focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Someone seems to be loading up big time before the weeekend ! Perhaps it has something to do with potentially announcing next week the growth opportunity mentioned in the RNS
Time Trade Price Volume Value
16:00:59 35.491 6,329 2,246 O
16:00:19 35.30 3,000 1,059 A
16:00:19 35.30 16,889 5,962 A
16:00:03 35.15 25,000 8,788 O
15:56:59 35.246 38,824 13.68k O
15:56:37 35.171 20,000 7,034 O
15:56:23 35.00 3,000 1,050 A
15:56:23 35.00 10,000 3,500 A
15:56:23 35.00 11,752 4,113 A
15:55:23 34.30 24,998 8,574 A
15:55:14 34.209 25,000 8,552 O
15:54:37 36.061 1,161,740 418.94k
Ceres Power is a leader in climate technology, enabling the worldâs most progressive companies to deliver clean energy solutions at scale and speed.
The companyâs purpose is to help sustain a clean, green planet by ensuring there is clean energy everywhere in the world.
Join H2 View as we sit down with our guest speaker Tony Cochrane, Chief Commercial Officer of Ceres Power. Tony is a registered professional engineer and CPA and holds a BScE in Mechanical Engineering from Queenâs University and an MBA from Cornell University.
https://gasworld.tv/2024-h2-in-conversation-with-ceres-power/
Noggers, I donât think there will be bad news from the company, if you check the last trading update (4th of Dec) they said they are well on track to meet their targets :
â according to Dennis from the trading update : The first 6 months of the financial year from May to October already paint the early picture of a new ITM, surpassing the full year revenue of each of the last two years by about 50% in just the first half of this year. We are pleased with the improvements achieved across all areas of the company, many of which have a positive effect on how we manage cash and scrutinise capital spend. We look forward to providing a detailed update on our 12-month plan which is nearing successful on-time completion in January, and to giving insight into our longer term strategic priorities at the time of our interim results."
Add to this the high key visits from UK officials , the government green budget announced from ITM Power headquarter in Sheffield and of course last weekâs visit from the chairman of Kawasaki heavy industries and his team.
I just topped up , we are only 5% above 52 weeks low so Iâm expecting to see share price recovery tomorrow
But the placing shares will only be released to the market on the 28th. Is it allowed for market makers by UK law to forward sell shares which they donât hold? I though NKD short/selling is only allowed in the US
Dec 15, 2023 Petrofac has initiated the front-end engineering design (FEED) for Neptune Energy's L10 carbon storage infrastructure that will connect to carbon capture, transportation and storage project, Aramis, in the Netherlands.
Neptune, in collaboration with partners EBN, Tenaz Energy, and ExxonMobil, envisions storing up to 5mn tonnes/year of carbon dioxide (CO2) from local industrial emitters. Petrofac's role extends to the first two phases of the L10 project, specifically L10 South (1A) and L10 North (1B), with execution led by its consulting team based in Woking, UK.
The L10-South phase entails the installation of an L10 hub/injection platform within the L10 south storage complex. Additionally, a spur line will be established, connecting the Aramis DHUB platform to the L10 hub platform. Meanwhile, the L10-North phase focuses on installing an injection platform (L10-Y) in the L10 north storage complex (L10-BE) and an inter-field pipeline connecting the L10 hub and injection platform.
https://gaspathways.com/petrofac-starts-feed-for-neptunes-l10-carbon-storage-project-in-netherlands-2445
Petrofac just tweeted:
Our Duqm project wins MEED's project of the year in Oman 2023 đ
Turning blueprints into benchmarks. Thanks to everyone involved for making this a success. Together, we're not just building projects; we're building the future đ
https://x.com/petrofacgroup/status/1727624331839021230
Are you bidding for more such projects in the UAE and other Gulf states?
Having secured new work with ADNOC we continue to bid on a number of future projects, with a diverse pipeline of opportunities in Petrofacâs core MENA region. Itâs an increasingly active market.
We have an extensive track record here, with exceptional capabilities to deliver and strong customer relationships.
There is a tendency by many countries in the Middle East to take on environment and climatic projects...how do you see the project outlook for Petrofac in the region...In other words, where does the company stand among major firms vying for a share in the region?
Decarbonisation is a key driver for the regionâs energy sector and with the UAE hosting COP28, the focus continues to grow. At Petrofac, everything we do is connected, in one way or another, with the energy transition.
We see it as a clear opportunity for innovation, value creation and differentiation. There are many dimensions â decommissioning aging assets, reducing the intensity of existing assets, designing, and building a new generation of lower intensity hydrocarbon assets, and creating the assets of the future in areas like wind, hydrogen and carbon capture.
It is not a niche issue or a future issue and itâs companies like Petrofac that are needed to transform the theory of decarbonisation into a reality.
In early October, state-run Abu Dhabi National Oil Company (ADNOC) awarded a landmark carbon capture, utilisation and storage (CCS) project to the UK-based Petrofac, a leading international service provider to the energy industry.
The Engineering, Procurement and Construction (EPC) contract was awarded by ADNOC Gas for its Habshan Carbon Capture, Utilisation and Storage project, which has the capacity to store up to 1.5 million tonnes a year of carbon dioxide.
Prior to that, in June, Petrofac had won another project from ADNOC, which involves EPC of a new gas compressor plant to increase gas output.
âHaving secured new work with ADNOC we continue to bid on a number of future projects, with a diverse pipeline of opportunities in Petrofacâs core MENA regionâŚ.. Itâs an increasingly active market,â said Khaled Al-Shrouf, Senior Vice President â Operations at Petrofac.
âThese two strategically significant ADNOC projects see us extend our credentials in one of our home markets and deepen our relationship with one of our longest-standing clients,â he told Zawya Projects in an interview.
Excerpts
Regarding the ADNOC project awarded in October, how long will it take to be completed? What are the costs involved?
Petrofacâs legacy in the UAE dates back to 1991 and we have developed a large workforce here supporting projects in Abu Dhabi, the other Emirates, and internationally.
Our most recent award in-country is an Engineering, Procurement and Construction (EPC) contract from ADNOC Gas for its Habshan Carbon Capture, Utilisation and Storage (CCUS) project.
It is one of the largest carbon capture projects in the Middle East and North Africa and a sign of the at-scale new opportunities across energy transition for the region.
The project will be able to capture and permanently store up to 1.5 million tonnes a year of carbon dioxide within geological formations deep underground and is expected to be commissioned in 2026. The contract is valued at $615 million.
In June 2023 we were selected by ADNOC Gas to undertake another significant new project for its Habshan Complex.
That contract is valued at approximately $700 million and involves the EPC of a new gas compressor plant to increase gas output.
These two strategically significant ADNOC projects see us extend our credentials in one of our home markets and deepen our relationship with one of our longest-standing clients.
âMeanwhile, the $1.5 billion Algerian contract, being delivered as a joint venture with China Huanqiu Contracting and Engineering Corporation, is the first major petrochemicals project for both Sonatrach and Petrofac. For Sonatrach, it diversifies operations and reduces its reliance on hydrocarbon exports. For us, it extends a relationship with a key client, strengthens our downstream credentials, and demonstrates our ability to expand into adjacent sectors.â
While the bidding pipeline remains busy, and extends to Asia, Europe, and India, as well as the MENA region, Kawash says that Petrofac is taking a disciplined and selective approach. The aim is to play to Petrofacâs strengths, zero in on the most strategically significant projects, and ensure margins are protected.
An exciting and meaningful future
As it delivers on the new awards, Petrofac is on a concerted talent acquisition drive. But, with the entire sector in an upcycle, the war for talent has rarely been more intense.
âWhen it comes to attracting new engineers, I believe we are outperforming the wider market, especially here in the Middle East,â asserts Kawash. âPetrofac is deeply woven into the fabric of the regionâs energy sector. We have been here for decades, we have an emphasis on hiring and developing local country nationals, and we care deeply about inclusion and diversity â insisting that all colleagues, clients, and suppliers are treated with respect.â
Like its peers, Petrofac has faced recent headwinds, but its employer reputation remains strong. âBy helping clients to meet the planetâs evolving energy needs, we are making a positive contribution to the world around us and doing it in a positive way â with a local delivery model that enriches communities, a people-based approach that cares about personal and professional development, and a client-centric ethos that nurtures innovation and values creative problem-solving. Our success in landing prestigious projects and growing the workforce suggests that the message is resonating,â he says in conclusion.
Petrofac will be needed to turn theory into reality,â Kawash points out.
Strategically significant contract awards
With the EPC sector now in an upcycle, Petrofac has announced a string of large awards. Alongside the carbon capture facility mentioned above, these include a gas compressor station for ADNOC in the UAE, a petrochemical facility for Sonatrach in Algeria, and a multi-year framework agreement for o"shore HVDC platforms and grid connections for TenneT in the North Sea. As well as being so sizeable, they are all strategically significant, but for di"erent reasons, explains Kawash.
He reveals, âThe two ADNOC projects, which have a combined value of more than $1.3 billion, see us extend our credentials in one of our home markets and deepen our relationship with one of our longest-standing clients. They are both decarbonisation related, one by increasing the production of lower-intensity gas, and the other by capturing emissions from operational assets. Also, a key factor is the Petrofac approach to in- country value, with a commitment to maximise local delivery, invest in the local supply chain, and develop local teams.
âThe TenneT framework agreement, being delivered jointly with Hitachi Energy and valued at approximately $13.7 billion, is the largest in our history. So, it is significant for its scale and firmly positions us as a global leader in renewables and new energies. It also has an innovative approach to contracting and collaboration, which brings significant benefits to the client in a highly constrained supply market. This gives everyone forward visibility, and enables the delivery teams to plan ahead, secure resources accordingly, and implement a true âdesign-one-build-manyâ methodology.
Broad, balanced, and immediate view of the energy transition
As the energy transition picks up pace, Kawash expects the scale of the decommissioning market to grow. But he is also clear that the energy transition wonât be linear, that the world needs a di"erent mix of energies than it has today, and that these need to be produced in a less carbon- intensive way. Hydrocarbons will remain part of this mix for decades to come, and they will coexist comfortably alongside many other energy sources.
âMany people talk of the energy transition as though itâs some future notion, which is simply about the like-for-like replacement of hydrocarbons with green energies,â says Kawash. âMy perspective is very di"erent. I say the energy transition is already well underway. It is multi- faceted, and it is already central to almost everything we do â whether that be decommissioning ageing assets, reducing the carbon intensity of existing assets, building a new generation of low-intensity hydrocarbon facilities, or complementing them with renewable and alternative energy solutions, such as wind and hydrogen.â
âYou must remember that a large proportion of the lifecycle emissions of hydrocarbons â up to 40% of them â emanate from the construction and operation of upstream facilities. So, as well as introducing renewables and other new energies into the mix, there is also significant scope to reduce the intensity of hydrocarbon assets. This is an area where we can make a real di"erence,â he adds.
Kawash also points out that, for several years, a large proportion of the firmâs work has involved decarbonisation. Examples include a series of major refinery upgrades, as far afield as Kuwait, Thailand, and Lithuania. In each case, the new world-class facilities enable their clients to dramatically improve the environmental performance and quality of their fuels, while also increasing their refining capacity and diversifying their business away from pure hydrocarbon production.
Meanwhile, the firm has worked in o"shore wind for over a decade. It has also been actively developing the engineering for alternative fuels such as hydrogen and its derivatives. In addition, with many yearsâ experience in gas handling, one of its most recent and high-profile project awards is for ADNOCâs Habshan Carbon Capture, Utilisation and Storage (CCUS) project, right here in the heart of the region.
âThe MENA regionâs largest energy firms are really picking up the pace,â Kawash continues. âAside from the decarbonisation of their traditional businesses, there is real enthusiasm for alternative and complementary fuels. And, with COP28 coming to the UAE, momentum is only going to Build
âMake no mistake, I see the energy transition as an opportunity for Petrofac to innovate, di"erentiate, and meet client needs in new ways. As the transition gathers pace and more new solutions come online, proficient and proven energy services firms like Petrofac