I-Bytes Energy Industry

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I-Bytes
Energy
June Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates..................................................................................................................................................7
3. Rewards and Recognition Updates..................................................................................................................10
4. Customer Success Updates................................................................................................................................13
5. Partnership Ecosystem Updates.......................................................................................................................20
6. Miscellaneous Updates........................................................................................................................................31

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Financial, M & A
Updates Energy Industry

Financial, M&A Updates
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PBF Energy (USA) Reports First Quarter 2020 Results
Highlights
• The company reported first quarter 2020 net loss of $1,062.5 million and
net loss attributable to PBF Energy Inc. of $1,065.9 million or $(8.93) per
share.
• This compares to net income of $241.4 million and net income attributable
to PBF Energy Inc. of $229.2 million or $1.89 per share for the first quarter
2019.
• Special items included in the first quarter 2020 results, which increased the
net loss by a net, after-tax loss of $933.5 million, or $7.74 per share,
consisted of a lower-of-cost-or-market inventory adjustment, change in Tax
Receivable Agreement liability, debt extinguishment costs related to the
redemption of the 7.00% senior notes due 2023 and change in the fair value
of the earn-out provision included in connection with the Martinez
acquisition
• Adjusted fully-converted net loss for the first quarter 2020, excluding
special items, was $143.2 million, or $(1.19) per share on a fully-exchanged,
fully-diluted basis, as described below, compared to adjusted fully-converted
net loss of $143.0 million or $(1.18) per share, for the first quarter 2019.
Executive Commentary
PBF Energy's Chairman and CEO, said, "2020 has presented unexpected
and unprecedented challenges and PBF has responded by taking several
significant actions to ensure we navigate the current market successfully.
Our employees have readily adjusted to new working conditions and
continue to provide essential services. We implemented aggressive cost
reduction measures and scaled back operations in response to the
near-term, generational decline in demand. We took additional steps to
increase our capital resources through the sale of hydrogen plants and a
successful debt offering, thereby ensuring we have the resources to
manage our business through the current and potential future downturns.
As more regions across the country are beginning the process of returning
to work, we are already seeing an increase in product demand. We are at a
delicate intersection on this path and PBF will continue to run our
operations in a safe, reliable and environmentally responsible manner and
we look forward to a sustainable return to work."
1
Key Financial Highlights

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Equinor (Norway): Historic investment decision for transport and storage of
CO2
Equinor, Shell and Total have decided to invest in the Northern
Lights project in Norway's first exploitation license for CO₂ storage
on the Norwegian Continental Shelf. Plans for development and
operation have been handed over to the Ministry of Petroleum and
Energy. The investment decision is subject to final investment
decision by Norwegian authorities and approval from the EFTA
Surveillance Authority. The investment decision concludes the study
phase during which the Equinor, Shell and Total worked closely with
Norwegian authorities to conduct engineering studies and project
planning, drill a confirmation well and develop the necessary
agreements. Following the investment decision, the partners intend to
establish a joint venture company. The initial investments will total
almost NOK 6.9 billion. The project will generate much needed jobs
for Norwegian industry, with an estimated 57 percent of the
investment going to Norwegian contractors. 
 “CCS is a crucial technology to help society and economies thrive
through the energy transition. Shell is active in all parts of the CCS
value chain and Northern Lights further strengthens our global
CCS portfolio. We appreciate the leadership shown by the
Norwegian Government to accelerate the development of CCS
value chains and believe that the Northern Lights CO2 transport
and storage solution has the potential to unlock investment in
capture projects across Europe, says Vice president for CCUS in
Shell.
Description
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Gazprom (Russia) and RusGazDobycha reach final investment decision
on Semakovskoye field
Gazprom and RusGazDobycha reached a final investment decision on the project for the development of the Semakovskoye gas field in
the Yamal-Nenets Autonomous Area. The field, which is located in the waters of Taz Bay and partly on land in the Taz Peninsula, is
classified as large: its recoverable gas reserves exceed 320 billion cubic meters. During the preparatory stage, the project operator –
RusGazAlyans carried out a set of design and survey works, drew up the design documentation, and obtained permits from governmental
authorities to start construction and installation operations as part of the first stage of field pre-development. The configuration of the
development project is fully defined, including the priorities for the construction and commissioning of production and transmission
facilities, the procedure for recording and purchasing extracted gas, and the ongoing efforts for attracting project financing from Russian
credit organizations. As part of the first stage of pre-development, RusGazAlyans commenced development drilling. Construction is
underway for the first horizontal development well with a vertical deviation of more than 2,000 meters. The well is designed to have a
measured depth of about 2,700 meters, with a vertical depth of 830 meters. Its construction, which includes geological studies, is expected
to be finished by the end of this June. It is planned to complete the construction of the first six development wells by no later than the first
quarter of 2021.
Description
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LUKOIL (Russia) Announces 1q 2020 IFRS Financial Results
Highlights
• In the first quarter of 2020, our sales amounted to RUB 1,666.0 bln, down by 10.0% year-on-year and by 12.9% quarter-on-quarter. Sales dynamics
was negatively affected mainly by lower oil and refined product prices.
• In the first quarter of 2020, EBITDA amounted to RUB 150.8 bln, down by 49.4% year-on-year and by 45.8% quarter-on-quarter.
• In the first quarter of 2020, the Company booked a loss attributable to shareholders in the amount of RUBS 46.0 bln.
• In the first quarter of 2020, our capital expenditures amounted to RUB 130.2 bln, down by 4.2% quarter-on-quarter and up by 33.7% year-on-year.
• In the first quarter of 2020, our free cash flow was RUB 55.5 bln, down by 61.9% year-on-year and by 69.9% quarter-on-quarter. The decline was
mainly attributable to lower operating cash flow, as well as higher capital expenditures year-on-year. Free cash flow was supported by inventory release
in the first quarter of 2020.
• In the first quarter of 2020, the Group's average daily hydrocarbon production excluding the West Qurna-2 project totaled 2,328 thousand boe per day,
down by 2.1% year-on-year and by 2.5% quarter-on-quarter.
• In the first quarter of 2020, production of liquid hydrocarbons excluding the West Qurna-2 project remained practically unchanged quarter-on-quarter
and totaled 1,784 thousand boe per day.
• Total oil and gas condensate production at these fields in the first quarter of 2020 was 1.8 million tones, which is flat year-on-year.
• In the first quarter of 2020, the Group's gas production amounted to 8.4 billion cubic meters. Gas production in Russia increased by 5.9% year-on-year
and by 1.1% quarter-on-quarter.
4
Key Financial Highlights

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Petrobras (Brazil) invests in new marine biodiversity projects
Petrobras invests in new marine biodiversity projects. For almost 40
years funding research and initiatives to protect the marine
environment, Petrobras started supporting four new projects aimed at
this ecosystem. Chosen through public selection, within the scope of
the Petrobras Socio-Environmental Program, the environmental
projects for the conservation of the southern right whale, the budião,
the gray boto and the migratory birds of the Northeast are added to
another 20 initiatives with a focus in the conservation of different
Brazilian species and ecosystems currently supported by the
company. The right whale, the only one to reproduce in Brazilian
waters, is one of the new species protected with the support of
Petrobras, through the sponsorship of the Franca Austral project.
Headquartered at the National Right Whale Conservation Center, in
Imbituba , Franca Austral develops research and conservation
activities for right whales, in addition to promoting education and
awareness activities in coastal communities.
“Our relationship with the sea has been going on for a long time.
We were pioneers in the country when we started the partnership
with the Tamar project, 39 years ago. Today, with the four new
projects contracted, Petrobras starts to act in the protection of 52
marine species, all over the Brazilian coast”,comments the
executive manager of Social Responsibility of Petrobras, Olinta
Cardoso.
Description
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Total (France) Discontinues the Acquisition of Occidental Petroleum’s Assets
in Ghana
Total and Occidental Petroleum entered into a Purchase and Sale
Agreement in order for Total to acquire Anadarko’s assets in Africa. Under
this agreement, Total and Occidental have since completed the sale and
purchase of the Mozambique and South Africa assets. The PSA provided
that the sale of the Ghana assets was conditional upon the completion of
the Algeria assets’ sale. Occidental has informed Total that, as part of an
understanding with the Algerian authorities on the transfer of Anadarko’s
interests to Occidental, Occidental would not be in a position to sell its
interests in Algeria. Given the extraordinary market environment and the
lack of visibility that the Group faces, and in light of the non-operated
nature of the interests of Anadarko in Ghana, Total has decided not to
pursue the completion of the purchase of the Ghana assets and, as a
consequence, to preserve the Group’s financial flexibility. Total is a
broad-energy company 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. Active in more than 130 countries, our ambition is to
become the responsible energy major.
“This decision not to pursue the completion of the purchase of the
Ghana assets consolidates the Group’s efforts in the control of its net
investments this year and provides financial flexibility to face the
uncertainties and opportunities linked to the current environment,” said
Total Chairman and CEO.
Description
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Solutions Updates
Energy Industry

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Solution Updates
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Ecopetrol Group (Colombia) launches 4 technological developments for
the care of patients with corona virus
7
Solution Description
The Ecopetrol Group, institutions in the health sector and technology-based companies joined forces to deliver 350,000 items of personal
protection and 27,000 valves for respiratory assistance that will serve to strengthen the health sector and prevent the spread of covid-19. The
alliance includes the development, production and distribution of 27,000 devices for artificial respirators, represented in 3,000 splitter units
or flow diverters, 18,000 venturi valves and 6,000 one-way valves, as well as 350,000 anti-splash masks, which will be delivered to medical
institutions in different cities of the country. For the delivery of these supplies, Esenttia and the Colombian Petroleum Institute, ICP, both from
the Ecopetrol Group, plus a team of innovators from Santander and other regions of the country, developed the models and prototypes of the
devices and demonstrated their functionality together with institutions of health. Esenttia made an investment of $ 430 million, including the
raw material. The second device is the 2x1 flow splitter or diverter, a part that connected to an artificial respirator by means of one-way valve
supplies oxygen to two patients at the same time, without allowing contamination between one patient and another, which doubles the capacity
of care in hospital centers. In two weeks the production of 3,000 diverters will begin in Santander factories. The third innovation corresponds
to the venturi valve, which is key in non-invasive ventilation systems for patients infected with COVID-19. This valve comes with a connector
and mask designed for ergonomic face fit. Its function is to take an oxygen source and mix it with the ambient air in precise proportions, for
the proper dosage to the patient, according to her needs.

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Solution Updates
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Eni (Italy) launches eniSpace, a collaborative platform for its suppliers
8
Eni launches eniSpace, a collaborative platform for its suppliers. The platform was created as a common space for Eni's suppliers to
involve them in Eni's energy transition. This is the result of a close collaboration with suppliers who have actively contributed to the
development of the new platform to make it more accessible and easier to use. The interactive platform will become a showcase for
those who collaborate, or wish to collaborate, with Eni. It's a whole new way of thinking: particular attention was given to usability
in the design process to get a more direct, immediate and intuitive browsing experience and give users an opportunity to keep up to
date with the status of applications, qualifications or tenders, manage their own data in self-service mode, or access specific channels
to share and discuss experiences. This initiative, inspired by the United Nations' 17 Sustainable Development Goals, aims to involve
suppliers in Eni's process for a fair and sustainable energy transition and in the real-world implementation of principles of
environmental protection, social growth and economic development in the relationship between Eni, its suppliers and all the actors
in the supply chain. The JUST programme has brought many innovations to the various phases of the procurement process: from
integrating sustainability criteria when evaluating qualifications, to defining specific development plans, adopting a scoring model
for tenders, market intelligence activities, and co-design of technical specifications aimed at making Eni's work more sustainable in
environmental, social and financial terms.

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Solution Updates
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Equinor (Norway) launching maritime climate ambitions
9
Equinor is launching its ambitions for reducing own emissions from ships and how the company will contribute to decarburizing
shipping. Equinor’s maritime climate ambitions are embedded in the company’s climate roadmap launched on 6 February 2020. The
climate roadmap aims to ensure a competitive and resilient business model fit for long-term value creation and in line with the Paris
agreement. The maritime sector represents 6% of total greenhouse gas emissions in Norway and 2–3% of global emissions. Being
both a producer and a supplier of fuel to the maritime sector, Equinor has extensive maritime activity around the world, including
around 175 vessels on contract with the company at any time. Equinor has worked systematically on reducing its carbon intensity by
developing new types of vessels and using alternative fuels in close collaboration with the industry. Equinor has been a pioneer in
using liquefied natural gas as a fuel, and during 2021 we will introduce large-scale use of liquefied petroleum gas as a fuel. A new
hybrid battery system has been introduced for 19 supply vessels on contract with Equinor on the NCS, and the next generation of
dual-fuel vessels is being introduced to the fleet continuously. The company has also, in collaboration with the maritime industry,
started developing the world’s first supply vessel to run on zero-emission ammonia.

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Rewards & Recognition

R & R Updates
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MPC (USA) organizations receive Coast Guard recognition
10
MPC’s Terminals organization was named a silver winner of the U.S. Coast Guard’s 2020 Biennial Rear Admiral William
M. Benkert, Marine Environmental Protection Award for Excellence. MPC's Marine organization was named an honorable
mention. The award was presented during the North American Marine Environment Protection Association. The William M.
Benkert Award is the premiere marine environmental protection award presented by the Coast Guard to members of marine
industry. The program recognizes corporations and businesses involved in marine facility or vessel operations that have
demonstrated sustained excellence and outstanding achievement in protecting the marine environment. It also encourages
innovations in operations, pollution prevention and response, environmental outreach and partnerships and provides a
means for award recipients to share their successful methods and techniques with others in the industry.
R&R Description

R & R Updates
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LUKOIL (Russia) Becomes A Winner of the In2 SABRE Awards Global
Communications Contest
11
LUKOIL was announced winner in three categories of the IN2 SABRE Awards global communications contest.
The Company received:
• Grand Prix in the Best in Broadcast Media category
• Certificate of Excellence in the Best Earned Media with Influencers and Communities category
• Certificate of Excellence in the Best in Social Good and Public Service category.
The Company earned the awards for its media project "LUKOIL's cultural, social and tourism initiatives in Kogalym".
LUKOIL's project on promoting the image of Kogalym had previously won other international PR contests: IPRA Golden
World Awards for Excellence in October 2019 and ICCO Global Award in December 2019. LUKOIL has therefore received
a complete set of awards of the most prestigious international communications contests. Kogalym attracts tourists by both
its ethnic distinctness and its unique cultural, sports and religious facilities that were constructed under the Social
Cooperation Agreement between LUKOIL and the Government of Khanty-Mansi Autonomous District – Yugra.
R&R Description

R & R Updates
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EcoVadis 2020 rating: Silver again for OMV (Austria)
12
EcoVadis has awarded “Silver” to OMV for its sustainability performance. In 2020 we managed to surpass our internal
record, achieving our highest ever values for the following:
• Improvement in overall score by 5 points from previous assessment to 58 points
• Significant improvement in the areas of Environment and Ethics
• 83rd percentile of all companies rated by EcoVadis; above average in ‘manufacture of coke and refined petroleum
products’ industry
Ratings agency EcoVadis assesses 60,000 companies worldwide as suppliers and procurement teams in over 450
multinational organizations use their results. EcoVadis rates OMV’s sustainability performance as a supplier and trading
partner and these results are used by our customers including Veolia, Air France-KLM and BASF. The agency ranks
companies on a scale of 0 to 100 under the following scheme: Top 1%: Platinum, Top 5%: Gold, Top 25%: Silver, Top 50%:
Bronze. Since 2015, OMV has consistently been awarded “Silver”.
R&R Description

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Customer Success

Customer Success Updates
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Bp (UK) licenses its latest generation PTA technology to Dongying Weilian
Chemical in China
Bp has entered into an agreement to license its latest generation technology for the production of purified terephthalic acid to China’s Dongying Weilian
Chemical Co., Ltd. Weilian Chemical is a subsidiary of Dongying United Petrochemical Co., Ltd, one of the leading manufacturers and distributors of
petroleum and petrochemical products in China. Weilian Chemical intends to build 2.5 million tons per annum PTA production unit at the Dongying Port
Economic Development Zone in eastern Shandong province, adding to Dongying United Petrochemical’s existing refineries and paraxylene facilities
portfolio. Weilian Chemical selected bp’s proprietary PTA production technology for its new PTA unit after a competitive, global bidding process initiated
in 2019. The design phase for the unit is underway and is expected to be completed during the first half of 2020. First production is anticipated by the
second quarter of 2022. The key characteristics of the technology licensed to Weilian Chemical have been proven at bp’s Zhuhai plant in southern China,
bp’s largest PTA production facility worldwide so far. Based on internal comparisons with conventional PTA technology, there are significant reductions in
both operational costs and capital costs, which should help achieve high investment returns. The electricity generated by the Zhuhai plant from applying
bp’s technology is expected to result in a surplus that can be transmitted to the external power grid, supporting the energy needs of the local community.
Bp's anaerobic wastewater technology allows for increased treatment capacity, while its world-class compression process reduces land use.
Description

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LUKOIL (Russia) Plant in Kazakhstan Starts to Deliver Lubricants to China
14
Lubricants Plant of PJSC LUKOIL in Kazakhstan shipped the first batch of LUKOIL industrial and motor oils for passenger and
commercial vehicles to the Chinese market. The volume of the first delivery was more than 200 tons of Kazakh-made oils. The favorable
geographical location of the plant – near the Western Europe – Western China highway – allows prompt deliveries of LUKOIL oils to
China. The Chinese oil market is developing rapidly and has the potential for further growth. The modern level of automation of the
production processes of the plant allows producing and shipping products to the customer within 24 hours and the up-to-date laboratory
equipment guarantee the high quality of oils. High-tech products export from the LUKOIL plant to China and Central Asian countries
contribute to the development of international trade and work for the international prestige of both Russia and Kazakhstan. The company
produces over 800 types of oils, including LUKOIL GENESIS, developed using innovative molecular technologies and approved by the
world's leading car manufacturers. The geographical location of the plant optimizes the logistics of LUKOIL's lubricants in Kazakhstan and
in the countries of Central Asia.
Description

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LUKOIL (Russia) and NENETS Autonomous District Develop Cooperation
15
LUKOIL and the NENETS Autonomous District have concluded a supplemental cooperation agreement for 2020. The
document sets out major areas of joint activities to promote social and economic development of the region. LUKOIL will
provide financial support to sports, cultural and educational initiatives, youth policy projects, patriotic upbringing and
preservation of the indigenous culture of the Arctic ethnic groups. For instance, a unique medical and social project, Krasnyi
Chum, designed to support tundra nomads and communities in remote villages, will continue along with other charitable
initiatives, including construction of the Russian Arctic Orthodox Education Center in Naryan-Mar. As part of efforts to fight
COVID-19, LUKOIL has provided 20 million rubles to purchase medical devices, drugs and personal protective equipment for
healthcare facilities of the Nenets Autonomous District.
Description

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ONGC (India) Hazira supplies NATO Grade HSD to Indian Navy during
Lockdown
16
Team Hazira successfully supplied rail rakes of 3300 KL volume of NATO Grade HSD to Indian Navy during COVID-19
pandemic on 9 May 2020. Amidst the Lockdown 2.0 period, Team Hazira received an urgent requirement from IOC for Indian
Navy to supply special NATO grade HFHSD in view of Samudra SETU mission to repatriate expatriates stranded in neighboring
countries due to the COVID-19 pandemic. However, due to increased and urgent demand from Indian Navy, Team Hazira once
again rose to the occasion of enhanced responsibilities amidst the pandemic with limited manpower availability and supplied the
desired volume on 23 May 2020. Team Hazira have further committed to meet their five TMT requirement of June 2020, also. It is
worth mentioning that for both the rail rakes, the product was made ready in around 10 days and factoring sampling and testing, the
requisite quantity was supplied to IOC terminal at Rajkot. NATO grade HSD is a special grade HFHSD with stringent quality
requirement for which our Plant is not designed. Moreover, the Naphtha processing unit operates on rundown condition without
any upfront stabilization and thus brings a challenge of producing a quality product in fluctuating feed conditions and avoid
off-spec product. In the month of May 2020, Team Hazira has created history in dispatching 9,105 KL as on 25 May 2020 and we
may reach five figures for the first time against average dispatch of 6,500 KL per month before the COVID-19 pandemic. This is
being achieved in spite of reduced off-take and demand from Assets and Nhava with constraints in movement of TTs by road.
Description

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Consortium of Bouygues Travaux Publicis, Saipem (Italy) and Boskalis Selected
for Fecamp Offshore Wind Farm Foundations
17
Bouygues Travaux Publics in consortium with Saipem and Boskalis have been awarded the design work, construction and
installation scope for 71 concrete Gravity-Based Structures as foundation for the Fécamp offshore wind farm in Normandy,
France. The award was made by EDF Renewables, Enbridge Inc and wpd offshore. The contract carries a total value of 552
million euros. The offshore wind farm will be located between 13 and 22 kilometers off the coast of Fécamp in Normandy. The
71 wind turbines will be connected to the gravity-based foundations installed on the seabed at depths between 25 and 30
meters. Within the consortium, Bouygues and Saipem, are tasked with the design, construction and installation on the seabed of
the gravity-based foundations with an individual weight of up to 5,000 tones necessary to provide the stability of the 7MW
wind turbines. Boskalis is tasked with the design and preparation of the seabed rock foundation prior to GBS installation, and
the scour protection and ballasting of the GBS’ after installation on the seabed. The foundations will be constructed in the
Bougainville maritime works yard in the Grand Port Maritime of Le Havre and will be transported by barge to the offshore
wind farm site. The works, which will start in June, should be completed by the end of 2022. The commissioning and
operational start-up of the wind farm are planned for 2023.
Description

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Total (France) Enters Into a Giant Offshore Wind Farm Project in Scottish North
Sea
18
Total has entered into an agreement with SSE Renewable, to acquire a 51% stake in the Seagreen 1 offshore wind farm
project for an upfront payment at closing of 70m£ and earn-outs up to 60m£ in aggregate subject to performance conditions.
The 1,140 megawatts project has reached simultaneously a final investment decision and financial close. The purchase
agreement also covers a potential extension opportunity of up to 360 MW. Located 27 kilometers from the coastline in
Scottish waters of UK North Sea, Seagreen has secured all necessary major permits and onshore construction began in Q1
2020. Designed to cover the energy needs of around 1 million homes, the project will start producing renewable electricity
from end of 2022. Once completed, it will be Scotland’s largest offshore wind farm. The project represents a global
investment of around 3.7 B$. Total has secured close to 70% of external financing for its 51% stake. Total integrates climate
change into its strategy, and is staying ahead of new energy market trends by building a portfolio of activities in low-carbon
electricity that could account for up to 40% of its sales by 2050.
Description

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Total (France) Becomes One of the Leading Suppliers in Spain
19
Total strengthens its positions in generation and supply of electricity and gas in Spain through the acquisition of the
Energías de Portugal’s portfolio of 2.5 million B2C customers and two gas-fired combined cycle power plants, which
represent an electricity generation capacity of nearly 850 megawatts. This transaction in Spain follows Total’s entry into the
country’s solar market in February with the acquisition of a portfolio of almost 2 gigawatts of renewable power projects to
be developed. It allows the Group to implement its growth strategy in the country’s integrated gas and electricity value
chain and notably to:
• Enter the Spanish B2C market and become the 4th largest supplier of gas and power in the country with residential market
share of 12% and 6% respectively.
• Complement its future production of renewable electricity, which is intermittent, with flexible electricity generation
capacities from gas.
This deal serves Total’s ambition to achieve Carbon Neutrality by 2050 for its worldwide business across its production and
energy products used by its customers, and to play a major role in the energy transition in Europe, Spain being among the
first countries to have adopted an objective of Carbon Neutrality by 2050
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Partner Ecosystem

Partner Ecosystem Updates
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Fincantieri and Eni (Italy): agreement in the field of circular economy and
decarbonisation renewed and extended
20
The CEOs of Eni and Fincantieri, Claudio Descalzi and Giuseppe Bono, signed a Memorandum of Understanding which extends the
cooperation in Research & Development sector, set out by the two Italian companies in 2017, which now approaches new technological
frontiers. The main focus of the extension will be the joint evaluation of opportunities for the development of innovative initiatives in the field of
decarburization and circular economy. The activities will focus mainly on waste to energy, production and transport of energy carriers as natural
gas, methanol or hydrogen, fuel cells applications, the development and deployment of off-shore renewable technologies. Over the three years of
the previous agreement, Eni and Fincantieri have collaborated to the development of several concepts of floating offshore production platforms,
with a modular and reversible approach, developed according to a Fincantieri patent, a Floating Gas to Methanol with Eni technology and a
Floating Independent Power Plant. Eni is an integrated energy company with over 30,000 employees in 67 countries globally. It operates in the
oil and natural gas exploration, development and extraction industries in 43 countries, trades in the oil, natural gas, and LNG and electricity
sectors in 28 countries and sells fuels and lubricants in 33 countries. It also produces crude oil and semi-finished products to be used in the
production of fuels, lubricants and chemicals that are then distributed through either the wholesale or retail market, through various refineries
and chemical plants.
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NOVATEK (Russia) Signed Cooperation Agreement with Murmansk Region
21
NOVATEK Signed Cooperation Agreement with Murmansk Region. According to the Agreement, the Parties intend to cooperate in
creating a favorable investment climate and attracting investments to the Murmansk region. The Agreement aims to develop and
implement social projects in healthcare and education, develops social and medical infrastructure, as well as support sports, culture and
art activities. PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by
successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing
and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company’s subsidiaries and joint ventures are
concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and
accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK
is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on
Moscow Exchange and the London Stock Exchange under the ticker symbol.A
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NOVATEK (Russia) -Murmansk Signed Agreement with Far East Development
Corporation
22
PAO NOVATEK announced that OOO NOVATEK-Murmansk, a wholly owned subsidiary, and the Far East Development Corporation
signed an Agreement on operating in the territory of the Advanced Special Economic Zone “Capital of the Arctic”. According to the
Agreement, OOO NOVATEK-Murmansk will obtain resident status at the Advanced Special Economic Zone – an economic area with
preferential tax conditions and simplified administrative procedures aimed at attracting investment, accelerating economic development
and improving the life of the population. PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017,
entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the
exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company’s
subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest
natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the
world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The
Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange under the ticker symbol.
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ONGC (India) and NTPC sign MOU to set up Joint Venture for Renewable
Energy Business
23
Oil and Natural Gas Corporation Limited and NTPC ltd are planning to set up a Joint Venture Company for Renewable Energy
business. The two Maharatnas entered into a Memorandum of Understanding in Delhi to formalize this arrangement. The MoU will
enable both companies to achieve their targets in Renewable Energy business. The MOU was signed by ONGC Director and In-charge
Business Development and Joint Ventures. As per the MoU, NTPC and ONGC will explore and set up Renewable Power assets
including offshore wind, in India and overseas, and explore opportunities in the fields of sustainability, storage, E-mobility and ESG
compliant projects. ONGC has a renewable portfolio of 176 MW comprising of 153 MW wind power and 23 MW of solar. Through
this collaboration with NTPC, ONGC envisages significant growth in its presence in the Renewable Power sector as outlined in its
Energy Strategy 2040 document. Similarly, NTPC, with a 920 MW of installed Renewable power capacity in its portfolio with about
2300 MW of Renewable Energy projects under construction and aspiring to reach 32 GW by 2032, will benefit from this tie up by
expanding its footprint in offshore wind and overseas Renewable energy projects as well.
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OMV Petrom (Austria) and Eldrive install 30 fast charging stations for electric
cars at OMV-filling stations in Romania and Bulgaria
24
OMV Petrom and Eldrive, the leading electric vehicle charging point’s operator in South-Eastern Europe, will install 30 fast-charging
stations for electric vehicles in OMV branded filling stations in Romania and Bulgaria. The implementation of the project will last
approximately two years. The new charging stations network will allow drivers to charge up to 80% of the electric vehicles battery in
approximately 40 minutes. Across the OMV Group portfolio already 201 e-charging points are available at 58 OMV filling stations in
Austria, Germany, Hungary, Romania, and Slovenia. In addition to e-mobility, OMV, directly and through its partnerships, offers a
number of options for lower-carbon transportation, e.g. compressed natural gas, liquefied natural gas, and hydrogen.
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Agreement for the sale of Walney (Denmark) Extension transmission assets
25
Walney Extension Limited, a joint venture owned by Ørsted, PKA and PFA, announced that it has signed an agreement for the sale of
its transmission assets to Diamond Transmission Partners Walney Extension. Diamond Transmission Partners Walney Extension is a
partnership between Diamond Transmission Corporation Limited (a wholly owned subsidiary of Mitsubishi Corporation), HICL
Infrastructure Company Limited and Chubu Electric Power Co., Inc. The transmission assets hold an asset value of GBP 447m. The
assets include the onshore substation, export cables, and the offshore substations. The divestment takes place in accordance with the
offshore transmission owner regime. In March 2019, following a competitive tender, Ofgem selected Diamond Transmission Partners
Walney Extension as preferred bidder for the Walney Extension offshore transmission license. Walney Extension is a UK offshore wind
farm located approximately 19km from the Walney Island coast in Cumbria and operated from Ørsted's West Coast Hub in Barrow.
Walney Extension consists of 40 8MW MHI-Vestas offshore wind turbines and 47 7MW Siemens Gamesa offshore wind turbines, a
total capacity of 659MW, enough to power nearly 600,000 UK homes.
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ØRSTED (Denmark): Leading Danish companies join forces on an ambitious
sustainable fuel project
26
Maersk, DSV Panalpina, DFDS, SAS and Ørsted have formed the first partnership of its kind to develop an industrial-scale production
facility to produce sustainable fuels for road, maritime and air transport in the Copenhagen area. The partnership brings together the
demand and supply side of sustainable fuels with a vision to realize what could become one of the world's largest electrolyses and
sustainable fuel production facilities. The project can spearhead the maturation of sustainable fuels while creating jobs and new value
chains to reinforce Denmark's role as a green energy leader. COWI and BCG act as knowledge partners for the project, and the project
is supported by the Municipality of Copenhagen in line with Copenhagen's ambitious policies for decarburization. However, the
partnership hopes that the project can, over time, act as a catalyst for similar projects in other parts of Denmark and internationally.
Although several partners are challenged by the deep impact of COVID-19, the partnership's long-term commitments to fighting
climate change remain intact. The industrial partners see this project as a way to combine the dual objectives of accelerating the green
transformation and providing economic stimulus to the Danish economy post the COVID-19 crisis. Denmark is in a unique position to
become a hub for the production of sustainable fuels, creating jobs and securing a leading position in establishing an entirely new
industry, which will be key in driving decarburization towards net zero in 2050, not just in Denmark, but also globally.
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Petrobras (Brazil) and IBP launch public selection to accelerate production of
lung ventilators in Brazil
27
Petrobras joined the Brazilian Institute of Petroleum, Natural Gas and Biofuels to increase the availability of mechanical ventilators in
the country. In order to leverage the production of this equipment in the short term, the two institutions launched this Thursday, 28/05, a
public notice for the selection of ventilator projects, essential to the treatment of critically ill patients with Covid-19. The intention is to
support not only clinical research, but also the registration and manufacturing processes for low-cost and low-complexity ventilators,
destined for public hospitals across the country. The target public of the public notice is universities, science & technology institutions
and companies technically qualified to develop the equipment. Those interested should register their projects in the so-called “first
wave”, from 28/05 to 2/06, following the instructions indicated in the notice. For IBP, this partnership is of fundamental importance
and adds to the industry's efforts to combat the impacts of Covid-19.
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Total (France) joins The “Getting to Zero Coalition” To Contribute to Shipping
Industry’s Decarburization
28
Total has joined the Getting to Zero Coalition to support the maritime industry's decarburization by collaborating with companies
across the maritime, energy, infrastructure and finance sectors. The Getting to Zero Coalition’s ambition is to help achieve the target set
by the International Maritime Organization to reduce Greenhouse Gases emissions from shipping by at least 50% by 2050 - compared
to 2008 levels. To that extent, the Coalition is aiming, through its members, at getting commercially viable deep-sea zero-emission
vessels powered by zero-emission fuels into operation by 2030. Joining the Coalition marks a step further in Total’s commitment
alongside its customers in the maritime sector and underlines the Group’s will to act on their energy demand, by supporting them in
their own emissions’ reductions. Leveraging its expertise, Total will contribute in to the Coalition’s focus areas including fuels, marine
lubricants, and ship zero-emission technologies. The Getting to Zero Coalition was launched at the United Nations climate summit in
New York on September 23, 2019 as a partnership between the Global Maritime Forum, the Friends of Ocean Action and the World
Economic Forum. It comprises over 120 public and private organizations and has been endorsed by governments of 14 countries,
including France and the UK.
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TOTAL (France) and GAUSSIN Developing World's 1st Full Electric Aircraft
REFUELLER Transporter
29
Gaussin and Total are jointly developing the world's first full electric ART FULL ELEC®. Planned for the Airbus industrial site in
Toulouse, this prototype will be capable of towing two fuel tankers, with a fuel capacity of 30 tons each. Delivery is expected at the end
of 2020. This partnership between Gaussin and Total will be drawing on the 40 years of know-how of Saft in designing and producing
batteries for electric & hybrid commercial and industrial vehicles. Saft will provide the lithium-ion batteries for this future fleet. The
batteries will be entirely developed and manufactured at Saft’s facilities in Nersac and Bordeaux in the Nouvelle-Aquitaine region of
France. This first firm order will enable Gaussin to expand its offering on the electric vehicles market and Total to provide a solution
adapted to the refueling business. It also paves the way for the development of a fleet of innovative vehicles, specifically dedicated to
aviation. With this development, Total illustrates its commitment to reduce its carbon footprint on the airport platforms it supplies and
operates, alongside its customers and partners. Together with society, Total shares the ambition of becoming carbon neutral by 2050 for
all of its activities, from its production to the use of the energy products sold to its customers.
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Total (France) and Purecycle Technologies Form A Strategic Partnership
30
Total has signed an agreement with PureCycle Technologies to develop a strategic partnership in plastic recycling. As part of the
agreement, Total undertakes to purchase part of the output of PureCycle Technologies’ future facility in the United States and to assess
the interest of developing a new plant together in Europe. PureCycle Technologies uses an innovative, patented technology to separate
color, odor and any other contaminants from plastic waste feedstock to transform it into virgin-like recycled polypropylene. The
company, which will begin construction on its first plant in Ohio this year, will produce 48,000 tons of recycled polypropylene. Total is
deeply committed to recycling plastics and intends to produce 30% recycled polymers by 2030. To achieve that goal, it is working on
all types of recycling to improve the properties and uses of recycled plastics:
• Total is a leader in innovative polymers, pioneering with the production of some fifteen grades of polypropylene and polyethylene
containing at least 50% recycled materials.
• Total has also become involved in mechanical recycling by acquiring Synova, French leader in the production of high-performance
recycled polypropylene for the automotive industry. The affiliate’s output will be doubled to reach 40,000 tons by 2021.
• In the area of chemical recycling, Total has joined forces with Citeo, Recycling Technologies, Nestlé and Mars in December 2019 to
develop chemical recycling of plastics in France.
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Miscellaneous

Miscellaneous Updates
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ConocoPhillips (USA) Completes Sale of Interests in Australia-West
ConocoPhillips announced the completion of the sale of its subsidiaries that hold its Australia-West assets and operations to Santos. The
total consideration for the sale is unchanged; however, in connection with the closing, ConocoPhillips and Santos agreed to restructure the
payments such that $125 million of the originally announced $1.39 billion upfront cash payment would be allocated toward a payment due
upon final investment decision of the proposed Barossa development project. This brings the total due to ConocoPhillips upon a final
investment decision to $200 million. Based on an effective date of Jan. 1, 2019, customary closing adjustments and the increased allocation
to the final investment decision payment, the company has received net cash proceeds of approximately $765 million in the current quarter.
Proceeds from the transaction are expected to be used for general corporate purposes. Production associated with the assets being sold
averaged approximately 46 thousand barrels of oil equivalent per day for the first three months of 2020, and proved reserves were
approximately 17 million barrels of oil equivalent at year-end 2019. Headquartered in Houston, Texas, ConocoPhillips had operations and
activities in 17 countries, $65 billion of total assets, and approximately 10,400 employees as of March 31, 2020. Production excluding
Libya averaged 1,278 MBOED for the three months ended March 31, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019.
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Gazprom (Russia) becomes largest issuer in MSCI Russia Index
32
Gazprom is now the largest issuer in the MSCI Russia Index. The Company's ranking was revised based on the latest review of the stock
index by MSCI. In the second quarter of 2020, MSCI revised the free float-adjustment factor – one of the key indicators on the basis of
which the weight of securities of every issue is measured – for Gazprom's shares. Starting from June 1, 2020, the adjustment factor for
Gazprom's shares was raised from 0.45 to 0.5. As a result, Gazprom's shares took the number one position in the MSCI Russia Index with a
weight of 17.51 per cent as of June 1 according to the data published on the MSCI website. The MSCI Russia Index measures the
performance of the Russian stock market. It forms part of the MSCI Emerging Markets Indexes and is calculated by MSCI Inc., a global
analytical company. The MSCI Russia Index serves as a benchmark for international institutional and private investors placing funds in the
securities of Russian issuers. The index covers the securities of 22 investment-attractive Russian issuers. The weight of each issuer's shares
reflected in the index depends on the respective company's capitalization and free float. The composition and structure of the index are
reviewed quarterly.
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Lukoil (Russia) Donates 100 Mln Rubles to Fight Covid-19 In Perm
Region
33
LUKOIL and Perm Region signed Supplementary Joint Actions Protocol to the Agreement on Social and Economic
Cooperation for 2020. A considerable amount of funds – one hundred million rubles, donated under the document –
will be used to fight the spread of COVID-19 in the region. For instance, healthcare institutions of Perm Region will
receive special medical equipment and protective gear for their personnel. LUKOIL will support construction of
modular community centers in the villages of Stryapunyata and Ashsha, and installation of a multi-purpose
playground in the town of Chernushka. The Company will also promote development of the municipalities of
Chernushka and Krasnokamsk and invest in various projects and initiatives of social impact in Perm Region.
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LUKOIL (Russia) Installs Accommodation Platform Jacket at V.I.
GRAYFER FIELD
34
LUKOIL completed installation of a jacket for an accommodation platform topside at the V.I. Grayfer field in the Caspian Sea.
The offshore operations involved 110 workers and nine vessels. The facility was brought to the offshore installation site via the
Volga-Caspian Shipping Canal. After the float over and grounding, the substructures were fixed with ten piles of 56 meters in
length each and with a total weight of 1 700 tones. When installed and fixed, the facility was inspected by divers. Like all other
platforms of the company in the Caspian Sea, quarter’s platform jacket was constructed at shipyards of the Astrakhan Region.
The design life of the facility is 35 years. Built to endure significant ice loads, the jacket was engineered with special
consideration of safety and environmental protection requirements. The company plans to install a jacket for its offshore
ice-resistant fixed platform at the same field, later this year, and mount topsides of the accommodation and the ice-resistant
platforms on the substructures in 2021. Production at the V.I. Grayfer field is scheduled for 2022. The field's annual planned
production rate is 1.2 million tons of oil.
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Total (France) Confirms the Sale of UK Assets to Neo Energy
35
Total confirmed its commitment to completing the sale of its UK North Sea non-core assets, first announced in July 2019.
Reflecting recent significant market volatility, total and Norway-based private equity investor HitecVision have successfully
renegotiated the financial terms of the deal to respond to the current environment – while Petrogas is no longer part of the
transaction. Total and NEO Energy have developed detailed transition plans to deliver a smooth handover of operations upon
completion, while allowing NEO to focus on embedding planned operating efficiencies and growth plans as rapidly as possible.
Total is a broad energy company that produces and markets fuels, natural gas and low-carbon electricity. Their 100,000
employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible.
Active in more than 130 countries, our ambition is to become the responsible energy major.
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