Page 12 - NorthAmOil Week 06 2023

NorthAmOil PROJECTS & COMPANIES NorthAmOil

Freeport restarts liquefaction in

Train 3, ending eight-month halt

TEXAS FREEPORT LNG said on February 3 that it had occurred on June 8, requiring the facility to shut
restarted the liquefaction process of Train 3 at its down and halt all LNG exports.
Texas-based LNG export plant of the same name. Meanwhile, on February 11 federal regula-
In a filing with the state environmental regulator, tors will hold a public meeting to allow commu-
Freeport LNG also added that liquefaction of nity members and other interested parties the
Trains 2 and 1 would begin sequentially. ability to voice any concerns about Freeport’s
The staggered restart of liquefaction of Trains restart.
2 and 1 will provide “time between start-ups for At full operating power, Freeport has the
each train to stabilise and run for several days at capacity to liquefy around 2.1bn cubic feet
nominal rates”, Freeport stated in the filing. (59.4mn cubic metres) per day of gas, which
The announcement comes after the US Fed- represents roughly 2% of the country’s daily gas
eral Energy Regulatory Commission (FERC) production.
approved on February 1 Freeport’s request, However, industry experts believe Freeport
granting approval “to commence commission- will not return to full LNG production capacity
ing, including cooldown, of the LNG rundown until mid-March at the earliest, while Japanese
piping system and Train 3”. The export facil- LNG importer JERA, one of Freeport’s major
ity’s request to modify the Loop 1 and Dock 1 customers, has said it does not expect a restart
cooldown procedure was also granted by the before the end of March.
FERC. Freeport’s eight-month outage has seen
This marks a key step forward for the US’ its largest customers including JERA and
second-largest liquefaction plant, which has Osaka Gas suffer hundreds of millions of
been idle since an explosion and subsequent fire dollars in losses.™

NEWS IN BRIEF

UPSTREAM down naturally occurring paraffin and As previously disclosed, Clearview closed
asphaltenes which reduce well and formation the disposition of its non-operated working
Wedgemount commences productivity. Operations are being carried out interest in the Carstairs Elkton Unit for
gross proceeds of $1.68mn (net proceeds
by Wedgemount’s partner, Petrosaurus, who
initial Permian Basin have an established track record of optimising of $1.5mn after customary adjustments) on
wells with chemical treatments in central and
November 16, 2022. The disposition included
programme south Texas. approximately 128 barrels of oil equivalent
per day (“boe/d”) of production consisting
WEDGEMONT RESOURCES, February 02, 2023
Wedgemount Resources is pleased to of 70% natural gas and 30% natural gas
announce that it has commenced its phase- Clearview Resources liquids. Decommissioning obligations on
one field program on its recently acquired an undiscounted, uninflated basis, removed
Willowbend light oil project located in the provides a corporate update from the company’s balance sheet, totalled
Permian Basin of central Texas. approximately $0.4mn. Proceeds from the
The initial program includes chemical Clearview is very pleased to announce the disposition were immediately applied against
clean-outs of both operating wells and the company has sold three non-core, non- the company’s bank debt.
producing Gardner formation, optimisation operated assets for total proceeds of $3.3mn. Over the past few months, Clearview has
of surface facilities, and a study of historic “The disposition metrics from these continued to rationalise its non-core, non-
bypassed pay zones. Chemical treatments on properties were very attractive to Clearview operated assets in southern Alberta.
the initial three wells have been completed and will free up capital to pursue returns On December 30, 2022, the company
and production tests have commenced. The to shareholders as well as a development closed the disposition of its non-operated
company anticipates results of the well tests in drilling program,” commented Rod working interest in the East Crossfield Unit.
approximately two weeks. The second phase Hume, Clearview’s CEO. “Pro forma these The company sold the property for gross and
of chemical treatments will take place in mid- dispositions, Clearview has no outstanding net proceeds of $135,000. The disposition
February. bank debt and a cash balance on hand of included approximately 19 boe/d of
The chemicals used in the well and approximately $2.9mn as of January 31, 2023,” production consisting of 85% natural gas and
formation cleanouts are designed to break added Mr. Hume. 15% natural gas liquids. Decommissioning

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