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Shafaq News
22-05-2025
- Business
- Shafaq News
Ronaki project: KRG targets 24/7 electricity
Shafaq News/ On Thursday, Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani outlined plans to deliver 24-hour electricity across the Region—and eventually to other parts of Iraq—through increased gas production supported by two new agreements with US energy companies. Speaking at the Energy Conference in Washington, Barzani presented the 'Ronaki Project' as a key element of the KRG's energy reform strategy. Initially launched in major urban centers, the project is expected to cover all cities by the end of this year, with full regional access targeted by late 2026. Years of underdeveloped infrastructure have left many households reliant on costly private generators. Barzani noted that Ronaki is designed to ease this dependence by cutting electricity costs by up to 80%, with adjusted rates for high-consumption users. He also pointed to progress in natural gas development, with two recently signed deals with established US firms positioned to expand output and support wider electricity generation. 'The objective goes beyond Kurdistan,' Barzani added. 'We're working to increase electricity supply for the rest of Iraq and the wider region, where shortages remain widespread.' The agreements contribute to a broader strategy to transform gas resources into a reliable power source, improving energy security and reducing reliance on diesel generators. US Energy Secretary Chris Wright, addressing the same conference, described energy as fundamental to economic growth. He stressed that US global energy partnerships focus on cooperation and shared commercial opportunities rather than competition. The latest gas deals, he noted, reflect growing collaboration between American companies and the KRG. The conference is included in a wider itinerary for PM Barzani, who is leading an official visit to Washington. Earlier today, he met with US Secretary of the Interior Doug Burgum, discussing ways to deepen the strategic relationship between the Kurdistan Region and the United States.
Globe and Mail
22-05-2025
- Business
- Globe and Mail
Amplify Energy to Participate in the 2025 Louisiana Energy Conference
HOUSTON, May 22, 2025 (GLOBE NEWSWIRE) -- Amplify Energy Corp. ('Amplify' or the 'Company') (NYSE: AMPY) announced today that the Company will be participating in the 2025 Louisiana Energy Conference on Wednesday, May 28 th at the Four Seasons in New Orleans, LA. Amplify's President and Chief Executive Officer, Martyn Willsher, will be participating in a panel discussion regarding the topic of 'Small Cap E&Ps See Value Creation in U.S. Basins Beyond the Permian.' In addition, Mr. Willsher will be available to meet with investors during the conference. About Amplify Energy Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify's operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit Investor Relations Contacts Jim Frew – Senior Vice President and Chief Financial Officer (832) 219-9044 Michael Jordan – Director, Finance and Treasurer (832) 219-9051
Yahoo
24-02-2025
- Business
- Yahoo
Guyana waiting for Exxon's gas development plans until end of March, VP says
By Marianna Parraga and Kemol King GEORGETOWN (Reuters) - Guyana's government expects a consortium led by U.S. oil major Exxon Mobil to brief officials by the end of March on plans to develop offshore gas, the country's vice president told Reuters. "They said: 'by end March, we will tell you what we will do.' And that's what we're waiting (for)," Vice President Bharrat Jagdeo said in an interview on the sidelines of Guyana's Energy Conference in Georgetown. Guyana is the fastest-growing economy in the world thanks to rapid expansion of output from offshore oilfields controlled by the Exxon-led consortium, in which Hess and CNOOC also participate. "Clearly for us, there shall be a project. We have to monetize the gas, and if Exxon doesn't want to do it, we already said to them... we have a lot of people who are interested in doing this on their own," Jagdeo added. The government, which wants to use natural gas to drive growth in the domestic economy, has progressed to award contracts for power and petrochemical projects that will receive gas supplies. It is also exploring options to develop liquefied natural gas facilities to export the fuel. The government says there is enough gas at Exxon's massive Stabroek block for commercial development, while Exxon says it has yet to complete its assessment of the gas resources in the area. Exxon last week announced the "Wales Gas Vision", which outlined what could be done with the offshore gas the consortium is planning to produce, if its assessment shows commercial development is viable. Exxon did not immediately reply to a request for comment. One of the possibilities could be to jointly develop some gas fields with neighbor Suriname, where offshore reserves have also been discovered, Jagdeo said. Guyana, which will be entitled to about 50% of gas produced at Stabroek after the Exxon group takes some of the output to recover expenses, last year chose little-known U.S. company Fulcrum LNG as its preferred partner for a project to process and export the gas. The startup, which the government expects to partner with the Exxon consortium for that development, has since faced questions over its capacity to execute a project that could need as much as $30 billion. Jagdeo acknowledged external concerns about Fulcrum LNG's capacity, but said the government believes the company's team has the potential. "They (Fulcrum LNG) demonstrated to our team that they had substantive backing, both to take the gas... and also for equity investment and raising the capital. So we are hoping that we could continue the tripartite discussion to make this work, Exxon, Fulcrum and the government of Guyana," he said. GAS TO SHORE The Exxon group reinjects the gas it produces into the oilfields already in operation to maintain pressure at the reservoir. The consortium expects to send a small volume of gas back to shore for power generation as soon as this year, depending on when the power plant is ready. Last year, it completed a $1 billion pipeline from the fields. The bulk of future gas supply is expected to come from the Pluma and Haimara projects, rich in gas resources and seen starting output after 2030. The power project, to be built by a consortium between Texas-based Lindsayca and Puerto Rico-based CH4 Systems, faces problems after a three-month delay to hand over the site. The parties could go to arbitration over the delay, but the project will be completed, Jagdeo said. A separate plan to build a fertilizer plant also connected to Exxon's pipeline could be offered this year through a tender for companies interested, Jagdeo said. Guyana is also trying to clear a standoff with Canada-based firms Frontera Energy and CGX Energy over the expiration of an exploration license for a key offshore block where oil reserves were found. The dispute could also end up in arbitration after the government notified Frontera and CGX that it had canceled the license. Sign in to access your portfolio
Reuters
24-02-2025
- Business
- Reuters
Guyana waiting for Exxon's gas development plans until end of March, VP says
GEORGETOWN, Feb 24 (Reuters) - Guyana's government expects a consortium led by U.S. oil major Exxon Mobil (XOM.N), opens new tab to brief officials by the end of March on plans to develop offshore gas, the country's vice president told Reuters. "They said: 'by end March, we will tell you what we will do.' And that's what we're waiting (for)," Vice President Bharrat Jagdeo said in an interview on the sidelines of Guyana's Energy Conference in Georgetown. Guyana is the fastest-growing economy in the world thanks to rapid expansion of output from offshore oilfields controlled by the Exxon-led consortium, in which Hess (HES.N), opens new tab and CNOOC ( opens new tab also participate. "Clearly for us, there shall be a project. We have to monetize the gas, and if Exxon doesn't want to do it, we already said to them... we have a lot of people who are interested in doing this on their own," Jagdeo added. The government, which wants to use natural gas to drive growth in the domestic economy, has progressed to award contracts for power and petrochemical projects that will receive gas supplies. It is also exploring options to develop liquefied natural gas facilities to export the fuel. The government says there is enough gas at Exxon's massive Stabroek block for commercial development, while Exxon says it has yet to complete its assessment of the gas resources in the area. Exxon last week announced the " Wales Gas Vision", which outlined what could be done with the offshore gas the consortium is planning to produce, if its assessment shows commercial development is viable. Exxon did not immediately reply to a request for comment. One of the possibilities could be to jointly develop some gas fields with neighbor Suriname, where offshore reserves have also been discovered, Jagdeo said. Guyana, which will be entitled to about 50% of gas produced at Stabroek after the Exxon group takes some of the output to recover expenses, last year chose little-known U.S. company Fulcrum LNG as its preferred partner for a project to process and export the gas. The startup, which the government expects to partner with the Exxon consortium for that development, has since faced questions over its capacity to execute a project that could need as much as $30 billion. Jagdeo acknowledged external concerns about Fulcrum LNG's capacity, but said the government believes the company's team has the potential. "They (Fulcrum LNG) demonstrated to our team that they had substantive backing, both to take the gas... and also for equity investment and raising the capital. So we are hoping that we could continue the tripartite discussion to make this work, Exxon, Fulcrum and the government of Guyana," he said. GAS TO SHORE The Exxon group reinjects the gas it produces into the oilfields already in operation to maintain pressure at the reservoir. The consortium expects to send a small volume of gas back to shore for power generation as soon as this year, depending on when the power plant is ready. Last year, it completed a $1 billion pipeline from the fields. The bulk of future gas supply is expected to come from the Pluma and Haimara projects, rich in gas resources and seen starting output after 2030. The power project, to be built by a consortium between Texas-based Lindsayca and Puerto Rico-based CH4 Systems, faces problems after a three-month delay to hand over the site. The parties could go to arbitration over the delay, but the project will be completed, Jagdeo said. A separate plan to build a fertilizer plant also connected to Exxon's pipeline could be offered this year through a tender for companies interested, Jagdeo said. Guyana is also trying to clear a standoff with Canada-based firms Frontera Energy ( opens new tab and CGX Energy (OYL.V), opens new tab over the expiration of an exploration license for a key offshore block where oil reserves were found. The dispute could also end up in arbitration after the government notified Frontera and CGX that it had canceled the license. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
Reuters
18-02-2025
- Business
- Reuters
Exxon's fourth FPSO for Guyana departs from Singapore, company, vessel data says
GEORGETOWN, Feb 18 (Reuters) - The fourth floating production facility to be operated by a consortium led by Exxon Mobil (XOM.N), opens new tab in Guyana has departed from Singapore on its route to the South American country's waters, according to a company executive and LSEG vessel tracking data seen on Tuesday. Once the floating production storage and offloading (FPSO) vessel is installed, the consortium plans to boost output capacity to 940,000 barrels per day (bpd) later this year. The group produced an average of 616,000 bpd last year after upgrades at two of its three facilities. The fourth FPSO, One Guyana, was built by SBM Offshore ( opens new tab with a 250,000-bpd output capacity. Two more vessels are expected to arrive in Guyana in the coming two years. "I'm very pleased to announce (that it) just left Singapore today on its way home to Guyana," said Hunter Farris, Exxon's Vice President for Deepwater, at Guyana's Energy Conference in Georgetown. The floating facility began moving on Tuesday on its way from Singapore through the Malacca Strait, vessel tracking data showed. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
