Latest news with #FinalInvestmentDecision
Morocco World
22-05-2025
- Business
- Morocco World
Nigeria-Morocco Gas Pipeline Tops President Tinubu's Priorities
Doha – Nigerian President Bola Tinubu has placed the $25 billion Nigeria-Morocco gas pipeline at the forefront of his administration's priority projects. Senator Jimoh Ibrahim announced this commitment during the executive session of the African Parliament Union in Casablanca on Wednesday. The massive infrastructure project aims to deliver up to 30 billion cubic metres of natural gas annually across 5,660 kilometres, supplying energy to approximately 400 million people in 13 African countries, with Nigeria as the central gas provider. Ibrahim stated that President Tinubu is reviewing all previously abandoned projects to ensure their swift completion. 'This project is expected to create thousands of jobs, boost industrial and digital development, and contribute to a more sustainable energy future for the participating countries,' Ibrahim explained, noting important advantages for Morocco in supplying European countries with gas. Morocco's Energy Transition Minister Leila Benali confirmed in mid-May that feasibility and preliminary engineering studies have been completed and the optimal route has been determined. 'A special-purpose company is currently being established between Morocco and Nigeria to make the final investment decision by the end of the current year,' Benali told the Upper House, confirming that the intergovernmental agreement among member states has been approved along with the host country agreement. Morocco launched a tender last April to develop national natural gas infrastructure that will connect Nador port to Kenitra and Mohammedia, extending to Dakhla to link with the Africa-Atlantic Gas Pipeline. Major financiers have joined the initiative, with the UAE agreeing to contribute funding alongside the European Investment Bank, Islamic Development Bank, and OPEC Fund. China's Jingye Steel Group has been awarded a contract to supply pipes for the construction. The United States has expressed interest in investing in the initiative, as revealed by Nigeria's Finance Minister Wale Edun during bilateral engagements at the 2025 Spring Meetings of the IMF and World Bank Group in Washington. The US showed interest in Nigeria's natural gas sector, particularly given the country's vast gas reserves. The project dates back to King Mohammed VI's state visit to Nigeria in December 2016. The Final Investment Decision was initially planned for 2023 but has been postponed to 2025, reflecting the project's complexity and scale. Senate President Godswill Akpabio is actively working to provide legislative support for Tinubu's vision, with this backing aiming to eliminate any complexities that may obstruct successful implementation. Morocco is set to be home to 1,672 kilometers of the pipeline. The route will pass through Nigeria, Benin, Togo, Ghana, Ivory Coast, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal, Mauritania, and Morocco. Ibrahim urged Morocco to consider revising its visa policy for Nigerian visitors, given the investment opportunities both countries will generate. Tags: Morocco-Nigerian pipeline project
Yahoo
14-05-2025
- Business
- Yahoo
Stardust Power Announces Q1 2025 Financial Results
GREENWICH, Conn., May 14, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. ('Stardust Power' or the 'Company') (Nasdaq: SDST), an American developer of battery-grade lithium products, today announced its results for the first quarter ended March 31, 2025. First Quarter 2025 Business Updates and Subsequent Events Operational highlights for the first quarter of 2025 include: Confirmed with Oklahoma regulators the Muskogee facility will not require an industrial wastewater permit thanks to its closed-loop water system that eliminates discharge and reduces local water use. Executed a key service agreement with Oklahoma Gas and Electric to develop a dedicated substation at the Muskogee refinery site, securing up to 40MW of scalable power and enabling critical pre-construction activities ahead of Final Investment Decision. Appointed Carlos Urquiaga as Senior Advisor to advise on capital-raising efforts; with over $40 billion in transaction experience across top institutions, he brings deep expertise in metals and mining finance to support our path toward Final Investment Decision. Roshan Pujari, Founder and CEO of Stardust Power, commented on the Company's Q1 performance, 'Despite ongoing macroeconomic volatility and global market uncertainty, Q1 was a quarter of focused execution for Stardust Power. We continue to advance steadily toward Final Investment Decision, supported by strategic progress across permitting, engineering, and financing. With lithium's long-term outlook growing stronger, we remain committed to seizing this generational opportunity and building a scalable, U.S.-based refining platform aligned with national critical mineral and supply chain priorities.' First Quarter Financial Highlights As of March 31, 2025, we had cash and cash equivalents of approximately $1.6 million. As of March 31, 2025, we had zero long term debt. Other financial highlights include: Net Loss of $3.8 million for the first quarter of 2025, compared to $1.4 million for the prior year quarter ended March 31, 2024. Loss per share was $(0.07) for the first quarter of 2025, compared to $(0.04) for the prior year quarter, the increase being driven primarily by higher general and administrative costs due to personnel related costs and finance charges for short term loans. Net cash used in operating activities totaled $2.9 million for the first quarter of 2025, compared to $0.9 million for the prior year quarter, the increase driven by continued investment in operations, hiring of key talent and certain expenses related to the close of the Business Combination. Net cash used in investing activities was $1.0 million for the first quarter of 2025, compared to $3 thousand for the prior year quarter, driven by our initial capital investments made in the anticipated building of the refinery. Net cash provided by financing activities was $4.5 million for the first quarter of 2025, compared to $54 thousand for the prior year quarter. The increase was driven primarily by $8.0 million in cash received from public offering and warrant inducements, net of offering cost, offset partially by $3.7 million repayment of short-term loans. Conference Call Details Stardust Power will host a conference call to discuss the results today, May 14, 2025, at 5:30pm EST. Stardust Power Stardust Power is a developer of battery-grade lithium products designed to bolster America's energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium processing facility in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The Company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol 'SDST.' For more information, visit Cautionary Statement Regarding Forward-Looking Statements This press release and any oral statements made in connection herewith include 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance. These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as 'anticipate,' 'appears,' 'approximately,' 'believe,' 'continue,' 'could,' 'designed,' 'effect,' 'estimate,' 'evaluate,' 'expect,' 'forecast,' 'goal,' 'initiative,' 'intend,' 'may,' 'objective,' 'outlook,' 'plan,' 'potential,' 'priorities,' 'project,' 'pursue,' 'seek,' 'should,' 'target,' 'when,' 'will,' 'would,' or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including the ability of Stardust Power to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the price of Stardust Power's securities, including volatility resulting from recent sales of securities, issuance of debt, and exercise of warrants, changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power's business and changes in the combined capital structure; the regulatory environment and our ability to obtain necessary permits and other governmental approvals for our operation; Stardust Power's need for substantial additional financing to execute our business plan and our ability to access capital and the financial markets; worldwide growth in the adoption and use of lithium products; the Company's ability to enter into and realize the anticipated benefits of offtake and license and other commercial agreements; risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; the substantial doubt regarding the Company's ability to continue as a going concern and the need to raise capital in the near term in order to maintain the Company's operations; the Company's continued listing on the Nasdaq; and those factors described or referenced in filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 27, 2025. The foregoing list of factors is not exhaustive. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement. Stardust Power Contacts For Investors: Johanna Gonzalez For Media: Michael Thompson media@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
IOL News
14-05-2025
- Business
- IOL News
Capitalising on Namibia's oil and gas boom to ensure sustainability through inclusive growth
The oil and gas industry's greatest promise lies in job creation across the value chain. Image: REUTERS/Abdiqani Hassan Namibia is well positioned for significant growth and transformation. With major oil and gas discoveries in the Orange Basin and a 40-well drilling campaign by Total, with a Final Investment Decision (FID) expected in 2026, the country has a unique opportunity to redefine its economic landscape. To support long-term prosperity, however, it is essential that the right choices are made now. Logistics, construction, catering and other support services have already seen increased activity, and if this is managed wisely, it could have a widespread positive effect on GDP and employment. This will require inclusive planning, policy reform and a commitment to skills development to ensure sustainable economic reform. Investing in skills to foster job creation The oil and gas industry's greatest promise lies in job creation across the value chain. Early momentum has focused on accessible, semi-skilled roles such as entry-level workers and support staff. These jobs are essential, but for long-term sustainability it is vital to also invest in higher-skilled roles such as engineers, drilling managers, and project leaders, and to ensure robust skills transfer takes place. While internships, technical training, and engineering placements are already underway, these must be scaled. Inclusive development means ensuring that opportunities reach all Namibians. The roadshows being conducted by companies like TotalEnergies and Namcor are a step in the right direction. Engaging communities across the regions not only fosters transparency, it ensures local needs are reflected in national strategies. Learning from history to avoid pitfalls The potential for growth as a result of these significant oil and gas discoveries is massive, but history demonstrates that there is a risk of becoming over-reliant. Namibia must learn from the experiences of countries like Nigeria, where weak regulatory oversight led to environmental degradation and lost public trust. Angola also provides a lesson on the dangers of centralised control and the need for local content development. On the positive side, Norway provides a model of how to manage wealth transparently, invest in the future and ensure that the benefits of natural resources are widely shared. There are also environmental risks inherent in the oil and gas sector including carbon emissions and the far-reaching effects of oil spills on marine wildlife. Namibia cannot afford to treat sustainability as a tick-box exercise. Robust monitoring, strict operator accountability, and full environmental integration at every stage of development will be key. The solution lies in building strong, transparent institutions. Regulatory frameworks must balance the need for investment with environmental protection and social impact. They must enforce local employment quotas, set clear environmental standards, and ensure oil revenues are reinvested in long-term development. A springboard for economic transformation The world is increasingly focused on the transition away from fossil fuels, so there is a finite window of opportunity for Namibia to take advantage of oil and gas resources. Investment in human capital and infrastructure must be a priority, and skilled artisans like welders, electricians and riggers need to be upskilled and certified to meet industry standards. Ports must be expanded, and housing shortages in Namibia need urgent attention. In addition, power infrastructure must keep pace with industrial demand. Sustainable economic growth requires revenues to be channelled into infrastructure, healthcare, education, and most importantly, economic diversification. This is already in progress, with renewable energy projects, including green hydrogen initiatives, underway and more in the pipeline. Tourism, agriculture and manufacturing are also seeing renewed interest. These sectors must be nurtured as the demand for fossil fuels falls away in future generations. Learning from history and investing strategically will serve not only the oil and gas sector, but the broader economy. With the right regulations in place, as well as inclusive policies, and investments aimed at developing a resilient, diversified economy, Namibia can build an industry that doesn't just create wealth, it uplifts the nation. Julien Karambua, Country Manager at Workforce Staffing Namibia. Julien Karambua, Country Manager at Workforce Staffing Namibia Image: Supplied. BUSINESS REPORT Visit:
Zawya
25-03-2025
- Business
- Zawya
ADNOC Gas expects Rich Gas Development's FID this year
ADNOC Gas expects to announce the Final Investment Decision (FID) on Rich Gas Development (RGD) in 2025, the company said in its 2024 integrated report. These key steps aim to deliver the Adnoc subsidiary's strategy to grow its processing capacity by 30% or more than 1.5 billion standard cubic feet per day (scfd). The expected capex allocated for the project is more than $4bn , according to ADNOC Gas' strategy update released in November 2023. In December, the company awarded the Front-End Engineering and Design (FEED) contract for new gas processing facilities at Bab Gas Cap to Worley Engineering. The FID is expected in 2026 as the new facilities will boost ADNOC Gas' current processing capacity by 20% or over 1.8 billion scfd. (Writing by P Deol; Editing by Anoop Menon) (
Yahoo
21-03-2025
- Business
- Yahoo
Shell invests in the Gato do Mato project in Brazil's pre-salt
RIO DE JANEIRO, March 21, 2025 /PRNewswire/ -- Shell Brasil Petróleo Ltda. (Shell Brasil), a subsidiary of Shell plc, has taken the Final Investment Decision (FID) for Gato do Mato, a deep-water project in the pre-salt area of the Santos Basin, offshore Brazil. The Gato do Mato Consortium includes Shell (operator with a 50% stake), Ecopetrol (30%), TotalEnergies (20%) and Pré-Sal Petróleo S.A. (PPSA) acting as the manager of the production sharing contract (PSC). The development plan includes the installation of a floating production storage and offloading (FPSO) vessel and is designed to produce up to 120,000 barrels of oil per day. Current estimated recoverable resource volumes of the Gato do Mato development are approximately 370 million barrels. "Gato do Mato is an example of our ongoing investment in increasingly efficient projects," said Zoë Yujnovich, Shell's Integrated Gas and Upstream Director. "The project contributes to maintaining stable liquids production from our advantaged Upstream business, and expands our leadership as the largest foreign producer in Brazil as we continue working to provide for the world's energy needs well into the future." The consortium anticipates that the Gato do Mato field will commence operations in 2029. Notes to editors Located in the Santos Basin, the Gato do Mato project is a pre-salt gas-condensate discovery that covers two contiguous blocks: BM-S-54, a concession contract entered into in 2005, and Sul de Gato do Mato, a production sharing agreement obtained in 2017. Initial operations will involve the reinjection of natural gas for reservoir pressure support, with future optionality to export gas to onshore facilities. The blocks are offshore Brazil from the Rio de Janeiro coast, in water depths ranging from 1,750 to 2,050 metres. Resource volumes are 100% total gross and a P50 estimate under the Society of Petroleum Engineers' Petroleum Resources Classification System. P50 means there is a 50% probability of the estimate being lower and a 50% probability of being higher. The investment in Gato do Mato is expected to generate an internal rate of return (IRR) in excess of the hurdle rate for Shell's Upstream business. Cautionary noteThe companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this press release "Shell", "Shell Group" and "Group" are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ''Subsidiaries'', "Shell subsidiaries" and "Shell companies" as used in this press release refer to entities over which Shell plc either directly or indirectly has control. The term "joint venture", "joint operations", "joint arrangements", and "associates" may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest. Forward-Looking StatementsThis press release contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as "aim"; "ambition"; ''anticipate''; ''believe''; "commit"; "commitment"; ''could''; ''estimate''; ''expect''; ''goals''; ''intend''; ''may''; "milestones"; ''objectives''; ''outlook''; ''plan''; ''probably''; ''project''; ''risks''; "schedule"; ''seek''; ''should''; ''target''; ''will''; "would" and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this press release, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc's Form 20-F for the year ended December 31, 2023 (available at and These risk factors also expressly qualify all forward-looking statements contained in this press release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, March 21, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release. Shell's net carbon intensityAlso, in this press release we may refer to Shell's "Net Carbon Intensity" (NCI), which includes Shell's carbon emissions from the production of our energy products, our suppliers' carbon emissions in supplying energy for that production and our customers' carbon emissions associated with their use of the energy products we sell. Shell's NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell's "Net Carbon Intensity" or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries. Shell's net-Zero Emissions TargetShell's operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell's operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell's operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target. Forward Looking Non-GAAP measuresThis press release may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc's consolidated financial statements. The contents of websites referred to in this press release do not form part of this press release. We may have used certain terms, such as resources, in this press release that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website SOURCE Shell Sign in to access your portfolio
