and resources, such as labour, being provided by contractors/service providers to Jwaneng Mine.”

The nine-year contract awarded to Majwe included full scope mining services which covers drill and on-bench services, mine planning, load and haul, equipment maintenance, and mining operations.

Through the Cut-9 project, Debswana expected to produce an estimated 53 million carats of rough diamonds from 44 million tons of treated material from the Jwaneng diamond mine.

Discovered in Southern Botswana in 1972, the Jwaneng mine comprises three separate volcanic pipes with production varying from about 12.5 to 15 million carats annually.

The post Debswana scraps $1.3bn contract with Thiess for Botswana diamond mine appeared first on NS Energy.

Under the terms of the agreement, Galp will acquire a 10% stake in Savannah’s Portuguese subsidiaries, which own lithium project, for $6.4m cash.

The Mina do Barroso mine is a high-grade, low-iron lithium project.

The investment made by Galp will be used by Savannah to further progress towards its definitive feasibility study (DFS), which is subject to due diligence and completion of definitive agreements relating to the partnership.

Galp expects its strategic presence and experience operating in Portugal to help drive the project to production.

Savannah CEO David Archer said the company believes that the low carbon footprint lithium concentrate from the Mina do Barroso to provide a key foundation for Europe’s energy transition to electric mobility.

“The prospect of having Galp as a partner in Portugal is even more enticing given their outstanding ESG credentials, having been named by the Climate Disclosure Project as one of the energy companies that most effectively enacts climate change-related best practices.

“This record is a result of Galp aligning its portfolio with low-emission business models, products and services and we are pleased that they have recognised Savannah as a partner with similar objectives.”

Savannah, Galp to evaluate offtake agreement for the lithium project

Additionally, Savannah and Galp will assess exclusive terms for an offtake agreement for up to 100,000 tonnes per annum of lithium concentrate from Mina do Barroso project. This represents about 50% of the project’s planned yearly production.

Savannah noted that the agreement would be an important factor in securing financing for construction of the project.

“In particular the Project will provide a catalyst for the development in Portugal of potential new industries in the midstream and upstream part of Europe’s lithium-ion battery ecosystem,” Archer added.

The post Portugal’s Galp Energia to acquire stake in Savannah’s lithium project appeared first on NS Energy.

CGG Satellite Mapping has over twenty-five years of experience in the detection and characterization of offshore seeps and slicks based on its expert remote sensing processing and analysis of Synthetic Aperture Radar (SAR) satellite imagery. To meet the requirements of the study, CGG Satellite Mapping custom-tasked next-generation SAR satellites to acquire a large collection of high-spatial-resolution SAR imagery at a high revisit frequency. Subsequent advanced processing and analysis by its experts identified the presence of small-scale naturally occurring seepage slick features, unlocking valuable subsurface intelligence.

Richard Burren, Director of Satellite Mapping, CGG, said: “By applying our world-leading remote sensing knowledge to imagery delivered by the latest satellite missions our Satellite Mapping group provides clients with previously unobtainable insights into the presence and behaviour of natural seepage in offshore environments. These studies hold great value for increasing geologic system knowledge and decreasing risk, which is of particular interest across marginal areas of mature basins at present. They also complement our Seep Explorer product, the industry’s only integrated global onshore and offshore seeps database for regional-to-target subsurface source de-risking.”

The post CGG Satellite Mapping completes Barents Sea Seeps Study for NPD appeared first on NS Energy.

Enhancing SUEZ’s presence in Greater China, a key growth market, has been a strategic priority for many years. SUEZ’s investments in Greater China, carried out notably through an acknowledge partnership culture, have allowed the Group to emerge as a leader in environmental services in the region based on its technology and reputation. SUEZ believes that there is significant potential to leverage its scale in Greater China and its proprietary technology and innovative solutions to drive growth in Asia-Pacific.

These acquisitions are in line with the selective capital redeployment targets identified in the Shaping SUEZ 2030 strategic plan. The optimized Group structure will enhance the Group’s ability to win large-scale and high value-added contracts and to create more value for its stakeholders.

Consideration for the transactions amounts to approximately c. €693m1. Consideration for NWS’ stakes thus values SUEZ NWS and Suyu at an Enterprise Value of c. €1.7bn, of which c. €150m is net debt. In 2019, the two combined entities generated c.€193m EBITDA and c.€113m Net Income. The transactions will be accretive to Recurring Net Income and recurring FCF from completion, both by increasing the income from associates as regards to Suyu and reducing the minority interests as regards to SUEZ NWS.

As wholly owned businesses, SUEZ’s ability to accelerate growth in revenue and earnings in the coming years is enhanced.

Commenting on the transaction, Bertrand Camus, CEO of SUEZ, said: “For more than 40 years, SUEZ, with a strong partnership culture and unique know-how, has been developing its innovative and high value-added solutions in Asia to support sustainable urban development in the region. Today, through the acquisition of NWS’ non-controlling shareholding in SUEZ NWS and indirect 50% interest in Suyu, SUEZ reaffirms its commitment in the region to invest and develop, alongside local authorities as well as International and Chinese industries, sustainable solutions with a positive impact on the climate, natural capital and quality of life. With this operation, the Group continues to strengthen its position as a leader in environmental services in Asia whose expertise and technology give it a unique ability to win high value-added contracts. Although this ends one phase of our relationship with NWS, we intend to continue to explore other ways of the two groups working together. These acquisitions mark yet another landmark in the asset rotation plan of our SUEZ 2030 strategy. Accretive to our earnings, they further reposition SUEZ towards the most value-creating activities and geographies offering strong growth potential.

The post SUEZ to acquire interests in Chinese operations SUEZ NWS and Suyu appeared first on NS Energy.

Following the accident on 10 January 2021, the Chinese authorities have sent the rescue workers to the mine, according to China’s Xinhua news agency.

However, due to the damage to the communication signal system as a result of the blast, communication is being delayed between rescue workers and the trapped miners.

The explosion also damaged the exit ladder from the mine, which is owned by Shandong Wucailong Investment, Agence France Presse (AFP) reported.

In September 2020, an accident at the Songzao coal mine in southwest China had killed 16 of the 17 workers trapped in it, due to the release of excessive levels of carbon monoxide.

The tragic incident at the Songzao coal mine follows an accident in August 2020 at the Liangbaosi Coal Mine in Jiaxiang County in the Chinese province of Shandong Province.

The accident in the eastern part of China was caused by a deflagration that led to the death of seven people and nine hospitalised.

Last month, Xinhua news agency reported that accumulation of high levels of carbon monoxide gas at the Diaoshuidong coal mine in the southwestern city of Chongqing, China has killed 23 people.

The dead were among 24 people who were trapped underground due to the increased levels of the carbon monoxide gas at the coal mine.

Established in 1975, the Diaoshuidong coal mine had an annual production capacity of 120,000 tonnes of coal.

The post Explosion at gold mine in China traps 22 workers underground appeared first on NS Energy.

The Oyu Tolgoi gold and copper project is situated in the south Gobi region of Mongolia. It is around 80km north of the Chinese-Mongolian border and 550km south of Ulaanbaatar.

Turquoise Hill said that the government is not satisfied with the underground development plan for the mine, which has been hit by delays and rising costs.

In 2019, Rio Tinto announced a 30-month delay to the underground mine expansion project and increased cost due to difficult geology, reported Reuters.

As a result, the firm confirmed last month that the Oyu Tolgoi expansion project could cost $6.75bn, which is about $1.4bn higher than its original estimate in 2016.

Turquoise Hill said that the Mongolian government has indicated it is necessary to review and evaluate whether the Oyu Tolgoi expansion project could proceed, if it is not economically beneficial to the country.

In a press statement, Turquoise Hill said: “The Government of Mongolia has stressed the importance of achieving a comprehensive solution that addresses both financial issues between the shareholders of Oyu Tolgoi as well as economic and social issues of importance to Mongolia, such as water usage, tax payments, and social issues related to employees, in order to implement the Oyu Tolgoi project successfully.

“In particular, the Government of Mongolia has expressed its intention to initiate discussions with respect to the termination and replacement of the Oyu Tolgoi Underground Mine Development and Financing Plan (UDP).”

However, Turquoise Hill said it is committed to engaging with the government and Rio Tinto to address the UDP and revisit the sharing of the project’s economic benefits.

The Mongolian government owns 34% stake in the Oyu Tolgoi mine while the remaining 66% stake is held by Turquoise Hill.

Rio Tinto, which owns 50.8% of Turquoise Hill Resources, manages the mine operation on behalf of the owners.

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