All articles tagged with #business and energy
Geothermal Engineering Limited will invest £43 million in a new lithium extraction facility in Cornwall, targeting commercial production in 2029. The project aims to create over 100 jobs and produce 1,500 tonnes of lithium carbonate annually, supporting the UK’s electric vehicle supply chain and reducing reliance on imports.
Talos Energy, a New York-listed company, has agreed to acquire QuarterNorth Energy for $1.29 billion, expanding its deep-water asset base in the Gulf of Mexico. The deal, expected to close by the end of the first quarter of 2024, will be paid for with 24.8 million shares of Talos's common stock and approximately $965 million in cash. The acquisition is anticipated to add approximately 30,000 barrels of oil equivalent per day to Talos's production in 2024 and is described as immediately accretive to Talos shareholders. This move aligns with Talos's strategy of leveraging existing infrastructure and complementary acreage to accelerate shareholder value creation.
Equinor and BP have canceled their contract to sell power from the Empire Wind 2 offshore wind farm to New York State due to economic challenges such as inflation, higher borrowing costs, and supply chain issues. The companies are repositioning the project in light of a new solicitation by New York that allows for renegotiation of contracts, potentially at higher prices. The state's commitment to offshore wind remains strong, with an expedited solicitation's winners to be announced in February. Despite setbacks, the offshore wind industry is crucial for U.S. decarbonization goals, with the first power from New York's and Massachusetts' offshore wind farms being delivered recently.
BP Plc and Equinor ASA have canceled their contract with New York for the Empire Wind 2 project, a 1.3-gigawatt offshore wind farm, due to economic challenges that rendered the project unfeasible. The decision reflects broader issues in the U.S. offshore wind industry, including inflation and supply chain problems. The companies are looking for new opportunities and will forfeit a $6.3 million security deposit to New York. This setback is part of a larger trend of disputes and cancellations affecting nearly half of the U.S. offshore wind capacity under contract.