I-Bytes Energy Industry

IT Shades
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I-Bytes
Energy
February Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................19
3. Rewards and Recognition Updates..................................................................................................................26
4. Customer Success Updates................................................................................................................................34
5. Partnership Ecosystem Updates.......................................................................................................................38
6. Miscellaneous Updates.......................................................................................................................................54
7. Event Updates.....................................................................................................................................................57

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Financial, M & A
Updates Energy Industry

Financial, M&A Updates
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Marathon Petroleum Corp. (USA) Reports Full-Year and Fourth-Quarter
Results
• Fourth-quarter 2019 results include a pre-tax charge of $1.2 billion primarily related to a
midstream goodwill impairment related to MPLX.
• Adjusted net income was $1.0 billion, or $1.56 per diluted share, for the fourth quarter of 2019,
compared to $1.7 billion, or $2.41 per diluted share, for the fourth quarter of 2018.
• MPC returned $409 million of capital to shareholders during the fourth quarter and $3.3 billion
for the full year 2019, including $2.0 billion of share repurchases.
• The company announced a 9.4% increase in its quarterly dividend to $0.58 per share.
• MPC realized $420 million of synergies in the fourth quarter.
• The majority of the synergy capture was in the Refining and Marketing segment, including: $62
million from catalyst formulation improvements at multiple refineries, $55 million in crude
supply optimization in the Mid-Continent region, and $15 million in marine optimization.
• Income from operations was $841 million in the fourth quarter of 2019 compared to $2.0 billion
for the fourth quarter of 2018. Adjusted earnings before interest, taxes, depreciation, and
amortization was $3.2 billion in the fourth quarter of 2019 compared to $4.1 billion for the fourth
quarter of 2018.
• Adjusted EBITDA excludes refining planned turnaround costs of $153 million for the fourth
quarter of 2019 and $232 million for the fourth quarter of 2018.
Executive Commentary
"This quarter demonstrated our continued ability to execute across all segments and capture
incremental synergies at an accelerated pace, said Chairman and chief executive officer. In
refining, we continued our focus on margin enhancement opportunities and progressed
several projects including completion of the first phase of the Garyvillecoker expansion
project. Our commercial team optimized crude sourcing and product placement
opportunities across all regions of our business. The team's commitment to execution
enabled us to achieve 94% utilization and strong capture of 105% for the quarter. Across the
retail footprint, our team converted over 700 stores since the combination, positioning us to
capture merchandise growth and synergy opportunities. And within midstream, we advanced
several long-haul pipeline projects that are key to the development of our integrated
Permian-to-Gulf Coast logistics system and are expected to generate returns that
meaningfully exceed our hurdle rates.’’
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Key Financial Highlights

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BP (UK) Fourth quarter and full year 2019 results
• Cost profit for the fourth quarter and full year 2019 was $2.6 billion and $10.0 billion respectively,
compared to $3.5 billion and $12.7 billion for the same periods a year earlier, largely reflecting the impact
of the weaker environment. Reported profit was $19 million for the fourth quarter and $4.0 billion for the
full year.
• Non-operating items in the quarter included a $1.9 billion after-tax impairment charge, mainly for the
disposal of US gas assets, and a $0.9 billion charge arising from the reclassification of past foreign
exchange losses on the formation of BP’s new biofuels joint venture.
• Full-year operating cash flow, excluding Gulf of Mexico oil spill payments, was $28.2 billion, including
a $0.3 billion working capital release (after adjusting for net inventory holding gains).
• Gulf of Mexico oil spill payments for the year totalled $2.4 billion on a post-tax basis, and are expected
to be less than $1 billion in 2020.
• Maintaining capital discipline, full-year organic capital expenditure of $15.2 billion was at the bottom of
the guided range. Divestments and other disposals announced since the start of 2019 now total $9.4 billion,
keeping BP ahead of schedule to meet its target of $10 billion proceeds by end-2020. BP expects to
announce a further $5 billion of agreed disposals by mid-2021.
• In January 2020 BP completed its announced share buyback programme.
• Net debt reduced by $1.1 billion in the quarter with gearing at 31.1%, down from 31.7% at the end of the
previous quarter.
• A dividend of 10.5 cents per share was announced for the quarter, an increase of 2.4% on a year earlier.
BP is performing well, with safe and reliable operations, continued strategic progress and strong cash
delivery. This all supports our commitment to growing distributions to shareholders over the long term
and the dividend rise we announced today. After almost ten years, this is now my last quarter as CEO.
In that time, we have achieved a huge amount together and I am proud to be handing over a safer and
stronger BP to Bernard and his team. I am confident that under their leadership, BP will continue to
successfully navigate the rapidly-changing energy landscape, said Chief executive.
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Chevron (USA) Announces Fourth Quarter 2019 Results
• A loss of $6.6 billion per share for fourth quarter 2019, compared with
earnings of $3.7 billion in the fourth quarter 2018.
• Included in the current quarter were previously announced upstream
impairments and write-offs totalling $10.4 billion associated with
Appalachia shale, Kitimat LNG, Big Foot and other projects.
• The company also recognized a $1.2 billion gain on the sale of the U.K.
Central North Sea assets in the fourth quarter. Foreign currency effects
decreased earnings in the fourth quarter 2019 by $256 million.
• Full-year 2019 earnings were $2.9 billion, compared with $14.8 billion
in 2018. Included in 2019 were net charges for special items of $8.7
billion, compared to net charges of $1.2 billion for special items in 2018.
• Foreign currency effects decreased earnings in 2019 by $304 million.
“Cash flow from operations remained strong in 2019, allowing the
company to deliver on all our financial priorities, said Chevron’s
chairman of the board and chief executive officer. We paid $9 billion
in dividends, repurchased $4 billion of shares, funded our capital
program and successfully captured several inorganic investment
opportunities, all while reducing debt by more than $7 billion. Earlier
this week, we announced a quarterly dividend increase of $0.10 per
share, reinforcing our commitment to growing shareholder returns.”
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ConocoPhillips (USA) Reports Fourth-Quarter and Full-Year 2019 Results
Fourth quarter summary
• Fourth-quarter 2019 earnings of $0.7 billion, or $0.65 per share, compared with fourth-quarter 2018 earnings of $1.9 billion, or $1.61 per share.
• Fourth-quarter 2019 adjusted earnings were $0.8 billion, or $0.76 per share, compared with fourth-quarter 2018 adjusted earnings of $1.3 billion, or $1.13 per share.
• Special items for the current quarter included primarily a non-cash impairment related to a planned Lower 48 disposition, partially offset by an unrealized gain on Cenovus Energy
equity.
Full-year summary
• Full-year 2019 earnings were $7.2 billion, or $6.40 per share, compared with full-year 2018 earnings of $6.3 billion, or $5.32 per share.
• Full-year 2019 adjusted earnings were $4.0 billion, or $3.59 per share, compared with full-year 2018 adjusted earnings of $5.3 billion, or $4.54 per share.
• Cash provided by operating activities was $11.1 billion. Excluding working capital, cash from operations of $11.7 billion exceeded capital expenditures and investments,
generating free cash flow of more than $5 billion.
• Repurchased $3.5 billion of shares and paid $1.5 billion in dividends fully funded from free cash flow, representing a return of 43 percent of CFO to shareholders.
• Achieved 100 percent total reserve replacement and 117 percent organic reserve replacement.
• Full-year production, excluding Libya, of 1,305 MBOED; underlying production grew 5 percent.
• Increased full-year Lower 48 Big 3 production by 22 percent.
• Executed successful Alaska appraisal program; conducted appraisal drilling and commissioned infrastructure at Montney in Canada.
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Eni gas e luce (Italy) completes the acquisition of Evolvere, becoming a leader
in distributed generation from photovoltaic plants in Italy
Eni gas e luce, the energy retail company 100% controlled by Eni SpA, completes the acquisition of a 70% stake in Evolvere, upon the approval received from the
Antitrust Authority.The transaction will enable Eni gas e luce to become a leader in the area of solar distributed generation from renewable sources, in line with Eni’s
mission to build value through the energy transition.Evolvere manages 11,000 photovoltaic plants, including 8,000 that are installed on domestic and business
customers’ rooftops, with a total capacity of about 58MW, with the possibility of acquiring additional skills and prosumers.Eni gas e luce contributes to the promotion
of a new energy model where the customer evolves from a simple consumer to a renewable energy producer. The company’s offer includes the sale, installation and
maintenance of photovoltaic plants and batteries for residential customers and businesses up to 20KW. EvolvereSpA has recently been recognised as a "Benefit
Company" that operates in a sustainable, responsible and transparent manner towards people, communities, territories and the environment, cultural and social assets
and activities, bodies and associations. Eni gas e luce is the company, 100% controlled by Eni SpA, dedicated to the commercialisation of gas, electricity and energy
solutions for families, apartment buildings and businesses. The company works in 4 European countries with 1.600 employees. With its 8 million clients in Italy, it is a
leader in selling natural gas to families, apartment buildings and businesses. In addition, it is the second main operator in the free market for energy supply for domestic
consumption. In Italy, Eni gas e luce has also 150 Energy Stores that provide customised advice to its clients. Eni gas e luce works in the energy solutions market in
partnership with important companies, leader in their reference markets, aiming to provide a range of highly energy-efficient products and an array of services for
houses and flat complexes that go beyond the gas and electricity supply.
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EQT (USA) and OMERS acquire Deutsche Glasfaser, a leading provider of
fiber-optic internet access in Germany
The EQT Infrastructure IV fund and OMERS Infrastructure Management INC. announced the
agreement to jointly acquire Deutsche Glasfaser from KKR Infrastructure and Reggeborgh. Since
its establishment by Dutch investor Reggeborgh in 2011, Deutsche Glasfaser invested heavily in
fiber infrastructure in underserved rural and sub-urban communities in Germany and today
provides high-speed internet access to more than 600,000 households and 5,000 businesses.
Deutsche Glasfaser's scalable network, consisting of more than 30,000 kilometers of fiber-optic
infrastructure, together with its best-in-class roll-out machine provides a strong platform for
continued growth. The management team of Deutsche Glasfaser plans to continue the rapid
growth of the Company by pursuing a large-scale deployment of FTTH internet access in rural
Germany. FTTH is the fastest, most reliable and future-proof internet connectivity solution
available and the only technology that will be able to handle the strongly growing internet
bandwidth demands of the future. Deutsche Glasfaser will be combined with EQT Infrastructure
IV portfolio company inexio to form a leading FTTH player in rural Germany as well as one of
the leading telco companies in Germany. EQT and OMERS Infrastructure as well as Deutsche
Glasfaser’s and inexio’s management teams are convinced that the close collaboration between
both companies will accelerate the ramp-up of the FTTH roll-out and create various areas for
synergy realization.
Chief Executive of Deutsche Glasfaser, said: “We are excited to welcome EQT and OMERS
as our new owners and we are fully aligned to further develop Germany’s digital
infrastructure. With the industry experience and financial support from EQT and OMERS,
Deutsche Glasfaser is well-positioned to take the next step on our growth journey and
accelerate the fiber roll-out across Germany. On top, we as a management team are excited
to join forces with inexio, which will help us to combine our highly complementary skill-sets
and to further accelerate our growth.”
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EQT (USA) invests in RIMES, the global leader in Managed Data Services for
financial institutions
The EQT Mid-Market Europe fund announced a significant growth investment in RIMES.
RIMES serve the complex data needs of financial institutions with customized, scalable and
cost-effective Managed Data Services and RegTech solutions. The Company pioneered the
delivery of customized market and reference data via the cloud and has built a strong
reputation for ensuring best-in-class data quality. Today RIMES serve more than 350 asset
managers, owners, servicers and banks in 45 financial centres globally, including 60 of the
top 100 global investment managers and 9 of the top 10 asset servicers in the world. EQT will
support RIMES’ vision to be the global leader in Managed Data Services across all forms of
market and reference data, including benchmark, risk, ratings, fundamental, economic,
alternative, ETF and ESG data. By further investing in RIMES’ technology and internal
talent, EQT will support service extensions and enhancements as well as product innovations
across RIMES’ offerings in data management and RegTech. The investment in RIMES is in
line with EQT’s commitment to invest in sustainable solutions, guided by the United
Nations’ Sustainable Development Goals. RIMES is an emerging leader in ESG data for the
investment management industry, contributing to society by providing high-quality data on
sustainability and increasing transparency in the business community.
Managing Director at EQT Partners and Investment Advisor to EQT Mid-Market,
concluded: “We have been very impressed by RIMES’ achievements, and EQT looks
forward to working with the team during the next stage of the Company’s growth, driven
by continued investment in core solutions, support for the recently launched services in
ESG and ETF data, and further enhancement of RIMES’ data management and RegTech
offerings.”
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Equinor(Norway) fourth quarter 2019 and year end results
The fourth quarter and full year were characterised by:
• Solid financial results in a quarter with lower commodity prices
• Strong operational performance in 2019, and record high production in the fourth
quarter
• Early start-up and effective ramp up of Johan Sverdrup. New projects on stream in
2019 represent 1.2 billion boe in expected resources net to Equinor, at an average
break-even oil price around USD 30 per barrel
• Renewables projects in development in 2019 are expected to add 2.8 GW of
electricity capacity to Equinor
• Strong growth in capital distribution in 2019, reflecting 13% growth in quarterly
cash dividend and the launch of a USD 5 billion share buy-back programme
• Increase in quarterly cash dividend by 4% to USD 0.27 per share, and launch of an
around USD 675 million second tranche of the share buy-back programme, subject
to approvals by the annual general meeting
“Record high production, reduced costs and continued strong capital discipline
contributed to solid results in a quarter with lower commodity prices. For the
year we delivered competitive returns and strong growth in capital distribution.
Going forward, we expect to grow production, returns and cash flow from a
world-class project portfolio, representing 6 billion barrels to Equinor with an
average break-even oil price below 35 dollars per barrel. The board proposes an
increase in the quarterly dividend of 4% and the launch of the second tranche of
our 5-billion-dollar share buy-back programme, based on an even distribution for
the rest of the period,” says President and CEO of Equinor ASA.
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ExxonMobil (USA) Earns $14.3 Billion in 2019; $5.7 Billion in Fourth
Quarter
• Fourth quarter 2019 earnings of $5.7 billion, or $1.33 per share assuming dilution.
• Earnings included favourable identified items of about $3.9 billion, or $0.92 per share
assuming dilution, mainly a $3.7 billion gain from the Norway upstream divestment.
• Capital and exploration expenditures were $8.5 billion, including key investments in
the Permian Basin.
• Oil-equivalent production was in line with the fourth quarter of 2018, at 4 million
barrels per day, with a 4 percent increase in liquids offset by a 5 percent decrease in gas.
• Excluding entitlement effects and divestments, liquids production increased 2 percent
driven by Permian Basin growth, while natural gas volumes decreased 4 percent.
• Average crude and natural gas realizations were essentially in line with third quarter.
• Liquids volumes increased 2 percent from third quarter, on growth and lower
scheduled maintenance. Natural gas volumes increased 5 percent driven by seasonal
demand.
• Industry fuels margins were significantly lower than third quarter, reflecting seasonally
lower demand and increased supply from reduced industry maintenance.
"Our operations performed well, while short-term supply length in the downstream
and chemicals businesses impacted margins and financial results," said Chairman
and chief executive officer. Growth in demand for the products that underpin our
businesses remains strong. We remain focused on improving our base businesses,
driving efficiencies, and optimizing the value of our investment portfolio."
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HPCL (India) Release Q3 19-20
October - December 2019 Highlights
• Hindustan Petroleum Corporation Limited has recorded Profit after Taxof Rs 747 crore for the period October-December, 2019 as against Rs 248 crore during the corresponding period of previous financial year.
• Gross sales during October-December, 2019 was Rs. 74,288 crore as compared to Rs. 76,884 crores for the same period of previous financial year.
• The domestic sales of petroleum products increased to 9.8 million metric tonnes registering a growth of 3.2% over the corresponding quarter of previous year.
• The sales of Motor Spirit increased by 6.6%, LPG by 18.2% and Lubes by 6.4% over the corresponding period of previous financial year.
• HPCL refineries at Mumbai and Visakh processed 4.16 million metric tonnes of crude during October – December 2019 as against 4.56 million metric tonnes during October - December 2018.
• The combined GRM during the period October–December 2019 was USD 1.79 per barrel as compared to USD 3.72 per barrel in the corresponding previous period. Lower GRM is primarily due to lower cracks of
FO & LPG and planned shutdown of secondary units at Visakh Refinery.
April - December 2019 Highlights
• HPCL has recorded Profit after Tax of Rs. 2,610 crores during April - December 2019 as compared to Rs. 3,059 crores for corresponding period of previous year.
• Gross sales for April – December 2019 are Rs. 2,14,982 Crore as compared to Rs. 2,22,872 Crore for corresponding period of the previous year
• The domestic sales of petroleum products have increased to 28.5 million metric tonnes with a growth of 2.1% over the corresponding period of 2018-19.
• The sales of LPG increased by 9.6%, Motor Spirit (Petrol) by 7.1% and that of Bitumen by 7.8% over the corresponding period of 2018-19. Pipeline thruput for the period April- December 2019 is 15.5 million metric
tonnes.
• The refineries at Mumbai and Visakh processed 12.64 million metric tonnes of crude during April - December 2019. The combined GRM for the period April - December 2019 was USD 1.85 per barrel as compared
to USD 5.17 per barrel in the corresponding previous period.
• total of 278 new retail outlets were commissioned taking the total retail outlet network to 16,017 as of December 2019.
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Marathon Petroleum Corp. (USA) Reports Full-Year and Fourth-Quarter
Results
• Reported full-year income of $2.6 billion and adjusted income of $3.3 billion
• Reported fourth-quarter income of $443 million, or $0.68 per diluted share; adjusted
income of $1.0 billion, or $1.56 per diluted share
• Generated $2.4 billion of operating cash flow in the fourth quarter
• Executed across all business segments in the fourth quarter: $420 million of realized
synergies, strong refining margin and utilization, solid retail margin capture, and
continued progress across midstream projects
• Fourth-quarter 2019 results include a pre-tax charge of $1.2 billion primarily related to
a midstream goodwill impairment related to MPLX LP (NYSE: MPLX).
• Adjusted net income was $1.0 billion, or $1.56 per diluted share, for the fourth quarter
of 2019, compared to $1.7 billion, or $2.41 per diluted share, for the fourth quarter of
2018.
• MPC returned $409 million of capital to shareholders during the fourth quarter and
$3.3 billion for the full year 2019, including $2.0 billion of share repurchases.
• The company announced a 9.4% increase in its quarterly dividend to $0.58 per share.
"This quarter demonstrated our continued ability to execute across all segments and
capture incremental synergies at an accelerated pace, said Chairman and chief
executive officer. "In refining, we continued our focus on margin enhancement
opportunities and progressed several projects including completion of the first phase
of the Garyvillecoker expansion project. Our commercial team optimized crude
sourcing and product placement opportunities across all regions of our business. The
team's commitment to execution enabled us to achieve 94% utilization and strong
capture of 105% for the quarter. Across the retail footprint, our team converted over
700 stores since the combination, positioning us to capture merchandise growth and
synergy opportunities. And within midstream, we advanced several long-haul
pipeline projects that are key to the development of our integrated Permian-to-Gulf
Coast logistics system and are expected to generate returns that meaningfully exceed
our hurdle rates.’’
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NOV (USA) announces 4th quarter and full year 2019 earnings results
• Revenues for the full year 2019 were $8.48 billion, operating loss was $6.28 billion.
• Net loss was $6.10 billion, or $15.96 per share.
• Adjusted EBITDA for the full year was $885 million, or 10.4 percent of sales.
• NOV sold the first PowerBlade™ Hybrid system to a key drilling contractor on the Norwegian
Continental Shelf.
• NOV deployed the first high pressure frac hoses in a pilot launch with leading North American
completion service providers
• NOV's Vector™ rotary steerable technologies achieved a significant milestone when a customer deployed
a VectorEXAKT tool to drill a precise vertical section in southern Africa, representing the first use of the
Vector platform in Sub-Saharan Africa.
• NOV's industry-leading M/D TotcoeVolve™ Optimization Services saw rapid growth during the fourth
quarter and completed a record high for wired drill pipe optimization jobs in the North Sea.
• NOV successfully delivered a package of Figure 2002, 20,000-psi high-pressure flowline equipment to
an operator in northwestern China, where there has been a rapid increase in the amount of hydraulic
fracturing activities.
• NOV secured an order for a monoethylene glycol for use in an LNG development in Mozambique.
• NOV delivered the first order for actuated chokes out of its recently-opened factory in Dammam, Saudi
Arabia.
• NOV launched its Fuego series of Tektonic™ drill bits in Colombia.
"Our team executed well in a challenging market during 2019, successfully driving cost savings and
efficiencies in working capital throughout our organization, commented Chairman, President, and
CEO. We were able to significantly improve cash flow and strengthen our balance sheet, despite the
financial charges that were necessary through the year. The fourth quarter saw continued
improvements in international and offshore markets, partially offset by another sequential decline in
spending by our customers in North America. While this mix shift affects each of our segments
differently, all three of our operating segments were able to deliver sequential improvements in
adjusted EBITDA."
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PBF Energy (USA) Completes Acquisition of Martinez Refinery, Creates West
Coast System
PBF Energy Inc. announced that its subsidiary completed the acquisition of Martinez refinery,
and related logistics assets, from Equilon Enterprises LLC d/b/a Shell Oil Products US. With the
acquisition, PBF's increased its total throughput capacity to more than one million barrels per day
and becomes the most complex independent refiner with a consolidated Nelson Complexity of
12.8. The purchase price for the assets was $960.0 million plus the value of hydrocarbon
inventory. In conjunction with the transaction, PBF has entered into market-based, crude oil
supply and product offtake agreements with Shell. PBF financed the transaction with a
combination of cash, including proceeds from its subsidiaries' $1 billion private debt offering,
and borrowings under its existing revolving credit facility. The 157,000 barrel-per-day,
dual-coking Martinez refinery is located on an 860-acre site in the City of Martinez, 30 miles
northeast of San Francisco, California. The refinery is a high-conversion facility with a Nelson
Complexity Index of 16.1, making it one of the most complex refineries in the United States. The
facility is strategically positioned in Northern California and provides for operating and other
synergies with PBF's Torrance refinery located in Southern California. In addition to refining
assets, the transaction includes a number of high-quality onsite logistics assets including a
deep-water marine facility, product distribution terminals and refinery crude and product storage
facilities with approximately 8.8 million barrels of shell capacity.
"We welcome Martinez's professional workforce to the PBF family, said PBF's Chairman
and Chief Executive Officer. We are committed to maintaining the high operational standards
of the refinery and, through continued safe, reliable and environmentally responsible
operations, earning the privilege of being a respected member of the Martinez and Contra
Costa County communities. The acquisition of Martinez is a significant strategic step for
PBF as we expand our West Coast operations. Martinez is a top-tier asset, is a perfect
complement to our existing assets and provides increased opportunities for PBF's West Coast
operations to deliver value."
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Good Financial Results of PKN ORLEN (Poland) in 2019 With Record
Retail and Energy Profits
In 2019, PKN ORLEN:
• Achieved revenue growth to PLN 111 billion
• Has generated a good LIFO EBITDA of PLN 9.4 billion by PLN 1.1
billion higher than a year ago
• Has achieved a record EBITDA of LIFO over PLN 3 billion in the retail
segment, with an increase in total volumes sales by 4% (12M / 12M)
• Achieved a record EBITDA LIFO of 1.6 billion PLN in the energy sector
• Achieved record oil processing at 33.9 million tonnes and the highest
sales in the history of the company 43.3 million tonnes
• Generated a net result at the level of PLN 4.5 billion
• Operating cash flow amounted to PLN 9.3 billion, net debt decreased by
PLN (-) 3.2 billion (y / y) to the level of PLN 2.4 billion at the end of 2019,
and the financial leverage remained at a safe level of 6, 3%.
‘‘The Company's good financial results in 2019 were achieved despite a
significant deterioration in macroeconomic conditions, which the
company has no influence on. Regulatory changes, global economic
trends, the situation in global trade, all this means that we operate in an
increasingly competitive environment. That is why we think about the
financial condition of the Company in the long term, implementing
actions that will consistently strengthen our advantages in the future.
We are already investing in modern petrochemicals, increasing
production efficiency, and developing a retail network throughout the
region. The energy sector had a large share in the result of PKN
ORLEN, which shows that the direction we chose to build a strong
multi-energy group has deep justification. 2020 will be an extremely
important period for us’’ Said President of the Management Board of
PKN ORLEN.
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Schlumberger (USA) Completes Sale of Bandurria Sur
Schlumberger announced that it has completed the sale of its 49% interest in
the Bandurria Sur Block in Neuquén, Argentina to Shell Argentina S.A. and
Equinor. YPF will continue as operator of the block.This divestment covers all
of Schlumberger’s interest in the Bandurria Sur shale oil block, consisting of
approximately 56,000 gross acres.Schlumberger is the world’s leading
provider of technology for reservoir characterization, drilling, production, and
processing to the oil and gas industry. With product sales and services in more
than 120 countries and employing approximately 105,000 people who
represent over 170 nationalities, Schlumberger supplies the industry’s most
comprehensive range of products and services, from exploration through
production, and integrated pore-to-pipeline solutions that optimize
hydrocarbon recovery to deliver reservoir performance
sustainably.Schlumberger Limited has executive offices in Paris, Houston,
London, and The Hague, and reported revenues of $32.92 billion in 2019.
“The monetization of our Bandurria Sur interest is an important milestone
in Schlumberger’s strategy” commented Chief Executive Officer,
Schlumberger, “It has been a privilege working in partnership with YPF on
the pilot phase of this world-class unconventional resource.”
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Schlumberger (USA) Announces Full-Year and Fourth-Quarter 2019 Results
Full year
• Full-year worldwide revenue of $32.9 billion was flat year-on-year, with international
revenue growth of 7%
• Full-year GAAP loss per share, including charges & credits, was $7.32
• Full-year EPS, excluding charges & credits, was $1.47
• Full-year cash flow from operations and free cash flow were $5.4 billion and $2.7
billion, respectively
Fourth quarter
• Fourth-quarter revenue of $8.2 billion decreased 4% sequentially, with international
revenue growth of 2%
• Fourth-quarter GAAP EPS, including charges & credits, was $0.24
• Fourth-quarter EPS, excluding charges & credits, was $0.39
• Fourth-quarter cash flow from operations and free cash flow were $2.3 billion and $1.5
billion, respectively
• Board approves quarterly cash dividend of $0.50 per share
Schlumberger CEO commented, “Full-year revenue for 2019 was $32.9 billion, a
level essentially flat with 2018. Overall performance was positive—particularly in
the international markets—and we generated $2.7 billion in free cash flow, which
was a remarkable achievement under these market conditions. Full-year pretax
segment operating margin of 12%, however, was slightly down
year-on-year.International revenue, excluding Cameron, grew 8% and was
consistent with our expectations of high single-digit growth. Most of our
international GeoMarkets benefited from these favourable market conditions, and
almost half of them registered double-digit, year-on-year revenue growth driven by
exploration activity, offshore operations, and acceleration of the industry’s digital
transformation. Compared with the first half of 2019, international pretax segment
operating margin improved by 100 basis points in the second half of the year—a firm
step toward our strategic target of margin expansion.’’
16

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Suncor Energy (Canada) reports fourth quarter 2019 results
• Funds from operations were $2.553 billion in the fourth quarter of 2019, compared to $2.007 billion in the prior year quarter,
marking the tenth consecutive quarter above $2 billion. Cash flow provided by operating activities was $2.304 billion in the
fourth quarter of 2019, compared to $3.040 billion in the prior year quarter, as the prior year quarter included a source of cash
in working capital associated with a declining price environment.
• Operating earnings were $782 million in the fourth quarter of 2019, compared to $580 million in the prior year quarter. The
company had a net loss of $2.335 billion in the fourth quarter of 2019 due to non‑cash asset impairment charges of $3.352
billion after-tax primarily due to lower forecasted heavy oil prices for Fort Hills and higher capital cost estimates for the West
White Rose Project, compared to a net loss of $280 million in the prior year quarter.
• In the fourth quarter of 2019, Suncor demonstrated its continued focus on value over volume as Oil Sands operations achieved
synthetic crude oil production of 300,000 barrels per day and upgrader utilization of 86%, compared to SCO production of
273,400 bbls/d and upgrader utilization of 79% in the prior year period, with both periods impacted by maintenance.
• Total Exploration and Production (E&P) production during the fourth quarter of 2019 increased to 115,900 barrels of oil
equivalent per day (boe/d) from 90,200 boe/d in the prior year quarter. The increase was primarily due to higher production in
East Coast Canada, which increased to 69,600 bbls/d, from 47,900 bbls/d in the prior year quarter.
• Reliable operations in Refining and Marketing drove refinery utilization of 97% and crude throughput of 447,500 bbls/d.
• Suncor sanctioned the Forty Mile Wind Power Project, which is expected to drive value through sustainable low‑carbon
power generation and the retention of generated carbon credits for utilization in Suncor’s upstream business.
• Subsequent to the end of the quarter, Suncor’s Board of Directors approved a quarterly dividend of $0.465 per share, an
increase of 11%. The Board also approved an increase to the company’s existing share repurchase program from $2.0 billion
to $2.5 billion through to the end of February 2020 and a further annual extension of the share repurchase program up to $2.0
billion, beginning March 1, 2020, demonstrating confidence in the company’s ability to generate cash flow and its commitment
to return cash to shareholders.
“In the fourth quarter of 2019, Suncor generated funds from operations of $2.6 billion, bringing annual funds from
operations to a new record of $10.8 billion,” said President and chief executive officer. In 2019, we returned $4.9 billion
in dividends and share repurchases to shareholders, representing 45% of our total funds from operations. Since the start
of 2017, we have paid $7.1 billion in dividends and repurchased $6.7 billion of shares, representing over 9% of our
outstanding common shares, demonstrating our commitment to shareholder returns.”
17

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Valero Energy (USA) Reports 2019 Fourth Quarter and Full Year Results
• Net income attributable to Valero stockholders of $1.1 billion, or $2.58 per
share, for the fourth quarter of 2019 compared to $952 million, or $2.24 per
share, for the fourth quarter of 2018.
• Adjusted net income attributable to Valero stockholders was $873 million, or
$2.13 per share, for the fourth quarter of 2019 and $932 million, or $2.19 per
share, for the fourth quarter of 2018.
• The adjustment for the fourth quarter of 2019 is associated with the
retroactive blender’s tax credit.
• For the year ended December 31, 2019, net income attributable to Valero
stockholders was $2.4 billion, or $5.84 per share, compared to $3.1 billion, or
$7.29 per share, for 2018.
• Adjusted net income attributable to Valero stockholders was $2.4 billion, or
$5.70 per share, for 2019 compared to $3.2 billion, or $7.55 per share, for
2018.
“We delivered another year of steady earnings despite a challenging
environment for the refining business during 2019,” said Chairman and
Chief Executive Officer. We ran our business well by delivering the best
year ever on employee safety performance along with the lowest number
of environmental events in company history.”
18

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Energy Industry

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Eni (Italy) unveils its new supercomputing system HPC5, the world’s most
powerful for industrial use
19
Solution Description
Eni presented its new super computer HPC5. Some of the company’s partners in research and scientific innovation, such as the Massachusetts Institute
of Technology, the Stanford University, the National Research Council and the Politecnico di Torino, as well as the technology partners Dell
Technologies, Intel and Nvidia. The new supercomputer supports the previous system, tripling its computing power from 18 to 52 PetaFlop/s,
equivalent to 52 million billion mathematical operations per second, allowing Eni’s supercomputing ecosystem to reach a total peak power of 70
PetaFlop/s. HPC5 is in fact the world's most powerful supercomputer infrastructure in the industrial sector, and allows the company to achieve another
milestone in its digitalisation process. The remarkable increase in computing power, obtained thanks to the use of hybrid architectures, assists Eni in the
achievement of multiple strategic targets: further acceleration of the company’s transformation and the development of new energy sources and related
processes, such as the generation of energy from the sea, the magnetic confinement fusion, as well as other climate and environmental technologies,
developed in collaboration with the many prestigious partnerships formed with research centres. In addition, HPC5’s capability of processing big data
and Artificial Intelligence systems will lead to further improvement in work processes, with increased process safety, better performances, better
planning of exploration activities, enhanced precision in reservoir simulations, supporting the company’s professionals in daily activities, while
speeding up decision-making.

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EQT (USA) and Temasek launch O2 Power, a renewable energy platform in
India
20
The EQT Infrastructure IV fund and Temasek announced the establishment of O2 Power, a renewable energy platform in India. O2 Power
will target over four gigawatts of installed capacity across solar and wind and has received total commitments of USD 500 million in
equity from EQT and Temasek to be deployed over the coming years. Headquartered in Gurgaon in the Northern Indian state of Haryana,
O2 Power will focus on developing utility scale renewable projects across solar, wind, and hybrid with good quality off-takers via both
Greenfield project development and M&A. The investment in the Platform is in line with EQT’s thematic approach to invest in
sustainable solutions, guided by the United Nations’ Sustainable Development Goals. The Platform contributes to society by providing
households with renewable energy hence addressing the SDG 7 - ensure access to affordable, reliable, sustainable and modern energy for
all. EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 41 billion in
assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more
than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth,
operational excellence and market leadership.

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Launch of World-Class HFHSD-IN 512 for Indian Navy developed by
IndianOil (India)
21
IndianOil Launch of World-Class HFHSD-IN 512 for Indian Navy. IndianOil has always endeavoured to supply world-class fuels to Indian Defence
Forces. Moving ahead in this direction IndianOil has developed and upgraded the specifications of HFHSD- IN 512 fuel required for Indian Naval ships.
The upgraded fuel now exceeds the MIL DTL 16844M specifications which is considered benchmark standard across in the world. The fuel possesses
the best rheological and detergent characteristics validated against most stringent military specifications. It also has lesser environmental impact due to
low Sulphur content and would result in the better performance of engines. This fuel will facilitate the Indian Navy to enhance its global footprint and
will allow India to fuel the vessels of friendly foreign countries at places where fuel conforming to NATO grade is supplied. The launch of the upgraded
HFHSD- IN 512 fuel exceeding MIL DTL 16844M specifications a historic day in the partnership of the Indian Navy and Indian Oil. He appreciated
IndianOil's dedicated efforts towards research and rigorous testing for formulation of the upgraded product along with the upgradation of downstream
infrastructure for ensuring delivery of the product at Naval Jetties. Further, he reiterated R&D Centre's commitment to continually bring forth products
& processes to meet the future needs sustainably and address country's needs of reducing import dependency through a presentation enumerating latest
developments of the Centre. R&D played an important role in the formulating and developing the world class HFHSD fuel required for new generation
vessels of Indian Navy.

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Noble Energy (USA) Provides Update on Successful Leviathan Startup
22
Noble Energy, Inc. provided an update on the startup of the Leviathan natural gas field, offshore Israel.
Key highlights from early production include:
• First gas sales from Leviathan commenced on December 31, 2019.
• All four wells and both subsea flowlines are currently fully operational, with well productivities in line with or better than pre-production expectations.
• Venting operations associated with startup were successful, resulting in no impact to onshore communities and with emissions levels substantially below permitted limits.
• Natural gas sales have been established to Israel, Jordan, and Egypt. Gas sales to Jordan began on January 1, with gas exports to Egypt beginning January 15. Gas sales into
Egypt are utilizing the EMG Pipeline as planned. Interconnects between the Israeli, Jordanian and Egyptian pipeline networks are now fully operational.
• Combined gross natural gas sales from the Leviathan and Tamar fields to date have averaged 1.5 billion cubic feet equivalent per day (Bcfe/d) in January, with peak days up
to 1.7 Bcfe/d.
Noble Energy is an independent oil and natural gas exploration and production company committed to meeting the world’s growing energy needs and delivering leading returns
to shareholders. The Company operates a high-quality portfolio of assets onshore in the United States and offshore in the Eastern Mediterranean and off the west coast of Africa.
Founded more than 85 years ago, Noble Energy is guided by its values, its commitment to safety, and respect for stakeholders, communities and the environment.

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Saipem (Italy) tests a new technology for the disposal and reuse of plastic
23
Plastic recycling is the goal of Saipem’s latest technological solution presented at the 2019 mcT Petrolchimico, an event dedicated to
professionals operating in the petrochemical, oil&gas and chemical industries held recently in Milan.Saipem has in fact signed a licence
agreement with ITEA S.p.A, an Italian company that owns the patent, for application of the technology in a variety of settings.Originally
designed for applications in the oil&gas sector, the technology is particularly suited to solid urban waste disposal, in particular unsorted
plastic.Up till now, plastic recycling from differentiated waste has been rather limited. In fact, according to recent studies, only 30% of
material collected is recycled, leaving unsolved the problem of “Plasmix”, non-recyclable mixed plastics consisting of a group of
heterogeneous plastics included in post-consumption wrappings which cannot be recovered as single polymers.Conversely, the new
technology fine-tuned by ITEA involves a particular process of plastic decomposition called “flameless oxy-combustion”. This produces
water, energy and pure CO2, which is not emitted into the atmosphere, but which is ideal for use as a product destined for the market.
Furthermore, the process is very flexible, relatively simple and can be exploited even in small-sized facilities. It is hoped that, in the future, it
will lead to a noteworthy increase in the percentage of recyclable material in a sustainable way.

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TANECO (Russia) launches hydrotreatment unit for heavy coking gas oil
24
TANECO launches hydrotreatment unit for heavy coking gas oil. The technology of hydrotreating petroleum feedstock is one of the most
common processes, because it allows you to produce components of motor fuel with the highest quality and environmental performance.The
peculiarity of the TANECO heavy coking gas oil hydrotreatment unit is that it can produce modern ecological fuel according to the
requirements of the international convention for the prevention of pollution from MARPOL-2020 ships and prepare raw materials for
producing motor fuel intended for use in cars with Euro standard enginesThe capacity of the hydrotreatment unit for heavy coking gas oil by
raw materials is 850 thousand tons per year. The technological process takes place at a pressure of 110 kgf / cm2 and a temperature of 380
◦.The licensor of the process is the French company Axens, the developer of project documentation is VNIPIneft, and the general construction
contractor is Vostokneftezavodmontazh.To ensure stable operation and minimal environmental impact allow advanced technologies in the
field of industrial and environmental safety used in the construction of the installation.The hydrotreatment unit for heavy coking gas oil, as
well as the TANECO project as a whole, solves the priority tasks for Tatneft to deepen oil refining and produce high-quality and demanded
oil products.

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Tenaris (Luxembourg) to present its revamped Alexandria Service Center
at EGYPS 2020
25
Tenaris to Presentrecently revamped Alexandria Service Center located in the Amreya Free Trade Zone, where we deploy
Rig Direct® to customers in North Africa and the Eastern Mediterranean.Established in 2006, Alexandria Service Center
was upgraded in 2019, adding an inspection facility and a slinging area to prepare pipe for offshore delivery. All HSE
standards are aligned with the latest best global practices. Their booth will showcase OCTG products and technical
solutions that support oil and gas operators in the region, including Rig Direct®. The Rig Direct® service model delivers
pipe and accessories from our mill directly to a customer’s rig, leveraging a single QHSE management system and
combining well planning, supply chain integration and well integrity.They have been in Egypt since 2003 with the opening
of our commercial office in Cairo. Recently, we began supplying pipe and related services to the most important and
complex offshore projects in the region, including the giant Zohr gas field, as well as Nour and Burullus developments.

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Fortune Names Apache Corporation (USA) One of The World’s Most
Admired Companies
26
Apache Corporation has been named by FORTUNE magazine as one of the World’s Most Admired Companies. This
is Apache’s third consecutive year to be recognized in the annual list. To determine the best-regarded companies in 52
industries, Korn Ferry asked executives, directors, and analysts to rate enterprises in their own industry on nine criteria,
from investment value and quality of management and products to social responsibility and ability to attract
talent.Apache Corporation is an oil and gas exploration and production company with operations in the United States,
Egypt and the United Kingdom. Apache posts announcements, operational updates, investor information and copies of
all press releases on its website, www.apachecorp.com.
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Eni (Italy) has been awarded a new exploration and production license in
the Namibe basin offshore Angola
27
ANPG, State concessionaire for oil & gas rights in Angola, assigned Block 28 to Eni (as Operator with, as a result of the
international competitive Bid Round 2019. This result allows Eni to further consolidate its long-term presence in the Country.
Eni, with a 60% share, will be the Operator of the license, located in deep water in the unexplored Namibe Basin. The Joint
Venture will include Sonangol P&P, while the remaining 20% that will be assigned to a third partner during the closing of the
contract. The award comes as an outcome of the 1st International Competitive Bid Round where open blocks were offered by
ANPG in the Namibe-Benguela Basin as a part of the oil gas licenses planned offer for onshore and offshore, in the period
2019-2025. Block 28 is located in a frontier exploration area some tens of km from the coastline, with water depth ranging
between 1000 and 2500 m; Eni has been present in Angola since 1980 and currently accounts an equity production of about
145,000 barrels of oil equivalent per day, confirming the country as strategic for Eni’s organic growth.
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Equinor(Norway) awarded 23 new production licences on the Norwegian
continental shelf
28
Equinor has been awarded 23 new production licences by the Ministry of Petroleum and Energy during the awards in predefined areas of
the licences are Equinor-operated and 9 are partner-operated. The APA rounds are essential to sustaining activity and form the basis for
future revenues from the NCS. The Ministry of Petroleum and Energy today announced that Equinor has been awarded 8 production
licences in the North Sea, 8 in the Norwegian Sea and 7 in the Barents Sea. A unique infrastructure has been built up on the NCS over
more than 50 years, providing neighbouring discoveries with a good foundation for profitable, low-carbon development. The
infrastructure-led exploration on the NCS has been successful for many years. This provides a good basis for high profitability and a low
carbon footprint. In addition, they are actively pursuing new ideas in selected areas that meet the same criteria. This applies to the North
Sea, as well as the Norwegian Sea and the Barents Sea, where we see potentials in the Castberg, Wisting, Goliat and Snøhvit areas. They
are pleased with the opportunities that today’s award by the Ministry of Petroleum and Energy provides
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Hess (USA) Recognized for Strong Management and ESG Leadership
29
Hess has been recognized for strong management and environmental, social and governance leadership in recent months including:
• Bloomberg Gender-Equality Index: The Bloomberg GEI assesses a company’s commitment to supporting gender equality through policy development, representation and transparency. The 2020 GEI includes 325 companies
headquartered in 42 countries and regions; Hess is the only U.S. oil and gas producer awarded “Leader” distinction for its high level of disclosure and performance.
• CDP’s Climate Change Report: Hess has been recognized for climate change stewardship in CDP’s Climate Change Report 2019. This is the 11th consecutive year that the company has earned Leadership status from CDP, an
international non-profit seeking to drive sustainable economies. The report recognizes companies’ efforts to address climate risks, including environmental transparency and performance.
• Dow Jones Sustainability Index North America: The DJSI recognizes public companies for outstanding performance across economic, environmental and social factors using one of the world’s most comprehensive databases of
financially material sustainability information. Hess has earned a place on this prestigious list for the past 10 years. In 2019, Hess is one of only four U.S. oil and gas producers in the Energy industry group listed on the North
America Index.
• Financial Times Stock ExchangeRussell ESG Rating and FTSE4Good Index Series: Hess was named a 2019 constituent of the FTSE4Good Index. The index is designed to measure the performance of companies demonstrating
strong ESG practices. Hess measured well above the oil and gas industry and the E&P subsector averages in each of the ESG areas and above the U.S. country average in most areas. Hess has been included on the FTSE4Good US
Index since 2014
• MSCI USA ESG Leaders Index and ESG Ratings: Hess has been included on the MSCI USA ESG Leaders Index since 2010 and has maintained an AA ESG rating with MSCI since 2011. MSCI rates more than 2,800 companies
and is considered an industry leader in ESG performance and disclosure. The ratings are a priority to investors researching companies.
• Newsweek’s Most Responsible Companies: For the first time, Newsweek published a ranking of America’s 300 Most Responsible Companies in 2019. Hess is ranked No. 119, second among oil and gas companies included in
the list. The ranking was determined through an independent survey and analysis of publicly available key performance indicators of 2,000 public companies in three areas: environmental, social and governance.
• The WSJ Top 250 Best Managed Companies: For the third consecutive year, the Wall Street Journal recently ranked publicly traded U.S. companies based on five performance criteria: customer satisfaction, employee engagement
and development, innovation, social responsibility and financial strength. In 2019 Hess Corporation moved into the Top 250 list on the strength of a higher financial strength score and an uptick in the remaining four categories.
Only four other exploration and production companies made the Top 250 list in 2019.
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IndianOil(India) ranked one of World’s Most Valuable & Strongest
Brands
30
IndianOil has entered the coveted list of the Global 500 list of the world's most valuable and strongest brands across sectors for the year 2020.
The list was released at the World Economic Forum in Davos by Brand Finance, the world's leading independent brand valuation consultancy.
There are only 11 Indian brands in this coveted list and IndianOil is the only Indian brand in the oil & gas sector to feature there. In the overall
Global 500 list, IndianOil has been ranked at the 415th position. In the Oil & Gas sector globally, IndianOil jumped 11 places to be ranked
23rd in the World's Top 50 most valuable oil & gas brands. The Brand Finance survey of brands is conducted across 29 countries covering 10
key sectors. Brand Strength is measured on the efficacy of a brand's performance on intangible measures, relative to its competitors. The
Brand Strength Index is made up of three factors: Marketing Investment, Stakeholder Equity, and the impact of those on Business
Performance. Basis these factors, each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value
calculation. Based on the score, each brand is assigned a corresponding ranking.With a 33,000-plus work-force, extensive refining,
distribution & marketing infrastructure and advanced R&D facilities, IndianOil has been providing energy access to millions of people across
the length and breadth of the country through its ever-expanding network of customer touch points, currently numbering over 50,000.
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Neste (Finland) ranked as the world’s 3rd most sustainable company
31
Neste has again placed 3rd on the Corporate Knights’ Global 100 list of the world’s most sustainable corporations. This is Neste’s
third time in the top 3. It also marks the company’s 14th consecutive inclusion on the Global 100 list. Neste has been included on the
list continuously for longer than any other energy company in the world. The Global 100 list is an annual ranking of corporate
sustainability performance and is compiled by an independent consultancy Corporate Knights. This year it assessed 7,395 companies
with more than USD 1 billion in revenues. The ranking is based on an assessment of up to 21 key performance indicators ranging
from environmental performance indicators to resource management, employee management, financial management, clean revenue
and supplier performance. Neste has gone through a comprehensive transformation over the past decade: the former local oil
company’s aim is now to become a global leader in renewable and circular solutions. Neste’s business is focused on helping
customers in the transport sector and cities, aviation, as well as polymers and chemicals industries to make their business more
sustainable.
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Ørsted(Denmark) is the world's most sustainable company
32
Ørsted, ranking as the most sustainable company in the world is a recognition of its strategic and fundamental business transformation from fossil
fuels to green energy over the past decade. Since 2006, the company has reduced carbon emissions from its energy generation and operations by
83% and will be essentially carbon-neutral by 2025, the offshore wind farms built by Ørsted bring green power to more than 13 million people,
and Ørsted aims to grow this number to 50 million people by 2030.Ørsted's ability to significantly grow its business, while substantially reducing
its carbon emissions, has been central to attaining the top rank in the Global 100 index. Ørsted decided to change its business model a decade ago,
realising that having fossil fuels as its core business would not be sustainable in the long-term. The company has since been instrumental in driving
the build-out of offshore wind at industrial scale and has grown to be the world leader in offshore wind and one of the fastest growing energy
companies in the world. Offshore wind is now significantly cheaper than newly built coal- or gas-fired power plants in most parts of the world,
making it a key technology in the global transition to green energy. According to the International Energy Agency (IEA), offshore wind has the
potential to provide green power to hundreds of millions of people. However, almost 75% of all global greenhouse gas emissions still come from
fossil-based energy, and carbon emissions continue to rise.
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Three new licenses for PGNiG(Poland) in Norway
33
Polish Oil and Gas Company has enriched its portfolio on the Norwegian Continental Shelf with new exploration licenses. It was awarded as part
of the Awards in Predefined Areas by the Norwegian Ministry of Petroleum and Energy. Thus, the number of concessions on the shelf in which the
PGNiG Group holds shares increased to 29. It has status of the operator on four of them. PGNiG Upstream Norway, a subsidiary of PGNiG SA,
was among the 28 oil companies operating in Norway that were granted new license areas. Applications were reviewed and ranked based on
geology and technology content. Two of the newly received licenses - PL1064 and PL 1009B are located in the Norwegian Sea, while the PL636C
license in the North Sea. The PL636C license is an extension of the PL636 license, which includes the Duva natural gas and oil field. PGNiG
currently holds 20 percent shares. Takeover of an additional 10 percent shares in Duva as a result of last year's transaction with Pandion Energy
was recently approved by the Norwegian authorities. The operator on this field is Neptun Energy Norge (30 percent shares), and next to PGNiG,
the other partners are Idemitsu, Pandion Energy and Solveig Gas Norway. The PL1009B license is an extension of the PL1009 license, where
PGNiG plans to drill an exploratory well in cooperation with ConocoPhillips by the end of 2020. In this license, PGNiG received 35 percent.
shares, and the role of the operator is held by ConocoPhillips.
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Halliburton (USA) Wins Drilling and Completion Services Contracts for
INPEX-operated Ichthys Project Field Development
34
Halliburton Company announced it has been awarded seven contracts for drilling and completion services for the next phase of field
development of the INPEX-operated Ichthys Project in the Browse Basin offshore northern Australia. The well development campaign is
due to start in March 2020 and will continue for an estimated 3-year term. The contracts awarded include directional drilling, logging
while drilling, surface data logging, drilling and completions fluids, cementing, liner hangers, coring and well completions services.
Halliburton’s Western Australian facilities in Jandakot and Broome will support the project. The Company expects to hire locally at its
Broome facility to support the contract. Halliburton celebrates its 100 years of service as one of the world's largest providers of products
and services to the energy industry. With approximately 55,000 employees, representing 140 nationalities in more than 80 countries, the
company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing
geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of
the asset.
Description

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Saipem (Italy) new offshore contracts worth over 500 million USD
35
Saipem has been awarded several EPCI contracts invarious countries around the world worth over 500 million USD.The first EPCI contract
has been awarded by Saudi Aramco in the Kingdom of Saudi Arabia as part of the Long-Term Agreement in force until 2021. The scope of
the offshore work encompasses the design, engineering, procurement, construction and installation of a 36” carbon steel pipeline onto the
existing network around the Ju’aymah area and brownfield services at the associated offshore platform.Furthermore, in West Africa, Saipem
has been assigned a contract by Eni Angola S.p.A. related to Cabaça and Agogo Early Phase 1 developments. The scope of work includes the
EPCI of risers, production flowlines, jumpers and the installation of a Subsea Production System (SPS) in water depths ranging between 400
and 600 m to be carried out by Saipem vessels FDS and Saipem 3000.In the same region, specifically in Equatorial Guinea, Saipem has also
signed a contract with Noble Energy for the offshore installation of a 70 km gas pipeline connecting the Alen Platform to Punta Europa on the
coast.Additional minor contracts awarded are related to the decommissioning of existing infrastructures located in the Thistle Field of the
North Sea to be executed by the Saipem 7000 and two other offshore transportation and installation contracts in the Middle East and the Gulf
of Mexico.
Description

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Schlumberger (USA): Equinor Awards Subsea Integration Alliance Integrated
FEED Contract for Bacalhau Field
36
Schlumberger announced an award to Subsea Integration Alliance of an exclusive contract by Equinor for the front-end engineering design
on its Bacalhau project offshore Brazil. The contract scope brings together field development planning, project delivery and total life cycle
solutions under an extensive technology and services portfolio.The contract is based on a two-step award. The FEED and preinvestment are
starting now, with an option for the execution phase under a lump-sum turnkey setup that includes engineering, procurement, construction and
installation for the entire subsea umbilicals, risers and flowlines and subsea production systems scope. Option for the contract is subject to
Equinor’s planned investment decision for the Bacalhau project late 2020. The field development will include 19 wells. Furthermore, Subsea
Integration Alliance will also be responsible for life-of-field support, representing a fully integrated contract model across the entire field life
cycle, from engineering and early engagement to aftermarket services.The Bacalhau Field is located 185 km from the coast of the municipality
of Ilhabela/SP, in the state of São Paulo, in a water depth of 2,050 m. Bacalhau is Brazil’s first integrated SPS and SURF project. The award
is a significant endorsement of Subsea Integration Alliance’s strong position within the integrated market, our long-established local presence
in Brazil and a commitment to support Equinor’s strategy of long-term growth in the region.
Description

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Total (France) to develop Qatar’s First Large-Scale Solar Plant
37
Total has entered into agreements for the development of the Al Kharsaah Solar PV IPP Project, an 800 megawatt-peak solar plant that will
be located 80 kilometers west of Doha, Qatar. The project was awarded to a consortium of Total and Marubeni as the result of the country’s
first solar tender.Qatar’s first large-scale solar power plant, Al Kharsaah will provide sustainable, affordable and clean energy to industries,
services and individuals through the Qatari grid starting from 2021 with an initial 350 MWp capacity before reaching its full capacity in 2022.
It will represent around 10% of electricity peak demand of the country and will reduce the CO2 emissions of Qatar by 26 million tons during
the life of the project. The solar plant will be built on over 1000 hectares of land and equipped with 2 million bifacial solar modules with
trackers, allowing substantial power gains and leveraging the advantage of the exceptional sunlight exposure in the region. It will represent
an investment of around 500 million US dollars.The project will be developed and operated by Siraj 1 SPV, jointly owned by the Consortium
of Total Solar International and Marubeni, alongside Siraj Energy, a Joint Venture between Qatar Petroleum and QEWC.The project benefits
from a 25-year power purchase agreement (PPA) to supply electricity to the offtaker Kahramaa.
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Partner Ecosystem Updates
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Eni (Italy) signs a Memorandum of Understanding to strengthen collaboration
in Bahrain’s energy sector
38
Chairman of Tatweer Petroleum, and Eni’s Chief Executive Officer, signed a Memorandum of Understanding. In accordance with
Bahrain’s national energy plan, renewable energy will be an area of particular interest in order to consider potential business
opportunities. In the LNG sector, the collaboration will target a more sustainable and efficient energy mix to meet Bahrain’s
future energy needs. Eni’s unique know-how and expertise will also be leveraged to evaluate further exploration opportunities.
Eni’s operations in the Middle East have continued to grow over the last few years. Notably, Eni began operating in Bahrain in
2019, with one offshore exploration license. The current exploration acreage in the Region includes in the UAE onshore areas in
Sharjah and offshore areas in Abu Dhabi and Ras Al Khaimah. In Abu Dhabi Eni also has three offshore development and
production concessions and current equity production amounts to approximately 50,000 bbl./day. Eni is also a shareholder with
a 20% equity interest in ADNOC Refining. In the Middle East, Eni is also active in Oman, Lebanon and Iraq, where it undertakes
both exploration and development activities.
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ENEA and Eni (Italy) join forces for international DTT project worth 600
million euros
39
ENEA and Eni will work together in a strategic alliance focused on the energy of the future, sustainable, safe and unlimited. The agreement was signed
and it involves the establishment of a scientific and technological centre for fusion DTT by DDT Scarl, a joint venture owned 25% by Eni, 74% by
ENEA and 1% by Consorzio CREATE.Italy comes to the forefront of the international stage with a project in which ENEA and Eni will work together
in a strategic alliance. The project, worth over 600 million euros, focuses on the energy of the future, sustainable, safe and unlimited, and it involves the
establishment of a scientific and technological centre for fusion DTT (Divertor Tokamak Test) in ENEA’s Research Centre in Frascati (Rome) by DDT
Scarl, a joint venture owned 25% by Eni, 74% by ENEA and 1% by Consorzio CREATE.The project will have an impact of around 2 billion euros on
the national GDP and will create 1,500 new jobs, among which 500 for scientists and technical specialists.The Divertor Tokamak Test will be built over
7 years and will see the participation of the European Union, the Consorzio CREATE, and the European Investment Bank (with a record funding of 250
million euros provided by the European Fund for Strategic Investments, a pillar of the Juncker Plan for investments), the European Consortium
EUROfusion (with 60 million euros under the Horizon 2020 funds), the Minister of Economic Development and the Ministry of University and
Research (with about 80 million euros), Lazio Region (with 25 million euros as well as the expenses of connection to the national electricity grid) and
other 30 million euros given by international partners.
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Eni (Italy) signs a liquefied natural gas supply agreement with Nigeria
LNG
40
Eni signed a new long-term contract for the purchase of 1,5 million tonnes of liquefied natural gas with Nigeria LNG
Limited, a joint venture between NNPC, Shell, Total and Eni. The LNG will be produced from the existing Trains 1,2
and 3 located in Bonny Island, Nigeria. Eni, through its local affiliate NAOC, is also one of the suppliers of the
liquefaction plant, thus contributing to the valorization of associated gas resources in Nigeria.The deal, together with
the one for 1.1 million tonnes of LNG executed last December between Eni and NLNG, allows Eni to increase its
global LNG portfolio starting from 2021 and to support further the development of its presence in the main destination
markets worldwide. Eni has been present in Nigeria since 1962, with operated and non-operated exploration
development and production activities in the onshore and offshore areas of the Niger. Eni’s equity hydrocarbon
production in the country exceeds 100,000 boe/day.
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Eni (Italy) and Coldiretti sign a collaboration agreement to strengthen
energy’s role in agriculture
41
Eni and Coldiretti signed a collaboration agreement to undertake joint circular economy and sustainable development
initiatives, which will strengthen energy’s role in agriculture. In accordance with the 3-year agreement, Eni will supply
Coldiretti’s associates, consortia, subsidiaries and affiliates with its range of fuels (automotive diesel, agricultural diesel
and petrol) and lubricants specifically designed for agricultural machinery (engine oils, multifunctional oils, hydraulic
oils, antifreeze fluids and greases), alongside Eni’s low environmental impact lubrificants, which are biodegradable and
made from renewable sources. This will further the existing agreement between the National Coldiretti Confederation and
Eni, which set out areas of collaboration regarding the circular economy, with a particular focus on energy, agriculture,
agri-food and livestock sectors. It also encourages industrial synergies between partners who can combine facilities,
assets, and skills, and help to promote sustainable agriculture by optimizing energy consumption.
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Eni (Italy) and the Politecnico di Torino: a renewed alliance for the use of
marine energy resources
42
Eni and the Politecnico di Torino have signed a Memorandum of Understanding to further strengthen scientific collaboration and undertake a joint academic
initiative to study energy from marine resources. This agreement will involve the launch of the "MarEnergy Lab" research laboratory, which will investigate
specific issues, enhance related understanding, and also contribute to the rapid deployment of industrial technologies that use marine energy resources.
Furthermore, a teaching position on "Energy from the Sea" will be created to train engineers who will specialise in the use of the new technologies developed in
the laboratory itself. The Politecnico di Torino is a leading global player in the study and development of technologies for the use of marine renewable sources,
particularly wave motion. Drawing on company experience in the field of offshore activities and marine installations, Eni has developed the first integrated power
generation plant in the world using wave and photovoltaic energy: the Intertial Sea Wave Energy Converter. This project has been undertaken in collaboration with
The Politecnico di Torino and Wave for Energy, a subsidiary of the Politecnico. The ISWEC has been operating since March 2019 in the Ravenna offshore and has
proven highly reliable and able to adapt to different sea conditions, thanks to its active control and regulation system. During the operating period, the maximum
nominal power value of 50 kW was exceeded. This Agreement will ensure that the collaboration between both parties further widens to include joint activities in
the study of marine energy sources, and extending to wave motion as well as offshore wind power, ocean currents and tides, and saline gradients.
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SOCAR-AQS and Halliburton (USA) Enter into Agreement to Provide
Broad Suite of Oilfield Products and Services in Azerbaijan
43
SOCAR-AQS and Halliburton Company announced the companies have signed a Memorandum of Understanding to form a new joint venture
to provide a broad suite of oilfield products and services in Azerbaijan. The joint venture will be based in Baku, Azerbaijan, and will focus its
business development and operations both on onshore and offshore Azerbaijan. AQS and Halliburton expect to finalize the joint venture and
begin operations in the second quarter of 2020 subject to the agreement and finalization of terms and conditions. SOCAR AQS LLC was
established as an integrated drilling and well services management company between the State Oil Company of Azerbaijan Republic and
Absheron Drilling Company in 2007. The main scope of activities of the company is provision of work and services related to drilling of oil
and gas wells. The company also provides industry specific supply chain management, warehouse management and other related services.
Currently, SOCAR AQS executes oil and gas drilling with 6 rigs on 5 platforms in 4 offshore oil and gas fields in the Caspian, including
Shallow Water Gunashli, West Absheron and Bulla- Deniz. The company successfully implements drilling works in Turkey in the frame of
Expansion of TuzGolu underground gas storage project. SOCAR AQS has also been awarded contracts in Ukraine and Bangladesh.
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IndianOil(India) to team up with Phinergy of Israel for manufacture of
metal-air batteries
44
Indian Oil Corporation has firmed up its equity participation in Phinergy, Israel, for production of metal-air batteries. Phinergy specialises in
aluminium-air and zinc-air battery systems that have great potential applications in electric mobility and stationary applications. Aluminium
is naturally available in India and their extraction and recycling technologies are also very well established. IndianOil's collaboration with
Phinergy in the field of Al-Air will help in reducing import dependence of the country and isolates the country's energy requirements from
global geo-political and currency risks. To start with, IndianOil has taken a minority equity stake in Phinergy. IndianOil and Phinergy are now
in the process of forming a Joint Venture in India for collaboration in the field of Al-Air battery system including research & development,
customization, manufacturing, assembly, sell and service of aluminium-air energy systems technology. The joint venture intends to setup a
factory in India to manufacture Al-Air batteries for Electric Vehicles and stationary applications and facilitate development of eco-system for
Al-Air technology. Both companies are in discussions with leading auto manufactures for adoption of this technology in 3Ws, cars & buses,
and they have also shown interest in evaluation and subsequent adoption of this technology.
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IndianOil(India) signs MoU with National Petroleum Authority of Ghana for
assistance in the implementation of Ghana’s National LPG Promotion Policy
45
IndianOil has signed a MoU with the National Petroleum Authority of Ghana for providing its assistance and technical expertise in the implementation
of Ghana's National LPG Promotion Policy. With India's emergence as a world leader in provision of clean energy to its citizens by the expansion of its
LPG network, Ghana sought assistance from India in its own efforts to promote to safe, clean and environmentally friendly LPG for increased domestic,
commercial and industrial usage. IndianOil, the country's flagship oil marketing company would on behalf of India provide support to the National
Petroleum Authority of Ghana in several areas such as development of Health, Safety, Security and Environment Standards, development of Licensing,
permit and legal framework, development of economics for LPG bottling plant, pricing structure, and communication strategy. IndianOil will also assist
in areas of infrastructure development for the new LPG Value chain, support for upgrading capacities of institutions along with policy development and
review. The MoU also provides for administrative assistance to IndianOil in case it decides to participate as a commercial participant in Ghana's
downstream petroleum sector. The MoU between the two countries symbolizes India's recognition as leader in providing clean energy access to millions
of Indians through the Pradhan Mantri Ujjwala Yojana successfully implemented by Ministry of Petroleum and Natural Gas with the support of oil
marketing companies like IndianOil and others.
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IndianOil(India) inks agreement with Cummins; to collaborate for Diesel
Exhaust Fluid (DEF) bulk dispensing
46
IndianOil has signed an agreement with Cummins Technologies for bulk dispensing of IndianOil's Diesel Exhaust Fluid, branded as IOC
ClearBlue, in their advanced engines with SCR systems.India will shift to BS-VI auto fuel emission norms from 1st April 2020. The automobile
companies are effecting several technical changes in diesel vehicles such as provision for fitting diesel particulate filter, selective catalytic
reduction and exhaust gas recirculation. The SCR systems shall require DEF, an aqueous urea solution, for effective reduction in Nitrogen oxide
emissions. Bulk dispensing of DEF is in line with global trends and offers better cost viability to truck and bus owners, as compared to packed
products. The technical knowledge of Cummins combined with the bulk dispensing expertise of IndianOil shall help offer a world-class product
to the customers across the country. With a 33,000-plus work-force, extensive refining, distribution & marketing infrastructure and advanced R&D
facilities, IndianOil has been providing energy access to millions of people across the length and breadth of the country through its ever-expanding
network of customer touch points, currently numbering over 50,000. With a turnover of Rs. 6,05,924 crore and a net profit of Rs. 16,894 crores for
the fiscal 2018-19, IndianOil is one the largest and most trusted corporate in the Country, touching the lives of over a billion Indians.
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IndianOil(India) and OIL to collaborate on CO2 - assisted Enhanced Oil
Recovery
47
IndianOil, India's flagship energy major and Oil India Limited, the nation's premier E&P company, signed an MoU
for collaborating on a unique CO2-Enhanced Oil Recovery project in Assam. Utilisation and Storage as an effective
emissions mitigation tool to combat climate change. Injecting carbon dioxide into oil reservoirs for effecting
Enhanced Oil Recovery (EOR) offers a potentially attractive way to spur greater CCUS action to support climate
change-related carbon storage objectives as well as improve oil-well productivity. It is proposed that CO2 captured
from the flue-gas stacks of Hydrogen Generation Unit & Gas Turbine power plant at Digboi Refinery will be
transferred to the Nahorkatiya&Dikom oil fields of OIL in Assam, located approximately 50 - 60 km from Digboi.
Speaking on the occasion.
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PGNiG(Poland)teamed up with another partner to accelerate startups
48
Polish Oil and Gas Company will use the services of HugeTECH's IDEA Global accelerator. The cooperation will allow for the search
and selection of startups whose innovative projects can be applied in the PGNiG Group. The undertaking is implemented as part of the
second edition of the government's Scale Up program. HugeTECH has acquired the IDEA Global grant acceleration program in the
amount of PLN 9.6 million from the Polish Agency for Enterprise Development, which oversees the Smart Growth Operational Program
2014-2020, known as Scale Up. Its main goal is to select and then accelerate projects that will most significantly contribute to increasing
the scope of cooperation between micro and small entrepreneurs with technology recipients. Startups that qualify for acceleration must
be ready for the efficient development of their project in order to attract a strategic business partner - a potential recipient of technology.
PGNiG will act as such a partner in the IDEA Global acceleration program. This is another example of PGNiG's involvement in a startup
acceleration program with government support. As part of the previous Scale Up edition, PGNiG cooperated with the MIT Enterprise
Forum Poland accelerator, and last year with Startup Hub Poland on the Poland Prize program addressed to startups from abroad.
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PGNiG (Poland) and NFOŚiGW partnering to improve air quality in
Poland
49
PolskieGórnictwoNaftoweiGazownictwo and the National Fund for Environmental Protection and Water Management have signed a
partnership agreement to support the ‘Clean Air’ programme. Its primary aim is to facilitate the process of subsidising the switchover to
gas-fired boilers, which will contribute to a reduction of particles and other pollutant emissions from detached houses. Under the
agreement, the Fund will gain access to information on whether a given property is connected to a mains gas supply, which will accelerate
the verification of applications in the ‘Clean Air’ programme. The parties also plan other joint initiatives, including arrangements
whereby applications for switchover subsidies could be accepted at PGNiG customer service points and new gas users be included in the
energy efficiency certificates system. The details will be prepared by the end of March this year. As part of the partnership agreement,
PGNiG will be involved in the verification of gas-grid access of properties whose owners are eligible to receive subsidies under the
‘Clean Air’ programme. Thus, it will support the Provincial Funds for Environmental Protection, which are operationally involved in the
programme. The parties also expressed willingness to expand their cooperation in the programme by engaging PGNiG’s sales network in
serving those applying for subsidies to switch over to gas heating systems.
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ORLEN (Poland) develops hydrogen technologies together with Płock
50
PKN ORLEN signed with the Municipality of Plock letter of intent on cooperation for development zeroemisyjnego public transport
based on hydrogen drives. The effect of activities carried out under the agreement is to be the creation of hydrogen refuelling
infrastructure in Płock, intended for public transport vehicles and public services.The PKN ORLEN strategy provides for work on the
development of alternative fuels used in transport. Currently, the ORLEN Group produces about 45 tonnes of hydrogen per hour, most of
which is used for the needs of production processes. The concern has already started the implementation of a hydrogen purification
installation, which from 2021 will allow the introduction of this fuel on the market. ORLEN is also developing a technology for storing,
transporting and distributing hydrogen fuel. The signed letter of intent is aimed at cooperation and exchange of experience between the
parties, aiming at implementing an effective hydrogen refuelling infrastructure meeting the needs of public transport and vehicles
providing public services. In accordance with the introduced regulations, local governments will be obliged to consistently increase the
share of zero-emission vehicles in the public service fleet. Hydrogen fuels in Poland, currently mainly in the testing phase, but after the
implementation of technical and legislative solutions will be a significant complement to the energy mix in heavy transport.
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Saipem (Italy) signs a Memorandum of Understanding with Gulf
Petrochemical Industries Company
51
Saipem has signed a Memorandum of Understanding with Gulf Petrochemical Industries Company, a joint venture equally
owned by the National Oil and Gas Holding Company in the Kingdom of Bahrain, SABIC Agri-nutrient Investments in
the Kingdom of Saudi Arabia, and Petrochemical Industries Co. in Kuwait.The subject matter of the agreement is the
feasibility study of three main projects in Bahrain. The first is in relation to the increase of GPIC’s daily plant production
of Ammonia, Urea and Methanol through technical solutions that may reduce energy consumption and use natural gas.
The second consists of a pre-feasibility study to build a new Mega Ammonia and Urea Plant, while the third aims to
determine the quality of gas feedstock in the fields discovered in 2018 off the west coast of the kingdom.
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Idemitsu (Japan) Lubricants America Co. Enters into Partnership with
Mazda Motorsports USA
52
Idemitsu Kosan Co., Ltd.is pleased to announce that its North American affiliate, Idemitsu Lubricants America Corporation, is the proud
sponsor of the Mazda prototypemotorsports team at the 2020 WeatherTech SportsCar Championship sanctioned by the International
Motorsports Association.The IMSA WeatherTech Sports Car Championship, which includes the Daytona 24 Hours Race and the Sebring
12 Hours Race, is considered one of the most important and desired American motorsports platforms. ILAC supports the highest class
within this championship by sponsoring the Mazda race team. The Daytona 24 Hours Race, which essentially launches the 2020 racing
season, is one of the world's three endurance races and the most popular race in the series.On the track, Idemitsu Lubricants America
Corporation is sponsoring both the No. 77 and No. 55 Mazda (RT24-P) Daytona Prototypes. The team is off to a great start with No. 77
Mazda (RT24-P) recently setting an unofficial lap record during qualifying, to take the pole position for the Daytona Prototypes. The team
will return to compete at the Rolex 24 in Daytona on January 22-26.IKC has worked hard to foster a strong partnership with Mazda.
Going beyond the track, the two organizations have historically worked closely together to co-engineer customized and state-of-the-art
lubrication solutions for Mazda’s unique engine technology.
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The Global Road Safety Facility and Total Foundation (France) Announce Partnership to
Advance Data-related Capacity Building through the African Road Safety Observatory
53
Total Foundation has joined the Global Road Safety Facility as its newest donor partner. GRSF is a global partnership program administered by the
World Bank, with a mission to help address the growing crisis of road traffic deaths and injuries in low and middle-income countries. Total Foundation
and GRSF have signed a joint project to provide training, assistance and guidance to countries, with the goal of boosting their road safety analytic and
data usage capacities.This project will directly assist African nations to improve their road safety data and information systems and expand the use of
data for better targeting of road safety treatments, better monitoring, more rigorous evaluation, and more effective advocacy. The initiative will also
improve the data provided to the Africa Road Safety Observatory, and further facilitate country to country learning opportunities from the
Observatory.This program of funding strengthens the ongoing partnership between Total Foundation and GRSF.The organizations have worked
together on road safety in Africa previously, including jointly supporting work on high crash risk corridors in Africa.The partnership signed today is
especially relevant in the lead up to the 3rd Global High-Level Conference on Road Safety: “Achieving Global Goals 2030", to be held on February
19-20, in Stockholm, Sweden. Country delegates and international organization delegations will get together to take stock of advances, make
commitments to accelerate road safety action, and discuss future strategic directions for global road safety up to 2030. GRSF strongly encourage broad
country participation in this global event, and the setting of ambitious commitments.
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