Page 10 - NorthAmOil Week 36 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM approximately 70% of which is gas. Repsol services for Permian gas directed toward
Upstream also holds contingent resources of growing Gulf Coast LNG demand.
EIG to acquire 25% Of 3.8bn barrels equivalent as at the same date. population centers in the United States, this
“Serving one the fastest growing
The business has committed to leadership
Repsol’s entire global in reducing greenhouse gas (GHG) emissions, irreplaceable natural gas infrastructure is
critical to bridging the gap between limited
initially adopting Repsol’s existing targets,
upstream business in new including a 75% reduction of carbon supplies and periods of peak demand, while
intensity by 2025 from a 2016 baseline, and
supporting the viability of intermittent
partnership implementation of a decarbonisation plan, renewables like solar and wind,” said Williams
including development of new short and
president and CEO Alan Armstrong. “During
EIG, a leading institutional investor in the medium-term GHG emissions reduction the extreme cold of Winter Storm Uri, the
global energy and infrastructure sectors, today targets. The company also has a green NorTex pipeline and storage facilities reliably
announced that it has entered into a definitive exploration business targeting carbon capture provided gas to residential customers and
agreement with Repsol to acquire a 25% stake and storage (CCS), geothermal and hydrogen electric power plants throughout the entire
in Repsol Upstream, a newly formed global storage projects. storm. We see significant upside to integrating
exploration & production (E&P) company EIG, September 07, 2022 these assets, especially when combined
comprising Repsol’s entire global upstream with our existing transmission and storage
oil and gas business. The strategic partnership capabilities.”
delivers upfront capital to Repsol to increase MIDSTREAM WILLIAMS, September 08, 2022
its investment in the energy transition,
specifically to support the growth of Repsol’s Williams acquires natural
renewable power generation, renewable fuels, DOWNSTREAM
and circular products segments. gas pipeline and storage
Under the terms of the agreement, a Imperial advances
newly formed, wholly owned subsidiary of assets serving high-growth
EIG, Breakwater Energy, will acquire the renewable diesel plans,
25% interest in Repsol Upstream for total demand in Dallas-Fort
consideration of approximately $4.8bn, awards hydrogen contract
including debt, with Repsol holding the Worth metroplex
remaining 75%, indicating a total enterprise to Air Products
value of approximately $19.0bn for Repsol Williams today announced that it has acquired
Upstream. The company will be majority NorTex Midstream, a fully contracted natural Imperial today announced a long-term
controlled by Repsol and will be consolidated gas pipeline and storage asset located in north contract with Air Products to supply low-
in the accounts of Repsol. Texas, from an affiliate of Tailwater Capital. carbon hydrogen for Imperial’s proposed
Repsol Upstream is a leading, gas- The $423mn transaction, which closed on renewable diesel complex at its Strathcona
weighted global E&P company that will own August 31, 2022, includes approximately 80 refinery near Edmonton, Alberta. Air
and operate Repsol’s globally diversified miles of natural gas transmission pipelines Products will provide pipeline supply from
portfolio of upstream assets, delivering cash and 36 bcf of natural gas storage in the Dallas- its hydrogen plant under construction in
generative and resilient operations around Fort Worth market. The NorTex assets provide Edmonton.
key regional hubs, with a focus on the critical service to approximately 4 GW of gas “Our agreement with Air Products is
United States. Repsol Upstream is forecast fired power generation, enabling Texas energy an important milestone as we progress
to produce approximately 590,000 barrels providers to successfully meet peak demands. plans to build the largest renewable diesel
of oil equivalent per day for 2H 2022 and In addition to providing critical gas supply to manufacturing facility in Canada,” said
has proved and probable reserves of 2.3bn power generation in north Texas, these assets Jon Wetmore, Imperial’s vice president
barrels equivalent as at December 31, 2021, also position Williams to provide storage of downstream. “This project highlights
Imperial’s commitment to investing in a
lower carbon future. We continue to progress
discussions with our business partners and
governments as we work toward a final
investment decision in the months ahead.”
Imperial will use Air Products’ low-
carbon hydrogen to produce renewable
diesel at Strathcona that substantially
reduces greenhouse gas emissions relative
to conventional production. The hydrogen
and biofeedstock will be combined with a
proprietary catalyst to produce premium low-
carbon diesel fuel.
Air Products is increasing overall
investment in its Edmonton hydrogen
facility to CAD1.6bn to support the Imperial
contract. The additional investment by Air

P10 www. NEWSBASE .com Week 36 08•September•2022