- Sunya Scoop
- "We are going to be using oil for the next 50 years"
"We are going to be using oil for the next 50 years"
PLUS: ADNOC buys 10% stake in Storegga, LongPath's $189mm loan, I Squared's $400mm brazilin solar bet, VinFast looks at $2bn in India
ADNOC takes a 10.1% equity stake in UK-based Storegga, a company specializing in global carbon capture and storage (CCS) projects.
This investment is ADNOC's first international equity venture in carbon management.
The move aligns with ADNOC's strategy to utilize carbon management partnerships and technology to accelerate global CCS projects, contributing to decarbonization efforts.
ADNOC has initially allocated $15 billion to low-carbon solutions and decarbonization technologies.
ADNOC aims for a carbon capture capacity of 10 million tonnes per annum by 2030, equivalent to removing over 2 million internal combustion vehicles from the road.
Storegga has a portfolio of CCS projects in the UK, US, and Norway, including the Acorn CCS project and the Trudavang CCS project.
ADNOC already operates Al Reyadah, a commercial-scale CO2 capture and storage facility.
LongPath Technologies, Inc. has secured a conditional loan commitment of up to $189 million from the U.S. Department of Energy's Loan Programs Office.
The loan aims to accelerate the development and installation of LongPath's Active Emissions Overwatch System in key U.S. oil and gas production areas.
LongPath's technology specializes in methane emissions detection and reduction, offering real-time, accurate monitoring and quantification of methane, a potent greenhouse gas.
The loan will support the deployment of 1,000 large-area remote methane monitors across multiple U.S. states, enhancing emissions detection and quantification.
The technology bridges gaps in current emission monitoring systems, surpassing traditional methods like flyovers and optical gas imaging cameras.
It has the potential to reduce greenhouse gas emissions by approximately 90% compared to existing methods, with greater detection levels and accuracy.
US shale magnate Harold Hamm is leading efforts to attract younger generations to the oil and gas industry amidst climate concerns and job insecurity.
Initiatives like the Hamm Institute for American Energy aim to change the negative perceptions of the industry.
Some oil majors like ExxonMobil, Chevron, Shell, and BP have launched programs, scholarships, and initiatives to attract young talent.
Undergraduate enrolment in petroleum engineering courses has declined in recent years, posing challenges for the industry.
Public concerns about climate change have led to backlash against oil and gas on campuses, particularly in Europe.
The Society of Petroleum Engineers has seen a decrease in membership and an increase in the average age of members.
Skill shortages are already affecting the industry, and some companies are struggling to meet hiring targets.
The industry faces challenges in attracting young talent and may need to revamp recruitment models to continue operations.
Hamm believes that the renewed focus on energy security following Russia's invasion of Ukraine may attract more students to the sector.
Overall, there is a need to make the industry more appealing and competitive compared to other sectors like computer science and high-tech.
I Squared Capital invests $400 million in Órigo Energia, Brazil's largest distributed energy generation platform.
The investment will support the construction of over 2 gigawatts of distributed solar generation projects in 20 Brazilian states, with an estimated capital expenditure of R$ 6 billion.
This marks I Squared's first direct investment in Brazil, following the recent opening of its São Paulo office.
I Squared will hold a 49% ownership stake in Órigo Energia as a result of the investment.
Órigo Energia is currently the largest distributed generation business in Brazil, with over 100,000 customers and 300MWp of distributed generation assets in operation across multiple states.
Órigo's business model offers residential consumers and SMEs access to discounted solar-powered energy.
The distributed generation sector in Brazil is growing due to well-defined regulations and the increasing affordability of solar power, catering to around 90 million consumers nationwide.
Qcells, a South Korean company, will supply Microsoft with 12 gigawatts of American-made solar panels until 2032.
This represents one of the largest deals of its kind and secures substantial demand for panels manufactured at Qcells' $2.5 billion factory in Georgia.
Microsoft's aim is to achieve 100% renewable energy for its operations by 2025, and this deal helps reduce supply chain risks.
The initial agreement was for 2.5 gigawatts, but it has now expanded to 12 GW, enough to power approximately 1.8 million homes.
Qcells intends to establish a solar supply chain in the United States to compete with China, producing various components from silicon ingots to modules.
This initiative aligns with incentives in President Joe Biden's Inflation Reduction Act to boost U.S. production of clean energy components and reduce reliance on overseas-produced goods.
VinFast, a Vietnamese automaker, plans to invest up to $2 billion in building an electric vehicle factory in India.
The factory will be located in Tamil Nadu state, marking VinFast's entry into the Indian market.
VinFast has committed $500 million for the first phase of construction, with plans to create a first-class electric vehicle production hub around the port city of Thootukudi.
The factory will have an annual production capacity of 150,000 cars.
VinFast aims to support a "zero-emission transportation future" with this investment.
The company is part of Vingroup, founded by Vietnam's richest man, Pham Nhat Vuong, and has been expanding globally, including exports to the United States and plans for a $4 billion EV factory in North Carolina.
VinFast aims to sell its EVs in 50 markets worldwide by the end of the year.
India's electric vehicle market is growing rapidly, with government initiatives to encourage manufacturing and offer customer discounts.
The move aligns with Indian Prime Minister Narendra Modi's efforts to create manufacturing jobs in India.
Yesterday, we published our first Spotlight. It’s a profile on Oxy’s STRATOS DAC project. If you missed it in your inbox, check out the weblink here.
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