Qatar leveraging LNG lull

PLUS: Chevron's deal at risk, MSFT biochar, Stories podcast, Antora's $150mm raise, Sandbrook's $460mm in renewables, Elliott's Hyperion mining

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.

Here’s what we have for you today:

  • Bio-Logical partners with Microsoft to deliver 10,000 tons of carbon removal credits.

  • Collaboration involves a large biochar facility in Africa, marking one of the continent's largest single purchases of biochar credits.

  • Bio-Logical aims to sequester 1 million tons of CO2 annually by 2030 and support 1 million smallholders.

  • Biochar recognized as a durable carbon removal solution with potential for wide deployment.

  • Collaboration expected to benefit climate, agriculture, and rural livelihoods in Africa.

  • Antora Energy secures $150 million Series B funding led by Decarbonization Partners to accelerate production of factory-made thermal batteries for industrial decarbonization.

Source: WSJ

  • Investment round includes participation from Emerson Collective, GS Futures, The Nature Conservancy, and a subsidiary of NextEra Energy Resources, LLC, along with existing investors.

  • Antora's technology leverages renewable electricity to heat solid carbon blocks, delivering zero-emissions energy to industrial customers at scale and temperatures required for large operations.

  • The company's thermal batteries utilize thermophotovoltaic (TPV) technology to convert stored heat directly into electricity efficiently.

  • Antora bridges the gap between renewable energy and industrial manufacturing, offering zero-emissions heat and power solutions with batteries manufactured in the United States.

  • Antora's achievements include launching commercial-scale thermal batteries, opening a U.S.-based manufacturing facility, and achieving breakthrough efficiency in TPV technology.

  • Japanese oil refiner Idemitsu Kosan, trading house Mitsubishi Corp, and Swiss firm Proman collaborate on U.S. ammonia production project

  • Japan sees ammonia as vital for transitioning to a net-zero economy, aiding decarbonization in various sectors

  • Ammonia production involves hydrogen from natural gas and nitrogen from air; burning it emits no CO2 but production can release emissions if fossil fuels are used

  • Project in Lake Charles, Louisiana aims to produce 1.2 million metric tons of low-carbon ammonia annually by fiscal year 2030-31

  • Idemitsu plans to build an ammonia import terminal at Tokuyama plant, supplying over 1 million tons of low-carbon ammonia by 2030 to industries like chemicals and steel

  • Mitsubishi considers converting part of its LPG terminal in Namikata into an ammonia terminal, supplying low-carbon ammonia for industrial use

  • Japanese companies intend to bring clean ammonia produced by the project to Japan via these terminals

  • Proman specializes in methanol, fertilizer, and other natural gas-derived products

  • QatarEnergy proceeding with new LNG expansion project, "North Field West," to raise LNG production capacity to 142 million tons per annum (MTPA) by the end of the decade, an 85% increase.

Source: QatarEnergy

  • Appraisal drilling and testing confirmed extension of productive layers of Qatar’s North Field towards the west, allowing for the development of new LNG production project in Ras Laffan.

  • Additional gas quantities estimated at 240 trillion cubic feet, increasing Qatar’s gas reserves to over 2,000 trillion cubic feet and condensates reserves to over 80 billion barrels.

  • New LNG project from North Field’s western sector to have a production capacity of about 16 MTPA, leading to a total LNG production of about 142 MTPA.

  • QatarEnergy continues work on North Field production expansion projects, including North Field East and North Field South projects.

  • Chevron's $53 billion acquisition of Hess at risk due to possible challenge from Exxon

  • Exxon and Cnooc claim pre-emptive right to match Chevron's bid for Hess's stake in Guyana oil project

  • Value of Chevron's acquisition largely tied to Hess's 30% stake in Exxon-led consortium in Guyanese waters

  • Dispute could derail Chevron's deal for Hess, though Exxon's counteroffer uncertain at this stage

  • Chevron and Hess dispute Exxon and Cnooc's right to counteroffer, engaging in discussions

  • Potential arbitration option if talks fail; exact terms of joint operating agreement (JOA) unclear

  • Exxon has majority share in Guyana project, continues drilling with partners, expects substantial value increase

  • Venezuelan military presence near Guyana's border raises tensions; Guyana's oil production growth significant

  • Exxon estimates Guyana project to hold nearly 11 billion barrels of oil and gas, plans for increased production

  • Chevron's acquisition aligns with trend of American oil majors focusing on Western Hemisphere amid global conflicts and divestment in Asia/Africa

This is either a big deal or a total nothing burger. Not sure which yet.

  • Sandbrook Capital commits up to $460 million to rPlus Energies, a leading private renewable energy developer.

  • rPlus is developing a diversified portfolio of over 15-gigawatts (GW) of renewable energy generation and storage projects.

  • Initial investment enables rPlus to bring 1 GW of shovel-ready generation and storage online in the near-term.

  • rPlus is also leading pumped storage hydropower projects, with two projects in the final licensing stage and eight others in earlier stages of development.

  • Elliott Investment Management, through its new venture Hyperion, is targeting mining assets valued at over $1 billion.

  • Hyperion will pursue acquisitions across all types of mining assets, including base and precious metals, as well as commodities used in electric vehicles.

  • Former Newcrest Mining CEO Sandeep Biswas will lead Hyperion.

  • The mining industry is a focal point for policymakers and investors due to its role in supplying raw materials for electric vehicles and renewable energy infrastructure.

  • Demand for key materials like lithium, nickel, cobalt, and copper is projected to significantly increase by 2035, according to a study by S&P.

"When the dust settles, America's power needs and the consequent capital expenditure will be staggering"

Warren Buffet, Berkshire Hathaway 2023 Annual Report

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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.

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