Page 10 - NorthAmOil Week 33 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

exceptional geographic and product diversity. of Black Widow. The next planned step to for many years to come,” says Grete Tveit,
ENERGY TRANSFER, August 16, 2022 amplify our footprint in the Permian Basis oil SVP Equinor Low Carbon Solutions. “For
field service industry will be to form a leasing 14 years we have been engaged and investing
programme for oil field service equipment for in this region, and our significant equity gas
SERVICES the benefit of our wholly owned subsidiaries. production in the Appalachia region has
The company plans on completing this action proved to be an important low carbon asset in
NextMart – acquisition during the month of September 2022 and will our portfolio. In collaboration with partners
be announcing the full details of this proposed and the local community, we’re proud to
of Black Widow Permian leasing company at that time. advance this initiative and America’s net zero
future.”
NEXTMART, August 12, 2022
Energy a robust industrial sector, and a skilled
With an abundance of low carbon gas,
NextMart – NXMR would like to announce ENERGY TRANSITION workforce, the tri-state region boasts the
it completed the acquisition of Black Widow optimal location for a potential hub. Equinor
Permian Energy that provides oilfield services US Steel, Equinor and Shell and Shell are uniquely positioned to help
in the Permian Basin. develop a clean energy hub in the region
The company acquired 100% of the to explore regional clean with each having several operational projects
ownership equity of Black Widow pursuant to around the world. US Steel is a historic
a share exchange agreement dated August 11, energy opportunities innovator and leader in the energy efficient
2022, for 10,000,000 shares of common stock production of steel. And, it has a strategy
of the company (restricted). Black Widow United States Steel (US Steel), Equinor US focused on creating a more sustainable future
is in Carlsbad, New Mexico, which is in the Holdings and Shell US Gas & Power have for all its stakeholders.
prime oil and gas fields of the Permian Basin, entered into a non-exclusive co-operation “We’re proud of the collaboration with
and provides oilfield services, which includes agreement to advance a collaborative clean Equinor and US Steel,” says Lee Stockwell,
a specialised hot oiler, an end dump truck, energy hub in the Ohio, West Virginia, GM US Carbon Capture and Storage for Shell
and three Super Vac Trucks. Black Widow has Pennsylvania region. The hub would focus and signee of the co-operation agreement.
approximately $1.5 in top line revenue since on decarbonization opportunities that “Together, we’ll continue to leverage our deep
its inception in 2020. It is expected that Black feature carbon capture utilisation and storage technical experience, existing networks, and
Widow is on pace to record top line revenue (CCUS), as well as hydrogen production seek to buildout the partnership with our
of $1.5mn in fiscal year 2020. and utilisation. The development of this customers and other partners.”
Mr. Maldonado (CEO of the company), hub, and its associated infrastructure, would “US Steel is investing significant resources
states’ “We are happy to acquire Black Widow generate new, sustainable jobs, stimulate to achieve the sustainability goals in our Best
in Carlsbad, New Mexico. Michael Rogers has economic growth, and help achieve significant for All® strategy, and we know we cannot
over twenty years’ experience in the oil field reductions in carbon emissions. do it all alone. Successfully addressing the
service industry in the Permian Basin and The regional CCUS and hydrogen hub climate crisis requires public and private
was previously part of one of our subsidiaries, aligns with both the United States’ and collaborations,” says Richard L. Fruehauf, US
Emco Oil Field Services, LLC. We plan on project partners’ ambitions to realise net-zero Steel’s Chief Strategy & Sustainability Officer.
immediately expanding Black Widows service carbon emissions by 2050. To support its “We cannot – and will not – stand still, and
footprint with internal financing of additional development, Equinor and Shell will jointly this agreement is another effort to advance
equipment and also allow it to utilise various apply for US Department of Energy funding profitable, sustainable steel solutions for
assets of the company to increase its top line designated for the creation of regional clean people and the planet.”
revenue ongoing. The acquisition of Black energy hubs. US Steel is evaluating the role it To realise the true potential of a working
Widow fits our current business model to may play in the hub, including as a potential hub, private and public engagement is critical.
grow our oil field service business in the funding participant, customer, supplier, or Equinor, Shell, and US Steel will be engaging
Permian Basin, one of the hottest areas partner. the local industry, labour, educational
domestically for oil and gas production.” “Establishing a low carbon hub in this institutions, and communities, and others.
The company has now acquired three region could have a profound impact on UNITED STATES STEEL, EQUINOR US
oil field services operations located in the both the climate and the economy, creating HOLDINGS AND SHELL US GAS & POWER,
Permian Basin with the current acquisition sustainable jobs that will support families August 16, 2022

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