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US M&A deals dip after record 1Q: Enverus
US M&A deals dip after record 1Q: Enverus
New York, 26 April (Argus) — US oil and gas sector mergers and acquisitions (M&A) are likely to slow for the rest of the year following a record $51bn in deals in the first quarter, consultancy Enverus says. Following an unprecedented $192bn of upstream deals last year, the Permian shale basin continued to dominate first-quarter M&A as firms competed for the remaining high-quality inventory on offer. Acquisitions were led by Diamondback Energy's $26bn takeover of Endeavor Energy Resources. Other private operators, such as Mewbourne Oil and Fasken Oil & Ranch, would be highly sought after if they decided to put themselves up for sale, Enverus says. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
EU adopts Net-Zero Industry Act
EU adopts Net-Zero Industry Act
London, 26 April (Argus) — Members of the European Parliament (MEPs) have adopted Net-Zero Industry Act, which plans to allocate funds towards the production of net-zero technologies. The act provides a pathway to scale up development and production of technologies that are critical towards meeting the EU's recommendation of net-zero greenhouse gas (GHG) emissions by 2050. This would include solar panels, electrolysers and fuel cells, batteries, heat pumps, onshore and offshore wind turbines, grid technologies, sustainable biomethane, as well as carbon capture and storage (CCS). The act is designed to help simplify the regulatory framework for the manufacture of these technologies in order to incentivise European production and supply. It also sets a target of 40pc production within the EU for its annual "deployment needs" of these technologies by 2030. Time limits will be instated on permit grants for manufacturing projects, at 12 months if the manufacturing capacity is under 1 GW/yr and 18 months for those above that. It will introduce time limits of nine months for "net-zero strategic projects" of less than 1 GW/yr and 12 months for those above. This is further complemented by the introduction of net-zero strategic projects for CO2 storage, to help support the development of CCS technology. The act was met with positive reactions from the European Community Shipowners' Association (ECSA), which said the bill will set the benchmark for member states to match 40pc of the deployment needs for clean fuels for shipping with production capacity. ECSA said the Net-Zero Industry Act will be instrumental in supporting the shipping industry to meet targets set under FuelEU Maritime regulations , which are set to come into effect next year. By Hussein Al-Khalisy Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
New technologies aim to boost SAF production
New technologies aim to boost SAF production
London, 26 April (Argus) — A likely rise in global demand for sustainable aviation fuel (SAF), underpinned by mandates for its use, is encouraging development of new production pathways. While hydrotreated esters and fatty acids synthesised paraffinic kerosine (HEFA-SPK) remains the most common type of SAF available today, much more production will be needed. The International Air Transport Association (Iata) estimated SAF output at around 500,000t in 2023, and expects this to rise to 1.5mn t this year, but that only meets around 0.5pc of global jet fuel demand. An EU-wide SAF mandate will come into effect in 2025 that will set a minimum target of 2pc, with a sub-target for synthetic SAF starting from 2030. This week the UK published its domestic SAF mandate , also targeting a 2pc SAF share in 2025 and introducing a power-to-liquid (PtL) obligation from 2028. New pathways involve different technology to unlock use of a wider feedstock base. US engineering company Honeywell said this week its hydrocracking technology, Fischer-Tropsch (FT) Unicracking, can be used to produce SAF from biomass such as crop residue or wood and food waste. Renewable fuels producer DG Fuels will use the technology for its SAF facility in Louisiana, US. The plant will be able to produce 13,000 b/d of SAF starting from 2028, Honeywell said. The company said its SAF technologies — which include ethanol-to-jet , which converts cellulosic ethanol into SAF — have been adopted at more than 50 sites worldwide including Brazil and China. Honeywell is part of the Google and Boeing-backed United Airlines Ventures Sustainable Flight Fund , which is aimed at scaling up SAF production. German alternative fuels company Ineratec said this week it will use South African integrated energy firm Sasol's FT catalysts for SAF production. The catalysts will be used in Ineratec's plants, including a PtL facility it is building in Frankfurt, Germany. The plant will be able to produce e-fuels from green hydrogen and CO2, with a capacity of 2,500 t/yr of e-fuels beginning in 2024. The e-fuels will then be processed into synthetic SAF. Earlier this month , ethanol-to-jet producer LanzaJet said it has received funding from technology giant Microsoft's Climate Innovation Fund, "to continue building its capability and capacity to deploy its sustainable fuels process technology globally". The producer recently signed a licence and engineering agreement with sustainable fuels company Jet Zero Australia to progress development of an SAF plant in north Queensland, Australia. The plant will have capacity of 102mn l/yr of SAF. Polish oil firm Orlen formed a partnership with Japanese electrical engineering company Yakogawa to develop SAF technology . They aim to develop a technological process to synthesise CO2 and hydrogen to form PtL SAF. The SAF will be produced from renewable hydrogen as defined by the recast EU Renewable Energy Directive (RED II) and bio-CO2 from biomass boilers, Orlen told Argus . By Evelina Lungu Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Japan boosts wood pellet imports in March
Japan boosts wood pellet imports in March
Tokyo, 26 April (Argus) — Japan's wood pellet imports in March rose from a year earlier, with Indonesian supplies hitting a record high of almost 60,000t. Japan imported 531,500t of wood pallets in March, up by 47pc from a year earlier, according to preliminary data released by the country's finance ministry on 26 April. This was also higher by 9pc from February. Imports from Indonesia jumped to 59,353t in March, more than a fivefold increase from 10,796t a year earlier. This significantly exceeded the previous record high of 35,516t in January. But Vietnam remained Japan's top supplier at 247,054t, up by 63pc on the year. Japan received 102,478t of wood pellets from the US in March, with no cargoes delivered in March 2023.Imports from Malaysia also almost tripled to 22,261t from the previous year's 7,591t. Higher March imports sent Japan's total imports in the April 2023-March 2024 fiscal year to around 6.1mn t, up by 29pc from a year earlier. PKS imports But Japan cut imports of palm kernel shell (PKS) in March, down by 30pc from a year earlier. Imports from Indonesia fell by 23pc to 184,384t, while Malaysian supplies declined by 51pc to 40,462t. The start-up of a new biomass-fired power plant in March helped increase Japan's total imports. Japanese renewable power developer Renova in March started commercial operations at its 75MW Ishinomaki Hibarino biomass-fired power plant in northeast Japan's Miyagi prefecture, which burns an undisclosed volume of wood pellets and PKS. But domestic utility Jera's 1,070MW Taketoyo No 5 coal and biomass co-fired power unit in Aichi prefecture has been off line since a fire in January. Fellow utility Tokyo Gas' 51.5MW Fushiki Manyofuto biomass-fired plant in Toyama prefecture also continued to face technical issues after a 7.6 magnitude earthquake hit the Hokuriku area in January. By Takeshi Maeda Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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