Shell sees $6 B in oil and gas investments in Nigeria

Shell sees a $5-B offshore oil investment opportunity in Nigeria and pledged to spend a further $1 B in five to 10 years to boost natural gas output for domestic supplies and exports, a presidential spokesperson said on Thursday, citing Shell's director of upstream operations, said Hydrocarbonprocessing.

Nigerian President Bola Tinubu held talks with Shell's Zoe Yujnovich in a move to attract capital to Africa's top energy producer, presidential spokesperson Ajuri Ngelale said in a statement. Yujnovich was cited as saying Shell has "an imminent $5 billion investment opportunity" in the offshore Bonga North oil project.

"I am really keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria," Yujnovich said. A Shell spokesperson did not immediately respond to calls seeking comments.

Nigeria's oil output has been in decline for years, hobbled by large-scale theft and sabotage. It has picked up in recent months, helped by offshore production that is less prone to attacks. Tinubu pledged to resolve "all investment-related issues" slowing the flow of capital into Nigeria's energy industry.

"There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large scale investments," Tinubu was quoted as saying.

We remind, Shell plc subsidiary Shell Gas BV and partners in the Oman LNG LLC venture signed an amended shareholders’ agreement for Oman LNG LLC extending the business beyond 2024.Oman LNG in turn signed various agreements to secure its gas supply until 2034, Shell said in a release Oct. 23.

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Lummus Technology, a global provider of process technologies and value-driven energy solutions, and Toshiba Energy Systems & Solutions Corporation (“Toshiba”) announced a master collaboration agreement to jointly pursue carbon capture projects, said the company.

Lummus will provide its post-combustion carbon capture technology and Toshiba will provide its advanced amine-based solvents specifically tailored for post-combustion carbon capture and its system design guidelines optimized for Toshiba’s solvents.

“I am excited about our partnership with Toshiba, which expands Lummus’ range of low carbon solutions and aligns with our commitment to lowering emissions for the downstream energy industry,” said Leon de Bruyn, President and Chief Executive Officer, Lummus Technology. “Combining Lummus’ post-combustion carbon capture technology with Toshiba’s highly competitive solvents and technology gives our customers a strong option for CAPEX and OPEX solutions as they advance their carbon capture investments.”

“We are delighted to collaborate with Lummus to introduce our advanced amine-based solvent and CO2 capture solution to a broader audience,” said Shinya Fujitsuka, Senior Vice President of Toshiba Energy Systems & Solutions Corporation. “Addressing the urgent need for decarbonization is paramount, and I have every confidence that our partnership with Lummus will enable us to make meaningful contributions towards achieving this goal.”

Central to this collaboration is Lummus’ access to Toshiba’s advanced amine-based post-combustion carbon capture solvents and technology that have been used in commercial and demonstration plants in Japan capturing over 600 tons per day of CO2. This access allows Lummus to integrate its technology into project designs, delivering operational excellence and a competitive cost structure for customers. By incorporating Toshiba’s advanced solvents, Lummus can offer clients an OPEX-competitive solution, characterized by lower specific energy consumption per ton of CO2 absorbed, higher solvent stability against degradation and reduced amine emissions.

We remind, Lummus Technology announced it has signed a Strategic Supply Agreement with NET Power Inc. to design and supply recuperative heat exchangers for NET Power's near-zero emissions power generation process.
The HXR recovers energy from the turboexpander exhaust and air separation unit to reheat recirculated CO2, making it one of the most important equipment components in the NET Power Cycle.

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ABS issued an approval in principle to Lemissoler Navigation for its design of a 65K DWT methanol-fueled Ultramax bulk carrier, the first such methanol vessel for China’s shipbuilding industry, said Hydrocarbonprocessing.

The Lem65ePlus-SDARI Methanol design, a joint development of Lemissoler and SDARI explores the feasibility of using methanol as fuel to reduce carbon emissions to reach the IMO’s net-zero target by 2050. With the implementation of EU ETS and FuelEU regulations, the vessel, when burning green methanol will have a high potential to reduce carbon emissions-related costs. The vessel has been thoroughly optimized and its preliminary Energy Efficiency Design Index (EEDI) was reviewed and indicated that it exceeds well EEDI Phase 3 standards. ABS completed design reviews based on class and statutory requirements.

“Methanol is a promising fuel source to reduce shipping emissions, and this new design from Lemissoler is an exciting opportunity for China shipbuilding to show leadership once again in the decarbonization of our industry. ABS is proud to support these innovative projects, sharing our industry-leading guidance to assist owners and shipyards with services and solutions regarding alternative fuels,” said Vassilios Kroustallis, ABS Senior Vice President, Global Business Development.

”We at Lemissoler are once again pioneering new technological and innovative designs for our Dry Bulk fleet. The collaboration with SDARI and ABS is proof of how much can be achieved collectively. This new evolution design is another step toward Lemissoler’s target to become net zero by 2045,” said Philippos Philis, Chairman and CEO of Lemissoler Navigation.

We remind, Lummus Technology and Toshiba Energy Systems & Solutions Corporation announced a master collaboration agreement to jointly pursue carbon capture projects. Lummus will provide its post-combustion carbon capture technology and Toshiba will provide its advanced amine-based solvents specifically tailored for post-combustion carbon capture and its system design guidelines optimized for Toshiba's solvents.

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LyondellBasell, a global leader in innovation, is proud to announce its involvement in a groundbreaking value chain collaboration aimed at transforming end-of-life industry from the maritime waste into innovative plastics, said the company.

This collaboration includes a renowned German OEM and a specialized recycling company with expertise in mechanically recycling plastic waste.

Traditionally, the automotive industry has only utilized recycled maritime plastic in the form of fibers for new vehicle components. However, with the introduction of CirculenRecover PPC TRC 2179N, this recyclate can now be used for the first time in injection molding. This breakthrough opens up new possibilities for the application of recycled plastics. As part of this collaboration, end-of-life fishing nets are collected and meticulously sorted by type. They are then processed to create a high-quality plastic recyclate. LyondellBasell takes this recyclate and expertly compounds it with virgin compounds to produce the grade CirculenRecover PPC TRC 2179N.

The injection-molded components made from CirculenRecover PPC TRC 2179N are trim parts used in visible areas for the interior of various car models. This development, which will be used in big-scale production, allows for enhanced sustainability and environmental responsibility in the automotive industry. LyondellBasell is proud to be at the forefront of this transformative collaboration, which showcases the Company’s commitment to innovation and sustainability.
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SK Innovation and its affiliates implemented organizational and executive personnel restructuring set for 2024, with a primary focus on preparedness for an unpredictable business landscape and the improvement of inter-organizational synergy through personnel reforms, said the company.

Park Sang-kyu, the current CEO of SK Enmove, has been appointed as the new CEO of SK Innovation. He has demonstrated both strategic planning capabilities and on-site business acumen, drawing from his extensive business background within the organization. In his role as the new CEO, it is anticipated that he will play a key role in enhancing internal stability and fostering sustainable growth amidst the uncertainties of the business environment.

SK Geo Centric and SK Enmove have strengthened systems to produce outcomes in earnest including Ulsan ARC, which entered the commercialization process and e-Fluids. SK On has carried out its restructuring focusing on strengthening manufacturing and R&D competitiveness as well as increasing profitability. SK IE Technology has established a new marketing division to advance marketing strategies tailored to regions and consumers.

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