Guido Brusco’s Post

🛢️🟦Strategic Partnerships in the #NorthSea🟦🛢️ Ithaca Energy has made a significant move in the North Sea oil and gas sector by agreeing to acquire almost all of Eni’s UK fields for £750mn. Here's what this means for the industry: 🟦 Major Acquisition: Ithaca Energy is set to become one of the largest producers in the North Sea, potentially doubling its output to 150,000 barrels per day by the early 2030s. 🟦 Strategic Shareholding: Eni will hold a 38% stake in the enlarged Ithaca group, enhancing financial strength and technical capabilities. 🟦 Focus on Scale: The deal reflects a broader trend where North Sea producers are expanding to manage rising investment and decommissioning costs efficiently. 🟦 Impact of Windfall Taxes: The backdrop includes challenges like the UK windfall taxes impacting project viability and operations. What are your thoughts on the industry growth within the oil and gas sector? #OilAndGas #EnergySector #NorthSeaOil #CorporateStrategy #SustainableEnergy

- 🛢️ Eni has completed the acquisition of Neptune Energy Group Limited, a significant move in its #energy strategy. - 🌍 Eni's focus on #naturalgas aligns with its commitment to #sustainability and #decarbonization. - 🔍 Eni aims to enhance its portfolio with low-#carbon intensity assets, such as those obtained through the Neptune acquisition. - 🌱 The acquisition opens up opportunities for #carboncapture and storage (CCS) initiatives, particularly in Norway and the Netherlands. Industrielinqs

In a strategic move to bolster its position in the African energy sector, Calvert International AG (CIAG), an emerging player specializing in African energy ventures, has completed the acquisition of 100% of the shares in Emerging Energy Corp. AG (EEC). This acquisition solidifies CIAG’s trajectory to become the foremost listed holding company focused on the African energy landscape. The transaction, executed as part of a non-cash capital increase, signifies a significant milestone for CIAG, elevating its share capital from 1,000,000 to 1,100,000 euros or shares. EEC, renowned for its expertise in developing the African market for hydrogen and renewable energies, represents a valuable addition to CIAG’s portfolio. Jessica Stang, Head of Business Development at CIAG, expressed enthusiasm about the acquisition, stating, “The full acquisition of Emerging Energy is the starting signal for further expansion, aiming to establish a robust energy holding company listed in Germany and active across Africa. With EEC’s established presence in the African hydrogen and off-grid solar market, we see a prime opportunity to participate in the region’s energy market growth. This acquisition reflects our commitment to seizing strategic opportunities and driving sustainable energy solutions in Africa.” Read more: https://lnkd.in/dNi3DAEe #RenewableEnergy #Solar #Africa #Investment #Acquisition

The African Energy Chamber (AEC) endorses the ground-breaking agreement between Oando PLC and Eni for the acquisition of 100% of the shares of Nigerian Agip Oil Company Limited (NAOC Ltd). This significant transaction holds immense potential for Nigeria’s energy sector and the wider African energy landscape. The AEC recognizes that this deal represents a substantial step towards enhancing indigenous participation and control in the energy industry. Oando’s increased stake in OMLs 60, 61, 62, and 63, along with the additional ownership in NEPL/NAOC/OOL joint venture assets and infrastructure, will not only grow the company but also contribute to the development of Nigeria’s hydrocarbon resources. Read more: https://lnkd.in/dZpJFGdA #aec #chamber #aew

As Africa’s energy sector grows and new investment is directed into the continent’s vast oil and gas basins, the role service companies play in integrating technological advancements with sustainable oilfield practices continues to expand. Companies such as SLB (formerly Schlumberger), a global technology company with an extensive footprint across Africa, are at the forefront of this transformation, delivering innovative ideas to producing low-carbon oil and gas in Africa. https://lnkd.in/dfkz2HvF

SKY NOT FALLING "Exxon Mobil as a company has also made significant strides in reducing its carbon footprint in recent years. The company has met its own #carbon footprint reduction targets at least four years in advance and continues to invest in new energy sources. Investments such as the investment in hydrogen could provide future avenues for revenue generation by Exxon Mobil even as demand for oil and gas declines. Furthermore, gas is often seen as a transition source itself in many instances where it still offers a cleaner source of energy than coal-fired power. This transition source status for gas could still provide Exxon with several more years to capitalize on its projects in the #Permian basin. The company's recent acquisition of Denbury also offers further opportunities for Exxon Mobil to benefit from the push for a more carbon-neutral world. As Ironside Research recently noted, this purchase includes a company with 1,300 miles of carbon capture and storage pipelines, which benefits Exxon by positioning the company to take full advantage of significant tax incentives provided by the Inflation Reduction Act for companies involved in carbon capture and storage. " #CCUS #energyTransition

Ithaca Energy completes acquisition of Shell’s Cambo stake Ithaca Energy has completed its acquisition of Shell’s remaining 30% stake in the Cambo field, as it now looks to bring in a new venture partner ahead of investment sanction. Ithaca Energy announced a deal to buy out Shell’s stake in the west of Shetland #oilfield in September, after the supermajor launched a sales process for its 30% stake earlier this year. Completion of the acquisition this week takes Ithaca’s ownership to 100% and will provide the company with “control over the progression of the future development”, it said in a statement. Ithaca Energy said the deal has “minimal near-term cost exposure” and that its consideration will be payable on the either at first #oil or the receipt of proceeds from any subsequent sale of a working interest in the licence – whichever arrives soonest. It also remains subject to Ithaca Energy proceeding with FID and/or the NSTA providing development consent. Chief executive officer Alan Bruce said: “We are pleased to announce the completion of this acquisition, taking our ownership of Cambo to 100%. “Following completion, we are now in a stronger position to engage with potential farm-in partners to enable the future progression of the project to Final Investment Decision. “As the second largest undeveloped #oil and #gas discovery in the UK, we believe that Cambo has an important role to play in providing critical #energy security to the UK, while reducing the UK’s overall #emissions intensity.” Licence deadline looms Momentum behind the project – the second largest undeveloped #oil and #gas discovery in UK waters – has been slow moving since Shell announced it would not progress the controversial field in December 2021. Despite that, executive chairman Gilad Myerson said last week it remains “really mature and is ready for sanctioning.” Speaking during an analysts call accompanying the company’s Q3 results, Mr Myerson said Ithaca Energy could approve the project on its own, but that this was not its preferred strategy – intending instead to bring in new co-venturers ahead of any FID. The company says it is already “actively engaging” with potential farm-in partners. Ithaca Energy now faces a deadline to submit a field development plan (FDP) before the current two-year licence for the field expires on 31 March 2024 – though a potential extension is in the works. Mr Bruce said last week that all technical work on the FDP had already been completed, with “commercial issues” being the only outstanding component. “We’re also working with the regular on a potential extension to that milestone around field development approval given the challenges around getting the partnership group aligned. We’ll work on that over the course of the next several months,” he added.

Ithaca Energy acquires Eni’s UK business in £750m deal   ITHACA Energy is acquiring the majority of Eni’s upstream assets in the UK. The deal will make Ithaca the second largest independent operator in the UK Continental Shelf (UKCS), producing more than 100,000 boe/d. 🔽 Find more info in comments below 🔽 #IthacaEnergy #Eni #UKBusiness #Deal #UpstreamAssets #UKCS #IndependentOperator #CleanEnergy #OilandGasNews ⤵️ Click Follow on our page to keep up to date with energy news ⤵️

I am excited to share some great news about 𝐓𝐨𝐭𝐚𝐥𝐄𝐧𝐞𝐫𝐠𝐢𝐞𝐬 and 𝐁𝐚𝐩𝐜𝐨 𝐄𝐧𝐞𝐫𝐠𝐢𝐞𝐬, the integrated energy company leading the energy transition in the 𝐊𝐢𝐧𝐠𝐝𝐨𝐦 𝐨𝐟 𝐁𝐚𝐡𝐫𝐚𝐢𝐧. Yesterday, our Chairman and CEO Patrick Pouyanné met with His Highness Shaikh Nasser bin Hamad Al Khalifa, His Majesty the King’s Representative for Humanitarian Works and Youth Affairs and Chairman of Bapco Energies, and Mark Thomas, Group CEO of Bapco Energies, to establish a new cooperation agreement. 🤝 Under this agreement, 𝑻𝒐𝒕𝒂𝒍𝑬𝒏𝒆𝒓𝒈𝒊𝒆𝒔 𝒘𝒊𝒍𝒍 𝒔𝒖𝒑𝒑𝒐𝒓𝒕 𝑩𝒂𝒑𝒄𝒐 𝑬𝒏𝒆𝒓𝒈𝒊𝒆𝒔 𝒊𝒏 𝒐𝒑𝒕𝒊𝒎𝒊𝒛𝒊𝒏𝒈 𝒊𝒕𝒔 𝑺𝒊𝒕𝒓𝒂 𝒓𝒆𝒇𝒊𝒏𝒆𝒓𝒚, which is currently being upgraded, and in trading of its petroleum products. TotalEnergies will bring its global oil and feedstock supply capacity, as well as its refining and trading expertise, to maximize value for Bahrain. 💰 This is a significant milestone for both companies, as it marks the beginning of a promising relationship between TotalEnergies and the Kingdom of Bahrain. We are proud to partner with Bapco Energies, a visionary and innovative energy company, to pursue opportunities for Bahrain’s oil & gas products and offer new energy solutions to our customers. 🔥 "𝑾𝒆 𝒂𝒓𝒆 𝒑𝒍𝒆𝒂𝒔𝒆𝒅 𝒕𝒐 𝒉𝒂𝒗𝒆 𝒃𝒆𝒆𝒏 𝒔𝒆𝒍𝒆𝒄𝒕𝒆𝒅 𝒃𝒚 𝒕𝒉𝒆 𝑩𝒂𝒉𝒓𝒂𝒊𝒏𝒊 𝒂𝒖𝒕𝒉𝒐𝒓𝒊𝒕𝒊𝒆𝒔 𝒕𝒐 𝒔𝒖𝒑𝒑𝒐𝒓𝒕 𝑩𝒂𝒑𝒄𝒐 𝑬𝒏𝒆𝒓𝒈𝒊𝒆𝒔 𝒊𝒏 𝒐𝒑𝒕𝒊𝒎𝒊𝒛𝒊𝒏𝒈 𝒕𝒉𝒆𝒊𝒓 𝒅𝒐𝒘𝒏𝒔𝒕𝒓𝒆𝒂𝒎 𝒑𝒆𝒕𝒓𝒐𝒍𝒆𝒖𝒎 𝒐𝒑𝒆𝒓𝒂𝒕𝒊𝒐𝒏𝒔, 𝒘𝒊𝒕𝒉 𝒂 𝒗𝒊𝒆𝒘 𝒕𝒐 𝒎𝒂𝒙𝒊𝒎𝒊𝒛𝒊𝒏𝒈 𝒗𝒂𝒍𝒖𝒆 𝒇𝒐𝒓 𝑩𝒂𝒉𝒓𝒂𝒊𝒏. 𝑰 𝒔𝒊𝒏𝒄𝒆𝒓𝒆𝒍𝒚 𝒉𝒐𝒑𝒆 𝒕𝒉𝒂𝒕 𝒕𝒉𝒊𝒔 𝒏𝒆𝒘 𝒑𝒂𝒓𝒕𝒏𝒆𝒓𝒔𝒉𝒊𝒑 𝒎𝒂𝒓𝒌𝒔 𝒕𝒉𝒆 𝒃𝒆𝒈𝒊𝒏𝒏𝒊𝒏𝒈 𝒐𝒇 𝒂 𝒑𝒓𝒐𝒎𝒊𝒔𝒊𝒏𝒈 𝒓𝒆𝒍𝒂𝒕𝒊𝒐𝒏𝒔𝒉𝒊𝒑 𝒃𝒆𝒕𝒘𝒆𝒆𝒏 𝑻𝒐𝒕𝒂𝒍𝑬𝒏𝒆𝒓𝒈𝒊𝒆𝒔 𝒂𝒏𝒅 𝒕𝒉𝒆 𝑲𝒊𝒏𝒈𝒅𝒐𝒎 𝒐𝒇 𝑩𝒂𝒉𝒓𝒂𝒊𝒏," said Patrick Pouyanné, Chairman and CEO of TotalEnergies. "𝑾𝒆 𝒂𝒓𝒆 𝒊𝒏𝒅𝒆𝒆𝒅 𝒂 𝒈𝒍𝒐𝒃𝒂𝒍 𝒊𝒏𝒕𝒆𝒈𝒓𝒂𝒕𝒆𝒅 𝒆𝒏𝒆𝒓𝒈𝒚 𝒄𝒐𝒎𝒑𝒂𝒏𝒚 𝒂𝒏𝒅 𝒂𝒓𝒆 𝒘𝒊𝒍𝒍𝒊𝒏𝒈 𝒕𝒐 𝒃𝒓𝒊𝒏𝒈 𝒇𝒐𝒓 𝒕𝒉𝒆 𝒃𝒆𝒏𝒆𝒇𝒊𝒕 𝒐𝒇 𝒕𝒉𝒆 𝑲𝒊𝒏𝒈𝒅𝒐𝒎 𝒐𝒇 𝑩𝒂𝒉𝒓𝒆𝒊𝒏 𝒂𝒏𝒅 𝑩𝒂𝒑𝒄𝒐 𝑬𝒏𝒆𝒓𝒈𝒊𝒆𝒔 𝒐𝒖𝒓 𝒇𝒖𝒍𝒍 𝒆𝒙𝒑𝒆𝒓𝒕𝒊𝒔𝒆 𝒂𝒍𝒐𝒏𝒈 𝒊𝒏𝒕𝒆𝒈𝒓𝒂𝒕𝒆𝒅 𝒐𝒊𝒍, 𝑳𝑵𝑮 𝒂𝒏𝒅 𝒑𝒐𝒘𝒆𝒓 𝒗𝒂𝒍𝒖𝒆 𝒄𝒉𝒂𝒊𝒏𝒔. 𝑾𝒆 𝒘𝒊𝒍𝒍 𝒘𝒐𝒓𝒌 𝒕𝒐 𝒆𝒙𝒕𝒆𝒏𝒅 𝒐𝒖𝒓 𝒄𝒐𝒍𝒍𝒂𝒃𝒐𝒓𝒂𝒕𝒊𝒐𝒏 𝒃𝒆𝒚𝒐𝒏𝒅 𝒐𝒊𝒍 𝒂𝒏𝒅 𝒑𝒆𝒕𝒓𝒐𝒍𝒆𝒖𝒎 𝒑𝒓𝒐𝒅𝒖𝒄𝒕𝒔 𝒕𝒐 𝒑𝒐𝒕𝒆𝒏𝒕𝒊𝒂𝒍 𝒇𝒖𝒕𝒖𝒓𝒆 𝒅𝒆𝒗𝒆𝒍𝒐𝒑𝒎𝒆𝒏𝒕𝒔 𝒊𝒏 𝒐𝒕𝒉𝒆𝒓 𝒆𝒏𝒆𝒓𝒈𝒊𝒆𝒔, 𝒔𝒖𝒄𝒉 𝒂𝒔 𝑳𝑵𝑮 𝒐𝒓 𝒓𝒆𝒏𝒆𝒘𝒂𝒃𝒍𝒆 𝒑𝒐𝒘𝒆𝒓." This is a remarkable achievement and wishing all the best for the successful implementation of this partnership. 👏 #TotalEnergies #BapcoEnergies #EnergyTransition #Bahrain #Partnership #Oil #Gas #LNG #RenewablePower

via @PerilOfAfrica #Africa Galp Energies’ Adriano Bastos to Make Case for Sustainable, Efficient Energy Mix at African Energy Week (AEW) 2023: To unlock the full potential of Africa’s oil and gas resources, the continent requires innovative approaches to exploration, production and energy mix integration. Companies such as Galp Energies, a Portuguese multinational energy corporation, continue to make great strides across Africa’s promising hydrocarbons basins while expanding activities across the downstream and midstream segments. During this year’s […]