PRODUCTS AND TECHNOLOGIES, RAW MATERIALS
OnPoint Industrial Services and Capstreet | November 29, 2022
Capstreet, a Houston-based lower middle market private equity firm, announced that it has sold OnPoint Industrial Services a specialized provider of safety, logistics and planning services designed to support complex maintenance projects in the refining and petrochemical industries, to MML Capital. Terms of the transaction were not disclosed.
Through acquisitions and organic growth, OnPoint has assembled a comprehensive suite of support services that allow its customers to manage complex maintenance projects more efficiently and safely. Based in Deer Park, Texas, OnPoint's services include project planning and coordination, transportation and logistics, materials management, and safety services.
Capstreet's relationship with OnPoint began in 2015 when it acquired Creative Resource Group (CRG). Subsequently CRG acquired Inotek Safety Consultants and WTMC, eventually rebranding them together as OnPoint. Under Capstreet's ownership, the Company would go on to make three additional tuck-in acquisitions and merge with Certified Safety, expanding its services and footprint under the leadership of a newly created management team.
"When Capstreet made its initial investment, we identified a need for a large-scale, single-source service provider of support services for industrial maintenance projects. We recruited an incredible leadership team to the business and together we successfully sourced and integrated several acquisitions and drove organic growth to create one of the recognized leaders in our industry. This has been a tremendous journey, and we believe OnPoint is positioned for ongoing success with its new owner."
Paul De Lisi, Partner at Capstreet
"OnPoint has transformed over the last few years, adding the services and skills demanded by an evolving industry," said Liz Clark, CEO of OnPoint. "It has been a pleasure working with the Capstreet team to drive this change and expand the Company, and we are excited about what lies ahead."
"Thanks to OnPoint's management team and the hard work of its employees, we were able to create value and grow OnPoint from a small industrial services business to what the Company is today," said Walker Kahle, Senior Vice President of Portfolio Operations at Capstreet. "Congratulations to all involved."
Willkie Farr & Gallagher served as legal counsel and BlackArch Partners was the financial advisor for Capstreet.
About OnPoint Industrial Services
OnPoint Industrial Services' offerings are designed to facilitate the safe and efficient flow of people, materials, and equipment during turnarounds and capital projects. By applying people, process, and technology, OnPoint satisfies the logistics requirement of these complex events.
Founded in 1990, Capstreet invests in lower middle market software, tech-enabled services, and industrial business services companies. With over 45 platform investments and over 200 add-on acquisitions since inception, Capstreet's investment strategy is focused on utilizing its Capvalue Framework™ to help accelerate growth and profitability, and help create long term sustainable businesses. The majority of Capstreet's investments have been with founder- or entrepreneur-owned businesses.
PRODUCTS AND TECHNOLOGIES, MARKET OUTLOOK
SINOPEC | November 28, 2022
China Petroleum & Chemical Corporation's has announced that the first phase of the Qijiang shale gas field has uncovered a major discovery in Sichuan Basin with a proven geological reserve of 145.968 billion cubic meters. The discovery, delivered by Sinopec Exploration Company and Sinopec Southwest Oil & Gas Company, is a major breakthrough in Sinopec's "Project Deep Earth – Natural Gas Base in Sichuan and Chongqing."
The Qijiang shale gas field is the first shale gas field discovered in medium-deep and deep strata in a complex tectonic zone on the margin of the basin. Shale gas buried at the depth of over 3,500 meters is defined as deep shale, and the burial depth of Qijiang's shale formations ranges from 1,900 to 4,500 meters, with the majority being deep shale. With complex overlying strata, the project faced great challenges such as a significantly greater depth and variable ground stress.
To tackle the question of how a shale gas reservoir was formed in the basin margin with such complex surface and underground conditions, Sinopec's team conducted more than 10,000 lab analysis tests on the core at the depth of 1,320 meters. This revealed the development and maintenance mechanism of deep shelf shale pores and identified the deep shale can develop vast reservoirs with high porosity, and also revealed the "sweet spots" of projecting the deep shale targets.
The team collected high-precision 3D seismic data of deep shale gas covering an area of 3,662 square kilometers in the complex zone of the southeastern margin of the Sichuan Basin as well as drilling data of existing wells in southern Sichuan. After repeated discussion and screening, Sinopec has innovated a deep shale gas seismic prediction technology with pressure coefficient and gas content, fracture prediction and horizontal ground stress difference as the core – the equivalent of performing a CT scan of the strata to achieve the breakthrough in predicting the "sweet spots" of deep shale gas.
Sinopec also developed a three-dimensional fracturing technology with "precision cutting, pressurization and expansion, balanced expansion and guaranteed filling" for deep shale, which has improved the daily shale gas production of a single well to break the 300,000, 400,000 and 500,000 cubic meters marks in succession.
TotalEnergies and Air Liquide | November 23, 2022
TotalEnergie and Air Liquide are innovating to produce and valorize renewable, low carbon hydrogen at the Grandpuits zero crude platform. Under a long-term contract committing TotalEnergies to purchase the hydrogen produced for the needs of its platform, Air Liquide will invest over €130 million in the construction and operation of a new unit producing hydrogen. This unit will partly use biogas from the biorefinery built by TotalEnergies and will be delivered with Air Liquide’s carbon capture technology CryocapTM. These innovations will prevent emissions amounting to 150,000 tons of CO2 a year compared to current processes. TotalEnergies’ biorefinery will use the unit’s hydrogen to produce sustainable aviation fuel.
In line with the two companies’ shared ambition to get to net zero by 2050, the project includes sustainable and circular innovations
The new hydrogen production unit, with the capacity to produce over 20,000 tons a year will produce hydrogen that is partly renewable, thanks to the recycling of residual biogas from the Grandpuits biorefinery, in place of the natural gas that is normally used.
This unit will be delivered with a carbon capture technology, allowing it to help reduce the platform’s carbon footprint, by capturing over 110,000 tons of CO2 a year for reuse in food and industrial applications.
Most of the unit’s renewable, low carbon hydrogen will be used by the biorefinery itself, to produce sustainable aviation fuel, but it could also be used to support sustainable mobility in the Ile-de-France region.
"By recycling the biogas produced by the biorefinery into renewable hydrogen, this innovative project makes full use of the conversion of the Grandpuits refinery into a zero crude platform harnessing the potential of biomass, especially in the production of sustainable aviation fuel,” said Bernard Pinatel, President, Refining & Chemicals, TotalEnergies. "Combined with the production of low carbon hydrogen and the capture of CO2, this project contributes to TotalEnergies’ ambition to decarbonize all of the hydrogen used by its European refineries by 2030."
"This innovative project is characterized by the combination of several solutions in order to produce renewable and low-carbon hydrogen,and contribute to the decarbonization of TotalEnergies’ Grandpuits site. It also provides the opportunity to recycle CO2 as part of a circular economy approach while securing its supply for agri-food applications. This project illustrates Air Liquide’s expertise in working with its customers on customized solutions to help them reduce their carbon footprint and actively participate in the fight against global warming. It provides yet another example of the key role that hydrogen will play to succeed in the energy transition"," added Pascal Vinet, Senior Vice President and member of the Executive Committee, Air Liquide, in charge of Europe Industries activities.
About TotalEnergies in Grandpuits
Commissioned in 1966, Total's Grandpuits-Bailly-Carrois refinery was for a long time the only refinery in the Paris region. In September 2020, TotalEnergies launched a project to convert the site, in line with its strategy to become carbon neutral by 2050. This zero-crude project, with a total investment of more than 500 million euros, is based on the development of several future-oriented activities in the field of biomass, renewable energies, and the circular economy: chemical recycling of plastic waste, production of biosourced and biodegradable bioplastics, production of biofuels for the aviation sector, construction of a solar farm and electricity storage by batteries. The start-up of these new units will begin in 2022, and they should all be operational by 2025.
TotalEnergies and renewable & low-carbon hydrogen
TotalEnergies is convinced that renewable and low-carbon hydrogen will play a major role in the energy transition. The Company is working with its suppliers and partners to decarbonize all the hydrogen used in its European refineries by 2030. This represents a reduction in CO2 emissions of 3 million tons per year. Further out, TotalEnergies aims to pioneer the mass production of renewable and low carbon hydrogen to meet demand for hydrogen fuel as soon as the market takes off, notably to help decarbonize heavy transport. The renewable hydrogen production capacity currently under development in Europe and India will contribute to TotalEnergies' ambition for new molecules - biofuels, biogas, hydrogen, and e-fuels- to reach 25% of its energy production and sales mix by 2050.
TotalEnergies and Sustainable Aviation Fuels
TotalEnergies is developing Sustainable Aviation Fuels. These are biofuels produced from waste and residues from the circular economy and "e-jets", synthetic fuels for aviation. These sustainable aviation fuels will significantly reduce CO2 emissions from air transport
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
About Air Liquide
A world leader in gases, technologies and services for Industry and Health, Air Liquide is present in 75 countries with approximately 66,400 employees and serves more than 3.8 million customers and patients. Oxygen, nitrogen and hydrogen are essential small molecules for life, matter and energy. They embody Air Liquide’s scientific territory and have been at the core of the company’s activities since its creation in 1902.