I-Byte Energy march 2021

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I-Bytes
Energy
March Edition 2021
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates.................................................................................................................................................17
3. Rewards and Recognition Updates...................................................................................................................25
4. Customer Success Updates................................................................................................................................28
5. Partnership Ecosystem Updates.......................................................................................................................34
6. Environmental & Social Updates.....................................................................................................................44
7. Miscellaneous Updates......................................................................................................................................52

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Financial, M & A
Updates Energy Industry

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Financial, M&A Updates
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Lightsource BP (UK) secures a new 845MW pipeline in Spain
Lightsource BP, a global leader in the development and management of solar energy projects, has
‎ announced the acquisition of an 845 megawatt (MW) solar portfolio in Spain from Iberia Solar,
a local ‎solar developer and part of the Asterion Energies platform, a portfolio company of
Asterion Industrial ‎Partners. Asterion is an independent investment management firm focusing
on infrastructure investments in ‎the European mid-market. Lightsource bp and Iberia Solar will
work in partnership to bring the project pipeline, which consists of five ‎sites across the regions of
Castilla la Mancha and Castilla y León, to “ready-to-build” status. Lightsource bp ‎will then lead
the projects to financial close and begin construction in 2022.‎ announcement further
demonstrates Lightsource bp’s capability as a co-development partner, ‎leveraging its expertise in
developing, financing, contracting and constructing solar assets, as well as the ‎team’s ability to
work with different partners under multiple structures. It also marks a significant milestone ‎in
Lightsource bp’s commitment to playing a leading role in the energy market in Spain. The team
now has a ‎total of 2.25GW of projects in development or under construction in Spain, offering of
a geographically ‎balanced portfolio in one of its key growth markets. The signing of this
partnership brings Lightsource bp’s total acquisitions for Q1 2021 to over 1.9GW, an ‎impressive
achievement with the year only just underway. The announcement follows the acquisition of a
‎‎1.06GW portfolio from RIC Energy and the recent award at a 12-year Contract for Difference
(“CfD”) auction ‎in Spain, both made public in January.
Executive Commentary
CEO of Europe and international at Lightsource bp commented: “This deal brings our ‎total
acquisitions to almost 2GW in 2021 alone. This is a clear demonstration that we came here
to stay, and ‎we are in an outstanding position to consolidate our foothold in Spain even
further this year. Our Madrid-‎based team is currently Lightsource bp’s fastest-growing
mainland European operation, and we’re actively ‎recruiting to build out our presence. We
look forward to working with Iberia Solar as our partnership enables ‎us to continue to expand
on our ambition of providing affordable and sustainable solar power for businesses ‎and
communities in Spain.”‎
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Chevron (USA) Announces Agreement to Acquire Noble Midstream Partners
Chevron Corporation and Noble Midstream Partners, LP announced that
they have entered into a definitive agreement for Chevron to acquire all
(33.925 million) of the publicly held common units representing the limited
partner interests in Noble Midstream, not already owned by Chevron and its
affiliates, in an all-stock transaction whereby each outstanding unitholder
of Noble Midstream would receive 0.1393 of a share of common stock of
Chevron in exchange for each Common Unit owned. The Conflicts
Committee of the Board, comprised entirely of independent directors, after
consultation with its independent legal and financial advisors, unanimously
approved the merger. Subsequently, the merger was approved by the Board.
The transaction is expected to close in the second quarter of 2021, subject
to customary approvals. A subsidiary of Chevron, as the holder of a
majority of the outstanding Common Units, has voted its units to approve
the transaction.
“We believe this buy-in transaction is the best solution for all
stakeholders, enabling us to simplify the governance structure and
capture value in support of our leading positions in the DJ and Permian
basins,” said Vice President of Chevron Midstream and Chairman of the
Board of Directors of the general partner of Noble Midstream Partners
LP.
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Chevron (USA) Invests in Geothermal Development Company
Chevron Corporation announced an investment in Baseload Capital AB, a
Sweden-based private investment company focused on development and operation
of low-temperature geothermal and heat power assets. Heat power is an affordable
form of renewable energy that can be harnessed from either geothermal resources or
waste heat. This investment round includes existing Baseload Capital investors
Breakthrough Energy Ventures and Sweden-based investment group Gullspang
Invest AB. The Baseload investment follows last month’s announcement of funding
for Eavor and expands Chevron’s capacity to gain insight into geothermal
innovations such as low-temperature power generation and closed-loop geothermal
technologies. Chevron Technology Ventures (CTV) identifies externally developed
technology with the potential to enhance the way Chevron produces and delivers
affordable, reliable and ever-cleaner energy now and into the future. The investments
in Baseload and Eavor are financed by CTV’s Core Venture fund which identifies
companies with technology that can add efficiencies to Chevron’s core business in
operational enhancement, digitalization, and lower-carbon operations.
“Chevron’s investments in geothermal power reflect our ongoing focus on
helping to advance the world’s transition to a lower-carbon future,” said
Chevron’s Vice President, Innovation and President of Technology Ventures.
“We look forward to working with Baseload Capital and Eavor to expand
geothermal resources in the U.S. and internationally.”
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Cimarex (USA) Announces 2021 Capital Investment Plans And Production And
Expense Guidance
Cimarex Energy Co. announced its projected 2021 total capital investment (including
midstream capital) of $650 - 750 million. In 2021, oil production is projected to
average 75 - 81 thousand barrels of oil (MBbls) per day, up two percent at the
midpoint from 2020 levels. Total equivalent production is expected to average 235 -
255 thousand barrels of oil equivalent (MBOE) per day. Oil production in the first
quarter of 2021 is expected to average 65 - 69 MBbls per day. First quarter total
production is expected to average 205 - 225 MBOE per day. First quarter guidance
includes an estimated five to seven percent negative impact on production volumes
due to downtime associated with recent weather conditions in the Permian and
Mid-Continent regions. Cimarex intends to invest $500 - 600 million on the drilling
and completion of wells in 2021 with 73 net wells expected to begin producing
during the period. Over 90 percent of the D&C capital will be invested in the Permian
region with the remainder in the Mid-Continent. Permian activities will continue to
focus on long lateral Wolfcamp and Bone Spring wells in Culberson and Reeves
counties in Texas, and in Lea and Eddy counties in New Mexico.
Cimarex Chairman and CEO, said, "We remain committed to a disciplined
investment approach and targeting a 70-80 percent reinvestment rate. At a $35
flat WTI oil price, we expect to generate free cash flow after the dividend at the
$700 million midpoint of our planned 2021 capital investment. At recent strip
prices, this same plan results in a significantly lower reinvestment rate, with the
potential additional free cash flow targeted toward debt reduction." Mr. Jorden
went on to say, "As we look at 2021 and beyond, Cimarex's asset quality, cost
structure, and organization positions us to generate significant returns, free cash
flow and value for our owners."
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Diamondback Energy (USA) Inc. Announces Closing of Acquisition from
Guidon Operating LLC
Diamondback Energy, Inc. announced that it has completed its previously announced acquisition of leasehold
interests and related oil and gas assets from Guidon Operating LLC, a portfolio company of Blackstone Energy
Partners. Aggregate consideration consisted of $375 million in cash and 10.68 million shares of the Company’s
common stock after accounting for post-effective date adjustments. As a result of the acquisition, Diamondback adds
approximately 32,500 net acres in the Northern Midland Basin, primarily held by production allowing for capital
efficient full field development.
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Diamondback Energy (USA) Inc. Announces Fourth Quarter and Full
Year 2020 Financial and Operating Results; Increases Dividend
• Q4 2020 average production of 175.8 MBO/d (299.0 MBOE/d), with average daily oil
production up 3% over Q3 2020
• Generated Q4 2020 cash flow from operating activities of $403 million. Operating Cash
Flow Before Working Capital Changes (as defined and reconciled below) of $468 million
• Q4 2020 cash capital expenditures of $226 million; Q4 2020 activity-based capital
expenditures incurred of approximately $200 million
• Generated Q4 2020 Free Cash Flow (as defined and reconciled below) of $242 million
• Q4 2020 cash operating costs of $6.87 per BOE; including cash general and administrative
("G&A") expenses of $0.51 per BOE and lease operating expenses ("LOE") of $3.38 per BOE
• Increasing annual dividend by 6.7% to $1.60 per share; declared Q4 2020 cash dividend of
$0.40 per share payable on March 11, 2021; implies a 2.4% annualized yield based on the
February 19, 2021 share closing price of $65.57
• Flared 0.9% of gross natural gas production in the fourth quarter. For the full year ended
2020, flared 2.0% of gross production, down 64% year over year
• Received $103 million federal net operating loss carryback and alternative minimum tax
credit refund subsequent to quarter end in January 2021, which included $3 million of interest
income
“Diamondback executed flawlessly in the fourth quarter of 2020, setting the Company up
well for continued solid operational performance in 2021. The benefits of the Company's
strategy to move activity to our most productive areas is now starting to pay dividends in
terms of capital efficiency and early-time well performance. While the impact of the recent
winter storms in the Permian Basin will be significant for first quarter production, we expect
to overcome this adversity for the full year 2021 and I am proud of how our field
organization responded to this challenge. Well costs and cash operating costs remain near
all-time lows, which provide for increased returns to our stockholders as commodity prices
have risen in recent months," stated Chief Executive Officer of Diamondback.
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Eni expands its presence in Spain with new renewable energy projects
Eni has signed an agreement with X–Elio for the acquisition of three
photovoltaic projects in southern Spain for a total capacity of 140 MW. Eni
and X-Elio have also entered into discussions for a larger strategic
collaboration for the development of renewable projects in Spain, where
Eni is aiming to grow up to 1 GW in the next five years contributing to the
5GW installed capacity from renewable sources target for 2025. X-Elio is
one of the world's leading renewable energy developers with significant
presence in Spain, where it has developed and built more than 1 GW. The
firm has currently 250 MW under construction in the country, over 650 MW
through PPAs (Power Purchase Agreement) and over 1.5 GW under
development. According to the agreement, the transfer of the projects will
be subject to customary authorization starting from the second semester of
2021. Eni will be responsible for the construction of the plants and for the
electricity commercialization.
Chief Executive Officer of Eni, has stated: ”This initiative greatly
reinforces Eni’s presence in the Spanish market with a remarkable
investment in the renewable energy sector, and it complements the
existing businesses already established in the region. The development
of photovoltaic projects is consistent with our strategy in support of the
energy transition and is a key element of Eni’s commitment in reducing
CO2 emissions. Furthermore, this acquisition allows for the future
deployment of existing synergies with the power & gas retail business”.
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EQT (USA) Private Equity to sell Dorner to Columbus McKinnon for an
Enterprise Value of USD 485m
EQT is pleased to announce that EQT Private Equity, through the EQT Mid-Market US fund, has agreed to sell Dorner to Columbus McKinnon
Corporation for an Enterprise Value of USD 485m. Founded in 1966 and headquartered in Hartland, WI, Dorner is a leading global provider of high
precision conveyor solutions for high growth and resilient end markets including e-commerce, life sciences, food & beverage, industrial automation,
packaging, and CPG. Dorner supports the quickly evolving automation industry, which is backed by the accelerating adoption of automated solutions.
Dorner’s robust product portfolio extends across modular standard and highly engineered solutions along with aftermarket parts and services. Dorner’s
proprietary DTools software provides access to its comprehensive solution library and allows customers to design and specify their own customized
conveyors. The Company serves a global blue chip customer base with manufacturing facilities in North America, Latin America, Europe, and Asia
and has approximately 400 employees worldwide. With the support of EQT, Dorner continued to grow organically to solidify its position as a leading
global industrial technology business. Substantial investments were made to integrate previous acquisitions to create a truly global platform with the
ability to provide customers consistent quality and a uniform portfolio of products worldwide. EQT partnered with Dorner’s management team to
realign the Company’s go-to-market approach to best serve its extensive customer base. Research and development was also prioritized, resulting in
industry leading new product developments in additional end markets, such as life sciences and e-commerce, with many more products in the pipeline.
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EQT (USA) Private Equity invests in CYE, an Israel-based global cybersecurity
leader
EQT is pleased to announce that EQT Private Equity, via its EQT Mid-Market Europe fund, has
agreed to make a ~USD 100 million growth investment in CYESEC. CYE’s founder and CEO
Reuven Aronashvili will retain a significant share in the Company and will continue to lead the
Company’s growth journey together with his management team building on its unique track
record of growth and innovation. The investment, which marks EQT Private Equity’s first
investment in Israel, will support CYE’s growth plans and help accelerate its go-to-market and
product investments. Headquartered in Tel Aviv, Israel and with offices in Europe and the US,
CYE serves as trusted advisor to medium-sized and Fortune 500 companies around the globe, as
well as to both EQT and numerous EQT portfolio companies. Since its foundation in 2012, CYE
offers an automated and continuous approach to cyber assessments, geared towards an optimized
mitigation plan. CYE supports its clients in building a more robust cybersecurity posture with
cutting-edge AI and machine learning technology, coupled with professional services from
world-leading cybersecurity experts – a combination which is unique in the market. The world of
cybersecurity threats is changing rapidly with attacks growing in complexity, sophistication and
frequency. This trend has accelerated since the outbreak of the COVID-19 pandemic as more
people are working from home which has increased the number of potential attack vectors. The
resulting surge in security breaches led to a substantial increase in financial and reputational
damages caused.
Partner at EQT Partners, said: “The backing of CYE marks EQT’s first deal in Israel, which
is a highly attractive market for technology investments, and a country in which EQT intends
to increase its activity going forward. We have followed CYE's development closely over the
last years and we are truly impressed with the company Reuven and his team have built to
date. Their approach of pairing AI-based technology, services and world-class cyber
expertise is unique in the marketplace and well-positioned for continued accelerated growth.
We are proud to support CYE with both capital and competence as this investment aligns
perfectly with EQT’s thematic investment focus and ambition to back high growth
companies by partnering with world class management teams. We are excited to embark on
this journey of building a global cybersecurity champion jointly”.
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Equinor (Norway) completes farm down of Dogger Bank A and B
Equinor has closed the agreement to sell a 10% interest in Dogger Bank A (1,200 MW) and Dogger Bank B (1,200 MW) assets to Eni. As part of
this transaction Eni has also completed the agreement to purchase a 10% interest in the Dogger Bank A and Dogger Bank B assets from project
partner SSE on the same terms. Following this transaction, the new overall shareholding in Dogger Bank A and Dogger Bank B is SSE
Renewables (40%), Equinor (40%) and Eni (20%). Eni entered the Dogger Bank A and B assets effective from financial close of project financing
which was reached on 25 November 2020. The total consideration received at closing is GBP 206.4 million. The farm down to Eni is Equinor’s
third offshore wind transaction in less than two years. The three transactions combined (divestments of non-operated interests in Arkona, Empire
Wind /Beacon Wind and Dogger Bank A and B projects) generated an accounting gain of approximately USD 1.5 billion. Equinor divested
around 2.5 GW capacity in the different project’s stages for the cash consideration just under USD 2 billion. This demonstrates the company’s
track record in consistently capturing value from world class assets. The A and B phases of the Dogger Bank Wind Farm reached financial close
at competitive terms underlining the attractiveness of the UK offshore wind assets and the confidence in the joint venture. The third phase of the
wind farm, Dogger Bank C (1,200 MW), is being developed under a different timeline. There is no change to the ownership of this phase, in
which Equinor and SSE each have a 50% stake.
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Kinder Morgan (USA) and Brookfield Infrastructure Announce Minority Interest
Sale in Natural Gas Pipeline Company of America LLC
Kinder Morgan, Inc. and Brookfield Infrastructure Partners L.P. jointly announced that they have
agreed to sell a 25% minority interest in Natural Gas Pipeline Company of America LLC (NGPL)
to a fund controlled by ArcLight Capital Partners, LLC (ArcLight) for $830 million. The
proceeds will be shared equally between KMI and Brookfield Infrastructure. The value of the
minority interest implies an enterprise value of approximately $5.2 billion for NGPL, which is
approximately 11.2 times 2020 EBITDA. Upon closing, KMI and Brookfield Infrastructure will
each hold a 37.5% interest in NGPL, and KMI will continue to operate the pipeline. For this
transaction, NGPL is served by RBC Capital Markets as the exclusive financial adviser and King
and Spalding as the legal advisor. Barclays served as the exclusive financial advisor to ArcLight
and has provided a committed debt financing to ArcLight to support the transaction. Latham &
Watkins LLP served as legal advisor to ArcLight. The transaction is expected to close in the first
quarter of 2021. NGPL is the largest transporter of natural gas into the high-demand Chicago-area
market as well as one of the largest interstate pipeline systems in the country. It is also a major
transporter of natural gas to large liquefied natural gas (LNG) export facilities and other markets
located on the Texas and Louisiana Gulf Coast. NGPL has approximately 9,100 miles of pipeline,
more than 1 million compression horsepower and 288 billion cubic feet (Bcf) of working natural
gas storage. NGPL provides its customers access to all major natural gas supply basins directly
and through its numerous interconnects with intrastate and interstate pipeline systems.
“Kinder Morgan and Brookfield Infrastructure are pleased to welcome ArcLight into the
NGPL joint venture,” said Kinder Morgan Natural Gas Pipelines President. “We believe this
investment shows the value of natural gas infrastructure both today and in the decades to
come.”
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Petrobras (Brazil) signs contract for the sale of onshore fields in Bahia
Petrobras, in continuation of the statement released on April 3, 2018,
informs that it signed with SPE Miranga SA, a wholly owned
subsidiary of PetroRecôncavo SA, a contract for the sale of its entire
stake in nine onshore exploration and production fields, called Polo
Miranga, located in the state of Bahia. The total sale value is US $
220.1 million, of which: (a) US $ 11 million paid on the present date;
(b) US $ 44 million at the close of the transaction; (c) US $ 80.1
million deferred in three installments over three years from the closing
of the transaction and (d) up to US $ 85 million in contingent
payments related to future oil prices. The amounts do not consider the
adjustments due until the closing of the transaction, which is subject to
the fulfillment of precedent conditions, such as approval by the
National Agency of Petroleum, Natural Gas and Biofuels (ANP).
“With this operation, we continue to focus on maximizing the value
of our portfolio and also open up opportunities for other companies
in the sector to also prosper. We believe that the Polo Miranga will
be able to develop, receiving new resources and increasing its
useful life, with a positive impact on the generation of jobs and
income for the region”, highlights the Director of Institutional
Relations and Sustainability at Petrobras.
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The ORLEN Group (Poland) is taking another step towards carbon neutrality
Three onshore wind farms with a total capacity of approx. 90 MW will increase the portfolio of
renewable energy sources ORLEN Group. The company has signed an agreement to purchase
farms operating in Pomerania from Spanish investment funds. After the transaction, the ORLEN
Group will have 353 MW of installed wind power in Poland, becoming the fourth largest player
on this market. The transaction includes the purchase of three wind farms located in Kobylnica
(41.4 MW), Subkowy (8 MW) and Nowotna (40 MW) in the Pomeranian Voivodeship. A
prerequisite for its finalization is obtaining the consent of the Office of Competition and
Consumer Protection. All farms are covered by the green certificate support system and are in the
area of Energa Operator's operations. Their total electricity production is around 280 GWh per
year. On the basis of the currently concluded contracts, wind farms are guaranteed to receive the
produced energy in the perspective of one to ten years. After the acquisition, the ORLEN Group
will have energy assets with a total capacity of 3.3 GW, including 642 MW in zero-emission
sources. They will include 58 power plants producing energy from renewable sources, including
mainly hydropower plants, photovoltaic farms and onshore wind farms. The wind energy
segment will consist of 10 wind farms with a total installed capacity of 353 MW. Moreover, the
ORLEN Group has two modern steam and gas units in Płock and Włocławek. The concern also
has an extensive network of transmission lines with a total length of approx. 200 thousand
kilometers, which ensures constant energy supplies to approx. 3 million recipients.
“By taking over more farms, we are becoming one of the largest players on the Polish
onshore energy market wind. We are effectively implementing the ORLEN2030 strategy,
assuming the expansion of the portfolio of renewable energy sources based on our own
projects and the acquisition of other prospective assets. Only last year, our power industry
delivered PLN 3.3 billion in EBITDA LIFO result and it was the highest result among all
segments of our activity. The investment in Pomerania is another step towards building a
modern multi-energy concern and achieving emission neutrality in 2050” said President of
the Management Board of PKN ORLEN.
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TC Energy (Canada) affirms 0.70 share-for-unit exchange ratio in definitive agreement
to acquire all outstanding common units of TC PipeLines, LP
TC Energy Corporation responded to a unitholder’s recent assertion
of the inadequacy of the exchange ratio in the definitive agreement
to acquire all of the outstanding common units of TC PipeLines, LP
not beneficially owned by TC Energy or its affiliates. The exchange
ratio of 0.70 of a TCE common share for each TCP common unit
represents a 20.8 per cent premium to the TCP closing price before
the original offer as of October 2, 2020. The exchange ratio was
unanimously approved by a conflicts committee composed of
independent directors of the Partnership’s general partner, after
consultation with its independent legal and financial advisors.
“We affirm the exchange ratio and we are confident that the
meaningful transaction premium presents the best opportunity
for TCP’s unitholders to maximize value. TC Energy will not
increase the exchange ratio or vary any of the terms of the
merger. If the merger is not completed, the Partnership will
remain a publicly traded limited partnership,” said TC Energy
President and Chief Executive Officer.
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TC Energy (Canada) and TC PipeLines, LP complete merger
TC Energy Corporation and TC PipeLines, LP announced that they
have completed the previously announced merger (the Merger)
pursuant to an Agreement and Plan of Merger dated December 14,
2020. The Merger resulted in TC Energy acquiring all of the
outstanding publicly-held common units of TCP and TCP becoming
an indirect, wholly owned subsidiary of TC Energy. Effective, TCP
unitholders are entitled to receive 0.70 common shares of TC
Energy for each TCP common unit held. Also effective, the TCP
common units will no longer be listed for trading on the New York
Stock Exchange. Common shares of TC Energy will continue to
trade on both the NYSE and the Toronto Stock Exchange under the
symbol TRP.
“We are pleased to have received majority unitholder approval of
the merger of TC PipeLines into TC Energy,” said TC Energy’s
President and Chief Executive Officer. “The merger will simplify
and streamline our corporate structure and increase TC Energy’s
ownership in its core portfolio of critical energy infrastructure.”
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SK Group (South Korea) Closes $1.6 Billion Investment in Plug Power to Advance
Hydrogen Strategy
SK Group, South Korea’s largest energy provider and third-largest conglomerate, announced the close
of a $1.6 billion investment and strategic partnership with Plug Power Inc., a leading provider of
hydrogen fuel cell and fueling solutions enabling e-mobility. The partnership is part of a long-term,
multi-billion dollar plan by SK to help lead the global transition to a hydrogen economy and make
meaningful progress toward a more sustainable energy system. Recognizing the importance of
hydrogen as a clean alternative to traditional energy sources, SK Group has heightened its focus on
building the infrastructure and developing the technology to make hydrogen energy a reality for global
markets. SK Holdings, the holding company of SK Group, has established a Hydrogen Business
Development Center taking the lead of the group’s hydrogen long-term project that is comprised of
members from SK’s energy companies, including SK Innovation and SK E&S. This new center will
guide the companies’ transition into the production and distribution of hydrogen energy, including the
creation of a mass production facility and investments in global business opportunities. SK Group
companies already are making strategic investments in their existing energy businesses and forming
partnerships with global leaders in hydrogen energy technology. SK expects its investments in
hydrogen to create $2.7 billion of net asset value by 2025. Across its operating companies and
partnerships, SK is taking actions to support a robust hydrogen economy from end-to-end with a focus
on every major phase – upstream production of raw materials, midstream transport of resources and
downstream conversion into energy used by customers to power their vehicles, homes and businesses.
“The need for sustainable and green-focused energy solutions is crucial as we look at confronting
the looming global climate crisis,” said Head of Hydrogen Business Development Center of SK
Holdings and President & CEO of SK E&S. “The establishment of SK’s Hydrogen Business
Development Center, commitments to utilizing our companies’ facilities for green energy
production and distribution, and the hydrogen-focused partnerships provide a solid foundation for
us to make a substantial impact on the transition to a more sustainable future.”
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Solutions Updates
Energy Industry

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Solution Updates
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BP (UK) joins the IBM Quantum Network to advance use of quantum ‎computing in
energy
17
Solution Description
Bp has joined the IBM Quantum Network to advance the use of quantum ‎computing in the energy industry.‎‎ ‎By joining the IBM
Quantum Network™ as an Industry Partner, bp will have access to IBM's ‎quantum expertise and software and cloud-based access to
the most advanced quantum ‎computers available via the cloud. This includes access to a premium 65-qubit quantum ‎computer, the
largest universal quantum system available to industry, and an important ‎milestone on the IBM Quantum roadmap to a 1,000-plus
qubit system, targeted for the end of ‎‎2023.‎ bp will work with IBM to explore using quantum computing to solve business and
engineering ‎challenges and explore the potential applications for driving efficiencies and reducing carbon ‎emissions. In 2020, bp
announced its net zero ambition and its new strategy. By the end of this decade, it ‎aims to have developed around 50 gigawatts of net
renewable-generating capacity (a 20-fold ‎increase), increased annual low carbon investment 10-fold to around $5 billion and cut its
oil ‎and gas production by 40%.‎‎ ‎Joining the IBM Quantum Network will enhance bp’s ability to leverage quantum advances ‎and
applications as they emerge and then influence on how those breakthroughs can be ‎applied to its industry and the energy transition.

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Pgnig Group (Poland): Successful results of exploration in Podkarpacie
18
Polish Oil and Gas Company (PGNiG) has successfully completed drilling of another six wells in the south-eastern part of Poland. Future production from
the wells is estimated at some 60 mcm of gas annually. The Bratkowice-6K, Gnojnica-6K, Ocieka-2, Mirocin-6, Mirocin-34 and Mirocin-52 wells were
drilled at the end of 2020 and at the beginning of 2021. Formation tests completed in all of them confirmed the presence of commercial gas volumes. The
locations of the Bratkowice-6K well in the Reszów County and Ocieka-2 well in the Ropczyce and Sędziszów County were selected based on 3D seismic
surveys made in recent years. Their analysis led to a new interpretation of the geological structure of this part of the Carpathian Foredeep Basin by the PGNiG
experts and successful identification of the potential gas-bearing formations. The Gnojnica-6K well in the Ropczyce and Sędziszów County is a continuation
of the project in the Gnojnica gas field, discovered in 2016. The wells will be connected to the existing infrastructure. The work on Mirocin, located in the
Przeworsk and Jarosław Counties, is part of the revitalisation of the field, which had been in production from 1962. Until recently, it was assumed that the
field was depleted in more than 90 per cent. After an analysis of geological data, the PGNiG experts concluded that it contained gas-bearing structures from
which no production had been carried out yet. This was confirmed by off-set wells completed over the past few years. Based on the findings, additional
resources were estimated and further drilling was planned. As a result, PGNiG drilled three existing wells to new depths, opening the way to a new
gas-bearing layer, which is estimated to hold approximately one billion cubic metres of gas. Bringing the wells on stream will be faster and more
cost-effective as the existing infrastructure will be used for this purpose.

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PGNiG (Poland) reaches out for Industrial Internet of Things to balance
energy supply and demand
19
Polish Oil and Gas Company (PGNiG) is going to test a system forreal time balancing of electricity from distributed generation
sources. This will be made possible by remote reading of meter data and management of distributed electricity consuming devices.
Among other things, the solution created by TruBlu, a start-up based in Rzeszów, will facilitate avoiding energy losses. The solution
being developed for PGNiG is designed to collect and process metering data from electricity-powered devices on a remote basis, and
ultimately to enable remote real-time management of distributed energy infrastructure equipped with the Industrial Internet of Things
technology (IIoT). The application of this technology will support energy balancing, that is monitoring of the meter readings,
signalling deviations from the normal state and occurrences of an alert state, and thus reducing electricity purchase costs. According
to plans, the blockchain technology will be used to send and record balancing transactions, which will help ensure security and
integrity of historical data. The project is a result of PGNiG’s partnership with a Rzeszów-based start-up company TruBlu. It is the
fourth start-up project selected for technological and business verification by PGNIG as part of the IDEA Global acceleration
programme run by HugeTECH, in which PGNiG takes part.

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EDF (France) Renewables, Enbridge and wpd launch construction of the
Calvados offshore wind farm
20
EDF Renewables, a subsidiary of the EDF Group, EIH S.à r.l, a subsidiary of Enbridge Inc.a North American energy infrastructure company, and wpd, a
European renewable energies company, are announcing the launch of construction activity on the Calvados offshore wind farm. This announcement follows
the finalisation of financing agreements between the consortium and its financial partners. The 448-MW Calvados offshore wind project is comprised of 64
wind turbines located more than 10km from the Bessin coastline and occupies a total surface area of approximately 45km². Upon its commissioning,
scheduled in 2024, it will generate the equivalent of the annual electricity consumption of 630,000 people, or over 90% of the Calvados French department's
population. The total project cost is estimated at around €2 billion. The majority will be financed through non-recourse project finance debt. The Calvados
offshore wind farm holds a 20-year power purchase agreement (PPA) granted by the French government in June 2018. The three and a half-year construction
project will create over 1,000 direct jobs in Normandy and will contribute to the development of the French's offshore wind industry. The project's wind
turbines will be manufactured in Le Havre at Siemens Gamesa Renewable Energy's Quai Joannes Couvert plant, which is currently under construction. Upon
commissioning scheduled in the first half of 2022, a total of 750 direct and indirect jobs will have been created. The plant will also manufacture the 71 wind
turbines for the Fécamp offshore wind farm awarded to the same consortium, which construction began in June 2020. The wind turbines will be assembled
at the Port of Le Havre, then shipped to the installation site. Offshore construction activity is due to commence in 2022.

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Petrobras (Brazil) reduces reservoir modeling step by 80% using Artificial
Intelligence
21
Petrobras has developed an innovative data analysis platform; whose objective is to map the production potential of areas recently acquired by the company
and portions of fields under development. Named the Analog Panel, the platform integrates a large volume of data obtained from oil reservoirs, enabling
comparative analysis and information sharing. The tool is part of the CÉOS strategic program, which aims to develop the best reservoir models ever built in
the industry, in order to increase reserves, speed up processes, reduce risks and costs with data acquisition, in addition to anticipating the implementation of
projects. To achieve this goal, CÉOS uses agile methodologies in the development of digital solutions and technologies, such as Artificial Intelligence, to
solve the problems associated with reservoir modeling, some of them representing the limit of knowledge. CÉOS, in Greek mythology is the titan of
intelligence and knowledge. CÉOS will accelerate reservoir processes, bringing gains to the PROD1000 strategic program, by accelerating the
implementation of projects. PROD 1000 aims to reduce the time between the declaration of commerciality and the first oil to a thousand days. There is
synergy between them, as they contribute to the solution of the risk factors and the dimensioning of the reservoir models. Both are the result of the intensive
use of new technologies to optimize processes and operations, which increases efficiency and reduces costs, making projects more resilient to market and
industry fluctuations. The result of the first deliveries was an 80% reduction in the time of analysis and data consumption for the geological modeling of
reservoirs, contributing to the anticipation of the production phase. By expanding and streamlining the offer of data on the fields, the company increases the
assertiveness of decisions, with significant gains for the implementation and economics of production systems.

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Phillips 66® (USA) Lubricants Launches e-Shield™ Line for Electric
Vehicles
22
Phillips 66 Lubricants announced the launch of Phillips 66 e-Shield, high-performing lubricant solutions to optimize
electric vehicle performance and protection. e-Shield is a new line of products, including system fluid, grease and coolant,
designed to fulfill the unique needs of electric vehicles. These lubricants use modern proprietary formulations to enable
extended driving range. Excellent thermal and conductive properties keep electric vehicles protected while running cooler
and longer per charge. The e-Shield line is another example of the company's ongoing commitment to develop the latest
technology that reduces emissions and improves energy conservation while ensuring that the equipment people depend on
worldwide operates efficiently and reliably. e-Shield is one of many ways Phillips 66 products support the energy
transition. Phillips 66 is a major supplier of the proprietary graphite needle coke employed in the manufacturing of lithium
ion batteries that power electric vehicles across the globe. The company recently announced a technical collaboration with
Faradion to develop anode materials for sodium-ion batteries, a next-generation energy storage technology.

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Schlumberger (USA) Drilling Technology Used to Enable Geothermal
Heating Solution in Europe
23
ENGIE Solutions, Schlumberger and SMP Drilling have completed a 1,600-meter deep geothermal drilling project in Vélizy-Villacoublay,
France, to enable an innovative heating solution for the city. The multilateral well design, which is the first of its kind for a geothermal
application in France, was drilled using the PowerDrive Archer high build rate rotary steerable (RSS) system and AxeBlade ridged diamond
element bit. The geothermal well will enable the French city's heating network, Vélidis, to provide heating and hot water supply to 16,000
homes with more than 60% renewable energy. In the long term, this heating solution is expected to reduce CO2 emissions by 22,801 tons each
year. The drilling project comprised a multilateral reservoir section with high dogleg severity (DLS) in the curves where the main wellbore
branches off into three distinct boreholes. The individual borehole branches intersect the producing zones of the reservoir multiple times, thus
improving the well’s overall productivity. The well profile design enhances the potential of geothermal fabrics containing water (known as
aquifers), promoting the recovery of water at 65 degC and providing a heat output of more than 16 MW. The PowerDrive system, which is
well-suited for high-DLS wells, enabled this innovative geothermal well profile, effectively doubling the original production capacity by
reaching up to 400 m3/h. The fit-for-basin AxeBlade bit contributed to delivery of the reservoir section ahead of schedule.

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TATNEFT (Russia) has launched a new corporate pension program
24
The new corporate pension plan (KPP) comes into effect on March 1 and is based on the principle of equity participation. The
partner in the implementation of the new checkpoint is the National Non-State Pension Fund JSC, on the basis of which a
non-state pension for the employees of PJSC TATNEFT has been formed for more than 20 years. Among the fundamental
differences of the new pension program is the receipt of financial support from the employer in a larger volume and from the
first day of participation. The corporate pension will be formed from the employee's personal contributions, the Company's
contributions and investment income from the National NPF. Checkpoint TATNEFT provides flexible and relevant conditions
for young and promising employees. Employees under 33 years of age who show innovative activity will be able to receive
the accumulated savings together with the employer's deductions and investment income in 5 years. In addition, employees
will be able to independently determine the size and timing of contributions, as well as the timing of pension payments.
Information about the account balance will be available in the personal account on the Fund's website.

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Eni (Italy): Versalis: new certified product range for sustainability
25
Versalis, Eni's chemical company, has obtained ISCC Plus certification for monomers, intermediates, polymers and elastomers produced with sustainable raw
materials, from bionaphtha and chemical recycling, at the Brindisi, Porto Marghera, Mantua, Ferrara and Ravenna plants. This represents an important step
towards the goal of putting decarbonised and circular products on the market with a new "bio attributed" and "bio-circular attributed" range made from
bionaphtha, and "circular attributed" in the case where the raw material is a "recycled oil", a pyrolysis oil obtained from the chemical recycling process of
mixed plastic waste. Bionaphtha will be made available through Versalis’ integration with Eni, which has transformed two refineries into biorefineries, in
Venice Porto Marghera and in Gela, guaranteeing the supply of sustainable raw materials from vegetable oils, exhausted food oils or other types of organic
waste. ISCC Plus is part of the ISCC certification scheme (International Sustainability & Carbon Certification, approved by the European Union), which is
voluntary and allows companies throughout the supply chain to monitor and be able to demonstrate the sustainability of their products based on the
sustainability, traceability and mass balance requirements. Versalis' certified products include monomers and intermediates such as ethylene, propylene,
benzene, styrene, butadiene, and polymers such as polyethylene, styrenics, and elastomers that do not differ in their chemical composition and
physical-mechanical performance from those made from fossil-based raw materials. The ISCC Plus certification process, launched at Versalis in 2020, will
be extended to other Italian and overseas plants during the year, demonstrating the tangibility of circular economy strategy which also aims to promote the
use of sustainable raw materials.
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Hess (USA) Commitment Recognized by Bloomberg and the Human
Rights Campaign
26
Hess has been recognized on both the Bloomberg 2021 Gender-Equality Index and the Human Rights Campaign’s 2021
Corporate Equality Index for our commitment to diversity, societal changes that address racial inequities, and being
inclusive. The Bloomberg GEI tracks the financial performance of public companies committed to supporting gender
equality through policy development, representation, and transparency. The HRC assesses LBGTQ practices at companies
for the Corporate Equality Index. The CEI helps guide the wide-scale adoption of LGBTQ-specific practices and language
within existing business structures.
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TechnipFMC’s (UK) subsidiary, FMC Wellhead Equipment Sdn. Bhd. Awarded a Contract by
PETRONAS Carigali for Limbayong Deepwater Development Project in Offshore Malaysia
27
TechnipFMC is pleased to announce that its subsidiary, FMC Wellhead Equipment Sdn. Bhd. (TechnipFMC) has been
awarded a substantial(1) contract by PETRONAS Carigali Sdn. Bhd. a subsidiary of PETRONAS for the provision of
front-end engineering design, and integrated engineering, procurement, construction, installation and commissioning of
subsea production system, umbilicals, risers and flowlines (iEPCI™) for the Limbayong Deepwater Development Project.
PETRONAS is a global energy and solutions partner and ranked amongst the largest corporations in Fortune Global 500®.
This contract covers the development of 10 deepwater wells and their tieback to the Limbayong Floating Production
Storage and Offloading (FPSO) unit in Malaysia. TechnipFMC will design, manufacture, deliver and install subsea
equipment including subsea trees, manifolds, umbilical’s, flexible risers, flowlines, jumpers and other associated subsea
hardware for the project. The project will be executed from TechnipFMC’s Kuala Lumpur office and will leverage its local
manufacturing plants in Malaysia.
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NOV (USA) wins contract for OHT wind turbine installation vessel new
build
28
China Merchants Heavy Industry (CMHI) awarded NOV a contract to design and supply equipment for our GustoMSC™
NG-14000XL-G wind turbine installation jack-up vessel for OHT ASA, a Norwegian heavy transport and installation contractor. In close
collaboration with VIND Offshore Installation, a wholly owned subsidiary of OHT, the design is specifically tailored to create a
next-generation offshore wind installation unit with a significantly reduced carbon footprint. The vessel will incorporate a proprietary
GustoMSC heavy lift crane with a maximum lifting height of up to 165 meters above deck. Designed with the future in mind, the jack-up
vessel is fully capable of taking on the installation and maintenance requirements of new generation offshore wind turbine generators.
The GustoMSC rack and pinion jacking system on board will have a variable speed drive that is uniquely integrated to offer high
performance, reliability, and safety for hundreds of moves along the lifespan of the vessel. In addition, the vessel is designed with an
optimal hull shape, battery hybrid solutions, and an electrical control system to reduce emissions by 20% compared with similar sized
installation vessels. To further reduce the carbon footprint, the vessel is prepared for the use of fuel cells powered by hydrogen.
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Ørsted (Denmark) signs long-term power purchase agreements with
Target and Hormel Foods Corporation
29
Energy will come from the Haystack Wind project in Nebraska, US, currently under construction and expected online
later this year. Target, a general merchandise retailer, and Hormel Foods, a global branded food company, have signed
long-term agreements with Ørsted to purchase energy from the 298 MW Haystack Wind project in Nebraska. On
average, the project will contribute USD 4 million per year in local taxes and landowner payments to the community,
and it will employ 300 construction workers at its peak.
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Petrobras (Brazil) recovers another R $ 360 million through leniency
agreement with Samsung
30
Petrobras received approximately R $ 360 million (US $ 65 million) as a result of a leniency agreement signed by
Samsung Heavy Industries. These funds refer to the first installment of the agreement with Samsung, of a total of R $
705.9 million, which will be used to reimburse Petrobras. With these values, Petrobras surpasses the expressive mark of R
$ 5.3 billion in resources recovered through collaboration, leniency and repatriation agreements. Only last year, for
example, the company received R $ 797 million in reimbursement of amounts related to Operation Lava Jato. These
reimbursements derive from being a victim of Petrobras in the crimes investigated under Operation Lava Jato. The
company will continue adopting the appropriate measures in search of the adequate reimbursement of the resulting losses
that were caused to it. Petrobras acts as a co-author of the Federal Public Ministry and the Union in 21 ongoing
administrative misconduct actions, in addition to being an assistant prosecutor in 76 criminal cases related to illegal acts
investigated by Operation Lava Jato.
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PKN ORLEN (Poland) has the first forward contract for the supply of
American crude oil
31
PKN ORLEN for the first time in history secured the supplies of American crude oil under a futures contract. The
agreement with Exxon Mobil, the largest fuel company in the world, provides for the delivery of a total of approx. 1
million tonnes of crude oil during the year of the agreement for the needs of the ORLEN Group's refineries in Poland, the
Czech Republic and Lithuania. A futures contract for the purchase of American oil includes the result of the analysis of
PKN ORLEN regarding the complementarity of various types of crude oil with the technological capabilities of the PKN
ORLEN refinery. The purchase of light and sweet crude oil, which is WTI (West Texas Intermediate), increases the yield.
It is characterized by very good density and sulfur content parameters, which makes it possible to obtain, among others, a
large amount of the so-called white products such as gasoline or diesel. Currently, the refineries of the ORLEN Group are
supplied with crude oil on the basis of long-term contracts with suppliers from Saudi Arabia and Russia, as well as spot
deliveries, e.g. from the North Sea, Angola or Nigeria.
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Saipem (Italy) awarded by Libya National Oil Corporation a consulting
services contract for Benghazi Oil Technical Center project
32
Saipem has been awarded a Consultancy Service Contract by Libya National Oil Corporation (NOC) for the development
of the Benghazi Oil Technical Center (BOTC). The integrated specialized Technical Center will be established in the
Mreisa Free Zone, 25 kilometers from Benghazi and designed with best-in class facilities and technologies to serve the
Libyan oil and gas market and other critical industries. Saipem has extensive experience in technical centers, having its
own engineering centers in strategic areas worldwide. In addition, Saipem’s long established presence and commitment to
the country, exemplified by its determination to maintain its headquarters and local staff even in recent years, provides
Saipem with a strong knowledge of Libya and its energy infrastructure. In recognition of these qualities, Saipem has been
considered by Libya’s NOC as the ideal partner to develop the Benghazi Oil Technical Center Project. Saipem will initially
provide the feasibility study, FEED & bid services for the duration of 15 months. In the later stages, Saipem will look after
project management services and owner’s engineer services over the remaining 40 months of the contract.
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Total (France): Orange Signs A Major Green Power Purchase Agreement With
Total, Which Will Develop 80 Mw Of Solar Farms In France To Honor It
33
Orange signed a Corporate Power Purchase Agreement (CPPA) with Total, through its subsidiary Total Quadran – one
of the leaders in renewable energies in France. Total will supply Orange with 100 GWh a year of renewable electricity
over a period of 20 years. This agreement will thus enable the development, by 2024, of a dozen new solar power plants
spread throughout metropolitan France, with a cumulative capacity of 80 MW. This agreement illustrates the
commitment of Total and Orange to contribute to the country’s energy transition while promoting local economic
development, with the support of regional authorities.
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Chevron (USA), Brightmark expand partnership on dairy biomethane fuel
projects
34
Brightmark LLC and Chevron U.S.A. Inc. announced the expansion of their previously announced joint venture,
Brightmark RNG Holdings LLC, to own projects across the United States to produce and market dairy biomethane, a
renewable natural gas (RNG). Brightmark RNG Holdings LLC’s subsidiaries currently own RNG projects in Western
New York, Western Michigan, Central Florida and South Dakota. Additional equity investments by each company in
the joint venture will fund construction of infrastructure and commercial operation of five new dairy biomethane
projects in Michigan and Arizona. Chevron will purchase RNG produced from these projects and market the volumes
for use in vehicles operating on compressed natural gas.
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ENGIE and Equinor (Norway) join forces in the development of low-carbon
hydrogen
35
ENGIE and Equinor announce their partnership to develop joint low-carbon hydrogen activities. The partners will
investigate the production and market potential for hydrogen from natural gas whereby the CO2 will be captured and
stored permanently offshore. ENGIE and Equinor signed a memorandum of understanding to investigate the
development low-carbon hydrogen value chains in Belgium, the Netherlands and France. In the coming months,
ENGIE and Equinor will start discussions with potential customers to assess the project, as well as with stakeholders
and relevant authorities. ENGIE and Equinor believe that it is essential to develop low-carbon and renewable hydrogen
projects at scale in order to make it possible for industrial customers to significantly reduce CO2 emissions before
2030. This development of low carbon and renewable hydrogen will accelerate the construction of new hydrogen
infrastructure and the repurposing of current natural gas infrastructure, thus paving the way for net zero in 2050.
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MoU signed for Paradeep Plastic Park between IOCL (India) and IDCO
36
Indian Oil Corporation Limited (IOCL) and Odisha Industrial Infrastructure Development Corporation (IDCO) signed
an Memorandum of Understanding (MOU) to develop Paradip Plastic Park. The MoU was signed on a hybrid mode,
in the presence of Minister of Petroleum & Natural Gas and Steel, Chief Minister of Odisha and other dignitaries. As
part of the MoU signing, to attract investments in downstream polymer industries at Paradip Plastic Park, IndianOil
announced a Special Strategic Incentives scheme. An incentive of Rs 2000/MT on Polypropylene granules from
Paradip Refinery shall be offered to the manufacturing units located in the Paradip Plastic Park till 31.3.2030. It is
estimated that around 26 units will come up at the plastic Park with an estimated investment of 500 Crores and is likely
to generate direct and indirect employment of 6,000.
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OMV (Austria) and Post sign MoU for green hydrogen in heavy goods transport
37
OMV, the integrated, international oil, gas and chemicals company headquartered in Vienna, and Österreichische Post AG, Austria’s leading
provider of transport and logistics services, have signed a Memorandum of Understanding for the use of green hydrogen in heavy goods transport.
The joint goal is to promote commercial electromobility for heavy goods vehicles (HGVs) in Austria, powered by hydrogen fuel cells, and to
facilitate availability. OMV is one of several partners to have committed to providing green hydrogen and the requisite infrastructure and recently
made a final investment decision (FID) together with Kommunalkredit Austria for a 10 MW electrolysis unit at the site in Schwechat. Post plans
to introduce test vehicles and integrate them into its existing logistics fleet. Both companies intend to use this to gain experience in operating the
hydrogen supply chain and fleet. OMV and Post have pledged that the first application in Austria be realized no later than 2023. This initiative will
remain open to additional companies looking to cooperate in the field of hydrogen. Together, OMV and Post are laying the basis so that by 2030
a total of 2,000 fuel-cell-powered HGVs can be operated in Austria by various users. OMV and Post have set themselves ambitious climate targets
and declared their commitment to the Paris Agreement. OMV is working on a range of energy-efficiency measures, new technologies such as
carbon capture and carbon use, hydrogen, renewables (such as the photovoltaic plant in Austria) and measures to optimize its portfolio.
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OMV (Austria) and Kommunalkredit invest in green hydrogen production
38
OMV, the integrated, international oil, gas and chemicals company headquartered in Vienna, and Kommunalkredit Austria AG
(Kommunalkredit) have announced a joint investment in the construction of Austria’s largest electrolysis plant in the OMV Schwechat
Refinery. Total investment will be around EUR 25 mn, with OMV and Kommunalkredit each bearing half the cost. The plant is expected
to go live in the second half of 2023. From this point, the 10 MW PEM electrolysis will produce up to 1,500 metric tons of green hydrogen
a year. The green hydrogen will be used to hydrogenate bio-based and fossil fuels, substituting grey hydrogen in the refinery. This would
reduce OMV’s carbon footprint by up to 15,000 metric tons of fossil CO2 annually, and enables by using green hydrogen more than 17
million CO2 emission free bus or truck kilometers each year. OMV laid out its ambitious climate targets back in July 2020. These include
reaching net-zero emissions in operations (Scope 1 and 2) by 2050 or sooner. OMV will achieve net zero through energy-efficiency
measures, new technologies such as carbon capture and storage or carbon capture and utilization, hydrogen, renewables (like the
photovoltaic plant in Austria), and measures to optimize the portfolio. The successful and economic feasible implementation of these
sustainable and innovative technologies will require an incentive system that extends beyond Austrian and European legislation.
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Repsol (Spain) and IMECAL create a technology company for waste valorization
39
Repsol, through its private equity investment fund, Repsol Corporate Venturing, and the Spanish metallurgical company IMECAL have created a new
company, PERSEO Biotechnology. With this operation, Repsol takes a 25% stake in the new partnership. The resulting company is a spin-off of
IMECAL's innovation department, and it combines all the assets spun off from its parent company associated with a novel patented technology called
PERSEO Bioethanol®. This new technology makes it possible to transform organic solid urban waste into advanced bioethanol in a profitable manner.
It not only improves waste management, reducing the amount that goes to landfills, but also transforms it into high value-added products that can be
used as fuel with a low carbon footprint. The development and optimization of this technology, consisting in hydrolysis and fermentation of the raw
material in a single step, represents a qualitative leap in the valorization of municipal solid waste. In addition, among the most notable advantages of
this process are the high yields compared to other options, its modularity, and its complementarity with existing facilities. PERSEO Biotechnology has
a pre-commercial scale plant in L'Alcudia (Valencia), with a capacity to process 25 tons of organic waste a day. The alliance with Repsol, through its
Corporate Venturing fund, will allow the start-up company to accelerate the scale-up of the technology to reach the commercial phase, taking advantage
of the multi-energy company's extensive experience in this field. At the same time, both companies will collaborate on different projects to make the
PERSEO Bioethanol® technology more efficient and make the range of wastes it can process more flexible.
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Saipem (Italy) and Alboran Hydrogen together for green hydrogen production in
Italy and in the Mediterranean
40
Saipem and Alboran Hydrogen have signed a Memorandum of Understanding (MoU) for the joint development and the construction of five plants for the
production of green hydrogen through the electrolysis process, three of which in Italy and the other two in the Mediterranean basin. The two companies will
take advantage of their respective and complementary skills, experience and technologies acquired from having been engaged over the years in the
construction of plants served to the production of hydrogen. In particular, as a global solution provider in the energy and infrastructure sector, Saipem will
be engaged with the engineering, procurement and construction of the plants, as part of the development and eventual implementation activities. Alboran
Hydrogen, operating in the development of renewable projects, will take care to coordinate the technological aspects with the research institutes concerned,
as well as of the authorization activities for the development of the plants, and of the supply chain agreements with the Research Centres, Bodies and
Universities involved. The agreement proposes, among the various possible initiatives identified, the development and creation of a green hydrogen hub
located in Puglia (Italy), through the construction of three plants in the territories of Brindisi, Taranto and Foggia with the participation of the National Energy
Technology District, La Sapienza University, the Salento University and the Brindisi Research Center. This initiative fits within the objectives set by the
National Recovery and Resilience Plan (PNRR). The agreement also provides for the development and the construction of two additional plants in the
Mediterranean basin, specifically in Albania and Morocco. The latter will concern the production of ammonia from green hydrogen.
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Saipem (Italy) and the Norwegian company, Elkem, sign a feasibility study
agreement for the decarbonization business
41
Saipem has signed a collaboration agreement with Elkem to evaluate new opportunities in the entire CO2 capture and
storage chain. In particular, Saipem will collaborate with Elkem, a Norwegian company among the world leaders in the
sustainable production of cutting-edge metals and materials, to assess and identify possible development plans and
design solutions, based on the proprietary technology of the recently acquired Canadian CO2 Solutions, for a CO2
capture plant that is also equipped with liquefaction processes and facilities for cargo ship transport of the CO2
collected by the Northern Lights project, in Norway. Through both its engineering and design skills and experience,
Saipem will contribute to the achievement of the carbon-neutrality objectives of Elkem which has long been at the
forefront of pursuing sustainable environmental objectives. Furthermore, Saipem has already been involved in the
Northern Lights project, for which it has recently completed a feasibility study on the subsea transport of CO2.
Description

IT Shades
Engage & Enable
Egyptian Ministry of Petroleum and Schlumberger (USA) Announce Launch
of the Egypt Upstream Gateway
42
The Egyptian Ministry of Petroleum and Schlumberger announced the launch of the Egypt Upstream Gateway, an
innovative national project for the digitalization of subsurface information. This digital platform will also enable global
access to the country's subsurface data, which is kept evergreen by enhancing legacy datasets through reprocessing and
new studies. This unique digital initiative will be used to unlock the potential of Egypt's petroleum sector and promote the
country's exploration and production potential worldwide. The Egypt Upstream Gateway provides digital access to over
100 years' worth of accumulated national onshore and offshore seismic, non-seismic, well-log, production, and additional
subsurface data under a single platform. This data, which empowers de-risked decisions through the ability to explore
multiple basins and evergreen data, can be accessed virtually from anywhere using the platform’s online portal. In
addition, the Egypt Upstream Gateway will host Egypt's upcoming bid round highlighting lease availability information
to national and international investors worldwide.
Description

IT Shades
Engage & Enable
Total (France) And Microsoft Partner To Drive Digital Innovation And Net
Zero Goals
43
Total and Microsoft announced that they have agreed to collaborate as strategic partners to further digital transformation and support progress
toward net-zero emissions. The dynamic development of Microsoft and Total in their respective areas of expertise and their rich histories of
innovation brings many concrete opportunities for collaboration over a multi-year timeframe:
• Total’s global presence and market knowledge can support Microsoft's sustainability objectives, including its 2025 target for renewable energy
and contribute to the energy efficiency and carbon footprint reduction efforts of its datacenters.
• Total will further leverage the cloud platforms of Microsoft. Total has decided to accelerate its IT transformation and leverage the power of
Azure for digital transformation projects and for Total Digital Factory. Total will broaden and enrich its existing modern workplace environment,
based on Microsoft Office 365 which will provide collaboration and productivity solutions for its employees and its operations. Total will also
explore the value of the Power Platform to automate business processes, reduce cost and allow easier access to data for its citizen developers.
• Explore and co-innovate on areas of collaboration around sustainability, further digital transformation and AI solutions accelerating the
transition to a net-zero economy, for example, the deployment of low-carbon and carbon-removal technologies.
Description

IT Shades
Engage & Enable
Environment & Social Updates
Energy Industry

IT Shades
Engage & Enable
Chevron (USA) Reinforces Plan to Deliver Higher Returns, Lower Carbon
44
Chevron Corporation announced plans to increase return on capital employed and lower carbon intensity to enable superior distributions to shareholders.
Chevron will continue to drive a disciplined capital and cost program to deliver higher returns for shareholders. In line with this objective, the company
announced it has:
• Reaffirmed its 2021-2025 guidance for organic capital and exploratory expenditures of $14 billion to $16 billion.
• Doubled its initial estimate of Noble synergies to $600 million, which contributes to an expected reduction in 2021 operating expenses of 10% from 2019.
The combination of a more capital efficient investment program and lower costs is expected to result in a doubling of the company’s return on capital
employed and 10% CAGR of free cash flow by 2025 at $50 Brent. The company exceeded its 2023 upstream carbon intensity reduction targets three years
ahead of schedule and announced lower 2028 targets and zero routine flaring by 2030. The new targets align with the second stock-take period under the Paris
Agreement and include all of Chevron’s production on an equity-basis:
• 24 kg CO2e / boe for oil and gas GHG intensity; a combined 35% reduction from 2016
• 3 kg CO2e / boe for overall flaring intensity; 65% lower than 2016
• 2 kg CO2e / boe for methane intensity; 50% lower than 2016
Description

IT Shades
Engage & Enable
Chevron (USA), Microsoft, Schlumberger (USA) Collaborate on Carbon
Negative Bioenergy
45
Chevron Corporation, Schlumberger New Energy, Microsoft and Clean Energy Systems announced plans to develop a ground-breaking bioenergy
with carbon capture and sequestration (BECCS) project designed to produce carbon negative power in Mendota, California. The BECCS plant will
convert agricultural waste biomass, such as almond trees, into a renewable synthesis gas that will be mixed with oxygen in a combustor to generate
electricity. More than 99% of the carbon from the BECCS process is expected to be captured for permanent storage by injecting carbon dioxide
(CO2) underground into nearby deep geologic formations. By using biomass fuel that consumes CO2 over its lifetime to produce power and then
safely and permanently storing the produced CO2, the process is designed to result in net-negative carbon emissions, effectively removing
greenhouse gas from the atmosphere. The plant, when completed, is expected to remove about 300,000 tons of CO2 annually, which is equivalent
to the emissions from electricity use of more than 65,000 U.S. homes. The completed facility will help improve air quality in the Central Valley by
using approximately 200,000 tons of agricultural waste annually, in line with the recent California Air Resources Control Board plan to begin
phasing out almost all agricultural burning in the Valley by 2025. The bioenergy technology is designed to operate without routine emissions of
nitrous oxide, carbon monoxide and particulates from combustion produced by conventional biomass plants.
Description

IT Shades
Engage & Enable
Chevron (USA) Commits $300 million Toward Low-Carbon Technology
Investments
46
Chevron Technology Ventures, LLC (CTV) announced the launch of its $300-million Future Energy Fund II focused
on technologies that have the potential to enable affordable, reliable, and ever-cleaner energy for all. With the first
Future Energy Fund launched in 2018, CTV invested in more than 10 companies with more than 150 other investors to
support innovations in carbon capture, emerging mobility and energy storage. Building upon the success of the first
Future Energy Fund, Future Energy Fund II will focus on innovation in industrial decarbonization, emerging mobility,
energy decentralization and the growing circular carbon economy.
Description

IT Shades
Engage & Enable
Lukoil (Russia) To Save Water Resources In Komi Republic
47
As part of its effort to minimize impact on water bodies of the Komi Republic, LUKOIL commissioned new water
treatment facilities and commenced closed loop steam generation at its oil mines in Yarega, Pervomaisky and Nizhny
Domanik settlements. Earlier on, the company had already installed a water reuse system at Yarega field. The steam,
injected in the subsurface, is condensed in water that is brought back together with produced oil. Before it is reused to
generate steam, water gets separated from oil and undergoes multistage treatment. With the new facilities, treating up
to 17 thousand cubic meters a day, the process involves household, rainfall, melt and industrial waste waters, too. The
system allows minimizing of natural water consumption. LUKOIL also proceeds with commissioning of new process
facilities in the Komi Republic. For instance, the company has brought in operation a steam generation unit at
Usinskoye field. The ninth facility of its kind in a string of steam generating plants, commissioned in the region since
2017, the new unit runs on associated petroleum gas, supplied from LUKOIL's gas processing plant in Usinsk.
Description

IT Shades
Engage & Enable
Hess (USA) Donates $2 Million to Houston’s Winter Storm Relief Efforts
48
Hess announced that it is donating $1 million to the Houston Harris County 2021 Winter Storm Relief Fund and $1
million to the Houston Food Bank following the severe winter storm that has significantly impacted communities
already suffering from the economic effects of the COVID-19 pandemic. The company will also match donations made
by employees through its matching gift program. Hess Corporation is a leading global independent energy company
engaged in the exploration and production of crude oil and natural gas. The Houston Harris County 2021 Winter Storm
Relief Fund, established by the City of Houston and Harris County, and overseen and administered by United Way of
Greater Houston and the Greater Houston Community Foundation, is supporting families needing additional help to
recover, including plumbing and home repairs, temporary housing, and other basic needs. The Houston Food Bank
collects and distributes food and other essentials to those in need through a network of 1,500 community partners.
Description

IT Shades
Engage & Enable
Combat to Covid-19: Petrobras (Brazil) will donate 100 oxygen cylinders to
Amazonas
49
Company will mobilize logistics service for the delivery of items, In yet another initiative to help Amazonas in combating the
Covid-19 pandemic, Petrobras will donate 100 oxygen cylinders to the Amazonas State Health Department to meet the high
demand for the input in public hospitals in the state. The company's operations will take place on three fronts: the purchase of
cylinders, the acquisition of oxygen from suppliers and the logistics of delivery to the state. To this end, Petrobras is using its
logistics service, originally used in oil and gas operations, to overcome the challenges of transporting material and speeding
up deliveries. The cylinders were purchased by the company in São Paulo and transported to the oxygen supplier in the same
state, where they are being supplied. Then, they will be transported by land to Guarulhos airport and loaded on a cargo aircraft
that will transport them to Manaus airport. From there, they will be delivered by land to the State Health Department of
Amazonas, which will be in charge of distribution to public hospitals. The cylinders are expected to be delivered in Manaus
later this month.
Description

IT Shades
Engage & Enable
Phillips 66 (USA) Contributes $450,000 to Houston Winter Storm Relief
Efforts
50
Phillips 66 announced it is contributing a total of $450,000 to winter storm relief and recovery efforts across Houston,
with $250,000 going to the Houston Harris County Winter Storm Relief Fund and $200,000 going to the Houston Food
Bank. Thousands of Houstonians are still without running water two weeks after the storm. The Houston Harris County
Winter Storm Relief Fund, established by the City of Houston and Harris County, helps support recovery efforts. It
provides grants to nonprofits focused on plumbing and home repairs, temporary housing and other basic needs. The
fund is managed by the Greater Houston Community Foundation and United Way of Greater Houston. The Houston
Food Bank, the largest in the nation, serves 18 counties in the Houston area and has been a critical lifeline to those
struggling due to the pandemic. It served more than 104,000 households in January, and in February prepared and
distributed meals to shelters and warming centers during the storm.
Description

IT Shades
Engage & Enable
Schlumberger (USA) New Energy, Chevron (USA) and Microsoft Collaborate
on Carbon Negative Bioenergy
51
Schlumberger New Energy, Chevron Corporation, Microsoft and Clean Energy Systems announced plans to develop a ground-breaking bioenergy
with carbon capture and sequestration (BECCS) project designed to produce carbon negative power in Mendota, California. The BECCS plant will
convert agricultural waste biomass, such as almond trees, into a renewable synthesis gas that will be mixed with oxygen in a combustor to generate
electricity. More than 99% of the carbon from the BECCS process is expected to be captured for permanent storage by injecting carbon dioxide
(CO2) underground into nearby deep geologic formations. By using biomass fuel that consumes CO2 over its lifetime to produce power and then
safely and permanently storing the produced CO2, the process is designed to result in net-negative carbon emissions, effectively removing
greenhouse gas from the atmosphere. The plant, when completed, is expected to remove about 300,000 tons of CO2 annually, which is equivalent
to the emissions from electricity use of more than 65,000 U.S. homes. The completed facility will help improve air quality in the Central Valley by
using approximately 200,000 tons of agricultural waste annually, in line with the recent California Air Resources Control Board plan to begin
phasing out almost all agricultural burning in the Valley by 2025. The bioenergy technology is designed to operate without routine emissions of
nitrous oxide, carbon monoxide and particulates from combustion produced by conventional biomass plants.
Description

IT Shades
Engage & Enable
Miscellaneous

Miscellaneous Updates
IT Shades
Engage & Enable
Petrobras (Brazil) prepares Reduc to expand production of Diesel S-10
52
Petrobras will carry out works at the Duque de Caxias Refinery (Reduc) to adapt the Hydrotreatment Unit (HDT) for
diesel and QAV. The interventions will increase the quality of the diesel produced in this unit, promoting a reduction in the
sulfur content (from 500 ppm to just 10 ppm), aiming to meet the specifications of the local and international market, in
addition to environmental requirements. With investments in the order of R $ 140 million and completion of the works
scheduled for the second half of 2023, Petrobras will expand the production capacity of Diesel S-10 at Reduc from the
current 5,000 m³ / day to 9,500 m³ / day. The adjustments are in line with Petrobras' strategic objective of launching
products with higher added value and with less impact on the environment. The use of Diesel S-10 promotes the
improvement of the fuel performance in the engines, with positive impacts in the reduction of emissions of particulate
matter. In addition to the difference in sulfur content, S-10 diesel has a higher level of cetane, an index that measures the
quality of ignition, that is, the higher the better.
Description

IT Shades
Engage & Enable
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I-Byte Energy march 2021

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