Insights

Wood operating innovative pilot carbon capture plant in Wyoming

DETAILS

- Wood has been selected to provide operations and maintenance solutions for MTR Carbon Capture at the world’s largest membrane-based carbon capture plant in Gillette, Wyoming. - The facility is part of the U.S. Department of Energy’s large-scale pilot carbon capture program aiming to enhance economic and environmental efficiency of point source carbon capture. - The plant captures up to 150 tons of CO2 per day from Basin Electric’s Dry Fork Station coal fired power plant, achieving a 90% capture rate. - Under an 18-month contract, Wood will deliver full asset management services including operations, preventative maintenance, data capture and inventory management. - Jess Stanley, President of Operations Americas at Wood, emphasized the company's long track record in the carbon capture and storage market. - The initiative supports the scaling and acceleration of industrial decarbonization in Wyoming, contributing to a sustainable future. - Wood’s involvement positions Wyoming as a leader in environmental stewardship and technological advancement. - In October 2024, Wood launched industry guidelines for CO2 specifications in carbon capture projects to enhance performance and sustainability. - The guidelines will be applied at the pilot plant to ensure compliance with regulatory standards for future developments.

COMPANIES

Wood, MTR Carbon Capture, Basin Electric, University of Wyoming, U.S. Department of Energy

TAGS

Carbon Capture Utilization and Storage

U.S. Department of Energy Announces Selectees for $107 Million Fusion Innovation Research Engine Collaboratives, and Progress in Milestone Program Inspired by NASA

DETAILS

- The U.S. Department of Energy has announced $107 million in funding for six projects in the Fusion Innovative Research Engine Collaboratives. - This funding aims to support the acceleration of commercial fusion energy towards viability. - The projects are part of the Milestone-Based Fusion Development Program, which focuses on critical-path science and technology milestones. - Both initiatives are managed by the Fusion Energy Sciences program in the Office of Science. - The programs align with the U.S. strategy to lead the commercialization of fusion energy through collaborations with national laboratories, universities, and the private sector. - The FIRE Collaboratives aim to establish an innovation ecosystem in fusion energy by bridging basic science research with industry needs. - This initiative is expected to create new economic opportunities and maintain U.S. leadership in fusion energy. - The first awards will support various fusion technologies, including nuclear blanket testing and fusion fuel-cycle testing capabilities. - Total funding for FIRE Collaboratives is anticipated to reach $180 million over projects lasting up to four years. - The Milestone Program draws inspiration from NASA's Commercial Orbital Transportation Services program. - Privately funded fusion companies in the Milestone Program pursue both science and business milestones with federal payments upon verification of completion. - Awardees in the Milestone Program have raised over $350 million in private funding since May 2023. - Participants are working to address critical science and technology gaps toward preliminary engineering designs for fusion pilot plants. - Successful preliminary-design reviews are targeted for the late 2020s, aiming for operational fusion pilot plants by the mid-2030s. - Eight awardees have achieved key science and technology milestones, including advancements in target designs and plasma equilibrium modeling. - All eight awardees plan to present pre-conceptual designs for their pilot projects within the first 18 months of the Milestone program. - The Milestone-Based Fusion Development Program was authorized in the Energy Act of 2020 and received initial funding appropriations in fiscal year 2022. - The program has a total authorization of $415 million through fiscal year 2027 under the CHIPS and Science Act of 2022.

COMPANIES

Focused Energy, Realta Fusion, Thea Energy, Commonwealth Fusion Systems, Tokamak Energy, Type One Energy, Xcimer Energy, Zap Energy

TAGS

nuclear

NOG Provides Fourth Quarter 2024 Operational Update; Announces Signing of $40 Million Bolt-On Acquisition in First Quarter

DETAILS

- Northern Oil and Gas, Inc. announced its fourth quarter 2024 operational update and initial 2025 capital and production guidance. - Estimated production for the fourth quarter was 131.0 to 132.0 MBoe per day. - The company's elective Ground Game and leasehold acquisitions totaled $27 million in the fourth quarter. - Capital expenditures for the fourth quarter, excluding non-budgeted transactions, were estimated at $231 to $232 million. - Initial production guidance for 2025 is set at 130.0 to 135.0 Mboe per day. - The 2025 capital budget is projected to be between $1.05 to $1.20 billion to boost growth towards 2026. - NOG signed a definitive agreement to acquire 2,275 net acres in the Midland Basin for $40 million. - Production volumes averaged 131.0 to 132.0 MBoe per day in Q4, putting the company at the high end of annual guidance. - Oil production decreased due to disruptions from forest fires and curtailments in the Williston Basin. - The Permian Basin saw strong quarterly growth, with production increasing 12% quarter over quarter. - NOG turned in an estimated 25.8 net wells during the fourth quarter, totaling 90.7 for 2024. - Natural gas price realizations improved with realized prices at 80% to 81% of NYMEX Henry Hub prices. - Oil prices were at a discount of approximately $3.86 per barrel compared to NYMEX WTI benchmark prices. - Lease operating costs ranged from $9.60 to $9.70 per Boe for the quarter. - NOG completed 14 elective leasehold transactions in Q4, adding 0.7 net producing wells and approximately 2,274 net acres. - Capital expenditures for Q4, including Ground Game acquisitions, were estimated between $258 million to $259 million. - Unrealized mark-to-market losses on derivatives were estimated at $59 million to $60 million for Q4. - NOG is set to close its acquisition in Upton County, TX in the second quarter of 2025. - The company expects total production volumes of 130,000 to 135,000 Boe per day for 2025, led by oil production of 75,000 to 79,000 Bbls per day. - A significant increase in natural gas completions is projected for 2025, with plans for additional wells in the second half of the year. - Capital spending estimates for 2025 are $1.05 to $1.20 billion, supporting increased natural gas activity and workovers. - NOG anticipates a roughly equal weighted capital budget cadence in 2025, looking towards growth entering 2026.

COMPANIES

Northern Oil and Gas, Inc.

TAGS

oil and gas

StormFisher Hydrogen Secures US$50 million Commitment from Hy24 to Deliver Pipeline of Clean Fuel Production Projects in North America

DETAILS

- The investment will accelerate StormFisher Hydrogen's current project pipeline deployment, including several facilities in the U.S. and Canada, with a total renewable capacity of up to 1.8 GW by 2030. - Hy24, investing through their Clean Hydrogen Infrastructure Fund, is entering directly into the North American market, contributing to the advancement of clean fuel deployment in the region while supporting StormFisher Hydrogen's export ambitions to European and Asian markets. - StormFisher Hydrogen has secured a US$50 million commitment from Hy24’s Clean Hydrogen Infrastructure Fund, the world’s leading low-carbon hydrogen asset manager. - This strategic partnership will accelerate StormFisher Hydrogen's pipeline of clean fuel production projects in North America, helping them to reach final investment decisions and catalyzing the transition to low carbon energy solutions. - StormFisher Hydrogen’s current project pipeline includes several facilities located across the United States and Canada, capable of converting up to 1.8 gigawatts of renewable energy into renewable fuel of non-biological origin. - The company's most advanced project located in North Texas, U.S. is expected to reach final investment decision in early 2026 and will have an e-Methanol production capacity of more than 120,000 tonnes per year. - StormFisher Hydrogen aims to enhance domestic energy resilience and independence while contributing to North America's e-Fuel production capacity, which is critical for decarbonizing hard-to-abate industries. - The company is expected to deploy several billion dollars of capital over the next decade with previous investment from ARC Financial Corp.'s ARC Energy Transition Fund. - StormFisher Hydrogen's clean fuel production facilities will create approximately 50 permanent high-quality, full-time jobs per site, delivering material economic benefits for local communities. - The collaboration with Hy24 is expected to advance projects and reinforce StormFisher Hydrogen’s role as a leader in project development in the clean fuel space. - With strong industrial and financial expertise, Hy24 aims to scale up hydrogen solutions along the whole value chain, supporting large early stage and strategic projects to become essential energy infrastructures.

COMPANIES

StormFisher Hydrogen, Hy24, ARC Financial Corp., Air Liquide, TotalEnergies, VINCI Concessions, Plug Power, Chart Industries, Baker Hughes

TAGS

Low carbon fuels

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