I-Bytes Energy Industry

IT Shades
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I-Bytes
Energy
December Edition 2019
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................24
3. Rewards and Recognition Updates..................................................................................................................25
4. Customer Success Updates................................................................................................................................32
5. Partnership Ecosystem Updates.......................................................................................................................40
6. Event Updates.....................................................................................................................................................52

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Financial, M & A
Updates Energy Industry

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Financial, M&A Updates
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Lightsource BP to accelerate global solar growth with further investment
from BP (UK)
The management of Lightsource BP and BP have agreed to equalise their
shareholdings in Lightsource BP to create a simplified 50:50 joint venture structure.
As part of the transaction, BP will purchase newly-issued equity in the business to
help accelerate Lightsource BP’s growth, supporting its ambitious drive towards
10GW of developed assets by the end of 2023.In December 2017, BP acquired 43%
of Lightsource which was subsequently rebranded to Lightsource BP. Today, BP has
agreed to purchase additional equity in Lightsource BP to become an equal partner in
the business with the balance of shares continuing to be held by management and
staff.Since new shares will be issued in this transaction, the funds paid by BP to
increase its stake will be immediately available to Lightsource BP for investment.
Financial details of the transaction are not being released.Strategic decisions will
continue to be taken jointly by the two shareholder groups, with each group now
having an equal number of nominees on the Lightsource BP Board.In the two years
since BP’s first investment, Lightsource BP’s activities have expanded from five to
13 countries. It has signed major projects across Europe, the Americas and Australia
and has built a development pipeline in excess of 12GW.
Executive Commentary
CEO of Lightsource BP, said: “When we first announced this partnership two
years ago, we made our mission very clear – that together we want to accelerate
the growth of solar power worldwide and help drive the solar revolution.
Although we have already made huge strides forward in both the size and number
of our projects and have rapidly expanded our global footprint, there is still so
much more we can do together.”
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Chaparral Energy (USA) Announces Third Quarter 2019
Financial and Operational Results
• Achieved third quarter 2019 total production of 26.2 thousand barrels of oil equivalent per day
(MBoe/d) and STACK production of 21.5 MBoe/d, despite ethane rejection elections which
lowered production by 0.5 MBoe/d, both within the guidance range and a 23% and 37% increase
from the third quarter of 2018, respectively
• Reported net loss of $130.9 million for the third quarter of 2019, or $2.86 per share, primarily
driven by a $147.7 million non-cash ceiling test impairment; adjusted net income, as defined
below, of $1.2 million, or $0.03 per share
• Generated third quarter 2019 adjusted EBITDA, as defined below, of $35.8 million, an increase
of 4% compared to the previous year despite oil (WTI) prices and natural gas liquids (NGLs)
realizations decreasing approximately 19% and 52% over the same time period
• Proactively reduced operated rig count from three to two rigs in October
• Optimizing a one to two rig program in 2020 that will significantly reduce capital spend year
over year, while growing production and allowing the company to become cash flow neutral
• Decreased full year 2019 capex guidance to $260 to $280 million from $275 to $300 million,
while maintaining full year production guidance at 25.0 to 27.0 MBoe/d
• Reduced $18.1 million of debt through the sale of the corporate headquarters facilities and
elimination of CO2 compressor leases
“We continue to demonstrate the considerable value of our differentiated operational
execution and strong year-to-date performance and are proud to deliver operational results
within or above our guidances ranges yet again” said Chief Executive Officer. “As we have
discussed in the past, the overall timing of our production growth will be uneven from
quarter to quarter due to spacing tests, the drilling of larger pads and timing of completions
within a quarter. As such, as expected our third quarter total production declined compared
to the second quarter, to 26.2 MBoe/d. While we had 13 wells come online in the third
quarter, nearly half were in September and three occurred in the last two days of the quarter.
This timing of completions will positively impact our fourth quarter production, and through
early November, our total production has averaged above 28.0 MBoe/d. We have taken
proactive steps to reduce our absolute and per Boe lease operating costs (LOE) and we have
reduced our general and administrative (G&A) spend by about 25%. In addition, we have
been able to reduce our average well cost by approximately 15% to 20% compared to 2018
for our Merge Miss and Osage drilling program. Increased operational efficiencies allow us
to drill and complete wells faster, drive down costs and reduce cycle times, which all
positively impact well economics. We continue to learn from our drilling, completion and
production spacing test results and apply those learnings to our future development
program.”
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Key Financial Highlights

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Eni (Italy) gas e luce acquires 70% of Evolvere, a leader in the market of
distributed energy in Italy
Eni gas e luce, the energy retail company 100% controlled by Eni, has signed an agreement with L&B
Capital, EvolvereS.p.A.’s main shareholder, by which it acquires 70% of Evolvere S.p.A., with a possibility
to acquire the remaining 30% of the company in the future, at the terms already agreed between the parties.
The transaction, which will be finalised upon receiving all authorisations from the relevant authorities, is
strategic for Eni gas e luce, which becomes leader in the area of solar distributed generation in Italy, in line
with Eni’s mission that seeks to build value through the energy transition. With Evolvere’s acquisition, Eni
gas e luce – leader in the commercialisation of gas, power and energy solutions with 8 million customers in
Italy – strengthens its commitment to help its customers make the best use of energy, to use it less. This
acquisition follows closely Eni gas e luce’s entry into the e-mobility market, with the launch of electric
vehicles’s recharging solutions for households and businesses. Evolvere is a leader in the distributed
generation sector in Italy, with around 11,000 photovoltaic plants, accounting for around 58MW of total
installed power. Among these, it owns around 8,000 plants installed on domestic customers’and businesses’
rooftops. The company’s offer includes the sale, installation and maintenance of solar photovoltaic plants
and batteries for residential customers and businesses up to 20KW. In addition, thanks to a proprietary
technological platform, the company offers its customers the ability to monitor and manage their homes
remotely, as well as advanced analytical tools to monitor energy production and reduce energy
consumption. Evolvere is also involved in a pilot test in Lombardy (Italy) for the supply of flexibility
services from households to the grid. Evolvere is well-placed to benefit from the development of energy
communities, as per the European Directive RED II, soon to be adopted in Italy.
Eni gas e luce’s Chief Executive Officer said: “In an energy market where final customers take on a
more active role – being both producers and consumers – Evolvere’s acquisition lets Eni gas and luce
become a leader in the market of distributed generation from renewable sources in Italy, in accordance
with Eni’s mission that aims to create value through the energy transition. Following the acquisition,
Eni gas e luce is best positioned to create further value – making new business opportunities available
to Evolvere, by involving its business partners and providing the company with the resources needed
to seize the opportunities of a fast growing market.”
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Eni (Italy) completes sale of a 20% stake in the East Sepinggan
area offshore Indonesia to Neptune Energy
Eni, through its subsidiary Eni East Sepinggan Limited and Neptune Energy Group Limited, through its subsidiary Neptune Energy East Sepinggan BV, have completed the
transfer of a 20% participating interest in the East Sepinggan area out of Eni’s share to Neptune Energy Group Limited. Eni, with 65% participating interest, will continue to
be the Operator of the area which is located in the East Sepinggan area, offshore East Kalimantan in Indonesia, and includes Merakes development and Merakes East
discovery. The remaining participating interests will now be held by PT Pertamina Hulu Energi East Sepinggan and Neptune Energy East Sepinggan BV with 15% and 20%
respectively. The completion of this transaction with Neptune Energy strengthens the cooperation in Indonesia, where both companies are partners in several upstream
projects, such as MuaraBakau area, which includes the Jangkrik field in the Kutei Basin, offshore East Kalimantan, where Eni is the joint venture Operator with 55%
participating interest share. The Merakes development project, in the East Sepinggan area, consists in the drilling and construction of subsea wells with a dedicated
transportation system in 1500m water depth and connected to the Jangkrik Floating Production Unit (FPU), located 35 km North East. The gas production will be shipped to
the Bontang LNG plant using also all the other existing facilities of Jangkrik field as well as the East Kalimantan transportation network. This new production will also
contribute to the life extension of the plant. This transaction confirms once again the success of Eni’s "dual exploration" strategy, which consists of selling minority stakes in
its exploration successes, while maintaining control and operatorship, in parallel to the fast track development of discovered reserves. Through this strategy, which allows
accelerated monetization of the exploration successes, Eni has been able to cash in more than $10 billion from 2013 to 2019. Eni has been operating in Indonesia since 2001
and currently has a large portfolio of assets in exploration, production and development. Production activities are located in the Kutei Basin, East Kalimantan, and through the
Jangkrik field, in the MuaraBakau working area, which delivers more than 600 mmscfd.
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EQT (USA) closes second Ventures fund, securing commitments totaling
EUR 660 million
EQT announced the successful closing of EQT Ventures II (or the “Fund”), securing commitments totaling EUR
660 million, of which approximately EUR 620 million are fee paying, just 3.5 years after EQT Ventures I
launched. The Fund is one of the largest European venture capital (“VC”) funds and demand from both existing
and new investors was strong. EQT Ventures II will build on the multi-stage strategy of its predecessor fund EQT
Ventures I, which secured commitments totaling EUR 566 million in 2016, investing in the next generation of
ambitious founders and building global winners out of Europe. In addition to partnering early on with bold
European founders (typically at Series A and B funding rounds), the Fund will continue to bridge the US and
Europe, providing support and capital for US founders (typically at Series B and C rounds) keen to scale into
Europe. Motherbrain, EQT's proprietary in-house developed artificial intelligence system that helps source
attractive investments, will also remain central to the Fund’s strategy. Born inside the EQT Ventures advisory
team and spun out to its own dedicated team in 2016, Motherbrain is managed as a start-up inside EQT. Keeping
track of millions of companies every day, Motherbrain enables the EQT Ventures advisory team to assess
companies faster, improve assessment accuracy and spend more time on the right companies earlier. The
self-learning platform is involved in prioritizing and evaluating all potential investments and deeply integrated
throughout the sourcing process. Five EQT Ventures' portfolio companies have been sourced by Motherbrain so
far - Peakon, Handshake, AnyDesk, Warducks and Standard Cognition. The EQT Ventures advisory team,
consisting of former founders and entrepreneurs from companies such as Spotify, King, Booking.com, Lithium,
Huddle and Hotels.com, supports portfolio companies in a wide range of disciplines. These include product,
marketing and communications, engineering, analytics, user experience, international expansion, sales,
partnerships and finance.
Partner at EQT Partners and Investment Advisor to the EQT Ventures funds, commented: “Building a global
success story requires more than just capital. It requires grit, ambition, teamwork and support from people
who have experienced the start-up journey firsthand. Being a large multi-stage investor, the EQT Ventures
advisory team supports and coaches entrepreneurs on their journeys so they can scale and deliver long-term
sustainable growth. Europe has never lacked ambition, talent or innovation but compared with the US,
European start-ups have often struggled to access the capital they needed to grow from bright ideas into
proven businesses. With this fund, EQT Ventures wants to continue to close this funding gap and its size is
clear evidence of the growing confidence in European tech, which is punching above its weight. The team is
looking forward to partnering with more of the boldest founders in Europe and the US.”
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EQT (USA) Credit leads recapitalization of Bartec and becomes largest
shareholder
EQT Credit, through its Credit Opportunities strategy, is pleased to announce
that it has led the recapitalization of Bartec (“the Company”), a global market
leader in explosion protection. With the transaction, EQT Credit becomes the
largest shareholder in the Company. Founded in Germany in 1975, Bartec is
one of the market leading global players in explosion protection. With a broad
product portfolio and a strong long-term track record of industry experience,
Bartec caters to specific customer requirements worldwide. Its key
applications are in the fields of Electrical Safety Systems, Electrical Heating
Systems, Technology Systems and Enterprise Mobility. EQT Credit and other
shareholders are investing EUR 80 million of equity in the Company,
significantly strengthening its balance sheet, and as part of the transaction,
Bartec’s debt is reduced by approximately EUR 280 million. EQT will support
Bartec and its management team on its value creation initiatives centered
around operational excellence, customer focus and best in class products.
Managing Director at EQT Partners and Investment Advisor to EQT
Credit, concluded: “As Bartec’s largest shareholder, EQT Credit will work
with other shareholders to put in place an experienced and high-caliber
Board of Directors of senior industrialists to support management in their
efforts to drive value in the coming years.”
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EQT (USA) Infrastructure to merge IP-Only and GlobalConnect
EQT announces the intention to combine EQT Infrastructure III and IV portfolio companies
GlobalConnect and IP-Only. The combined entity will be better positioned to serve the growing
demand of national and international customers, and the scale of the combined organization will allow
strengthened innovation and investment to bring new technologies and solutions faster to the market.
IP-Only owns and operates approximately 16,000 km fiber-based network infrastructure that, together
with leased lines, covers 230 out of 290 Swedish municipalities. The company today connects more
than 200,000 homes and serves more than 3,000 business customers. GlobalConnect is the leading
alternative fiber-based data communication and data center services provider in Norway, Denmark
and Northern Germany. In total, the company owns and operates approximately 42,000 km of
fiber-based network and 18,000 sqm of data center space, used to offer a full range of communication
infrastructure services including bandwidth connectivity, colocation and cloud infrastructure to a
range of businesses. GlobalConnect has around 24,000 business customers and serves around 83,000
private customers in Norway through its Homenet brand. The intended merger between IP-Only and
GlobalConnect will accelerate the two companies' growth agendas. The combination will create a
leading digital infrastructure provider to businesses, public institutions and consumers with
comprehensive national and cross-border fiber networks and a unique position in Northern Europe. In
2018 the two companies had combined revenues of approximately EUR 520 million and employ more
than 1,500 people across the Nordics and Northern Germany.
Partner at EQT Partners and Investment Advisor to EQT Infrastructure, comments: “We are
deeply impressed with the development of GlobalConnect since the creation of the
Danish-Norwegian group in 2018 and consider a merger between GlobalConnect and IP-Only to
be a natural next step in our strategy to build the leading Northern European provider of
integrated digital infrastructure.”
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EQT (USA) to sell E.I.S. Aircraft Products & Services
The EQT Mid Market fund announced that it has reached an agreement to sell E.I.S. Aircraft Products & Services (“E.I.S. APS”), a German-based
supplier of light-weight cabin interior products and services, to HannoverFinanz. Headquartered in Euskirchen, Germany, E.I.S. Aircraft is a
well-established product and service provider in the aerospace industry. The company is a key supplier of light-weight cabin interior products,
offering an array of composites and specialized thermoplastics solutions to the commercial aviation market. EQT acquired E.I.S. Aircraft in
February 2015, at the time consisting of the airborne training services business E.I.S. Aircraft Aviation Operations (“E.I.S. AO”), and E.I.S. APS.
During its ownership, EQT separated the two businesses, successfully selling E.I.S. AO in October 2018 after having more than doubled its
EBITDA and supported the further development of E.I.S. APS by professionalizing the management structures and broadening its product
offering and customer base. The transaction is subject to approval from merger authorities and is expected to close during the fourth quarter of
2019. The parties have agreed to keep the transaction details undisclosed.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 20 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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EQT (USA) sells remaining stake in LBX Pharmacy
The EQT Greater China II fund announced that it has sold its remaining 24.78 percent equity
stake in LBX Pharmacy Chain Joint Stock Company SSE:603883, a leading A-share listed
retail pharmacy superstore chain in China, to Primavera and FountainVest. Established in
2001 in the Hunan province, LBX is a leading discount pharmacy superstore chain in China.
As of 30 September 2019, LBX operated 3,756 self-owned drugstores and 1,052
sub-franchised drugstores in 22 provinces and municipal cities across China. LBX targets
value-conscious customers with low prices, in-store consultation services and membership
programs. The Company was listed on the Shanghai Stock Exchange on 23 April 2015 as the
first IPO in China with a foreign private equity fund as control or co-control shareholder.
EQT made a co-control investment in LBX in 2008, becoming joint control owners with XIE
Zilong, LBX’ Founder and Chairman. Since EQT entered LBX, the corporate governance
and management have been strengthened with the addition of key management hires,
experienced board members and independent non-executive board members. LBX has
leveraged the global EQT Network and deep expertise in the healthcare and retail sectors and
visited numerous leading pharmacy groups overseas. During EQT’s ownership period, more
than 40 add-on acquisitions were completed which helped LBX to become the leading chain
in new geographies and strengthened LBX’s market position in its existing coverage region.
Partner at EQT Partners and Investment Advisor to EQT Greater China, commented:
“During EQT Greater China’s joint ownership, LBX has captured the fast growth of the
retail pharmacy sector in China through successful store openings and upgrades, margin
improvement and acquisitions. We are grateful for Mr XIE’s leadership, the insightful
contribution of the board members, and the management team’s hard work.”
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EQT (USA) Credit provides unitranche financing for Mabtech
EQT Credit, through its Direct Lending investment strategy, is pleased to
announce it has provided a senior secured financing to support IK Investment
Partners’ majority acquisition of Mabtech AB. The transaction is expected to
close in December 2019. Founded in 1986 and based in Stockholm, Sweden,
Mabtech is a leading developer and manufacturer of high-quality monoclonal
antibodies and detection platforms for in vitro applications in life science
research. The Company’s kits and antibodies are used to study immune
responses in a wide range of applications, including infectious disease, cancer,
allergies and are also commonly used as monitoring tools in vaccine
trials.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 20 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.
Partner at EQT Partners’ Credit team, Investment Advisor to EQT Credit,
commented: “EQT Credit is pleased to be supporting IK Investment
Partners and Mabtech as they embark on the next phase of growth.
Mabtech is a leading specialist in immune monitoring, known for its
high-quality antibodies and pioneering ELISpot and FluoroSpot kits.”
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EQT (USA) sells itslearning to Sanoma
EQT Expansion Capital II has sold itslearning AS, an international provider of a
pedagogy focused cloud-based digital Learning Management System (LMS) platform, to
Sanoma, a leading learning and media company headquartered in Finland and operating
in six European countries. Headquartered in Bergen, Norway, itslearning is a provider of
a pedagogy focused cloud-based Learning Management System (LMS) with operations
in Scandinavia, the Netherlands, France, Germany, UK and the US. The Company’s
cloud-based platform acts as a hub for distribution of digital learning materials and
enables efficient collaboration between teachers, students and parents, including best
practice sharing, use of learning modules, uploading of assignments and assessment
communication. EQT invested in itslearning in 2013 with a mission to provide funding
for growth and to buy-out parts of the existing shareholder base. During EQT’s
ownership, itslearning strengthened its footprint in Scandinavia and the UK through the
completion of two sizeable add-on acquisitions, which led to a doubling of the revenues.
itslearning also invested heavily in product R&D in Norway as well as the itslearning
brand in the US and in August 2018, the Company signed a partnership with Google,
providing Google G Suite connectivity for the itslearning’ LMS platform.
Partner at EQT Partners and Investment Advisor to EQT Expansion Capital II,
commented: “In Sanoma, we have found a strong and sustainable new owner for
itslearning, who can support its long-term development and growth ambitions.
Sanoma is a strong strategic fit for itslearning and will provide a stable partnership
for the Company’s employees as well as for students, teachers and parents.”
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EQT (USA) acquires Recover Nordic, a leading provider of property
remediation and environmental services
The EQT VIII Fund announced that it has entered into an agreement to acquire Recover Nordic
(“the Company”) from funds advised by Agilitas Private Equity (“Agilitas”). Recover Nordic is
a Nordic market leader in property remediation and environmental services, primarily serving
insurance companies, municipalities, industrial- and commercial clients. Following the
Agilitas-backed management buyout in 2013, Recover Nordic has experienced strong organic
growth and completed 17 add-on acquisitions. Headquartered in Oslo, Norway and with more
than 90 branches across the Nordics, the Company has over 2,100 employees and is expected to
generate revenues of NOK 3.0 billion in 2019. A majority of the revenues is related to damage
control activities following unexpected events, such as water or fire damages. Going forward,
EQT will support and further develop Recover Nordic’s unique service offering by investing in
digitalization and professionalization, drawing on EQT’s expertise in these fields. The
Company’s continued growth focus, both organic and through M&A, will be supported by a
board of directors, including members from EQT Network, with significant experience from the
services and insurance industries.The acquisition of Recover Nordic is in line with EQT’s
thematic approach to invest in the future we want. Guided by the United Nations Sustainable
Development Goals, Recover Nordic contributes to society by mitigating and adapting to risks
associated with a more extreme climate. The Company participates in the development, planning
and implementation of sustainable strategies and resilience initiatives in the cities and
communities in which it operates.
Partner at EQT Partners and Investment Advisor to EQT VIII, added: “EQT is impressed
with Recover Nordic’s unique service offering and leading position in property remediation
and environmental services. EQT looks forward to supporting the Company and
management team in their ambition to professionalize the industry with digitalization,
systems and sustainable processes – ensuring best-in-class customer satisfaction.”
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EQT (USA) Credit completes unitranche financing for O’Neill Patient
Solicitors
EQT Credit, through its Direct Lending strategy, is pleased to announce that is
has provided committed senior debt facilities to support Inflexion’s investment
in O’Neill Patient Solicitors. EQT Credit has also provided committed
acquisition facilities to support future growth. Headquartered in Stockport,
UK, ONP is a leading tech-enabled provider of legal services to the property
market, processing over 85,000 conveyancing transactions per year for
residential property purchases and remortgaging. The Company markets its
services through strong relationships with panel managers, mortgage brokers
and banks, as well as directly to end customers.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 20 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.
Partner at EQT Partners and Investment Advisor to EQT Credit,
commented: “EQT Credit is delighted to be supporting Inflexion and
management as they continue to develop ONP into one of the leading
conveyancers in the UK. With an exceptional management team and a
sophisticated case management technology, EQT believes the Company is
well positioned to continue increasing its market share by offering
unparalleled customer service through its market-leading efficiency,
quality and turnaround times.”
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Equinor(Norway) strengthens its position in Polish offshore wind market
Equinor completed the acquisition of a 50 % interest in the offshore wind development project Bałtyk I in
Poland from Polenergia. The company now has an interest in all three Bałtyk offshore wind development
projects (MFW Bałtyk III, MFW Bałtyk II i MFW Bałtyk I.). The acquisition of Baltyk I strengthens our
presence in the Baltic Sea area. With interest in all three - Baltyk I, II and III projects, we have the
opportunity to build scale and value in what we see as an important energy region,” says Jens Økland,
Senior vice president for business development in New energy solutions in Equinor. The Bałtyk I offshore
location license allows for a development of a wind farm with a capacity up to 1560MW of which Equinor
will hold 50%. Equinor will be the manager for the construction preparation and the potential construction
and operational phases. It was in 2018 that Equinor acquired a 50 % interest in the offshore wind
development projects Bałtyk II and Bałtyk III which have a combined planned capacity of 1,440 MW with
the potential to power more than two million Polish households. Later that year, Equinor decided to exercise
an option to acquire a 50 % interest in the Bałtyk I offshore wind development project, and this transaction
is now concluded.The wind farm area is in the Baltic Sea in water depths of 25-35 meters, approximately
80 kilometers from the port of Łeba.The two companies have a 50/50 joint venture and are working together
to mature the Baltyk projects towards construction. Equinor welcomes the recent progress in the
development of a legal framework for offshore wind in Poland. Clearly defined targets for offshore wind, a
robust and predictable framework that sets the right incentives and a streamlined permitting process will be
key success factors to develop the offshore wind sector in Poland and to realize the Polish supply chain
potential.
“Poland is an important market for Equinor and we are pleased to continue our partnership with
Polenergia, which is an experienced energy company with an in-depth knowledge of the Polish energy
market,” says senior vice president for business development in New energy solutions.
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Gazprom’s (Russia) financial information under International Financial Reporting
Standards (IFRS) for the nine months ended September 30, 2019
• Net sales of gas decreased by RUB 241,966 million, or 8%, to RUB 2,808,726 million for the nine months ended September 30, 2019 compared to the same period of the prior year. The change was mainly due to a decrease in volumes of gas sold and a decrease in
average prices on sales of gas in Europe and other countries.
• Net sales of gas to Europe and other countries decreased by RUB 256,545 million, or 12%, to RUB 1,883,980 million for the nine months ended September 30, 2019 compared to the same period of the prior year. The change was due to the decrease in volumes of gas
sold by 8%, or 14.0 bcm, and the decrease in average prices (including excise tax and customs duties) denominated in the Russian Ruble by 5%. At the same time average prices denominated in the US Dollar decreased by 10%.
• Net sales of gas to Former Soviet Union countries increased by RUB 15,004 million, or 6%, to RUB 250,612 million for the nine months ended September 30, 2019 compared to the same period of the prior year. The change was mainly due to the increase in average
prices (including customs duties) denominated in the Russian Ruble by 8% (average prices denominated in the US Dollar increased by 2%).
• Net sales of gas in the Russian Federation increased by RUB 29,252 million, or 5%, to RUB 666,125 million for the nine months ended September 30, 2019 compared to the same period of the prior year. This change is mainly explained by the increase in average prices
denominated in the Russian Ruble.
• Operating expenses increased by RUB 167,952 million to RUB 4,617,986 million for the nine months ended September 30, 2019 compared to the same period of the prior year.
• The increase in operating expenses is primarily explained by a change in the item “Foreign exchange rate differences on operating items”. Foreign exchange rate loss on operating items amounted to RUB 68,013 million for the nine months ended September 30, 2019
compared to the foreign exchange gain in the amount of RUB 20,573 million for the same period of the prior year. The change was mainly due to the revaluation of accounts receivable from foreign customers.
• The increase in the item “Depreciation” by RUB 48,908 million for the nine months ended September 30, 2019 compared to the same period of the prior year was mainly due to charging of depreciation of right-of-use assets caused by the application of IFRS 16 Leases
since January 1, 2019.
• The increase in the item “Taxes other than on profit” by RUB 8,218 million for the nine months ended September 30, 2019 compared to the same period of the prior year mainly caused by the increase in mineral extraction tax by RUB 45,371 million that was partially
compensated by the decrease in excise tax by RUB 39,639 million for the nine months ended September 30, 2019 compared to the same period of the prior year.
• The balance of foreign exchange rate differences reflected within the item “Net finance income (expense)” produced the gain in the amount of RUB 230,816 million for the nine months ended September 30, 2019 compared to the loss in the amount of RUB 234,374
million for the same period of the prior year.
• Profit attributable to the owners of PJSC Gazprom amounted to RUB 1,048,286 million for the nine months ended September 30, 2019, which is by RUB 31,036 million, or 3%, more than for the same period of the prior year.
• Net debt balance (defined as the sum of short-term borrowings, current portion of long-term borrowings, short-term promissory notes payable, long-term borrowings, long-term promissory notes payable, net of cash and cash equivalents) decreased by RUB 156,648
million, or 5%, from RUB 3,014,403 million as of December 31, 2018 to RUB 2,857,755 million as of September 30, 2019. This change was mainly due to an increase in cash and cash equivalents balances.
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Lukoil (Russia) Announces IFRS Financial Results For The Third Quarter And
Nine Months Of 2019
• For the first nine months of 2019, our sales amounted to RUB 5,928.8 bln, which is 1.1% lower year-on-year. Sales were negatively affected by lower oil prices in dollar terms and a decrease in
refined products trading volumes. These factors were almost completely offset by ruble depreciation, higher oil production and trading volumes, as well as an increase in gas prices and gas
production volumes outside Russia.
• In the third quarter of 2019, our sales were RUB 1,952.3 bln, 8.1% down quarter-on-quarter, due to lower oil prices and a decrease in trading volumes. These factors were partially offset by a
seasonal increase in refined products sales volumes in Russia.
• Despite lower sales, EBITDA for the first nine months of 2019 grew by 14.5% year-on-year to RUB 958.0 bln.
• In the third quarter of 2019, EBITDA decreased by 1.3% quarter-on-quarter and amounted to RUB 327.8 bln.
• For the first nine months of 2019, profit attributable to our shareholders amounted to RUB 520.9 bln, 13.2% up year-on-year. The growth was constrained by lower non-cash foreign exchange
gain.
• In the third quarter of 2019, profit grew by 5.0% quarter-on-quarter and amounted to RUB 190.4 bln. Lower effective income tax rate had a positive impact on the dynamics of our profit for the
quarter.
• For the first nine months of 2019, our capital expenditures amounted to RUB 314.0 billion, 7.2% down year-on-year. The decrease was mainly driven by lower capital expenditures at the gas
projects in Uzbekistan, as well as the completion of main construction works at the Yu. Korchagin and V. Filanovsky fields in the Caspian Sea.
• In the third quarter of 2019, capital expenditures increased by 1.4% quarter-on-quarter to RUB 109.1 billion, mainly due to development of the Caspian Sea projects and selective projects at the
Russian refineries.
• For the first nine months of 2019 our free cash flow increased by 50.8% year-on-year and reached RUB 517.1 billion. The growth was due to higher operating cash flow and lower capital
expenditures. In the third quarter of 2019, free cash flow totaled RUB 208.9 bln, 28.6% up quarter-on-quarter.
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Mol Group (Hungary) Completes Acquisition Of Aurora Group, Strengthening
Position In Recycled, Sustainable Plastics Compounding Segment
MOL Group announce that effective 31 October 2019, it has acquired 100% shareholding in Aurora, a German
plastic compounder company. As a result of the acquisition, MOL Group is strengthening its position in recycled,
sustainable compounding segment and in the automotive supplier industry. MOL Group is a well-established
virgin polymer supplier, continuously looking for opportunities to extend its petrochemical value chain towards
higher added-value products. To reach this goal, MOL aims to widen the synergies with its current polymers
product portfolio via both organic and inorganic developments, to gain expertise and high-end capabilities in both
virgin-based and recycled plastic compounding. With the acquisition of Aurora, MOL Group is further expanding
its product portfolio with Aurora’s excellence in engineering plastics and polypropylene recyclate-based
compounds. Aurora with its innovative products and business model are greatly complementing MOL Group’s
current petrochemical portfolio and also contributes to its sustainability objectives. Aurora, with production
plants located nearby automotive manufacturing and plastics conversion clusters in Baden-Württemberg,
Germany has a unique and lean closed-loop business model. Aurora collects the industrial plastic waste, recycles
it and then upgrades the properties of the material into an enhanced plastic that suits the requirements of the
customers in the car manufacturing industry. By combining MOL Group’s experience and Aurora’s exceptional
know-how, the long-term objective is to accelerate further market growth while relieving the burden on the
environment. The acquisition is another important milestone in MOL Group’s transformational journey to
become the leading chemical player in CEE, after the partnering with German APK in plastic recycling. With
Aurora in the portfolio MOL Group can increase its footprint in the automotive, a strategic segment for MOL,
while addressing the increasing needs of its customers towards more sustainable products.
“The recyclate-based products of Aurora greatly complement our current product line, underlining our
increasing efforts towards sustainable development. As we strive to strengthen MOL Group’s presence as an
automotive supplier, we recognized compounding as a key activity which we want to integrate in our
business portfolio.” – said Executive Vice President of MOL Group Downstream.
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OMV (Austria) agrees to divest its stake in the Maari Field, New Zealand
OMV, the international integrated oil and gas company headquartered in
Vienna, has agreed to sell its 69% interest in the Maari Field, located in New
Zealand’s offshore Taranaki Basin, to Jadestone Energy Inc., an independent
oil and gas company focused on the Asia Pacific region. The agreed purchase
price is USD 50 mn, subject to closing adjustments. The effective date of the
transaction is January 1, 2019 and the closing of the transaction is subject to
Joint Venture and New Zealand Government approvals. Average production of
the divested assets in 2018 was around 5 kboe/d (net to OMV).OMV will
continue to operate the Māui and Pohokura gas fields – which together
produced 37 kboe/d year to date (net to OMV) and contain about a third of
New Zealand’s gas reserves. OMV is investing a further USD 300 mn on a
range of projects to extend the lives of the Māui and Pohokura gas fields over
the next two years and to maintain New Zealand’s gas supply.
“The divestment of the Maari Field further optimizes our portfolio and will
shift us in New Zealand to a gas-only producer. This underlines OMV’s
strategy to produce significantly more natural gas than oil to reduce the
carbon intensity of the product portfolio in the future”, said OMV Board
Member Upstream and Deputy Chairman of the Executive Board.
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Pembina Pipeline Corporation Receives Canadian Competition Bureau
Approval for the Proposed Acquisition of Kinder Morgan Canada
Pembina Pipeline Corporation is pleased to announce that it and Kinder Morgan Canada Limited have received a "no-action letter" from
the Canadian Competition Bureau confirming that the Commissioner of Competition does not intend to challenge the proposed
acquisition by Pembina of Kinder Morgan Canada's outstanding common equity by way of a statutory arrangement under the Business
Corporations Act (Alberta) (the "Arrangement"). The receipt of the "no-action letter" satisfies the last material regulatory condition
necessary for completion of the Arrangement. The Arrangement is now expected to close in December 2019, subject to approval of the
Arrangement by the holders of Kinder Morgan Canada's restricted voting shares and special voting shares at the special meeting
scheduled for Tuesday, December 10, 2019, receipt of the final order of the Court of Queen's Bench of Alberta at the application
scheduled for the same date, the concurrent completion of the sale of the U.S.-regulated Cochin pipeline system from Kinder Morgan,
Inc. to Pembina and satisfaction of other customary closing conditions. Further information regarding the Arrangement is provided in
the management information circular and proxy statement of Kinder Morgan Canada dated November 4, 2019.
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Petrobras and partners invest in capacity expansion of Latin America's largest
supercomputer
Petrobras and its partners in the Libra Consortium invested R $ 63 million in expanding
the processing capacity of Santos Dumont supercomputer, which now leads the ranking
of the highest performing computers in Latin America. The device will be able to process
up to 4 quadrillion mathematical operations per second (or 4 PFlops), equivalent to the
computational power generated by 4 million typical laptops. The technology will be
applied in oil and gas exploration and production research and in the analysis of large
data masses (geophysical, geological and engineering) that demand high computational
capacity for scientific calculations, based on deep intelligence and artificial intelligence
tools. The emphasis will be on studies in the areas of seismic processing and reservoir
simulation, as well as the optimization of well drilling and production projects - in the
Santos Basin pre-salt and especially in the Mero field. The computational power of the
machine will reduce from 10 to 50 times the seismic processing time, allowing to reduce
geological uncertainties and increase the exploratory success rate - which is the
identification of commercially viable oil after drilling a well. With this, the expectation
is to contribute not only to accelerate projects, but also to increase the accuracy of
activities and operational safety.
“Santos Dumont is a watershed for Petrobras, its partners and the Brazilian scientific
community, as it has the ability to analyze a huge amount of data at a much faster and
much more accurate pace. We are committed to investing more and more in digital
transformation technologies that deliver value and bring substantial return to our oil
and gas exploration and production activities, ”saidCenpes Acting Executive
Manager.
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Repsol (Spain) and Ibil strengthen their position in electric
vehicle charging
Repsol and Ibil have reached an agreement to give new momentum to the electric vehicle charging network. Repsol has acquired Ibil’s charging network and
energy commercialization services along with the assets and contracts associated with these activities. This operation consolidates Repsol’s position as a leader
in mobility on the Iberian Peninsula and its commitment to innovation and the development of new products and services adapted to the needs of customers. For
its part, Ibil will concentrate its activities in providing the market with technological and value-added services for installation and operation of charging
infrastructures, thereby strengthening its role as a technological and industrial reference and a driving force for an activity where it is leader: intelligent
management and integration with the electrical system. Once the operation is completed, Ibil, in which Repsol and the Ente Vasco de Energía (EVE) will continue
to hold 50% stakes, will transform its business model to focus on technological developments for mobility, sustainability, and the energy transition, and thus
respond to the strong growth expected in these areas in the coming years. As a result of this agreement, Repsol’s public charging network will consist of more
than 230 points, representing one of the most important infrastructures of this type in Spain. Of these, 35 are fast charging points located at the company’s service
stations, which positions Repsol as a leader in this type of electric charging in Spain. The company will also operate 1,000 terminals that Ibil has installed for
companies and private customers. year at Repsol service stations, will enable recharging of vehicle batteries that support this technology in five to ten minutes, a
time similar to that needed for conventional refueling. One of these charging points, located in Ugaldebieta (Biscay), has four terminals capable of delivering up
to 400 kW each, making them the most powerful charging points in Europe.
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TechnipFMC (UK) Enters into Memorandum of Agreement
(MOA) to Sell the G1201 Subsea Vessel
TechnipFMC announced its intent to sell the G1201 vessel as part of its overall strategy to optimize the profile and size of its subsea
fleet. Following the recent announcement of the Company’s alliance agreement with a best in class partner for pipeline installation using
S-lay technology, this supports the Company’s intent to use collaboration agreements, where possible, to execute its differentiated iEPCI
™ business model. The MOA is subject to certain conditions precedent to complete the transaction. The Company expects to complete
the sale in December as these conditions are met, including delivery of the vessel in December 2019. The MOA also includes a
Collaboration Agreement with the buyer that would provide 5 years of exclusivity for a list of named subsea projects in a specific
jurisdiction and the right of first refusal for other projects not specifically named in the Collaboration Agreement. Due to this MOA, the
Company also reviewed the carrying value of the G1200 vessel, the sister vessel to the G1201, of similar design, asset class and
functionality. As a result of the proposed sales price of the G1201 and its current book value and the book value of the G1200, its sister
vessel, the Company has recorded a non-cash asset impairment charge. The total non-cash charge was $125 million for both vessels and
was recorded in the third quarter of 2019.
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Chesapeake Energy Corporation (USA) Announces Arrangement
Of $1.5 Billion Term Loan Facility
Chesapeake Energy Corporation announced that it has engaged JPMorgan Chase Bank, N.A., Morgan Stanley Bank, N.A., Bank of America, N.A. and
MUFG Bank, N.A. to assist with the arrangement of a secured first lien last out 4.5-year term loan facility in the aggregate principal amount of up to
$1.5 billion. Chesapeake intends to use the net proceeds of the loan to finance a tender offer and consent solicitation announced today for unsecured
notes issued by Brazos Valley Longhorn, L.L.C. ("Brazos Valley") and Brazos Valley Longhorn Finance Corp., each a wholly owned subsidiary of
Chesapeake, and to fund the retirement of Brazos Valley's existing secured revolving credit facility. Chesapeake expects these transactions to improve
its financial flexibility, as they will allow Brazos Valley and its subsidiaries to support Chesapeake's current and future debt. The loan will be from one
or more commercial banks, and will be secured by the same collateral securing Chesapeake's existing revolving credit facility (with a position in the
collateral proceeds waterfall junior to the revolving credit facility). Amounts borrowed under the new term loan facility will be unconditionally
guaranteed on a joint and several basis by Chesapeake's direct and indirect wholly owned domestic subsidiaries that are guarantors under the
company's revolving credit facility, including Brazos Valley and its subsidiaries upon the closing of the term loan facility. Chesapeake's ability to
establish the new term loan facility and borrow thereunder will be subject to the receipt of commitments from lenders to provide the term loan facility,
the negotiation and execution of definitive loan documents, the success of the consent solicitation and other customary conditions.
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Eni (Italy) achieves a new milestone in its digital transformation agenda
with the deployment of advanced dynamic reservoir simulation
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Solution Description
Eni announces the industrial deployment of ECHELON, an advanced dynamic reservoir simulator, for optimization of field monitoring,
development and production. ECHELON software allows to run thousands of parallel reservoir simulations in a record timeframe, further
accelerating projects time-to-market. This technology will support Eni in managing uncertainty while improving early understanding of field
behavior for more effective business decisions and, together with the recent upgrade of its supercomputing infrastructure thanks to the deployment
of HPC5, which will bring the company’s overall computational capacity to a peak of 70 Petaflops in the first quarter of 2020, it confirms the
progression of the company’s digitalization process. As part of its digital transformation agenda, in 2018 Eni has signed a strategic agreement with
Stone Ridge Technology (SRT) aimed at jointly pursuing the development and industrialization of ECHELON, the first dynamic reservoir
simulator designed and developed to fully harness the power of modern high-performance General-purpose computing on graphics processing
units (GP-GPUs). ECHELON, while able to efficiently employ the computational power provided by GP-GPUs, it features a 5-fold reduction in
processing times compared to other commercial reservoir simulators, while delivering the same level of accuracy. ECHELON deployment at Eni
will continue throughout 2020 on the company’s core assets aiming to maximize their value, furthermore Eni and SRT are planning the advanced
industrial release for compositional simulator in the second quarter of 2020.

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Apache (USA) Recognized As Industry Leader In Stakeholder
Engagement
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Apache Corporation was named on Forbes and JUST Capital’s list of America’s Most JUST Companies. The organizations
recognized Apache as an industry leader in the treatment of and engagement with company stakeholders, including communities,
shareholders, customers, employees and the environment. The JUST Capital Rankings evaluated the 1,000 largest publicly traded
U.S. companies on a range of factors, including fair pay, ethical leadership, good benefits and work-life balance, equal
opportunity, customer treatment and privacy, community support, environmental impact and delivering shareholder return.Just
Capital engaged 9,000 respondents for its 2019 survey and 96,000 total participants over the past six years. The survey was
conducted in partnership with NORC at the University of Chicago and YouGov.“Apache seeks to deliver shared value to all of
our stakeholders,” said Apache vice president of communications and public affairs. “From our Houston headquarters to our
operations around the globe, Apache strives to be a responsible operator and a good neighbor. We believe that investing in our
people and our communities is essential to how we run our business.”
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HPCL (India) along with its JV HMEL bag three coveted awards at FIPI
Oil & Gas Awards
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Hindustan Petroleum Corporation Limited (HPCL) and its Joint Venture Hindustan-Mittal Energy Limited (HMEL) received three
coveted awards from Hon’ble Minister of P&NG and Steelduring FIPI Annual Summit & Awards at New Delhi on 02nd December
2019. HPCL was presented with Company of the Year Award for Excellence in Human Resource Management. This award
recognizes the contribution of company’s Human Resource Management in achieving excellence across the entire spectrum of HR
management in the company. The awards were received by C&MD – HPCL,and Director HR- HPCL, along with senior
officials.Speaking on the occasion Shri Dharmendra Pradhan expressed his pleasure on the changing trends in the society as he
recollected his recent visit to HPCL’s refinery at Vishakhapatnam where he witnessed more than 50 female engineers working on
ground zero of Visakh Refinery expansion project.HMEL was also presented with Oil and Gas Transportation company of the year
and Refinery of the year award (Capacity more than 9 MMTPA) for excellence in production, community development and overall
operations.FIPI Oil and Gas Awards recognize the leaders, innovators and pioneers in the Oil and Gas Industry, with an objective to
celebrate the industry's most outstanding achievements.
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Lukoil (Russia) Receives International Award For Multimedia Pavilion In
Moscow
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LUKOIL received the Eventiada IPRA Golden World Award 2019, the most recognized communications award in Eastern
Europe and Central Asia, in Moscow, Russia. LUKOIL's unique multimedia educational and exhibition space, installed in the
pavilion Oil at VDNKH, one of Moscow's largest parks and a showcase of historical achievements of Russian economy and
technical thought, was rated as the best project, complying with international standards. The country's most comprehensive
industry-specific popular science display to date, it centers around Russia's oil industry, its history and technological
development, promotes the sector and gives a visual reconstruction of its past on multimedia devices. Over one thousand
companies from thirteen countries – Armenia, Azerbaijan, Belarus, Bulgaria, Croatia, Estonia, Hungary, Kazakhstan, Poland,
Russia, Serbia, Tajikistan and Ukraine – contested for the Eventiada IPRA Golden World Award in 2019. The international
jury rated projects against various criteria, including innovativeness, quality, planning and implementation of projects.
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Lukoil (Russia) Receives Moex Awards
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LUKOIL won awards in three categories of the 22nd Annual Reports Contest 2019, organized by Moscow Exchange and
Stock Market Media Group and held in partnership with Institutional Investor for the first time. Following the results of Extel
independent survey, LUKOIL received an award in the category of Corporates Best as the best large capital company for
investor relations. The company also became the winner of the award of the Russian Union of Industrialists and Entrepreneurs
for the best corporate social responsibility and sustainable development report, once again.One of Russia’s most prestigious
contests of corporate governance and investor relations excellence, the Annual Reports Contest of Moscow Exchange and
Stock Market Media Group has been held every year since 1997. The contest contributes to greater transparency of public
companies and efficient disclosure of information to investors and clients.The jury of the contest is comprised of
representatives of major investment funds, professional associations, non-profit organizations, regulating authorities, leading
financial analysts, experts in corporate governance and communications.
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Lukoil (Russia) Receives Winter Preparedness Certificates
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All LUKOIL Group's facilities received winter preparedness certificates for 2019 – 2020. With action plans to
get prepared for operation in autumn and winter of 2019 already developed, LUKOIL's power generation
facilities have started weekly monitoring to ensure compliance with the schedule. Almost fifteen hundred
winterization measures, taken across LUKOIL's power generation assets, included major overhauls and
maintenance of main process and auxiliary equipment, integrity tests of main heating systems, training and
qualification of personnel. Certification of a facility guarantees compliance of power generation equipment with
technical standards and its preparedness for continuous supplies of electricity and heat to end consumers in
winter months.
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NOVATEK (Russia) Receives Gold Award at the LACP INSPIRE 2019
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PAO NOVATEK announced that the Company's Sustainability Report 2018 received a Gold Award of the International LACP INSPIRE
2019 competition in the category "Print". One of the most prestigious in the field of corporate communications, the American League of
Communication Professionals (LACP) recognizes various categories of winners since 2001. The contest was created to identify the best
practices in corporate communications and to recognize outstanding professional achievements with companies participating from more
than 20 countries every year.PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global
LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production,
processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated mainly in the
prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80%
of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company
established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the
London Stock Exchange (LSE) under the ticker symbol “NVTK”.
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ONGC (India) gets certified as Great Place to Work for ‘high-trust,
high-performance culture’
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In a major recognition of its employer branding, energy maharatna Oil and Natural Gas Corporation Limited (ONGC) has been certified by the
Great Place to Work, for its ‘high-trust, high-performance culture’. Great Place to Work is an USA-based global leader in certification of HR
practices; it surveys more than 10,000 organizations, in over 60 countries globally every year. This certification is based on a robust survey
conducted among randomly selected employees of the organization. Based on the survey, Great Place to Work certifications are conferred to the
organizations where 70 percent or more employee respondents rate the organization as a great workplace. Also, the organization’s people practices
require getting rated 2.5 or more on a 5 point scale by Great Place to Work Institute. Earlier in September this year, ONGC participated in the
employee survey conducted by Great Place to Work. ONGC’s recognition as a Great Place to Work is under the large organizations category –
which include organizations with more than 500 employees and less than 50,000 employees. To administer the survey, Great Place to Work
surveyed a random cross-section of 1,500 ONGCians. The survey responses were treated anonymously and with complete confidentiality. With
the certification of Great Place to Work, ONGC will be able to benchmark employee perceptions of workplace environment with selected best
practices in the industry and elsewhere. This will also enable ONGC to appreciate its strengths as an employer and identify focus areas for
improvement.
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BP (UK) signs sustainable energy agreements with Amazon Web Services
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BP has agreed the first in a series of innovative power deals with Amazon Web Services (AWS) to supply renewable energy to the European data centres that drive the AWS cloud
platform. The deal is in line with BP's growing sustainable power business, which includes tailored Power Purchase Agreements (PPAs) within the corporate sector. Starting in 2021,
BP will begin supplying AWS’s servers with 170 megawatts of renewable power each year. The expectation is to grow this relationship to more than double the capacity in excess of
400 MW. In the first project announced under this agreement, BP will provide AWS with 122 MW of new renewable power capacity from one of the largest onshore windfarms being
built in Europe, in Västernorrland, Sweden. It's expected to commence operations in 2022. A new solar farm in Spain, which is expected to deliver 50 MW to AWS from 2021, will
also support the deal.BP is working with the corporate sector to connect organisations to renewable energy sources and helping them realise both the environmental and economic
benefits of PPAs. The expansion of its corporate PPA business is an example of BP's focus on improving its products and services to enable customers to reduce their emissions.
BP's own renewable business includes:
• Solar energy - BP has a 43% share in Lightsource BP. Lightsource BP aims to play a vital role in shaping the future of global energy delivery by developing substantial solar capacity
around the world, and BP is working with Lightsource BP to expand its global presence.
• Wind energy - BP has significant interests in onshore wind energy in the US. It operates nine sites in six states and holds an interest in another facility in Hawaii. Together they have
a net generating capacity of just over 1,000MW.
• Biofuels - BP Bunge Bioenergia – BP’s joint venture with Bunge – is a leading bioenergy company with 11 biofuels sites in Brazil. With 32 million metric tonnes of combined
crushing capacity per year, the joint venture has the flexibility to produce a mix of ethanol and sugar. It also generates renewable electricity - fuelled by waste biomass from the sugar
cane - through its cogeneration facilities to power all its sites and sell surplus electricity to the Brazilian power grid.
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Galp (Portugal) increases solar power purchases in Spain through
long-term contracts with Grenergy
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Galp has strengthened its commercial portfolio to provide renewable power to its clients after having signed a long-term Power Purchase
Agreement (PPA) with GrenergyRenovables. The agreement is based on a total 200 MW solar power generation projects in Spain, which are
currently under development, covering a total amount of 300 to 360 GWh per year that shall be progressively allocated to Galp’s commercial
activities from August 2021, for a period of 12 years. This is the second PPA signed by Galp this year, bringing total acquired solar energy to
more than 650 GWh, enough to power more than 200,000 households, saving more than 430 ktons of CO2 per year. This framework
agreement fits Galp’s strategy by securing a balanced and competitive long-term sourcing for its power activities, while offering its clients
access to efficient and environmentally sustainable energy solutions. More than half of the electricity commercialized by Galp in 2018
originated from renewable sources, of which 293 GWh from the company’s own production.GrenergyRenovables is a Spanish independent
producer of energy from renewable sources, mainly wind and photovoltaic, which was created in 2007 and is listed on the Alternative Stock
Market since 2015. Its business model covers all phases of the project, since development, through the construction and financial structuring
until the operation and maintenance of the plants. In 2012, it expanded to LATAM, where it is present in Chile, Peru, Argentina, Mexico and
Colombia, with a global pipeline of more than 4 GW in several stages of development.
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NOV (USA) announces new contract award for flexible
pipe and ancillaries
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NOV Flexibles, part of Subsea Production Systems within our NOV Completion & Production Solutions segment, and
Ocean Installer have signed a contract for the supply of flexible pipes and ancillaries for the redevelopment of the
VårEnergi AS-operated Balder field on the Norwegian continental shelf. The contract covers more than 90 km of
flexible pipe systems, including 10 dynamic risers, five midwater arches, and other riser accessories. The project will
be delivered with campaign releases between 2020 and 2022, making it the largest delivery for the North Sea in the
history of the Flexibles group."This is a significant award for NOV and the largest North Sea project in our history,"
said, President, Subsea Production Systems. "Throughout the history of the group, the North Sea has always been a key
area of focus and commitment. For more than 20 years we have set many firsts and delivered a grand total of more than
210 km of flexible pipes for installation offshore Norway. NOV would like to thank VårEnergi AS and Ocean Installer
for their confidence in our ability to contribute to the success of the Balder Future project."
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Yamal LNG Shipped First LNG Cargo to Bangladesh
35
PAO NOVATEK announced that OAO Yamal LNG shipped the first cargo of liquefied natural gas (“LNG”) to Bangladesh in
accordance with the long-term offtake agreement with TOTAL. The consignment was delivered along the westbound route via the
Suez Canal with transshipment from the ice class Arc7 LNG tanker “Eduard Toll” to a conventional type LNG tanker at the Belgian
terminal located at Zeebrugge. The LNG cargo was unloaded at the Summit LNG Terminal in Bangladesh in accordance with the
buyers lifting and delivery schedule.PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered
the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the
exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are
concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and
accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production.
NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in
Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol “NVTK”.
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Ørsted(Denmark) and Covestro sign the world's largest offshore wind
PPA
36
Covestro, a world-leading supplier of high-performance polymer materials, has signed a 10-year corporate power purchase agreement with Ørsted to buy the output of 100MW from the planned
BorkumRiffgrund 3 offshore wind farm. Covestro, a world-leading supplier of high-performance materials headquartered in Leverkusen, Germany, has signed a 10-year indexed fixed-price agreement
with Ørsted, the world-leader in offshore wind, to offtake green power produced from Ørsted's planned BorkumRiffgrund 3 offshore wind farm which is expected to be fully commissioned in 2025,
subject to Ørsted's final investment decision.This makes Covestro, who is listed on the Frankfurt stock exchange and employs 16,800 people world-wide, the first major chemical company in Germany
to sign a long-term corporate power purchase agreement from a new asset with a supplier of renewable energy.Covestro will offtake 100MW of the planned wind farm's 900MW total capacity for 10
years, which makes it the world's largest corporate PPA for offshore wind. The PPA will be effective from 2025.
Facts about BorkumRiffgrund 3
• Subject to Ørsted's final investment decision, BorkumRiffgrund 3 is expected to be fully commissioned in 2025.
• BorkumRiffgrund 3 will have a total capacity of 900MW and will be located in the German North Sea adjacent to Ørsted's existing offshore wind farms BorkumRiffgrund 1 and BorkumRiffgrund
2.
• The wind farm will be built and operated without subsidies. This is made possible by a set of cost drivers including the installation of next generation wind turbine technology, very good site
conditions and high wind speeds, grid connection costs not being part of the project, plus the potential for stabilising revenues through corporate power purchase agreements.
• BorkumRiffgrund 3 comprises three offshore wind projects which were originally awarded to Ørsted in auctions in 2017 and 2018 under the names of BorkumRiffgrund West 1 (420MW),
BorkumRiffgrund West 2 (240MW), and OWP West (240MW). The three projects were renamed in September 2019 and will be built as one joint project under the name of BorkumRiffgrund 3.
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Saipem (Italy): new subsea contract in Guyana and variation orders on ongoing
offshore E&C contracts worth overall approximately 880 million USD
37
Saipem has been awarded a subsea contract by ExxonMobil subsidiary Esso Exploration and Production Guyana Limited (“EEPGL”) for
the proposed Payara development project located in the Stabroek block offshore Guyana at a water depth of around 2000 metres. The
contract scope includes Subsea Structures, Risers and Flowlines. Saipem was awarded earlier subsea contracts for the first two phases of
the Liza development in Guyana by EEPGL in 2017 and in 2018, respectively. Subject to government approvals, project sanction by
EEPGL and its partners HESS Guyana Exploration Ltd and CNOOC Nexen Petroleum Guyana Ltd and an authorization to proceed with
the final phase, Saipem will perform the detailed Engineering, Procurement, Construction and Installation (EPCI) of a large subsea
production facility. This facility will include approximately 130 km of flowlines, rigid risers, associated terminations and jumpers
together with the installation of manifolds, flexible risers, dynamic and static umbilicals and flying leads. Testing and pre-commissioning
of the subsea field will follow installation.Before the necessary government approvals and project sanction, the contract award will allow
the start of limited activities, namely detailed engineering and procurement. Saipem’s flagship vessels FDS2 and Constellation will
perform the offshore operations using an optimized combination of different pipe-lay methods - J-Lay and Reel-lay.
Description

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Saipem (Italy): two new contracts worth approximately 750 million Euro for
offshore wind farms to be executed in Scotland and Taiwan
38
Saipem has been awarded a contract by the French company EDF Renewables for the construction of the NeartnaGaoithe (NnG) wind farm offshore Scotland. This
is the first turn-key project awarded to Saipem in the offshore wind farm sector. The scope of work consists of the engineering, procurement, construction and
installation of 54 steel foundation jackets for an equivalent number of wind turbines with a capacity of around 8MW each, 2 steel foundation jackets for the
offshore electrical substations and the transportation and installation of the relevant topsides. These jackets will be manufactured partly at a Saipem owned yard
and partly in fabrication facilities located in Scotland. The jackets will be placed on piles at depths ranging from 40 to 60 meters. Offshore installation activities
will be carried out by the crane vessel Saipem 7000, which has a consolidated track record of operations in the North Sea. The NnG offshore wind farm, 15km off
the east coast of Scotland, will be deployed over an area of 105 km2 and will be capable of generating around 450 megawatts of electricity.Furthermore, Saipem
has been awarded a new contract for the Formosa 2 offshore wind farm project. The scope of work entails the supply of material and fabrication of 32 foundation
jackets for an equivalent number of wind turbine generators. The wind farm is being developed by a partnership between Macquarie’s Green Investment Group
and Swancor Renewable Energy, offshore Miaoli County on the West coast of Taiwan. Construction works for the project are scheduled to commence early
2020.The overall amount of these two new contracts corresponds to approximately 750 million euro, representing more than 15% of the E&C Offshore Division
order intake year-to-date, thus consolidating Saipem position as a global solution provider to the extended energy sector.
Description

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Valero (USA) Announces Long-Term Agreements for Three Additional Refined
Product Terminals in Mexico
39
Valero Marketing and Supply de México, S.A. de C.V., a wholly-owned subsidiary of Valero Energy Corporation, announced that it has signed long-term agreements for the
use of three new refined product terminals located in Guadalajara, Monterrey, and Altamira, Mexico. These terminals will support Valero’s strategy to expand its product supply
chain into high growth markets and are expected to start operations in 2021. The Guadalajara and Monterrey terminals are to be constructed under separate joint venture
arrangements with no cash contributions from Valero; the Guadalajara terminal with an affiliate of Grupo México S.A.B. de C.V. (BMV: GMEXICOB) (“Grupo México”) and
Silos-Tysa, S.A. de C.V. (“Silos-Tysa”) and the Monterrey terminal with an affiliate of Grupo México. Under the long-term terminal service agreements, the two terminals are
designed to provide Valero with the capability to receive refined products via unit trains and truck loading facilities to serve regional and local markets. The Guadalajara
terminal is expected to have approximately 900,000 barrels of storage capacity while the Monterrey terminal is expected to have approximately 425,000 barrels of storage
capacity. The Altamira terminal, to be funded and constructed by Operadora de TerminalesMarítimas, S.A. de C.V. (“OTM”), is designed to offer Valero access, under a
long-term terminal service agreement, to a second port facility for imports of refined products. The terminal is expected to have approximately 1.1 million barrels of storage
capacity, truck loading facilities to serve local market demand and rail services for distributing products to inland Mexican markets, including Monterrey. Valero is currently
marketing products through a third party terminal in Nuevo Laredo and through three rail-to-truck transload facilities located in Guadalajara, Monterrey, and Chihuahua with
plans to begin transloading products in Puebla starting 2020. This marketing program is laying the groundwork for Valero’s supply chain expansion.
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Partner Ecosystem

Partner Ecosystem Updates
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BP (UK) and Bunge complete formation of BP Bunge Bioenergia joint
venture in Brazil
40
BP and Bunge announced that they have completed the formation of BP Bunge Bioenergia, the Brazilian bioenergy joint venture that combines
their Brazilian bioenergy and sugarcane ethanol businesses.The continued growth of biofuels will be a key enabler to decarbonising transportation.
Brazil is one of the world’s largest and fastest growing markets for biofuels and, through this transaction, BP Bunge Bioenergia is now the second
largest operator by effective crushing capacity in the Brazilian bioethanol market.Mario Lindenhayn from BP will be the executive chairman of
BP Bunge Bionergia and Geovane Consul from Bunge will be chief executive. BP and Bunge have equal representation on the board of directors
of the company.The joint venture has 11 biofuels sites in five Brazilian states, with more than 10,000 employees. It has total crushing capacity of
32 million metric tonnes of sugarcane per year, capable of producing more than 1.5 billion litres of ethanol, 1.1 million tons of sugar and exporting
1,200 gigawatt hours of electricity to the national grid in Brazil.BP and Bunge’s agreement to form the joint venture was announced in July
2019.BP Bunge Bioenergia, owned 50:50 by BP and Bunge, and headquartered in Sao Paulo, is a leading company in the sugar, ethanol and low
carbon bioelectricity market in Brazil. The company has over 10,000 people in eleven mills, located in the Southeast, North and Midwest of Brazil.
Committed to safety and sustainability, the joint venture is formed by BP and Bunge, with 50% ownership by each company.
Description

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Enbridge (Canada) and Enterprise Products to Jointly Develop Deepwater Port; Enbridge
moves forward with development of new Houston-area storage Terminal
41
Enbridge Inc. and Enterprise Products Partners L.P. announced they have agreed to jointly develop and market a deep-water offshore crude oil
export terminal capable of fully loading Very Large Crude Carriers (VLCCs). Under the terms of the Letter of Intent (LOI), Enbridge and
Enterprise will work to finalize an equity participation agreement (Agreement). The Agreement would allow Enbridge an option to purchase an
ownership interest in Enterprise's Sea Port Oil Terminal (SPOT), subject to SPOT receiving a deep-water port license. The parties intend to initially
focus commercial development efforts on seeking customer support to fully utilize SPOT. As the crude oil export market continues to grow,
Enbridge anticipates that its Texas COLT deep-water port will be well positioned to proceed.Enbridge also announced that it will advance the
development of a new wholly-owned Jones Creek Crude Oil Storage Terminal. The terminal will have ultimate capability of up to 15 million
barrels of storage; access to crude oil from all major North American production basins and will be fully integrated with the Seaway Pipeline
system to allow for access to Houston-area refineries, existing export facilities and other facilities in the future. Seaway announced on November
25, 2019, a plan to proceed with an open season to secure interest in a potential 200,000 barrels per day expansion of the system. Seaway is
well-positioned as a highly competitive option to transport Cushing volumes to a fully integrated network of pipelines, storage facilities, and export
terminals along the US Gulf Coast.
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Eni (Italy) and the Republic of Angola kickstart a strategic partnership
for sustainable development
42
Eni's CEO and representatives of the Angolan Government signed in Rome a Memorandum of Understanding and a series of other agreements ranging from local development
to renewable energy, from health promotion to hydrocarbon research. The agreements are part of Eni's long-term development strategy that combines traditional business with
a commitment to diversified and sustainable growth in the territories in which it operates. The Memorandum of Understanding provides for the development of projects in the
areas of access to energy, economic diversification, life on land (protection and expansion of forests), access to safe water and sanitation, access to public health services and
education. The enclave of Cabinda, in the north of the country, will be prioritized as a region, with an anticipated positive impact to at least 180,000 people, with the creation
of around 6,500 jobs and a CO2 emissions reduction capacity of around 380 kt per year. This integrated local development program (LDP) was designed in the framework of
the Angolan National Development Plan and the Nationally Determined Contributions (NDCs, the climate objectives that each Nation has set itself in the framework of the
Paris Agreement to help limit the rise in global temperature) and contributes to the Sustainable Development Goals (SDGs) of the country's 2030 Agenda. Eni and the
Government of Angola have also signed the Concession Agreement for a 50 MWp photovoltaic plant in the province of Namibe, where Eni supports rural development projects.
The plant will be connected to the transmission grid in the south of the country and will be built by Solenova, a joint venture between Eni and Sonangol dedicated to the
development of renewable energy projects. This initiative is in line with Angola's strategy in the electricity sector, aimed at promoting renewable energy, reducing diesel
consumption, operating costs and associated CO2 emissions. The implementation of the first phase of the 25 MWp project will allow a reduction in diesel consumption
estimated at around 13,500 cubic meters per year, reducing electricity production costs and greenhouse gas emissions by around 20,000 tCO2eq / year.
Description

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Eni (Italy): signs MoU with Tunisian SNDP to assess and extend experimental
castor cultivation to be used to produce sustainable biofuels
43
Eni and the SNDP, signed a Memorandum of Understanding at the Tunisian Ministry of Industry, in the presence of the Tunisian Minister
of Industry, Selim Feriani, on joint collaboration, through a joint company, to cultivate castor at a semi-industrial level used to produce
sustainable biofuels, which is already being trialled by Eni in the Gafsa area. The agreement was signed by the SNDP President and
General Manager,and Eni's Chief Refining and Marketing Officer. This will be the world's first example of semi-industrial non-food
being cultivated in a pre-desert area to generate sustainable Biofuels, and it will make environmentally-friendly vegetable oil available as
an alternative to gradually replace palm oil, which phase out by 2030 has been decided at EU level. Eni’s research and experimentation
in the Gafsa area, which produced excellent agronomic results, involved the University of Catania (Department of Agriculture, Food and
Environment) in everything relating to plant yields, and the Technopole de BorjCedria of Tunisa on aspects relating to agro-geological
cultivation and sustainability. The castor oil plant is native to Tunisia. It is resistant to the hot, dry climate and to the medium salinity water
that is found in the mid-depth aquifers of the area. In addition to forming a barrier against continuing desertification by creating a less
extreme microclimate, the development of castor cultivation in pre-desert areas is an opportunity to develop a local sustainable
agro-energy supply chain.
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Equinor(Norway) and ORE Catapult collaborating to share Hywind
Scotland operational data
44
Equinor and Masdar have joined forces with ORE Catapult to share floating offshore wind data via the POD data sharing platform.
Operational data from the world’s first floating offshore wind farm, Hywind Scotland, is now available to access on a free to use basis
for supply chain businesses and academia through the Offshore Renewable Energy (ORE) Catapult’s Platform for Operational Data
(POD) service. The POD service is designed to offer comprehensive data sets from offshore wind demonstrator sites across the UK
to improve our understanding of how offshore wind farms operate in real-world conditions and support innovative research, projects
and product development. Under this agreement between Equinor, Masdar and ORE Catapult, subscribers can access a pre-defined
set of full-scale measurements from one of Hywind Scotland’s five turbines. By enabling access to this information, the three
organisations aim to better engage industry, academia and the offshore wind supply chain in the UK and internationally, to foster
collaboration and drive innovation in floating offshore wind. The shared long-term goal is to reduce the cost of floating offshore wind,
making the technology a cost competitive industrial solution.The data shared will include environmental data, motions of the floating
wind turbine and loads in the mooring system.
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Neste (Finland) partners with Salesforce to convert Dreamforce shuttle
service to run on Neste MY Renewable Diesel
45
Neste has embarked on a partnership with Salesforce to help reduce the carbon emissions of their annual Dreamforce
Conference held in San Francisco 19–22 November 2019. By using Neste MY Renewable Diesel™ in more than 25 of
their shuttle buses, Salesforce will be able to reduce the program’s greenhouse gas emissions by up to 80% compared
to fossil diesel.Dreamforce is the world's largest software conference with more than 171,000 registered attendees and
13 million online viewers in downtown San Francisco. Bringing together thought leaders, industry pioneers, and
Trailblazers, Dreamforce is the ultimate expression of Salesforce's values of trust, customer success, innovation and
equality.Neste MY Renewable Diesel is a premium diesel fuel produced from 100% renewable raw materials. It is
available to public and private fleets in California through authorized distributors. In 2018, Neste’s renewable products
helped reduce greenhouse gas emissions globally by 7.9 million tonnes, which is the equivalent of taking 3 million
passenger cars off the road for one year.
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OMV (Austria) partners with Microsoft to accelerate its digitalization
strategy
46
OMV and Microsoft agreed on a strategic partnership. The details and way forward have been discussed by OMV Chief Financial Officer, Reinhard Florey and OMV
Chief Information Officer Jan Leitermann together with the President of Microsoft Western Europe, Vahe Torossian, who was accompanied by Jean-Philippe Courtois,
Executive Vice President and President Global Sales, Marketing and Operations of Microsoft Corporation, on December 2, in Paris. OMV will implement Microsoft
cloud technologies such as the hybrid cloud platform Azure, which will allow scalability and ubiquity in both data storage and processing. In the next three years, OMV
expects a significant part of its processing capacity to be located on intelligent cloud platforms, and will also adopt Office 365 as the communication, collaboration and
productivity solution for its employees. With this agreement in place, OMV will be able to accelerate the building of skills required for the digital age.The alliance
includes the companies’ joint work in identifying innovative solutions for the energy industry based on cloud-computing technologies, artificial intelligence, the Internet
of Things (IoT), big data and mixed reality, among others. By implementing a Cloud Center of Excellence (CCoE), OMV will accelerate innovation and migration efforts
while reducing the overall costs of change. This will be accompanied by the implementation of LinkedIn Learning, which will enable OMV to develop talent and keep
skills current with a personalized eLearning approach.Microsoft will provide OMV with access to a specialized multidisciplinary team with a high level of knowledge
of the energy sector, as well as the experience of its R&D unit, Microsoft Research, to work on innovative projects. Microsoft will also provide information to OMV’s
technical departments on future developments and technologies in a beta phase for testing and evaluation purposes.
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PGNiG(Poland) and ERU to launch exploration and production
operations in Ukraine
47
PGNiG has signed an agreement with ERU Management Services providing for joint gas exploration and production operations in the western part
of Ukraine, close to the Polish border.The agreement between ERU and PGNiG provides for joint operations on a licence located in the Lviv
region, which is close to the Polish border. An exploration well will first be drilled to a depth of up to 2,500 metres, and geophysical surveys will
be performed to select further well locations. Work will commence once all relevant approvals and permits have been secured.Przemyśl is
producing gas at an annual rate of some 0.5 bcm, but in 1971 production totalled 3.7 bcm. Proven recoverable reserves of natural gas in the field
were estimated at approximately 74 bcm, of which 65 bcm have already been extracted. However, based on the recently performed geophysical
surveys and re-evaluation of the previously collected data, PGNiG estimates that Przemyśl may hold an additional 20 bcm of gas. These estimates
have been confirmed by new exploration wells and workovers performed by PGNiG in recent three years.PGNiG and ERU have been involved in
exporting natural gas to Ukraine since 2016. The two companies have also supplied gas to the Ukrainian transmission and storage system operator
Ukrtransgaz. In August 2019, PGNiG purchased a cargo of US LNG for ERU, which was regasified at the President Lech Kaczyński terminal and
sold to Ukraine. Upstream is a new promising area of cooperation between the two companies.
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Saipem (Italy): Strategic Cooperation Agreement with Daewoo E&C Co.
Ltd for onshore projects, with a focus on LNG
48
Saipem and Daewoo E&C Co. Ltd have signed a strategic agreement for cooperation on targeted worldwide opportunities in the onshore oil and
gas industry, with specific emphasis on the LNG sector. By combining both companies’ assets and expertise in engineering, procurement and
construction of onshore facilities, the two companies will focus on specific prospects with the target of creating efficiency and value to their
customers.The strategic alliance enhances and capitalizes on complementarity and synergies across the whole EPC value chain and establishes a
key player capable of delivering superior solutions in global LNG construction.Saipem is a leading company in engineering, drilling and
construction of major projects in the energy and infrastructure sectors. It is “One-Company” organized in five business divisions (Offshore E&C,
Onshore E&C, Offshore Drilling, Onshore Drilling and XSIGHT, dedicated to conceptual design). Saipem is a global solution provider with
distinctive skills and competences and high-tech assets, which it uses to identify solutions aimed at satisfying customer requirements. Listed on
the Milan Stock Exchange, it is present in over 70 countries worldwide and has 32 thousand employees of 120 different nationalities.Daewoo E&C
Co. Ltd is a major global EPC company providing purposeful and Comprehensive solutions across a broad range of industrial markets, including
the Oil & Gas, power, Infrastructure, Nuclear and Building with service span from initial planning and investment to delivery of first class project
execution with effective cost control and risk management.
Description

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