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IT Shades
Engage & Enable
I-Bytes
Energy
January Edition 2020
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Table of Contents
1. Financial, M & A Updates.................................................................................................................................1
2. Solution Updates...............................................................................................................................................18
3. Rewards and Recognition Updates.................................................................................................................19
4. Customer Success Updates...............................................................................................................................28
5. Partnership Ecosystem Updates......................................................................................................................30
6. Miscellaneous Updates.....................................................................................................................................39
7. Event Updates...................................................................................................................................................50
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Financial, M & A Updates
Energy Industry
Financial, M&A Updates
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BP (UK) agrees terms to sell North Sea interests in Andrew area and
Shearwater to Premier Oil
BP has agreed terms to sell its interests in the Andrew area in the central UK
North Sea and its non-operating interest in the Shearwater field. BP operates
the Andrew assets – comprising the Andrew platform, the Andrew (62.75%),
Arundel (100%), Cyrus (100%), Farragon (50%) and Kinnoull (77.06%)
fields and associated subsea infrastructure. It holds a 27.5% stake in the
Shell-operated Shearwater field. Under the terms of the deal, Premier Oil will
pay BP $625 million. The five fields in the Andrew area all produce through
the Andrew platform, which is located about 140 miles north-east of
Aberdeen. The hub started production in 1996. In 2019, average daily
production has been around 25,000 to 30,000 barrels of oil equivalent per
day. The Shearwater field is a high pressure, high temperature reservoir
produced through a process, utilities and quarters platform, located around
140 miles east of Aberdeen. Shearwater's 2019 production has been in the
region of 14,000 barrels of oil equivalent per day gross. The Andrew assets
are expected to transition to Premier Oil as a fully operational entity with 69
staff who operate and support the assets. Their contractual terms and
conditions are protected under UK Transfer of Undertakings (Protection of
Employment) Regulations (TUPE). BP will now begin consultation with
in-scope staff.
Executive Commentary
BP North Sea regional president, said: "BP has been reshaping its
portfolio in the North Sea to focus on core growth areas, including the
Clair, Quad 204 and ETAP hubs. We're adding advantaged production to
our hubs through the Alligin, Vorlich and Seagull tieback projects. As a
result of this focus, we have also now decided to divest our Andrew and
Shearwater interests, believing them to be a better strategic fit for another
owner. We are confident that Premier Oil, already a significant operator in
the North Sea, is the right owner of these assets as they seek to maximise
their value and extend their life."
Description
1
Financial, M&A Updates
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BP (UK) invests in Chinese AI energy management tech specialist
R&B
BP Ventures has invested in energy management specialist R&B, BP’s
first venture into artificial intelligence (AI) technology in China. R&B’s
energy management systems are designed to predict, control and
improve a building’s energy use, supporting BP Alternative Energy’s
focus on low-carbon power, storage, digital energy value chain and
wider Energy as a Service (EaaS) offers. Buildings currently account
for one third of the world’s total energy consumption. R&B’s
Software-as-a-Service (SaaS) applies AI techniques to energy
diagnostics and optimization in the commercial and industrial (C&I)
sector, processing data to generate valuable insights and
recommendations of how to improve energy efficiency and enhance
predictive maintenance in buildings. This enables building managers to
make informed decisions to optimise energy performance and, as a
result, reduce carbon emissions. The $3.6 million investment is part of
R&B’s latest funding round, which was led by BP Ventures and
supported by CLP Innovation Ventures Limited, a subsidiary of CLP
Holdings Limited, and JAFCO Asia.
Executive Commentary
BP Alternative Energy chief executive and executive vice president,
regions, said: “Digital technology, smarter consumers and bold
decarbonisation targets are together rapidly changing the world’s
energy systems. BP is determined to help meet society’s demands
for more energy, delivered in new and cleaner ways. Our investment
in R&B, a business developing and deploying innovative technology
to improve energy efficiency, is fully aligned with this strategy.”
Description
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Financial, M&A Updates
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Chevron (USA) Agrees to Acquire Puma Energy (Australia)
Holdings Pty Ltd
Chevron Australia Downstream Pty Ltd, a wholly-owned
subsidiary of Chevron Corporation, announced that it has signed
a conditional Share Sale Agreement with Puma Energy Asia
Pacific B.V. to acquire all shares and equity interests of Puma
Energy (Australia) Holdings Pty Ltd for the amount of AU$425
million. Puma Energy (Australia) Holdings Pty Ltd and its
subsidiaries hold assets including a network of company-owned
and retailer-owned service stations in Australia, a commercial
and industrial fuels business, owned or leased seaboard import
terminals and fuel distribution depots. The acquisition of Puma
Energy (Australia) Holdings Pty Ltd is expected to close in
mid-2020, subject to regulatory approvals and the satisfaction of
customary closing conditions.
Executive Commentary
“The acquisition will provide Chevron with a stable market
for production volumes from our refining joint ventures in
Asia and create a foundation for sustainable earnings
growth,” said Chevron’s executive vice president for
Downstream & Chemicals. “It will build on Chevron’s strong
history of partnership in Australia and our global experience
in fuels and convenience marketing and supply.”
Description
3
Financial, M&A Updates
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Devon Energy (USA) Announces Sale of Barnett Shale for $770 Million;
Announces New $1 Billion Share-Repurchase Program
Devon Energy Corp. announced it has entered into a definitive
agreement to sell its assets in the Barnett Shale to Banpu Kalnin
Ventures (BKV) for $770 million. This transaction is subject to
customary terms and conditions and is expected to close in the
second quarter of 2020. Devon expects no incremental cash taxes
associated with the divestiture of these assets. Net production from
the Barnett Shale properties averaged 597 million cubic feet
equivalent per day in the third quarter of 2019. At year-end 2018,
proved reserves associated with these properties amounted to
approximately 4 trillion cubic feet equivalent. The transaction
includes various purchase price adjustments that, among other things,
allocate revenues and expenses based on a Sept. 1, 2019 effective
date. The Barnett transaction represents BKV’s seventh transaction
since 2016, with over $1.3 billion of capital deployed into
gas-weighted assets. This acquisition will make BKV a significant
producer of natural gas in the U.S. with over 780 million cubic feet
per day of production from assets in Pennsylvania’s Northeast
Marcellus and now in the Barnett Shale.
Executive Commentary
“Devon’s transformation to a U.S. oil growth business is now
complete,” said, President and CEO. “The timely and tax-efficient
exit from Canada and the Barnett this year has generated $3.6
billion of proceeds at accretive multiples to Devon’s current
valuation. Furthermore, these transactions accelerate efforts to
focus exclusively on our resource-rich U.S. oil portfolio, where
we have the ability to substantially increase returns, margins and
profitability. The Barnett Shale has been a cornerstone asset for
Devon over the past two decades. With this change in ownership,
it is great to see our talented and innovative employees supporting
this high-quality gas asset transition to a world-class company like
Banpu.”
Description
4
Financial, M&A Updates
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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 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.
Executive Commentary
CEO of Recover Nordic, commented: “We are excited to partner with
EQT, one of the world’s most reputable investment organizations, with
a strong track record in the services sector. EQT’s growth-focused
strategy and hands-on ownership approach is a great match for
Recover Nordic.”
Description
5
Financial, M&A Updates
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EQT (USA) completes sale of Contanda
The EQT Infrastructure II fund announced that it has completed the sale of
Contanda LLC to institutional investors advised by J.P. Morgan Asset
Management. Acquired in February 2013, Contanda is a premier provider
of storage and customized storage related services to owners of bulk liquid
products, with a strong market position in the petrochemical, renewable
energy and agricultural commodity sectors. Headquartered in Houston,
Texas, Contanda has 15 terminals in North America with over seven
million barrels of total storage capacity and approximately 275 employees.
Contanda’s terminals are strategically located near deep water ports and
transportation infrastructure, providing customers access to critical
shipping lanes and distribution networks. Together with the management
team, EQT has supported Contanda in accelerating its growth trajectory.
During EQT Infrastructure’s ownership, Contanda has strengthened its
foothold by expanding capacity, enhancing product diversity, and
strengthening operating capabilities. As part of increasing Contanda’s
runway for continued future organic growth, EQT has supported the
Company in adding new terminal sites in Houston and Stockton, which
enable Contanda to progress towards its ambition of more than doubling
its current capacity.
Executive Commentary
Partner at EQT Partners and Investment Advisor to EQT Infrastructure,
commented: “Contanda has undergone a significant transformation
over the past few years. While significantly diversifying its product
base and growing in key US markets, Contanda has built a culture of
safe operations and uncompromising customer focus. With an
experienced team and existing and new strategic assets in place, the
Company is well-positioned to execute against the next phase of its
growth plan.”
Description
6
Financial, M&A Updates
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EQT (USA) Real Estate sells TechnologiePark office portfolio in Cologne,
Germany
EQT Real Estate fund I announced that it has disposed of its 100 percent ownership interest in
the TechnologiePark portfolio in Cologne, Germany (“TPK”) to TPG Real Estate Partners. TPK
contains seven high-quality assets located in the Ehrenfeld district of Cologne, comprised of six
Grade A office properties spanning approximately 81,500 sqm and the Mercedes-Benz Centre, a
regional car showroom hub and a full service-center spanning approximately 35,000 sqm. TPK
serves a prominent group of tenants with long-term rental agreements including Daimler AG,
Ford Motor Company as well as the German Government. The office park is located near
TechnologiePark station which provides a direct, 10-minute rail link to Cologne Central Station.
After acquiring the portfolio out of insolvency at a substantial discount to replacement cost in
late 2016, EQT Real Estate implemented a robust set of value creation initiatives through a
multi-pronged, hands-on asset management plan including implementing accretive lease
renewals, completing physical improvements of the buildings and streamlining the operational
management of the portfolio. In addition, important sustainability measures were taken into
consideration in all maintenance and capital expenditure programs as well as including “green
lease” clauses when re-gearing tenants, both of which are consistent with EQT Real Estate’s
thematic approach to sustainable investing. EQT Real Estate believes that its business plan
objectives were met and is confident that TPG Real Estate Partners will be able to navigate the
portfolio through its next phase of growth, especially as the Cologne real estate market
continues to remain supply constrained.
Executive Commentary
Partner at EQT Partners and Investment Advisor to EQT Real Estate, said: “TPK is a
perfect example of how the integrated pan-European advisory team supported value
creation through complex and intensive asset management workstreams and successfully
sold this high-quality asset into Germany’s deep institutional market. This realization,
together with the exit of Code, a 5,800 sqm office redevelopment in Paris earlier this year,
confirms that EQT Real Estate´s thematic investment approach, which includes investing in
gateway cities across Europe, is generating attractive risk adjusted returns for our
investors.”
Description
7
Financial, M&A Updates
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EQT (USA) Greater China II sells PSM International
The EQT Greater China II fund announced that it has signed an agreement
to sell its entire stake in PSM International, a multinational leading
fastener manufacturer, to Bulten AB (“Bulten”), a full-service provider of
fasteners solutions to the international automotive industry. Established in
1931, PSM International is a leading provider of fastening solutions to a
diverse customer base in the automotive, notebook, mobile phone and
general manufacturing industries. The business has a strong presence in
the Asia-Pacific, Europe and US markets. With manufacturing facilities in
China, Taiwan and the UK, PSM's products include a complete range of
inserts for plastics, as well as multiple fastening solutions for sheet metal.
PSM works with customers throughout the product life cycle, from design
conception through product launch and general production. EQT invested
into PSM in 2007 and during EQT’s holding period, the corporate
governance and management have been strengthened with the addition of
key management hires and experienced board members. PSM has
leveraged EQT’s network and expertise in the industrial sector to support
the Company in further developing its manufacturing capabilities, sales
channels and supplier networks.
Executive Commentary
Partner at EQT Partners and Investment Advisor to EQT Greater
China, commented: “During EQT Greater China’s ownership, PSM has
continued to strengthen its cold-forming capabilities, upgrade
production facilities, improve efficiency and expand sales and supplier
networks. We are grateful for the insightful contribution of the board
members and the management team's relentless pursuit of excellence
and business development. We are convinced that PSM will continue
its growth path with Bulten as their new partner”
Description
8
Financial, M&A Updates
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EQT (USA) to sell Clinical Innovations
The EQT Mid Market US fund and the EQT Mid Market Asia III fund (jointly “EQT”)
have entered into an agreement to sell Clinical Innovations (the “Company”) to
LABORIE Medical Technologies (“LABORIE”) for an Enterprise Value of USD 525m.
The EQT Mid Market US fund is the majority owner of Clinical Innovations. Founded
in 1993 and headquartered in Salt Lake City, Utah, Clinical Innovations is a leading
global provider of medical devices for Labor & Delivery and Neonatal Intensive Care.
The Company’s products, which include the Kiwi® Vacuum-Assisted Delivery System,
Koala® Intrauterine Pressure Catheter and ebb® Complete Tamponade System, are
used by clinicians in more than 90 countries to improve the lives of mothers and babies.
Clinical Innovations also added SweetUms sucrose solution and the BoogieBaby oral
and nasal suction device to its growing NICU product lineup earlier in December this
year. Clinical Innovations operates a manufacturing facility in Utah and has
approximately 250 employees around the world. Together with the management team,
EQT has supported Clinical Innovations in successfully transitioning from a distributor
sales model to a direct sales force in select key markets, including parts of the United
States, Western Europe and Australia. During EQT’s ownership, the Company has also
successfully established a foothold in China and broadened its product portfolio within
Neonatal Intensive Care.
Executive Commentary
“With the support of EQT, Clinical Innovations has significantly grown its global
footprint and strengthened its product offering,” said President and CEO of Clinical
Innovations. “We look forward to continuing our growth journey with LABORIE
and are confident that, together with our new partners, we will be well positioned to
further positively impact mothers, babies and healthcare professionals on a large
scale.”
Description
9
Financial, M&A Updates
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EQT (USA) Infrastructure enters into a Scheme Implementation
Agreement with Metlifecare
APVG, an entity owned by EQT Infrastructure IV has entered into a Scheme Implementation Agreement
(“SIA”) with Metlifecare, to acquire 100% of Metlifecare shares by way of a scheme of arrangement
(“Scheme”), subject to certain conditions. APVG has entered into a voting deed with Metlifecare’s largest
shareholder, New Zealand Superannuation Fund Nominees Limited (“NZSF”), which holds 19.86% of
Metlifecare’s shares. Under the voting deed NZSF has agreed, among other things, to vote in favour of
the Scheme subject to certain terms and conditions. A copy of that voting deed has been released to the
market through the substantial product holder notice issued by APVG and EQT Infrastructure IV. In
addition, Metlifecare shareholders collectively representing approximately 22% of the register have
indicated to EQT Infrastructure IV their current intention to vote in favour of the Scheme, in the absence
of a superior proposal. Metlifecare is a leading New Zealand owner and operator of retirement villages,
providing rewarding lifestyles and outstanding care to more than 5,600 New Zealanders. Established in
1984, it currently owns and operates a portfolio of 25 villages in areas with strong local economies,
supportive demographics and high median house prices, located predominantly in New Zealand’s upper
North Island. EQT is a differentiated global investment organization that invests in good companies
across the world with a mission to help them develop into great and sustainable companies. By providing
access to ownership skills and operational expertise, EQT helps acquired companies grow and prosper.
Development and growth are at the core of the value creation, with digitalization and sustainability being
key future-proofing drivers. Portfolio companies owned by the funds of EQT have, on average, increased
sales by 12%, the number of employees by 10% and profitability by 11% per annum during the funds’
ownership.
Executive Commentary
Partner at EQT Partners and Investment Advisor to EQT Infrastructure IV, said: “We are delighted
about the opportunity to partner with Metlifecare and are fully committed to supporting Metlifecare
and its management team to embark on this exciting journey to develop and operate high-quality
retirement villages and continue to provide the exceptional care to New Zealanders which
Metlifecare is known for.”
Description
10
Financial, M&A Updates
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EQT (USA) invests in SHL Medical, a world-leading provider of drug
delivery solutions
The EQT VIII Fund (“EQT”) announced that it has entered into an agreement to
acquire a minority stake in SHL Medical (“SHL” or “the Company”). SHL was
founded in Asia in 1989 with the goal of combining world-class manufacturing
in Taiwan with the strengths of international management practices. The
Company launched its first autoinjector in 1996 and today, SHL is a
world-leading provider of drug delivery solutions. Headquartered in
Switzerland, SHL serves as a partner to global pharmaceutical companies and
biotech firms. The Company has a global presence with offices and operations
in Europe, Asia and the US, employing approximately 5,000 people worldwide.
SHL’s management has been executing a strategic agenda focused around
growth, innovation, digitization as well as operational and manufacturing
excellence. EQT intends to support SHL in its next development phase, building
on the current direction taken by the Company’s management. SHL’s products
enable effective and precise delivery of highly complex biologics and biosimilar
drugs to patients worldwide. They empower patients through safe
self-administration of medication in the comfort of their homes. Therefore, the
investment is in line with EQT’s thematic approach and mindset of making a
positive impact in society with everything it does, guided by the United Nations
Sustainable Development Goals (SDGs).
Executive Commentary
CEO of SHL, commented: “We are excited to have EQT as our new
shareholder and look forward to working together in the next development
phase of SHL. EQT’s entrepreneurial heritage and investment approach are a
great cultural fit for SHL. Together, we will continue to build and grow the
company in order to provide the best solutions for our customers.”
Description
11
Financial, M&A Updates
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EQT (USA) invests in Asia based Health Management International
The EQT Mid Market Asia III fund announced its investment in Health Management
International Ltd. Founded in 1998, HMI is a regional private healthcare provider with
presence in Singapore, Malaysia and Indonesia. The Company is headquartered in
Singapore and is led by an experienced management team and has a board with vast
experience in developing and growing healthcare businesses in the region. The Company’s
two tertiary hospitals in Malaysia, Mahkota Medical Centre and Regency Specialist
Hospital, which are known for their clinical quality and breadth of specialties and
subspecialties, attract medical tourists from all around Southeast Asia and serve
approximately 100,000 international patients per year. HMI has a strategy of investing in its
facilities and service offerings and has further expanded its healthcare platform through
investments in the first private one-stop ambulatory care center in Singapore, StarMed
Specialist Centre, and a General Practice clinic chain in Singapore, OneCare Medical. EQT
will support HMI in realizing the full potential of its existing healthcare businesses, while
investing further in capacity and capabilities. EQT plans to back the Company’s accelerated
growth trajectory, both organically and by exploring potential acquisition opportunities.
HMI will also be able to leverage on EQT’s deep healthcare sector expertise, global
network and vast experience rolling out digitalization initiatives.
Executive Commentary
Group CEO at HMI, commented: “We are excited to welcome EQT as our new partner
for the next chapter of HMI’s development. EQT made a strong impression on us from
the outset with their strategic approach and deep experience across the various
healthcare ecosystems globally. Together, we will be able to accelerate HMI’s growth
by focusing on providing quality healthcare to become one of the leading private
healthcare providers in the region.”
Description
12
Financial, M&A Updates
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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.
Executive Commentary
“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 Økland SVP For
Business Development.
Description
13
Financial, M&A Updates
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Equinor (Norway) increases its ownership in Scatec Solar
Equinor has acquired 6,500,000 shares in Scatec Solar, corresponding to 5.2
percent of the shares and votes, at a total purchase price of NOK 754 million.
The purchase price per share is NOK 116 which compares to the closing
price on 19 December of NOK 110.5 and to Scatec Solar’s equity issuance
price on 24 September of NOK 116. Following the transaction Equinor owns
a total of 18,965,400 shares of Scatec Solar, raising its total shareholding to
15.2 percent of the shares and votes. The global solar business has grown by
approximately 50% per year over the last 10 years and is anticipated to be a
major source of renewable power with continued high growth, particularly in
emerging markets. Due to technological efficiency, innovation, scale effects
and more professional value chains, solar energy is becoming a low-cost
source of power. Partnering with Scatec Solar, Equinor entered its first solar
development project in 2017 via the Apodi asset in Brazil, followed by a
second joint project in June 2018 with the Guanizul 2A in Argentina.
Executive Commentary
“Through this acquisition of additional shares in Scatec, Equinor further
strengthens its exposure to the fast-growing solar energy sector. Since
acquiring a 10% interest a year ago, we have continued to work
effectively with Scatec’s management and now we are capitalising on an
opportunity to acquire an additional stake in this high performing
company,” says Executive vice president for New Energy Solutions in
Equinor.
Description
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Financial, M&A Updates
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Lincoln Clean Energy becomes Ørsted (Denmark)
n October 2018, Ørsted acquired Lincoln Clean Energy (LCE), a leading
onshore developer with assets primarily in Texas. Over the past year, areas of
the business have been systematically integrated to ensure an effective
operating model capitalising on the capabilities from both companies. Since
the acquisition, LCE has made significant progress, building its position as a
multi-state developer with a strong portfolio of projects in operation, under
construction and under development. The operational portfolio has doubled
over the past year to 1GW and with 1.1GW currently under construction, it'll
double again in 18 months. Effective immediately, LCE will officially
change its name to Ørsted and become part of the Ørsted organisation. This
rebrand, combined with the recent appointment of Declan Flanagan as CEO
Onshore at Ørsted and member of Ørsted's Executive Committee, represents
the growing global presence of the Ørsted business and the importance of
activities in North America.
Executive Commentary
CEO of Ørsted, says: "I'm very pleased with the growth of the Lincoln
Clean Energy business over the past year. The team has accelerated
project execution compared to what we initially expected, and the change
of name signifies another step in the integration of both businesses,
providing Ørsted with a strong platform in North America offering a wide
range of clean energy technologies."
Description
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Financial, M&A Updates
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Total (France) Acquires Interests into Two New Offshore Licenses in View
of Developing a New Production Hub
Total has signed a sale and purchase agreement with state-owned Sonangol of Angola
to acquire interests in Blocks 20/11 and 21/09 in the Kwanza Basin, offshore Luanda.
Subject to the approvals of the competent authorities and partners:
• The Group will hold a 50% working interest, alongside Sonangol (20%) and BP
(30%), in Block 20/11, located in the central Kwanza Basin in water depths ranging
from 300 to 1,700 meters.
• The Group will hold an 80% working interest alongside Sonangol (20%) in Block
21/09, located in the south-central Kwanza Basin in water depths ranging from 1,600 to
1,800 meters.
The wells drilled so far in the two blocks have produced four discoveries — Cameia,
Mavinga, Bicuar and Golfinho — and Total and its partners will seek to unlock the
value of these prospects by creating a development hub. The Group has also committed
to explore for additional potential resources in the blocks. As part of the agreement,
Total will become operator of the development of the two licenses before putting in
place an operating company together with Sonangol 3 years after the production
start-up. As per the transaction terms, Total will pay to Sonangol $400 million at
closing, to which will be added $100 million at FID and some additional payments
along the life of the project depending on production and crude oil price for a
maximum cumulative amount capped at $250 million.
Executive Commentary
“We are very pleased to demonstrate once again our pioneer spirit and our
commitment to continue developing Angola’s energy sector by becoming the first
company to undertake a development in the Kwanza Basin,” stated Chairman and
Chief Executive Officer of Total.
Description
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Financial, M&A Updates
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Total (France) Enters Suriname With 50% Operated Stake in Exploration
Block 58
Total has signed an agreement with Apache Corporation to acquire a
50% working interest and operatorship in the highly prospective
Block 58 offshore Suriname, further expanding Total’s footprint in
the prolific Guyana-Suriname basin. Block 58 is located on trend
with the prolific discoveries in the adjacent Stabroek block in
Guyana. The Maka-1 exploration well is currently being drilled on
the block in a water depth of about 1,000 meters and preliminary
results confirm the prospectivity of the license. Two additional
exploration wells are planned to be drilled by Apache after the
completion of Maka-1 before transferring the operatorship to Total.
At closing Total will pay a bonus of $100 million, plus its share of
past costs. In the event developments are launched, Total will provide
a reimbursable carry for a share of Apache’s capital expenditure for
the development phase and make some additional payments linked to
the development and production. Cost of carry and payments would
then represent an acquisition cost of around $2 per barrel.
Executive Commentary
“Total is pleased with this significant entry in Suriname where
Total will become Operator and bring its deepwater expertise. The
new license expands our positions in the Guyana-Suriname Basin,
a highly favorable petroleum province,” said President,
Exploration & Production at Total. “We look forward to working
alongside with Apache, and Staatsolie, the national oil company.”
Description
17
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Petrobras (Brazil) invests in nanotechnology to increase efficiency in oil
production
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18
Solution Description
Petrobras is developing nanotechnology solutions to increase production in its oil fields. Using nanotechnology for use in
Advanced Oil Recovery may make it possible to extract more oil and gas than conventional techniques already used. The
company has invested R $ 21.3 million in this technology in recent years, using financial resources from R&D investment
clauses, regulated by the National Agency of Oil, Natural Gas and Biofuels (ANP) Through its Research Center (Cenpes), in
partnership with research groups in Brazil, the company has been developing solutions such as carbon nanoparticles,
nanocapsules and nanomaterials (nanotubes, graphene and carbon black) to increase oil production. and improve the efficiency
of Well operations. The most promising solution is SPARTAN (Sweep Performance Augmentation Realized by Thermally
Activated Nanosystem), a product developed in partnership with the UFRJ Chemistry Institute. It is a thermosensitive system
(responds to temperature by increasing its viscosity) that gels inside the oil reservoir and is capable of blocking preferential
water paths such as channels, faults or fractures (typical scenario of heterogeneous reservoirs such as pre-salt). As a result, it
increases the recovery factor of the oilfield and reduces excessive water production. It is estimated that the system will be able
to go into the field by the end of 2022. Other nanotechnological solutions, such as carbon nanomaterials and nanocapsules,
could be applied by 2025.
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HP (India) Gas recognised as Asia’s Most Trusted Brand 2019
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19
HP Gas has been recognised as Asia’s Most Trusted Brand 2019. International Brand Consulting Corporation, USA
conducted a consumer survey in more than 20 countries of Asia & based on the brand research report recognised HP Gas as
Asia’s Most Trusted Brand of 2019. The trophy and Certificate was received by GM BD&TU during award function held at
Hotel Grand Hyatt Erawan, Bangkok, Thailand on 11th December, 2019. Thai Police Major General Commander, & Deputy
Commander Colonel handed over the trophy while certificate was handed over by, President, Asia’s Most Trusted Brand
Award Council & CEO, International Brand Consulting Corporation, USA. Asia’s Most Trusted Brand Award is a
distinctive recognition for a brand recognized as, “Most Trusted” in its industry category based on current year market
standing. Its evaluation process is based on an Asia wide quantitative consumer survey, expert analysis and attributes based
on qualitative brand research. It is a premier and most exhaustive multi-platform brand credibility project in Asia. It
includes Asia's famous, most trusted and fastest growing brands that have played a significant role in the growth & success
of the Asian economy, and have unequivocally divulged as game changers. It's an exceptional recognition of the success
and creativity of the brands across Asia.
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IndianOil (India) bags FIPI’s ‘Sustainably Growing Corporate of the
Year’Award
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IndianOil bagged the Federation of Indian Petroleum Industry's (FIPI) 'Sustainably Growing Corporate of the
Year' award for excellence in sustainability performance and benefits extended to society and the environment,
at a glittering awards ceremony held at New Delhi recently. Winning a double at the awards night, IndianOil's
Mathura Refinery also received the Best Refinery in the Medium category (+9MMTPA) award for being a
leading refiner in the country. The FIPI Oil and Gas Awards recognise the leaders, innovators and pioneers in
the oil and gas industry, with an objective to celebrate the industry's most outstanding achievements. FIPI
felicitates companies and individuals who have demonstrated an unparalleled ability to succeed and continually
set standards of excellence in the Indian oil and gas sector.
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Lukoil’s (Russia) Integrated Production Model Recognized As The Best
Oil And Gas It Project
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21
LUKOIL was announced winner of the ComNews 2019 award for Best oil and gas IT project for its integrated
production modelling, adopted for commercial operation at the company's West Siberian assets. The model that
the Process and Engineering Center employs as part of the intelligent fields project at South Yagun, East Ikilor
fields and neighboring areas of other fields of West Siberia, is the most extensive digital production system in
Russia, in terms of well and process facilities count: in total, the advanced digital tool allows control over 12
development assets and over 1.6 thousand production and injection wells. The new digital model and the
computerization of key production management processes it offers, increase overall efficiency of producing
entities, optimize production, disclose available reserves, map out priority-based action plans and improve the
quality of validation of operation modes for production and injection wells.
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ONGC (India) bags S&P Platts Global Energy Awards 2019 for CSR
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Energy Maharatna, Oil and Natural Gas Corporation (ONGC) Limited adder another glory to its kitty bagging S&P
Platts Global Energy Award 2019 for Corporate Social Responsibility - Diversified Program. ONGC is the only
Indian company to bag honors from Platts this time across all categories. The Award ceremony was held on 12
December 2019 in Cipriani – South Street in New YorkCity. The S&P Global Platts Global Energy Awards 2019
recognizes corporate and individual innovation, leadership, and superior performance in 21categories spanning the
entire energy value chain. The award was judged by an independent panel of international energy experts. They
evaluated the finalists based on the criteria listed for each category. Also, they considered the companies’ profiles and
financial performance in the designated timeframe. Other prominent corporates who were nominated in the category
were CNOOC, Cox Enterprises, Grupo T-Solar Global, Netherlands Development Finance Corporation (FMO), PTT
Global Chemical, Southern Company, Tata PowerDelhi Distribution, Xcel Energy. ONGC beat these competitors and
came out with flying colors. With this award, ONGC represents the ‘best in the industry’ in CSR.
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Saipem (Italy) confirmed in the FTSE4Good sustainability index as one of the
best sustainable companies in Italy and in energy sector
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For the tenth consecutive year, Saipem has been confirmed in the FTSE4Good sustainability stock index,
following the semi-annual review of the series of stock indices of the London Stock Exchange which
identifies the best companies in the world with regard to Environmental, Social and Governance (ESG).
Corporate Sustainability Manager commented: “This news confirms once again the appreciation of
sustainability analysts in relation to the processes implemented by Saipem and to the transparency of the
information the company discloses, all of which places us among the best sustainable companies in Italy and
in the global energy sector in general”.
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Saipem (Italy) confirmed in the FTSE4Good sustainability index as one of the
best sustainable companies in Italy and in energy sector
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For the tenth consecutive year, Saipem has been confirmed in the FTSE4Good sustainability stock index,
following the semi-annual review of the series of stock indices of the London Stock Exchange which
identifies the best companies in the world with regard to Environmental, Social and Governance (ESG).
Corporate Sustainability Manager commented: “This news confirms once again the appreciation of
sustainability analysts in relation to the processes implemented by Saipem and to the transparency of the
information the company discloses, all of which places us among the best sustainable companies in Italy and
in the global energy sector in general”.
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TATNEFT (Russia) is again recognized as the "Ekolider" of Tatarstan
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25
Tatneft was once again recognized as the absolute winner of the Republican contest “Ekolider”. During the ceremony held in
Kazan, the award was given to the Deputy Director General of the Company by the Minister of Ecology and Natural Resources of
the Republic of Tatarstan. Also, TANECO JSC was recognized as the winner in the nomination “Oil and Gas Industry”. The award
from the hands of the minister was received by the director general of the enterprise, Ilshat Salakhov. Republican contest
"Ekolider" is held for the 16th time. The competition is annually attended by enterprises and organizations of all industries,
agro-industrial, housing and communal complexes, individual entrepreneurs, public organizations and associations, educational
institutions that work in the territory of Tatarstan. This is not the first time that Tatneft has become the absolute winner of the
competition. The jury of the competition notes that the Company is already implementing its fourth environmental program, and is
conducting large-scale environmental measures. The company carries out the construction of new and modernization of existing
industrial facilities with the use of modern technologies to reduce environmental impact. In September 2019, the Board of Directors
of Tatneft approved a new version of the policy in the field of industrial safety, labor protection and the environment. For the first
time, the company’s policies reflect the principles and foundations of activities in the field of mitigation of climate change. This
document also includes the organization of integrated accounting for greenhouse gases.
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Tatneft (Russia) took first place in the corporate transparency rating of Russian
companies
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According to the results of the annual national survey conducted by the Russian Regional Integrated Reporting
Network, Tatneft took first place in corporate transparency among private Russian companies. In total, experts
of the rating this year evaluated more than 1000 Russian companies. Last year, Tatneft occupied the 12th place
in this rating. The main goal of the study is to conduct an annual assessment of the level of corporate
transparency through a comprehensive analysis of public reports, corporate websites of major Russian
companies. The study examines the public annual reports of companies (integrated reports, traditional annual
reports and non-financial reports - environmental reports, social reports, sustainable development reports,
corporate social responsibility reports, etc.). In particular, information on the use of Russian and foreign
disclosure standards in reports is verified.
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Tatneft (Russia) named the most socially effective oil and gas company in Russia
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27
Tatneft Group took the first place in the rating of social efficiency of the largest Russian companies among oil and gas
companies presented by AK&M. The rating estimates the correlation of the social effect of companies and their
environmental impact. The list of participants was formed from the list of 300 largest industrial, energy and transport
companies by revenue. The rating-2019 includes 35 companies that disclose data on sustainable development, as well as
provide information in the survey process. To compile the rating-2019, its authors used open company data for 2018, as
well as data received from the organizations themselves by means of a survey. Experts estimated the volume of the wage
fund and the social payment fund, tax payments, expenses for social programs, financing of the social sphere of the
regions and charity, as well as the volume of purchases from small and medium-sized enterprises and environmental
protection costs. AK&M has been working in the field of rating assignment since 1994. In its activities, it follows the
principles of the Code of Professional Ethics of Russian rating agencies, is guided by the norms of Russian legislation,
relies on existing internal accounting and reporting systems, and uses its own methodological base for determining
rating ratings.
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Companies join forces to help tackle plastic waste with BP’s enhanced recycling
technology
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28
Leading companies operating across the polyester packaging value chain – including businesses involved in the manufacture, use, collection and
recycling of polyethylene terephthalate (PET) plastic packaging – today announced they have formed a new consortium that aims to help to
address the problem of plastic waste by accelerating the commercialisation of BP Infinia enhanced recycling technology. BP Infinia is designed
to turn opaque and difficult-to-recycle (known as ODR) PET plastic waste, that can degrade in quality each time it is recycled using
conventional methods, into recycled feedstocks that can be used to make new high-quality PET plastic packaging again and again, with no loss
in quality. The consortium intends to combine the capabilities and experience of its members – packaging and recycling specialist ALPLA; food,
drink and consumer goods producers Britvic, Danone and Unilever; waste management and recycling specialist REMONDIS; and energy and
petrochemicals producer BP – to develop a new circular approach to dealing with PET plastic waste. PET is a plastic widely used for rigid food
packaging and drinks, personal care and homecare bottles. It is a lightweight, durable and versatile material and one of the most collected and
recycled types of plastic 1. Of the PET plastic bottles collected globally, more than 75 per cent are recycled, but only 12 per cent of those
collected make it back into new bottles 2. The remainder is currently lost from the bottle-to-bottle loop 3, as it is used for other applications
which are usually disposed of directly after use to landfills or incinerators due to lack of separate collection. The consortium members believe by
joining forces they can speed up the commercialisation of the technology, infrastructure and demand needed to process billions of opaque and
difficult-to-recycle PET bottles and food trays that are currently disposed of each year, including those that are difficult to recycle by current
conventional recycling methods 4.
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TechnipFMC (UK) Awarded a Significant Contract by Motor Oil Hellas for a
New Naphtha Complex in Greece
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29
TechnipFMC has been awarded a significant(1) Engineering, Procurement and Construction management (EPCm)
services contract for the construction of a new naphtha complex for Motor Oil Hellas’ Corinth Refinery in Greece.
This new naphtha complex will have a capacity of 22,000 barrels per day and consist of three new process units: a
naphtha hydrotreater unit, a platforming unit and an isomerization unit. Upon completion, the complex will allow
Motor Oil Hellas Refinery to increase its production of Euro 5 gasoline, aligned with its strategy to increase the
production of clean fuels. The project also includes upgrading the existing utilities and offsite units to meet the
requirements of the new complex. This award follows the successful execution of TechnipFMC’s FEED (front end
engineering design) for the same complex. President of TechnipFMC’s Onshore/Offshore business commented:
“With this project, TechnipFMC strengthens its expertise in the delivery of complex projects and its leadership within
the European downstream market. This project also illustrates the strong historical relationship between TechnipFMC
and Motor Oil Hellas over the past 45 years.”
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Svante, LafargeHolcim, Oxy Low Carbon Ventures and Total launch study for
commercial-scale carbon capture and end-use at U.S. plant
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Svante Inc., LafargeHolcim, Oxy Low Carbon Ventures, LLC a wholly-owned subsidiary of Occidental, and Total
announced a joint study to assess the viability and design of a commercial-scale carbon-capture facility at the Holcim
Portland Cement Plant in Florence, Colorado, U.S. The study will evaluate the cost of the facility designed to capture up to
725,000 tonnes of carbon dioxide per year directly from the LafargeHolcim cement plant, which would be sequestered
underground permanently by Occidental. The carbon-capture facility under review will employ Svante’s technology to
capture carbon directly from industrial sources at half the capital cost of existing solutions. Occidental, the industry leader
in CO2 management and storage, would sequester the captured CO2. Pairing carbon capture from a cement plant with CO2
sequestration is a significant step forward for the cement industry in reducing its carbon footprint. This joint initiative
follows the recently-launched Project CO2MENT between Svante, LafargeHolcim and Total in Canada at the Lafarge
Richmond cement plant, where progress has been made towards re-injecting captured CO2 into concrete. Total is a major
energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are
committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible.
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Apache Corporation And Total S.A. Announce 50-50 Joint Venture In Block 58
Offshore Suriname; Total To Become Future Operator
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31
Apache Corporation and Total S.A. announced a joint venture agreement to explore and develop Block 58 offshore
Suriname. Under the terms of the agreement, Apache and Total will each hold a 50 percent working interest in Block
58, which comprises approximately 1.4 million acres in water depths ranging from less than 100 meters to more than
2,100 meters. Apache will operate the first three exploration wells in the block, including the Maka Central-1 well,
and subsequently transfer operatorship to Total. In exchange for a 50-percent working interest, Apache will receive
various forms of consideration, including: $5 billion of cash carry on Apache’s first $7.5 billion of appraisal and
development capital; 25% cash carry on all of Apache’s appraisal and development capital beyond the first $7.5
billion; various cash payments in conjunction with closing of the joint venture agreement and future production from
joint development projects; and reimbursement of 50% of all costs incurred to date in Block 58. Apache and Total
have also agreed to bear their proportionate working interest share of costs on all future exploration wells. The
transaction has received all necessary approvals from Suriname and is expected to close within three days.
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Reliance (India) and BP move forward with Indian fuels partnership
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32
BP and Reliance Industries Limited (RIL) signed a definitive agreement relating to the formation of their new Indian fuels and mobility
joint venture. This follows the initial heads of agreement signed in August this year. The venture is expected to be formed during the first
half of 2020, subject to regulatory and other customary approvals. The new venture, a further development of RIL and BP's longstanding
partnership, will include an India-wide fuels retail service station network and aviation fuel marketing business. Building from RIL's
existing businesses, the partners expect the venture to co-create a world class fuels partnership to grow rapidly and help meet India's
fast-growing demands for energy and mobility. The venture expects to expand from RIL's current fuel retailing network of over 1,400 retail
sites and 30 aviation fuel stations across India to up to 5,500 retail sites and 45 aviation fuel stations over the next five years to become the
most preferred provider of automotive and aviation fuels. The retail network will operate under the Jio-BP brand, signaling a new paradigm
shift in fuels marketing and mobility solutions. It brings together Reliance's extensive access and connection to consumers through its Jio
digital platform and BP's deep experience in fuel retailing around the world. The joint venture will seek to offer Indian consumers
high-quality differentiated fuels, convenience and services. Castrol lubricants will also be available across the venture's network. The
partners intend to set up a new joint venture company, held 51% by RIL and 49% by BP, that will assume ownership of RIL's existing
Indian fuel retail network and access its aviation fuel business.
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Devon Energy (USA) Announces Agreement with Dow to Develop STACK Acreage
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Devon Energy Corp. announced it has entered into an agreement with Dow to jointly develop a portion of the company’s
STACK acreage in central Oklahoma. Under this agreement, Devon will monetize half of its working interest in 133
undrilled locations in exchange for approximately a $100 million drilling carry over the next four years. The average
working interest is estimated at 60 percent across a mix of standard and extended-reach lateral drilling locations. In addition
to the benefits of a drilling carry, Devon’s returns associated with this agreement are expected to be enhanced by lower well
costs from focused infill development drilling and midstream incentive rates that lower per-unit operating costs for each
new well brought online. Devon anticipates no change to its production targets or capital spending outlook in 2020 as a
result of this agreement. Activity in 2020 will start with the development of two drilling units in northern Canadian County,
where drilling operations are expected to commence mid-year. With this agreement, Devon will retain 100 percent of its
production and cash flow from existing operations in the STACK play. Devon will serve as operator and is responsible for
capital allocation and project timing with this agreement.
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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
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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 ETAP inaugurate Adam new photovoltaic plant in Tunisia
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Eni’s subsidiary, Eni Tunisia BV, inaugurated a new photovoltaic plant in partnership with the national company, Entreprise Tunisienne d’Activités
Pétrolières (ETAP). The plant is in the Adam concession in the south of Tataouine Governorship, where Eni is the operator. The installation, built near
the production plant, will produce solar energy using an offgrid operational configuration. Energy produced by the Adam photovoltaic plant, which
has a maximum capacity of 5 MW, will be used directly from the industrial site, reducing gas consumption and saving over 6,500 tons of CO2
emissions per year. The plant, which was built under the cooperation agreement with ETAP to develop renewable energy generation projects in
Tunisia, also includes a 2.2 MWp/1.5MWh storage battery system that will facilitate integration with existing gas turbines, ensuring optimization of
operating costs. This hybrid generation system, which combines gas, photovoltaic and storage, is one of the most important and innovative in the
world. In the Tataouine region under the Eni – ETAP cooperation agreement, works are also ongoing to construct an additional photovoltaic plant in
the city of Tataouine, which will have an installed capacity of 10 MWp. This project, undertaken after a public tender issued by the Tunisian Energy
Ministry, also includes supplying green electricity to the national company, Société Tunisienne de l'Electricité et du Gaz (STEG). These initiatives
confirm Eni’s commitment to the decarbonisation of Tunisian energy systems, leading towards an increasingly low-carbon scenario, in which
renewable energies are a fundamental and integrated element of its energy mix. Eni has been present in Tunisia since 1961 and operates in the
country’s Upstream sector, with activities concentrated in the southern desert areas and in the Mediterranean offshore, the Gas & LNG Power and
Marketing sector, the management of the Transmed pipeline that connects Algeria to Italy through Tunisia, and in the Refining & Marketing sector.
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Eni (Italy) and Falck Renewables sign strategic agreement for joint development of
new renewable projects in United States
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36
Eni and Falck Renewables have signed a strategic agreement for the joint development of renewable energy projects in the United States. The
agreement involves the creation of a venture owned 50% by Eni New Energy US Inc. (“ENE US”) and 50% by Falck Renewables North America
Inc. (“FRNA”) for the development, construction and financing of new solar photovoltaics, wind onshore and energy storage projects. Under the
terms of the agreement, FRNA will simultaneously sell ENE US 49% of its ownership interests in the plants currently in operation in the United
States.
The deal enables the two partners to:
• establish a significant platform for the development of new projects from renewable sources in an evolved US market, which offers significant
growth prospects.
• operate through a new company that will cover the phases of development, construction and financing of new projects combining Falck
Renewables’ know-how in renewable assets together with Eni's technological and financial capabilities.
• accelerate the growth of Eni and Falck Renewables in the US and help reach their respective goals in terms of installed capacity and green energy
generation.
The venture1 will have shared governance and will be dedicated to develop at least 1 GW in projects by the end of 2023. ENE US and FRNA will
have various options to acquire projects from the venture, either consolidated line-by-line by ENE US (100%) or by FRNA (100% or with a minority
49% stake for ENE US). Funding for the joint development company and its profits will be split equally between the owners.
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IndianOil (India) launches co-branded credit card with Axis Bank
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37
Indian Oil Corporation Limited has launched a co-branded credit card in partnership with Axis Bank, for customers who prefer cashless
and hassle-free payment. This partnership is an effort from IndianOil and Axis Bank to expand their presence in the fast developing
credit card ecosystem in India, with an aim to offer attractive rewards and benefits for the customers. The new co-branded credit card
will offer exciting offers to customers like cashback up to INR 250 on fuel spends within the first 30 days of card issuance, 20x
accelerated reward points on fuel spend at IOCL outlets and waiver of fuel surcharge. Additionally, customers can avail benefits like 5x
accelerated reward points on online shopping, 10% instant discount on movie ticket booking via BookMyShow, while also earning
edge points for every spend. The card has been launched across IndianOil outlets in Ahmedabad, Lucknow, Kolkata and
Visakhapatnam. The customer can use the card across all 27,000 IndianOil outlets pan India. With a 33,000-plus work-force, extensive
refining, distribution & marketing infrastructure and advanced R&D facilities, lndianOil has in the past six decades provided energy
access to millions of people across the length and breadth of the country through its ever-expanding network of customer touch-points,
currently numbering over 50,000. With a turnover of Rs. 6, 05,924 crores and a net profit of Rs. 16,894 crores for the fiscal 2018-19,
IndianOil is one the largest and most trusted corporates in the country, touching the lives of over a billion Indians.
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Schlumberger (USA) and Dataiku Technology Partnership Will Enable Enterprise-Scale
Artificial Intelligence in E&P
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38
Schlumberger and Dataiku have entered into an exclusive technology partnership that will enable the E&P industry to build and deploy
their own artificial intelligence (AI) solutions across the full breadth of their upstream workflows within the DELFI* cognitive E&P
environment. The partnership will deliver unprecedented capabilities to petrotechnical domain experts in response to global demand for
AI, bridging the gap between machine learning and domain expertise to enable better insights. The industry will have access to an
innovation platform where data scientists—experts in the development of AI solutions—can accelerate the deployment of new
solutions across their organizations. In addition, making Dataiku technology available in the DELFI environment equips petrotechnical
experts to build and extend workflows by leveraging machine learning and data science capabilities that are supported by a rich
algorithm library. Combining existing Schlumberger digital tools and solutions with the proven enterprise AI technology from Dataiku
means a ready-to-deploy full machine learning solution will be available at enterprise scale to the E&P industry. Schlumberger is the
world’s leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry.
With product sales and services in more than 120 countries and employing approximately 105,000 people who represent over 140
nationalities, Schlumberger supplies the industry's most comprehensive range of products and services, from exploration through
production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.
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Occidental Announces Successful Strategic and Financial Initiatives
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39
Occidental Petroleum Corporation provided an update on its execution against key strategic and financial initiatives designed to
maximize shareholder value following the close of its acquisition of Anadarko Petroleum ("Anadarko") on August 8, 2019.
Occidental and Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced the execution of several
agreements that enable WES to operate as an independent midstream company to support its ongoing pursuit of third-party growth
opportunities. The executed agreements include amendments to the limited partnership agreement that significantly expand
unitholders’ rights, including the right to remove and replace Occidental as the general partner. These amendments, along with
other pertinent agreements, including the transfer of the WES corporate officers’ employment from Occidental to the Partnership,
result in Occidental’s go-forward reporting of WES’s financial information under the equity method of accounting. Accordingly,
Occidental will no longer consolidate WES’s statement of operations, balance sheet, and statement of cash flows. These financial
reporting changes will provide increased clarity and transparency into the financial performance of Occidental’s core businesses.
Occidental intends to continue its operational relationship with WES and expects to maintain a significant economic interest in
WES, which Occidental will reduce to below 50% during 2020.
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Apache Corporation And Total S.A. Announce Significant Oil Discovery Offshore
Suriname
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40
Apache Corporation and Total S.A. announced a significant oil discovery at the Maka Central-1 well drilled offshore Suriname on
Block 58. The well was drilled using the drillship Noble Sam Croft with Apache as operator holding a 50% working interest and
Total holding a 50% working interest. Maka Central-1 successfully tested for the presence of hydrocarbons in multiple stacked
targets in the upper Cretaceous-aged Campanian and Santonian intervals and encountered both oil and gas condensate. The
formation evaluation program included logging-while-drilling and wireline logs, formation pressures, and preliminary core and
fluid analysis. Together with future appraisal wells, this data will be used to quantify the resource in the Campanian and Santonian
formations. The shallower Campanian interval contains 50 meters (164 feet) of net hydrocarbon-bearing reservoir. Preliminary
fluid samples and test results indicate light oil and gas condensate with API gravities between 40 and 60 degrees. The deeper
Santonian interval contains 73 meters (240 feet) of net oil-bearing reservoir. Preliminary fluid samples and tests results indicate
API oil gravities between 35 and 45 degrees. The Maka Central-1 also targeted a third interval, the Turonian, a geologic analogue
to oil discoveries offshore West Africa. Prior to reaching this interval, the well encountered significantly over-pressured, oil-bearing
reservoirs in the lower Santonian, and the decision was made to conclude drilling at approximately 6,300 meters (20,670 feet). The
pressures encountered in the lower Santonian are a positive sign for the Turonian and future drilling will test this interval.
Description
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BP (UK) drilling campaign confirms potential of gas resources offshore Mauritania
and Senegal
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41
BP announced that its recent three-well drilling campaign offshore Mauritania and Senegal has further confirmed the
world-class scale of the gas resource in the region. Three appraisal wells drilled this year, GTA-1, Yakaar-2 and Orca-1,
targeted a total of nine hydrocarbon-bearing zones. The wells encountered gas in high quality reservoirs in all nine zones. The
wells were the first in the region to be operated by BP. All three were completed safely, under budget and ahead of schedule. In
total, the wells encountered 160 metres of net pay, growing confidence in the significant gas resources in the region. The
overall drilling campaign was delivered 40 days ahead of schedule and $30 million under budget. Most recently, in November,
Orca-1 well in Block C8 offshore Mauritania, successfully encountered all five of the gas sands originally targeted. The well
was then further deepened to reach an additional target, which also encountered gas. The Greater Tortue Ahmeyim Phase 1
development was sanctioned in December 2018. The successful results of Yakaar-2 and Orca-1 could underpin future
developments, including a possible new development in Yakaar-Teranga in Senegal and in the Bir Allah/Orca area in Southern
Mauritania. The timings of both potential future developments will depend on the level of appraisal required, supporting
commercial development plans and integrated gas master plans in the host nations.
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Chesapeake Energy Corporation (USA) Receives Continued Listing Notice
From Nyse
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42
Chesapeake Energy Corporation announced that on December 10, 2019 it received written notice from the New York Stock
Exchange of its noncompliance with the standard set forth in Rule 802.01C of the NYSE Listed Company Manual that requires
listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period. The
Company intends to regain compliance with the NYSE listing standards by pursuing measures that are in the best interests of
the Company and its shareholders, including: (i) executing on its current capital and operating program, which includes a
planned 30% reduction in 2020 capital expenditures and ongoing implementation of operating cost efficiencies; (ii) continued
debt reduction through capital market transactions and asset sales; and potentially (iii) consummation of a potential reverse
stock split, subject to shareholder approval at the May 2020 Annual Meeting of Shareholders. As required by the NYSE, the
Company intends to respond to the NYSE within ten business days with respect to its intent to cure the deficiency. The
Company has six months following the receipt of the noncompliance notice to cure the deficiency and regain compliance. The
notice does not affect the Company's business operations, or its Securities and Exchange Commission reporting requirements,
and does not conflict with or cause an event of default under any of the Company's material debt agreements.
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Chevron (USA) Announces $20 Billion Capital and Exploratory Budget for
2020
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43
Chevron Corporationannounced a 2020 organic capital and exploratory spending program of $20 billion.
The 2020 budget supports a robust portfolio of upstream and downstream investments, highlighted by
Chevron’s world-class Permian Basin position, the company’s major capital project at TCO in Kazakhstan,
and an advantaged queue of deepwater opportunities in the Gulf of Mexico. As a result of Chevron’s
disciplined approach to capital allocation and a downward revision in its longer-term commodity price
outlook, the company will reduce funding to various gas-related opportunities including Appalachia shale,
Kitimat LNG, and other international projects. Chevron is evaluating its strategic alternatives for these
assets, including divestment. In addition, the revised oil price outlook resulted in an impairment at Big Foot.
Combined, these actions are estimated to result in non-cash, after tax impairment charges of $10 billion to
$11 billion in its fourth quarter 2019 results, more than half related to the Appalachia shale.
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Enbridge (Canada) Files Regulatory Application in Support of Contracting its
Mainline Pipeline System
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44
Chevron Corporation announced it has sanctioned the Anchor project in the U.S. Gulf of Mexico. This marks the industry’s first deepwater
high-pressure development to achieve a final investment decision. Delivery of the new technology, which is capable of handling pressures of 20,000
psi, also enables access to other high-pressure resource opportunities across the Gulf of Mexico for Chevron and the industry. The Anchor Field is
located in the Green Canyon area, approximately 140 miles (225 km) off the coast of Louisiana, in water depths of approximately 5,000 feet (1,524
m). The initial development of the project will require an investment of approximately $5.7 billion. Stage 1 of the Anchor development consists of a
seven-well subsea development and semi-submersible floating production unit. First oil is anticipated in 2024. The planned facility has a design
capacity of 75,000 barrels of crude oil and 28 million cubic feet of natural gas per day. The total potentially recoverable oil-equivalent resources for
Anchor are estimated to exceed 440 million barrels. Chevron, through its subsidiary Chevron U.S.A. Inc., is operator and holds a 62.86 percent
working interest in the Anchor project. Co-owner TOTAL E&P USA, Inc. holds 37.14 percent working interest. Chevron Corporation is one of the
world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every
facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation
fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance
business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif.
Description
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Enbridge (Canada) Files Regulatory Application in Support of Contracting its
Mainline Pipeline System
For any queries, Please write to marketing@itshades.com
45
Enbridge Inc. submitted today an application to the Canada Energy Regulator (CER) to implement
contracting on the company's Mainline pipeline system. The application for contracted and uncommitted
service includes the associated terms, conditions and tolls of each service which would be offered in an open
season following approval by the CER. The tolls and services will replace the current tolling settlement that
is in place until June 30, 2021. "We are moving to a contracted Mainline system in response to what our
customers have been asking us for and for the benefit of the entire industry," said Enbridge Executive Vice
President, Liquids Pipelines. "Today's application is based on significant input and advice from every corner
of our industry and almost two years of extensive negotiation with shippers to recognize the needs of
various customers in a balanced way."
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Noble Energy to Transfer Stock Exchange Listing to Nasdaq
For any queries, Please write to marketing@itshades.com
46
Noble Energy, Inc. announced that it will voluntarily transfer its stock exchange listing to the Nasdaq Global
Select Market from the New York Stock Exchange, effective December 27, 2019 after market close. Noble
Energy common stock is expected to begin trading as a Nasdaq-listed security on December 30, 2019. The
Company will retain its current ticker symbol “NBL”. Noble Energy is an independent oil and natural gas
exploration and production company committed to meeting the world’s growing energy needs and
delivering leading returns to shareholders. The Company operates a high-quality portfolio of assets onshore
in the United States and offshore in the Eastern Mediterranean and off the west coast of Africa. Founded
more than 85 years ago, Noble Energy is guided by its values, its commitment to safety, and respect for
stakeholders, communities and the environment.
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Noble Energy (USA) Announces First Gas From the Leviathan Field Offshore
Israel
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47
Noble Energy, Inc. announced the commencement of natural gas production from the Leviathan field, the largest
natural gas field in the Eastern Mediterranean. The Leviathan field was discovered in 2010, and the initial
development phase was sanctioned in 2017. The first phase of development consists of four production wells
producing through two 18-inch, 73-mile subsea tiebacks to a processing platform offshore northern Israel.
Located approximately 80 miles offshore in 5,500 feet of water, the field is estimated to have recoverable
resources of 22 trillion cubic feet (Tcf) of natural gas from 35 Tcf of in-place resource. The first phase of
development has a designed production capacity of 1.2 billion cubic feet of natural gas per day. Noble Energy is
an independent oil and natural gas exploration and production company committed to meeting the world’s
growing energy needs and delivering leading returns to shareholders. The Company operates a high-quality
portfolio of assets onshore in the United States and offshore in the Eastern Mediterranean and off the west coast of
Africa. Founded more than 85 years ago, Noble Energy is guided by its values, its commitment to safety, and
respect for stakeholders, communities and the environment.
Description
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Norway removes Petrobras from list of companies under observation
For any queries, Please write to marketing@itshades.com
48
The Norwegian Bank said today (3/12) that it removed Petrobras from the list of companies under observation, where the company
had been included in January 2016, following the cases revealed by Operation Lava Jato. The bank followed a recommendation
from the Norwegian Sovereign Fund Ethics Council, which recognized the measures implemented by Petrobras to combat
corruption. With the withdrawal from the list, Petrobras will again be eligible to receive investments from the Norwegian fund. In
its recommendation to the bank, the Ethics Council highlights Petrobras' willingness to collaborate with the investigations and with
the resolution of the cases. "In the opinion of the Board, the measures that Petrobras has implemented in recent years demonstrate
considerable willingness and ability to prevent, discover and deal with corruption," it said in a statement. The Council also points
out that the Brazilian Federal Prosecutor and the Federal Supreme Court officially defined Petrobras as a victim in the context of
the Lava Jato investigations. Since 2014, Petrobras has implemented a number of compliance measures, such as the creation of an
independent Complaint Channel and Integrity Due Diligence, a process that evaluates the mechanisms to combat fraud and
corruption of companies with which Petrobras does business. . The company also began to apply the Integrity Background Check
(BCI), which is the integrity check of all managers, managers and employees who work in critical processes.
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Schlumberger (USA) Becomes First Company in Upstream E&P Services to
Commit to Science-Based Target in Emissions Reduction
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49
Schlumberger announced its commitment to setting a science-based target to reduce its greenhouse gas (GHG)
emissions. Schlumberger’s commitment has been submitted to the Science Based Targets initiative (SBTi) and, in line
with the defined criteria, Schlumberger will define its reduction target by 2021. This commitment is part of the
company’s thought leadership and focus on environmental and social sustainability through its industry-leading Global
Stewardship program. Science-based targets in line with the latest climate science must meet the goals of the Paris
Agreement, an agreement developed in 2016 by the United Nations Framework Convention on Climate Change
(UNFCCC) that seeks to reduce GHG emissions. The Paris Agreement focuses on limiting global warming to
well-below 2°C above pre-industrial levels. The SBTi champions science-based target setting as a powerful way of
boosting companies’ competitive advantage in the transition to the low-carbon economy. It is a collaboration between
CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI), and the World Wide Fund for
Nature (WWF) and one of the We Mean Business Coalition commitments.
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Event Updates
Energy Industry
Event Updates
IT Shades
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For any queries, Please write to marketing@itshades.com
Upcoming Events - Energy
Lubricating Grease Conference
bricating grease, spanning over 26 countries with more than 250 corporate
members. Since 1933, NLGI is providing service to grease industry through
annual general meetings/ conferences, education courses, working groups on
various grease related issues, funding basic research projects, conducting
round robin tests, etc. It has links with other societies such as European
Lubricating Grease Institute, China Lubricating Grease Institute, etc.,
thereby providing a global platform for sharing grease industry information
with an objective to serve grease industry in a better way, the society also
forms local chapters in different countries
Hosted By : NLGI-India Chapter
Madhya Pradesh, India
1-3 Feb, 2020
https://www.nlgi-india.org/
SulGas Conference
SulGas Conference aims to serve as a marquee event in the
Indian and South-East Asian oil and gas conference calendar for
technical exchanges, discussion of design and operating issues of
units, failures and successes of troubleshooting instances,
near-misses, and analytical methods.
Hosted By : SulGas
Mumbai, India
3-4 Feb, 2020
https://sulgasconference.com/
Offshore Wind Executive Summit
(OWES)
The 2018 event was a great success with 340 attendees! We are gearing up
for our 2020 event, which will be held on February 4th at the Moody
Gardens Hotel & Convention Center in Galveston, Texas. We will again
bring together decision makers from wind and offshore oil and gas, both
from the U.S. and Europe. Using many of the same technologies, services,
and a highly skilled workforce, offshore oil and gas experts play an
important role in the advancement of U.S. offshore wind.
Hosted By : Endeavor Business Media
Texas, USA
4 Feb, 2020
https://www.offshorewindsummit.com/
WLPGA Innovation for Growth
Summit
The WLPGA Innovation for Growth Summit is part of a global series of
gatherings with key industry leaders organised by the WLPGA and will take
place in Washington, DC on 4th-5th February 2020 at the Conrad Hotel
Washington DC. Attendees will have the opportunity to exchange ideas, and
discuss innovation, business opportunities, and explore crucial issues for the
global LPG industry. Discover the 4th February Summit agenda here and
register today!
Hosted By : wlpga
Washington, USA
4-5 Feb, 2020
https://www.wlpga.org/event/wlpga-technical-summit-washington-2020/
Winterwind International Wind Energy
Conference
Winterwind International Wind Energy Conference offers
seminars, debates, poster exhibitions, networking, social events
an Open Innovation Contest, OIC and technical visit.
Winterwind found early its own niche in wind energy in cold
climate and gathers every year the world’s wind energy
professionals in Sweden to discuss the challenges of generating
wind power in cold climates.
Hosted By : Winterwind
Åre, Sweden
3-5 Feb, 2020
https://winterwind.se/
ESRF User Meeting 2020
The 30th ESRF User Meeting will take place at the
ESRF from Monday 3 February to Wednesday 5
Feburary 2020. The ESRF User Meeting will be the
ideal opportunity to hear the latest news and to discuss
and prepare new ideas and proposals.
Hosted By : ESRF
Grenoble, France
3-5 Feb, 2020
https://www.esrf.eu/home/UsersAndScience/UserGuide/information-for-users/content-news/esrf-news-list/esrf-user-meeting-2020.html
50
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For any queries, Please write to marketing@itshades.com
Upcoming Events - Energy
American LNG Forum
American LNG Forum focuses on LNG export terminals – unlocking LNG
exports opportunities, LNG supply chain infrastructure – how to make it
more viable, LNG as fuel – latest technological developments and prospects,
LNG demand in Asia and US-China trade threats - impact on American LNG
market, Will the United States be able to continue exporting LNG at
competitive prices, Most significant challenges American LNG industry will
face in the near future and etc.
Hosted By : alj-Group
Houston, USA
4-5 feb, 2020
https://americanlngforum.com/
Solar Finance & Investment Europe (SFI Europe)
Now in it's 7th year, Solar Finance & Investment Europe is the
meeting place for solar developers, asset managers, investors &
financiers to learn the latest business models for project finance,
re-financing, power purchase agreements as well secondary markets
for PV assets. The conference also looks at latest technologies and
systems for maximising power output and efficiency, reducing losses
and predictive maintenance.
Hosted By : SolarMedia
London, UK
5-6 Feb, 2020
https://financeeurope.solarenergyevents.com/
Biomass Trade & Power Europe
The arrival of the world’s largest dedicated biomass plant in the UK in
2020 will add significant wood pellet growth to the European market.
The 300MW MGT plant is scheduled to start in the first-half of 2020
and will be joined by the ramp up of pellet consumption in the
Netherlands by German utilities RWE and Uniper.
Hosted By : Centre for Management Technology
Copenhagen, DENMARK
5-6 Feb, 2020
https://www.offshorewindsummit.com/
Global Hydrogen Energy Summit
Clariden Global is pleased to invite you to the inaugural Global Hydrogen Energy
Summit 2020 to be held at Melbourne, Australia. This event has been carefully
researched and crafted with the most desired and unparalleled insights on the
emerging opportunities and trends in hydrogen. With global demand for hydrogen on
the upswing, studies forecast that Australia is poised to become East Asia’s largest
hydrogen exporter, exporting 42% of regional supply by 2040. Join the global
gathering of energy leaders to better understand, incorporate and devise successful
strategies to capitalize on this opportunity for your organization.
Hosted By : Clariden Global
Melbourne, Australia
4-5 Feb, 2020
http://claridenglobal.com/conference/hydrogen-energy-au/
2020 Energy Policy Outlook Conference &
Innovation Summit
The NASEO 2020 Energy Policy Outlook Conference and Innovation Summit will examine
the key policies and initiatives needed to drive modernization and resilience across our energy
infrastructure – grid, pipelines, buildings, transportation. Join top state and federal energy
policymakers and private sector leaders from around the country on February 4-7, 2020 in
Washington, D.C. for in-depth discussions of the critical investments needed for strong,
reliable, and affordable grid, transportation, and buildings systems, as well as the latest news
from the 117th Congress and the Administration.
Hosted By : NASEO
Washington, USA
4-7 Feb, 2020
https://energyoutlook.naseo.org/
International Conference on
Ecomaterials (ICEM)
Ecomaterials are designed to have minimal impact on the biosphere, fabricated by
methods that preserve and recycle resources, and implemented for the betterment of
society. The International Conference on Ecomaterials (ICEM) belongs to a series of
biennial conferences previously organized in Japan (1993, 1997, 1999, 2003, 2009),
China (1995, 2011), USA (2001), Singapore (2005), UK (2007), Vietnam (2013),
Taiwan (2015) and Thailand (2017).
Hosted By : ICEM14
Thiruvananthapuram, India
5-7 Feb, 2020
http://www.icem14.org/
51
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For any queries, Please write to marketing@itshades.com
Upcoming Events - Energy
Making Solar Bankable: Emerging Markets
Making Solar Bankable features 600 project development & finance
executives from more than 40 different countries will come together in
Amsterdam. Through unique network facilitation and focused sessions per
industry segment you're sure to get enough leads and insights to fuel your
business for months. Organized by Solarplaza and FMO, and supported by
over 20 of the world's largest industry players and finance institutions, this
event is not to be missed by anyone involved in solar project development in
Asia, Africa or Latin America.
Hosted By : Solarplaza International BV
Amesterdam, Netherlands
6-7 Feb, 2020
https://www.makingsolarbankable.com/
International Symposium on Advanced Technologies, Renewable
Energies and Economic Development (CITED International
Symposium)
International Symposium on Advanced Technologies, Renewable
Energies and Economic Development aims to bring together the work
on concerted and reflective research on the establishment of
sustainable economic development based on technological advances,
the optimal use of means and resources, and on renewable energies.
Hosted By : EasyChair
Tunis, Tunisia
6-9 Feb, 2020
https://easychair.org/cfp/CITED2019
Energy Development Conference
The inaugural Building The UK’s Energy Future Conference will
bring together hundreds of leaders from the property, development,
infrastructure, construction and energy industries to maximise the
phenomenal opportunities for economic growth currently engulfing
the UK – and how a sustainable approach to development and
regeneration is crucial to this.
Hosted By : BE
London, UK
11-12 Feb, 2020
built-environment-networking.com/event/energy-development-conference/
Nigeria International Petroleum Summit
(NIPS)
Nigeria International Petroleum Summit is a project of the Federal
Government of Nigeria. Its structure and organization received the
approval of the Federal Executive Council and has the highest level of
government backing and endorsement. Organised in the true spirit of a
PPP, NIPS creates the platform for Nigeria to help galvanize
Africaâ s response to global Oil and Gas Challenges.
Hosted By : Nigeria Petroleum Summit
Abuja, Nigeria
9-12 Feb, 2020
https://www.nigeriapetroleumsummit.com/
Latin American Conference on Sustainable Development of
Energy Water and Environment Systems (LA SDEWES)
The main challenge for Latin American (LA) economies is to commit
to, and sustain the implementation of, long-term reforms aimed at
increasing competitiveness and promoting sustainable, inclusive and
balanced development. An adequate response to this challenge will
certainly require using the best available scientific knowledge and
constant re-evaluation of the development process in light of the
scientific findings.
Hosted By : SDEWES
Buenos Aires, Argentina
9-12 Feb, 2020
https://www.buenosaires2020.sdewes.org/
World Congress on Oils & Fats (WCOF)
The World Congress on Oils & Fats attracts a large number of
participants from all parts of the world, connecting research scientists
and industry involved in edible oils and their by-products providing a
platform for young and developing researchers by facilitating the
presentation and discussion of papers, networking and recognition,
and disseminating the latest research on fats and oils and related
products.
Hosted By : WCOF
Sydney ,Australia
9-12 Feb, 2020
https://wcofsydney2020.com/
52
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I-Bytes Energy Industry

  • 1. IT Shades Engage & Enable I-Bytes Energy January Edition 2020 Email us - solutions@itshades.com Website : www.itshades.com
  • 2. IT Shades Engage & Enable For any queries, Please write to marketing@itshades.com About Us Who We are Aim of this I-Byte Reasons to talk to us ITShades.com has been founded with singular aim of engaging and enabling the best and brightest of businesses, professionals and students with opportunities, learnings, best practices, collaboration and innovation from IT industry. This document brings together a set of latest data points and publicly available information relevant for Energy. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely. 1. Publishing of your company’s solutions/ announcements in this document. 2. Subscribe to this and other periodic publications i.e. I-Bytes, Solution Letters from ITShades.com. 3. For placement of your company's click-able logo and advertisements. 4. Feedback for us to improve the content and format of these periodic publications.
  • 3. IT Shades Engage & Enable For any queries, Please write to marketing@itshades.com Sponsoring Companies for this Edition LOGO 1 LOGO 2 LOGO 3 LOGO 4 LOGO 5
  • 4. IT Shades Engage & Enable For any queries, Please write to marketing@itshades.com Table of Contents 1. Financial, M & A Updates.................................................................................................................................1 2. Solution Updates...............................................................................................................................................18 3. Rewards and Recognition Updates.................................................................................................................19 4. Customer Success Updates...............................................................................................................................28 5. Partnership Ecosystem Updates......................................................................................................................30 6. Miscellaneous Updates.....................................................................................................................................39 7. Event Updates...................................................................................................................................................50
  • 5. IT Shades Engage & Enable For any queries, Please write to marketing@itshades.com Financial, M & A Updates Energy Industry
  • 6. Financial, M&A Updates IT Shades Engage & Enable BP (UK) agrees terms to sell North Sea interests in Andrew area and Shearwater to Premier Oil BP has agreed terms to sell its interests in the Andrew area in the central UK North Sea and its non-operating interest in the Shearwater field. BP operates the Andrew assets – comprising the Andrew platform, the Andrew (62.75%), Arundel (100%), Cyrus (100%), Farragon (50%) and Kinnoull (77.06%) fields and associated subsea infrastructure. It holds a 27.5% stake in the Shell-operated Shearwater field. Under the terms of the deal, Premier Oil will pay BP $625 million. The five fields in the Andrew area all produce through the Andrew platform, which is located about 140 miles north-east of Aberdeen. The hub started production in 1996. In 2019, average daily production has been around 25,000 to 30,000 barrels of oil equivalent per day. The Shearwater field is a high pressure, high temperature reservoir produced through a process, utilities and quarters platform, located around 140 miles east of Aberdeen. Shearwater's 2019 production has been in the region of 14,000 barrels of oil equivalent per day gross. The Andrew assets are expected to transition to Premier Oil as a fully operational entity with 69 staff who operate and support the assets. Their contractual terms and conditions are protected under UK Transfer of Undertakings (Protection of Employment) Regulations (TUPE). BP will now begin consultation with in-scope staff. Executive Commentary BP North Sea regional president, said: "BP has been reshaping its portfolio in the North Sea to focus on core growth areas, including the Clair, Quad 204 and ETAP hubs. We're adding advantaged production to our hubs through the Alligin, Vorlich and Seagull tieback projects. As a result of this focus, we have also now decided to divest our Andrew and Shearwater interests, believing them to be a better strategic fit for another owner. We are confident that Premier Oil, already a significant operator in the North Sea, is the right owner of these assets as they seek to maximise their value and extend their life." Description 1
  • 7. Financial, M&A Updates IT Shades Engage & Enable BP (UK) invests in Chinese AI energy management tech specialist R&B BP Ventures has invested in energy management specialist R&B, BP’s first venture into artificial intelligence (AI) technology in China. R&B’s energy management systems are designed to predict, control and improve a building’s energy use, supporting BP Alternative Energy’s focus on low-carbon power, storage, digital energy value chain and wider Energy as a Service (EaaS) offers. Buildings currently account for one third of the world’s total energy consumption. R&B’s Software-as-a-Service (SaaS) applies AI techniques to energy diagnostics and optimization in the commercial and industrial (C&I) sector, processing data to generate valuable insights and recommendations of how to improve energy efficiency and enhance predictive maintenance in buildings. This enables building managers to make informed decisions to optimise energy performance and, as a result, reduce carbon emissions. The $3.6 million investment is part of R&B’s latest funding round, which was led by BP Ventures and supported by CLP Innovation Ventures Limited, a subsidiary of CLP Holdings Limited, and JAFCO Asia. Executive Commentary BP Alternative Energy chief executive and executive vice president, regions, said: “Digital technology, smarter consumers and bold decarbonisation targets are together rapidly changing the world’s energy systems. BP is determined to help meet society’s demands for more energy, delivered in new and cleaner ways. Our investment in R&B, a business developing and deploying innovative technology to improve energy efficiency, is fully aligned with this strategy.” Description 2
  • 8. Financial, M&A Updates IT Shades Engage & Enable Chevron (USA) Agrees to Acquire Puma Energy (Australia) Holdings Pty Ltd Chevron Australia Downstream Pty Ltd, a wholly-owned subsidiary of Chevron Corporation, announced that it has signed a conditional Share Sale Agreement with Puma Energy Asia Pacific B.V. to acquire all shares and equity interests of Puma Energy (Australia) Holdings Pty Ltd for the amount of AU$425 million. Puma Energy (Australia) Holdings Pty Ltd and its subsidiaries hold assets including a network of company-owned and retailer-owned service stations in Australia, a commercial and industrial fuels business, owned or leased seaboard import terminals and fuel distribution depots. The acquisition of Puma Energy (Australia) Holdings Pty Ltd is expected to close in mid-2020, subject to regulatory approvals and the satisfaction of customary closing conditions. Executive Commentary “The acquisition will provide Chevron with a stable market for production volumes from our refining joint ventures in Asia and create a foundation for sustainable earnings growth,” said Chevron’s executive vice president for Downstream & Chemicals. “It will build on Chevron’s strong history of partnership in Australia and our global experience in fuels and convenience marketing and supply.” Description 3
  • 9. Financial, M&A Updates IT Shades Engage & Enable Devon Energy (USA) Announces Sale of Barnett Shale for $770 Million; Announces New $1 Billion Share-Repurchase Program Devon Energy Corp. announced it has entered into a definitive agreement to sell its assets in the Barnett Shale to Banpu Kalnin Ventures (BKV) for $770 million. This transaction is subject to customary terms and conditions and is expected to close in the second quarter of 2020. Devon expects no incremental cash taxes associated with the divestiture of these assets. Net production from the Barnett Shale properties averaged 597 million cubic feet equivalent per day in the third quarter of 2019. At year-end 2018, proved reserves associated with these properties amounted to approximately 4 trillion cubic feet equivalent. The transaction includes various purchase price adjustments that, among other things, allocate revenues and expenses based on a Sept. 1, 2019 effective date. The Barnett transaction represents BKV’s seventh transaction since 2016, with over $1.3 billion of capital deployed into gas-weighted assets. This acquisition will make BKV a significant producer of natural gas in the U.S. with over 780 million cubic feet per day of production from assets in Pennsylvania’s Northeast Marcellus and now in the Barnett Shale. Executive Commentary “Devon’s transformation to a U.S. oil growth business is now complete,” said, President and CEO. “The timely and tax-efficient exit from Canada and the Barnett this year has generated $3.6 billion of proceeds at accretive multiples to Devon’s current valuation. Furthermore, these transactions accelerate efforts to focus exclusively on our resource-rich U.S. oil portfolio, where we have the ability to substantially increase returns, margins and profitability. The Barnett Shale has been a cornerstone asset for Devon over the past two decades. With this change in ownership, it is great to see our talented and innovative employees supporting this high-quality gas asset transition to a world-class company like Banpu.” Description 4
  • 10. Financial, M&A Updates IT Shades Engage & Enable 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 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. Executive Commentary CEO of Recover Nordic, commented: “We are excited to partner with EQT, one of the world’s most reputable investment organizations, with a strong track record in the services sector. EQT’s growth-focused strategy and hands-on ownership approach is a great match for Recover Nordic.” Description 5
  • 11. Financial, M&A Updates IT Shades Engage & Enable EQT (USA) completes sale of Contanda The EQT Infrastructure II fund announced that it has completed the sale of Contanda LLC to institutional investors advised by J.P. Morgan Asset Management. Acquired in February 2013, Contanda is a premier provider of storage and customized storage related services to owners of bulk liquid products, with a strong market position in the petrochemical, renewable energy and agricultural commodity sectors. Headquartered in Houston, Texas, Contanda has 15 terminals in North America with over seven million barrels of total storage capacity and approximately 275 employees. Contanda’s terminals are strategically located near deep water ports and transportation infrastructure, providing customers access to critical shipping lanes and distribution networks. Together with the management team, EQT has supported Contanda in accelerating its growth trajectory. During EQT Infrastructure’s ownership, Contanda has strengthened its foothold by expanding capacity, enhancing product diversity, and strengthening operating capabilities. As part of increasing Contanda’s runway for continued future organic growth, EQT has supported the Company in adding new terminal sites in Houston and Stockton, which enable Contanda to progress towards its ambition of more than doubling its current capacity. Executive Commentary Partner at EQT Partners and Investment Advisor to EQT Infrastructure, commented: “Contanda has undergone a significant transformation over the past few years. While significantly diversifying its product base and growing in key US markets, Contanda has built a culture of safe operations and uncompromising customer focus. With an experienced team and existing and new strategic assets in place, the Company is well-positioned to execute against the next phase of its growth plan.” Description 6
  • 12. Financial, M&A Updates IT Shades Engage & Enable EQT (USA) Real Estate sells TechnologiePark office portfolio in Cologne, Germany EQT Real Estate fund I announced that it has disposed of its 100 percent ownership interest in the TechnologiePark portfolio in Cologne, Germany (“TPK”) to TPG Real Estate Partners. TPK contains seven high-quality assets located in the Ehrenfeld district of Cologne, comprised of six Grade A office properties spanning approximately 81,500 sqm and the Mercedes-Benz Centre, a regional car showroom hub and a full service-center spanning approximately 35,000 sqm. TPK serves a prominent group of tenants with long-term rental agreements including Daimler AG, Ford Motor Company as well as the German Government. The office park is located near TechnologiePark station which provides a direct, 10-minute rail link to Cologne Central Station. After acquiring the portfolio out of insolvency at a substantial discount to replacement cost in late 2016, EQT Real Estate implemented a robust set of value creation initiatives through a multi-pronged, hands-on asset management plan including implementing accretive lease renewals, completing physical improvements of the buildings and streamlining the operational management of the portfolio. In addition, important sustainability measures were taken into consideration in all maintenance and capital expenditure programs as well as including “green lease” clauses when re-gearing tenants, both of which are consistent with EQT Real Estate’s thematic approach to sustainable investing. EQT Real Estate believes that its business plan objectives were met and is confident that TPG Real Estate Partners will be able to navigate the portfolio through its next phase of growth, especially as the Cologne real estate market continues to remain supply constrained. Executive Commentary Partner at EQT Partners and Investment Advisor to EQT Real Estate, said: “TPK is a perfect example of how the integrated pan-European advisory team supported value creation through complex and intensive asset management workstreams and successfully sold this high-quality asset into Germany’s deep institutional market. This realization, together with the exit of Code, a 5,800 sqm office redevelopment in Paris earlier this year, confirms that EQT Real Estate´s thematic investment approach, which includes investing in gateway cities across Europe, is generating attractive risk adjusted returns for our investors.” Description 7
  • 13. Financial, M&A Updates IT Shades Engage & Enable EQT (USA) Greater China II sells PSM International The EQT Greater China II fund announced that it has signed an agreement to sell its entire stake in PSM International, a multinational leading fastener manufacturer, to Bulten AB (“Bulten”), a full-service provider of fasteners solutions to the international automotive industry. Established in 1931, PSM International is a leading provider of fastening solutions to a diverse customer base in the automotive, notebook, mobile phone and general manufacturing industries. The business has a strong presence in the Asia-Pacific, Europe and US markets. With manufacturing facilities in China, Taiwan and the UK, PSM's products include a complete range of inserts for plastics, as well as multiple fastening solutions for sheet metal. PSM works with customers throughout the product life cycle, from design conception through product launch and general production. EQT invested into PSM in 2007 and during EQT’s holding period, the corporate governance and management have been strengthened with the addition of key management hires and experienced board members. PSM has leveraged EQT’s network and expertise in the industrial sector to support the Company in further developing its manufacturing capabilities, sales channels and supplier networks. Executive Commentary Partner at EQT Partners and Investment Advisor to EQT Greater China, commented: “During EQT Greater China’s ownership, PSM has continued to strengthen its cold-forming capabilities, upgrade production facilities, improve efficiency and expand sales and supplier networks. We are grateful for the insightful contribution of the board members and the management team's relentless pursuit of excellence and business development. We are convinced that PSM will continue its growth path with Bulten as their new partner” Description 8
  • 14. Financial, M&A Updates IT Shades Engage & Enable EQT (USA) to sell Clinical Innovations The EQT Mid Market US fund and the EQT Mid Market Asia III fund (jointly “EQT”) have entered into an agreement to sell Clinical Innovations (the “Company”) to LABORIE Medical Technologies (“LABORIE”) for an Enterprise Value of USD 525m. The EQT Mid Market US fund is the majority owner of Clinical Innovations. Founded in 1993 and headquartered in Salt Lake City, Utah, Clinical Innovations is a leading global provider of medical devices for Labor & Delivery and Neonatal Intensive Care. The Company’s products, which include the Kiwi® Vacuum-Assisted Delivery System, Koala® Intrauterine Pressure Catheter and ebb® Complete Tamponade System, are used by clinicians in more than 90 countries to improve the lives of mothers and babies. Clinical Innovations also added SweetUms sucrose solution and the BoogieBaby oral and nasal suction device to its growing NICU product lineup earlier in December this year. Clinical Innovations operates a manufacturing facility in Utah and has approximately 250 employees around the world. Together with the management team, EQT has supported Clinical Innovations in successfully transitioning from a distributor sales model to a direct sales force in select key markets, including parts of the United States, Western Europe and Australia. During EQT’s ownership, the Company has also successfully established a foothold in China and broadened its product portfolio within Neonatal Intensive Care. Executive Commentary “With the support of EQT, Clinical Innovations has significantly grown its global footprint and strengthened its product offering,” said President and CEO of Clinical Innovations. “We look forward to continuing our growth journey with LABORIE and are confident that, together with our new partners, we will be well positioned to further positively impact mothers, babies and healthcare professionals on a large scale.” Description 9
  • 15. Financial, M&A Updates IT Shades Engage & Enable EQT (USA) Infrastructure enters into a Scheme Implementation Agreement with Metlifecare APVG, an entity owned by EQT Infrastructure IV has entered into a Scheme Implementation Agreement (“SIA”) with Metlifecare, to acquire 100% of Metlifecare shares by way of a scheme of arrangement (“Scheme”), subject to certain conditions. APVG has entered into a voting deed with Metlifecare’s largest shareholder, New Zealand Superannuation Fund Nominees Limited (“NZSF”), which holds 19.86% of Metlifecare’s shares. Under the voting deed NZSF has agreed, among other things, to vote in favour of the Scheme subject to certain terms and conditions. A copy of that voting deed has been released to the market through the substantial product holder notice issued by APVG and EQT Infrastructure IV. In addition, Metlifecare shareholders collectively representing approximately 22% of the register have indicated to EQT Infrastructure IV their current intention to vote in favour of the Scheme, in the absence of a superior proposal. Metlifecare is a leading New Zealand owner and operator of retirement villages, providing rewarding lifestyles and outstanding care to more than 5,600 New Zealanders. Established in 1984, it currently owns and operates a portfolio of 25 villages in areas with strong local economies, supportive demographics and high median house prices, located predominantly in New Zealand’s upper North Island. EQT is a differentiated global investment organization that invests in good companies across the world with a mission to help them develop into great and sustainable companies. By providing access to ownership skills and operational expertise, EQT helps acquired companies grow and prosper. Development and growth are at the core of the value creation, with digitalization and sustainability being key future-proofing drivers. Portfolio companies owned by the funds of EQT have, on average, increased sales by 12%, the number of employees by 10% and profitability by 11% per annum during the funds’ ownership. Executive Commentary Partner at EQT Partners and Investment Advisor to EQT Infrastructure IV, said: “We are delighted about the opportunity to partner with Metlifecare and are fully committed to supporting Metlifecare and its management team to embark on this exciting journey to develop and operate high-quality retirement villages and continue to provide the exceptional care to New Zealanders which Metlifecare is known for.” Description 10
  • 16. Financial, M&A Updates IT Shades Engage & Enable EQT (USA) invests in SHL Medical, a world-leading provider of drug delivery solutions The EQT VIII Fund (“EQT”) announced that it has entered into an agreement to acquire a minority stake in SHL Medical (“SHL” or “the Company”). SHL was founded in Asia in 1989 with the goal of combining world-class manufacturing in Taiwan with the strengths of international management practices. The Company launched its first autoinjector in 1996 and today, SHL is a world-leading provider of drug delivery solutions. Headquartered in Switzerland, SHL serves as a partner to global pharmaceutical companies and biotech firms. The Company has a global presence with offices and operations in Europe, Asia and the US, employing approximately 5,000 people worldwide. SHL’s management has been executing a strategic agenda focused around growth, innovation, digitization as well as operational and manufacturing excellence. EQT intends to support SHL in its next development phase, building on the current direction taken by the Company’s management. SHL’s products enable effective and precise delivery of highly complex biologics and biosimilar drugs to patients worldwide. They empower patients through safe self-administration of medication in the comfort of their homes. Therefore, the investment is in line with EQT’s thematic approach and mindset of making a positive impact in society with everything it does, guided by the United Nations Sustainable Development Goals (SDGs). Executive Commentary CEO of SHL, commented: “We are excited to have EQT as our new shareholder and look forward to working together in the next development phase of SHL. EQT’s entrepreneurial heritage and investment approach are a great cultural fit for SHL. Together, we will continue to build and grow the company in order to provide the best solutions for our customers.” Description 11
  • 17. Financial, M&A Updates IT Shades Engage & Enable EQT (USA) invests in Asia based Health Management International The EQT Mid Market Asia III fund announced its investment in Health Management International Ltd. Founded in 1998, HMI is a regional private healthcare provider with presence in Singapore, Malaysia and Indonesia. The Company is headquartered in Singapore and is led by an experienced management team and has a board with vast experience in developing and growing healthcare businesses in the region. The Company’s two tertiary hospitals in Malaysia, Mahkota Medical Centre and Regency Specialist Hospital, which are known for their clinical quality and breadth of specialties and subspecialties, attract medical tourists from all around Southeast Asia and serve approximately 100,000 international patients per year. HMI has a strategy of investing in its facilities and service offerings and has further expanded its healthcare platform through investments in the first private one-stop ambulatory care center in Singapore, StarMed Specialist Centre, and a General Practice clinic chain in Singapore, OneCare Medical. EQT will support HMI in realizing the full potential of its existing healthcare businesses, while investing further in capacity and capabilities. EQT plans to back the Company’s accelerated growth trajectory, both organically and by exploring potential acquisition opportunities. HMI will also be able to leverage on EQT’s deep healthcare sector expertise, global network and vast experience rolling out digitalization initiatives. Executive Commentary Group CEO at HMI, commented: “We are excited to welcome EQT as our new partner for the next chapter of HMI’s development. EQT made a strong impression on us from the outset with their strategic approach and deep experience across the various healthcare ecosystems globally. Together, we will be able to accelerate HMI’s growth by focusing on providing quality healthcare to become one of the leading private healthcare providers in the region.” Description 12
  • 18. Financial, M&A Updates IT Shades Engage & Enable 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. Executive Commentary “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 Økland SVP For Business Development. Description 13
  • 19. Financial, M&A Updates IT Shades Engage & Enable Equinor (Norway) increases its ownership in Scatec Solar Equinor has acquired 6,500,000 shares in Scatec Solar, corresponding to 5.2 percent of the shares and votes, at a total purchase price of NOK 754 million. The purchase price per share is NOK 116 which compares to the closing price on 19 December of NOK 110.5 and to Scatec Solar’s equity issuance price on 24 September of NOK 116. Following the transaction Equinor owns a total of 18,965,400 shares of Scatec Solar, raising its total shareholding to 15.2 percent of the shares and votes. The global solar business has grown by approximately 50% per year over the last 10 years and is anticipated to be a major source of renewable power with continued high growth, particularly in emerging markets. Due to technological efficiency, innovation, scale effects and more professional value chains, solar energy is becoming a low-cost source of power. Partnering with Scatec Solar, Equinor entered its first solar development project in 2017 via the Apodi asset in Brazil, followed by a second joint project in June 2018 with the Guanizul 2A in Argentina. Executive Commentary “Through this acquisition of additional shares in Scatec, Equinor further strengthens its exposure to the fast-growing solar energy sector. Since acquiring a 10% interest a year ago, we have continued to work effectively with Scatec’s management and now we are capitalising on an opportunity to acquire an additional stake in this high performing company,” says Executive vice president for New Energy Solutions in Equinor. Description 14
  • 20. Financial, M&A Updates IT Shades Engage & Enable Lincoln Clean Energy becomes Ørsted (Denmark) n October 2018, Ørsted acquired Lincoln Clean Energy (LCE), a leading onshore developer with assets primarily in Texas. Over the past year, areas of the business have been systematically integrated to ensure an effective operating model capitalising on the capabilities from both companies. Since the acquisition, LCE has made significant progress, building its position as a multi-state developer with a strong portfolio of projects in operation, under construction and under development. The operational portfolio has doubled over the past year to 1GW and with 1.1GW currently under construction, it'll double again in 18 months. Effective immediately, LCE will officially change its name to Ørsted and become part of the Ørsted organisation. This rebrand, combined with the recent appointment of Declan Flanagan as CEO Onshore at Ørsted and member of Ørsted's Executive Committee, represents the growing global presence of the Ørsted business and the importance of activities in North America. Executive Commentary CEO of Ørsted, says: "I'm very pleased with the growth of the Lincoln Clean Energy business over the past year. The team has accelerated project execution compared to what we initially expected, and the change of name signifies another step in the integration of both businesses, providing Ørsted with a strong platform in North America offering a wide range of clean energy technologies." Description 15
  • 21. Financial, M&A Updates IT Shades Engage & Enable Total (France) Acquires Interests into Two New Offshore Licenses in View of Developing a New Production Hub Total has signed a sale and purchase agreement with state-owned Sonangol of Angola to acquire interests in Blocks 20/11 and 21/09 in the Kwanza Basin, offshore Luanda. Subject to the approvals of the competent authorities and partners: • The Group will hold a 50% working interest, alongside Sonangol (20%) and BP (30%), in Block 20/11, located in the central Kwanza Basin in water depths ranging from 300 to 1,700 meters. • The Group will hold an 80% working interest alongside Sonangol (20%) in Block 21/09, located in the south-central Kwanza Basin in water depths ranging from 1,600 to 1,800 meters. The wells drilled so far in the two blocks have produced four discoveries — Cameia, Mavinga, Bicuar and Golfinho — and Total and its partners will seek to unlock the value of these prospects by creating a development hub. The Group has also committed to explore for additional potential resources in the blocks. As part of the agreement, Total will become operator of the development of the two licenses before putting in place an operating company together with Sonangol 3 years after the production start-up. As per the transaction terms, Total will pay to Sonangol $400 million at closing, to which will be added $100 million at FID and some additional payments along the life of the project depending on production and crude oil price for a maximum cumulative amount capped at $250 million. Executive Commentary “We are very pleased to demonstrate once again our pioneer spirit and our commitment to continue developing Angola’s energy sector by becoming the first company to undertake a development in the Kwanza Basin,” stated Chairman and Chief Executive Officer of Total. Description 16
  • 22. Financial, M&A Updates IT Shades Engage & Enable Total (France) Enters Suriname With 50% Operated Stake in Exploration Block 58 Total has signed an agreement with Apache Corporation to acquire a 50% working interest and operatorship in the highly prospective Block 58 offshore Suriname, further expanding Total’s footprint in the prolific Guyana-Suriname basin. Block 58 is located on trend with the prolific discoveries in the adjacent Stabroek block in Guyana. The Maka-1 exploration well is currently being drilled on the block in a water depth of about 1,000 meters and preliminary results confirm the prospectivity of the license. Two additional exploration wells are planned to be drilled by Apache after the completion of Maka-1 before transferring the operatorship to Total. At closing Total will pay a bonus of $100 million, plus its share of past costs. In the event developments are launched, Total will provide a reimbursable carry for a share of Apache’s capital expenditure for the development phase and make some additional payments linked to the development and production. Cost of carry and payments would then represent an acquisition cost of around $2 per barrel. Executive Commentary “Total is pleased with this significant entry in Suriname where Total will become Operator and bring its deepwater expertise. The new license expands our positions in the Guyana-Suriname Basin, a highly favorable petroleum province,” said President, Exploration & Production at Total. “We look forward to working alongside with Apache, and Staatsolie, the national oil company.” Description 17
  • 23. IT Shades Engage & Enable For any queries, Please write to marketing@itshades.com Solutions Updates Energy Industry
  • 24. Solution Updates IT Shades Engage & Enable Petrobras (Brazil) invests in nanotechnology to increase efficiency in oil production For any queries, Please write to marketing@itshades.com 18 Solution Description Petrobras is developing nanotechnology solutions to increase production in its oil fields. Using nanotechnology for use in Advanced Oil Recovery may make it possible to extract more oil and gas than conventional techniques already used. The company has invested R $ 21.3 million in this technology in recent years, using financial resources from R&D investment clauses, regulated by the National Agency of Oil, Natural Gas and Biofuels (ANP) Through its Research Center (Cenpes), in partnership with research groups in Brazil, the company has been developing solutions such as carbon nanoparticles, nanocapsules and nanomaterials (nanotubes, graphene and carbon black) to increase oil production. and improve the efficiency of Well operations. The most promising solution is SPARTAN (Sweep Performance Augmentation Realized by Thermally Activated Nanosystem), a product developed in partnership with the UFRJ Chemistry Institute. It is a thermosensitive system (responds to temperature by increasing its viscosity) that gels inside the oil reservoir and is capable of blocking preferential water paths such as channels, faults or fractures (typical scenario of heterogeneous reservoirs such as pre-salt). As a result, it increases the recovery factor of the oilfield and reduces excessive water production. It is estimated that the system will be able to go into the field by the end of 2022. Other nanotechnological solutions, such as carbon nanomaterials and nanocapsules, could be applied by 2025.
  • 25. IT Shades Engage & Enable For any queries, Please write to marketing@itshades.com Rewards & Recognition Updates Energy Industry
  • 26. R & R Updates IT Shades Engage & Enable HP (India) Gas recognised as Asia’s Most Trusted Brand 2019 For any queries, Please write to marketing@itshades.com 19 HP Gas has been recognised as Asia’s Most Trusted Brand 2019. International Brand Consulting Corporation, USA conducted a consumer survey in more than 20 countries of Asia & based on the brand research report recognised HP Gas as Asia’s Most Trusted Brand of 2019. The trophy and Certificate was received by GM BD&TU during award function held at Hotel Grand Hyatt Erawan, Bangkok, Thailand on 11th December, 2019. Thai Police Major General Commander, & Deputy Commander Colonel handed over the trophy while certificate was handed over by, President, Asia’s Most Trusted Brand Award Council & CEO, International Brand Consulting Corporation, USA. Asia’s Most Trusted Brand Award is a distinctive recognition for a brand recognized as, “Most Trusted” in its industry category based on current year market standing. Its evaluation process is based on an Asia wide quantitative consumer survey, expert analysis and attributes based on qualitative brand research. It is a premier and most exhaustive multi-platform brand credibility project in Asia. It includes Asia's famous, most trusted and fastest growing brands that have played a significant role in the growth & success of the Asian economy, and have unequivocally divulged as game changers. It's an exceptional recognition of the success and creativity of the brands across Asia. R&R Description
  • 27. R & R Updates IT Shades Engage & Enable IndianOil (India) bags FIPI’s ‘Sustainably Growing Corporate of the Year’Award For any queries, Please write to marketing@itshades.com 20 IndianOil bagged the Federation of Indian Petroleum Industry's (FIPI) 'Sustainably Growing Corporate of the Year' award for excellence in sustainability performance and benefits extended to society and the environment, at a glittering awards ceremony held at New Delhi recently. Winning a double at the awards night, IndianOil's Mathura Refinery also received the Best Refinery in the Medium category (+9MMTPA) award for being a leading refiner in the country. The FIPI Oil and Gas Awards recognise the leaders, innovators and pioneers in the oil and gas industry, with an objective to celebrate the industry's most outstanding achievements. FIPI felicitates companies and individuals who have demonstrated an unparalleled ability to succeed and continually set standards of excellence in the Indian oil and gas sector. R&R Description
  • 28. R & R Updates IT Shades Engage & Enable Lukoil’s (Russia) Integrated Production Model Recognized As The Best Oil And Gas It Project For any queries, Please write to marketing@itshades.com 21 LUKOIL was announced winner of the ComNews 2019 award for Best oil and gas IT project for its integrated production modelling, adopted for commercial operation at the company's West Siberian assets. The model that the Process and Engineering Center employs as part of the intelligent fields project at South Yagun, East Ikilor fields and neighboring areas of other fields of West Siberia, is the most extensive digital production system in Russia, in terms of well and process facilities count: in total, the advanced digital tool allows control over 12 development assets and over 1.6 thousand production and injection wells. The new digital model and the computerization of key production management processes it offers, increase overall efficiency of producing entities, optimize production, disclose available reserves, map out priority-based action plans and improve the quality of validation of operation modes for production and injection wells. R&R Description
  • 29. R & R Updates IT Shades Engage & Enable ONGC (India) bags S&P Platts Global Energy Awards 2019 for CSR For any queries, Please write to marketing@itshades.com 22 Energy Maharatna, Oil and Natural Gas Corporation (ONGC) Limited adder another glory to its kitty bagging S&P Platts Global Energy Award 2019 for Corporate Social Responsibility - Diversified Program. ONGC is the only Indian company to bag honors from Platts this time across all categories. The Award ceremony was held on 12 December 2019 in Cipriani – South Street in New YorkCity. The S&P Global Platts Global Energy Awards 2019 recognizes corporate and individual innovation, leadership, and superior performance in 21categories spanning the entire energy value chain. The award was judged by an independent panel of international energy experts. They evaluated the finalists based on the criteria listed for each category. Also, they considered the companies’ profiles and financial performance in the designated timeframe. Other prominent corporates who were nominated in the category were CNOOC, Cox Enterprises, Grupo T-Solar Global, Netherlands Development Finance Corporation (FMO), PTT Global Chemical, Southern Company, Tata PowerDelhi Distribution, Xcel Energy. ONGC beat these competitors and came out with flying colors. With this award, ONGC represents the ‘best in the industry’ in CSR. R&R Description
  • 30. R & R Updates IT Shades Engage & Enable Saipem (Italy) confirmed in the FTSE4Good sustainability index as one of the best sustainable companies in Italy and in energy sector For any queries, Please write to marketing@itshades.com 23 For the tenth consecutive year, Saipem has been confirmed in the FTSE4Good sustainability stock index, following the semi-annual review of the series of stock indices of the London Stock Exchange which identifies the best companies in the world with regard to Environmental, Social and Governance (ESG). Corporate Sustainability Manager commented: “This news confirms once again the appreciation of sustainability analysts in relation to the processes implemented by Saipem and to the transparency of the information the company discloses, all of which places us among the best sustainable companies in Italy and in the global energy sector in general”. R&R Description
  • 31. R & R Updates IT Shades Engage & Enable Saipem (Italy) confirmed in the FTSE4Good sustainability index as one of the best sustainable companies in Italy and in energy sector For any queries, Please write to marketing@itshades.com 24 For the tenth consecutive year, Saipem has been confirmed in the FTSE4Good sustainability stock index, following the semi-annual review of the series of stock indices of the London Stock Exchange which identifies the best companies in the world with regard to Environmental, Social and Governance (ESG). Corporate Sustainability Manager commented: “This news confirms once again the appreciation of sustainability analysts in relation to the processes implemented by Saipem and to the transparency of the information the company discloses, all of which places us among the best sustainable companies in Italy and in the global energy sector in general”. R&R Description
  • 32. R & R Updates IT Shades Engage & Enable TATNEFT (Russia) is again recognized as the "Ekolider" of Tatarstan For any queries, Please write to marketing@itshades.com 25 Tatneft was once again recognized as the absolute winner of the Republican contest “Ekolider”. During the ceremony held in Kazan, the award was given to the Deputy Director General of the Company by the Minister of Ecology and Natural Resources of the Republic of Tatarstan. Also, TANECO JSC was recognized as the winner in the nomination “Oil and Gas Industry”. The award from the hands of the minister was received by the director general of the enterprise, Ilshat Salakhov. Republican contest "Ekolider" is held for the 16th time. The competition is annually attended by enterprises and organizations of all industries, agro-industrial, housing and communal complexes, individual entrepreneurs, public organizations and associations, educational institutions that work in the territory of Tatarstan. This is not the first time that Tatneft has become the absolute winner of the competition. The jury of the competition notes that the Company is already implementing its fourth environmental program, and is conducting large-scale environmental measures. The company carries out the construction of new and modernization of existing industrial facilities with the use of modern technologies to reduce environmental impact. In September 2019, the Board of Directors of Tatneft approved a new version of the policy in the field of industrial safety, labor protection and the environment. For the first time, the company’s policies reflect the principles and foundations of activities in the field of mitigation of climate change. This document also includes the organization of integrated accounting for greenhouse gases. R&R Description
  • 33. R & R Updates IT Shades Engage & Enable Tatneft (Russia) took first place in the corporate transparency rating of Russian companies For any queries, Please write to marketing@itshades.com 26 According to the results of the annual national survey conducted by the Russian Regional Integrated Reporting Network, Tatneft took first place in corporate transparency among private Russian companies. In total, experts of the rating this year evaluated more than 1000 Russian companies. Last year, Tatneft occupied the 12th place in this rating. The main goal of the study is to conduct an annual assessment of the level of corporate transparency through a comprehensive analysis of public reports, corporate websites of major Russian companies. The study examines the public annual reports of companies (integrated reports, traditional annual reports and non-financial reports - environmental reports, social reports, sustainable development reports, corporate social responsibility reports, etc.). In particular, information on the use of Russian and foreign disclosure standards in reports is verified. R&R Description
  • 34. R & R Updates IT Shades Engage & Enable Tatneft (Russia) named the most socially effective oil and gas company in Russia For any queries, Please write to marketing@itshades.com 27 Tatneft Group took the first place in the rating of social efficiency of the largest Russian companies among oil and gas companies presented by AK&M. The rating estimates the correlation of the social effect of companies and their environmental impact. The list of participants was formed from the list of 300 largest industrial, energy and transport companies by revenue. The rating-2019 includes 35 companies that disclose data on sustainable development, as well as provide information in the survey process. To compile the rating-2019, its authors used open company data for 2018, as well as data received from the organizations themselves by means of a survey. Experts estimated the volume of the wage fund and the social payment fund, tax payments, expenses for social programs, financing of the social sphere of the regions and charity, as well as the volume of purchases from small and medium-sized enterprises and environmental protection costs. AK&M has been working in the field of rating assignment since 1994. In its activities, it follows the principles of the Code of Professional Ethics of Russian rating agencies, is guided by the norms of Russian legislation, relies on existing internal accounting and reporting systems, and uses its own methodological base for determining rating ratings. R&R Description
  • 35. IT Shades Engage & Enable For any queries, Please write to marketing@itshades.com Customer Success Updates Energy Industry
  • 36. Customer Success Updates IT Shades Engage & Enable Companies join forces to help tackle plastic waste with BP’s enhanced recycling technology For any queries, Please write to marketing@itshades.com 28 Leading companies operating across the polyester packaging value chain – including businesses involved in the manufacture, use, collection and recycling of polyethylene terephthalate (PET) plastic packaging – today announced they have formed a new consortium that aims to help to address the problem of plastic waste by accelerating the commercialisation of BP Infinia enhanced recycling technology. BP Infinia is designed to turn opaque and difficult-to-recycle (known as ODR) PET plastic waste, that can degrade in quality each time it is recycled using conventional methods, into recycled feedstocks that can be used to make new high-quality PET plastic packaging again and again, with no loss in quality. The consortium intends to combine the capabilities and experience of its members – packaging and recycling specialist ALPLA; food, drink and consumer goods producers Britvic, Danone and Unilever; waste management and recycling specialist REMONDIS; and energy and petrochemicals producer BP – to develop a new circular approach to dealing with PET plastic waste. PET is a plastic widely used for rigid food packaging and drinks, personal care and homecare bottles. It is a lightweight, durable and versatile material and one of the most collected and recycled types of plastic 1. Of the PET plastic bottles collected globally, more than 75 per cent are recycled, but only 12 per cent of those collected make it back into new bottles 2. The remainder is currently lost from the bottle-to-bottle loop 3, as it is used for other applications which are usually disposed of directly after use to landfills or incinerators due to lack of separate collection. The consortium members believe by joining forces they can speed up the commercialisation of the technology, infrastructure and demand needed to process billions of opaque and difficult-to-recycle PET bottles and food trays that are currently disposed of each year, including those that are difficult to recycle by current conventional recycling methods 4. Description
  • 37. Customer Success Updates IT Shades Engage & Enable TechnipFMC (UK) Awarded a Significant Contract by Motor Oil Hellas for a New Naphtha Complex in Greece For any queries, Please write to marketing@itshades.com 29 TechnipFMC has been awarded a significant(1) Engineering, Procurement and Construction management (EPCm) services contract for the construction of a new naphtha complex for Motor Oil Hellas’ Corinth Refinery in Greece. This new naphtha complex will have a capacity of 22,000 barrels per day and consist of three new process units: a naphtha hydrotreater unit, a platforming unit and an isomerization unit. Upon completion, the complex will allow Motor Oil Hellas Refinery to increase its production of Euro 5 gasoline, aligned with its strategy to increase the production of clean fuels. The project also includes upgrading the existing utilities and offsite units to meet the requirements of the new complex. This award follows the successful execution of TechnipFMC’s FEED (front end engineering design) for the same complex. President of TechnipFMC’s Onshore/Offshore business commented: “With this project, TechnipFMC strengthens its expertise in the delivery of complex projects and its leadership within the European downstream market. This project also illustrates the strong historical relationship between TechnipFMC and Motor Oil Hellas over the past 45 years.” Description
  • 38. IT Shades Engage & Enable For any queries, Please write to marketing@itshades.com Partner Ecosystem Updates EnergyIndustry
  • 39. Partner Ecosystem Updates IT Shades Engage & Enable Svante, LafargeHolcim, Oxy Low Carbon Ventures and Total launch study for commercial-scale carbon capture and end-use at U.S. plant For any queries, Please write to marketing@itshades.com 30 Svante Inc., LafargeHolcim, Oxy Low Carbon Ventures, LLC a wholly-owned subsidiary of Occidental, and Total announced a joint study to assess the viability and design of a commercial-scale carbon-capture facility at the Holcim Portland Cement Plant in Florence, Colorado, U.S. The study will evaluate the cost of the facility designed to capture up to 725,000 tonnes of carbon dioxide per year directly from the LafargeHolcim cement plant, which would be sequestered underground permanently by Occidental. The carbon-capture facility under review will employ Svante’s technology to capture carbon directly from industrial sources at half the capital cost of existing solutions. Occidental, the industry leader in CO2 management and storage, would sequester the captured CO2. Pairing carbon capture from a cement plant with CO2 sequestration is a significant step forward for the cement industry in reducing its carbon footprint. This joint initiative follows the recently-launched Project CO2MENT between Svante, LafargeHolcim and Total in Canada at the Lafarge Richmond cement plant, where progress has been made towards re-injecting captured CO2 into concrete. Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Description
  • 40. Partner Ecosystem Updates IT Shades Engage & Enable Apache Corporation And Total S.A. Announce 50-50 Joint Venture In Block 58 Offshore Suriname; Total To Become Future Operator For any queries, Please write to marketing@itshades.com 31 Apache Corporation and Total S.A. announced a joint venture agreement to explore and develop Block 58 offshore Suriname. Under the terms of the agreement, Apache and Total will each hold a 50 percent working interest in Block 58, which comprises approximately 1.4 million acres in water depths ranging from less than 100 meters to more than 2,100 meters. Apache will operate the first three exploration wells in the block, including the Maka Central-1 well, and subsequently transfer operatorship to Total. In exchange for a 50-percent working interest, Apache will receive various forms of consideration, including: $5 billion of cash carry on Apache’s first $7.5 billion of appraisal and development capital; 25% cash carry on all of Apache’s appraisal and development capital beyond the first $7.5 billion; various cash payments in conjunction with closing of the joint venture agreement and future production from joint development projects; and reimbursement of 50% of all costs incurred to date in Block 58. Apache and Total have also agreed to bear their proportionate working interest share of costs on all future exploration wells. The transaction has received all necessary approvals from Suriname and is expected to close within three days. Description
  • 41. Partner Ecosystem Updates IT Shades Engage & Enable Reliance (India) and BP move forward with Indian fuels partnership For any queries, Please write to marketing@itshades.com 32 BP and Reliance Industries Limited (RIL) signed a definitive agreement relating to the formation of their new Indian fuels and mobility joint venture. This follows the initial heads of agreement signed in August this year. The venture is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals. The new venture, a further development of RIL and BP's longstanding partnership, will include an India-wide fuels retail service station network and aviation fuel marketing business. Building from RIL's existing businesses, the partners expect the venture to co-create a world class fuels partnership to grow rapidly and help meet India's fast-growing demands for energy and mobility. The venture expects to expand from RIL's current fuel retailing network of over 1,400 retail sites and 30 aviation fuel stations across India to up to 5,500 retail sites and 45 aviation fuel stations over the next five years to become the most preferred provider of automotive and aviation fuels. The retail network will operate under the Jio-BP brand, signaling a new paradigm shift in fuels marketing and mobility solutions. It brings together Reliance's extensive access and connection to consumers through its Jio digital platform and BP's deep experience in fuel retailing around the world. The joint venture will seek to offer Indian consumers high-quality differentiated fuels, convenience and services. Castrol lubricants will also be available across the venture's network. The partners intend to set up a new joint venture company, held 51% by RIL and 49% by BP, that will assume ownership of RIL's existing Indian fuel retail network and access its aviation fuel business. Description
  • 42. Partner Ecosystem Updates IT Shades Engage & Enable Devon Energy (USA) Announces Agreement with Dow to Develop STACK Acreage For any queries, Please write to marketing@itshades.com 33 Devon Energy Corp. announced it has entered into an agreement with Dow to jointly develop a portion of the company’s STACK acreage in central Oklahoma. Under this agreement, Devon will monetize half of its working interest in 133 undrilled locations in exchange for approximately a $100 million drilling carry over the next four years. The average working interest is estimated at 60 percent across a mix of standard and extended-reach lateral drilling locations. In addition to the benefits of a drilling carry, Devon’s returns associated with this agreement are expected to be enhanced by lower well costs from focused infill development drilling and midstream incentive rates that lower per-unit operating costs for each new well brought online. Devon anticipates no change to its production targets or capital spending outlook in 2020 as a result of this agreement. Activity in 2020 will start with the development of two drilling units in northern Canadian County, where drilling operations are expected to commence mid-year. With this agreement, Devon will retain 100 percent of its production and cash flow from existing operations in the STACK play. Devon will serve as operator and is responsible for capital allocation and project timing with this agreement. Description
  • 43. Partner Ecosystem Updates IT Shades Engage & Enable Enbridge (Canada) and Enterprise Products to Jointly Develop Deepwater Port; Enbridge moves forward with development of new Houston-area storage Terminal For any queries, Please write to marketing@itshades.com 34 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. Description
  • 44. Partner Ecosystem Updates IT Shades Engage & Enable Eni (Italy) and ETAP inaugurate Adam new photovoltaic plant in Tunisia For any queries, Please write to marketing@itshades.com 35 Eni’s subsidiary, Eni Tunisia BV, inaugurated a new photovoltaic plant in partnership with the national company, Entreprise Tunisienne d’Activités Pétrolières (ETAP). The plant is in the Adam concession in the south of Tataouine Governorship, where Eni is the operator. The installation, built near the production plant, will produce solar energy using an offgrid operational configuration. Energy produced by the Adam photovoltaic plant, which has a maximum capacity of 5 MW, will be used directly from the industrial site, reducing gas consumption and saving over 6,500 tons of CO2 emissions per year. The plant, which was built under the cooperation agreement with ETAP to develop renewable energy generation projects in Tunisia, also includes a 2.2 MWp/1.5MWh storage battery system that will facilitate integration with existing gas turbines, ensuring optimization of operating costs. This hybrid generation system, which combines gas, photovoltaic and storage, is one of the most important and innovative in the world. In the Tataouine region under the Eni – ETAP cooperation agreement, works are also ongoing to construct an additional photovoltaic plant in the city of Tataouine, which will have an installed capacity of 10 MWp. This project, undertaken after a public tender issued by the Tunisian Energy Ministry, also includes supplying green electricity to the national company, Société Tunisienne de l'Electricité et du Gaz (STEG). These initiatives confirm Eni’s commitment to the decarbonisation of Tunisian energy systems, leading towards an increasingly low-carbon scenario, in which renewable energies are a fundamental and integrated element of its energy mix. Eni has been present in Tunisia since 1961 and operates in the country’s Upstream sector, with activities concentrated in the southern desert areas and in the Mediterranean offshore, the Gas & LNG Power and Marketing sector, the management of the Transmed pipeline that connects Algeria to Italy through Tunisia, and in the Refining & Marketing sector. Description
  • 45. Partner Ecosystem Updates IT Shades Engage & Enable Eni (Italy) and Falck Renewables sign strategic agreement for joint development of new renewable projects in United States For any queries, Please write to marketing@itshades.com 36 Eni and Falck Renewables have signed a strategic agreement for the joint development of renewable energy projects in the United States. The agreement involves the creation of a venture owned 50% by Eni New Energy US Inc. (“ENE US”) and 50% by Falck Renewables North America Inc. (“FRNA”) for the development, construction and financing of new solar photovoltaics, wind onshore and energy storage projects. Under the terms of the agreement, FRNA will simultaneously sell ENE US 49% of its ownership interests in the plants currently in operation in the United States. The deal enables the two partners to: • establish a significant platform for the development of new projects from renewable sources in an evolved US market, which offers significant growth prospects. • operate through a new company that will cover the phases of development, construction and financing of new projects combining Falck Renewables’ know-how in renewable assets together with Eni's technological and financial capabilities. • accelerate the growth of Eni and Falck Renewables in the US and help reach their respective goals in terms of installed capacity and green energy generation. The venture1 will have shared governance and will be dedicated to develop at least 1 GW in projects by the end of 2023. ENE US and FRNA will have various options to acquire projects from the venture, either consolidated line-by-line by ENE US (100%) or by FRNA (100% or with a minority 49% stake for ENE US). Funding for the joint development company and its profits will be split equally between the owners. Description
  • 46. Partner Ecosystem Updates IT Shades Engage & Enable IndianOil (India) launches co-branded credit card with Axis Bank For any queries, Please write to marketing@itshades.com 37 Indian Oil Corporation Limited has launched a co-branded credit card in partnership with Axis Bank, for customers who prefer cashless and hassle-free payment. This partnership is an effort from IndianOil and Axis Bank to expand their presence in the fast developing credit card ecosystem in India, with an aim to offer attractive rewards and benefits for the customers. The new co-branded credit card will offer exciting offers to customers like cashback up to INR 250 on fuel spends within the first 30 days of card issuance, 20x accelerated reward points on fuel spend at IOCL outlets and waiver of fuel surcharge. Additionally, customers can avail benefits like 5x accelerated reward points on online shopping, 10% instant discount on movie ticket booking via BookMyShow, while also earning edge points for every spend. The card has been launched across IndianOil outlets in Ahmedabad, Lucknow, Kolkata and Visakhapatnam. The customer can use the card across all 27,000 IndianOil outlets pan India. With a 33,000-plus work-force, extensive refining, distribution & marketing infrastructure and advanced R&D facilities, lndianOil has in the past six decades provided energy access to millions of people across the length and breadth of the country through its ever-expanding network of customer touch-points, currently numbering over 50,000. With a turnover of Rs. 6, 05,924 crores and a net profit of Rs. 16,894 crores for the fiscal 2018-19, IndianOil is one the largest and most trusted corporates in the country, touching the lives of over a billion Indians. Description
  • 47. Partner Ecosystem Updates IT Shades Engage & Enable Schlumberger (USA) and Dataiku Technology Partnership Will Enable Enterprise-Scale Artificial Intelligence in E&P For any queries, Please write to marketing@itshades.com 38 Schlumberger and Dataiku have entered into an exclusive technology partnership that will enable the E&P industry to build and deploy their own artificial intelligence (AI) solutions across the full breadth of their upstream workflows within the DELFI* cognitive E&P environment. The partnership will deliver unprecedented capabilities to petrotechnical domain experts in response to global demand for AI, bridging the gap between machine learning and domain expertise to enable better insights. The industry will have access to an innovation platform where data scientists—experts in the development of AI solutions—can accelerate the deployment of new solutions across their organizations. In addition, making Dataiku technology available in the DELFI environment equips petrotechnical experts to build and extend workflows by leveraging machine learning and data science capabilities that are supported by a rich algorithm library. Combining existing Schlumberger digital tools and solutions with the proven enterprise AI technology from Dataiku means a ready-to-deploy full machine learning solution will be available at enterprise scale to the E&P industry. Schlumberger is the world’s leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. With product sales and services in more than 120 countries and employing approximately 105,000 people who represent over 140 nationalities, Schlumberger supplies the industry's most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance. Description
  • 48. IT Shades Engage & Enable For any queries, Please write to marketing@itshades.com Miscellaneous Updates Energy Industry
  • 49. Miscellaneous Updates IT Shades Engage & Enable Occidental Announces Successful Strategic and Financial Initiatives For any queries, Please write to marketing@itshades.com 39 Occidental Petroleum Corporation provided an update on its execution against key strategic and financial initiatives designed to maximize shareholder value following the close of its acquisition of Anadarko Petroleum ("Anadarko") on August 8, 2019. Occidental and Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced the execution of several agreements that enable WES to operate as an independent midstream company to support its ongoing pursuit of third-party growth opportunities. The executed agreements include amendments to the limited partnership agreement that significantly expand unitholders’ rights, including the right to remove and replace Occidental as the general partner. These amendments, along with other pertinent agreements, including the transfer of the WES corporate officers’ employment from Occidental to the Partnership, result in Occidental’s go-forward reporting of WES’s financial information under the equity method of accounting. Accordingly, Occidental will no longer consolidate WES’s statement of operations, balance sheet, and statement of cash flows. These financial reporting changes will provide increased clarity and transparency into the financial performance of Occidental’s core businesses. Occidental intends to continue its operational relationship with WES and expects to maintain a significant economic interest in WES, which Occidental will reduce to below 50% during 2020. Description
  • 50. Miscellaneous Updates IT Shades Engage & Enable Apache Corporation And Total S.A. Announce Significant Oil Discovery Offshore Suriname For any queries, Please write to marketing@itshades.com 40 Apache Corporation and Total S.A. announced a significant oil discovery at the Maka Central-1 well drilled offshore Suriname on Block 58. The well was drilled using the drillship Noble Sam Croft with Apache as operator holding a 50% working interest and Total holding a 50% working interest. Maka Central-1 successfully tested for the presence of hydrocarbons in multiple stacked targets in the upper Cretaceous-aged Campanian and Santonian intervals and encountered both oil and gas condensate. The formation evaluation program included logging-while-drilling and wireline logs, formation pressures, and preliminary core and fluid analysis. Together with future appraisal wells, this data will be used to quantify the resource in the Campanian and Santonian formations. The shallower Campanian interval contains 50 meters (164 feet) of net hydrocarbon-bearing reservoir. Preliminary fluid samples and test results indicate light oil and gas condensate with API gravities between 40 and 60 degrees. The deeper Santonian interval contains 73 meters (240 feet) of net oil-bearing reservoir. Preliminary fluid samples and tests results indicate API oil gravities between 35 and 45 degrees. The Maka Central-1 also targeted a third interval, the Turonian, a geologic analogue to oil discoveries offshore West Africa. Prior to reaching this interval, the well encountered significantly over-pressured, oil-bearing reservoirs in the lower Santonian, and the decision was made to conclude drilling at approximately 6,300 meters (20,670 feet). The pressures encountered in the lower Santonian are a positive sign for the Turonian and future drilling will test this interval. Description
  • 51. Miscellaneous Updates IT Shades Engage & Enable BP (UK) drilling campaign confirms potential of gas resources offshore Mauritania and Senegal For any queries, Please write to marketing@itshades.com 41 BP announced that its recent three-well drilling campaign offshore Mauritania and Senegal has further confirmed the world-class scale of the gas resource in the region. Three appraisal wells drilled this year, GTA-1, Yakaar-2 and Orca-1, targeted a total of nine hydrocarbon-bearing zones. The wells encountered gas in high quality reservoirs in all nine zones. The wells were the first in the region to be operated by BP. All three were completed safely, under budget and ahead of schedule. In total, the wells encountered 160 metres of net pay, growing confidence in the significant gas resources in the region. The overall drilling campaign was delivered 40 days ahead of schedule and $30 million under budget. Most recently, in November, Orca-1 well in Block C8 offshore Mauritania, successfully encountered all five of the gas sands originally targeted. The well was then further deepened to reach an additional target, which also encountered gas. The Greater Tortue Ahmeyim Phase 1 development was sanctioned in December 2018. The successful results of Yakaar-2 and Orca-1 could underpin future developments, including a possible new development in Yakaar-Teranga in Senegal and in the Bir Allah/Orca area in Southern Mauritania. The timings of both potential future developments will depend on the level of appraisal required, supporting commercial development plans and integrated gas master plans in the host nations. Description
  • 52. Miscellaneous Updates IT Shades Engage & Enable Chesapeake Energy Corporation (USA) Receives Continued Listing Notice From Nyse For any queries, Please write to marketing@itshades.com 42 Chesapeake Energy Corporation announced that on December 10, 2019 it received written notice from the New York Stock Exchange of its noncompliance with the standard set forth in Rule 802.01C of the NYSE Listed Company Manual that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period. The Company intends to regain compliance with the NYSE listing standards by pursuing measures that are in the best interests of the Company and its shareholders, including: (i) executing on its current capital and operating program, which includes a planned 30% reduction in 2020 capital expenditures and ongoing implementation of operating cost efficiencies; (ii) continued debt reduction through capital market transactions and asset sales; and potentially (iii) consummation of a potential reverse stock split, subject to shareholder approval at the May 2020 Annual Meeting of Shareholders. As required by the NYSE, the Company intends to respond to the NYSE within ten business days with respect to its intent to cure the deficiency. The Company has six months following the receipt of the noncompliance notice to cure the deficiency and regain compliance. The notice does not affect the Company's business operations, or its Securities and Exchange Commission reporting requirements, and does not conflict with or cause an event of default under any of the Company's material debt agreements. Description
  • 53. Miscellaneous Updates IT Shades Engage & Enable Chevron (USA) Announces $20 Billion Capital and Exploratory Budget for 2020 For any queries, Please write to marketing@itshades.com 43 Chevron Corporationannounced a 2020 organic capital and exploratory spending program of $20 billion. The 2020 budget supports a robust portfolio of upstream and downstream investments, highlighted by Chevron’s world-class Permian Basin position, the company’s major capital project at TCO in Kazakhstan, and an advantaged queue of deepwater opportunities in the Gulf of Mexico. As a result of Chevron’s disciplined approach to capital allocation and a downward revision in its longer-term commodity price outlook, the company will reduce funding to various gas-related opportunities including Appalachia shale, Kitimat LNG, and other international projects. Chevron is evaluating its strategic alternatives for these assets, including divestment. In addition, the revised oil price outlook resulted in an impairment at Big Foot. Combined, these actions are estimated to result in non-cash, after tax impairment charges of $10 billion to $11 billion in its fourth quarter 2019 results, more than half related to the Appalachia shale. Description
  • 54. Miscellaneous Updates IT Shades Engage & Enable Enbridge (Canada) Files Regulatory Application in Support of Contracting its Mainline Pipeline System For any queries, Please write to marketing@itshades.com 44 Chevron Corporation announced it has sanctioned the Anchor project in the U.S. Gulf of Mexico. This marks the industry’s first deepwater high-pressure development to achieve a final investment decision. Delivery of the new technology, which is capable of handling pressures of 20,000 psi, also enables access to other high-pressure resource opportunities across the Gulf of Mexico for Chevron and the industry. The Anchor Field is located in the Green Canyon area, approximately 140 miles (225 km) off the coast of Louisiana, in water depths of approximately 5,000 feet (1,524 m). The initial development of the project will require an investment of approximately $5.7 billion. Stage 1 of the Anchor development consists of a seven-well subsea development and semi-submersible floating production unit. First oil is anticipated in 2024. The planned facility has a design capacity of 75,000 barrels of crude oil and 28 million cubic feet of natural gas per day. The total potentially recoverable oil-equivalent resources for Anchor are estimated to exceed 440 million barrels. Chevron, through its subsidiary Chevron U.S.A. Inc., is operator and holds a 62.86 percent working interest in the Anchor project. Co-owner TOTAL E&P USA, Inc. holds 37.14 percent working interest. Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif. Description
  • 55. Miscellaneous Updates IT Shades Engage & Enable Enbridge (Canada) Files Regulatory Application in Support of Contracting its Mainline Pipeline System For any queries, Please write to marketing@itshades.com 45 Enbridge Inc. submitted today an application to the Canada Energy Regulator (CER) to implement contracting on the company's Mainline pipeline system. The application for contracted and uncommitted service includes the associated terms, conditions and tolls of each service which would be offered in an open season following approval by the CER. The tolls and services will replace the current tolling settlement that is in place until June 30, 2021. "We are moving to a contracted Mainline system in response to what our customers have been asking us for and for the benefit of the entire industry," said Enbridge Executive Vice President, Liquids Pipelines. "Today's application is based on significant input and advice from every corner of our industry and almost two years of extensive negotiation with shippers to recognize the needs of various customers in a balanced way." Description
  • 56. Miscellaneous Updates IT Shades Engage & Enable Noble Energy to Transfer Stock Exchange Listing to Nasdaq For any queries, Please write to marketing@itshades.com 46 Noble Energy, Inc. announced that it will voluntarily transfer its stock exchange listing to the Nasdaq Global Select Market from the New York Stock Exchange, effective December 27, 2019 after market close. Noble Energy common stock is expected to begin trading as a Nasdaq-listed security on December 30, 2019. The Company will retain its current ticker symbol “NBL”. Noble Energy is an independent oil and natural gas exploration and production company committed to meeting the world’s growing energy needs and delivering leading returns to shareholders. The Company operates a high-quality portfolio of assets onshore in the United States and offshore in the Eastern Mediterranean and off the west coast of Africa. Founded more than 85 years ago, Noble Energy is guided by its values, its commitment to safety, and respect for stakeholders, communities and the environment. Description
  • 57. Miscellaneous Updates IT Shades Engage & Enable Noble Energy (USA) Announces First Gas From the Leviathan Field Offshore Israel For any queries, Please write to marketing@itshades.com 47 Noble Energy, Inc. announced the commencement of natural gas production from the Leviathan field, the largest natural gas field in the Eastern Mediterranean. The Leviathan field was discovered in 2010, and the initial development phase was sanctioned in 2017. The first phase of development consists of four production wells producing through two 18-inch, 73-mile subsea tiebacks to a processing platform offshore northern Israel. Located approximately 80 miles offshore in 5,500 feet of water, the field is estimated to have recoverable resources of 22 trillion cubic feet (Tcf) of natural gas from 35 Tcf of in-place resource. The first phase of development has a designed production capacity of 1.2 billion cubic feet of natural gas per day. Noble Energy is an independent oil and natural gas exploration and production company committed to meeting the world’s growing energy needs and delivering leading returns to shareholders. The Company operates a high-quality portfolio of assets onshore in the United States and offshore in the Eastern Mediterranean and off the west coast of Africa. Founded more than 85 years ago, Noble Energy is guided by its values, its commitment to safety, and respect for stakeholders, communities and the environment. Description
  • 58. Miscellaneous Updates IT Shades Engage & Enable Norway removes Petrobras from list of companies under observation For any queries, Please write to marketing@itshades.com 48 The Norwegian Bank said today (3/12) that it removed Petrobras from the list of companies under observation, where the company had been included in January 2016, following the cases revealed by Operation Lava Jato. The bank followed a recommendation from the Norwegian Sovereign Fund Ethics Council, which recognized the measures implemented by Petrobras to combat corruption. With the withdrawal from the list, Petrobras will again be eligible to receive investments from the Norwegian fund. In its recommendation to the bank, the Ethics Council highlights Petrobras' willingness to collaborate with the investigations and with the resolution of the cases. "In the opinion of the Board, the measures that Petrobras has implemented in recent years demonstrate considerable willingness and ability to prevent, discover and deal with corruption," it said in a statement. The Council also points out that the Brazilian Federal Prosecutor and the Federal Supreme Court officially defined Petrobras as a victim in the context of the Lava Jato investigations. Since 2014, Petrobras has implemented a number of compliance measures, such as the creation of an independent Complaint Channel and Integrity Due Diligence, a process that evaluates the mechanisms to combat fraud and corruption of companies with which Petrobras does business. . The company also began to apply the Integrity Background Check (BCI), which is the integrity check of all managers, managers and employees who work in critical processes. Description
  • 59. Miscellaneous Updates IT Shades Engage & Enable Schlumberger (USA) Becomes First Company in Upstream E&P Services to Commit to Science-Based Target in Emissions Reduction For any queries, Please write to marketing@itshades.com 49 Schlumberger announced its commitment to setting a science-based target to reduce its greenhouse gas (GHG) emissions. Schlumberger’s commitment has been submitted to the Science Based Targets initiative (SBTi) and, in line with the defined criteria, Schlumberger will define its reduction target by 2021. This commitment is part of the company’s thought leadership and focus on environmental and social sustainability through its industry-leading Global Stewardship program. Science-based targets in line with the latest climate science must meet the goals of the Paris Agreement, an agreement developed in 2016 by the United Nations Framework Convention on Climate Change (UNFCCC) that seeks to reduce GHG emissions. The Paris Agreement focuses on limiting global warming to well-below 2°C above pre-industrial levels. The SBTi champions science-based target setting as a powerful way of boosting companies’ competitive advantage in the transition to the low-carbon economy. It is a collaboration between CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI), and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. Description
  • 60. IT Shades Engage & Enable For any queries, Please write to marketing@itshades.com Event Updates Energy Industry
  • 61. Event Updates IT Shades Engage & Enable For any queries, Please write to marketing@itshades.com Upcoming Events - Energy Lubricating Grease Conference bricating grease, spanning over 26 countries with more than 250 corporate members. Since 1933, NLGI is providing service to grease industry through annual general meetings/ conferences, education courses, working groups on various grease related issues, funding basic research projects, conducting round robin tests, etc. It has links with other societies such as European Lubricating Grease Institute, China Lubricating Grease Institute, etc., thereby providing a global platform for sharing grease industry information with an objective to serve grease industry in a better way, the society also forms local chapters in different countries Hosted By : NLGI-India Chapter Madhya Pradesh, India 1-3 Feb, 2020 https://www.nlgi-india.org/ SulGas Conference SulGas Conference aims to serve as a marquee event in the Indian and South-East Asian oil and gas conference calendar for technical exchanges, discussion of design and operating issues of units, failures and successes of troubleshooting instances, near-misses, and analytical methods. Hosted By : SulGas Mumbai, India 3-4 Feb, 2020 https://sulgasconference.com/ Offshore Wind Executive Summit (OWES) The 2018 event was a great success with 340 attendees! We are gearing up for our 2020 event, which will be held on February 4th at the Moody Gardens Hotel & Convention Center in Galveston, Texas. We will again bring together decision makers from wind and offshore oil and gas, both from the U.S. and Europe. Using many of the same technologies, services, and a highly skilled workforce, offshore oil and gas experts play an important role in the advancement of U.S. offshore wind. Hosted By : Endeavor Business Media Texas, USA 4 Feb, 2020 https://www.offshorewindsummit.com/ WLPGA Innovation for Growth Summit The WLPGA Innovation for Growth Summit is part of a global series of gatherings with key industry leaders organised by the WLPGA and will take place in Washington, DC on 4th-5th February 2020 at the Conrad Hotel Washington DC. Attendees will have the opportunity to exchange ideas, and discuss innovation, business opportunities, and explore crucial issues for the global LPG industry. Discover the 4th February Summit agenda here and register today! Hosted By : wlpga Washington, USA 4-5 Feb, 2020 https://www.wlpga.org/event/wlpga-technical-summit-washington-2020/ Winterwind International Wind Energy Conference Winterwind International Wind Energy Conference offers seminars, debates, poster exhibitions, networking, social events an Open Innovation Contest, OIC and technical visit. Winterwind found early its own niche in wind energy in cold climate and gathers every year the world’s wind energy professionals in Sweden to discuss the challenges of generating wind power in cold climates. Hosted By : Winterwind Åre, Sweden 3-5 Feb, 2020 https://winterwind.se/ ESRF User Meeting 2020 The 30th ESRF User Meeting will take place at the ESRF from Monday 3 February to Wednesday 5 Feburary 2020. The ESRF User Meeting will be the ideal opportunity to hear the latest news and to discuss and prepare new ideas and proposals. Hosted By : ESRF Grenoble, France 3-5 Feb, 2020 https://www.esrf.eu/home/UsersAndScience/UserGuide/information-for-users/content-news/esrf-news-list/esrf-user-meeting-2020.html 50
  • 62. Event Updates IT Shades Engage & Enable For any queries, Please write to marketing@itshades.com Upcoming Events - Energy American LNG Forum American LNG Forum focuses on LNG export terminals – unlocking LNG exports opportunities, LNG supply chain infrastructure – how to make it more viable, LNG as fuel – latest technological developments and prospects, LNG demand in Asia and US-China trade threats - impact on American LNG market, Will the United States be able to continue exporting LNG at competitive prices, Most significant challenges American LNG industry will face in the near future and etc. Hosted By : alj-Group Houston, USA 4-5 feb, 2020 https://americanlngforum.com/ Solar Finance & Investment Europe (SFI Europe) Now in it's 7th year, Solar Finance & Investment Europe is the meeting place for solar developers, asset managers, investors & financiers to learn the latest business models for project finance, re-financing, power purchase agreements as well secondary markets for PV assets. The conference also looks at latest technologies and systems for maximising power output and efficiency, reducing losses and predictive maintenance. Hosted By : SolarMedia London, UK 5-6 Feb, 2020 https://financeeurope.solarenergyevents.com/ Biomass Trade & Power Europe The arrival of the world’s largest dedicated biomass plant in the UK in 2020 will add significant wood pellet growth to the European market. The 300MW MGT plant is scheduled to start in the first-half of 2020 and will be joined by the ramp up of pellet consumption in the Netherlands by German utilities RWE and Uniper. Hosted By : Centre for Management Technology Copenhagen, DENMARK 5-6 Feb, 2020 https://www.offshorewindsummit.com/ Global Hydrogen Energy Summit Clariden Global is pleased to invite you to the inaugural Global Hydrogen Energy Summit 2020 to be held at Melbourne, Australia. This event has been carefully researched and crafted with the most desired and unparalleled insights on the emerging opportunities and trends in hydrogen. With global demand for hydrogen on the upswing, studies forecast that Australia is poised to become East Asia’s largest hydrogen exporter, exporting 42% of regional supply by 2040. Join the global gathering of energy leaders to better understand, incorporate and devise successful strategies to capitalize on this opportunity for your organization. Hosted By : Clariden Global Melbourne, Australia 4-5 Feb, 2020 http://claridenglobal.com/conference/hydrogen-energy-au/ 2020 Energy Policy Outlook Conference & Innovation Summit The NASEO 2020 Energy Policy Outlook Conference and Innovation Summit will examine the key policies and initiatives needed to drive modernization and resilience across our energy infrastructure – grid, pipelines, buildings, transportation. Join top state and federal energy policymakers and private sector leaders from around the country on February 4-7, 2020 in Washington, D.C. for in-depth discussions of the critical investments needed for strong, reliable, and affordable grid, transportation, and buildings systems, as well as the latest news from the 117th Congress and the Administration. Hosted By : NASEO Washington, USA 4-7 Feb, 2020 https://energyoutlook.naseo.org/ International Conference on Ecomaterials (ICEM) Ecomaterials are designed to have minimal impact on the biosphere, fabricated by methods that preserve and recycle resources, and implemented for the betterment of society. The International Conference on Ecomaterials (ICEM) belongs to a series of biennial conferences previously organized in Japan (1993, 1997, 1999, 2003, 2009), China (1995, 2011), USA (2001), Singapore (2005), UK (2007), Vietnam (2013), Taiwan (2015) and Thailand (2017). Hosted By : ICEM14 Thiruvananthapuram, India 5-7 Feb, 2020 http://www.icem14.org/ 51
  • 63. Event Updates IT Shades Engage & Enable For any queries, Please write to marketing@itshades.com Upcoming Events - Energy Making Solar Bankable: Emerging Markets Making Solar Bankable features 600 project development & finance executives from more than 40 different countries will come together in Amsterdam. Through unique network facilitation and focused sessions per industry segment you're sure to get enough leads and insights to fuel your business for months. Organized by Solarplaza and FMO, and supported by over 20 of the world's largest industry players and finance institutions, this event is not to be missed by anyone involved in solar project development in Asia, Africa or Latin America. Hosted By : Solarplaza International BV Amesterdam, Netherlands 6-7 Feb, 2020 https://www.makingsolarbankable.com/ International Symposium on Advanced Technologies, Renewable Energies and Economic Development (CITED International Symposium) International Symposium on Advanced Technologies, Renewable Energies and Economic Development aims to bring together the work on concerted and reflective research on the establishment of sustainable economic development based on technological advances, the optimal use of means and resources, and on renewable energies. Hosted By : EasyChair Tunis, Tunisia 6-9 Feb, 2020 https://easychair.org/cfp/CITED2019 Energy Development Conference The inaugural Building The UK’s Energy Future Conference will bring together hundreds of leaders from the property, development, infrastructure, construction and energy industries to maximise the phenomenal opportunities for economic growth currently engulfing the UK – and how a sustainable approach to development and regeneration is crucial to this. Hosted By : BE London, UK 11-12 Feb, 2020 built-environment-networking.com/event/energy-development-conference/ Nigeria International Petroleum Summit (NIPS) Nigeria International Petroleum Summit is a project of the Federal Government of Nigeria. Its structure and organization received the approval of the Federal Executive Council and has the highest level of government backing and endorsement. Organised in the true spirit of a PPP, NIPS creates the platform for Nigeria to help galvanize Africaâ s response to global Oil and Gas Challenges. Hosted By : Nigeria Petroleum Summit Abuja, Nigeria 9-12 Feb, 2020 https://www.nigeriapetroleumsummit.com/ Latin American Conference on Sustainable Development of Energy Water and Environment Systems (LA SDEWES) The main challenge for Latin American (LA) economies is to commit to, and sustain the implementation of, long-term reforms aimed at increasing competitiveness and promoting sustainable, inclusive and balanced development. An adequate response to this challenge will certainly require using the best available scientific knowledge and constant re-evaluation of the development process in light of the scientific findings. Hosted By : SDEWES Buenos Aires, Argentina 9-12 Feb, 2020 https://www.buenosaires2020.sdewes.org/ World Congress on Oils & Fats (WCOF) The World Congress on Oils & Fats attracts a large number of participants from all parts of the world, connecting research scientists and industry involved in edible oils and their by-products providing a platform for young and developing researchers by facilitating the presentation and discussion of papers, networking and recognition, and disseminating the latest research on fats and oils and related products. Hosted By : WCOF Sydney ,Australia 9-12 Feb, 2020 https://wcofsydney2020.com/ 52