Chemical Technology, Chemical Management

Talos Energy Acquires EnVen Energy Corporation

Talos Energy Inc. | February 15, 2023 | Read time : 02:00 min

Talos Energy Acquires EnVen

Talos Energy Inc. announces that its previously disclosed acquisition of EnVen Energy Corporation has been finalized. The firm anticipates providing investors with 2023 financial and operational guidance for the merged company simultaneously with the full year 2022 results press release to be delivered on February 28, 2023.

Upon completion of the transaction, Talos will now have about 126,370,000 shares of outstanding common stock and a market value of approximately $2.5 billion, assuming the share price at the close on February 10, 2023.

Timothy S. Duncan, Talos President and CEO, stated, "We are excited to close the EnVen transaction, which adds significant scale and diversity to our business and integrate these high-margin, oil-weighted assets, operated infrastructure and overlapping acreage into our portfolio, strengthening our position as a safe, reliable, responsible operator in the Gulf of Mexico. The added scale and greater free cash flow generation ability also allows us to be even more competitive in our Carbon Capture & Sequestration business. I'm extremely proud of the Talos team for their strong focus and hard work and appreciate the continued support of the EnVen employees as we work together to ensure successful integration and realize the valuable synergies this transaction provides. We look forward to sharing our plans for the future in our upcoming earnings call."

(Source – PR Newswire)

As previously disclosed, the senior management team of Talos leads the merged firm. In addition, as previously stated, Robert Tichio, the Riverstone Holdings representative on Talos's Board of Directors, resigned, and Shandell Szabo and Richard Sherrill, two EnVen-designated directors, were added to the Board of Directors. Mr. Duncan joins seven independent members on the Board of Directors.

About Talos Energy Inc.

Talos Energy Inc. is a technically focused independent exploration and production company committed to maximizing long-term value through its operations, which are currently in the U.S. and offshore Mexico, both upstream through oil and gas exploration, manufacturing and downstream through the enhancement of future carbon capture and storage opportunities. As one of the significant public independent producers in the Gulf of Mexico, the firm harnesses decades of technical and offshore operational knowledge to acquire, explore, and develop properties in significant geological trends prevalent in many offshore basins around the globe. With an emphasis on environmental stewardship, it also explores the potential to minimize industrial emissions throughout the U.S. Gulf Coast and the Gulf of Mexico via its carbon capture and storage programs.


Other News
Products and Technologies, Market Outlook

Air Products to Supply Hydrogen and Fueling Technology to Edmonton International Airport for Alberta's First Hydrogen

PRNewswire | July 17, 2023

Air Products the world's largest producer of hydrogen and a first-mover in energy transition projects, announced that it has been selected by Edmonton International Airport as the hydrogen and technology provider for Alberta's first hydrogen fuel cell passenger vehicle fleet. Under the agreement, Air Products will station a mobile hydrogen refueler at the airport to provide hydrogen for the fleet of Toyota Mirai hydrogen fuel cell vehicles. The airport will begin with a fleet of five hydrogen fuel cell vehicles to be used by employees and plans to expand the fleet to as many as 100 cars to serve as a taxi service at the airport. Fueling of the vehicles will begin next week. Myron Keehn, President and CEO of Edmonton Airports, including Edmonton International Airport, made the announcement today during a luncheon with Toyota Canada, where they unveiled plans to partner to create the Province's first hydrogen fuel cell passenger vehicle fleet. "Air Products is proud to support Edmonton International Airport in this first-mover project to establish the first passenger hydrogen fuel cell vehicle fleet in Alberta," said Eric Guter, Air Products' Global Vice President, Hydrogen for Mobility. "Access to clean hydrogen fueling infrastructure is key to the energy transition and efforts to decarbonize transportation. Air Products' innovative and efficient mobile fuelers will accelerate the use of hydrogen as an emissions-free transportation fuel as permanent hydrogen infrastructure is built in Western Canada." Earlier this year, Air Products announced plans to build the first commercial-scale hydrogen refueling station in Edmonton. The multi-modal station, which will serve heavy-duty and light duty vehicles will be located near Air Products' net-zero hydrogen energy complex under construction in Edmonton. The new Edmonton station, scheduled to open in 2025, will include two hydrogen refueling lanes with dispensers for heavy-duty vehicles such as commercial and municipal trucks, and Air Products' own truck fleet. In addition, the station also will have two fueling positions for light-duty hydrogen fuel cell cars. The hydrogen refueling station is supported in part by $1 million (CAD) in funding from Natural Resources Canada's Zero Emission Vehicle Infrastructure Program. Air Products works across all facets of the hydrogen value chain, including production, distribution, storage and dispensing and has been a pioneer in hydrogen fueling for decades. The company operates the world's largest hydrogen pipeline system, located in the U.S. Gulf Coast, and is a world-class liquid hydrogen supplier. Air Products has hands-on operating experience with over 250 hydrogen fueling station projects in 20 countries and the company's technologies are used in over 1.5 million fueling operations annually. "With abundant natural resources and a collaborative approach between government and business, Canada is well-positioned to be a global leader in the clean energy future," said Rachel Smith, Air Products Vice President and General Manager, Canada. "We are proud to build on Air Products' investment in the Edmonton region that will help accelerate the use of hydrogen as an emissions-free transportation fuel across western Canada." Air Products has invested heavily in the Edmonton region and is currently building a transformative new $1.6 billion (CAD) net-zero hydrogen energy complex. The hydrogen production complex will use an advanced process technology that enables the cost-effective capture of more than 90 percent of carbon emissions for permanent sequestration safely underground. The facility will also include a world-scale hydrogen liquefaction facility which will help to accelerate the use of hydrogen as emission-free transportation fuel across western Canada. In addition, to avoid the indirect emissions associated with using grid electrical power, the project includes a 100 percent hydrogen-fueled power generation unit that has the capability to export clean power to Alberta's grid. The complex also will be integrated with neighboring Imperial Oil Limited's new renewable diesel facility, using innovative engineering. Imperial will produce renewable diesel from locally sourced non-petroleum feedstocks, using a process that produces a biogenic renewable off-gas (ROG) by-product. This ROG will be used as a feedstock within the Air Products hydrogen complex, displacing natural gas and further enhancing the overall carbon emissions profile. The combination of utilizing a renewable feedstock and power export more than offset any emissions not directly captured to produce hydrogen on a net-zero basis. This new production facility adds to Air Products' presence in Edmonton. Air Products already operates three hydrogen production facilities, as well as a 55-kilometer hydrogen pipeline supplying customers in industries including refining, petrochemical and others. About Air Products Air Products is a world-leading industrial gases company in operation for over 80 years focused on serving energy, environmental, and emerging markets. The Company has two growth pillars driven by sustainability. Air Products' base business provides essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, and food. The Company also develops, engineers, builds, owns and operates some of the world's largest industrial gas and carbon-capture projects, supplying world-scale clean hydrogen for global transportation, industrial markets, and the broader energy transition. Additionally, Air Products is the world leader in the supply of liquefied natural gas process technology and equipment, and globally ­provides turbomachinery, membrane systems and cryogenic containers.

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Chemical Management, Market Outlook

Piedmont Lithium Plans Development Funding for Ewoyaa

businesswire | August 18, 2023

Piedmont Lithium a leading global producer of lithium resources critical to the U.S. electric vehicle supply chain, announced the Company will increase its stake in Atlantic Lithium Limited’s (“Atlantic Lithium”) (AIM: ALL, ASX: A11) Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) as part of a staged investment agreement to earn a 50% equity interest in Atlantic Lithium’s Ghanaian lithium portfolio. Under the terms of the project agreement with Atlantic Lithium, Piedmont has exercised its option to acquire a 22.5% interest in Ewoyaa, having funded the completion of the Project’s definitive feasibility study (“DFS”). Piedmont also plans to provide a further $70 million toward Ewoyaa development capital to acquire an additional 27.5% interest in the Project. Piedmont expects to share the remaining Project capital costs equally with Atlantic Lithium for a total Piedmont commitment of approximately $128 million toward the total estimated $185 million Project capital costs. The Company’s additional funding remains subject to the receipt of final government and regulatory approvals for the Project. Piedmont expects to be able to fund its contributions toward Project development through proceeds from the sale of lithium concentrate from its offtake agreement with North American Lithium. The Company is entitled to purchase 50% of lithium concentrate production at Ewoyaa on a market-based pricing mechanism for the life of the mine. This offtake is being planned as feedstock for the Company’s proposed, 30,000-metric-ton-per-year lithium hydroxide conversion facility in Tennessee. Piedmont President and CEO Keith Phillips said the funding to support Ewoyaa furthers the Company’s strategy to supply crucial lithium resources to U.S. electric vehicle and battery manufacturers. “We are pleased to help advance the progression of Ewoyaa as a key part of Piedmont Lithium’s global portfolio and the expected feedstock for our planned lithium hydroxide conversion facility in Tennessee,” said Phillips. “Our partners at Atlantic Lithium have made tremendous progress with positive Project economics recently published in a definitive feasibility study and minerals lease discussions that are progressing with Ghana’s Minerals Commission. We look forward to continuing our work with Atlantic Lithium to support the Project toward first production, currently targeted for 2025.” About Piedmont Lithium Piedmont Lithium is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our projects include our Carolina Lithium and Tennessee Lithium projects in the United States and partnerships in Quebec with Sayona Mining (ASX: SYA) and in Ghana with Atlantic Lithium (AIM: ALL; ASX: A11). These geographically diversified operations will enable us to play a pivotal role in supporting America’s move toward energy independence and the electrification of transportation and energy storage.

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Chemical Management

Allotrope Partners LLC, Axens North America and Sumitomo Corporation of Americas to Study Commercial Production of Low Carbon

PRNewswire | July 26, 2023

Allotrope Partners LLC Axens North America and Sumitomo Corporation of Americas announced the signing of an agreement to develop a Joint Study for a commercial plant producing cellulosic bioethanol, utilizing the Axens Futurol process, produced from woody biomass through Allotrope Cellulosic Development Company LLC ("ACDC"), a project development company based in the State of California. The project will use feedstock based on local Californian forest thinning materials and agricultural residues. These feedstocks in part come from the waste generated in large forest fire prevention activities to reduce risk of wildfires that have become a critical challenge in California in recent years. This project will produce a commercial grade bioethanol, while at the same time contributing to the reduction of carbon released into the atmosphere from the massive wildfires that have severely impacted the environment and residents in California. The parties are committed to develop a first project then continue to expand their cellulosic ethanol footprint within California and to other locations all around North America, utilizing local woody biomass materials to supply low-carbon biofuels into the North American market. "Allotrope is excited to continue its efforts to develop a series of advanced biofuels projects in California in partnership with Sumitomo and Axens," noted Marc Stuart, CEO of Allotrope Partners LLC. "Axen's Futurol™ technology is ready for commercial scale roll out and Sumitomo will be a valuable partner across the entire project development process, from feedstock sourcing to the sale of final products into the markets." Bioethanol is currently attracting attention in countries worldwide striving for carbon-neutral societies as a renewable energy source and as a feedstock for biofuels such as SAF*1 and bio-chemicals. Cellulosic bioethanol made from woody biomass is classified as "Advanced Bioethanol*2" by the EU Renewable Energy Directive (RED) program and "Cellulosic Fuel" by the US EPA Renewable Fuel Standard, which has the potential to scale sustainably, and with low Carbon Intensity when compared to other fuels and blending components available on the market today. "The commitment from the Allotrope and Sumitomo teams to deploy Axens Futurol™ technology at multiple US plants and to utilize a wide variety of woody biomass feedstocks is another great example that the low carbon marketplace values both the flexibility of the Futurol™ technology and Axens' significant technology de-risking achievements. We believe each organization brings complementary strengths to this relationship, and, together, we can make meaningful contributions to reduce the Carbon Intensity of the transportation sector, utilizing ethanol as a renewable energy carrier for gasoline blending and potentially SAF and bio-chemicals production," said Frédéric Balligand, Vice Pesident, Axens Renewables Product Line. Accordingly, the three companies will be studying the possibility of an initial plant to produce about 60,000 tons of bioethanol derived from local feedstocks. The project shall consider carbon recycling initiatives that contribute to the realization of a decarbonized society, such as CCU*2 using carbon-neutral, biogenic CO2 generated naturally during bioethanol production, internal energy production, and effective utilization of residues from the fermentation process including Renewable Natural Gas (RNG) production. "SCOA is pleased to partner with Axens and Allotrope in this landmark project and will contribute to this study by consolidating and applying the knowledge and skills of the Sumitomo Corporation Group acquired through various businesses. This includes the development and deployment of carbon-free energy using hydrogen, ammonia, and next-generation biomass, raw fuel gas, and by promoting the use of green chemicals to construct a circular economy," said Sandro Hasegawa, General Manager, SCOA EIIA. About Allotrope Partners LLC Allotrope Partners LLC invests in projects and companies engaged in the clean economy transition. The company has had an active local presence in the Northern California biomass community for over a decade, engaging with foresters, farming organizations, lumber production and biomass power producers. Through its partnership with Axens, the Company has identified a pipeline of bioethanol plants in proximity to local woody materials. About Axens Group Axens group provides a complete range of solutions for the conversion of oil and biomass to cleaner fuels, the production and purification of major petrochemical intermediates, the chemical recycling of plastics, all natural gas treatment and conversion options along with water treatment and carbon capture. The offer includes technologies, equipment, furnaces, modular units, catalysts, adsorbents and related services. Axens is ideally positioned to cover the entire value chain, from feasibility study to unit start-up and follow-up throughout the entire unit life cycle. This unique position ensures the highest level of performance with a reduced environmental footprint. Axens global offer is based on highly trained human resources, modern production facilities and an extended global network for industrial, technical supports & commercial services. Axens is an IFP Group company. About Sumitomo Corporation of Americas The company, established in 1952, is a wholly-owned subsidiary of Sumitomo Corporation Japan and is headquartered in New York City with nine offices in major U.S. cities. Sumitomo Corporation is one of the world's leading traders of goods and services and as an integrated business enterprise it has emerged as a major organizer of multinational projects, an expediter of ideas, an important international investor and financier, and a powerful force for distribution of products and global communications through a network of offices worldwide. Sumitomo Corporation is making multifaceted efforts to develop businesses that will serve as the foundation for a sustainable energy cycle in society, with the aim of making its business activities carbon-neutral by 2050.

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Market Outlook

Zelandez Launches New Specialized Lithium Brine Recycling Service

prnewswire | August 28, 2023

Zelandez, the leading global provider of services to the lithium brine industry, today announced the availability of its new specialized lithium brine reinjection service. The innovative new service, believed to be an industry first, combines hydrochemistry with traditional reinjection techniques used extensively in the oil and gas market and deployed in lithium mines. The tailored service will provide lithium brine extractors with a full characterization of their reservoirs and optimize the location of injector wells and producer wells. It also includes the design of a reinjection plan that maintains aquifer pressure, ensures the production of preferred brines, whilst also protecting freshwater assets. The global demand for sustainable sources of lithium has created a race to develop "Direct Lithium Extraction" technologies (DLE). This is typically used by lithium brine extractors to separate lithium from the salty water held in oil and gas reservoirs and in underground brine aquifers. However, the challenge is that when DLE is used, the lithium producer is left with a lot of depleted brine that must go somewhere and underground reinjection is the obvious solution. "The impetus behind the development of our specialized lithium brine reinjection service is that the normal methods of reinjection, historically used in the oil and gas industry and borrowed by the lithium industry, are simply not delivering the desired results. We all know that oil doesn't mix with water and depleted lithium brine is miscible with the underlying asset," says Gene Morgan, CEO of Zelandez. During Zelandez's research and development process, the importance of integrating hydrochemistry into traditional reinjection techniques became very apparent. "This process totally changes the aquifer management plan and enhances protection of freshwater water assets. Our new service takes the lithium brine sector significantly closer to true mastery of the subsurface. So much so, that in the lithium brine market we feel that it really shouldn't even be called "reinjection." It's much more accurate to call what we are doing 'Brine Recycling,'" says Morgan. Commenting on Zelandez's approach, Lee Ann Munk, Geochemical Modelling Lead at Zelandez says, "As the demand for lithium increases, there will be significant attention focused on how lithium brine extractors can effectively manage their byproducts and wastewater. We believe our methodology is groundbreaking and will change the way the industry tackles a challenge that no lithium brine extraction company has managed to adequately resolve – 'what do you do with depleted brine?'" Zelandez's lithium brine reinjection service will enable lithium brine extractors to achieve enhanced levels of environmental stewardship, mining productivity, and resource and risk management. Zelandez recently entered the North American market. Its US expansion was driven by key issues impacting the US domestic lithium mining industry. The company's client base includes industry giants such as Rio Tinto, Albemarle, and Allkem. It holds a dominant position as the world's provider of lithium brinefield services. About Zelandez Zelandez is the leading brinefield services provider to the lithium-brine industry. The company provides a comprehensive suite of advanced exploration and extraction tools, that empowers its clients with valuable insights and data-driven decision-making. It also provides lithium mining companies with full wrap-around integrated services, leveraging advanced geophysical technologies and expert geoscience know-how. Zelandez works with leading lithium mining companies in Argentina, Bolivia, Chile, the United States of America, and Canada.

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