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Tellurian's $1 billion sale
PLUS: EQT carbon offsets, GM's lithium bet, EnCap sale
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.
After interrupting for this weekend’s special edition, we are now back to regularly scheduled programming.
Here’s what we have for you today:
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BOURBON MADNESS
Winner of the Sunya Scoop Bourbon Madness 2023 and a bottle of Blanton’s is…
…a Houston-based New Energy Executive
Given the highly coveted nature of the prize causing security and safety risk, the winner will remain anonymous

CARBON MARKETS
EQT announces its first nature-based carbon offset initiative
Partnership with Wheeling Park Commission, Teralytic (soil analytics company), and Climate Smart Environmental Consulting
Forest management projects to generate carbon offsets across 1,000+ acres of forest land at Oglebay and other properties
Teralytic's soil probe technology to ensure accurate, transparent quantification of offsets
Initiative to support EQT's efforts to reach net-zero Scope 1 and Scope 2 GHG emissions by or before 2025
Conservation Practice Standards (CPS) by the U.S. Department of Agriculture's NRCS and alignment to Verra guidelines
Advanced soil probe technology to measure project impact on soil health, generating higher quality carbon offsets at lower cost
EQT partners with Wheeling Country Day School for educational learning program on soil health
LOW-CARBON FUELS
Humble Midstream exits joint venture with Enbridge for an undisclosed amount
Joint progress made in engineering and capacity marketing for low-carbon ammonia production and export facility at Enbridge Ingleside Energy Center (EIEC) in Texas
Yara Clean Ammonia shows interest in engaging directly with Enbridge to jointly develop the project, enhancing its long-term prospects
Utility-scale production facility to supply ultra-low-carbon ammonia for growing global and domestic demand
Up to 95% of CO2 generated from production to be sequestered in new carbon capture infrastructure
Between this and the Permian sale, last week was a big one for EnCap!
ENERGY TRANSITION
Japan seeks G7 agreement to accelerate decarbonization efforts through collaboration at ministers' meeting on climate, energy, and environment
Meeting to be held in Sapporo on April 15-16, with Japan as G7 chair this year
Japanese industry minister Yasutoshi Nishimura highlights need for energy security and economic growth alongside decarbonization
Nishimura notes importance of LNG and natural gas as transition energy sources; differences exist on length of energy transition period
G7 ministers expected to confirm commitment to existing sanctions on Russia and reducing dependence on Russian energy
Japan continues to buy Russian gas from Sakhalin-2 project, accounting for 10% of its total imports; no requests to reduce dependence on Russian energy from G7 allies
Japan engages in resource diplomacy, seeking to diversify energy supplies and maintaining ties with Middle Eastern countries
LNG
Tellurian to sell 800 acres of land in Louisiana for $1 billion to an undisclosed institutional investor
Land was designated for the proposed Driftwood LNG terminal facility
Company will lease the land back for 40 years at an 8.75% capitalization rate
Deal creates a 40-year liability of $87.5 million annually, escalating 3% yearly
Driftwood project faced setbacks, including cancellation of some LNG supply deals
Project received regulatory approvals in January to begin construction
Expected to produce 27.6 million tonnes per annum of LNG when completed
Deal contingent on Driftwood LNG LLC securing financing commitments for Phase 1 of the project on satisfactory terms for the buyer
The LNG financing crunch continues…
CARBON CAPTURE
Harbour Energy and BP to develop the Viking CCS project in North Sea
Harbour Energy will remain the operator with a 60% interest
BP will acquire a 40% non-operated share
The UK has launched the "Track 2" cluster sequencing process for carbon capture and storage
Viking CCS is recognized by the government as one of the leading contenders for the process
Final investment decision on the project is expected in 2024, subject to the outcome of the Track 2 CCS.
LITHIUM
General Motors (GM) announces an investment in lithium technology start-up EnergyX to secure long-term supplies of the metal for its electric vehicle batteries.
EnergyX is one of several companies developing direct lithium extraction technologies (DLE) that can extract lithium from brine deposits that have been largely ignored by the mining industry.
GM plans to lead a Series B round of financing for EnergyX worth $50 million and will have the right of first refusal to buy lithium from any projects that EnergyX develops.
GM's scientists will work with EnergyX to commercialize the DLE technology, aiming to extract lithium efficiently from brine sources.
EnergyX is building five demonstration facilities in Argentina, Chile, California, Arkansas, and Utah to test its technology.
The investment follows GM's $650 million investment in Lithium Americas Corp and its investment in Controlled Thermal Resources Ltd.
EnergyX plans to launch an initial public offering by 2024.
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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.