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German Government Signs MOU for Temporary Supply of LNG from Brunsbuettel and Wilhelmshaven LNG Terminals 8/16/2022

To ensure energy independence from Russia and prevent blackmail from Russia, and make itself an important energy infrastructure, the German government signed an memorandum of understanding with Uniper and RWE for the temporary supply of LNG from the Brunsbuettel and Wilhelmshaven LNG Import Terminals.  Those two firms will partner with EnBW Energie Baden-Wuerttemberg AG and VNG AG to source LNG.

Germany is now in discussions with Qatar to secure supply for the terminals.  The Brunsbuettel terminal will be operational by year-end 2022, and Wilhelmshaven is expected at some point this winter season.  Looking ahead, Germany may see complete independence from Russia through its coal and oil segments by year's end, but anticipates natural gas independence from Gazprom to take until 2024.

Kimmeridge Energy Suggests California Resources Corp. Consider Selling ~$800MM Worth of Land 8/15/2022

Kimmeridge Energy, which is an activist investor in California Resources Corporation, has formally released a few of its suggestions to CRC.  Kimmeridge has built up a 4% stake in the firm, with >3 million shares on hand.

That being said, some of its suggestions are:

  • Divesting acreage in Orange County that would be worth $800 million if sold to become residential real estate.
  • Focus on nascent CCS business.
  • Profit from technology's increased deployment in California.

Earlier this year, California Resources signed on to a joint venture with Brookfield to pursue carbon capture and sequestration projects within the state.  The initial funding for that program is $500 million, with another $1 billion in potential capital, and Kimmeridge was supportive of that JV.

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