I Bytes Energy Industry

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I-Bytes
Energy
October Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Rewards and Recognition Updates...................................................................................................................19
3. Customer Success Updates................................................................................................................................25
4. Partnership Ecosystem Updates.......................................................................................................................32
5. Environment & Social Updates.........................................................................................................................47

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Financial, M & A
Updates Energy Industry

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Financial, M&A Updates
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U.S. Department of Energy’s National Energy Technology Laboratory Announces Investment
to Further Develop LH CO2MENT Colorado Project, Carbon Capture Technology
On September 1, the United States Department of Energy’s National Energy Technology
Laboratory (DOE-NETL) awarded $1.5 million in federal funding for cost-shared research and
development to support the initial engineering analysis and advancement of the LH CO2MENT
Colorado Project, which was the subject of a scoping study launched earlier this year. The
commercial-scale carbon-capture project, based in Florence, Colorado, is a partnership of Svante
Inc., LafargeHolcim, Oxy Low Carbon Ventures, LLC (OLCV), a wholly owned subsidiary of
Occidental, and Total. With the successful completion of the initial scoping study in June 2020
and confirmation of DOE funding, the partnership has committed to the next project phase to
evaluate the feasibility of the facility designed to capture up to 2 million tonnes of carbon dioxide
per year directly from the Holcim cement plant and the natural gas-fired steam generator, which
would be sequestered underground permanently by Occidental.The carbon-capture facility under
review will employ Svante’s solid sorbent technology to capture carbon directly from the cement
kiln as a non-intrusive "end-of-the-pipe’’ solution.Electricore, Inc. will facilitate management of
the federal grant, and Kiewit Engineering Group Inc. will lead the engineering development. This
joint initiative follows the recently launched Pilot Plant Project CO2MENT between Svante,
LafargeHolcim and Total in Canada at the Lafarge Richmond cement plant, where progress has
been made towards re-injecting captured CO2 into concrete.
Executive Commentary
"Oxy Low Carbon Ventures is leveraging Occidental’s 40 years of experience in securely
storing CO2 in geologic formations to advance permanent sequestration as a solution that
supports global emissions reduction efforts through carbon retirement," said Oxy Low
Carbon Ventures President. "This partnership is a powerful example of how cross-industry
collaboration can help progress carbon capture, utilization and storage projects that will be
critical to accelerating the transition to a lower-carbon world."
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Occidental Announces Sale of its Onshore Assets in Colombia to The Carlyle
Group
Occidental announced it has signed an agreement to sell its onshore
assets in Colombia to The Carlyle Group for total consideration of
approximately $825 million, with $700 million up front and the
remainder payable subject to certain production and commodity
price targets. The transaction, which is expected to close in the
fourth quarter of 2020, includes operations and working interests in
the Llanos Norte, Middle Magdalena and Putumayo Basins.
Occidental will retain a presence in country with its exploration
blocks offshore Colombia.Occidental has announced over $2 billion
of divestitures in 2020 that are expected to close by year-end and
continues to advance additional asset sales.
"Occidental has operated in Colombia, in partnership with
Ecopetrol, for more than 40 years and is honored to remain a key
partner in driving the country’s energy evolution," said President
and CEO. "We have expanded our strategic partnership with
Ecopetrol to the onshore U.S. and to exploration blocks offshore
Colombia. These highly prospective offshore blocks hold
tremendous potential that could significantly bolster the
country’s energy resources."
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Chevron (USA) Completes Acquisition of Noble Energy
Chevron Corporation announced that its acquisition of Noble
Energy, Inc. has been completed following approval by Noble
Energy shareholders.Chevron Corporation is one of the world's
leading integrated energy companies. Through its subsidiaries that
conduct business worldwide, the company is involved in virtually
every facet of the energy industry. Chevron explores for, produces
and transports crude oil and natural gas; refines, markets and
distributes transportation fuels and lubricants; manufactures and
sells petrochemicals and additives; generates power; and develops
and deploys technologies that enhance business value in every
aspect of the company's operations. Chevron is based in San
Ramon, Calif.
“We are pleased to welcome Noble Energy’s employees and
shareholders to Chevron. Noble’s high-quality assets
complement Chevron’s advantaged upstream portfolio, and the
combination is expected to deliver strong financial benefits,”
said Chevron Chairman and CEO. “With an industry-leading
balance sheet and a track record of capital discipline, we believe
we’re in a different place than others and can protect the dividend
while driving long-term value.”
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Devon Energy (USA) and WPX Energy to Combine in Merger of Equals, Creating a Leading Energy
Company Focused on Generating Free Cash Flow and Return of Capital to Shareholders
Devon Energy and WPX Energy announced they have entered into an agreement to combine in an all-stock merger of equals transaction. The strategic
combination will create a leading unconventional oil producer in the U.S., with an asset base underpinned by a premium acreage position in the
economic core of the Delaware Basin. The combined company, which will be named Devon Energy, will benefit from enhanced scale, improved
margins, higher free cash flow and the financial strength to accelerate the return of cash to shareholders through an industry-first “fixed plus variable”
dividend strategy.Under the terms of the agreement, WPX shareholders will receive a fixed exchange ratio of 0.5165 shares of Devon common stock
for each share of WPX common stock owned. The exchange ratio, together with closing prices for Devon and WPX on Sept. 25, 2020, results in an
enterprise value for the combined entity of approximately $12 billion. Upon completion of the transaction, Devon shareholders will own
approximately 57 percent of the combined company and WPX shareholders will own approximately 43 percent of the combined company on a fully
diluted basis.The transaction, which is expected to close in the first quarter of 2021, has been unanimously approved by the boards of directors of both
companies. Funds managed by EnCap Investments L.P. own approximately 27 percent of the outstanding shares of WPX and have entered into a
support agreement to vote in favor of the transaction. The closing of the transaction is subject to customary closing conditions, including approvals by
Devon and WPX shareholders.
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Devon Energy (USA) Completes Sale of Barnett Shale Assets
Devon Energy Corp. announced that it has completed the sale of its assets in the Barnett Shale to Banpu Kalnin Ventures
(BKV). Devon received a cash payment of $320 million from BKV at closing, after adjusting for a $170 million deposit
received in April and purchase-price adjustments that, among other things, allocate revenues and expenses based on a
Sept. 1, 2019, effective date. The sale agreement with BKV provides Devon the opportunity for contingent cash
payments of up to $260 million based upon future commodity prices, with upside participation beginning at either a $2.75
Henry Hub natural gas price or a $50 West Texas Intermediate oil price. The contingent payment period commences on
Jan. 1, 2021 and has a term of four years. The contingent payments are earned and paid on an annual basis.Devon Energy
is a leading independent energy company engaged in finding and producing oil and natural gas. Based in Oklahoma City
and included in the S&P 500, Devon operates in several of the most prolific oil and natural gas plays in the U.S. with an
emphasis on achieving strong returns and capital-efficient cash-flow growth.
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EQT (USA) acquires idealista – the leading online real estate classifieds platform in
Southern Europe
The EQT IX fund has agreed to acquire idealista at a transaction price of EUR 1.3 billion from
funds advised by Apax Partners and management. Management will re-invest significantly into
the Company while EQT IX will have majority ownership. idealista’s management team,
including founder and CEO Jesús Encinar, will continue to lead the Company, building on its
strong track record of growth and innovation. Founded in 2000 and headquartered in Madrid,
Spain, idealista supports approximately 40,000 real estate agents and 38 million unique monthly
visitors across Southern Europe by providing an online real estate classifieds marketplace for
home buyers and sellers. The Company’s online platform and diversified portfolio of digital
services, such as CRM tools, data analytics, and online mortgage brokerage, help enable efficient
real estate transactions, making it a key destination for prospective homeowners and sellers in
Spain, Italy, and Portugal. EQT IX will support idealista’s growth and continued pursuit of
commercial excellence by investing in the Company’s online platform and further developing its
portfolio of value-add services for real estate agents. Moreover, the Company is expected to
leverage EQT's inhouse digital and tech expertise, global presence, and network of advisors.
Together with its founders and management, EQT will support idealista’s plans to further
penetrate its core markets and strengthen its position as the market leading and go-to platform for
online real estate classifieds in Southern Europe.
Partner and Global Co-Head TMT at EQT Partners and Investment Advisor to EQT IX, said:
“idealista represents a truly thematic investment, within one of EQT’s core sub-sectors. This
investment fits strongly with EQT’s focus of investing in high growth companies and
partnering with world class management teams. We are impressed by the market leading
position idealista has built over the past 20 years and EQT is excited to support idealista and
its entrepreneurial management team in this next stage of growth.”
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EQT (USA) Public Value invests in Securitas – becomes fourth largest shareholder
The EQT Public Value fund has acquired 10 million shares in Securitas AB, representing an
ownership of 2.7 percent of shares outstanding. Partner at EQT Partners and Investment Advisor
to EQT Public Value, will join the nomination committee for Securitas’Annual General Meeting
in 2021. EQT Public Value seeks to identify minority investments in public companies with
market leading positions, strong management teams and significant potential for top-line and
earnings growth. Through shareholder engagement, EQT Public Value aims to work closely with
existing shareholders, boards and management teams in order to allow that companies reach their
full potential and deliver shareholder value. Founded in Sweden in 1934, Securitas has a leading
position in the security services industry with a strong local and global market presence. The
Company currently operates in 56 countries and has approximately 370,000 employees. Securitas
is listed in the Large Cap segment on Nasdaq Stockholm and reported net sales of SEK 110.9
billion and EBITA of SEK 5.7 billion in 2019. Securitas is leading the transformation of the
global security services industry, from traditional guarding to a wide range of protective services,
including on-site, mobile and remote guarding, electronic security, fire and safety, as well as
corporate risk management. In 2019, the Company announced its ambition to double the size of
its security solutions and electronic security business from SEK 20 billion in 2018 to SEK 40
billion in 2023
Partner at EQT Partners, said: “We have followed Securitas for a long time and are impressed
with the Company’s transformation from providing traditional guarding services to offering
comprehensive security solutions. EQT has vast experience in developing and digitalizing
services companies. Thanks to its strong service offering, global branch network and leading
market position, Securitas has an excellent platform for further organic and acquisitive
growth. EQT Public Value looks forward to working together with shareholders, board and
management on the next phase of Securitas development.”
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EQT (USA) acquires Casa.it – one of Italy’s leading online real estate classifieds
platforms
The EQT IX fund has agreed to acquire Casa.it from funds advised by Oakley
Capital. Casa’s management team will continue to lead the Company, building on
its strong track record of growth and innovation. Founded in 1996 and
headquartered in Milan, Italy, Casa is the longest running online real estate
classifieds platform in Italy. Under Oakley’s ownership, since 2017, Casa has
significantly expanded its customer base, now servicing over 14,000 real estate
agents with over one million property listings on its website, making it a key
destination for prospective homeowners and sellers in Italy. EQT will support
Casa’s growth and continued pursuit of commercial excellence by investing in the
Company’s online platform and further developing its portfolio of value-add
services for real estate agents. Moreover, the Company is expected to leverage
EQT's inhouse digital and tech expertise, global presence, and network of
advisors. Together with management, EQT will support Casa’s plans to further
penetrate the Italian market and strengthen its position as one of the leading
online real estate classifieds platforms in the region.
Partner and Global Co-Head TMT at EQT Partners and Investment Advisor to
EQT IX, said: “We are impressed with Casa’s growth journey over the past
few years. Luca Rossetto and his management team, together with Oakley,
have done a great job developing the Company and positioning it as one of the
leading online real estate classifieds platforms in Italy. EQT is looking
forward to joining forces and continuing on this journey together with Casa.”
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EQT (USA) Infrastructure to sell Synagro
The EQT Infrastructure II fund announced it has entered into a definitive agreement to
sell Synagro Technologies, Inc. to West Street Infrastructure Partners III, an
infrastructure investment fund managed by Goldman Sachs Merchant Banking Division.
Founded in 1986 and headquartered in Baltimore, Maryland, Synagro is the leading
provider of wastewater biosolids solutions in North America. The Company provides
essential biosolids treatment solutions, turning a waste stream into fertilizer products for
over 1,000 municipal and industrial customers across 35 states. Synagro manages over
14 million tons of biosolids annually across its portfolio of 24 specialized treatment
facilities and the industry’s largest permitted beneficial use land base. Under EQT
Infrastructure’s ownership, Synagro has developed into the industry leading wastewater
biosolids solutions platform in North America with the industry’s largest wastewater
biosolids treatment facility footprint, broadest network of permitted disposal solutions
and most comprehensive environmental services offering. With its data driven and local
approach, the Company has solidified its position as a trusted partner for municipalities
and industrial customers helping to protect the water, air and soil quality of the local
communities in which Synagro operates.
Partner at EQT Partners, said: “Partnering with the Synagro management team to
develop the Company into the industry leading platform has been a fulfilling
experience. Synagro’s sustainable business model aligns well with EQT’s ESG goals
and we are proud to have been a part of the Company’s transformation. With
ever-increasing demand for sustainable biosolids solutions, Synagro is
well-positioned for its next phase of growth under Goldman Sachs’ ownership.”
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ExxonMobil (USA) to proceed with Payara development offshore Guyana
ExxonMobil has made its final investment decision to proceed with the Payara field offshore
development in Guyana after receiving government approvals. Payara is the third project in the
Stabroek Block and is expected to produce up to 220,000 barrels of oil per day after startup in
2024, using the Prosperity floating production, storage and offloading (FPSO) vessel.The $9
billion development will target an estimated resource base of about 600 million oil-equivalent
barrels. Ten drill centers are planned along with up to 41 wells, including 20 production and 21
injection wells.ExxonMobil’s first offshore Guyana project, Liza Phase 1, began producing in
late 2019, well ahead of the industry average for development time. Liza Phase 2, remains on
track to begin producing oil by early 2022. It will produce up to 220,000 barrels of oil per day at
peak rates using the Liza Unity FPSO, which is under construction in Singapore. ExxonMobil is
evaluating additional development opportunities in the Stabroek Block, including Redtail,
Yellowtail, Mako and Uaru resources, and plans to have five drillships operating offshore Guyana
by the end of this year. As new projects proceed, investment in the Guyana economy increases.
More than 2,000 Guyanese are now supporting project activities on and offshore, a 50 percent
increase since 2019. ExxonMobil and its prime contractors have spent over $300 million with
more than 700 local companies since 2015. More than 2,500 Guyanese companies are registered
with the Centre for Local Business Development, which was founded by ExxonMobil and its
co-venturers in 2017 to build local business capacity to support global competitiveness.
“ExxonMobil is committed to building on the capabilities from our Liza Phase 1 and 2
offshore oil developments as we sanction the Payara field and responsibly develop Guyana’s
natural resources,” said President of ExxonMobil Upstream Oil & Gas Company. “We
continue to prioritize high-potential prospects in close proximity to discoveries and
maximize value for our partners, which includes the people of Guyana.”
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Galp (Portugal) completes transaction with ACS, becomes Iberia’s leading solar
player
Galp and ACS have completed the transaction for the creation of a
joint venture (JV) to develop 2.9 GW of solar photovoltaic projects in
Spain. Galp acquired 75.01% of the target solar company, while ACS
will keep 24.99%.A joint control governance structure has been set up
and the stake will be booked in Galp’s fi-nancial statements under the
equity method. Today’s completion is the outcome of the January 22
agreement with ACS, subse-quently amended, amongst others, to
establish a JV between the two parties, as an-nounced in July. All
partner and authority approvals have now been received for this
amended agreement. The 2.9 GW portfolio incorporates a selection of
high-quality projects spread across Spain. This includes 914 MW of
recently commissioned assets and a pipeline with differ-ent stages of
development.
Galp CEO“The closing of this transaction represents a significant
step towards our renewables business ambitions, establishing Galp
as the largest solar operator in Iberia through the incorporation of a
high-quality generation portfolio, and will be an important part of
our energy transition path.”
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Completion of PV project acquisition in Kozani financing through a new bond
issuance
HΕLLENIC PETROLEUM SA through its wholly owned subsidiary, ELPE RENEWABLES,
completed the acquisition of a powerful portfolio of Photovoltaic projects at final permitting stage, in
the wider Kozani region, Greece, from JUWI, a leading international Renewable Energy Sources
developer, based in Germany. When completed, the PV project will be the largest-scale RES initiative
project in Greece and one of the biggest PV projects in Europe with a total planned installed capacity
of 204 MW. The total cost of the investment is estimated at 130 million euros, with more than 35% of
materials, equipment and employment sourced from Greece, while during the construction stage of the
project over 350 jobs opportunities are expected to be generated locally. The project comprises the
construction of 18 PV systems spanning over an area of 4,400 acres, whilst the works are scheduled to
start within October and last 16 months, so that the project can be fully operational by the first quarter
of 2022. The annual power generation is estimated at 350 Gwh, which is enough to supply over 75,000
households with clean, zero-emission energy and achieve a 320,000-ton annual carbon dioxide
emission benefit, equivalent of 1.1m. acres of forest area. The project brings forward the
implementation of the mid-term strategic goal set by the HELLENIC PETROLEUM Group
Management team, envisaging 600 MW in installed RES capacity by 2025 and a 50% improvement
of the Group’s environmental footprint by 2030.
HELLENIC PETROLEUM CEO commented: “We are very pleased to announce the completion
of the acquisition of the PV RES project in Kozani and at the same time, the securing of its
financing. This reconfirms our commitment to accelerate the implementation of our clean energy
transition strategy and portfolio diversification, despite the COVID-19 crisis. At the same time,
we ensure material contribution for both the local and the national economy. Moreover, the
successful retap of our ’24 bond, under extremely favorable terms, in this volatile environment,
and the participation of the EBRD constitute a vote of confidence in the Group’s strategy for a
diversified model and improved environmental footprint.”
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Hess (USA) Announces Sale of Interests in Shenzi Field, Gulf of Mexico
Hess announced that it has entered into an agreement to sell its
28% working interest in the Shenzi Field in the deepwater Gulf of
Mexico to BHP Billiton, the field’s operator, for a total
consideration of $505 million, subject to customary adjustments,
with an effective date of July 1, 2020. The field produced an
average of 11,000 net barrels of oil equivalent per day in the first
eight months of 2020.The transaction is expected to close before
year end 2020 and is subject to customary closing
conditions.Hess Corporation is a leading global independent
energy company engaged in the exploration and production of
crude oil and natural gas.
“Proceeds will be used to fund our world class investment
opportunity in Guyana,” CEOHess said. “This sale is aligned
with our strategy to preserve cash and preserve the long term
value of our assets in the current low oil price environment.”
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VERBUND acquires OMV’s 51% stake in Gas Connect Austria
OMV and VERBUND reach agreement on transaction contract: VERBUND acquires 51% of
shares Gas Connect Austria GmbH. The contract signing will take place; closing is subject to
regulatory approval and is expected in the first half of 2021. OMV, the international, integrated
oil and gas company headquartered in Vienna, and VERBUND, Austria’s leading electricity
company and one of the largest hydropower producers in Europe, announced the sale of the 51%
interest in Gas Connect Austria GmbH by OMV to VERBUND. The supervisory boards of OMV
and VERBUND have approved the transaction. The contract signing will be held in the course of
the day. The purchase price agreed for the 51% interest of OMV in Gas Connect Austria GmbH
amounts to EUR 271 mn. VERBUND will additionally assume the outstanding liabilities of Gas
Connect Austria GmbH to OMV on the closing date in 2021. As of December 31, 2019, these
liabilities totaled EUR 165.9 mn. According to the terms of the transaction, total cash
consideration paid by VERBUND to OMV will be equal to EUR 436.9 mn, subject to the amount
of liabilities as per closing. The purchase price implies an enterprise value for Gas Connect
Austria GmbH (for 100% of the debt-free company) of EUR 980 mn. VERBUND does not
expect the transaction to have any impact on the annual results forecast for the current business
year 2020 as closing will not take place before the first half of 2021 in light of the lengthy
procedures to secure the requisite regulatory approvals and permits.
"In an increasingly volatile environment, this transaction strengthens our share in the
regulated business and ensures stable earnings contributions," said Deputy Chairman of the
Management Board of VERBUND. “VERBUND operates the Austrian power transmission
grid and is experienced in operating regulated infrastructure. As a bridging technology, gas
will continue to play a key role on the path to a renewable energy system. The importance of
the gas network will grow significantly in future as it will increasingly be used to transport
green gases such as green hydrogen. In the long term, we see a global hydrogen economy,
one in which large quantities of energy need to be transported internationally. This makes the
purchase of Gas Connect Austria a key strategic step for VERBUND”.
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PKN ORLEN (Poland) aims to take over 100 percent. Energa Group shares
PKN ORLEN has announced a tender offer for a minority stake in Energa SA This will
facilitate further effective integration of the assets of the ORLEN Group and Energa. It will
also bring tangible benefits to the ORLEN Group shareholders and investors, who will be
able to fully benefit from the synergies resulting from the merger.A call for 20 percent.
Energa Group shares will start on October 9 and will last until November 20 this year. Their
price was set at the same level as in the case of the first tender offer, ie PLN 8.35 per share.
At the same time, PKN ORLEN will strive to withdraw Energa from the Warsaw Stock
Exchange. For this purpose, an application has been submitted to convene the General
Meeting of Shareholders of the company. The actions taken are aimed at the maximum use
of Energa's potential within the ORLEN Group.In April this year. PKN ORLEN has acquired
80 percent. Energa Group shares, which constitute approx. 85% total number of votes at the
company's general meeting. It is the largest transaction of this type on the Polish fuel and
energy market. The purchase process was completed in just 4 months. Shareholders holding
a total of approx. 80% of shares decided to sell for PLN 8.35 per share. shares in the
company's capital, including the State Treasury with 53 percent. share in the company, and
other shareholders holding another 27 percent. shares, including a large group of institutional
investors.
We are building a strong multi-energy concern that will be able to meet the challenges
related to the energy transformation of Poland. Effective integration within the Group is
key to this process, which is why from the very beginning we announced the intention to
acquire 100 percent Energa Group shares. Full capital control means measurable
organizational and operational benefits. Our call is also a response to the reported
expectations of Shareholders who did not participate in the first call. Their interest is the
best proof that the conditions we proposed were and are still optimal and favorable - says
President of the Management Board of PKN ORLEN.
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Total (France) Is Investing More Than €500 Million To Convert Its Grandpuits
Refinery Into A Zero-Crude Platform For Biofuels And Bioplastics
Within the framework of its net zero strategy, Total will convert its Grandpuits refinery (Seine-et-Marne) into a
zero-crude platform. By 2024, following an investment totaling more than €500 million, the platform will focus
on four new industrial activities:
• Production of renewable diesel primarily intended for the aviation industry.
• Production of bioplastics.
• Plastics recycling.
• Operation of two photovoltaic solar power plants.
Meanwhile, crude oil refining at the platform will be discontinued in the first quarter of 2021 and storage of
petroleum products will end in late 2023. Operations at service stations and airports in the Greater Paris region
will not be affected: they will be supplied by the refineries at Donges— currently undergoing a €450 million
modernization — and Normandy. This decision to end its oil refining comes in the wake of an audit conducted
over several months on the 260-kilometer Ile-de-France pipeline (PLIF), which carries crude oil from the Port of
Le Havre to the Grandpuits refinery. The refinery was forced to shut down for more than five months in 2019
when a leak appeared on the PLIF, following an earlier leak near Le Havre in 2014. With the approval of
government officials, the PLIF’s maximum working pressure was reduced to ensure safe operation. As a result,
the refinery could operate at only 70% of its capacity, threatening its long-term financial viability. The audit
found that normal operations at the refinery could be restored only by replacing the PLIF, at a cost of nearly €600
million. Given France’s plans for the energy transition up to 2040, therefore, Total has decided to end its oil
refining at Grandpuits and embark on an industrial transformation of the site, backed by a major investment plan.
“With the industrial repurposing of the Grandpuits refinery into a zero-crude platform focused on energies
of the future connected with biomass and the circular economy, Total is demonstrating its commitment to the
energy transition and reaffirming its ambition to achieve carbon neutrality in Europe by 2050,” says
President of Total Refining & Chemicals. “Grandpuits will remain a major industrial site drawing on the
know-how and expertise of its teams, and our partner firms will be playing a key role as well.”
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Total (France) Acquires London’s Largest Electric Vehicle Charge Points Network
Total has signed the acquisition of ‘Blue Point London’ from the Bolloré Group. With
this transaction, Total is taking over the management and operation of Source London,
the largest electric vehicle charging network citywide, which includes more than 1,600
on-street charge points. Launched in 2010, the current Source London network has been
developed in cooperation with the London Boroughs and currently represents more than
half of the charge points in operation in the capital city. Source London growth
perspectives are supported by the City of London’s ambition to be a zero carbon city by
2050, notably with the aim of increasing tenfold the number of charge points within five
years. Total is also committed to powering this charging network with electricity 100%
guaranteed from renewable sources, to be supplied by its subsidiary Total Gas & Power
Limited. Already active in the installation and operation of charge points networks in the
Metropolitan Region Amsterdam (Netherlands) and the Brussels-Capital Region
(Belgium), this acquisition in the United Kingdom reinforces Total’s position as a key
player in electric mobility in Europe. The Group is thereby pursuing its development in
major European cities, in line with its ambition of operating more than 150,000 electric
vehicle charge points by 2025.
“By combining these existing infrastructures with Total’s know-how in terms of
installation, operation and management of public electric vehicle charging networks,
we are starting a new phase, supporting the expansion of electric mobility in
London.” said President, Marketing & Services at Total. “In collaboration with our
partners and the local authorities, we will be able to meet both the strong growth in
demand for on-street charge points and the needs for new mobility solutions of
London users.”
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TC Energy announces offer to acquire all outstanding common units of TC
PipeLines, LP
TC Energy Corporation announced it has made a non-binding offer to acquire all the outstanding common units of the master limited partnership TC PipeLines, LP
(TCP) not beneficially owned by TC Energy or its affiliates in exchange for TC Energy common shares. Under the proposal, TCP common unitholders would receive
0.650 common shares of TC Energy for each issued and outstanding publicly-held TCP common unit, representing an implied value of US$27.31 per common unit
based on the closing price of TC Energy common shares on the New York Stock Exchange (NYSE) on October 2, 2020. This reflects a 7.5 per cent premium to the
exchange ratio implied by the 20-day volume weighted average prices of TCP’s common units and TC Energy’s common shares on the NYSE as of October 2, 2020.
The offer has been made to the Board of Directors of the general partner of TCP (the TCP Board). As the general partner of TCP is an indirect wholly-owned subsidiary
of TC Energy, a Conflicts Committee composed of independent directors of the TCP Board will be formed to consider the offer pursuant to its processes. The transaction
is subject to the review and favorable recommendation by the Conflicts Committee of the TCP Board and approvals by the TCP Board, the Board of Directors of TC
Energy, and the holders of a majority of the outstanding common units of TCP. It is also subject to the negotiation and execution of an agreement and plan of merger,
which would provide the definitive terms of the transaction, including the exchange ratio, and customary regulatory approvals. Any definitive agreement is expected to
contain customary closing conditions. There can be no assurance that any such approvals will be forthcoming, that a definitive agreement will be executed or that any
transaction will be consummated. The proposed exchange ratio reflects a value for all the publicly held common units of TCP of approximately US$1.48 billion, or 35.2
million TC Energy common shares, if completed on the terms offered based on the closing price of TC Energy’s common shares on the NYSE on October 2, 2020.
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Eni (Italy) ranked highly for ESG standards in MSCI, Sustainalytics and
Bloomberg’s ratings
19
Eni was evaluated as a leader in Environmental, Social and Governance (ESG) in three different ratings over recent weeks, confirming the company's focus on sustainability.Eni
was confirmed by MSCI in the "A" ESG rating, ranking as Leader in Health and Safety and Carbon Emissions performance.MSCI ESG Research provides MSCI ESG Ratings
on global public and a few private companies on a scale of AAA (leader) to CCC (laggard), according to exposure to industry-specific ESG risks and the ability to manage those
risks relative to peers.Eni has also ranked in the top 3% amongst its peers in the Energy Sector in Sustainalytics’ ESG Risk Ratings as of September 2020, achieving a score of
25.7.Sustainalytics’ ESG Risk Ratings framework addresses a broad range of ESG issues and trends key to the industry and company. Sustainalytics is a leading independent
ESG and corporate governance research, ratings and analytics firm that supports investors with the development and implementation of responsible investment strategies.In
addition, Eni has scored the highest in a Bloomberg ranking of oil and gas companies that evaluates environmental performance.Eni scored 6.42, the highest for 2019 within a
group of 17 peers, which had an average performance of 4.04. The ranking evaluates a company’s performance in areas such as climate exposure, energy and GHG emissions
management, as well as water management.Bloomberg provides environmental and social scores for 252 public companies in the oil & gas sector.These are the latest
announcements in a streak of evaluations for Eni’s ESG performance. The company has been recently included in the FTSE4Good Index Series for the fourteenth consecutive
year, gaining an overall position in the top 5% of the oil & gas companies evaluated, and has joined the Leadership band of Vigeo Eiris’ ESG Assessment.Eni gives ESG top
priority and, over the past six years, it has built a business model that puts sustainability at the center of each of its activities. Earlier this year, it has launched a fresh long-term
strategy that will take it to be a leader in decarbonised products by 2050, drastically reducing its carbon footprint.
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Energy integration in action: Eni (Italy) project awarded carbon storage
licence
20
The Oil and Gas Authority (OGA) is pleased to announce it has awarded a carbon dioxide (CO2) appraisal and storage licence (CS
licence) to Eni UK Limited (Eni). The CS licence will cover an area located within the Liverpool Bay area of the East Irish Sea. Under
the CS licence, Eni plans to reuse and repurpose depleted hydrocarbon reservoirs (the Hamilton, Hamilton North and Lennox fields) and
associated infrastructure to permanently store CO2 captured in NW England and N Wales. The application for a CS licence was made by
Eni in order to help address the decarbonisation needs of NW England and N Wales and aims to be part of a collaborative effort with
industrial companies to capture and transport CO2 from existing industries and future hydrogen production sites for fuel switching,
heating, power and transportation in the context of UK targets for net zero emissions by 2050. Eni expects the project to benefit local
communities by creating new job opportunities and assist to develop the economy of the area whilst providing a tangible pathway to
energy transition and decarbonisation.Eni has been awarded a CS Licence with a six-year ‘Appraisal Term’, allowing assessments and
planning that may lead to a subsequent application to the OGA for a storage permit and the associated approvals required prior to any
CO2 storage operations commencing.
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Galp (Portugal)launches new EI-Energia Independente unit to boost
photovoltaic self-consumption
21
Galp unveiled a new company, EI-Energia Independente, to helpcompanies and families in the Iberian Peninsula to produce their own renewable
electricity, with a return of between 15% and 25% on the investment made for the installation of solar panels. The new company uses state-of-the-art
technologies, such as satellite image analysis, artificial intelligence algorithms and big data. The EI Tech2Perform platform calculates the ideal
investment and its profitability based on the history of consumption, the orientation of the roof and the solar exposure of each panel installed, in a
personalised and unique way for each customer.EI has developed a simulator that allows each user to enter their address on a map, select the area on
the roof and communicate their approximate consumption in less than a minute. With this data, the platform offers a first draft budget and an indication
of possible savings.The project begins with the study and design of the installation, the engineering and setup of the solar production systems, from the
management of permits, licenses and subsidies to the subsequent monitoring and continuous analysis of the installation.Monitoring and control, based
on artificial intelligence and big data algorithms, allow the analysis and correction of each installation in real time, optimising its performance
throughout its life cycle, with a return on investment of between 15% and 25%, allowing you to recoup the investment in less than five years. In addition
to the strong support of state-of-the-art technology, the new company also has the experience of a team with an international career and top suppliers
along the entire value chain.
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Tenaris (Luxembourg) PipeTracer® technology can now be integrated
with Peloton®’s WellView® software to simplify access to digital tallies
22
Tenaris PipeTracer® users can now automatically create and find digital tallies in the WellView® information
management system, commonly used in the oil and gas industry.The integration of both technologies is a step further in
Tenaris’s efforts to simplify administrative processes, allowing rig personnel to easily generate tallies the moment pipes
are received, run, or returned by scanning QR codes with the PipeTracer® app. This information is then automatically
uploaded to the WellView® cloud-based system (SaaS), maintaining all documents in one single place. Tenaris’s
PipeTracer® is a unique tracking and traceability application that allows operators to identify Tenaris products on-site
with mobile devices, significantly reducing the time that customers spend on receiving pipe, creating tallies, and
processing rig returns.“This integration is a great example of the synergies we can achieve if players in the oil and gas
industry work together to improve the customer experience,” said Chief Digital and Information Officer at Tenaris.
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Tenaris (Luxembourg) data science team deploys new technology,
remotely, to improve industrial processes
23
Tenaris’s data science team has introduced a new technology in its IT infrastructure called Kubernetes to increase the deployment speed of
applications, reduce errors in all operational processes and standardize the data science tools.The platform was rolled out during the lockdown
due to COVID-19 by Tenaris’s data science team, based at the Dalmine, Italy, mill. The team’s main responsibility is to apply data science and
machine learning to increase safety, quality and efficiency across industrial processes.The first step was done in 2018, when the data science
team started to leverage containerization for its workloads. Kubernetes allows having reproducible environments, where software and its
dependencies can run in isolation, with a positive impact on security. However, they used to rely on time-consuming manual release cycles
for deployments and updates.Deployment time of a new release went from hours to minutes. With 14 nodes and 200+ pods, Tenaris’s data
science team is now running 90% of its most critical workload through this platform, with no downtime since the infrastructure
commissioning.Tenaris is one of the only companies in the steel industry that has an in-house Industrial Innovation department, which the
Data Science team is part of. Formed by 40 employees across Italy, Argentina, Mexico and the Netherlands, this team seeks to find innovative
solutions to improve Tenaris’s industrial performance.
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Increase of PKN ORLEN's (Poland) position in the ESG rating
24
PKN ORLEN provides products and services of the highest quality, while striving for maximum environmental neutrality,
energy efficiency and high safety standards. The growing competences of the concern in the area of ESG were reflected in the
higher rating of the Sustainaltytics agency. PKN ORLEN was ranked fifth out of 86 companies in the Oil & Gas Refining and
Marketing segment. At the same time, the Concern was promoted to the "Medium Risk" category, for which there is an
average risk of negative financial effects due to the ESG factor. In September 2020, PKN ORLEN received an ESG risk rating
of 28.1 points, which is an improvement of 7.3 points compared to the previous year. Rating is carried out on a scale of 100
points, where the lower result is the better. The ESG risk rating measures a company's exposure to significant risks unique to
a specific industry and determines how the company manages these risks.Sustainalytics, a subsidiary of Morningstar, is a
market-leading ESG research and assessment company. At the same time, the company supports investors around the world
in developing and implementing responsible investment strategies.
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UK’s largest ever EV infrastructure contract awarded to bp
Chargemaster
25
bp Chargemaster has been awarded a contract worth up to £21 million by Police Scotland to supply electric vehicle (EV) charging
infrastructure across its estates, in the largest ever deal of its kind in the UK. The project will be delivered in partnership with WGM
Engineering, one of Scotland's leading engineering companies. More than 1,000 charging points are set to be installed at 265
locations over the length and breadth of Scotland, including 35 ultra-fast chargers, making Police Scotland one of the first fleets in
the UK to introduce this level of charging technology.bp Chargemaster is working with WGM Engineering on the programme, with
the two firms bringing a full range of services to the delivery of the contact, from supplying the infrastructure from bp Chargemaster’s
new, state-of-the-art production facility to providing operations, customer care and maintenance.The Police Scotland contract is the
second countrywide public sector fleet contract awarded to bp Chargemaster in Scotland, following the start of a charging
infrastructure rollout for the Scottish Ambulance Service – also in partnership with WGM Engineering – with 35 sites already
completed and the next 34 sites now underway.
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Contract award for Kollsnes MEG Upgrade project
26
Equinor has awarded Wood an engineering, procurement, construction and installation (EPCI) contract for the MEG Upgrade
project at Kollsnes. Under the EPCI contract, Wood will upgrade the MEG regeneration handling capacity at the Kollsnes gas
processing plant where Equinor is the technical service provider. Three new modules will be installed at the plant, including a
MEG train, a chiller package and a MEG export pump.The value of the fixed part of the contract is estimated at about NOK 400
million. The contract includes options for potential future work.The contract work will start up in September 2020 with
installation and completion at Kollsnes during 2022/23.The contract is expected to result in approximately 150 man-years during
the project’s life. Management and engineering will be performed by Wood’s office in Sandefjord, with support from the
company’s global organisation.The fabrication and construction work is subcontracted to Kværner and will take place at the Stord
yard. Kværner will also perform the installation work at Kollsnes.
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PGNiG to supply more gas for KGHM
27
Polish Oil and gas Company (PGNiG) will increase supplies of natural gas to KGHM Polska Miedź SA. Both companies have
signed an additional individual contract under their existing framework agreement. Under the contract, PGNiG will additionally
supply gas to KGHM’s Mine Cooling Station located in Kwielice, Lower Silesia. The station will be placed in service in 2021.
The project implemented by KGHM will include a system of pipelines and feeders designed, among other things, to recover heat
that would support the company’s energy management needs. The value of the contract increasing the volumes of natural gas
supplied by PGNiG to KGHM is estimated at PLN 190m.Both companies have also developed additional mechanisms to
optimise the purchase and sale of gas, which were introduced as annexes to the existing agreement and individual contracts
concluded between PGNiG and KGHM on July 27th 2017. The agreement and contracts signed on that date provide for supplies
of natural gas from PGNiG to KGHM until 2033.
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TechnipFMC (UK) Awarded Significant Ethylene Furnaces Modernization Contract Stimulating
Investment in the Netherlands and Reducing Total Site Emissions at Shell’s Moerdijk Plant
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TechnipFMC has been awarded a significant contract by Shell Moerdijk for the Engineering, Procurement and module
Fabrication (EPF) for proprietary equipment and related services for eight ethylene furnaces at the Moerdijk petrochemicals
complex in the Netherlands. The new furnaces will utilize TechnipFMC’s innovative multi-lane radiant coil design and will
replace 16 older units without reducing capacity at the facility, while increasing energy efficiency and reducing greenhouse
gas emissions. This upgrade is expected to reduce Shell Moerdijk’s annual CO2 emissions by about 10 percent. The new
furnaces will be shipped to the site in modules, enabling the cracker to continue to operate throughout the upgrade
project.President Technip Energies commented: “We are very pleased to be selected for this important revamp project for
Shell and commend the efforts by the project team to reduce the CO2 emissions. This award also demonstrates our leadership
in ethylene technology and the innovations we are achieving in improving energy efficiency.”
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TechnipFMC (UK) Awarded a Large Subsea Contract for ExxonMobil
Payara Development
29
TechnipFMC has been awarded a large contract by Exxon Mobil Corporation subsidiary Esso Exploration and
Production Guyana Limited for the subsea system for the proposed Payara project. TechnipFMC will manufacture and
deliver the subsea production system, including 41 enhanced vertical deep-water trees and associated tooling, six
flexible risers and ten manifolds along with associated controls and tie-in equipment.In support of this project,
TechnipFMC will continue hiring and training Guyanese engineers.Payara is the second oil discovery in the Stabroek
Block located approximately 193 km (120 miles) offshore Guyana with water depths of 1,500 m (4,900 ft) to 1,900 m
(6,200 ft). ExxonMobil affiliate, Esso Exploration and Production Guyana Limited (EEPGL), is the operator.
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Tenaris (Luxembourg) supports customers with solutions for
decarbonization in Europe
30
Tenaris is helping oil and gas customers to meet net zero emissions objectives by providing specialized tubular solutions for their
carbon capture and storage (CCS) applications.Through CCS technologies, emissions are captured at the source, transferred and
stored in depleted hydrocarbon reservoirs or other geological formations, as highlighted in a recent article published in Energy Voice
magazine. The captured emissions are injected into pipes for underground storage. Tenaris’s technical sales team has been working
with customers in the North Sea, estimated to have a potential storage capacity to hold over 180 billion tons of carbon dioxide, and
Continental Europe, in selecting the pipe material that meets requirements for CCS injection wells.Tubular product selection is key
as gas from capture facilities can include up to 95 percent carbon dioxide content as well as other acidic impurities that can corrode
pipes used for injection wells. Low operational temperature is another element to consider when selecting tubular materials.Tenaris
has implemented technological advances across its operations to cut emissions, using the lowest carbon intensive steel production in
the steel sector with the use of electric arc furnaces.
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Thor®115 steel pipes to be installed in a Colombian combined cycle
power plant
31
Tenaris has supplied Thor®115 steel pipes for the construction of the John Cockerill Energy heat recovery steam
generator for the Termocandelaria combined cycle power plant in Colombia.A proven replacement of steel grade 91,
Thor®115 is characterized by increased steam oxidation resistance (above 600°C), long-term stability based on a
modified microstructure and superior creep behavior.Tenaris is commited to developing low-carbon technologies to
provide the highest level of innovative support to its customers, delivering performance improvement and cost
reductions.“We received the support of an expert and reliable partner, Tenaris, which is recognized in the industry and
developed an advanced material like Thor®115 – easy to implement with a well-established manufacturing process,”
said John Cockerill Energy Global Category Manager.
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bp (UK) and Equinor form strategic partnership to develop offshore wind
energy in US
32
bp and Equinor announced the formation of a new strategic partnership to develop offshore wind projects in the US. This includes the development of existing
offshore wind leases on the US East coast and jointly pursuing further opportunities for offshore wind in the US.As well as forming the new strategic partnership,
bp will purchase a 50% interest in both the Empire Wind and Beacon Wind assets from Equinor. bp has agreed to pay Equinor $1.1 billion.The partnership will
leverage capability and experience from both companies. Equinor will remain operator of the Empire and Beacon projects in the development, construction and
operations phases. The deputy project director for Empire Wind will be nominated by bp and over time the wind assets will be equally staffed by bp and
Equinor.The agreement comes a month after bp announced its new strategy, including aims to increase its annual low carbon investment 10-fold to around $5
billion a year and grow its developed renewable generating capacity from 2.5 gigawatts (GW) in 2019 to around 50GW by 2030.The Empire Wind lease area,
which was awarded to Equinor in 2016, is 15-30 miles southeast of Long Island and has a total area of 80,000 acres. The area will be developed in two phases.
Empire Wind phase 1 secured an offtake agreement in the July 2019 solicitation and will have between 60 and 80 turbines. The whole Empire Wind lease area has
a potential generation capacity of 2GW with a generating capacity of more than one million homes.Beacon Wind covers a total area of 128,000 acres of federal
waters off New England’s coast, approximately 20 miles south of Nantucket and 60 miles east of Montauk Point. When fully developed it is expected to have a
total generating capacity of 2.4GW, sufficient to provide power to more than a million households in the Northeast US.
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bp (UK) and Microsoft form strategic partnership to drive digital energy ‎
innovation and advance net zero goals
33
bp and Microsoft Corp. ‎announced that they have agreed to collaborate as strategic partners to further digital transformation ‎in energy systems and
advance the net zero carbon goals of both companies. This includes a co-‎innovation effort focused on digital solutions, the continued use of
Microsoft Azure as a cloud-based ‎solution for bp infrastructure and bp supplying renewable energy to help Microsoft meet its 2025 ‎renewable
energy goals.‎Earlier this year, bp announced its ambition to become a net zero emissions company by 2050 or ‎sooner, and to help the world reach
net zero. By the end of the decade, it aims to have developed ‎around 50 gigawatts of net renewable generating capacity – a 20-fold increase on
what it has ‎previously developed, increased annual low carbon investment 10-fold to around $5 billion and cut oil ‎and gas production by 40%. In
January 2020, Microsoft announced its goal to be carbon negative by ‎‎2030 and remove more carbon from the environment than it has emitted since
its founding by 2050. ‎The announcements build on the potential that both companies see in working together to help ‎deliver a net zero carbon
future.‎As part of bp’s cloud-first IT approach, the company has extended its agreement to use Microsoft ‎Azure cloud services as a strategic
platform. This expands on bp’s existing relationship with ‎Microsoft, which helped accelerate the digitization of bp infrastructure and operations,
while ‎Microsoft 365 enabled greater collaboration and remote working productivity during the COVID-19 ‎response. ‎
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Chevron (USA), Brightmark partner on dairy biomethane fuel projects
34
Brightmark LLC and Chevron U.S.A. Inc. announced the formation of a joint venture, Brightmark RNG Holdings LLC, to own projects
across the United States to produce and market dairy biomethane, a renewable natural gas (RNG). Equity investments by each company
in the new venture will fund construction of infrastructure and commercial operation of dairy biomethane projects in multiple states.
Chevron will purchase RNG produced from these projects and market the volumes for use in vehicles operating on compressed natural
gas. Marathon Capital acted as exclusive financial advisor to Brightmark in establishing the partnership with Chevron.Brightmark is a
global waste solutions company with a mission to reimagine waste. The company takes a holistic, closed loop, circular economy approach
to tackling the planet’s most pressing environmental challenges with imagination and optimism for the future. Through the deployment
of disruptive, breakthrough waste-to-energy solutions focused on plastics renewal (plastic waste-to-fuel) and renewable natural gas
(organic waste-to-fuel), Brightmark enables programs specifically tailored to environmental needs in order to build scalable project
solutions that have a positive impact on the world and communities in which its stakeholders live and work.
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Eni (Italy) gas e luce chooses the tado° Smart Thermostat solution for its new
Smart Home offer
35
Eni gas e luce and tado° announce a new partnership: tado°’s Smart Thermostat solution will be part of Eni gas e luce’s Smart Home offer for the Italian market,
strengthening the brand’s energy efficiency solutions offering. The smart home market is experiencing significant growth in Italy and Eni gas e luce aims to
diversify its offer of devices by partnering with specialized companies and leaders in specific sectors. For this reason, it has chosen tado°, a young brand already
well known in the European market for intelligent home climate management and it is also perfectly in line with Eni gas e luce’s strategy to offer simple solutions
for efficient and sustainable homes. tado° Smart Thermostats can help households save up to 31% of their heating costs, through the use of several energy-saving
features. Moreover, with the purchase of an eligible energy-efficient boiler, it is possible to have a 65% reduction of the expense incurred. Also, Eni gas e luce takes
care of all of the paperwork to qualify for the Ecobonus reduction, so the customer only pays 35% of the list price up front or in installments and leaves the rest to
Eni gas e luce.tado° makes one of the few smart thermostats that rank in the highest class of the European Union’s Energy Related Products (ErP) Directive and
in the highest efficiency class due to market-leading modulation capabilities that enables the highly-efficient combustion process inside the boiler. Geofencing
ensures that the heating is only on when somebody is actually home, while tado° also turns down the heating to save energy when windows are open and adapts to
the weather for maximum efficiency. Users can also benefit from individual multi-room control for additional comfort and savings. Smart thermostats for
thermostatic radiator heads and for air conditioning control appliances are just some of the products that will be launched on the Italian market with a dedicated
proposal through Eni gas and luce retail channels, and Flagship Stores.
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Eni gas (Italy) e luce and Eataly present “Sustainable Paths for a New
Energy”: a partnership for energy efficiency and food excellence
36
The “Sustainable Paths for a New Energy” partnership was launched this morning at Eataly Rome, in the presence of Nicola Farinetti,
Eataly CEO, and Alberto Chiarini, Eni gas e luce CEO. This partnership is based on a shared vision of values that the two companies
brought together to create an energy efficiency path for Eataly and its supply chain, promoting an energy efficiency culture among its
customers. The partnership will allow Eataly stores to further optimise their energy consumption and reduce their environmental
impact. In addition, from January 2021, Eni gas e luce will supply Eataly stores with certified green energy generated by plants
powered by renewable sources. However, the partnership is not limited to the stores, but aims to extend itself across the entire value
chain. Eni gas e luce experts will be available to put their technical expertise at disposal to Eataly and its suppliers in order to upgrade
the energy systems of the production plants. Eni gas e luce and Eataly also want to encourage people to make better use of energy and
resources. For this reason, the companies are working together on an Education programme that will include an extensive calendar
of classes. The workshops will be held by Eni gas e luce experts working alongside Eataly chefs to demonstrate how energy can be
used efficiently also in the kitchen.
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EQT Real Estate (USA) and Sigma Capital launch GBP 1 bn residential joint
venture, set to bring 3,000 new rental homes to Greater London
37
EQT Real Estate announced the launch of a joint venture with Sigma Capital Group plc, a London-listed residential development and urban regeneration specialist. The JV will focus on the
creation of new-build, high-quality well-located BTR residential apartment blocks and houses in more affordable parts of Greater London and its commuter towns. The homes will be
predominantly located in transport Zones 3-6 and in close proximity to transport links, including train access to central London. Completed homes will be let at market-rate rents under Sigma’s
‘Simple Life London’ brand, which aims to bring a higher standard of customer care and convenience to the private rental market. Sigma has pioneered BTR in the UK and to date has
successfully delivered and manages in excess of 4,200 rental homes across the UK. EQT Real Estate and Sigma have initially committed equity of GBP 300 million and GBP 16 million,
respectively, to the JV. Including gearing, it is intended that the JV will have an initial capacity to establish an investment portfolio of approximately 3,000 homes with a total value in excess
of GBP 1 billion. The JV has secured five projects with an aggregate of 361 homes from Countryside Properties plc (“Countryside Properties”) located in the London boroughs of Ealing,
Enfield and Havering. In addition, two further sites currently under development by Sigma in the boroughs of Barking and Dagenham and Havering will be acquired by the JV on completion.
These two sites together will comprise an additional 157 homes and are expected to be completed during H1 2021. The JV’s assets are expected to be delivered over a period of at least five
years in order to create a stabilized portfolio of diversified rental income. The initial acquisitions will be financed with a GBP 50 million loan facility from Homes England, the UK
Government’s housing body that is responsible for increasing the number of new homes that are built in England and sponsored by the Ministry of Housing, Communities & Local
Government. EQT Real Estate, Sigma and Homes England share the same vision of delivering thousands of new rental homes in London where there is a critical undersupply of affordable,
high-quality rental properties. Consistent with other EQT Real Estate transactions, the JV will invest in buildings with strong sustainability credentials. Where possible, buildings will tap into
local community heating networks and will utilize photovoltaic panels. The JV will also promote sustainable living practices within the apartments themselves, while the schemes will include
ample cycle storage and will typically be located near green outdoor areas, an important wellness factor.
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Equinor (Norway) teams up for offshore wind growth in Japan
38
Equinor, Jera and J-Power partner up and enter a joint bid agreement prior to Japan’s upcoming Round 1 offshore wind auction. The three companies will
jointly evaluate and work towards submitting a joint bid in the Round 1 auction once the Japanese government officially opens what will be country’s first
offshore wind auction. Establishing this consortium is in line with Equinor’s renewable strategy of building scale in core regions and develop growth options
in selected markets to become a global offshore wind major.The Japanese Government has dedicated Yurihonjo and Noshiro, two areas offshore the northern
Japanese prefecture of Akita, as promotional zones for offshore wind, each representing an area for bottom-fixed offshore wind farms of approximately 400
MW and 700 MW respectively. The upcoming auction is anticipated to start within the next months, with bid submission taking place six months after the
auction opens. Once the auction is closed, the results are expected to be announced towards the end of 2021. Potential wind farms would then tentatively be
operative post 2025.Equinor is the world’s leading floating offshore wind developer and has a firm ambition of becoming a global offshore wind major.
Building on 40 years of offshore experience within oil and gas and with activities in more than 30 countries, Equinor’s renewable strategy is to build scale
in core regions and develop growth options in selected markets. the company has significant offshore wind positions in the UK, the US North East and in the
Baltic Sea. Equinor believes Japan is a growth market with high potential for both bottom fixed and floating offshore wind. The company has been present
in the country since 2018 and has an office in Tokyo.
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Equinor (Norway) partners with BP in US offshore wind to capture value and
create platform for growth
39
Equinor has entered into an agreement with BP to sell 50% non-operated interests in the Empire Wind and Beacon Wind assets on the US east coast for a total
consideration before adjustments of USD 1.1 billion. Through this transaction, the two companies are also establishing a strategic partnership for further growth within
offshore wind in the US. Currently Equinor holds a 100% interest in both the Empire Wind lease, located off the coast of New York State, and the Beacon Wind lease,
located off the Massachusetts coast. The transaction is in line with Equinor’s renewable strategy to access attractive acreage early and at scale, mature projects, and
capture value by de-risking high equity ownership positions. Equinor will remain the operator of the projects in these leases through the development, construction and
operations phases and it is anticipated that the wind farms will be equally staffed after a period of time.Through this partnership Equinor and BP will consider future joint
opportunities in the US for both bottom-fixed and floating offshore wind and will leverage relevant expertise to jointly grow scale. As the partnership develops, both
companies hope to expand this cooperation further in a market that is forecast to grow to between 600 and 800 gigawatts (GW) globally by 2050.Equinor has already set
ambitions to grow its renewables capacity to 4 to 6 GW by 2026 and 12 to 16 GW by 2035, and has recently announced its expectation to accelerate these ambitions.
Equinor is working to build scale in core areas – the North Sea, the United States and the Baltic Sea – while securing growth options in other selected markets for both
bottom-fixed and floating offshore wind.BP’s acquisition of the interests in Empire Wind and Beacon Wind has an effective date of 1 January 2020 and is expected to
close in early 2021, subject to customary conditions including purchase price adjustments and authority approval.
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ExxonMobil (USA) expands agreement with Global Thermostat, sees promise
in direct air capture technology
40
ExxonMobil and Global Thermostat have expanded their joint development agreement following 12 months of technical evaluation to
determine the feasibility and potential scalability of Global Thermostat’s technology that captures carbon dioxide (CO2) directly from the
air.The United Nations Framework Convention on Climate Change has said that CO2 capture, use and storage “is a key technology for
the decarbonization of the energy sector in the long term. ” In addition, the International Energy Agency recognizes that CO2 removal is
expected to play a “key role” in the energy transition. Global Thermostat’s CO2 capture uses proprietary amine-based adsorbents to
remove CO2 from the air. These compounds act together like a filter to efficiently capture CO2, which can then be stored safely
underground, used to make chemicals, consumer products or construction materials. ExxonMobil has a strong network of research
partnerships across universities and national labs. As a part of the joint development agreement with Global Thermostat, ExxonMobil will
leverage this network and engage the expertise of university partners that have strong expertise in material science and the U.S.
Department of Energy’s National Labs that offer expertise in CO2 capture and utilization. Global Thermostat will also engage its network
of universities and industrial partners to help scale its technology.
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ERU in partnership with PGNiG to supply gas to Gas Transmission System
Operator of Ukraine
41
Under a contract with Energy Resources of Ukraine (ERU), PGNiG will for the first time supply natural gas to Gas TSO
of Ukraine. To date, PGNiG has already exported more than 3 bcm of natural gas to Ukraine. Gas will be supplied under
a contract awarded to ERU Trading as the successful bidder in a bidding round held by Gas TSO of Ukraine. The contract
requires that gas supplies be provided in the period from October 1st 2020 to May 1st 2021. Gas TSO of Ukraine will use
the gas for technical purposes. This will be the first time that PGNiG will supply natural gas to Gas TSO of Ukraine.Since
mid-2016 PGNiG has exported over 3 bcm of natural gas to Ukraine. In H1 2020 alone, PGNiG's exports to Ukraine
totalled 0.9 bcm, up 190% year on year.Since 2020, Gas TSO of Ukraine has been the country’s certified gas transmission
system operator, established through unbundling to bring Ukraine’s legal and regulatory environment in line with the
requirements of the Energy Community Treaty.
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Schlumberger (USA), IBM and Red Hat Announce Major Hybrid Cloud
Collaboration for the Energy Industry
42
Schlumberger, IBM and Red Hat, announced a major collaboration to accelerate digital transformation across the oil and gas industry. The joint initiative will provide
global access to Schlumberger’s leading exploration and production (E&P) cloud-based environment and cognitive applications by leveraging IBM’s hybrid cloud
technology, built on the Red Hat OpenShift container platform.
Collaborative development will initially focus on two key areas:
• Private, hybrid or multi-cloud deployment of the DELFI* cognitive E&P environment enabled by Red Hat OpenShift to significantly expand access for customers.
• Delivering the first hybrid cloud implementation of the OSDU™ data platform (the open data platform for the industry).
Through the agreement with IBM and Red Hat, Schlumberger has committed to the exclusive use of Red Hat OpenShift. Using the container platform will enable the
deployment of applications in the DELFI environment across any infrastructure, from traditional data centers to multiple clouds, including private and public. This new
way of hosting will offer the possibility to use multiple cloud providers and will address critical issues for customers, facilitating in-country deployments in compliance
with local regulations and data residency requirements.The DELFI environment incorporates cutting-edge data analytics and artificial intelligence, drawing upon
multiple data sources, automating workflows, and facilitating seamless collaboration for domain teams. Many more oil and gas operators, suppliers and partners, from
all regions of the world will be enabled to work from the industry’s leading digital environment—built on a standard, open platform—where they can ‘write once and
run everywhere’ when creating new applications.
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Schlumberger (USA) Local Content Collaboration to Establish Stimulation
Vessel Operation in Qatar
43
As part of the company’s ongoing commitment to developing local content, Schlumberger has signed a memorandum of
understanding with Milaha, a Qatar based maritime and logistics organization to establish a joint stimulation vessel operation
in the State of Qatar. The collaboration aligns with Qatar Petroleum’s in-country value (ICV) program, known as Tawteen,
through leveraging local infrastructure capabilities and training for local personnel while supporting Qatar Petroleum’s 2025
liquified natural gas production growth targets.Since the launch of Qatar Petroleum’s In-Country Value program in February
2019, Schlumberger has demonstrated its commitment to investment in local content by collaborating with in-country
suppliers in Oilfield grade cement and equipment manufacturing as well as through educational learning and development
initiatives with operators & local universities. Through this new ICV initiative, Schlumberger continues to contribute further
with more opportunities for Qatar Petroleum’s local supplier development program.
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Snam and Saipem (Italy) sign MoU to work together on technologies for the
energy transition, hydrogen development and CO2 capture
44
Snam and Saipem have signed a Memorandum of Understanding to start working together on new energy transition technologies, from green hydrogen to
capturing and reusing CO2, with the aim of fighting climate change and contributing to the launch of the hydrogen market, supporting the European Commission’s
Hydrogen Strategy. Snam and Saipem have already started working together, focusing in particular on developing the technology of water electrolysis, a process
that makes it possible to reduce CO2 emissions to zero in the production of green hydrogen, thus effectively fighting global warming. This agreement also involves
a collaborative effort to develop feasibility studies in order to find new solutions to transport hydrogen in both liquid and gaseous form, by using and adapting
existing infrastructure and networks as well as by shipping it by vessel, and to capture, transport, store or enhance CO2. With this Memorandum of Understanding,
Saipem and Snam also explore the possibility of participating in EU-funded technological innovation projects. As one of the first companies in the world to
experiment with introducing hydrogen into a gas transport network, Snam is highly committed to ensuring that its infrastructure is compatible with increasing
hydrogen volumes and to supporting the growth of the Italian hydrogen value chain by developing technologies in order to promote its use in a variety of sectors,
from industry to transport.Saipem acts as a promoter of energy transition both by developing projects involving the hybridisation and decarbonisation of
conventional oil and gas complexes (new or existing), both through the new business line dedicated to “new energies” in the E&C Onshore Division of Saipem,
and through its recent acquisition of CO2 capture technologies from the Canadian company CO2 Solution Inc.
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KAMA TIRES and Siemens signed an agreement to continue cooperation
45
Siemens LLC and Nizhnekamsk Truck Tire Plant LLC signed an agreement to expand the logistics system previously implemented at the tire enterprise. Continuation of
cooperation between Siemens and Tatarstan tire manufacturers is part of the overall strategy for the modernization and development of TATNEFT's tire production. Within the
framework of the new agreement, a methodology for automating production logistics will be developed, the production management system of the MES level (Manufacturing
Execution System - plays the role of an information bridge between the production (APCS) and management (ERP) levels) will be expanded. At the Nizhnekamsk Truck Tire
Plant, a major investment project is being implemented to expand the production of tires of all-steel cord construction. The first stage of the project was completed in 2019,
which made it possible to increase the production of tires by 300 thousand tires. Currently, the second stage of the project is being implemented, the completion of which will
increase the production of highly profitable all-steel tires to 2.8 million tires per year. In this regard, it was decided to expand the logistics system. The work under the agreement
will be carried out by the Russian division of Siemens together with the parent company, which will take over the supply of equipment, engineering and general management
of the processes. Siemens in Russia will provide installation supervision, commissioning and consulting. The logistic system of the KAMA TIRES truck tire plant includes a
WMS warehouse management system, a transport system, S7-1500 controllers, visualization systems, motors, frequency converters, distributed peripherals, network
equipment, a paint robot, autonomous robotic transport for moving semi-finished products, automated warehouse complexes of raw tires and finished products, electric cable
car. The main task of the project is to ensure timely delivery and storage of raw and finished tires, taking into account the increase in production capacity at the plant. The
transfer of raw and vulcanized tires to each next stage of production will be carried out using mobile robots, gantry-type robots with linear movement, a conveyor system for
transporting pallets with finished products.
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TC Energy and Natural Law Energy sign historic MOU facilitating one of the largest
Indigenous equity investments of its kind in North American infrastructure
46
TC Energy Corporation and Natural Law Energy (NLE) announced they have signed a Memorandum of Understanding (MOU) for NLE to pursue an equity
interest in the Keystone XL Project and other potential related midstream and power projects. This MOU exemplifies the strong commitment TC Energy and
NLE have made to create a meaningful and significant long-term partnership. A final agreement between TC Energy and NLE is expected to be completed
in the fourth quarter of 2020, formalizing NLE’s participation in the Keystone XL Project.
Keystone XL highlights
• Advances continental energy security.
• Six comprehensive scientific reviews by the U.S. Department of State over the past decade concluded that the project can be built and operated in an
environmentally sustainable and responsible way
• Safer and less-GHG intensive than alternative methods of transporting crude oil to market
• Thousands of stakeholders engaged, including landowners, community members and Indigenous communities.
• Creates over 60,000 jobs in Canada and the Unites States.
• Approximately 13,000 high paying union jobs in Canada in the U.S.
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Environment & Social Updates
Energy Industry

Environment & Social
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Chevron (USA) Donates $250,000 for California Fire Relief
47
Chevron Corporation announced a contribution of $250,000 from the Chevron Global Community Fund to the American Red
Cross to support relief efforts for wildfires in California.Chevron has operated in California for more than 140 years. The
company will also match any qualifying donations to wildfire relief efforts made by employees and retirees. The company has
also previously committed $2 million to the California Fire Foundation (CFF) for a four-year program to support CFF’s direct
victim assistance program, Supplying Aid to Victims of Emergency (SAVE), Chevron (NYSE: CVX) is one of the world’s leading
integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually
every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and
distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and
develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in
San Ramon, Calif.
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Environment & Social
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Equinor (Norway) and partners progress plan for zero carbon industrial
cluster in the UK
48
Equinor, together with eleven other companies and organisations, has submitted a joint proposal to create a low carbon cluster in the Humber, the UK’s largest
and most carbon-intensive industrial region.The application by the Zero Carbon Humber (ZCH) Partnership is a first step to creating the world’s first net zero
industrial cluster by 2040 and will support clean growth in the north-east of England. The bid, announced, for Phase Two funding from the UK Government’s
Industrial Strategy Challenge Fund, builds on a successful application for Phase One funding which was announced in April.The ZCH Partnership includes
Equinor, Associated British Ports, British Steel, Centrica Storage Ltd, Drax Group, Mitsubishi, National Grid Ventures, px Group, SSE Thermal, Saltend
Cogeneration Company Limited, Uniper, and the University of Sheffield’s Advanced Manufacturing Centre (AMRC).The bid centres around two elements,
the first being the Equinor-led H2H Saltend (Hydrogen to Humber Saltend) hydrogen project at Saltend Chemicals Park near the city of Hull. H2H Saltend
will be largest plant of its kind in the world to convert natural gas to hydrogen, combining a 600 megawatt autothermal reformer with carbon capture. From
first production H2H Saltend will reduce industrial emissions by nearly 900,000 tonnes per year.The second element is the hydrogen and carbon dioxide
(CO2) pipeline network developed by National Grid Ventures that aims to link H2H Saltend to other industrial sites in the Humber region, enabling them in
turn to fuel switch to hydrogen or capture their emissions. These sites include Drax Power station, SSE Thermal’s Keadby site, Uniper’s Killingholme site
and British Steel at Scunthorpe.
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