Colombia to divest stake worth $3.58bn in ISA to Ecopetrol

Ecopetrol has finalised a deal to purchase the Colombian Government’s 51.4% stake in state-owned company Interconexión Eléctrica (ISA) for $3.58bn.

In this regard, an inter-administrative share purchase agreement has been signed by Ecopetrol with the Colombian Ministry of Finance and Public Credit.

Colombian Finance Minister Jose Manuel Restrepo was cited by Reuters as saying at a press conference that the deal would provide the government with resources while advancing the country’s energy transition goal.

The deal follows the submission of offer in January 2021 by Ecopetrol to purchase a holding stake in ISA. The acquisition is a part of the Colombian state-owned oil and gas operator’s efforts to become a comprehensive energy company.

Chevron announces New Energies business unit for low-carbon products

US oil giant Chevron has announced the formation of Chevron New Energies, a low-carbon fuels business unit.

The new unit’s initial focus includes “commercialisation opportunities in hydrogen, carbon capture, and offsets and support of ongoing growth in biofuels”. The company also emphasised that the unit will investigate technologies “with the potential to scale”.

Chevron chairman and CEO Michael Wirth said: “Chevron New Energies reflects our higher returns, lower carbon strategy. We believe the dedication of resources in a new organisation will accelerate growth in multiple business lines that we expect to be part of a lower carbon energy system.”

The company will give more information on Chevron New Energies in a presentation on 14 September.

Saudi Aramco faces $50m ransom demand over hacked data

Saudi Aramco has confirmed that it is facing a $50m ransom demand from hackers who have stolen some proprietary data.

The hackers have offered to delete the stolen data if the state-owned energy giant agrees to the ransom amount in cryptocurrency.

Saudi Aramco in a statement said: “Aramco recently became aware of the indirect release of a limited amount of company data, which was held by third-party contractors.

“We confirm that the release of data was not due to a breach of our systems, has no impact on our operations, and the company continues to maintain a robust cybersecurity posture.”

Recently, The Associated Press reported that 1TB of Saudi Aramco’s data appeared on the dark web.

BHP looking to divest oil and gas business

Australian miner BHP Group is reportedly considering exiting oil and gas operations as part of its efforts to shift away from fossil fuels and transition towards a low-carbon future.

The review of the petroleum business follows mounting investor pressure on the company to reduce its carbon footprint. It is also weighing options for trade sale, reported Bloomberg News.

BHP owns conventional assets in the US Gulf of Mexico, Australia, Trinidad and Tobago, and Algeria.

It also owns appraisal and exploration options in Mexico, Deepwater Trinidad and Tobago, the western Gulf of Mexico, eastern Canada, and Barbados.

A source familiar with the matter told the news agency that the company could fetch at least $15bn from the potential sale of its petroleum business. However, talks are still in the early stages.

US issues new cybersecurity directives for critical pipeline operators

The US Department of Homeland Security (DHS) has issued a new cybersecurity directive for critical pipeline owners after a major ransomware attack in May 2021.

This is the second guideline issued by the US administration after a ransomware attack triggered the closure of Colonial Pipeline’s network that disrupted gas supplies across the south-eastern US for days.

The cyberattack led to the closure of the 5,500-mile pipeline system, preventing the supply of millions of barrels of gasoline, diesel and jet fuel.

The new directive requires owners of the Transportation Security Administration-designated critical pipelines to implement specific mitigation measures to protect their information technology and operational technology systems.

GHGSat’s new research to track offshore methane emissions by satellite

Canadian firm GHGSat has launched a research project to develop satellite imaging technology to help identify, quantify and reduce methane emissions from offshore oil and gas platforms.

Supported by oil firms Chevron, Shell, and TotalEnergies, the project aims to demonstrate high-resolution satellite-based monitoring of offshore anthropogenic methane (CH4) emissions.

The 12-month research project involves assessing the feasibility of high-resolution, space-based technology to monitor and measure potential methane emissions at offshore facilities.

The new ‘Glint Mode’ technology will be able to observe sun glint on the ocean surface to end interference effects on data acquisition.