Page 9 - NorthAmOil Week 38 2021
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NorthAmOil INVESTMENT NorthAmOil
existing infrastructure to deliver a “material which received the necessary funding from
enhancement in profitability and a step-change Trafigura Canada General Partnership. GAC
reduction in [Hangingstone Expansion’s] carbon is backed by McIntyre Partners and Griffon
intensity per barrel of oil”. Partners.
The developer acquired Greenfire Hanging- Since acquiring the shut-in Greenfire Hang-
stone in April, following Greenfire Oil and Gas ingstone facility, GAC said production had
and Greenfire Hangingstone Operating’s insol- bounced back to pre-pandemic levels and was
vency proceedings. producing around 4,700 bpd.
The two Greenfire affiliates’ lack of funding Griffon Partners founding partner Jonathan
left them unable to initiate a formal sale and Klesch noted that the deal brought two of Can-
investment solicitation process (SISP), restart ada’s five tier-one oil sands assets under GAC’s
operations or address the various actions ownership.
required to be taken by Greenfire pursuant to With the Hangingstone Expansion acquisi-
the Alberta Energy Regulator’s (AER) order that tion now finalised, with GAC noting that the deal
required them to maintain the assets in a safe positions the company as an intermediate-sized
manner during winter weather conditions. and low-cost oil sands producer, the company
This then led to Greenfire entering into an intends to rebrand as Greenfire Resources Oper-
asset purchase agreement (APA) with GAC, ating Corp. (GROC).
First Nations enter LNG NL project
CANADA FIRST Nation groups from Canada’s eastern government permission expected to be rela-
Newfoundland and Labrador Province have tively simple to secure given that there were
announced plans to invest in a local liquefied 32 acres (129,500 square metres) of land
natural gas (LNG) that will target the European available for development.
market. FNMPC said Miawpukek First Nation and
The First Nations Major Projects Coalition Miawpukek Horizon Maritime Services had
(FNMPC) said on September 21 it would part- engaged it in July to provide technical advice,
ner with Miawpukek First Nation (MFN) on co-ordination and support to LNG NL.
the CAD10bn ($7.84bn) LNG Newfoundland “Producing some of the world’s cleanest LNG
& Labrador (LNG NL) project. FNMPC added aligns well with the values of our First Nation.
that this was the first time that the province’s Furthermore, the benefits by way of own source
First Nations had invested in an offshore energy revenue generation and the jobs this project will
project. create for our community members [are] sig-
An official signing ceremony of a project nificant and a big part of our plan for self-suf-
framework agreement was held at the New- ficiency,” Miawpukek First Nation Chief Misel
foundland Offshore Industries Association Joe said.
(NOIA) on September 21. Power, meanwhile, said the project would be
The LNG NL project involves installing a able to produce such clean LNG owing to the fact
central processing platform near to four pro- that it would run on hydropower.
ducing oilfields in the Jeanne d’Arc Basin in “Now is the time to develop Newfoundland
order to exploit by-product gas production. In and Labrador’s vast reserves of offshore natural
addition, a 600-km subsea pipeline will con- gas,” Power said, adding: “Liquefying the gas
nect to a liquefaction facility in Newfound- allows for transportation to export markets in
land’s Placentia Bay. Europe and beyond and will help reduce global
LNG NL CEO Leo Power said during greenhouse gas [GHG] emissions, as the gas can
the conference that the project aimed to replace more carbon-intensive energy sources
build a liquefaction at Grassy Point, with such as coal.”
Week 38 23•September•2021 www. NEWSBASE .com P9
