Page 10 - NorthAmOil Week 47 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM to its creditors following confirmation of the Louisiana company and a global leader in
plan. In the event the plan is approved as direct air capture technology is another step
IOG Resources II announces currently contemplated, Pembina’s affiliates forward in diversifying and growing our
retain all rights to recovery under the 2026
economy.”
acquisition subordinated notes as a creditor, subject to capture innovation,” said Senator Bill Cassidy,
“Louisiana is leading the way on direct air
the terms of the plan and the sub notes, after
IOG Resources II today announced that it has accounting for any rights of subordination in M.D. “This deal is a great step forward for our
acquired producing gas assets in Appalachia favour of other creditors. state and all those working to strengthen our
operated by Seneca Resources, an affiliate PEMBINA PIPELINE CORP., November 18, 2022 economy, create jobs in Louisiana, and reduce
of National Fuel Gas. The assets consist of global carbon emissions.”
non-operated wellbores primarily located “Direct air capture (DAC) is a key
in Clearfield, Elk and McKean counties, ENERGY TRANSITION technology for removing unavoidable and
Pennsylvania with current net production historic CO2 from the air,” said Climeworks
of approximately 17 mmcf per day. The Gulf Coast Sequestration co-CEO Jan Wurzbacher. “Climeworks is
acquisition represents the initial investment excited to work with GCS on the development
for IOGR II, the successor platform to IOG and Climeworks sign MoU of a U.S. hub to scale up the DAC industry
Resources. Following the transaction, the in support of a more economically and
IOG Resources platform includes 13 discrete to develop first direct air environmentally sustainable future in
investments across six core basins in the US. Louisiana.”
Kirkland & Ellis LLP acted as legal counsel for capture and storage hub on “Carbon capture and sequestration
IOGR II. (CCS) is a key component of today’s energy
IOG RESOURCES II, November 22, 2022 the Gulf Coast in Louisiana transition, offering an immediate pathway
to rapid decarbonisation,” said Gray Stream,
Gulf Coast Sequestration (GCS), a Louisiana- President of the Stream Companies, the owner
MIDSTREAM based company building the largest carbon of GCS. “Direct air capture (DAC) presents
sequestration hub in North America, and the inspiring possibility of reaching net-zero
Pembina Pipeline leading direct air capture (DAC) company or even negative carbon emissions. Together,
GCS and Climeworks are uniquely positioned
Climeworks today announced the signing of a
Corporation announces memorandum of understanding (MoU). Their to bring this promise to reality in the Gulf
Coast’s industrial corridor.”
partnership will aim to enable the permanent
settlement agreement with removal of 1mn tons of carbon dioxide from GULF COAST SEQUESTRATION AND
the air annually by 2030, with the capability to
CLIMEWORKS, November 21, 2022
Ruby Pipeline expand to multi-million ton capacity in future
years.
Pembina Pipeline Corp. announced today Climeworks and GCS are industry Denbury to host CCUS
that Pembina and certain of its wholly owned pioneers bringing cutting edge innovation business outlook event on
affiliates have entered into a settlement to carbon dioxide (CO2) removal and
agreement with Ruby Pipeline. secure, permanent storage. GCS matches December 13
The terms of the settlement agreement Climeworks’ pioneering DAC technology with
provide for, upon approval of the United comprehensively studied geologic pore space Denbury today announced that it will host a
States Bankruptcy Court for the District of ideally suited for a world-class carbon storage CCUS business outlook webcast on Tuesday,
Delaware and the payment of all amounts project. December 13, 2022. The live webcast will
contemplated by such agreement, the release Climeworks and GCS have started dialogue feature presentations by Chris Kendall,
of Pembina from any causes of action arising with local stakeholders toward developing president and CEO, Nik Wood, senior vice
in connection with, among other things, an informed community benefits plan that president of Denbury Carbon Solutions, and
prepetition distributions and the bankruptcy will engage interested parties in the region other members of executive management,
case. In consideration, the Settlement throughout the planning and development of who will review the company’s CCUS strategy,
Agreement provides for the payment from the project. growth plans, and financial projections.
Pembina to Ruby of $102mn. The United “Congratulations to Climeworks and The presentation is scheduled to begin
States Bankruptcy Court for the District of Gulf Coast Sequestration on announcing at 10:00 a.m. CST and conclude around
Delaware is expected to consider the terms this innovative collaboration,” said Louisiana 11:30 a.m. CST, including a question and
of the Settlement Agreement at a hearing for Governor John Bel Edwards. “Louisiana is answer session. To register for the virtual
Ruby’s Chapter 11 plan proposed for January rapidly emerging as a leader in the global event, individuals should visit CCUS
23, 2023. energy transition, and carbon capture and Business Outlook Event or the Events and
The plan provides for the potential sequestration is a crucial part of our plan to Presentations page on the Company’s Investor
sale by auction of Ruby’s assets with a get to net-zero carbon emissions by 2050. This Relations website.
distribution of the value of the Ruby estate significant agreement between a pioneering DENBURY, November 22, 2022

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