Monday, May 20, 2019

Nova Scotia News

Schottel Merges Tidal Units to Sustainable Marine Energy

Image: Sustainable Marine Energy Ltd

Schottel, the manufacturer of propulsion and steering systems for ships and offshore applications, has made a strategic decision to merge its tidal energy businesses into Sustainable Marine Energy (SME), including UK subsidiary TidalStream Ltd and Canadian subsidiary Black Rock Tidal Power Inc (BRTP)."Following the successful collaboration between SME, Schottel Hydro and Black Rock Tidal Power to develop and demonstrate the PLAT-I floating tidal energy system…

BP Gives Up Acreage Offshore Nova Scotia

Image: BP

BP Canada is scaling back its oil and gas exploration plans off Nova Scotia, as the Canada-Nova Scotia Offshore Petroleum Board (NSOPB) said the company is giving back 50% of the area included in its license.According to NSOPB, half of the area included in in Exploration License 2434R is a consolidation of four offshore parcels roughly 300 kilometers southeast of Halifax.The move comes after BP failed to drill four wells within the first phase of its exploration license…

Hess Corp Completes Drilling on Aspy Well Offshore

Image: Hess Corporation

The  exploration and production company Hess Corporation said that Aspy probe did not encounter commercial quantities of hydrocarbons.Hess Corporation announced in a press statement that drilling of the Aspy exploration well offshore Nova Scotia reached total depth of 7,400 meters."The prospect did not encounter commercial quantities of hydrocarbons and Hess’ share of the well cost through September 30, 2018 will be expensed in the third quarter and reflected in the company’s Quarterly Report on Form 10-Q…

Pieridae Energy to Construct Goldboro LNG

Image: Goldboro LNG

Pieridae Energy has welcome the decision of the Nova Scotia Utility and Review Board to issue the permit to construct the Goldboro LNG Facility.Pieridae will now proceed diligently to satisfy each of the associated conditions of that permit and to commence the construction of the Goldboro LNG Facility as soon as a positive financial investment decision is taken by Pieridae.In anticipation of the commencement of construction, Pieridae has engaged Hatch Ltd. to act as its engineering adviser.

NRCAN Grant Triggers Major Investment in the Bay of Fundy

Photo: DP Energy

The next wave of tidal energy development at the FORCE facility in the Bay of Fundy Nova Scotia has been triggered by a substantial grant of $29,750,000 under the Emerging Renewable Power Program (ERPP) from Natural Resources Canada (NRCan).European based renewable energy developer DP Energy is managing two berths in the Bay of Fundy through its Canadian registered company, Halagonia Tidal Energy Limited. It intends to develop both…

PLAT-I: Renewable Energy for Canada

PLAT-I and the 15m Meercat workboat “Venetia” prior to disconnection from the mooring system during the demobilisation operation. Photo: ©SCHOTTEL HYDRO

Sustainable Marine Energy is preparing to ship the PLAT-I tidal energy platform from Connel in Western Scotland to Grand Passage in Nova Scotia. Sustainable Marine Energy’s (SME) PLAT-I tidal energy platform hosting four SCHOTTEL HYDRO SIT 250 turbines has  completed the first phase of its testing program at Connel, on the West coast of Scotland. The Company is now preparing to ship the platform to Nova Scotia and install it for a second phase of testing.

US LNG Projects Buoyed by China Import Talks

© Igor Groshev / Adobe Stock

China's interest in reducing its trade surplus with United States through increased energy imports could advance plans for U.S. liquefied natural gas (LNG) plants, said energy executives involved in developing new facilities.The White House and China on Saturday said a U.S. trade team would travel to China to explore new energy and agricultural deals. The joint communique lowered trade tensions, lifting stock markets in Asia and the United States on Monday.There are over two dozen proposed U.S.

InterMoor Delivers H-Links Connectors for Appomattox FPS

Photo: InterMoor

InterMoor, a provider of mooring services, foundation solutions and offshore installations in subsea services group Acteon, completed the delivery of all H-Links connectors for the Appomattox Floating Production System (FPS) mooring lines. The Appomattox facility will be a four-column semi-submersible production platform moored using 16 mooring lines arranged in 4x4 clusters, in 2,255m (7,400ft) of water approximately 130km (80 miles) offshore Louisiana. The platform will become Shell’s largest floating platform in the Gulf of Mexico.

ConocoPhillips Beats Street, Cuts Budget Anyways

Ryan Lance, ConocoPhillips CEO

ConocoPhillips, the largest U.S. independent oil producer, reported a better-than-expected quarterly profit on Thursday helped by rising crude prices, though it slashed its capital budget to further cut costs. Those cost curbs come as other U.S. oil producers as well bid to control spending and focus on shareholder returns, with crude prices not expected to markedly rise before the end of the decade. "We are focused on free cash flow generation…

Buyers Eye Sinopec's Argentina Oil Assets

Sinopec's Argentine assets worth about $750 mln-$1 bln; Sonangol, Rosneft among potential suitors. Advisers to China's Sinopec have offered its oil assets in Argentina to about a dozen potential suitors, three sources familiar with the matter said, as losses and labour headaches prompt Asia's largest refiner to pull out. The Argentine oil and gas assets, mainly in the southern province of Santa Cruz, could be worth $750 million to $1 billion, one of the sources said.

Glencore in talks with Canadian pension fund on royalties JV-sources

Mining giant Glencore Plc is working with a Canadian pension fund to create a standalone 50:50 joint venture for its portfolio of royalty assets, two sources with knowledge with the matter said on Friday. Royalty deals give the owner the right to receive a percentage of revenue or profits from a mining operation, often in exchange for financing. Reuters reported in May that Glencore had hired the Bank of Nova Scotia to sell its royalty assets…

Canada Orders Seizure of Oil Tanker

The Federal Court of Canada has ordered the seizure of a 721,915-barrel cargo of crude from Kurdistan aboard the "Neverland" oil tanker on the request of the Iraq Oil Ministry, court documents show. The Iraq Oil Ministry has also filed a claim against commodity trading house Vitol S.A. and subsidiaries including Mansel Ltd, the charterer of the ship, and affiliate Finaval SpA di Navigazione, the owner of the ship, for $32.5 million.

Pieridae Seeks Natural Gas Acquisitions, CEO Says

Pieridae Energy Ltd, the company behind a proposed liquefied natural gas terminal on Canada's east coast, is looking to buy producing assets in western Canada or in the Marcellus shale play in the United States, its chief executive said on Monday. Alfred Sorensen told Reuters in a phone interview that Calgary-based Pieridae wanted to buy about 200 million cubic feet a day of natural gas production to supply its terminal and would consider buying a company or just assets.

Waterous Targets Canadian, U.S. Energy Assets

Private equity firm Waterous Energy Fund is seeking investment opportunities in the Canadian oil and gas sector as valuations turn attractive after a prolonged slump in the oil price, making a contrarian bet as global players pull back, its top executive said. Calgary-based Waterous Energy, which invests C$100 million to C$400 million ($75 million to $300 million) per deal in energy assets, is targeting companies in Canada and the United States…

Energy East Pipeline woes Worry Canada's Atlantic Coast

For years, heavy equipment operator Ashley Underhill has tried to defy the notion that one could only make a good living in Canada's poorer east coast by spending most of the time away from the family in the nation's western oil patch. One reason Underhill had battled on, working on small private contracts, including snow clearing and wood cutting, was Energy East, a planned 4,600-km (2860-mile) pipeline between Alberta's oil sands and the east coast and the promise of an economic boost it could bring.

Low Prices May Hobble Potentially Massive New Canada Oilfield

A deepwater oilfield off the coast of eastern Canada could hold 25.5 billion barrels of crude, according to a new seismic report by the Newfoundland and Labrador government, potentially making it the country's largest offshore resource. But the West Orphan Basin, 300 km (186 miles) northeast of Newfoundland, may still struggle to attract exploration bids in a November land sale due to persistently low crude prices. Paul Barnes, Atlantic Canada and Arctic manager with the Canadian Association of Petroleum Producers…

Bear Paw to Construct Point Tupper Pipeline

Greg Vesey Photo LNGL

Bear Paw Pipeline Corporation Inc. (Bear Paw), an indirect wholly-owned subsidiary of Liquefied Natural Gas Limited (LNGL), has received Nova Scotia Utility and Review Board approval to construct a 62.5 km natural gas pipeline from Goldboro to the proposed Bear Head LNG liquefied natural gas (LNG) export facility in Point Tupper, Richmond County, Nova Scotia. “Bear Paw’s pipeline is integral to the development of Bear Head LNG,” said Greg Vesey, Managing Director and CEO of LNGL and President of Bear Paw.

Bear Head LNG GHG Management Plan Approved

Gregory M Vesey - Managing Director and Chief Executive Officer Photo LNGL

Bear Head LNG Corporation Inc. (Bear Head LNG) received Nova Scotia Environment’s (NSE) approval for its Greenhouse Gas (GHG) Management Plan for its liquefied natural gas (LNG) facility on the Strait of Canso in Richmond County, Nova Scotia. The GHG Management Plan provides Bear Head LNG’s strategy for managing GHG emissions through technology selection, design of the facility, and operations. “Approval of Bear Head LNG’s GHG Management Plan is welcome news…

Nova Scotia Attracts Tidal Energy Players

Minas Energy said it has entered into a partnership with International Marine Energy Inc (IME) and Tocardo International BV, using Tocardo’s tidal turbines. The new collaboration, Minas Tidal Limited Partnership (MTLP), intends to test Netherland-based Tocardo technology at the Fundy Ocean Resource Centre for Energy (FORCE) in the Minas Passage. In-water testing is anticipated in late 2017. “We are looking forward to demonstrating…

Bear Head Secures Governor in Council Approval

Gregory M Vesey - Managing Director and Chief Executive Officer Photo LNGL

Bear Head LNG Corporation, Inc. (Bear Head LNG) received Governor in Council approval for a licence to import natural gas from the United States and a licence to export liquefied natural gas (LNG) from Bear Head LNG’s project site on the Strait of Canso in Richmond County, Nova Scotia. The National Energy Board’s approval to import and export natural gas was previously issued in August 2015, but was subject to the approval of the Governor in Council.