Page 12 - NorthAmOil Week 12 2023

NorthAmOil PROJECTS & COMPANIES NorthAmOil

Construction delayed on NextDecade’s

Rio Grande LNG facility

TEXAS NEXTDECADE’S Rio Grande LNG terminal in heating needs of about 20mn households,
Texas has suffered a setback with construction roughly the equivalent of all the households in
pushed back as the company is now expecting a New York and California.
final investment decision (FID) before the end of Rio Grande LNG, which is situated on a 984-
the second quarter. Previous timelines had called acre (4 square km) site on the banks of an uncon-
for an FID to be taken before March 31. gested deepwater channel, is the largest privately
Upstream reports that the company made an funded infrastructure project in Texas.
8-K filing with the US Securities and Exchange Upon completion, Rio Grande LNG will be
Commission to extend the price validity of its the first LNG project in the US to provide CO2
construction contract with Bechtel Energy to emissions reduction of over 90% by utilising
run until to June 15. carbon capture and storage (CCS) technology.
The project is being developed in the Port of The facility will be capable of capturing and per-
Brownsville in multiple stages. The first phase, manently storing over 5mn tpy of CO2, which is
which will include engineering, procurement equivalent to taking more than one million vehi-
and construction (EPC) of the first three trains cles off the road annually.
for a combined capacity of 16mn tonnes per year The announcement comes as Venture Glob-
(tpy), is predicted to have an aggregate lump- al’s Plaquemines LNG export terminal in Lou-
sum cost of $11.5bn. isiana revealed earlier this month that it has
The facility will be increased to five trains reached FID to support the construction of the
in later stages, raising total capacity to roughly second phase of its 20mn tpy nameplate capac-
27mn tpy, which is enough to meet the yearly ity facility.™

NEWS IN BRIEF

UPSTREAM while advancing the transition to a low- the prolific Permian Basin of west central
emissions future through investment in Texas. The PSA is with an arm’s length private
Suncor Energy amends power, renewable fuels and hydrogen. Suncor company located in Texas, USA.
Wedgemount will acquire a 100% working
also conducts energy trading activities
agreement with Elliott focused principally on the marketing and interest in 2000 acres including seven leases,
trading of crude oil, natural gas, by-products,
eight producing wells and all surface facilities.
Investment Management refined products and power. Suncor has Current production from the eight wells is
approximately eight barrels of oil per day of
been recognised for its performance and
Suncor Energy today announced that the transparent reporting on the Dow Jones high quality, low-decline operated production.
agreement dated July 16, 2022 with Elliott Sustainability index, FTSE4Good and CDP. The area’s geology consists of numerous
Investment Management L.P., as amended, Suncor’s common shares are listed on the hydrocarbon producing formations which will
has been further amended by the agreement Toronto and New York stock exchanges. be targeted by the company.
of the parties to extend the right for Elliott to SUNCOR ENERGY, March 17, 2023 “We’re excited to announce Wedgemount’s
appoint an additional director to the board second Permian Basin light oil acquisition in
of Suncor from March 17, 2023 to March 31, Wedgemount Resources to our new core area south of Abilene, Texas,”
2023. stated Mark Vanry, CEO of Wedgemount.
Suncor is Canada’s leading integrated acquire additional Texas “We believe the Millican assets offer the
energy company. Suncor’s operations include same low-cost production upside exhibited
oil sands development, production and Permian Basin oil and gas by our Willowbend project. Further, the deal
upgrading, offshore oil and gas production, demonstrates the company’s ability to source
petroleum refining in Canada and the United assets and execute on low-cost conventional oil
States and the company’s Petro-Canada acquisitions in west central Texas. Field work
retail and wholesale distribution networks, Wedgemount Resources Corp. is pleased to including chemical treatments and well-
including Canada’s Electric Highway, a coast- announce that it has entered into a purchase workovers are expected to commence during
to-coast network of fast-charging EV stations. and sale agreement (PSA) for the acquisition the first week of April. Additional upside
Suncor is developing petroleum resources of additional oil and gas assets (located in potential includes new zone perfs, vertical and

P12 www. NEWSBASE .com Week 12 23•March•2023