Category: Banking

  • MIL-OSI Economics: RBI to conduct 2-day Variable Rate Reverse Repo (VRRR) auction under LAF on November 05, 2024

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on November 05, 2024, Tuesday, as under:

    Sl. No. Notified Amount
    (₹ crore)
    Tenor
    (day)
    Window Timing Date of Reversal
    1 1,25,000 2 10:30 AM to 11:00 AM November 07, 2024
    (Thursday)

    2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1429

    MIL OSI Economics

  • MIL-OSI Economics: Affirm needs strategic positioning amid regulatory shifts in the crowded UK BNPL market, says GlobalData

    Source: GlobalData

    Affirm needs strategic positioning amid regulatory shifts in the crowded UK BNPL market, says GlobalData

    Posted in Banking

    Following the news that the US-based buy now pay later (BNPL) startup Affirm has entered the UK market;

    Phoebe Hodgson, Associate Analyst, Banking and Payments at GlobalData, offers her view:

    “The BNPL market in the UK is becoming increasingly saturated. According to GlobalData’s 2024 Financial Services Consumer Survey*, only 21% of respondents in the UK have used an online BNPL service while buying goods and services. This limited adoption, coupled with an already concentrated market, where 75% of the UK market is held by five BNPL providers, suggests Affirm may find it challenging to position itself among the well-established competitors like Klarna, PayPal and Zilch.

    “Affirm’s unique selling points, such as extended loan periods and strategic partnerships, could help distinguish it, but it will have to overcome significant obstacles. One of the biggest hurdles is the evolving regulatory environment. The UK government seeks to regulate the BNPL product further, treating it as if it were a credit product, subjecting them to stricter consumer protections and potentially reducing the appeal for BNPL for both providers and consumers alike. Soon to be under stricter regulations, Affirm must work under pressure to assert itself among the UK customers, who are more cautious of debt amid high living costs and economic uncertainty. Furthermore, with competitors already moving towards innovative product extensions, and compliance initiatives, Affirm’s market entry may need to be more than just a product push – it must be a strategic positioning exercise to resonate with cautious UK consumers.”

    *Global survey conducted online in Q2 2024 among 67,292 consumers across 41 markets globally. The survey explores global consumer behaviors, purchasing preferences, and attitudes across the most important banking products. The UK’s sample is 5,003.

    MIL OSI Economics

  • MIL-OSI Asia-Pac: Speech by SJ at Second Legal Forum on Interconnectivity and Development (English only)

    Source: Hong Kong Government special administrative region

         Following are the closing remarks by the Secretary for Justice, Mr Paul Lam, SC, at the Second Legal Forum on Interconnectivity and Development under the Hong Kong Legal Week 2024 today (November 5):

    Your excellencies, distinguished guests, ladies and gentlemen,

         Thank you very much again for participating in this year’s Second Legal Forum on Interconnectivity and Development. I would first like to express my gratitude to the Commissioner’s Office of China’s Foreign Ministry in the Hong Kong SAR (OCMFA) for co-organising this forum with the Department of Justice (DoJ) of the Hong Kong SAR. OCMFA’s support and contribution are invaluable to the success of this event.

         I would also like to extend my sincere thanks to the Asian Infrastructure Investment Bank (AIIB) and especially to their General Counsel, Mr Alberto Ninio, who delivered an impactful keynote address on promotion of good governance and high-quality development under international law earlier this morning. Hong Kong, China became a member of AIIB in 2017. Our arrangement for secondment of DoJ counsel to the legal department of AIIB in the past few years has been conducive to enhancing our collaboration with AIIB and strengthening the development of Hong Kong international legal and dispute resolution services, especially in the financial fields.

         Following the keynote address from AIIB, the two Panel Sessions examined the critical importance of legal connectivity in our increasingly globalised landscape, as well as its impact across various fields, from international trade and commerce, dispute resolution, sanctions to emerging domains such as the governance of artificial intelligence (AI). The experience and practice of Hong Kong in connecting with high-standard international legal rules provide a good illustration for our discussion. Allow me to reflect briefly on today’s discussions and Hong Kong’s role in these vital developments.

    Cross-border legal connectivity and China’s foreign-related rule of law

         Legal connectivity transcends borders, bringing jurisdictions closer and promoting shared prosperity. As President Xi Jinping has noted, the fundamental purpose of advancing foreign-related rule of law is to better safeguard the interests of the country and the people, promote the progress of international rule of law and the development of a community with a shared future for mankind. China’s institutional opening-up progresses alongside its development of foreign-related legal frameworks. The rule of law forms the foundation of a favourable business environment.

         The first session explored Hong Kong’s evolving legal landscape, where, under the “one country, two systems” framework, it serves as a strategic nexus for trade and commerce and dispute resolution, regionally in the Guangdong-Hong Kong-Macao Greater Bay Area, as well as internationally. In this era of ever-changing global business norms, as China’s institutional opening-up progresses, Hong Kong serves not only as a “super-connector” but also provides unique legal services under its legal and international arbitration framework.

    Rule of law to safeguard sustainable development

         On the importance of the rule of law to mitigate risks and to safeguard Hong Kong’s and national sustainable development, the learned speakers have shared their insights into the global developments in financial sanctions and anti-sanctions, as well as legislative trends on anti-interference in major western countries.

         As AI rapidly advances, it transforms industries and economies in a revolutionary way. This also brings with it complex global regulation and governance issues and related risks. As the final report on this subject by the United Nations Secretary-General appointed panel concludes, “the very nature of the technology itself – transboundary in structure and application – necessitates a global approach”. The discussions on this topic today are timely and relevant as we consider how to safeguard sustainable development in an increasingly inter-connected world with AI.

         As President Xi stressed during the 16th BRICS Summit, “as the world becomes more turbulent, it is even more important to uphold the banner of peace, development, co-operation and win-win outcomes”. It is my sincere hope that the discussions in today’s forum could bring out a spirit of co-operation and collaboration in traditional fields like economy and trade, as well as emerging areas like artificial intelligence, with our sustainable development safeguarded by the rule of law.

    Hong Kong as a global legal and dispute resolution hub

         On co-operation and development, aligned with Hong Kong’s development of “eight centres” as outlined in the National 14th Five-Year Plan, the Department of Justice has taken forward policies to strengthen Hong Kong’s role as a leading legal and dispute resolution hub.

         The staunch support of the Central People’s Government in strengthening the city as a centre for international legal and dispute resolution services in the Asia-Pacific region under the National 14th Five-Year Plan can be demonstrated by the establishment of the International Organization for Mediation (IOMed) Preparatory Office last year. The IOMed Preparatory Office has successfully facilitated the conclusion of negotiations on the Convention on Establishment of the IOMed last month. A decision has also been made by all the negotiating parties that a signing ceremony of the Convention will be held in Hong Kong next year and the IOMed headquarters will also be situated in Hong Kong once the Convention has entered into force.

         As the world’s first intergovernmental international legal organisation dedicated to resolving international disputes through mediation, IOMed is important for the implementation of settling international disputes by peaceful means as set out in the United Nations Charter. Upon its establishment, the IOMed will provide friendly, flexible, economical and efficient mediation services, thereby building Hong Kong as a capital for international mediation.

         Apart from exciting development on IOMed, we also continue to enhance our collaboration with prominent law-related international organisations, such as the International Institute for the Unification of Private Law (UNIDROIT), with which we co-organised this year’s Asia-Pacific International Private Law Summit yesterday. We are also in active discussion with UNIDROIT for the possible establishment of its liaison office in Hong Kong in the near future. These forms of collaborations enable Hong Kong to contribute to and align with international standards, thus enhancing its appeal as a global hub for dispute resolution.

         In addition, with the support of the Central People’s Government and the assistance of the OCMFA, the Department of Justice has put in place programmes to second local legal talents to several law-related international organisations including the UNIDROIT. Through participating in the work of such international organisations, local legal professionals can enhance their knowledge of international legal matters and develop global vision. Nurturing Hong Kong’s legal talents is crucial for the sustainable development of the legal community, for consolidating our position as a leading international legal and dispute resolution services centre and for the long-term development of the rule of law, matters to which the Central Authorities and the HKSAR Government have attached great importance.

    Fostering legal talent: Hong Kong International Legal Talents Training Academy

         Following the announcement in the Chief Executive’s 2024 Policy Address, the Hong Kong International Legal Talents Training Academy will be officially launched on this Friday, Day five of Hong Kong Legal Week. To make good use of Hong Kong’s bilingual common law system and international legal status, the Training Academy will regularly organise practical training courses, seminars, international exchange programmes and more to promote exchanges among talents in regions along the Belt and Road region. It will also provide training for talents in the practice of foreign-related legal affairs for the country, and cultivate legal talents to be familiar with international law, common law, civil law, national legal systems and other legal areas. In future, our Department will make use of this capacity building platform to enable practitioners from different jurisdictions to exchange ideas on promoting the culture of harmony.

    Looking ahead: Hong Kong’s future role as an international legal hub

         Looking to the future, we are reminded of the traditional Chinese saying by Confucius, in Chinese is “å�›å­�和而ä¸�å�Œ and in English “a gentleman seeks harmony, not uniformity”. This philosophy encourages us to pursue a shared vision despite our differences, and is crucial for enhancing interconnectivity and development in building a community of shared future for mankind. In our interconnected world, such harmony through diversity is essential for achieving lasting success and mutual respect across boundaries. Hong Kong’s dedicated efforts in aligning with and contributing to international legal standards, its experience in international dispute resolution, as well as its commitment to legal capacity-building could leave a positive impact as the world navigates through complex challenges. As China moves towards deeper institutional opening-up, Hong Kong has a significant role to play in facilitating international engagement and promoting the progress of international rule of law.

         In closing, my sincere thanks to all speakers, participants, supporting organisations, colleagues at the OCMFA and the DoJ for making this forum a success. I look forward to your support for the Third Legal Forum on Interconnectivity and Development next year. Thank you very much.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Result of the 2-day Variable Rate Reverse Repo (VRRR) auction held on November 05, 2024

    Source: Reserve Bank of India

    Tenor 2-day
    Notified Amount (in ₹ crore) 1,25,000
    Total amount of offers received (in ₹ crore) 70,825
    Amount accepted (in ₹ crore) 70,825
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad           
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1430

    MIL OSI Economics

  • MIL-OSI: International Petroleum Corporation Announces Third Quarter 2024 Financial and Operational Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Nov. 05, 2024 (GLOBE NEWSWIRE) — International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operational results and related management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2024.

    William Lundin, IPC’s President and Chief Executive Officer, comments: “We are pleased to announce another positive quarter of operational performance. IPC achieved average net daily production during the third quarter of 45,000 barrels of oil equivalent per day (boepd), following planned maintenance shutdowns during the quarter. We also continue to purchase IPC common shares under the normal course issuer bid (NCIB). We have now almost completed the 2023/2024 NCIB, reducing the outstanding number of common shares by over 6% since the beginning of December 2023. We intend to seek Toronto Stock Exchange approval to renew the NCIB in December 2024. We are also pleased to report on the progress achieved at the Blackrod Phase 1 development in Canada, which remains on schedule and on budget.”

    Q3 2024 Business Highlights

    • Average net production of approximately 45,000 boepd for Q3 2024, in line with guidance (49% heavy crude oil, 17% light and medium crude oil and 34% natural gas).(1)
    • Successful completion of planned maintenance shutdowns at Onion Lake Thermal (OLT) in Canada and the Bertam field in Malaysia.
    • Drilling activity at the Suffield area in Canada continued with four wells drilled in Q3 2024 and completed by October 2024.
    • Development activities on Phase 1 of the Blackrod project continue to progress on schedule and on budget, with forecast first oil in late 2026.
    • 2.6 million IPC common shares purchased and cancelled during Q3 2024 under IPC’s normal course issuer bid (NCIB), on track to complete the 2023/2024 NCIB during November 2024.
    • IPC plans to seek Toronto Stock Exchange approval for the renewal of the NCIB in December 2024.

    Q3 2024 Financial Highlights

    • Operating costs per boe of USD 17.9 for Q3 2024, below guidance.(3)
    • Operating cash flow (OCF) and Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) of MUSD 73 and MUSD 68 respectively in line with guidance for Q3 2024.(3)
    • Capital and decommissioning expenditures of MUSD 102 for Q3 2024, in line with guidance.
    • Free cash flow (FCF) for Q3 2024 amounted to MUSD -38 (MUSD 44 pre-Blackrod Phase 1 project funding).(3)
    • Gross cash of MUSD 299 and net debt of MUSD 157 as at September 30, 2024.(3)
    • Net result of MUSD 23 for Q3 2024.

    Reserves and Resources

    • Total 2P reserves as at December 31, 2023 of 468 MMboe, with a reserves life index (RLI) of 27 years.(1)(2)
    • Contingent resources (best estimate, unrisked) as at December 31, 2023 of 1,145 MMboe.(1)(2)

    2024 Annual Guidance

    • Full year 2024 average net production guidance range maintained at 46,000 to 48,000 boepd.(1)
    • Full year 2024 operating costs guidance revised to below USD 18 per boe.(3)
    • Full year 2024 OCF guidance estimated at between MUSD 335 and 342, assuming Brent USD 70 to 80 per barrel for the remainder of 2024.(3)
    • Full year 2024 capital and decommissioning expenditures guidance forecast maintained at MUSD 437.
    • Full year 2024 FCF guidance estimated at between MUSD -140 and -133 (between MUSD 222 and 229 pre-Blackrod Phase 1 project funding), assuming Brent USD 70 to 80 per barrel for the remainder of 2024.(3)
      Three months ended
    September 30
      Nine months ended
    September 30
    USD Thousands 2024   2023     2024   2023  
    Revenue 173,200   257,366     598,659   655,446  
    Gross profit 39,505   93,429     167,397   210,559  
    Net result 22,875   71,681     101,804   143,269  
    Operating cash flow (3) 72,589   119,142     263,831   279,414  
    Free cash flow (3) (38,269 ) 34,703     (74,021 ) 67,379  
    EBITDA (3) 68,313   123,054     259,304   284,334  
    Net cash/(debt) (3) (157,228 ) 83,097     (157,228 ) 83,097  
                       

    Oil prices softened in the third quarter with Brent prices averaging USD 80 per barrel compared with USD 85 per barrel in the second quarter. Volatility during the quarter was high with Brent prices ranging from USD 89 per barrel in July to USD 70 per barrel in September. Notwithstanding the volatility in prices, the crude market was in a deficit through the third quarter, aided by the proactive supply management by the OPEC+ group. The continued conflicts in the Middle East and Ukraine led to increased oil prices, though these were partially offset by concerns over global oil demand growth, in particular consumer and industrial demand in China. Despite some of these negative factors, the physical market remains tight with OECD crude stock levels below the five-year average, with oil demand expected to be at an all-time high in 2024 and continue to grow in 2025. Approximately 50% of IPC’s forecast 2024 oil production is hedged at USD 80 per barrel WTI or USD 85 per barrel Dated Brent through to the end of 2024.

    The third quarter 2024 WTI to Western Canadian Select (WCS) price differentials averaged just under USD 14 per barrel, in line with the second quarter and approximately USD 5 per barrel lower than the first quarter differential average of USD 19 per barrel. The Trans Mountain expansion (TMX) pipeline continues to support tighter differentials with the Western Canadian Sedimentary Basin (WCSB) now having excess spare pipeline capacity for the first time in more than a decade. Crude exports from the new TMX pipeline are flowing off the coast of British Columbia, with deliveries to the US West Coast and Asia creating new end destinations for Canadian heavy oil. Around 70% of our forecast 2024 Canadian WCS production volumes are hedged at a WTI/WCS differential of USD 15 per barrel.

    Natural gas prices in Canada remained suppressed in the third quarter, with AECO pricing averaging CAD 0.67 per Mcf during the period, compared to CAD 1.17 per Mcf average for the second quarter. This has led to some Canadian natural gas producers curtailing production as western Canada gas storage levels continue to sit above the five-year range. IPC implemented hedges during the third quarter for approximately 14,500 Mcf per day at CAD 1.57 per Mcf from August to year end 2024.

    Third Quarter 2024 Highlights and Full Year 2024 Guidance

    IPC delivered average daily production rates of 45,000 boepd for the third quarter. The average daily production for the first nine months of 2024 was 47,400 boepd and the full year Capital Markets Day (CMD) production guidance of 46,000 to 48,000 boepd is maintained. During the third quarter, planned maintenance shutdowns at the Onion Lake Thermal (OLT) asset in Canada and at the Bertam field in Malaysia were successfully completed. High uptimes were achieved across all major producing assets in our portfolio during the quarter and the business benefited from the oil wells drilled within our Southern Alberta assets and the new wells brought on stream from sustaining Pad L at the OLT asset.(1)

    Operating costs in the third quarter of 2024 were below forecast at USD 17.9 per boe. The lower costs were largely driven by lower energy input costs within our Canadian asset base. Full year 2024 operating costs guidance is revised to less than USD 18 per boe, below the CMD guidance range of USD 18 to 19 per boe.(3)

    Operating cash flow (OCF) for the third quarter of 2024 was USD 73 million in line with forecast. Full year 2024 OCF guidance is revised to USD 335 to 342 million (assuming Brent USD 70 to 80 per barrel for the remainder of 2024).(3)

    Capital and decommissioning expenditure for the third quarter was in line with plan at USD 102 million. Our full year 2024 capital and decommissioning expenditure guidance is unchanged at USD 437 million.

    Free cash flow (FCF) was USD -38 million (or USD 44 million pre-Blackrod Phase 1 development funding) during the third quarter of 2024. Full year 2024 FCF guidance is revised to USD -140 to -133 million (or USD 222 to 229 million pre-Blackrod Phase 1 development funding) assuming Brent USD 70 to 80 per barrel for the remainder of 2024.(3)

    Net debt was increased during the third quarter of 2024 by approximately USD 69 million to USD 157 million.(3) This is due to the growth capital expenditure at the Blackrod Phase 1 project and continued funding of the normal course issuer bid (NCIB) share repurchase program. The gross cash position as at September 30, 2024 was USD 299 million. In the third quarter, IPC enhanced its financing position by entering into a letter of credit facility in Canada to cover all of its existing operational letters of credit, giving full availability under IPC’s undrawn CAD 180 million Revolving Credit Facility.

    With a robust balance sheet and strong cashflow generation from the producing assets, IPC is strongly positioned to deliver on our three strategic pillars of organic growth, shareholder returns and pursue value-adding M&A.

    Blackrod Phase 1 Project

    The Blackrod asset is 100% owned by IPC and hosts the largest booked reserves and contingent resources within the IPC portfolio. After more than a decade of pilot operations, subsurface delineation and commercial engineering studies, IPC sanctioned the Phase 1 development in the first quarter of 2023. The Phase 1 development targets 218 MMboe of 2P reserves, with a multi-year forecast capital expenditure of USD 850 million to first oil planned in late 2026. The Phase 1 development is planned for plateau production of 30,000 bopd which is expected by early 2028.(1)(2)

    2024 marks a peak investment year at the Blackrod Phase 1 project for IPC, with USD 362 million planned to be spent in the year. Project progress has advanced according to plan, with approximately USD 245 million spent through the first nine months of 2024. All major third-party contracts have been executed, including but not limited to, the engineering, procurement and construction (EPC) agreements for the central processing facility (CPF) and well pad facilities, midstream agreements for the input fuel gas, diluent and oil blend pipelines, and drilling rig and stakeholder agreements. All major long lead items have been procured and pre-operations onboarding continues as the asset undergoes rapid change from a pilot steam assisted gravity drainage (SAGD) operation to a commercial SAGD operation. IPC’s core operational philosophy is to responsibly develop and commission projects with the staff that are going to manage and operate the asset to ensure the seamless transition from development to operations.

    As at the end of the third quarter of 2024, over half of the Blackrod Phase 1 development capital had been spent since the project sanction in early 2023. All major work streams are progressing as planned and the focus continues to be on executing the detailed sequencing of events as facility modules are safely delivered and installed at site. The total Phase 1 project guidance of USD 850 million capital expenditure to first oil in late 2026 is unchanged. IPC intends to fund the remaining Blackrod Phase 1 development costs with forecast cash flow generated by its operations and cash on hand.

    Stakeholder Returns: Normal Course Issuer Bid

    Under the current 2023/2024 NCIB, IPC has the ability to repurchase up to approximately 8.3 million common shares over the period of December 5, 2023 to December 4, 2024. IPC repurchased and cancelled approximately 7.5 million common shares up to the end of September 2024. The average price of common shares purchased under the 2023/2024 NCIB was SEK 132 / CAD 17 per share. IPC expects to complete the 2023/2024 NCIB during November 2024, resulting in the cancellation of 6.5% of the total number of common shares outstanding as at the beginning of December 2023.

    As at September 30, 2024, IPC had a total of 120,751,038 common shares issued and outstanding and IPC held 30,000 common shares in treasury. As at October 31, 2024, IPC had a total of 120,244,638 common shares issued and outstanding and IPC held 44,400 common shares in treasury.

    The IPC Board of Directors has approved, subject to acceptance by the Toronto Stock Exchange (TSX), the renewal of IPC’s NCIB for a further twelve months from December 2024 to December 2025. We expect that the 2024/2025 NCIB will permit IPC to purchase on the TSX and/or Nasdaq Stockholm, and cancel, up to a further approximately 7.5 million common shares, representing approximately 6.2% of the total outstanding common shares (or 10% of IPC’s “public float” under applicable TSX rules) following completion of the current 2023/2024 NCIB. IPC continues to believe that reducing the number of common shares outstanding while in parallel investing in material production growth at the Blackrod project will prove to be a winning formula for our stakeholders.

    Environmental, Social and Governance (ESG) Performance

    As part of IPC’s commitment to operational excellence and responsible development, its objective is to reduce risk and eliminate hazards to prevent occurrence of accidents, ill health, and environmental damage, as these are essential to the success of our business operations. During the third quarter of 2024, IPC recorded no material safety or environmental incidents.

    As previously announced, IPC targets a reduction of our net GHG emissions intensity by the end of 2025 to 50% of IPC’s 2019 baseline and IPC remains on track to achieve this reduction. During the first quarter of 2024, IPC announced the commitment to remain at end 2025 levels of 20 kg CO2/boe through to the end of 2028.(4)

    Notes:

    (1) See “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” below. See also the annual information form for the year ended December 31, 2023 (AIF) available on IPC’s website at www.international-petroleum.com and under IPC’s profile on SEDAR+ at www.sedarplus.ca.
    (2) See “Reserves and Resources Advisory“ below. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of NPV, are described in the AIF.
    (3) Non-IFRS measures, see “Non-IFRS Measures” below and in the MD&A.
    (4) Emissions intensity is the ratio between oil and gas production and the associated carbon emissions, and net emissions intensity reflects gross emissions less operational emission reductions and carbon offsets.

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50
          Or       Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15
             

    This information is information that International Petroleum Corporation is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07:30 CET on November 5, 2024. The Corporation’s unaudited interim condensed consolidated financial statements (Financial Statements) and management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2024 have been filed on SEDAR+ (www.sedarplus.ca) and are also available on the Corporation’s website (www.international-petroleum.com).

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

    Forward-looking statements include, but are not limited to, statements with respect to:

    • 2024 production ranges (including total daily average production), production composition, cash flows, operating costs and capital and decommissioning expenditure estimates;
    • Estimates of future production, cash flows, operating costs and capital expenditures that are based on IPC’s current business plans and assumptions regarding the business environment, which are subject to change;
    • IPC’s financial and operational flexibility to continue to react to recent events and navigate the Corporation through periods of volatile commodity prices;
    • The ability to fully fund future expenditures from cash flows and current borrowing capacity;
    • IPC’s intention and ability to continue to implement strategies to build long-term shareholder value;
    • The ability of IPC’s portfolio of assets to provide a solid foundation for organic and inorganic growth;
    • The continued facility uptime and reservoir performance in IPC’s areas of operation;
    • Development of the Blackrod project in Canada, including estimates of resource volumes, future production, timing, regulatory approvals, third party commercial arrangements, breakeven prices and net present value;
    • Current and future production performance, operations and development potential of the Onion Lake Thermal, Suffield, Brooks, Ferguson and Mooney operations, including the timing and success of future oil and gas drilling and optimization programs;
    • The potential improvement in the Canadian oil egress situation and IPC’s ability to benefit from any such improvements;
    • The ability to maintain current and forecast production in France and Malaysia;
    • The intention and ability of IPC to acquire further common shares under the NCIB, including the timing of any such purchases;
    • The ability of IPC to renew the NCIB and the number of common shares which may be purchased under a renewed NCIB;
    • The return of value to IPC’s shareholders as a result of the NCIB;
    • The ability of IPC to implement further shareholder distributions in addition to the NCIB;
    • IPC’s ability to implement its greenhouse gas (GHG) emissions intensity and climate strategies and to achieve its net GHG emissions intensity reduction targets;
    • IPC’s ability to implement projects to reduce net emissions intensity, including potential carbon capture and storage;
    • Estimates of reserves and contingent resources;
    • The ability to generate free cash flows and use that cash to repay debt;
    • IPC’s continued access to its existing credit facilities, including current financial headroom, on terms acceptable to the Corporation;
    • IPC’s ability to maintain operations, production and business in light of any future pandemics and the restrictions and disruptions related thereto, including risks related to production delays and interruptions, changes in laws and regulations and reliance on third-party operators and infrastructure;
    • IPC’s ability to identify and complete future acquisitions;
    • Expectations regarding the oil and gas industry in Canada, Malaysia and France, including assumptions regarding future royalty rates, regulatory approvals, legislative changes, and ongoing projects and their expected completion; and
    • Future drilling and other exploration and development activities.

    Statements relating to “reserves” and “contingent resources” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and that the reserves and resources can be profitably produced in the future. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

    Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

    These include, but are not limited to general global economic, market and business conditions; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; the ability to attract, engage and retain skilled employees; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including the war between Ukraine and Russia and the conflict in the Middle East, and their potential impact on, among other things, global market conditions; and changes in legislation, including but not limited to tax laws, royalties, environmental and abandonment regulations.

    Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in the MD&A (See “Risk Factors”, “Cautionary Statement Regarding Forward-Looking Information” and “Reserves and Resources Advisory” therein), the Corporation’s Annual Information Form (AIF) for the year ended December 31, 2023, (See “Cautionary Statement Regarding Forward-Looking Information”, “Reserves and Resources Advisory” and “Risk Factors”) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

    Management of IPC approved the production, operating costs, operating cash flow, capital and decommissioning expenditures and free cash flow guidance and estimates contained herein as of the date of this press release. The purpose of these guidance and estimates is to assist readers in understanding IPC’s expected and targeted financial results, and this information may not be appropriate for other purposes.

    Non-IFRS Measures
    References are made in this press release to “operating cash flow” (OCF), “free cash flow” (FCF), “Earnings Before Interest, Tax, Depreciation and Amortization” (EBITDA), “operating costs” and “net debt”/”net cash”, which are not generally accepted accounting measures under International Financial Reporting Standards (IFRS) and do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with similar measures presented by other public companies. Non-IFRS measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

    The definition of each non-IFRS measure is presented in IPC’s MD&A (See “Non-IFRS Measures” therein).

    Operating cash flow
    The following table sets out how operating cash flow is calculated from figures shown in the Financial Statements:

      Three months ended September 30   Nine months ended September 30
    USD Thousands 2024   2023     2024   2023  
    Revenue 173,200   257,366     598,659   655,446  
    Production costs (100,984 ) (130,765 )   (328,110 ) (364,889 )
    Current tax 373   (7,459 )   (6,718 ) (16,045 )
    Operating cash flow 72,589   119,142     263,831   274,512  
                       

    The operating cash flow for the nine months ended September 30, 2023 including the operating cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 279,414 thousand.

    Free cash flow
    The following table sets out how free cash flow is calculated from figures shown in the Financial Statements:

      Three months ended September 30   Nine months ended September 30
    USD Thousands 2024   2023     2024   2023  
    Operating cash flow – see above 72,589   119,142     263,831   274,512  
    Capital expenditures (99,100 ) (76,844 )   (308,457 ) (183,904 )
    Abandonment and farm-in expenditures1 (2,575 ) (2,755 )   (4,938 ) (7,683 )
    General, administration and depreciation expenses before depreciation2 (3,903 ) (3,547 )   (11,245 ) (11,124 )
    Cash financial items3 (5,280 ) (1,293 )   (13,212 ) (3,593 )
    Free cash flow (38,269 ) 34,703     (74,021 ) 68,208  

    1 See note 16 to the Financial Statements
    2 Depreciation is not specifically disclosed in the Financial Statements
    3 See notes 4 and 5 to the Financial Statements

    The free cash flow for the nine months ended September 30, 2023 including the free cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 67,379 thousand.

    EBITDA
    The following table sets out the reconciliation from net result from the consolidated statement of operations to EBITDA:

      Three months ended September 30   Nine months ended September 30
    USD Thousands 2024   2023     2024   2023  
    Net result 22,875   71,681     101,804   143,269  
    Net financial items 4,124   4,257     23,942   16,227  
    Income tax 8,257   25,451     29,473   50,671  
    Depletion and decommissioning costs 30,491   31,687     96,305   71,488  
    Depreciation of other tangible fixed assets 2,023   1,509     6,503   6,503  
    Exploration and business development costs 197   (24 )   344   2,007  
    Depreciation included in general, administration and depreciation expenses 1 346   405     933   1,180  
    Sale of Assets   (11,912 )     (11,912 )
    EBITDA 68,313   123,054     259,304   279,433  

    1 Item is not shown in the Financial Statements

    The EBITDA for the nine months ended September 30, 2023 including the EBITDA contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 284,334 thousand.

    Operating costs
    The following table sets out how operating costs is calculated:

      Three months ended September 30   Nine months ended September 30
    USD Thousands 2024   2023     2024   2023  
    Production costs 100,984   130,765     328,110   364,889  
    Cost of blending (29,818 ) (39,836 )   (116,699 ) (128,523 )
    Change in inventory position 2,755   (8,067 )   3,160   2,228  
    Operating costs 73,921   82,862     214,571   238,594  

    The operating costs for the nine months ended September 30, 2023 including the operating costs contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 245,395 thousand.

    Net cash/(debt)
    The following table sets out how net cash/(debt) is calculated:

    USD Thousands September 30, 2024   December 31, 2023  
    Bank loans (6,431 ) (9,031 )
    Bonds1 (450,000 ) (450,000 )
    Cash and cash equivalents 299,203   517,074  
    Net cash/(debt) (157,228 ) 58,043  

    1 The bond amount represents the redeemable value at maturity (February 2027).

    Reserves and Resources Advisory
    This press release contains references to estimates of gross and net reserves and resources attributed to the Corporation’s oil and gas assets. For additional information with respect to such reserves and resources, refer to “Reserves and Resources Advisory” in the MD&A. Light, medium and heavy crude oil reserves/resources disclosed in this press release include solution gas and other by-products. Also see “Supplemental Information regarding Product Types” below.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in Canada are effective as of December 31, 2023, and are included in the reports prepared by Sproule Associates Limited (Sproule), an independent qualified reserves evaluator, in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook (the COGE Handbook) and using Sproule’s December 31, 2023 price forecasts.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in France and Malaysia are effective as of December 31, 2023, and are included in the report prepared by ERC Equipoise Ltd. (ERCE), an independent qualified reserves auditor, in accordance with NI 51-101 and the COGE Handbook, and using Sproule’s December 31, 2023 price forecasts.

    The price forecasts used in the Sproule and ERCE reports are available on the website of Sproule (sproule.com) and are contained in the AIF. These price forecasts are as at December 31, 2023 and may not be reflective of current and future forecast commodity prices.

    The reserve life index (RLI) is calculated by dividing the 2P reserves of 468 MMboe as at December 31, 2023 by the mid-point of the 2024 CMD production guidance of 46,000 to 48,000 boepd.

    IPC uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). A BOE conversion ratio of 6:1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value.

    Supplemental Information regarding Product Types

    The following table is intended to provide supplemental information about the product type composition of IPC’s net average daily production figures provided in this press release:

      Heavy Crude Oil
    (Mbopd)
    Light and Medium Crude Oil (Mbopd) Conventional Natural Gas (per day) Total
    (Mboepd)
    Three months ended        
    September 30, 2024 21.9 7.8 91.9 MMcf
    (15.3 Mboe)
    45.0
    September 30, 2023 25.8 7.1 103.4 MMcf
    (17.3 Mboe)
    50.2
    Nine months ended        
    September 30, 2024 23.7 7.9 94.8 MMcf
    (15.8 Mboe)
    47.4
    September 30, 2023 25.9 8.6 102.4 MMcf
    (17.1 Mboe)
    51.6
    Year ended        
    December 31, 2023 25.8 8.1 102.8 MMcf
    (17.1 Mboe)
    51.1
             

    This press release also makes reference to IPC’s forecast total average daily production of 46,000 to 48,000 boepd for 2024. IPC estimates that approximately 50% of that production will be comprised of heavy oil, approximately 16% will be comprised of light and medium crude oil and approximately 34% will be comprised of conventional natural gas.

    Currency
    All dollar amounts in this press release are expressed in United States dollars, except where otherwise noted. References herein to USD mean United States dollars and to MUSD mean millions of United States dollars. References herein to CAD mean Canadian dollars.

    The MIL Network

  • MIL-OSI Asia-Pac: SFST promotes HK in Zurich

    Source: Hong Kong Information Services

    Secretary for Financial Services & the Treasury Christopher Hui yesterday began a visit to Switzerland, where he is promoting Hong Kong’s status as an international centre for asset, wealth and risk management.

    In Zurich, Mr Hui met Swiss Re Group’s Chief Executive Officer, Corporate Solutions Ivan Gonzalez, and Chairman of the Board of Zurich Insurance Group Michel M Liès, giving them an update on initiatives announced in the 2024 Policy Address to strengthen Hong Kong’s position as a global risk management centre.

    These initiatives include reviewing the risk-based capital regime implemented in July and examining capital requirements for infrastructure investment in order to enrich insurance companies’ asset allocations for risk diversification and drive investment in infrastructure. The Hong Kong Special Administrative Region Government will also continue to invite Mainland and overseas enterprises to establish captive insurers in Hong Kong.

    Mr Hui also had a lunch meeting with the Swiss-Hong Kong Business Association, a member of the Federation of Hong Kong Business Associations. He briefed the association on investment opportunities in Hong Kong’s asset and wealth management sectors, stressing that the city welcomes investors and family offices from around the world.

    At another gathering, with leaders of a multinational financial service provider, Mr Hui spoke of the enhancements proposed in the Policy Address to strengthen Hong Kong’s status as an asset and wealth management hub.

    The industry is to be consulted on increasing the types of transactions, by funds and family offices, that are eligible for tax concessions. It is proposed that emission derivatives and allowances, virtual assets, insurance-linked securities, loans and private credit investments, and more, be made eligible.

    Mr Hui added that the Hong Kong Special Administrative Region Government’s issuance of green bonds is attracting strong interest from local and international investors, with $220 billion in government green bonds having been issued so far.

    The treasury chief also met the Swiss National Bank’s Head of Bilateral Cooperation of Lena Lee Andresen to discuss issues of mutual concern such as global trends in monetary policy.

    In addition, Mr Hui visited the headquarters of Gategroup, a market-leading inflight caterer with a global presence and operations in Hong Kong, and met its Chief Financial Officer Urs Schwendinger.

    Highlighting that Hong Kong is an international aviation hub and that development of its Airport City is ongoing, he invited Gategroup to expand its operations in the SAR.

    Mr Hui’s visit to Switzerland will continue today in Geneva. 

    MIL OSI Asia Pacific News

  • MIL-OSI: Progress on share buyback programme

    Source: GlobeNewswire (MIL-OSI)

    Progress on share buyback programme

    ING announced today that, as part of our €2.0 billion share buyback programme announced on 31 October 2024, in total 4,016,274 shares were repurchased during the week of 31 October 2024 up to and including 1 November 2024.

    In line with the purpose of the programme to reduce the share capital of ING, the ordinary shares were repurchased at an average price of €15.64 for a total consideration of €62,798,086.93. To date approximately 3.14% of the maximum total value of the share buyback programme has been completed.

    For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at www.ing.com/investorrelations.

    Note for editors

    For more on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via X @ING_news feed. Photos of ING operations, buildings and its executives are available for download at Flickr.

    ING PROFILE
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell.

    Important legal information

    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2023 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters, including data gathering and reporting (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

    Attachment

    The MIL Network

  • MIL-OSI Asia-Pac: Year End Review 2024: Department of Water Resources, River Development and Ganga Rejuvenation,

    Source: Government of India (2)

    Posted On: 25 JAN 2025 10:14AM by PIB Delhi

    The Department of Water Resources, River Development and Ganga Rejuvenation, Ministry of JalShakti has been working relentlessly towards achieving the vision and mission of making India a ‘Water Secure Country’ as envisioned by Prime Minister, Shri Narendra Modi. The Ministry of Jal Shakti, formed in 2019 by bringing together all water related departments and organizations under one umbrella Ministry, has been playing a pivotal role in implementation of a focused strategy towards making India ‘Water Secure’ while ensuring optimal utilization of precious and scarce water resources across the nation. During the year2024, the Department of Water Resources, River Development and Ganga Rejuvenation has undertaken several new initiatives and achieved significant outcomes/milestones. Following is some of the key achievements of the Department in 2024:

    1.  ​National Mission forClean Ganga (NMCG)

    National Mission for Clean Ganga, in the year 2024, completed 25 projects which resulted in the completion of a cumulative total of 303 projects, sofar, and also sanctioned 39 new projects amounting to ₹ 2,056 crore, bringing the cumulative total to 488 projects sanctioned worth ₹ 39,730 crore. In sewerage infrastructure, 12 projects for the creation/ rehabilitation of 305 MLD sewage treatment capacity have been sanctioned between January to December 2024. In the same period, 16 projects for the creation/ rehabilitation of 750 MLD sewage treatment capacity have been completed. Till date, a total of 203 sewerage infrastructure projects have been sanctioned in the Ganga Basin for the creation of 6,255 MLD sewage treatment capacity and the laying of a 5,249 km sewer network.

    Other key achievements during the year 2024 are as follows:

     

    (A) Inauguration and Laying of Foundation Stones Sewerage infrastructure projects by Hon’ble Prime Minister (Under Nirmal Ganga)

     

    • On 25thJanuary 2024, the Hon’ble Prime Minister inaugurated the following projects with a cumulative cost of ₹ 790.5 Crores from Bulandshahr, Uttar Pradesh.

     

    1. Construction of 30 MLD STP at Masani, Mathura (under Hybrid Annuity-basedPPP (HAM) model under Namami Gange Program), Rehabilitation of existing (30 MLD at Trans Yamuna and 6.8 MLD STP at Masani, Mathura) total 36.8 MLD and Construction of 20 MLD TTRO plant (Tertiary Treatment and Reverse Osmosis Plant), Masani, Mathura 
    1. Construction of 58 MLD STP with 264 km and sewerage Network at Moradabad

     

    • On 1st March 2023, the Hon’ble Prime Minister inaugurated three projects worth
      ₹ 575 crore
      from Hooghly, West Bengal. These projects include, 40 MLD STP work with Interception & Diversion at Bally, West Bengal, 60 MLD STP work with Interception & Diversion at Kamarhati and Baranagar Municipalities, West Bengal and 65 MLD STP work with Interception & Diversion at Howrah.

     

    • On 2nd March 2024, the Hon’ble Prime Minister inaugurated twelve projects worth ₹ 2,189 crore from Aurangabad, Bihar. These projects include 60 MLD STP and 162 km sewerage network at Saidpur, Patna, 60 MLD STP at Pahari, Patna, 93 km sewerage network at Pahari Zone IVA (S), Patna, 116 km sewerage network at Pahari Zone V, Patna, 180 km sewerage network at Beur, Patna, 96 km sewerage network at Karmalichak, Patna, 11 MLD STP at Barh, Patna, 10 MLD STP at Sultanganj, Bhagalpur, 9 MLD STP at Naugachia, Bhagalpur, 3.50 MLD STP at Sonepur, Saran, 32 MLD STP at Chhapra, Saran.

     

    • On 10th March 2024, the Hon’ble Prime Minister inaugurated three sewage projects worth ₹ 1,114 crore from Azamgarh, Uttar Pradesh. These projects include 72 MLD STP and I&D network work at Naini (District-G, 42 MLD), Phaphamau (District-F, 14 MLD) and Jhunsi (16 MLD), Prayagraj, 30 MLD STP and I&D network  work at Jaunpur and 45 MLD STP and I&D network work at Etawah.

     

    • On 2nd October 2024, the Hon’ble Prime Minister inaugurated and laid the foundation stone for ten sewage treatment plant (STP) projects with a total cost of ₹ 1,555 crore. Among these, five projects worth ₹ 534.25 crore were inaugurated across Uttar Pradesh and Bihar. Additionally, laid the foundation stone for five more projects across Bihar, Jharkhand, and Uttar Pradesh, amounting to ₹ 1,021 crore.

     

    (B) Inauguration and Laying of Foundation Stones Sewerage infrastructure projects by Hon’ble Union Minister of Jal Shakti (Under Nirmal Ganga)

     

    • On 4th January 2024, the Hon’ble Union Minister for Jal Shakti inaugurated 14 MLD Sewage Treatment Plant (STP) with a 2.4 km Interception & Diversion (I&D) Network worth ₹ 77.36 crores in Baghpat, Uttar Pradesh.

     

    • On 18th January 2024, the Hon’ble Union Minister for Jal Shakti laid the foundation stone for the 220 MLD Meerut sewage treatment plant (STP) with interception and diversion (I&D) project worth ₹ 370 crore in Meerut, Uttar Pradesh.

     

    1. Training on Occupational Health & Safety Audit

    NMCG organized 9 virtual safety training program and trained more than 1,500 officials on “Occupational Health and Safety Audit (OHSA)” From January 2024 to December 2024, to ensure workplace safety and compliance.

    1. Activities Under Biodiversity Conservation (Under Aviral Ganga)

     

    The programme has sanctioned projects focused on protecting and rehabilitating fishery, turtles, crocodiles, and dolphins. Projects Sanctioned in the year 2024 are as under :

     

    • Advancing Rescue System for the protection of stranded Ganges river Dolphins.
    • Conservation, Reintroduction, and Rehabilitation of threatened Turtles along ganga basin.

    · Expanding Conservation Breeding Programme of Freshwater Turtle and Gharial at Kukrail Rehabilitation Centre, Lucknow

    NMCG, in partnership with CIFRI, has successfully implemented fish ranching programs for Indian Major Carps and other species. In 2024, notable achievements include – Ranching of Indian Major Carps (IMC): 49.25 lakhs, Mahseer: 7,370, Hilsa: 42,117 and Hilsa tagging: 1,387 nos.

    1. Important Activities (under Jan Ganga)

     

    • Launch of Namami Niranjana Abhiyan: NMCG launched the “Namami Niranjana Abhiyan” on 20th February 2024, aimed at ensuring the perennial flow of the Niranjana (Falgu) river and bolstering the ongoing efforts of the “Niranjana (Falgu) River Recharge Mission”. The Falgu river, revered as Niranjana in Bodhgaya and Falgu in Gaya, originates from Belgadda in the Simaria block of Chatra district, Jharkhand, holding profound significance in the Hindu Sanatan religion. Pilgrims partake in rituals such as PindDaan and Tarpan for their ancestors using water from the Falgu river.
    • Celebration of International Day of Yoga: On the occasion of the International Day of Yoga, the National Mission for Clean Ganga (NMCG) organized ‘Ghat Par Yoga’ at BSF Camp, Zero Pushta, Sonia Vihar in Delhi on the bank of River Yamuna on 21st June, 2024. Over 1,000 people participated in the event including officials and staff from the NMCG, NGOs under the Yamuna Action Plan (YAP-III) of the Delhi Jal Board (DJB), the Border Security Force (BSF), Ganga Vichar Manch, various other NGOs, as well as students and children.
    • 8thIndia Water Week 2024: The 8th edition of India Water Week (IWW) 2024 was held during 17-20 September 2024, in New Delhi, on the theme “Partnerships and Cooperation for Inclusive Water Development and Management.” This prestigious international event has become a key platform for collaboration in water resource management. The event was inaugurated by the President of India,  alongside Hon’ble Union Minister of Jal Shakti, and Hon’ble Minister of State for Jal Shakti.

     

    • Ganga Utsav- A River Festival 2024: On 4th November 2024, the 8th edition of Ganga Utsav was organized by NMCG at scenic Chandi Ghat in Haridwar to promote the conservation of the Ganga River, emphasize its cultural and spiritual importance, and raise public awareness about cleanliness. The event was inaugurated by Hon’ble Union Minister of Jal Shakti in the august presence of the Hon’ble Union Minister of State for Jal Shakti, Hon’ble Uttarakhand Minister for Women & Child Welfare, Secretary, DoWR, RD & GR, Ministry of Jal Shakti, and DG, NMCG. This eighth edition of the event was the first time held on the riverbank, with celebrations extending across more than 110 districts in the Ganga basin states.The event featured participants from diverse spheres, including students, scientists, spiritual leaders, and more.
    • 9th India Water Impact Summit: The 9th India Water Impact Summit (IWIS) & 2nd Climate Investments and Technology Impact Summit were organised jointly by NMCG & c-Ganga from 4th to 6th December 2024 at Bharat Mandapam, New Delhi.
    1. International Collaboration

     

    • Meeting with German Delegates: On 9th May 2024, a meeting was held with the Deputy Head of the Economic Division, German Embassy to discuss the current status of projects aimed at rejuvenating the Ganga River, supported through bilateral cooperation between India and Germany.
    • Workshop on Strengthening Quality Infrastructure for Water Monitoring of the Ganges River II: NMCG in association with Physikalisch- Technische Bundesanstalt (PTB)  under Indo-German Technical Cooperation Programme organised a 6-day training programme from 22nd July to 31st July 2024.
    • Inception Workshop for District Ganga Plans: On 5th July 2024, NMCG in association with GIZ organized an inception workshop for the District Ganga Plans. The workshop aimed to create comprehensive District Ganga Plans (DGPs) based on a River Basin Management approach, which has been prepared for four pilot districts.
    • Smart Laboratory for Clean Rivers (SLCR): The Smart Lab for Clean Rivers (SLCR) has been set up under the Green Strategic Partnership between India and Denmark to bring global solutions on current challenges in the field of clean river water, conduct collaborative research and development to fit in real environment through Living lab approach and creation of platform between Government authorities, academic institutions and technology providers for knowledge sharing and co-creation to achieve clean river water.
    • Meeting of the Joint Review Committee: On 9th October 2024, the first meeting of the Joint Review Committee (JRC) under the India-Israel Memorandum of Understanding (MoU) was held under the chairmanship of DG, NMCG, to address priority areas such as reducing non-revenue water, urban water management through IoT and AI, wastewater treatment, and sewage sludge management.
    1.  Development of knowledge products (Under Gyan Ganga)

     

    The ‘River Atlas for Ganga Main Stem Districts’, an in-house developed knowledge product of the GKC was launched by the Hon’ble Minister of Jal Shakti on 09thDecember 2024 during the 13th Empowered Task Force Meeting. The atlas comprises maps of River Ganga and its tributaries, covering five main stem states in the Ganga basin – Uttarakhand, Uttar Pradesh, Bihar, Jharkhand, and West Bengal. This comprehensive Atlas is essential for the effective implementation of policies and programs and accurate planning and informed decision-making.

     

    1. ​National Water Mission (NWM)
    • MoU with Girganga Parivar Trust (Girganga) has been signed on 22.10.2024 on Pro bono basis. They have committed to build 11,111 bore well recharge and 11,111 check dams.
    • MoU with Sarkaritel.com/jalprahari.in has been signed on 13.12.2024 on Pro bono basis. They have committed for generating awareness on Water Conservation in the public.
    • MoU with Vyakti Vikas Kendra India (VVKI), the Art of Living has been signed on 16.12.2024 on Pro bono basis. They have committed for creating of Water recharge structure with the help of implementing many River Rejuvenation Programs through Government scheme MGNREGA
    • Central Water and Power Research Station, Pune
    • Central Soil and Material Research Station, New Delhi
    • National Institute of Hydrology, Roorkee
    • Central Water Commission, New Delhi
    • Publication of research/ technical reports – 281 Nos.
    • Organisation of Trainings and workshops – 94 Nos.
    • Training of people for capacity building- 2623 persons
    • Publication of high impact technical report & research papers – 18 Nos.
    • 13 new research schemes has been recommended by Standing Advisory Committee and approved by Secretary (WR).
    • The research project “Hydro-geological Assessment and Socio-Economic implications of Depleting Water Resources in tourist towns of Uttarakhand” has been completed.
    • The research project “Irrigation Efficiency Improvement through On–farm Water Management” has been completed.
    • The research project “Dynamic Downscaling to study Climate Change Impacts on
    • Water Resource in India” has been completed.
    1. ​ National Water Development Agency (NWDA): Inter-Linking of Rivers Project

    Under National Perspective Plan (NPP) formulated by Government of India, 30 inter-basin water transfer links (16 Peninsular and 14 Himalayan component) have been identified by National Water Development Agency for preparation of Feasibility Reports. Detailed Projects Reports (DPRs) of 11 links, Feasibility Reports (FRs) of 26 links and Pre-Feasibility Reports (PFRs) of all the 30 links have been prepared. The Inter-Linking River (ILR) Programme has been taken up on high priority by Government of India. The works related to ILR projects are already in progress. Five links have been identified as priority links by Govt. of India viz., Ken-Betwa Link Project (KBLP), Modified Parbati-Kalisindh-Chambal Link Project (MPKC) and Godavari-Cauvery (G-C) Link Project (comprising of 3 link systems).

    System studies of four link projects viz.; Manas-Sanksoh-Teesta-Ganga (MSTG) link, Ganga-Damodar-Subernarekha (GDS) link, Subernarekha-Mahanadi (SM) link and Farakka-Sunderbans (FS) link have been initiated and the work of these four links has been awarded to IIT, Guwahati, NIT, Patna, NIT, Warangal and NIH, Roorkee respectively. Inception Reports have been submitted in June, 2023 by all the four Institutes. The draft final reports of MSTG and GDS have been submitted by the respective Institutes. The system studies of Mahanadi-Godavari link have been completed by NIH, Roorkee and the Final Report has been submitted in May, 2023. Awarding of work for system studies of southern linkage initiated, however, it may be taken up after finalization of quantity of water that can be transferred from MSTG, GDS, FS and SM link projects to Mahanadi river, as per system studies. 

    Ken-Betwa Link Project (KBLP): is the first inter-linking of rivers (ILR) project for which implementation has been initiated. The project will be of immense benefit to the water starved Bundelkhand Region, spread across the States of Madhya Pradesh and Uttar Pradesh which includes districts of Panna, Tikamgarh, Niwari, Chhatarpur, Sagar, Damoh, Datia, Vidisha, Shivpur&Raisen and Banda, Mahoba, Jhansi & Lalitpur respectively. The status of KBLP is as given below:

     

    1. Subsequent to signing of tripartite agreement in year, 2021, Govt. of India approved implementation of the project in December, 2021 at an estimated cost of Rs. 44,605 Crore with central support of Rs. 39,317 Crore.
    2. With allocation of budget under RE of FY 2021-22, the implementation of the project has started.
    3. Steering Committee and Ken-Betwa Link Project Authority (KBLPA) were been constituted vide Gazette Notification dated 11.02.2022.
    4. KBLPA HQ Office is set up at Bhopal with three more offices at Chhatarpur, Panna and Jhansi, which are fully functional with regular CEO/ACEOs, Director (Fin.) and other officials.
    5. Six meetings of Steering Committee and Six meetings of KBLPA have been held so far.
    6. Initially the focus is on land acquisition, R&R, fulfilling the compliances to the conditions of forest clearance and wildlife clearance.
    7. Greater Panna Landscape Council (GPLC) under Chief Secretary, Govt. of MP has been constituted for implementation of Landscape Management Plan through various stakeholders. Its first meeting was held on 05.09.23. Sub-Committee of GPLC was constituted on 16.10.2023 and its 1st& 2nd meetings were held on 17.10.2023 & 29.11.2023 respectively.
    8. Planning for an Integrated Research and Learning Centre (IRLC) at Panna has already been initiated by WII.
    9. The Monitoring Committee for R&R works of KBLP under Secretary, DoLR, MoRD has been constituted.
    10. Collector, Chhattarpur has made payment of Rs. 197.23 Crore to the affected Families. Whereas, Collector Panna has made payment of Rs.76.82 Crore to the affected families of Panna. The remaining Land Acquisition Payment for Private land in both the districts are in Progress.
    11. The work for engagement of Project Management Consultant (PMC) is in process. 9 bids were received for PMC, Result of Technical Evaluation of Bids was published on the CPP Portal on 22.08.2024. The Financial Proposals of the 5 technically qualified firms were opened on 10.09.2024. 20 meetings of Consultancy Evaluation Committee (CEC) for hiring PMC have been held so far. 20th meeting of CEC was held on 11.09.2024 for financial evaluation of bids. After financial and technical evaluation of bids received, recommendations of the CEC have been submitted to DoWR,RD&GR, MoJS for approval on 13.09.2024.
    12. A Technical Advisory Group for KBLP (TAG-KBLP) for KBLPA has been constituted to review and advise KBLPA on various planning and technical matters on implementation of various components of the link project. 10 meetings of TAG have been held so far.
    13. The tender document for the main component of the project i.e. Daudhan dam and its Appurtenant works (EPC mode) was finalized by Technical Advisory Group of KBLP and the Tender Evaluation Committee (TEC) and floated on CPP portal on 11.08.2023.   The complete proposal of technical and financial evaluation of bids was sent to Ministry of Jal Shakti that has been approved by Ministry. Subsequently, KBLPA has issued Letter of Acceptance to M/s NCC Limited for the work of Daudhan dam on 28.11.2024.
    14. Stage–II Forest Clearance for diversion of 6017.00 ha of forest land for development of KBLP has been accorded by MoEF& CC on 03.10.2023.
    15. The draft tender for EPC execution of Ken-Betwa Link Canal is prepared in two packages and circulated to State Governments of MP and UP for their comments/suggestions. Suggestions from Govt. of UP have been received.
    16. PTR has accepted total 6017 ha non-forest land Transferred/ Mutated. Notification of 6017 ha has been completed by Forest Department under section-29 of Indian Forest Act-1927 and has been published.
    17. Land in submergence: 3239 ha (Govt. Land: 1784.67 ha + Private Land 1454.33 ha) of land is coming under submergence area of Daudhan Dam. Private land of 1454.33 ha and Government land of 1604.429 ha has been mutated in favour of WRD, MP. Balance 180.241 ha Government land is likely to be transferred to WRD, MP soon.
    18. Land Acquisition for Ken Betwa Link canal (99 villages of MP and 10 villages of UP) is under progress.
    19. The work on State specific components like Lower Orr, Kotha Barrage and Bina Complex Multipurpose Project is already in progress. Head Works of Lower Orr has been completed whereas Head Works for Kotha & Bina are ongoing.

    Cumulative Progress (%) upto December, 2024

    1. Lower Orr      : 67.00
    2. Kotha Barrage: 59.00
    3. Bina Complex: 50.20
    1. The preparation of DPRs of components of UP likes two barrages, renovation and modernization of Tanks of Mahoba district, renovation and modernization of three weirs and ken command system is in progress.
    2. Hon’ble Prime Minister Shri Narendra Modi Ji laid the Foundation Stone of KBLP on 25.12.2024 at Khajuraho (Madhya Pradesh).
    3. The project is planned to be completed in 8 years by March, 2030.

     

    Modified Parbati-Kalisindh-Chambal Link Project (MPKC):

     

    1. PFR has been circulated to concerned States. The work of DPRs is under progress.
    2. Memorandum of Understanding (MoU) has been signed on 28.01.2024 amongst States of MP, Rajasthan and Govt. of India.
    3. Memorandum of Agreement (MoA) of Modified Parbati-Kalisindh-Chambal link project has been signed on 05.12.2024 amongst States of MP, Rajasthan and Govt. of India. Subsequently Hon’ble Prime Minister declared the signing of the agreement on 17th December, 2024 at Rajasthan.

     

    Godavari-Cauvery (G-C) Link Project (comprising of 3 link systems):

     

    1. Modified proposal for transfer of 4189 MCM of water from Godavari along with supplementation in Krishna basin through Bedti-Varda link (524 MCM) has been studied by NWDA.
    2. Draft DPR of the modified /revised proposal has circulated to the concerned State/UT during Jan., 2024.
    3. Draft MoA has been prepared for implementation of the project and circulated to concerned State/UT for perusal and observation during April, 2024.
    4. Concerted efforts are being made for building up consensus amongst the States/UT for signing of MoA for the early implementation of this link project.

     

    8th India Water Week 2024:

     

    1. IWW-2024 was successfully organized/held from 17th to 20th September, 2024 at Bharat Mandapam, Pragati Maidan, New Delhi.
    2. The theme of the 8th India Water Week is “Partnerships and Cooperation for Inclusive Water Development and Management”.
    3. The mega event was inaugurated by the Hon’ble President of India.
    4. The four-day multi-disciplinary conference comprises of Ministerial Plenary, Global Water Leaders’ Plenary (2), Country Forum (4), Water Leaders Forum (9), Practitioner’s Forum (8), Startup Forum, Youth Forum, Water Convention (18) one-day study tour and concurrently organized exhibition. Denmark, Australia and Israel were the Partner Countries. There were 15 Partner States viz.; Tamil Nadu, Odisha, Bihar, Chhattisgarh, Kerala, Haryana, Andhra Pradesh, Gujarat, J&K, Madhya Pradesh, Uttarakhand, Rajasthan, Uttar Pradesh, Karnataka and Telangana.

    More than 4500 delegates from India & abroad participated in the IWW-2024. About 215 delegates from 40 countries participated in the conference. Parallel to the conference, in the exhibition 143 Exhibitors from Central, States Government, Public Sector undertakings, Private Firms, NGOs, Startups and Schools etc. showcased their technologies.

    1. ​ Central Water Commission (CWC)

          (i)   Central Water Commission has undertaken sedimentation assessment studies of selected reservoirs located in various States using Satellite Remote Sensing technique under the plan scheme “Research & Development Programme in Water Sector”. It is planned to take up the studies in respect of 80 reservoirs during 2021-26. Accordingly, the work of carrying out the study for the first batch of 40 reservoirs was outsourced.  Due to non-availability of either the desired water levels or satellite data for a reservoir on date of satellite pass, study in respect of 31 reservoirs was feasible which has been completed and reports published during 2022 to 2024. Besides this sedimentation studies in respect of 30 reservoirs have been completed in-house using Remote Sensing Techniques. Furthermore, a Google Earth Engine-based tool has also been developed by CWC officers, in-house under Smart Water Resources Modelling Organization (SWRMO) – Centre for Excellence, to automate the assessment of sedimentation in the live storage zone of reservoir.

          (ii)  A World Bank (WB) and Asian Infrastructure Investment Bank (AIIB) team conducted the Mid-Term Review (MTR) mission for the Second Dam Rehabilitation and Improvement Project (DRIP-2) between January 17 and May 3, 2024. The mission held discussions with Implementing Agencies (IAs) in Bhubaneshwar (Odisha), Surat (Gujarat), and New Delhi and undertook field visits to selected dams in Gujarat (Ukai) and Odisha (Hirakud, Rengali). The wrap-up meeting was held in New Delhi, chaired by Joint Secretary, D/o WR, RD&GR, Ministry of Jal Shakti (MoJS) and attended by Project Director, Central Water Commission (CWC), members of the Central Project Management Unit (CPMU), the Engineering and Management Consultant (EMC), and representatives of all Implementing Agencies (IA). As part of the mission, a detailed exercise on the use of the rapid risk assessment tool for Indian dams, in compliance with the National Dam Safety Act 2021, was carried out between March 5 and May 3, 2024.

          (iii) The quarterly dialogues on Coastal Area Management, initiated as per the direction of the Chairman, Central Water Commission (CWC) was held in April and May 2024.These dialogues brought together stakeholders from various levels of government, research institutions, and relevant departments to discuss pressing issues such as coastal erosion, salinity ingress, and the need for robust data collection and management. The dialogues provided a platform for sharing information, best practices, and innovative solutions from all stakeholders. As an outcome of the Quarterly Dialogue, CWC has published a report titled “Status Report on Coastal Area Management- An Indian Perspective, Region Issues & Remedial Measures”. The report provides a comprehensive overview of the challenges and initiatives related to coastal management in India. The report highlights the significant impacts of coastal erosion and salinity ingress, emphasizing the need for robust data collection, effective mitigation strategies, and increased collaboration among stakeholders.

    (iv) A Smart Water Resources Modelling Organization acts as Centre of Excellence to grow as a pioneering hub for developing in-house expertise and innovation in tackling diverse problem statements and studies in water sector and directly reports to Chairman, CWC.

    (v) Memorandum of Understanding (MoU) was signed on 06.06.2024between Central Water Commission (CWC) and IIT, Roorkeefor research work related to Irrigation Efficiency Assessment, Water Accounting studies, Cropped Area Mapping, Water Auditing, Urban Flood Forecasting & Risk Management, Urban Flood Inundation & Hazard Mapping, etc. These works will be carried out through mutual consultations and collaboration, leveraging the expertise and resources of both institutions.

    (vi) A Memorandum of Understanding (MoU) has been signed between Central Water Commission (CWC) and Space Application Centre (SAC) in the field of hydrology and water resources management, leveraging remote sensing and collaborative research efforts for mutual benefit on 08th July,2024.

    (vii) Support for Irrigation Modernization Program (SIMP): Central Water Commission (CWC), DoWR, RD & GR has taken up an initiative Support for Irrigation Modernization Program (SIMP) with technical assistance from theAsian Development Bank (ADB) to modernize Major/ Medium Irrigation (MMI) projects in the country.

    (viii) SIMP is proposed to be taken up in 4 phases. SIMP Phase-1 concluded on 31.12.2021 under which 4 MMI projects have been identified for inclusion under 1st batch of projects for preparation of Irrigation Modernization Plans (IMPs) out of the 57 proposals received from 14 States and 2 UTs. The entire process including the preparation of IMPs, Detailed Project Report (DPRs), detailed designs and final implementation/ project execution is expected to be completed by Phase-4. Implementation of the project would lie with the concerned States who would have an option to either fund it from their own resources or they can avail loan facility from ADB or any other financial institutions.

    (ix) SIMP Phase-2 was initiated from November 2022. Irrigation Modernization Plan (IMP) of four projects namely VanivilasaSagara Project, Karnataka, Palkhed Project Maharashtra, Purna Project, Maharashtra and Loharu Lift Irrigation Project, Haryana have been prepared. As a 1st step for preparation of IMPs, FAO developed RAP-MASSCOTE (Rapid Appraisal Procedure-Mapping System and Services for Canal Operation Techniques) workshops were organized to assess the present status of the identified four projects. The findings of RAP MASSCOTE workshops and issues related to Batch 1 SIMP projects were discussed in a mid-term workshop organized by ADB and CWC on 09.06.2023 at New Delhi.

    For capacity building under SIMP phase-II, the following activities were organized:

    • From 6th to 10th November 2023, a five days training on modernization and design of Pipe Distribution Networks (PDN) was organized at Panchkula/ Chandigarh. 22 Engineers from Karnataka, Maharashtra, Haryana, Punjab and CWC participated in the training.
    • On 15th and 20th December 2023, a Webinar on Irrigation Modernization and Design of PDN Systems was organized.
    • A Training on Asset Management Planning for Irrigation Schemes was held from 8th  to 12th  January 2024 at WALMI, Aurangabad.
    • A training on new technologies in Agriculture and Water Practices was held from 22nd  to 25th  January 2024 at HIRMI, Kurukshetra, Haryana.

    The Preliminary Project Reports (PPR) of all the four projects has been submitted by ADB to the concerned project authorities. PPR of Loharu, Haryana is under process with Govt department. PPR of Palkhed and Purna, Maharashtra is under process in Planning Department of Haryana, PPR of VVS, Karnataka is under process with state finance Govt of Maharashtra.

    PPRs are to be finalized by the states and submitted to DEA. After necessary approval from DEA, action for phase-3 will be taken up for preparation of DPRs.

    (x) A Training program on the application of Rapid Risk Assessment tool, in association with the World Bank for the officers of the core group was held during April 22, 2024 – May 3, 2024 at Auditorium, 1st floor, CWC Library Building, Near Sewa Bhawan, Sector-1, R K Puram, New Delhi. Total 66 officials nominated by CWC, NDSA and States / DRIP IAs for taking forward the assignment of carrying out the Rapid Risk Assessment of specified dams in the country.

    1. GLOF and Flood forecasting activities: –

    CWC finalized the criteria for Risk Indexing of Glacial Lakes in the Indian Himalayan Region in September 2024, which provide a comprehensive methodology for identifying and categorizing Glacial Lakes based on factors such as Glacial Lake size, Glacial Lake type, Side slope, Snout distance from GL etc. and the potential socio-economic impacts of a Glacial Lake Outburst Flood.

    In the year 2024, 2 new stations (Inflow) have started functioning. Currently CWC is providing flood forecast at 340 stations (200-level forecasting stations & 140-inflow forecasting stations). During the period from 1st April to 30.11.2024, 10415 (i.e. 7093 Level and 3322 Inflow) forecasts were issued, out of which 9947 (95.5%) forecasts were found within the accuracy limit (±0.15m for level forecast and ±20% for inflow forecast).During flood season, CWC operates the Central Flood Control Room on 24×7 basis at its headquarter in New Delhi and 36 Divisional Flood Control Rooms spread throughout the country for monitoring flood situation. On an average, about 10,000 forecasts are issued during flood season every year by the CWC. Normally, these forecasts are issued 6 to 30 hours in advance, depending upon the river terrain and location of the flood forecasting sites and their base stations. In addition to conventional flood forecasting techniques, mathematical model forecasting based on rainfall-run off methodology is being used for some areas. This has enabled CWC to issue 7-day advance flood advisory.

    Automated online 7-day flood advisory for all the level and inflow forecasting stations is maintained. “Flood Situation for next seven days” in respect of stations likely to be above warning level has been added in the “Daily Flood Situation Report cum Advisory” based on the 7-day advisory.

    1. Flood Plain Zoning

    In order to have a reasonable degree of protection, floods need to be managed through both structural & non-structural measures so as to reduce the losses. Non-structural measures are planned activities to modify susceptibility due to flood related damages. These are meant to keep people away from floods. Flood Plain Zoning is one of the main non-structural measures for management of floods worldwide.

    A technical committee under the chairmanship of Member (RM) was constituted during November 2022 for formulation of ‘Technical Guidelines on Flood Plain Zoning’ . After due deliberations, the committee submitted the guidelines to Ministry. The guidelines is presently under circulation to the states for their comments/review. Once implemented, these guidelines shall serve as a valuable document in guiding the states in framing their own legislation in protecting their rivers from future encroachments.

    1. Hydrological Studies:

    The success of a project is largely governed by the hydrological inputs. The success of a project is largely governed by the hydrological inputs. The Hydrological Studies Organization (HSO), a specialized unit under Design and Research (D&R) Wing of CWC, carries out hydrological studies in respect of the water resources projects in the country. The inputs in Detailed Project Report (DPR) or Pre- Feasibility (PFR) stage are made available in the form of:

    • Water availability/yield studies.
    • Design flood estimation.
    • Sedimentation studies.
    • Diversion flood studies.

    The country has been divided into 7 zones and further into 26 hydro- meteorologically homogeneous sub-zones and flood estimation models are developed for each subzone to compute the design flood in ungauged catchments. So far, flood estimation reports covering 24 sub-zones have been published. During the year 2024- 25, technical examinations of hydrological aspects of DPRs in respect of 88 projects have been carried out in CWC. Out of this, 46 projects have been cleared and comments were issued for 17 projects. Rest of the projects are under examination.

    Some of the major works carried out during this period are:

    •   Flood frequency analysis & carrying capacity of Yamuna River from Hathnikund Barrage to Delhi.

    •   Hydrology Chapter for Bakchachuu HEP, Ringyang HEP, &RimbiKhola HEP has been submitted.

    •   100 yr& 500 yr Return Period flood of Chandrawal River under Ken Betwa Link project.

    •   Water Availability of the untapped catchment between alignment of feeder canal, Mahalpur barrage and Navnera Barrage Under MPKC link.

    Technical Assistance / Advice tendered

    HSO has provided secretariat assistance to various technical/ expert committees for undertaking special studies on various aspects related to water resources development and management. Some of the important contributions during the year 2024- 25 are as under:

    • Hydrological Studies for Ponnaiyar River Basin, to resolve the interstate issue between Tamil Nadu and Karnataka.
    • Hydrological modeling for heavy rainfall across the Yamuna River catchment in July 2023 caused significant runoff and discharge, leading to rapid water level rises. In this study estimated submergence areas for different return-period floods, analyzed embankment overtopping, and identified drainage congestion and afflux of existing structures using 2-D modeling for the river reach between 21 km upstream of Wazirabad barrage and 10 km downstream of Okhla barrage.

    Hydrological modeling for tackling issues related to high intensity rainfall, riverine flood, drainage and interrelated issues in urban areas.

    1. Planning and Design of Water Resources Projects

    CWC is actively associated with design of majority of the mega water resources projects in India and neighboring countries, viz., Nepal and Bhutan by way of design consultancy or in the technical appraisal of the projects. At present CWC is provided design consultancy to 94 projects. Out of this, 31 projects (including 3 from neighboring countries) are at construction stage, 35 projects (including 2 from neighboring countries) are at DPR stage and 28 projects involve special problems.

    National Committee on Seismic Design Parameters: –

    The National Committee on Seismic Design Parameters (NCSDP) was constituted by MoWR Order dated 21 st October, 1991 with the objective to recommend the seismic design parameters for the proposals received from the dam owners. Member (D&R), CWC is the chairman of the committee with 12 other experts from various engineering disciplines from different technical institutions and Government organizations as its members. Director (FE&SA), CWC is the member Secretary of NCSDP. The 38th meeting of NCSDP was held on 10.05.2024 at CWC, New Delhi under the Chairmanship of Member (D&R) wherein six projects were cleared.

    Further, a special meeting of NCSDP was held on 05.06.2024 wherein the Guideline for Preparation and Submission Of Site-Specific Seismic Study Report of River Valley Project To National Committee On Seismic Design Parameters was revised comprehensively to be in line with the International practices.

    1. National Register of Large Dams:

    Before enactment of Dam Safety Act 2021, Dam Safety Organisation (DSO) , CWC compiled and maintained the register of large dams across the country in the form of National Register of Large Dams (NRLD) based on information provided by State Govts. / PSUs. After enactment of Dam Safety Act 2021, the NDSA has been mandated to maintain National level database of all specified dam in the country. The National Register of Specified (Large) Dams 2023 was released by Hon’ble Vice President of India in International Conference on Dam Safety held during 14th-15th September 2023 at Jaipur. As per NRLD- 2023, there are 6138 constructed and 143 under construction dams in the country. The NRLD, 2023 is available on CWC’s website and can be accessed by l ink- https:// cwc. gov. in/ publication/nrld.

    1. Technical Examination of Instrumentation aspects of the projects:

    Hydroelectric project:-

    Detailed Project Report (DPR)/ construction drawings of 29 river valley projects in various States/ countries namely Andhra Pradesh, Arunachal Pradesh, Gujarat, Himachal Pradesh, Madhya Pradesh, Meghalaya, Odisha, Sikkim Uttarakhand, West Bengal, Jammu & Kashmir, Bhutan and Nepal were examined, out of which 4 projects have been cleared with respect to instrumentation aspects and remaining 25 projects are at various stages of examination.

    Pumped storage Project:-

    Detailed Project Report (DPR)/ construction drawings of 42 river valley projects in various States/ countries namely Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Tamil Nadu and Uttar Pradesh were examined, out of which 6 projects have been cleared with respect to instrumentation aspects and for remaining 36 projects, clearance from instrumentation aspects is no longer required as per the latest CEA guidelines.

    1. Standing Technical Advisory Committee of CSMRS

    The Standing Technical Advisory Committee (STAC) was constituted under the Chairmanship of Member (D&R), CWC for providing an overall perspective and guidance in technical scrutiny of research schemes being undertaken at CSMRS. The STAC is composed of 11 members drawn from various public sector institutions and is headed by Member (D& R), CWC. The 39th Standing Technical Advisory Committee (STAC) meeting of CSMRS was held on 25.10.2024

    1. Other Seismic works:

    Work related to technical evaluation and critical examination of web-based tool Seismic Hazard Assessment Information System (SHAISYS) being developed by IIT Roorkee and CWPRS Pune under DRIP is being carried out. A meeting is proposed on 18th December 2024 under the chairmanship of Member (D&R), CWC with the expert of IIT Roorkee at CWC, New Delhi regarding way forward for development of SHAISYS.

     

    1. CWC Activities under National Hydrology Project (NHP):

    Study on “Physical based Mathematical Modelling for estimation of Sediment Rate and Sediment Transport in Seven River Basin” has been completed.

    Extended Hydrological Prediction (multi week forecast) for Yamuna, Narmada and Cauvery basins is in progress.

    • Reservoir Sedimentation Studies using Hydrographic survey for 32 reservoirs” under Phase-I has been completed. Works of Phase II: Consists of 87 reservoirs in 10 states (Rajasthan, Gujrat, Uttar Pradesh, Uttarakhand, Madhya Pradesh, Maharashtra, Andhra Pradesh, Kerala, Telangana, and Odisha is under progress.
    • Supply, Installation, Testing & Commissioning (SITC) of 93 Nos. ADCP (14 + 29 + 50 in three phases) for the measurement of discharge at the HO sites of CWC has been completed. Further procurement of additional 46 no’s ADCP and 8 no’s Total station is in under progress.
    • Supply, Installation, Testing & Commissioning (SITC) of 32 velocity radar sensors for modernization of discharge observations has been completed.
    • 7 no’s of  Water Quality Equipment (ICP-MS and GC-MS) have been commissioned and installation & Commissioning of 3 more Water Quality Equipment (1 GC-MS and 2 ICP-MS) is under process.
    • Consultancy services for “Early Flood Warning System Including Inundation Forecast in Ganga Basin” is in progress.
    • Consultancy services for Development of Decision Support System near to real time for Integrated Reservoir Operation System of Ganga Basin” has been completed.
    • Real Time Data Acquisition System (RTDAS) for Narmada Control Authority (NCA) and Arunachal Pradesh comprising of network of 48 & 50 no’s hydro meteorological Stations respectively has been commissioned.
    • Reservoir Sedimentation Studies using Hydrographic survey for 32 reservoirs” under National Hydrology Project, Phase-I have been completed and reports published and under Phase II studies in respect of 87 reservoirs are taken up.
    1. DAM REHABILITATION AND IMPROVEMENT PROJECT (DRIP) Phase-II and III

    Dam Rehabilitation and Improvement Project (DRIP) is an externally aided project with financial assistance from the World Bank, targeting rehabilitation of some of the selected dams of the Country along with accompanying institutional strengthening component.

    Dam Rehabilitation and Improvement Project (Phase-II & III):

    Based on the success of DRIP Phase- I, Ministry of Jal Shakti initiated another externally funded scheme, DRIP Phase-II and Phase-III. The Union Cabinet has approved the Scheme on October 29, 2020.

    The scheme has provision for rehabilitation of 736 dams located in 19 States (Andhra Pradesh, Chhattisgarh, Goa, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, West Bengal, and three Central Agencies (Central Water Commission, Bhakra Beas Management Board, and Damodar Valley Corporation). It is a State Sector Scheme with Central component, with duration of 10 years, to be implemented in two Phases i.e. Phase- II and Phase-III, each of six years duration with an overlap of two years. The budget outlay is Rs 10,211 Cr (Phase II: Rs 5107 Cr; Phase III: Rs 5104 Cr) with rehabilitation provision of 736 dams. Out of this cost, Rs. 7,000 crore is an external loan and Rs. 3,211 crores would be borne by the respective participating States and the three Central agencies. The funding pattern of scheme is 80:20 (Special Category States), 70:30 (General Category States) and 50:50 (Central Agencies). The scheme also has provision of Central Grant of 90% of loan amount for special category States (Manipur, Meghalaya and Uttarakhand). The DRIP Phase-II and III Scheme is 10 years duration, proposed to be implemented in two Phases, each of six-year duration with two years overlapping. Each Phase has external assistance of US$ 500 M. The Phase-II of the scheme is being co-financed by World Bank and Asian Infrastructure Investment Bank (AIIB), with funding of US$ 250 million each. The loan agreement by World Bank was signed on August 04, 2021 with 10 States (Gujarat, Kerala, MP, Maharashtra, Manipur, Meghalaya, Rajasthan, Odisha, Tamil Nadu, and Chhattisgarh) and became effective from 12th October, 2021. In addition to 10 States, four States (Uttarakhand, Uttar Pradesh, West Bengal and Karnataka) have been notified by World Bank for inclusion under this scheme in June 2022 and their loan declared effective in January 2023.

    The loan agreement by AIIB was signed on 19th May, 2022 with 10 States (Gujarat, Kerala, MP, Maharashtra, Manipur, Meghalaya, Rajasthan, Odisha, Tamil Nadu, and Chhattisgarh) and declared effective on 29th December, 2022 by AIIB.

    Inclusion of four States (Andhra Pradesh, Goa, Punjab, Telangana) and two Central Agencies (BBMB and DVC) is under process.

    Important project achievements include approval of PSTs of 139 dams costing Rs 3715 Cr by the World Bank. The contract(s) amounting approximately Rs 2906 Cr have been awarded by various Implementing Agencies and an amount of Rs 1487 Cr spent as on 30.11.2024 on various project activities including dam rehabilitation, institutional strengthening and project management activities

    A training on DRIP Ph-II &Ph-III was given to 40 officers of Punjab WRD on 12th June 2024 at Shahpur Kandi. Few topics were covered like Overview of DRIP Ph-II &Ph-III scheme; dam structural problems & their identification; Procurement procedures; Hydro-Mechanical structural problems; PST preparation; Financial Management of DRIP scheme etc.

    A three days training on DFR organized during 8th to 10th July, 2024, in which 22 participants from seven (7) states and CWC participated.

     The Management Information System (MIS-with 05 modules) was officially rolled out to SPMU on 14th  August 2024. In this regard a virtual MIS demonstration was organized on 14th August 2024 in which concerned officials of CPMU, SPMU, and EMC participated.

    2nd meeting of National Level Steering Committee (NLSC) on DRIP Phase-II and III chaired by Secretary, DoWR, RD and GR were held on 25.09.2024 at New Delhi to discuss the progress and issues of DRIP Scheme.

    3rd  meeting of Technical Committee of DRIP Phase II and III was held on 18.10.2024 under the chairmanship of Member (D&R), CWC at Dehradun, Uttarakhand in which nodal officer and Project Director of DRIP IAs participated. Deliberations in respect of technical matters with regard to pertaining to implementation of the scheme were held during the meeting.

    1. National Task Force for Integrated Water Resources Development and Management

    National Task Force for Integrated Water Resources Development and Management (NTFIWRDM) has been set up by DoWR, RD & GR vide its OM dated 25.11.2024.

    Sustainable development of water resources and its efficient management is the key to water security and economic growth. As a country, aspiring to be the world leader with the most powerful economy, challenges like increasing population, economic growth, industrialization and urbanization are bound to result in increased and conflicting demands for various purposes across the country. Moreover, the vagaries of climate change have already started to affect the water sector adversely. In the wake of ever-growing challenges in the water resources sector, it has become necessary to prospectively assess the projected water use for various purposes. In view of above, Department of Water Resources, RD & GR has set up a National Task Force for Integrated Water Resources Development and Management (NTFIWRDM) on 25.11.2024 under the chairmanship of Hon’ble Member, Niti Aayog with members from various Govt. Departments and experts from different organisations; thereby comprehensively covering various domains of water resources. Chief Engineer, BPMO, CWC is the Member Secretary of the NTFIWRDM. The NTFIWRDM – 2024 is expected to complete its work within 24 months, with interim reports submitted at yearly intervals.

    (xxii) LIST OF IMPORTANT PUBLICATIONS OF CWC during 2024

    Sl. No.

    Publication

    Released during

    1

    Water Sector at a Glance-2022

    Aug-2024

    2

    Water & Related Statistics-2023

    Sept-2024

    3

    Water Sector at a Glance-2023

    Sept-2024

    4

    National Register of Major & Medium

    Irrigation Projects in India-2024

    Sept-2024

    5

    Compendium on Sedimentation of Reservoirs in India

    August 2024

    6

    Assessment of Area Affected Due to Floods in India

    July 2024

    7

    Report on Flood Damage Statistics (1953-2022)

    July 2024

    8

    Assessment of Area Affected Due to Floods

    in India [Part II: Assessment at Sub-District Level]

    September 2024

    9

    Criteria for Risk Indexing of Glacial Lakes in

    Indian Himalayan Region

    September 2024

    10

    Status Report on Coastal Area Management –

    An Indian Perspective, Regional Issues & Remedial Measures

    September 2024

     

    1. ​Central Ground Water Board (CGWB):

    National Aquifer Mapping and Management Programme (NAQUIM)

    Central Ground Water Board (CGWB) is implementing National Aquifer Mapping and Management program (NAQUIM), which envisages mapping of aquifers (water bearing formations), their characterization and development of Aquifer Management Plans to facilitate sustainable management of ground water resources. Out of 32 lakh sq km of the entire country, entire mappable area of 25 sq lakh km has been covered under this programme. NAQUIM outputs are shared with various stakeholders including the District Authorities. Building on the experiences of the NAQUIM, the NAQUIM 2.0 has been initiated from the year 2023-24 which emphasizes on detailed mapping and implementable management plans for identified priority areas. CGWB has completed 68 such studies (covering nearly 40,000 sq km) in year 2024.

    In order to create infrastructure for data generation under NAQUIM, a Project has been approved by the Public Investment Board (PIB) with an outlay of Rs 805 Cr for implementation by CGWB during the period 2022-2026.  As of now, tenders amounting approximately Rs. 550 Cr have been awarded. 

    One of the components of the project involves the construction of 7000 piezometers and the installation of Digital Water Level Recorders with telemetry devices for strengthening and automation of groundwater monitoring networks in the country.  Construction of piezometers for strengthening groundwater monitoring has been initiated in 15 states (Andhra Pradesh, Telangana, Tamil Nadu, Kerala, Gujarat, Maharashtra, Rajasthan, MadhyaPradesh, Chhattisgarh, UttarPradesh, Bihar, Jharkhand, WestBengal, Odisha and Jammu&Kashmir).  A total of 1796 piezometers have been constructed till 31st December 2024.

    Another component of the project involves construction of 1135 Exploratory Wells (EW) and Observation Wells (OW) for completing the data gap in the NAQUIM project area for which work has been initiated under all awarded packages in 11 states (Andhra Pradesh, Karnataka, Gujarat, Rajasthan, Madhya Pradesh, Chhattisgarh, Uttar Pradesh, Bihar, West Bengal, Odisha, Assam). A total of 319 EW/OWs have been constructed till 31st December 2024.

    Ground Water Resources

     

    The Ground Water Resource Assessment for the water year 2024 was carried out jointly by Central Ground Water Board (CGWB) and States/UTs, through the web-based automated application “INDIA-GROUNDWATER RESOURCE ESTIMATION SYSTEM (IN-GRES) for the entire country. The assessment provides the state wise ground water resource scenario and insights required to adopt an integrated and sustainable ground water management in the Country.

    As per the assessment, the total annual groundwater recharge in the country has been assessed as 446.90 billion Cubic Meter (BCM). The annual extractable ground water resource has been assessed as 406.19 BCM. The annual groundwater extraction for all uses is 245.64 BCM. The average stage of groundwater extraction for the country stands at 60.47 %. Out of the total 6746 assessment units (Blocks/ Mandals/ Talukas) in the country, 4951 (73.4 %) assessment units are categorized as ‘Safe’. 711 (10.5 %) assessment units are categorized “Semi-critical’’, 206 (3.05 %) assessment units, have been categorized as ‘Critical’ and 751 (11.1%) assessment units have been categorized as ‘Over-exploited’. Apart from these, there are 127 (1.8%) assessment units, which have been categorized as ‘Saline’ as major part of the ground water in phreatic aquifers in these units is brackish or saline.

    Key Highlights:

    • Total Annual GW Recharge has increased (15 BCM) substantially and Extraction has declined (3 BCM) in 2024 from 2017 assessment. There is slight reduction in recharge and increase in extraction in the present assessment year compared to the preceding year.
    • Recharge from Tanks, Ponds and WCS has shown a consistent increase in the last five assessments. In the year 2024, it has increased by 0.39 BCM w.r.t. 2023.
    • With respect to the year 2017, there is an increase of 11.36 BCM in recharge from Tanks, Ponds & WCS (from 13.98 BCM in 2017 to 25.34 BCM in 2024).
    • The percentage of Assessment Units under Safe Category have increased from 62.6% in 2017 to 73.4 % in 2024 (The percentage of Safe assessment units was 73.14 % in 2023).
    • The percentage of Over Exploited Assessment units have declined from 17.24 % in 2017 to 11.13 % in 2024 (The percentage of OE Assessment units was 11.23% in 2023)

    The Union Minister for Jal Shakti released “National Compilation of Dynamic Ground Water Resources of India 2024” on 31st December, 2024.

    High resolution aquifer mapping and management in Arid areas of India

    • The Central Ground Water Board (CGWB) has undertaken high resolution aquifer mapping in the arid regions of Rajasthan, Gujarat, and Haryana using advanced heliborne geophysical surveys. Under Phase I of the project, an area of 97,637 sq. km has been surveyed, covering 40,313-line km across 92 blocks in these states.
    • Based on the heliborne geophysical survey results, Gram Panchayat-level information of saturated/de-saturated, saline/fresh aquifers, groundwater potential zones, drilling sites, and managed aquifer recharge sites has been identified. Detailed reports have been prepared for 39 out of 92 blocks, comprising 20 blocks in Gujarat, 11 in Rajasthan, and 8 in Haryana.
    • A Coffee Table Book on the Summary of the findings of Heliborne Survey Phase I was released on 19.09.2024 in India Water Week-2024 at Bharat Mandapam, New Delhi by the Hon’ble Minister of State, Jal Shakti.

    Artificial Recharge Activities

    Groundwater augmentation through artificial recharge in identified water stressed areas of Rajasthan, comprising Jodhpur, Jaisalmer, Alwar, Jhunjhunu & Sikar districts of Rajasthan has been taken up in three phases

    • Phase-1: Two large dams have been constructed:
      • Zoned Earth Fill Dam with Clay Core, Indroka, Mandore, Jodhpur
      • Concrete Gravity Dam, Bastawa Mata, Balesar, Jodhpur.
    • Phase-2: 82 WHS (Stone Masonary Check Dams (MCD), Anicuts, Concrete Check Dams (CCD & Recharge shafts) have been constructed in certain water stressed blocks of Jodhpur, Jaisalmer and Sikar district.
    • Phase-3: 39 WHS (Check Dam, Anicut, Model Talab) have been constructed certain water stressed blocks in Jodhpur, Jaisalmer, Sikar, Jhunjhunu and Alwar districts of Rajasthan to know the concentrated effect of artificial recharge.

    Regulation of Ground Water extraction

    • The primary role of Central Ground Water Authority (CGWA) is to regulate groundwater resource exploitation in the country. The Authority has been regulating groundwater development and management by way of issuing ‘No Objection Certificates’ for groundwater extraction to industries, infrastructure projects, Mining Projects, registration of drilling rigs etc., and framed guidelines in this connection.

     

    • Development of a new portal for NoC issuance to ground water users i.e. BhuNeer APP, which is an advanced version of the application processing software of CGWA for issuing NOC to ground water users of Industries, Infrastructure & Mining projects and Bulk Water Supply. The motto of developing this portal is to provide users a smooth experience with new features and functionalities.

    Rajiv Gandhi National Ground Water Training & Research Institute (RGNGWTRI) 

    It is the training wing of CGWB and functions as a `Centre of Excellence’ with the national role of capacity building of Officers and Officials of CGWB, other Central Govt. Depts., State Govt. Depts., Public Sector Undertakings, Non-Governmental Organizations, Academic institutions and other stake holders through three arms -Tier I (National Level), Tier II (State Level) and Tier III (Block level) trainings.

    • During the last 10 years, from 2012-13 to 2024-25(As on 24.12.2024) a total of 1711 training courses (Tier-I, Tier-II & Tier-III) were organized (Male 83,330 + Female 30,369 = 1,13,699 Participants) by RGNGWTRI, Raipur.
    • The institute has also conducted Four trainings for foreign nationals, during the last 10 years

    Development of three Indigenous Softwares as part of Smart India Hackathon (SIH) 2022- a significant step towards Atmanirbhar Bharat

    • Smart India Hackathon (SIH), a nationwide initiative envisioned under the leadership of Hon’ble Prime Minister is an important mega annual event among students to provide solutions through innovations for specific challenges identified by different organizations. It is an annual event organized by the Ministry of Education’s Innovation Cell, All India Council for Technical Education, along with partners. Based on problem statements shared by CGWB and under the mentorship of CGWB scientists, following three software applications were developed by engineering students as a part of Smart India Hackathon (SIH)
    • Hydra-Q: A Standalone desktop application for analysis, visualization and interpretation of hydrochemical data.
    • Aqua Probe: A Standalone desktop application for Pumping Test data analysis.
    • OASIS-G: Online application System for Stable Isotope Studies-Ground Water

    The software applications can be accessed / downloaded from CGWB website (https://www.cgwb.gov.in/freewares-groundwater-data-analysis).

    These freeware applications will be useful for students, researchers and groundwater professionals. So far, the software that are used for such kind of analysis are developed mostly in countries other than India. This is a significant step towards Atmanirbhar Bharat and is likely to reduce India’s dependence on foreign software.

    Aquifer Management for Augmentation and Sustainability of Urban Water Supply- Faridabad

     

    CGWB has taken up a study on augmentation of water supply to Faridabad city through sustainable ground water development in active Yamuna flood plain in 2024. CGWB has signed MoU with Faridabad Metropolitan Development Authority (FMDA)

    Ground Water Quality Analysis

     

    The comprehensive assessment of Ground Water Quality conducted by the Central Ground Water Board (CGWB) provides valuable insights that can guide remedial actions and inform future planning by various stakeholders. Notably, this report on Ground Water Quality is the first to implement a Standard Operating Procedure (SOP) for groundwater quality monitoring, which ensures consistency in data collection, analysis, and interpretation. Additionally, the use of internationally recognized methods significantly bolsters the credibility and technical rigor of the findings. On December 31, 2024, Sh. CR Paatil, Hon’ble Union Minister of Jal Shakti, unveiled the Annual Groundwater Quality Report, 2024.

    Key Highlights:

    • In terms of cation chemistry, calcium dominates the ion content, followed by sodium and potassium. For anions, bicarbonate is the most prevalent, followed by chloride and sulphate. This indicates that overall water in the country is of Calcium-Bicarbonate type.
    • Some regions face sporadic contamination of nitrates, fluoride, and arsenic.
    • Seasonal trends observed in parameters like Electrical Conductivity (EC) and fluoride provide evidence of positive monsoon recharge effects, which improve water quality.
    • From an agricultural perspective, the analysis of Sodium Adsorption Ration (SAR) and Residual Sodium Carbonate (RSC) reinforces the generally favorable suitability of groundwater for irrigation, with over 81% of samples meeting safe thresholds. However, localized issues of high sodium content and RSC values demand targeted interventions to prevent long-term soil degradation.
    • 100% of ground water samples in North-Eastern States are in excellent category for irrigation.
    1.     Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)

    Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for 2021-26 with an outlay of ₹93,068 Crore to benefit about 22 lakh farmers

    • Against a target of 34.63 Lakh Ha irrigation potential of 25.80Lakh Ha (approx.74.5%) created through AIBP works of the prioritized projects during 2016-17 to 2023-24
    • Nine (09) new MMI projects and two (02) new National projects have been further included under PMKSYAIBP.

     

    Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)- Accelerated Irrigation Benefit Programme (AIBP):

    The Government of India on 27.07.2016 approved funding of the 99 prioritized irrigation projects (and 7 phases) with an estimated balance cost of Rs. 77,595 Crore (Central share- Rs. 31,342 crores; State share- Rs. 46,253 crores) for completion in phases. The works include both the AIBP and CAD works. Funding arrangement for both Central Assistance (CA) and State Share made through NABARD under Long Term Irrigation Fund (LTIF). Targeted Irrigation Potential to be created under the scheme is 34.63 Lakh ha. An expenditure of Rs. 68891 crore (upto March 2024) has been reported to be incurred by the concerned State Governments on these projects since 2016-17. In January 2020, Ministry of Finance conveyed the continuation of ongoing centrally sponsored scheme up-to 31.03.2021.

     

    Physical Progress: Against the target of 34.63 Lakh Ha. Irrigation Potential of about 25.80 Lakh ha. has been created through AIBP works of the prioritized projects during 2016-17 to 2023-24. The potential created during 2024-25 shall be available only after the end of cropping season.

     

    Project Completed under PMKSY-AIBP: AIBP works of 62 prioritized projects out of identified 99 projects (and 7 phases) were reported to be completed till date.

    The Government of India has approved implementation of Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for 2021-26 with an outlay of ₹93,068 Crore on date 15-Dec-2021 to benefit about 22 Lakh farmers. The Union Cabinet has approved central support of ₹37,454 Crore to States and ₹20,434.56 Crore of debt servicing for loan availed by Government of India for irrigation development during PMKSY 2016-21. Accelerated Irrigation Benefit Programme, ‘Har Khet Ko Paani’ and Watershed Development components have been approved for continuation during 2021-26. Total additional irrigation potential creation targeted during 2021-26 under AIBP is 13.88 Lakh hectare. Apart from focused completion of 60 ongoing projects including their 30.23 lakh hectare command area development, 9 additional projects have been taken up till date. Also, two national projects, namely Renukaji Dam Project (Himachal Pradesh) and Lakhwar Multipurpose Project (Uttarakhand) have also been included for central funding of 90% of works of water component under the scheme.

     Inclusion of new Major/Medium Irrigation (MMI) projects as well as funding of National Projects under AIBP.

     Financial progress requirement is dropped for inclusion of a project underAIBPand only physical progress of 50% to be considered.

     Advanced stage (50% physical progress) criteria are relaxed for projects having command area of 50% or more in Drought Prone Area Programme (DPAP), tribal, Desert Development Programme (DDP), Flood prone, Tribal area, Flood prone area, left wing extremism affected area, Koraput, Balangir and Kalahandi (KBK) region of Odisha, Vidarbha& Marathwada regions of Maharashtra and Bundelkhand region of Madhya Pradesh & Uttar Pradesh, as also for Extension Renovation Modernization (ERM) projects and also for States with net irrigation below national average.

     Reimbursement is allowed for due central assistance in subsequent year also.

       Project completion permitted with physical progress of 90% or more.

     Online Management Information System (MIS) has been developed for monitoring of the projects. A nodal officer for each of the 99 priority projects has been identified who updates the physical and financial progress of the project regularly in the MIS.

     GIS based Application has been developed for geo-tagging of project components. Remote Sensing Techniques have been used for digitization of the canal network of the projects. Further, the Cropped Area estimation in the command of 99 priority projects is being carried out annually through remote sensing.

     To resolve the issue of Land Acquisition (LA) and increase water conveyance efficiency, use of Underground Pipeline (UGPL) has been actively promoted. Guidelines for Planning and Design ofPiped Irrigation Network were released by this Ministry in July, 2017.

     Pari-passu implementation of Command area development works in the commands of these projects is envisaged to ensure that the Irrigation Potential Created could be utilized by the farmers. New Guidelines bringing focus on Participatory Irrigation Management (PIM) have been brought out. Further, transfer of control and management of irrigation system to the Water Users’ Association (WUA) has been made necessary condition for the acceptance of CADWM completion.

    The Financial Progress under PMKSY-AIBP is as follows:

     

    Funds Released

    2016-17 to 2023-24

    2024-25 (so far)

    Total

    Central Assistance for AIBP projects

    including special and National Projects

    18550.98

    629.22

    19180.20

    State Share

    33830.83

    180.60

    34011.4

    Total

    52,381.81

    809.82

    53191.6

     

    Special Package for Maharashtra: A Special Package approved on 18.07.2018 which provides Central Assistance to complete 83 Surface Minor Irrigation (SMI) projects and 8 Major / Medium Irrigation Projects in drought prone districts in Vidarbha and Marathwada and rest of Maharashtra in phases up to 2023-24 (extended till March-25). The overall balance cost of the said projects as on 1.4.2018 is estimated to be Rs.13651.61 Crore. Total CA is estimated to be Rs. 3831.41 Crore including reimbursement for expenditureduring 2017-18Balancepotentialof 3. 77 Lakh Ha would be created on completion of these schemes. CA of Rs. 2901.63 crores have been released under the scheme so far. Under the scheme, 53 SMI and 2 MMI projects have been reported to be completed by the State Government of Maharashtra. Overall irrigation potential of 1.66 Lakh ha. has been reported to be created through all these projects during 2018-19 to 2023-24. Further potential created during 2024-25 shall be available only after the end of cropping season.

    Modernization of Command Area Development & Water Management (M-CADWM):

    The Ministry of Jal Shakti is reviewing the CADWM programme to make it more relevant in the current context of water use efficiency and agricultural productivity. The proposed change is a proposed smart irrigation scheme which envisages transforming the existing command (whether rain fed or gravity based) to a Pressurized Piped Irrigation Command (PPIC) by providing pressurized irrigation water from Established source to Farm Gate below Minor (Tertiary) Level Network. This will make the entire command area micro-irrigation ready with robust back-end infrastructure using Surface Water. The farmers shall be empowered by creating a Water User Society, which will also be an “economic entity”.

    The Scheme will develop suitable models for different Agro-Climatic zones, integrating various sources of water, and different levels of water availability, covering both areas of assured irrigation and protected irrigation. These models will pave the way for development of a National Plan for Modernization of water management in rural area in general and irrigation services in particular based on integrated, sustainable, efficient and inclusive water management.

    Polavaram Irrigation Project: Polavaram Irrigation Project was declared as National Project under Section 90 of AP Reorganization Act, 2014, which came into force on 1st  March 2014. The project with 2467.50 m of earth-cum-rock fill dam and 1121.20 m long spillway aims at irrigating 2.91 Lakh ha in erstwhile East Godavari, Visakhapatnam, West Godavari and Krishna districts besides several other benefits envisaged by it. Central Government is funding 100% of the remaining cost of the irrigation component of the project, as on 01.04.2014. Government of Andhra Pradesh is executing the irrigation component of the project on behalf of Government of India. The approved cost of the Project as per Revised Cost Committee (RCC) is Rs 29,027.95 cr at 2013-14 PL and Rs 47,725.74 cr at 2017-18 PL up to FRL i.e. EL +45.72 m. After declaration as National Project, a sum of Rs. 15,605.96 cr has been released for execution of Polavaram Irrigation Project so far.

    The Union Cabinet has approved the revised cost of the PIP in its meeting held on 28.08.2024, with water storage upto EL + 41.15 m at a cost of Rs. 30,436.95 cr with balance central grant for the project limited to Rs. 12,157.53 cr. Further, an amount of Rs. 2,348 cr has been released on 09.10.2024 as advance payment to GoAP on account of execution of Polavaram Irrigation Project in addition to the reimbursement of Rs 15,605.96 cr made to GoAP.

    As reported by Water Resource Department, Government of Andhra Pradesh, an expenditure of Rs 18,348.84 cr has been incurred on the project works up to 30.11.2024, after declaration of Polavaram irrigation project (PIP) as National Project.

    1.  Atal Bhujal Yojana (Atal Jal)

    Atal BhujalYojana (Atal Jal) is a Central Sector Scheme of Government of India with an outlay of Rs 6000 Crore, with focus on community participation and demand side interventions for sustainable ground water management in identified water stressed areas in 8203 water stressed Gram Panchayats of 229 administrative blocks/Talukas in 80 districts of seven States in the country viz. Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh. The scheme, partly funded by the World Bank, is being implemented from 1.04.2020 for a period of 6 years.

    This unique scheme aims at increasing the capacity of States to manage their ground water resources and for ensuring their long-term sustainability with active participation of the local communities through a mix of top-down and bottom-up approaches. It also envisages convergence of various ongoing schemes for implementation of interventions for improving ground water availability with emphasis on demand management and also to inculcate behavioral changes in the community to ensure optimal use of available water resources.

    The launch of Atal Bhujal Yojana heralds a change in the Government policy for ground water management by emphasizing the importance of community participation in planning, execution, and monitoring of scheme activities; convergence of ongoing schemes for implementing interventions aimed at improving ground water availability; focus on demand side management through improving water use efficiency and incentivizing participating States for awareness creation among the masses on the importance of ground water.

    Atal Bhujal Yojana also envisages improving the capacity of States for ground water governance through strengthening of institutions dealing with ground water management, improving ground water monitoring networks, creation of awareness among the public on the importance and criticality of ground water resources and building the capacity of the grass root level stakeholders to plan and utilize the available resources in a judicious manner. It also addresses the gender perspective by making it mandatory to include women in all activities of the scheme.

    Atal Bhujal Yojana is expected to improve ground water conditions in the target areas and to contribute significantly to ensure ground water sustainability for interventions planned under the Jal Jeevan Mission (JJM). It is also expected to contribute to the Hon’ble Prime Minister’s goal of doubling farmers’ income and to result in optimal use of ground water by the stakeholders in the long-run.

    Further, to bridge the gap in the data availability at the GP level for better water management across India, Department of Water Resources, River Development & Ganga Rejuvenation in collaboration with Ministry of Panchayati Raj has taken the initiative to expand water budgeting exercise to non-Atal Jal areas as well by their inclusion in the Gram Panchayat Development Plans (GPDPs).

    Key achievements under Atal Bhujal Yojana are as follows:

    • Public disclosure of data in all the Atal Jal GPs through various modes of disclosure viz., central/state web portals, display board at each GP, social media, wall paintings, distribution of pamphlets/brochure, public meetings and Atal Jal Mobile application.
    • States have used innovative measures like Groundwater Data Information Dissemination Centers, QR codes, social media, etc., to disseminate the groundwater related data to public.
    • Community led Water Budget and WSPs prepared for all the 8203 GPs and updated on yearly basis.
    • Groundwater monitoring system has been strengthened at GP level by providing equipment like Digital Water Level Recorders, water level indicators, rain gauges, water quality testing kits, water flow meters etc. In addition, piezometers have been constructed in GPs for monitoring of water levels.
    • A total of 49 State level, 410 District level, 1152 Block level and 99,406 GP level trainings have been conducted so far.
    • Awareness and sensitization at GP level through innovative Information Education and Communication practices like narrowcasting in Haryana, folk dances/songs in Karnataka, Jal dindis in Maharashtra, Ratri Choupals in Rajasthan have been used to drive the message of sustainable groundwater management.
    • Investment of Rs. 4355 Crore towards implementation of interventions proposed under WSPs through convergence.
    • An area of around 6.7 lakh Hectares has been brought under efficient water use practices including Drip, Sprinkler, Mulching, Crop Diversification etc.
    • More than 70,000 wells are being monitored for water level at GP level and shared with community.
    • More than 90,000 existing Water Conservation and Artificial Recharge structures have been mapped.
    • 813 GPs in 47 Blocks have shown improvement in ground water level.
    • A total of Rs.3420.57 Cr. has been disbursed to the States since the inception of the scheme. A total of Rs.2863.98 Cr. has been utilized by the States since the inception of the scheme.
    • Sixth meeting of National Level Steering Committee (NLSC) for implementation of Atal Bhujal Yojana was held on 07 June 2024.

     

    1. Minor Irrigation Statistics: Progress under the scheme “Irrigation Census”:

     

    Minor Irrigation Census conducted quinquennially in order to create a sound and reliable database on groundwater and surface water minor irrigation schemes in the country. The Minor Irrigation Census is conducted under the centrally sponsored scheme “Irrigation Census” with 100% central funding through which State Statistical Cells constituted under different States/UTs are also supported.

     

    The sixth Minor Irrigation Census and the first Census of Water bodies covering all water bodies in the country, both rural and urban have been completed. All India and State-wise report on 6th Minor Irrigation Census and First Census of Water Bodies has been published and are available at the Department website ‘https://jalshakti-dowr.gov.in’. Key results have been disseminated on Bhuvan portal and the state wise unit level data has also been disseminated on Open Government Data (OGD) platform.

    During 2024, the following progress under the scheme “Irrigation Census” has been achieved:

    • 7th Minor Irrigation Census and 2nd Census of Water Bodies are underway, along with two new censuses: the 1st Census of Springs and the 1st Census of Major and Medium Irrigation Projects, with reference year 2023-24.
    • An all-India Workshop on these Censuses was held in 2023, with participation from all States and Union Territories. NIC has developed a mobile/web application for these censuses, with pilot testing successfully conducted in Uttarakhand, Himachal Pradesh, Odisha, and Meghalaya in month of October, 2024.
    • Six regional workshops for training of trainers for upcoming censuses are being conducted at regional centers in Tripura, Karnataka, Uttar Pradesh, Haryana, Rajasthan, and West Bengal from December, 2024 to January, 2025 to provide training to trainers at State level for further capacity building.
    • Grands-in-aid to States/UTs were released timely on receipt of proposals from eligible States/UTs.

     

    1. ​Flood Management Wing (FM):

     

    Flood Management and Border Areas Programme (FMBAP):

     

    The “Flood Management Programme (FMP)” and “River Management Activities and Works related to Border Areas” (RMBA) under operation during XII Five Year Plan were merged as “Flood Management and Border Areas Programme” (FMBAP) for the period 2017-18 to 2019-20 and further extended up-to March, 2021. Cabinet further approved the continuation of FMBAP scheme during 2021-22 to 2025-26 with an outlay of Rs. 4100 Crore (FMP-Rs. 2940 Crore and RMBA – Rs. 1160 Crore).

    Since the inception of FMBAP (till December 2024), Central Assistance of Rs. 7136 crores have been released to States/UTs under FMP component of Flood Management & Border Area Programme (FMBAP) scheme and Central Assistance of Rs. 1258.73 crores have been released to UTs/States under RMBA component of FMBAP scheme.

     

    Completion of balance works of North Koel Reservoir Project: DoWR, RD & GR has taken up the long pending project for completion of balance works of North Koel Reservoir Project, Bihar and Jharkhand. In August, 2017 the Union Cabinet has approved the proposal for balance works of North Koel Reservoir Project at an estimated cost of Rs. 1622.27 crore during three financial years from the start of the project. Subsequently, at the request of both State Governments, certain other components were found necessary to be included in the project. Complete lining of Right Main Canal (RMC) and Left Main Canal (LMC) was also regarded essential from technical considerations to derive envisaged irrigation potential. Thus, the works of Gaya distribution system, lining of RMC and LMC, remodeling of enroute structures, construction of a few new structures and onetime Special Package for R&R of Project Affected Families (PAFs) were to be provided for in the updated cost estimate. Accordingly, Revised Cost Estimate of the project was prepared. Out of the cost of balance works of Rs. 2430.76 crore, the Central would provide Rs.1836.41 crore. The Cabinet Committee on Economic Affairs has given its approval to the proposal to complete the balance works of North Koel Reservoir Project at a revised Cost of Rs. 2,430.76 crore on 04.10.2023. Project will provide irrigation benefit to 114,021 hectares of land annually in drought prone areas of Aurangabad and Gaya districts of Bihar and Palamau and Garwa districts of Jharkhand. Project also has the provision for supply of 44 MCM water for drinking and industrial water supply. The execution of balance works of the project on turnkey basis by M/s WAPCOS Ltd., a CPSU under DoWR, RD & GR as Project Management Consultant (PMC). 10% works on dam & appurtenant, 100% of additional works of Mohammad Ganjbarrage, 86% works on left main canal and works on Right Main Canal in Jharkhand Portion & 18% works on Bihar portion have been completed.

     

    India and Bangladesh Matters

     

    A Treaty was signed by the Prime Ministers of India and Bangladesh on 12th December, 1996 for the sharing of Ganga/Ganges waters at Farakka during the lean season. As per the Treaty, the Ganga/Ganges waters is being shared at Farakka (which is the last control structure on river Ganga in India) during lean period, from 1st  January to 31st  May every year, on 10-daily basis as per the formula provided in the Treaty. The validity of Treaty is 30 years. The sharing of water as per the Treaty is being monitored by a Joint Committee headed by Members, JRC from both sides. The following India-Bangladesh Joint Committee Meetings have been convened.

     

    • The 83rd  meeting of the Joint Committee on sharing of the Ganga/Ganges waters at Farakka was held at Dhaka on 24th  January, 2024 after a visit to the joint observation site at Hardinge Bridge, on 24th January, 2024.
    • The 84th  meeting of the Joint Committee on sharing of the Ganga/Ganges Waters at Farakka was held at Kolkata on 7th  March, 2024 after visit to the joint observation sites at Farakka on 5th  March, 2024.
    • The 85th  meeting of the Joint Committee on sharing of the Ganga/ Ganges waters at Farakka was held at Dhaka (Bangladesh) on 14th  November, 2024 for the finalization of Annual Report of the lean/dry season of the year 2024.

    During the 83rd  and 84th  Joint Committee meetings, the Indian delegation was led by Mr. Atul Jain, Commissioner (FM), Department of Water Resources, River Development and Ganga Rejuvenation Ministry of Jal Shakti. During the 85th Joint Committee meeting, the Indian delegation was led by Mr. Sharad Chandra, Commissioner (FM), Department of Water Resources, River Development and Ganga Rejuvenation, Ministry of Jal Shakti, Government of the Republic of India and Member, India-Bangladesh Joint Rivers Commission. The Bangladesh delegation was led by Dr. Mohammad Abul Hossen, Member, India-Bangladesh Joint Rivers Commission, Ministry of Water Resources, Government of the People’s Republic of Bangladesh.

    1. National River Conservation Directorate (NRCD)

    Cleaning of river is a continuous process and Government of India is supplementing the efforts of the State Governments in addressing the challenges of pollution of rivers by providing financial and technical assistance. Assistance is provided to State Governments for abatement of pollution in identified stretches of various rivers (excluding river Ganga and its tributaries) under the Centrally Sponsored Scheme of National River Conservation Plan (NRCP) on cost sharing basis between the Central & State Governments for taking up various pollution abatement works relating to interception & diversion of raw sewage, construction of sewerage systems, setting up of sewage treatment plants, low cost sanitation, river front/bathing ghat development, etc.

    • Project for ‘Pollution Abetment River Banganga at Katra’ in Jammu & Kashmir at a cost of Rs.92.10 crore was sanctioned.
    • Project for ‘Pollution Abetment and Conservation of river Mindhola at Surat’ in Gujarat at a cost of Rs.98.51 crore was sanctioned.
    • Project for ‘Interception & Diversion of Sewerage Water from Existing Drains to Nearest STP for Treatment Purposes in Jodhpur City for Pollution Abatement of River Jojari at Jodhpur’ in Rajasthan at a cost of Rs.13.10 crore was sanctioned.
    • Project for ‘Sewer rehabilitation of old and deteriorated pipes by Trenchless CIPP Technology for main trunk sewer lines heading towards Nandari and Salawas STPs for pollution abatement of Jojari River at Jodhpur’ in Rajasthan at a cost of Rs.51.99 crore was sanctioned.
    • Project for ‘Design of Complete Sewerage System and Proposal of Development of New STP for Jhalamand Area, Jodhpur for pollution abatement of river Jojari at Jodhpur’ in Rajasthan at a cost of Rs.53.63 crore was sanctioned.
    • Project for ‘Establishing and Commissioning of 30 MLD Sewage Treatment Plant (STP) at Nandari for pollution abatement of river Jojari at Jodhpur’ in Rajasthan at a cost of Rs.53.86 crore was sanctioned.
    • Project for ‘Rejuvenation of Imphal-Manipur River and Faecal Sludge and Septage Management at 27 ULBs’ in Manipur at a cost of Rs.92.39 crore was sanctioned.
    • Project for ‘Elamkulam sewerage project for rejuvenating Chitrapuzha River through restoration of natural streams/outfalls carrying sewage/pollutants-Construction of STP 17.5 MLD’ in Kerala at a cost of Rs.47.53 crore was sanctioned.
    • Project for ‘Perandoor Sewerage Project for Rejuvenating Periyar River through Restoration of Natural Streams/Outfalls Carrying Sewage/Pollutants—Construction of 19 MLD STP (Part 1)’ in Kerala at a cost of Rs.49.78 crore was sanctioned.
    • Project Management Consultant has been appointed for implementation the project of ‘Pollution abatement and conservation of River Nag at Nagpur, Maharashtra’ sanctioned at a cost of Rs.1,926.99 crore with Japan International Cooperation Assistance.
    • Project for pollution abatement of river Devika and Tawi at Udhampur, Jammu & Kashmir sanctioned for Rs.186.74 crore has been completed 3 sewage treatment plants (STPs) with total capacity of 13.06 mld constructed under NRCP.
    • Project for pollution abatement of river Tapi at Surat, Gujarat sanctioned for Rs. 971.25 crore has been completed 11 sewage treatment plants (STPs) with total capacity of 208.97 mld constructed under NRCP.
    • Central Assistance amounting to Rs. 425 crores released to various State Governments/Agencies for implementation of projects under NRCP.
    • Stakeholder Consultation Workshop on Guidelines for National River Conservation Plan and DPR Preparation held on 06th May, 2024 in the presence of Secretary, DoWR, RD & GR. The recommendation and suggestions of the stakeholders are under review and accordingly will be proposed in the revised guidelines of NRCP and DPR guidelines.
    • First meeting of the Stakeholder Advisory Committee (SAC) was held on 31.05.2024 under the Chairpersonship of Secretary, DoWR, RD & GR at Nagpur under the project Condition Assessment and Management Plan of Six River Basins (Cauvery, Periyar, Narmada, Mahanadi, Godavari and Krishna).
    • The project “Assessment of ecological status of 7 rivers viz. Narmada, Mahanadi, Godavari, Cauvery, Periyar, Pamba and Barak for conservation planning” has been entrusted to Wild Life Institute of India (WII) at a sanctioned cost of Rs. 24.56 crore in September, 2020. The project broadly aims to spearhead river conservation in above seven Indian rivers for biodiversity conservation and maintenance of ecosystem services. Intensive ecological studies will be carried out in the seven prioritized river basins of India and ecological status will be assessed. Stake Holders workshops of NRCD- WII held at Bengaluru, Karnataka Cauvery River basin.

     

    1. External Affairs & International Cooperation (EA&IC)

    DoWR, RD & GR has signed a Memorandum of Understanding (MoU) with different countries on cooperation in the field of water resources management and development. For effective implementation of activities under the various signed MoUs, to enhance the collaboration under the MoU, certain activities were undertaken including Joint Working Group (JWG) meeting, the details of which is as follows –

     

    1. MoU with Denmark – The MoU between India and Denmark on Cooperation in the field of Water Resources Management was signed on 12.09.2022. Two projects namely “Centre of excellence on Smart Water Resources Management (CoESWaRM)” and “Smart Laboratories on Clean River (SLCR)” have been identified under the MoU. Indian side Joint Working Group was formed on 05.08.2024. First Joint Working Group (JWG) meeting under the MoU was held on 05th December 2024. In the meeting, it has been agreed to have organizational division at PMU level into two sub-thematic areas under the existing Centre of Excellence (CoE).

     

    1. MoU with European Union – The MoU between India and the European Union on Water Cooperation was signed on 01.10.2016. Three JWG meetings have been convened so far.  Third Meeting of JWG was convened on 12.07.2023 virtually. The 6th EU-India Water Forum meeting was held on 18.09.2024 during the 8th India Water Week in New Delhi. The forum inter-alia explored trilateral collaboration between East Africa, India and the EU to address water challenges in regions like Lake Victoria and Lake Tanganyika. 

     

    1. MoU with Israel: The MoU between India and Israel on Water Resources Management and Development Cooperation was signed on 11.11.2016. A Joint Review Committee (JRC) (Now Steering Committee) has been formed on 20.02.2024 to assess the activities and progress of the projects identified for implementation under the MoU. 1st meeting of the JRC was convened on 9th Oct 2024 recommending the proposal for the “Establishment of India-Israel Centre of Water Technology (CoWT)”.

     

    1. MoC with Japan (Water Resources): The Memorandum of Cooperation (MoC) between India and Japan in the area of Water Resources was signed on 11.12.2019. Two meetings of Joint Working Group (JWG) have been convened so far. 2nd JWG meeting was held on 14.11.2024. In the meeting both sides agreed for extension of the MoU and to identifying additional areas for collaboration.

     

    1. MoU with Morocco- The MoU between India and Morocco on cooperation in the field of Water Resources was signed on 14.12.2017. Four JWG meetings have been convened so far. Fourth JWG meeting was convened on 20.09.2024. It was agreed upon that both the countries will share their experiences, analysis, findings, policies and developments in the field of water resources in its next meeting of JWG.

     

    Bilateral Meetings of Hon’ble Minister of Jal Shakti with the Ministers of Foreign Nations during India Water Week 2024 in New Delhi: –

     

    • Denmark: Mr. C.R. Paatil, Hon’ble Minister of Jal Shakti met with H.E. Mr. Morten Bødskov, Denmark’s Minister of Industry, Business and Financial Affairs. Denmark’s Minister reaffirmed Denmark’s commitment to sustainable water solutions and highlighted the expertise of Danish companies in water management. The Hon’ble Minister of Jal Shakti proposed collaborative initiatives to develop scalable technologies for water challenges, suggesting pilot projects at the district level.
    • Guyana: A significant meeting took place between Mr. C. R. Paatil, Hon’ble Minister of Jal Shakti and Mr. Collin D. Croal, Hon’ble Minister of Housing & Water, Guyana. It was agreed upon that both the countries will share their experiences, policies and developments in the field of water resources
    • Tanzania: Mr. C. R. Paatil, Hon’ble Minister of Jal Shakti, India met with Mr. Mathew Andrea Kundo, Deputy Minister of Water, Tanzania. The Tanzanian Minister proposed discussions on a new project to transport water from Lake Victoria, estimated at $600 million, to address water challenges in Tanzania. Hon’ble Minister of Jal Shakti assured that this proposal would be deliberated upon in the Ministry positively.
    • Zimbabwe: A productive meeting took place between Mr. C. R. Paatil, Hon’ble Minister of Jal Shakti and Mr. Vangelis Peter Haritatos, Hon’ble Deputy Minister of Lands, Agriculture, Fisheries, Water and Rural Development, Zimbabwe. Zimbabwe’s Minister sought innovative financing options beyond traditional avenues such as EXIM etc. Hon’ble Minister for Jal Shakti assured that these matters would be deliberated upon positively, emphasizing that improvements in Zimbabwe’s irrigation sector would significantly enhance food security across Africa.
    1. Barhmaputra & Barak (B&B) Wing

     

    Expert Level Mechanism (ELM)

    During the visit of the Hon’ble President of the People’s Republic of China to India on November 20-23, 2006, it was agreed to set up an Expert-Level Mechanism to discuss interaction and cooperation on provision of flood season hydrological data, emergency management and other issues regarding trans-border Rivers as agreed between them. Accordingly, the two sides have set up the Joint Expert Level Mechanism through a Joint Declaration by both the countries.

    The ELM meetings are held alternately in India and China every year. Fifteen meetings of ELM have been held so far. The 15th meeting of ELM was held at Beijing, China during 13th-14th August 2024. The GoI delegation was led by Shri S.K. Sinha, Commissioner (B&B), DoWR, RD & GR, Ministry of Jal Shakti and the Chinese delegation was led by Mr. Hao Zhao, Director General of the International Economic & Technical Cooperation and Exchange Centre, Ministry of Water Resources, People’s Republic of China.  Representatives of Ministry of External Affairs (MEA), Central Electricity Authority (CEA) and Central Water Commission (CWC) had also participated in the meeting.

    (ii)        INDIA-BHUTAN COOPERATION

    1. Joint Group of Expert (JGE) on Flood Management:

    A Joint Group of Expert (JGE) on Flood Management has been constituted between India and Bhutan to discuss and assess the probable causes and effects of the recurring floods and erosion in the southern foothills of Bhutan and adjoining plains in India and recommend to both Governments appropriate and mutually acceptable remedial measures. Ten meetings of JGE have been held so far. The 10th meeting was held during 28th-29th February, 2024 at New Delhi, India. The GoI delegation was led by Shri S. K. Sinha, Commissioner (B&B), Department of Water Resources, River Development & Ganga Rejuvenation (DoWR, RD& GR), Ministry of Jal Shakti, GoI and the RGoB delegation was led by Mr. Karma Dupchu, Director, National Centre for Hydrology and Meteorology (NCHM), RGoB.

    1. Joint Technical Team (JTT) on Flood Management:

    In accordance with the decision taken during the first meeting of JGE, a Joint Technical Team (JTT) on Flood Management between the two countries was constituted. The purpose of JTT is to assess the field situation and provide technical support to JGE on flood management. Eight meetings of JTT have been held so far. The 8th meeting of JTT was held during 18th–20th November, 2024 at Chalsa, Jalpaigudi, West Bengal. The Indian delegation was led by Shri G.L. Bansal, Chief Engineer, Brahmaputra Basin Organisation (BBO), Central Water Commission, GoI and the Bhutanese delegation was led by Dr. SingayDorji, Chief of Meteorological Services Division (MSD), National Centre for Hydrology and Meteorology, RGoB.

    1. Joint Experts Team (JET) on Flood Forecasting:

    A Joint Experts Team (JET) consisting of senior officials from the Government of India and Royal Government of Bhutan(RGoB) continuously reviews the progress and other requirements of a network of 36 hydro-meteorological sites located in the catchments of trans-border rivers Puthimari, Pagladiya, Sankosh, Manas, Raidak, Torsa, Aie and Jaldhaka. So far, JET has met 38 times alternately in India and Bhutan since its reconstitution in 1992 and the last JET meeting i.e. 38th meeting was held at Mandarmani, West Bengal, India during 10th-11th December, 2024.

    The Indian delegation was led by Shri Subhrangshu Biswas, Chief Engineer, Teesta&Bagarathi-Damodar Basin Organisation (T&BDBO), Central Water Commission, GoI and the Bhutanese delegation was led by Mr. Karma Dupchu, Director, National Centre for Hydrology and Meteorology (NCHM), RGoB.

    13.     NERIWALM

    The North Eastern Regional Institute of Water and Land Management (NERIWALM), under the Ministry of Jal Shakti, continued its vital contributions to water and land management across North East India in 2024. As the only institute of its kind in the region, it upheld its mandate of capacity building and skill enhancementfor efficient management of water and land resources for irrigation and agriculture.

    During the year (January to December, 2024), the institute organized 76 training programmes, reaching 3,173 beneficiaries. Among these were induction-level courses for newly recruited engineers from the Irrigation and Agriculture Departments of Assam, as well as the Brahmaputra Board. A faculty development program on advancements in agriculture and water management was also conducted. NERIWALM collaborated with leading national institutions and agencies to host a two-day National Seminar on Advances in Irrigation Technologies and Management, fostering knowledge exchange and innovation.

    In research and development, the institute undertook a diverse range of projects sponsored by state and central government departments. Key initiatives included the preparation of State-Specific Action Plans for 19 states, evaluations of PMKSY-AIBP and PMKSY-HKKP irrigation projects in Assam and Meghalaya, research project on farmer participation in irrigation management in Manipur, studies on good water management practices and study on the impact of climate change on dam-related hydro-geomorphic and social aspects in Arunachal Pradesh.

    NERIWALM’s academic program also progressed with the enrollment of 15 students in the M.Tech course on Water Resource Management for the 2024-25 session. The institute further strengthened its credentials by developing e-learning modules on water resource management for the i-GOT platform. NERIWALM was accredited as “EXCELLENT” under the Capacity Building Commission’s National Standards, while its Soil and Water Laboratory achieved NABL accreditation.

    14.       NATIONAL HYDROLOGY PROJECT
     

    National Hydrology Project (NHP), with support from the World Bank, envisages establishing a system for timely and reliable water resources data acquisition, storage, collation and management. It has pan-India coverage with 48 Implementing Agencies (IAs) {12 from Central Government (including 3 from River Basin Organisations) and 36 from States/ UTs}. It will also provide tools and systems for informed decision making for water resources assessment, planning and management. The National Hydrology Project has been approved with an outlay of Rs. 3,679.77 Crore as a Central Sector Scheme with 100% grant to State Governments and Central Implementing Agencies. The project originally had a duration of 8 years from 2016-17 to 2023-24. However, Department of Expenditure, Ministry of Finance has accorded approval for extension of project till Sept-2025 within the same allocation.

    Broad objectives of NHP include: a) To improve the extent, quality, and accessibility of water resources information; b) To create decision support system for floods and basin level resource assessment/planning; and c) To strengthen the capacity of targeted water resources professionals and institutions in India.

    Under the ongoing NHP, almost 22960 Real Time Data Acquisition System (RTDAS) surface water and ground water stations have already been installed in the country. Besides, 46 Supervisory Control and Data Acquisition (SCADA) packages have been commissioned; almost 5667 piezometers constructed; 134 stationary as well as mobile water quality labs have been developed/procured/maintained and put into operation;
    high-resolution DEMs, CORS network as well as Geoid model have also been developed. Furthermore, Bathymetric surveys of 464 important reservoirs of the country covering 162 BCM have also been taken up under NHP of which 373 studies have already been completed. Further 36 State Data Centres / Regional data centres / knowledge centres, etc. have been completed under the ongoing NHP. The need for development & maintenance of appropriate institutional framework both at the Central as well as State level for water resources information system intended for collection, collation and dissemination of the database was given shape in the ongoing NHP. As envisaged in the Cabinet note, the National Water Resources Informatics Centre (NWIC) has been created in 2018 and is now functional. Additionally, the formation of the State Water Informatics Centres for development of respective State Water Resources Information Systems was expedited in the ongoing NHP. Till date almost 19 SWICs have already been formed with a few more under process. The information system covering hydro-meteorological, hydro-geological, sedimentation, morphological and water quality data is also important in the context of various studies being done under NHP which
    include IT Applications, Digital Products, geospatial hydro products, etc.

     

    15.     Surface Minor Irrigation (SMI) scheme

     

    Under the Surface Minor Irrigation (SMI) scheme, since 12th plan onwards, 7282 schemes are ongoing with an estimated cost of ₹ 16113.560 crores. Central Assistance (CA) of Rs. 9009.169 crores have been released to states up-to March, 2024. Further, 4965 schemes have been reported to be completed up-to March, 2024. Target irrigation potential creation of these schemes is 11.58 L Ha and out of this, 8.59 L Ha is reported to be created till March, 2024.

     

    16.     Repair, Renovation and Restoration (RRR) of Water Bodies scheme

     

    Under the Repair, Renovation and Restoration (RRR) of Water Bodies scheme, since 12th plan onwards, 3075schemes are ongoing with an estimated cost of Rs. 2834.692 crore. Central Assistance (CA) of Rs. 554.279Crore has been released to states up to March, 2024. Further, 2192 water bodies have been reported to be completed up to March, 2024. Target irrigation potential restoration of these schemes is 2.41 L Ha and out of this, 2.00 L Ha is reported to be restored till March, 2024

     

    18.       Mass Communication Internship programme

     

    DoWR, RD & GR undertook internship programme in mass communication on during 2024.  Students pursuing Degrees or are Research Scholars enrolled in recognized University/Institution in the field of Mass Communication in India are given opportunity to apply as “interns”. The Internship Programme provided short term exposure to “selected candidates” to be associated with the Department’s work related to media/social media activities. The objectives of the programme are to well acquaint the “Interns” with the working of the Department in field of media/social media related activities etc. and simultaneously the “interns” to supplement the process of mass publicity of this Department to create awareness about importance of development and management of water resources in holistic manner.

     

    03 interns were selected for an initial period of 6 months under the program.

    *****

    Dhanya Sanal K

    Director

    (Release ID: 2096022) Visitor Counter : 29

    MIL OSI Asia Pacific News

  • MIL-OSI New Zealand: Economy – Annual publication of updated weights for the Trade Weighted Index – Reserve Bank of NZ

    Source: Reserve Bank of New Zealand

    4 November 2024 – The annual publication of updated weights for the Trade Weighted Index will take place on 4 December 2024.

    This will be published on the B10: Trade Weighted Index weights and trade volumes and B13: Trade Weighted Index historical weights tables after 3pm. While the specific time of publication cannot be confirmed, the B10 and B13 tables will be published by close of business on 4 December 2024.

    These weights will take effect from 5 December 2024.
    Trade Weighted Index weights and trade volumes (B10): https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=d15df74332&e=f3c68946f8
    Trade Weighted Index historical weights (B13): https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=b27c24801f&e=f3c68946f8

    MIL OSI New Zealand News

  • MIL-OSI Banking: Result of the 3-day Variable Rate Reverse Repo (VRRR) auction held on November 04, 2024

    Source: Reserve Bank of India

    Tenor 3-day
    Notified Amount (in ₹ crore) 1,75,000
    Total amount of offers received (in ₹ crore) 74,000
    Amount accepted (in ₹ crore) 74,000
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1417

    MIL OSI Global Banks

  • MIL-OSI Economics: Asian Development Blog: Empowering Women with Disabilities: Key Actions for Inclusive Sports in the Pacific

    Source: Asia Development Bank

    Inclusive sports can empower women with disabilities, and foster accessibility, social integration, and gender equality in the Pacific. Recent Paralympic milestones and policy examples illustrate the ongoing need for supportive infrastructures and greater representation to create equitable opportunities in sports.

    The importance of sport for women with disabilities cannot be overstated. It provides a platform for empowerment, fostering physical and mental well-being, and breaking societal barriers related to gender and disability. Participation in sports helps build confidence, resilience, and a sense of community.

    The Paralympic Games have been instrumental in setting standards for inclusion, showcasing the incredible talents and achievements of athletes with disabilities on a global stage. By promoting gender equality and providing equal opportunities, the Paralympics inspire change and highlight the importance of accessibility and inclusivity in sports.

    This year’s Paralympic Games in Paris marked a historic milestone with a record 1,983 women, or 45% of participants, across 549 medal events in 22 sports, making it the most gender-inclusive Paralympics ever. It was also a historic moment for the Pacific region, as it sent its largest contingent of athletes to the Paralympic Games.

    Thirteen athletes, comprising seven women and six men, represented six countries to compete in para-athletics and para-taekwondo: Fiji, Kiribati, Papua New Guinea, Solomon Islands, Tonga, and Vanuatu. According to the Oceania Paralympic Committee, the Pacific athletes “not only represent their nations but also the aspirations of the entire Pacific region.”

    Among the remarkable athletes was Tongan discus thrower Meleane Vasitai Leaaepeni Falemaka, known as Vasi, who competed in the Paralympic Games for the first time. She is making her mark on the global stage as Tonga’s sole representative in the Paralympic Games where she competed in the women’s F37 discus throw event. Prior to the Paralympics, Vasi achieved her personal best throw at the World Para Athletics Grand Prix April 2024 held in Marrakech, Morocco.

    Women with disabilities outnumber men with disabilities in most Pacific countries, largely due to longer life expectancy and the increased likelihood of acquiring disabilities in old age. Persons with disabilities are overrepresented among the poorest of the poor across the region and face economic and social exclusion, violence, and accessibility challenges.

    Despite this, women with disabilities often do not get to make decisions that affect them. Evidence from 19 countries shows that only 2.3% of women with disabilities held a position as a legislator, senior official, or manager.  Only four out of 18 countries in the region had a “woman with disability” in parliament.

    Sports provide a powerful platform for empowering women with disabilities, fostering inclusion, and challenging societal barriers.

    The following actions are needed to increase the inclusion of women with disabilities in sports:

    Enhance policy and financing for gender and disability inclusive sport. Governments must enact robust legislation to eliminate accessibility barriers in multiple areas such as transport, housing, services, education, and sport. For example, Brazil passed the “Inclusion of People with Disabilities Act” before the Rio 2016 Paralympics that aimed to enhance the lives of the nearly 50 million people with impairments in Brazil. This Act increased the amount allocated to para-sports from the gross revenues of the federal lotteries, from around $26 million to $49 million per year.

    Promote accessibility and inclusivity of sport. The Paralympics have made strides in accommodating athletes with disabilities through modified rules and regular reassessments by classifiers. Classification varies across sports, for example, swimming has up to 10 eligible impairment types, and classifications depend on how much an impairment affects performance.

    In wheelchair basketball, players are rated from 1.0 to 4.5 based on their disability level with a maximum point total allowed per team to ensure competitive balance. This approach enhances fairness and integrity in competitions, creating a more equitable environment for all Paralympic athletes.

    Include women with disabilities in stakeholder consultations. This can be done through partnerships with local organizations and women’s groups where women with disabilities take on leadership and decision-making roles. Mapping stakeholders supporting people with disabilities is crucial in creating awareness among all stakeholders and policymakers in sport on the needs of women athletes with disabilities.

    Ensuring that sports facilities are accessible and safe for women with disabilities. Sports facilities must be designed within the lens of gender and disability. This not only promotes physical health but also enhances social integration and economic opportunities for people with disabilities.

    Governments and development partners’ financial commitments to accessibility improvements are essential. For instance, prior to the 2008 Paralympic Games in Beijing, the People’s Republic of China invested over $150 million to make 14,000 facilities accessible across the country. Similarly, for the Rio 2016 Games, nearly $1 million was allocated to enhance access to major tourist attractions and sports arenas.

    Promoting media representation to change perceptions. Media coverage can significantly change societal perceptions. For example, UK’s Channel 4 won various awards for its coverage of the London 2012 Paralympics, which included presenters with disabilities.

    The channel spent $1.2 million searching for, recruiting, training and developing the skills of media professionals to ensure that half of the on-screen talent during the Games consisted of persons with disabilities. The channel’s “Meet the Superhumans” commercial combined powerful imagery of athletes with their extraordinary stories creating a compelling narrative that resonated widely and likely changed attitudes towards Paralympic sports.

    Encouraging women with disabilities to take up sports. Sport enables women with disabilities to develop social skills and independence. Families and carers can help foster the love for sport by initiating play and developing interest, which can also serve as a shared activity. Sport can also be a transformative tool for women to demonstrate their abilities, which can help reduce the longstanding negative perceptions and gender stereotypes associated with women with disabilities.

    By addressing these issues, we can create an environment where athletes like Vasi can thrive, inspiring future generations and contributing to a more inclusive and equitable society in the Pacific.

    MIL OSI Economics

  • MIL-OSI Banking: Secretary-General of ASEAN takes part in Electric Vehicle (EV) Delivery Ceremony and Roundtable on the Development of EV Ecosystem in ASEAN

    Source: ASEAN

    As part of the activities to commemorate the 35th Anniversary of ASEAN-ROK Dialogue Relations this year, Secretary-General of ASEAN, Dr. Kao Kim Hourn, today visited the Hyundai Motor Manufacturing Indonesia, in Bekasi Regency, West Java, where he participated in the EV delivery ceremony. Hyundai EV was handed over by the Mission of the Republic of Korea (ROK) to ASEAN to the ASEAN Secretariat as part of the EV project funded by the ASEAN-ROK Cooperation Fund (AKCF). Following the handover ceremony, Dr. Kao also participated in the Roundtable on the Development of EV Ecosystem in ASEAN. The event, which highlighted the trends in the EV industries of ASEAN Member States and the ROK was organised by the Mission of ROK to ASEAN and participated by Ambassador of ROK to ASEAN Lee Jang-keun, members of the Committee of Permanent of Representatives to ASEAN, staff of the ASEAN Secretariat and that of the ROK Mission, EV experts, along with other invited guests.

    The post Secretary-General of ASEAN takes part in Electric Vehicle (EV) Delivery Ceremony and Roundtable on the Development of EV Ecosystem in ASEAN appeared first on ASEAN Main Portal.

    MIL OSI Global Banks

  • MIL-OSI Asia-Pac: HK a unique gateway: SJ

    Source: Hong Kong Information Services

    Secretary for Justice Paul Lam

    The Hong Kong Legal Week is an annual flagship event of the Department of Justice. Since its inception in 2019, the Hong Kong Legal Week has served as a dynamic forum where legal professionals, scholars, judges and experts come together to discuss critical legal issues that resonate not only within Hong Kong but (also) throughout the wider Asia-Pacific region and beyond.

    The theme of this year is “Hong Kong Common Law System: World-Class Springboard to China & Beyond”. It emphasises Hong Kong’s unique role as a gateway between China, the Asia Pacific and the world. Under the “one country, two systems” principle, Hong Kong is the only common law jurisdiction within China. Our strong legal foundation, coupled with our close ties with and support from the Mainland, positions us as a critical hub for legal and economic collaboration across the region and beyond.

    Private law summit

    We begin this week with today’s Asia-Pacific International Private Law Summit 2024. Building on the success of the inaugural summit in 2022, the Department of Justice once again partners with the International Institute for the Unification of Private Law (UNIDROIT) to organise this summit under the theme “Springboard to Opportunities: Utilising International Private Law & Technology to Facilitate Access to Credit, Investment, & Sustainable Development in the Asia-Pacific Region”.

    The Asia-Pacific region is home to enormous economic potential and encompasses a diverse array of legal systems. While this diversity enriches our legal and cultural landscape, it also introduces complexities and uncertainties for businesses navigating cross-border transactions. To unlock the region’s full economic potential and ensure long-term sustainable growth, harmonisation and modernisation of private law across the region is essential.

    Recognising this need, today’s summit gathers leading legal minds from across the Asia Pacific, together with experts from UNIDROIT, to explore how the unification and co-ordination of various areas of private law can support economic growth and facilitate smoother cross-border interactions throughout the region. We will be hearing from them on how international private law and emerging technologies can unlock new opportunities for sustainable economic growth across the region, and how Hong Kong may contribute in this regard.

    Collaboration with UNIDROIT

    In the past few years, the Department of Justice has closely collaborated with UNIDROIT to promote the development, implementation, and deeper understanding of private international law and international commercial law across the Asia-Pacific region.

    In addition to these collaborative efforts, we are grateful for UNIDROIT’s strong support to the Department of Justice’s secondment programme, offering Hong Kong’s legal professionals from both the public and private sectors the valuable opportunity to work at the UNIDROIT Secretariat in Rome. This experience not only deepens their expertise in international legal issues, but also bolsters Hong Kong’s capacity in foreign-related legal matters.

    I am very pleased to note that one of our former secondees will be moderating a panel later this morning, which testifies to the success of the secondment programme.

    Capacity building

    The secondment programme is one of the Department of Justice’s many policy initiatives providing professional development opportunities to our legal talents. To further strengthen Hong Kong’s position as a leading international legal and dispute resolution services centre in the Asia-Pacific region, the Department of Justice places great importance on nurturing legal talents with a global perspective and proficiency in foreign-related legal affairs. We are committed to establishing Hong Kong as a leading centre for capacity building in international law.

    As outlined in our Chief Executive’s 2023 and 2024 Policy Address, the Department of Justice is setting up the Hong Kong International Legal Talents Training Academy. The academy will regularly organise practical training courses, seminars, international exchange programmes and more to promote exchanges among talent in regions along the Belt & Road. It will also provide training for talent in the practice of foreign-related legal affairs for the country, and nurture legal talent conversant with international law, common law, civil law and the country’s legal system.

    A dedicated office and an expert committee have already been set up to facilitate the establishment of the academy. We are grateful to have Prof Tirado (International Institute for the Unification of Private Law Secretary-General) as a member of the expert committee, and I am pleased to see many of our committee members participating in today’s summit.

    To officially mark this new initiative, I am excited to announce that the launch ceremony for the academy will take place on the final day of the Hong Kong Legal Week. I warmly invite all of you to join us for this significant occasion.

    Other events

    I also warmly welcome you to participate in an array of other events this week. Tomorrow, we will have the Second Legal Forum on Interconnectivity & Development co-organised with the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region. At the legal forum, we are very pleased to have the General Counsel of the Asian Infrastructure Investment Bank deliver a keynote address on promoting good governance and high-quality development under international law. Legal experts will also share their insights on Hong Kong’s role in China’s institutional opening up, and rule of law as a risk management mechanism to safeguard sustainable development.

    On Wednesday, we will host events under the theme “Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong”. The day will explore three topical issues – the role of mediation in promoting a culture of mutual respect, harmony and inclusiveness, use of artificial intelligence in alternative dispute resolution, as well as the resolution of sports disputes. There will also be the 2024 Hong Kong Mediation Lecture in the evening, exploring the unique challenges and opportunities involved in the use of mediation in deals relating to natural resources.

    Thursday’s programme will focus on strengthening the rule of law in the Greater Bay Area. We will hear from experts on the proof of Hong Kong law and foreign law in the Mainland, the arrangement on mutual legal assistance in civil and commercial matters between the Mainland and Hong Kong, as well as legal services and juridical relations to facilitate and protect trade and social interactions between the Mainland and Hong Kong. The day will also feature a mock mediation session led by mediators from Mainland China, Hong Kong, and Macau, and a discussion on the Greater Bay Area mediation platform.

    On Friday, apart from the launching ceremony of the academy in the afternoon that I have just mentioned, we will explore how the rule of law in Hong Kong, together with different components of Hong Kong’s legal and judicial system, are essential to provide the best business environment from the perspectives of our legal services profession and our enterprises, and how our legal professionals can play an important role along the Belt & Road.

    Alongside this week’s discussions, we are also featuring a special exhibition on the achievements in the construction of the rule of law of the People’s Republic of China in the modern era, co-organised by the Ministry of Justice of China and the Department of Justice, in celebration of the 75th anniversary of the founding of People’s Republic of China. The exhibition highlights key milestones in China’s legal evolution, both domestically and in foreign-related areas, over the past 75 years.

    Conclusion

    Ladies and gentlemen, as we look ahead to the discussions that will follow, I hope today’s summit will inspire all of us to explore new ideas and opportunities. Let’s make the most of this moment to engage in meaningful exchanges and drive forward the future of international law.

    On this note, I wish today’s summit every success and extend my sincere appreciation to all of you for joining us, whether online or in person.

    Secretary for Justice Paul Lam gave these remarks at the Asia-Pacific International Private Law Summit 2024, part of Hong Kong Legal Week 2024, on November 4.

    MIL OSI Asia Pacific News

  • MIL-OSI: 4BIO Capital Strengthens Investment Team

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    LONDON, 4 November 2024 – 4BIO Capital (“4BIO” or “the Group”), an international venture capital firm focused solely on the advanced and emerging therapies sector, announces today the appointments of Dr. Therese (Thera) Liechtenstein as an Investment Director based in Munich and Tay Salimullah as a Venture Partner based in Chicago.

    Dmitry Kuzmin, Managing Partner at 4BIO Capital, said: “Thera and Tay’s extensive experience and innovative perspectives will be invaluable to 4BIO as we continue to drive forward our mission of investing in transformative therapies. We are always keen on the diversity of thought and expertise that strengthens 4BIO’s unique edge as the leading advanced and emerging therapies investor. We are very excited to see where their thesis and experience take them and look forward to their contribution to our portfolio and investments.

    Thera Liechtenstein, newly appointed Investment Director commented:I am thrilled to join 4BIO Capital and contribute to the firm’s mission of fostering advanced and emerging therapies. I look forward to playing a role in bringing transformative treatments to patients with significant unmet needs.”

    Tay Salimullah, newly appointed Venture Partner added:This is a remarkable opportunity to work with a team dedicated to advancing transformative therapies. I look forward to leveraging my experience to support innovative companies that are poised to make a significant impact on healthcare and patient outcomes.”

    Thera Liechtenstein joins 4BIO Capital from M Ventures, the corporate venture arm of Merck KGaA, where she was a Senior Investment Director in the Biotechnology team. At M Ventures, Thera led company creations, new investments in Seed and Series A rounds, as well as follow-on investments in companies across Europe and North America, and supported these companies as a member of the board of directors. Previously Thera managed strategic projects for the Healthcare business of Merck. Prior to Merck, Thera was a client relationship manager in the field of wealth preservation, at Industrie- & Finanzkontor Ets. She has a strong academic background having received her PhD in Immuno-Oncology from University College London, an MSc in Biomedical Sciences from the University of Amsterdam, and a BA in Biology and Business studies from New York University.

    Tay Salimullah has over 20 years of leadership experience in the rare disease and MedTech sectors, with a proven track record in incubating and scaling innovative, high-value technologies, including cell and gene therapies. He spent over a decade at Novartis in a series of leadership roles. As an Executive Committee member at Novartis Gene Therapies, Tay executed a new commercial model for Zolgensma® and Kymriah®, securing approvals in more than 55 countries, helping to treat over 4,000 patients, and generating more than $5 billion in revenue. Prior to his roles at Novartis, Tay spent over ten years working in a variety of investment and healthcare roles, including a decade at Pfizer where he held several strategic and commercial roles. His expertise spans drug development, pricing science, market access, and operational excellence in high-value healthcare solutions. Tay holds a BSc in Management Sciences from the University of Brunel, London. 

    – Ends –

    Contacts

                                                    

    About 4BIO Capital

    4BIO Capital (‘4BIO’) is an international venture capital firm headquartered in London, focused solely on the advanced and emerging therapies sector. The 4BIO team, which has an unrivalled network within the advanced therapy sector, comprises leading advanced therapy scientists and experienced life science investors.

    The firm maintains a global footprint across the US, Europe and Asia with an objective to create, invest in, support, and grow early-stage companies. Its ultimate goal is ensuring access to potentially curative therapies for all patients, with a specific focus on viable, high-quality opportunities in cell and gene therapy, RNA-based therapy, targeted therapies, and the microbiome.

    4BIO is currently investing out of its Fund III, having secured support from prominent global institutional investors, including the Children’s Minnesota, UPMC, Development Bank of Japan, Kyowa Kirin, Exor, and many other endowments and foundations. For more information, connect with us on LinkedIn and X (@4biocapital) and visit www.4biocapital.com.

    The MIL Network

  • MIL-OSI Economics: Asian Impact Webinar: Asian Development Outlook September 2024 Launch

    Source: Asia Development Bank

    Video | 04 November 2024

    SHARE THIS PAGE

    Developing Asia’s outlook remains solid, driven by strong domestic demand and continued recovery in exports. But risks remain, including a possible rise in protectionism that could occur depending on the outcome of the United States presidential election, worsening geopolitical tensions, a fragile PRC property market, and adverse weather conditions. Asian Development Outlook September 2024 sheds light on these.

    SHARE THIS PAGE

    Developing Asia’s outlook remains solid, driven by strong domestic demand and continued recovery in exports. But risks remain, including a possible rise in protectionism that could occur depending on the outcome of the United States presidential election, worsening geopolitical tensions, a fragile PRC property market, and adverse weather conditions. Asian Development Outlook September 2024 sheds light on these.

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    MIL OSI Economics

  • MIL-OSI China: Chinese premier to attend 8th Greater Mekong Subregion Summit

    Source: People’s Republic of China – State Council News

    BEIJING, Nov. 4 — The eighth Greater Mekong Subregion Summit will be held in Kunming, Yunnan from Nov. 6 to 7. Premier of the State Council Li Qiang will chair the summit, foreign ministry spokesperson Mao Ning announced on Monday.

    Leaders of the five Mekong countries of Cambodia, Lao PDR, Myanmar, Thailand and Vietnam, and President of the Asian Development Bank will attend the summit upon invitation, Mao added.

    MIL OSI China News

  • MIL-OSI: Sydbank share buyback programme: transactions in week 44

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement No 52/2024

    Peberlyk 4
    6200 Aabenraa
    Denmark

    Tel +45 74 37 37 37
    Fax +45 74 37 35 36

    Sydbank A/S
    CVR No DK 12626509, Aabenraa
    sydbank.dk

    4 November 2024  

    Dear Sirs

    Sydbank share buyback programme: transactions in week 44
    On 28 February 2024 Sydbank announced a share buyback programme of DKK 1,200m. The share buyback programme commenced on 4 March 2024 and will be completed by 31 January 2025.

    The purpose of the share buyback programme is to reduce the share capital of Sydbank and the programme is executed in compliance with the provisions of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 and Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016, collectively referred to as the Safe Harbour rules.

    The following transactions have been made under the share buyback programme:

      Number of shares VWAP Gross value (DKK)
    Accumulated, most recent
    Announcement

    2,570,000

     

    907,853,910.00

    28 October 2024
    29 October 2024
    30 October 2024
    31 October 2024
    01 November 2024
    17,000
    18,000
    18,000
    18,000
    16,000
    328.44
    319.15
    314.67
    324.97
    329.67
    5,583,480.00
    5,744,700.00
    5,664,060.00
    5,849,460.00
    5,274,720.00
    Total over week 44 87,000   28,116,420.00
    Total accumulated during the
    share buyback programme

    2,657,000

     

    935,970,330.00

    All transactions were made under ISIN DK 0010311471 and effected by Danske Bank A/S on behalf of Sydbank A/S.

    Further information about the transactions, cf Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse and Commission delegated regulation, is available in the attachment.

    Following the above transactions, Sydbank holds a total of 2,657,135 own shares, equal to 4.86% of the Bank’s share capital.

    Yours sincerely
            
    Mark Luscombe        Jørn Adam Møller
    CEO        Deputy Group Chief Executive

    Attachment

    The MIL Network

  • MIL-OSI: Danske Bank share buy-back programme: Transactions in week 44

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 49 2024   Group Communications
    Bernstorffsgade 40
    DK-1577 København V
    Tel. +45 45 14 00 00

    4 November 2024

    Danske Bank share buy-back programme: Transactions in week 44

    On 2 February 2024, Danske Bank A/S announced a share buy-back programme for a total of DKK 5.5 billion, with a maximum of 70 million shares, in the period from 5 February 2024 to 31 January 2025, at the latest, as described in company announcement no. 2 2024.

    The programme is being carried out under Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016, also referred to as the Safe Harbour Rules.

    The following transactions were made under the share buy-back programme in week 44:

      Number
    of shares
    VWAP
    DKK
    Gross value
    DKK
    Accumulated, last announcement 21,075,378 201.8229 4,253,493,850
    28/10/2024 155,000 199.1180 30,863,290
    29/10/2024 131,000 196.7792 25,778,075
    30/10/2024 172,000 196.6996 33,832,331
    31/10/2024 55,000 201.9072 11,104,896
    01/11/2024 39,458 205.5886 8,112,115
    Total accumulated over week 44 552,458 198.5503 109,690,707
    Total accumulated during the share buyback programme 21,627,836 201.7393 4,363,184,557

    With the transactions stated above the total accumulated number of own shares under the share buy-back programme corresponds to 2.51% of Danske Bank A/S’ share capital.

    We enclose share buy-back transaction data in detailed form of each transaction in accordance with the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016.

    Danske Bank

    Contact: Stefan Singh Kailay, Group Press Officer, tel. +45 45 14 14 00

    Attachments

    The MIL Network

  • MIL-OSI: Aerospike Database on Kubernetes Enabled 95 Million Transactions per Second on E-commerce Platform for Festive Sale

    Source: GlobeNewswire (MIL-OSI)

    MOUNTAIN VIEW, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) — Aerospike Inc. (“Aerospike”), the real-time database, announced that Flipkart, India’s homegrown e-commerce marketplace, sustained performance of its in-house Aerospike database platform at a rate of 95 million transactions per second (TPS) supporting its annual flagship, The Big Billion Days (TBBD).

    Flipkart continues to set new benchmarks in e-commerce by transforming the way India shops online during the festive season. To deliver a superior e-commerce experience to the world’s most populous nation, multiple application teams at Flipkart leveraged Aerospike and its Kubernetes Operator, Aerospike Kubernetes Operator (AKO). This combination ensures low-latency, high-throughput database operations at sustained performance levels rarely seen anywhere in the world, powering use cases that require sub-millisecond query times.

    Operational Efficiency and Cost Optimization

    By automating database management and scaling with AKO, Flipkart optimizes resource utilization, reducing infrastructure costs while efficiently handling peak loads without overprovisioning. This ensures Flipkart delivers a cost-effective, world-class e-commerce experience.

    Global Availability and High Resilience

    Aerospike assures high availability and resilience across distributed operations, which is critical for a large-scale event. Aerospike empowers businesses to operate with confidence, knowing their infrastructure can handle massive demand. AKO enhances this with self-healing capabilities and built-in redundancy, ensuring resilience in case of failure—critical for a seamless customer experience.

    A Breakthrough for Kubernetes in Hyperscale Data Operations

    “While Kubernetes initially rose to popularity for its ability to run stateless microservices, Flipkart’s success with the Aerospike Kubernetes Operator validates the use of the container orchestration system for operating durable data platforms at hyperscale,” said Srini Srinivasan, PhD, CTO and founder of Aerospike. “The achievements of Flipkart are incredible—there are very few companies in the world that work on this level of transactional throughput.”

    The Aerospike Kubernetes Operator continues to rapidly grow among customers in all sectors and geographies. In the past 12 months, Aerospike has added capabilities to AKO, making it easier to automate all aspects of operating, upgrading, backing up and restoring, and scaling up and down database clusters.

    Read about the latest enhancements to the Aerospike Kubernetes Operator for empowering operations teams.

    About Aerospike

    Aerospike is the real-time database built for infinite scale, speed, and savings. Our customers are ready for what’s next with the lowest latency and the highest throughput data platform. Cloud- and AI-forward, we empower leading organizations like Adobe, Airtel, Criteo, DBS Bank, Experian, Flipkart, PayPal, Snap, and Sony Interactive Entertainment. Headquartered in Mountain View, California, our offices include London, Bangalore, and Tel Aviv.

    Aerospike is a registered trademark of Aerospike, Inc.

    Contact:
    John Moran
    Look Left Marketing
    aerospike@lookleftmarketing.com

    The MIL Network

  • MIL-OSI Africa: Tanzania marks record agricultural achievement as African Development Bank President Adesina urges investment in Africa

    Source: Africa Press Organisation – English (2) – Report:

    DES MOINES, United States of America, November 4, 2024/APO Group/ —

    • Tanzania achieves 128% food self-sufficiency, one of continent’s two successful cashew nut processors
    • If you are not investing in Africa, what are you doing? – Akinwumi Adesina

    Tanzania is setting new benchmarks in food self-sufficiency across Africa, raising hope that the fight against hunger and malnutrition on the continent is achievable.

    President Samia Suluhu Hassan of Tanzania said her country had reached 128 percent food security and is now exporting surplus to neighbouring countries.  

    She was speaking on Thursday 31 October during a high-level session at the World Food Prize Norman E. Borlaug International Dialogue in Iowa, moderated by the president of the African Development Bank Group, Dr Akinwumi Adesina. The session, entitled “Bold Measures to Feed Africa,” also featured the President of Sierra Leone, Julius Maada Bio.

    President Suluhu Hassan told a packed auditorium, that after achieving food sufficiency, “we are now working on quality, accessibility and affordability, and how to minimize post-harvest loses.”

    Adesina praised President Suluhu Hassan’s leadership and strong political will for Tanzania’s success. He said the growing commitment of other African nations, underscores the continent’s readiness for large-scale investment in agriculture and food production.

    He recalled how the African Development Bank’s 2023 Dakar 2 Food Summit ignited commitment across Africa for country-specific food and agriculture compacts. The summit, co-hosted by the government of Senegal and the African Union, was attended by 34 African Heads of State and Government. It has mobilized more than $72 billion to date.

    President Suluhu Hassan said Tanzania left Dakar 2 summit with a signed compact and determination to implement increasing productivity as well as the political will to create institutions and support structures for its farmers.

    “We realized that not investing in agriculture is much more costly than investing in the sector,” she said.

    Tanzania has broken another record by becoming a processor and net exporter of cashew nuts, which for nearly all African countries, are processed in Asia. The country has also succeeded in rural electrification with nearly 100 percent of its 12,300 villages with electricity, President Suluhu Hassan said.

    Backed by investment from the African Development Bank, Tanzania’s Creating jobs for Youth and Women programme is targeting the country’s 65% youth population with training in farming, agriculture, livestock and crop farming.

    The Tanzanian leader said each youth is given 10 acres of land and is supported by training, already 11,000 have benefitted and this year’s harvest has begun. “We thank the African Development Bank for supporting that program,” she said.

    Joining Adesina on stage, President Bio of Sierra Leone shared his country’s success with the Feed Salone program, which has cut rice imports by 20 million tons and spurred agricultural productivity.

    Until then the nation had not paid enough attention to food security and Bio said he had focused on education during his first term. “Agriculture is the basis of development,” President Bio stated.

    The Feed Salone programme has helped boost agricultural productivity to feed the nation and to enable them export. “Already we have reduced rice imports by 20 million tons,” he said.

    “We are here to share the Sierra Leone story and invite investors. We are an ambitious nation and want to succeed to attract investors,” President Bio said.

    Adesina highlighted the African Development Bank’s efforts to reshape global perceptions of Africa and drive investment in critical sectors like agriculture.

    He said the event and the Africa Dialogue, also hosted by the African Development Bank in Iowa, was intended to break stereotypes and showcase Africa’s potential, a continent that is home to 65% of the world’s remaining arable land and has the technology to turn Africa into a global food basket.

    “This is why we bring African leaders here so you can hear from them directly,” Adesina said.

    The 2024 Norman E. Borlaug Dialogue gathers experts worldwide to inspire innovative solutions to global hunger. This year’s theme, “Seeds of Opportunity, Bridging Generations and Cultivating Diplomacy,” champions collaboration, legacy, and hope in the fight for food security.

    Adesina recalled the words of Norman E. Borlaug to him shortly before his death in 2009 at 95 years old.

    “He told me keep on scoring goals for Africa,” Adesina said. “If you are not investing in Africa, what are you doing?”

    Learn more about the African Development Bank’s Feed Africa High 5 priority here (http://apo-opa.co/4htLM6p).

    MIL OSI Africa

  • MIL-OSI Asia-Pac: Speech by DSJ at Asia-Pacific International Private Law Summit 2024 (English only) (with photo)

    Source: Hong Kong Government special administrative region

         Following are the closing remarks by the Deputy Secretary for Justice, Mr Cheung Kwok-kwan, at the Asia-Pacific International Private Law Summit 2024 under Hong Kong Legal Week 2024 today (November 4):Professor Ignacio Tirado (Professor Ignacio Tirado, Secretary-General of the International Institute for the Unification of Private Law (UNIDROIT), distinguished guests, ladies and gentlemen,      It is a great honour for me to deliver the closing remarks of the Asia-Pacific International Private Law Summit 2024, a remarkable event co-organised by UNIDROIT and the Department of Justice of the Hong Kong Special Administrative Region.      I am especially delighted to see Ignacio and Anna (the Deputy Secretary-General of UNIDROIT, Professor Anna Veneziano) again in person today. It brings back my memories of my visit to UNIDROIT’s Secretariat in the beautiful city of Rome last year, where I attended an insightful conference co-organised by UNIDROIT and the Chinese Embassy in Italy. I still recall the generous hospitality extended to me by Ignacio and Anna during my visit. I sincerely hope that we have been able to reciprocate that same warmth and hospitality during your time here in Hong Kong.     Today’s Summit has been nothing short of inspiring. We have been privileged to hear insightful presentations from distinguished officials, industry players and experts from Hong Kong and overseas, including high-level officials from several renowned international organisations of UNIDROIT, Asian Infrastructure Investment Bank and the Hague Conference on Private International Law. We are also honoured to have had a senior official from Mongolia to share her insights, which have further enriched our discussions.     The quality and depth of these presentations have been commendable, addressing critical issues pertinent to the evolving landscape of international private law. The topics explored by our expert panellists are both timely and relevant not only to Hong Kong, but also to the Asia-Pacific region and beyond. I am confident that the insights shared today will contribute significantly to ongoing discussions within our legal communities and other stakeholders.      As we reflect on today’s Summit, one overarching theme has particularly stood out, that is the importance of legal certainty and predictability. In an increasingly globalised world, where cross-border transactions are growing in volume and complexity, the harmonisation and modernisation of private law are more important and essential than ever. Reducing legal uncertainties is not merely an academic or technical exercise. It directly benefits businesses by enabling them to operate with greater confidence and facilitating smooth cross-border commercial activities. Legal certainty and predictability fostered by international private law will therefore be a “springboard to opportunities” for the Asia-Pacific region, as encapsulated in the theme of today’s Summit. Panel 1: Harnessing Opportunities from Digital Assets, Tokenisation and Carbon Credits      In our first panel, we delved into the need for a consistent approach to the legal treatment of digital assets across jurisdictions.      The advent of technologies such as distributed ledgers has paved the way for cryptocurrencies and other digital assets, which are now integral to various sectors of our economy and financial markets.     In order to unlock the potential of the digital economy, a clear and certain legal framework is vital. Such clarity instils trust in technology, ensures platform resilience and protects the rights of consumers and businesses alike. In this context, the UNIDROIT Principle on Digital Assets and Private Law which provides a common framework addressing legal issues related to the holding, transfer and use of digital assets, are particularly relevant to Hong Kong and the Asia-Pacific.      Today’s discussion offered much to consider about integrating international principles with local laws in each jurisdiction to achieve harmonisation and consistency. As an international financial hub, Hong Kong is committed to promoting the integration of real economy and digital economy, and fostering the development of the digital economy.Panel 2: Unleashing Economic Potential Through Secured Transaction Law Reform in the Asia-Pacific Region     The benefits and role of harmonised secured transactions law in promoting economic growth across the Asia-Pacific region was discussed in Panel 2.      Secured transactions are essential for businesses seeking access to credit and working capacity. As a leading international trading hub with a robust legal system, Hong Kong is the prime destination for Mainland and overseas enterprises establishing their international headquarters to manage offshore trading and supply chain operations. In fact, Hong Kong ranks at the top globally in terms of international trade and business legislation according to the World Competitiveness Yearbook 2024 by the International Management Development Institute.      Our experts in Panel 2 examined the importance of international instruments supporting secured transactions, while exploring UNIDROIT’s contribution to secured transactions law, such as the Convention on International Interests in Mobile Equipment and its various Protocols, as well as the recent adopted Model Law on Factoring. Such efforts are crucial for enhancing access to credit for businesses across the Asia-Pacific Region to unleash our economic potential. Panel 3: Gateway to International Investment and Sustainability     The experts at Panel 3 brought our attention to the need for reducing legal uncertainties surrounding international investment contracts for both states and private investors.      In this regard, the panel introduced the UNIDROIT’s ongoing international investment project, which seeks to modernise, harmonise and standardise international investment contracts by developing clear guidance to foster consistency in these vital agreements. It also addresses recent developments in international investment law, such as the increasing focus on corporate social responsibility and sustainability.      These topics are of particular relevance to Hong Kong, given its role as an important gateway between China and the global markets. Hong Kong’s unique arrangements with Mainland China enhance its appeal as a jurisdiction for international investment and arbitration. Investments from Hong Kong into Mainland China enjoy the substantive protections offered by the investment agreement under the Mainland and Hong Kong Closer Economic Partnership Arrangement. Moreover, we are the first common law jurisdiction where parties involved in arbitrations seated in Hong Kong can seek interim measures from Mainland courts, such as asset preservation.     This synergy between Hong Kong’s legal infrastructure and its strategic relationship with Mainland China not only bolsters investor confidence but also further strengthens Hong Kong’s position as a leading centre for international legal and dispute resolution services within the Asia-Pacific region.Panel 4: Building Bridges by Strengthening Engagement in the Asia-Pacific Region     Finally, Panel 4 discussed building bridges to strengthen engagement and capacity building has been identified as a key to strengthening engagement in the Asia-Pacific region. This involves not only improving legal infrastructure but also developing skilled professionals capable of handling the complexities of international private law.      The Panel highlighted the significance of legal co-operation and legal talents development. Capacity building initiatives among international organisations and Asia-Pacific economies are crucial in equipping our region’s government officials, practitioners and other stakeholders with the skills and knowledge needed to navigate the complex international legal landscape. Amid the growing demand for legal expertise driven by increasing international trade, these initiatives foster collaboration and nurture skilled legal professionals, thereby improving access to justice regionally and beyond.      Hong Kong is deeply committed to enhancing its status as a regional hub for capacity building. With a strong pool of legal and dispute resolution professionals who possess extensive international experience, the Department of Justice has been actively involved in organising and supporting various training and development programmes across different areas of law and practice. For example, we have co-organised or supported multiple editions of the Investment Law and Investor-State Mediator Training and the China-AALCO Exchange and Research Program on International Law in Hong Kong.      As noted by our Secretary for Justice during his opening remarks, the Hong Kong International Legal Talents Training Academy will be officially launched this Friday, and we warmly invite all of you to join us to witness this significant moment. Building on our strong foundation in capacity-building and our close collaboration with UNIDROIT and other international organisations, the Academy will regularly offer practical training courses, seminars and international exchange programmes aimed at promoting collaboration among legal professionals, judges and government officials throughout Asia Pacific and beyond. Already in the pipeline for the Academy is to support the organisation of the Second Edition of The Hague Academy of International Law’s Advanced Course in Hong Kong.Conclusion      Ladies and gentlemen, it is my pleasure to announce that we have successfully concluded the Asia-Pacific International Private Law Summit 2024. The success of this Summit is a testament to the collective efforts and dedication of UNIDROIT, my colleagues at the Department of Justice, and your active participation. I extend my heartfelt gratitude to everyone who contributed to making this Summit a resounding success.      As we wrap up today’s event, we also mark the end of the first day of the Hong Kong Legal Week 2024. We warmly welcome you all to participate in the exciting events we have prepared for you throughout this week.     Thank you once again! I wish you all an enriching experience throughout the Hong Kong Legal Week 2024. For those visiting abroad, I hope you enjoy your time in Hong Kong.

    MIL OSI Asia Pacific News

  • MIL-OSI Banking: Indonesia’s proposed nutrient labeling system holds potential to transform domestic F&B industry, says GlobalData

    Source: GlobalData

    Indonesia’s proposed nutrient labeling system holds potential to transform domestic F&B industry, says GlobalData

    Posted in Consumer

    Indonesia is set to introduce a nutrition grading system akin to Singapore’s Nutri-Grade to deliver more detailed information to consumers concerning the nutritional values present in food and drink products. A survey corroborates this trend, where 84% of Indonesian respondents stated that their product purchasing decisions are either extremely or quite influenced by the ability to access ingredients and nutritional information via a quick response (QR) code on the packaging*. As such, Indonesia’s proposed labeling system, Nutri-Level, holds potential to play a pivotal role in transforming its domestic food and beverage (F&B) industry, says GlobalData, a leading data and analytics company.

    Mani Bhushan Shukla, Consumer Analyst at GlobalData, comments: “The purpose of nutrition labeling systems, including daily intake guidelines, warning indicators, traffic light systems, star ratings, and nutrition scores, is to facilitate informed consumer choices and encourage a shift towards healthier food selections. These systems classify food and beverages by assessing their sugar, fat, sodium, and energy levels in their compositions.

    “The use of standardized grading systems featuring colors, symbols, and vectors enhances readability for consumers, offering a clearer understanding than the detailed ingredient lists on product packaging. In addition, as these gradings/rankings are defined, they are more straightforward than the myriad of health and natural claims that food manufacturers often use. Some of these claims can be deceptive; for instance, a product labeled as ‘no-added sugar’ may still contain ingredients high in natural sugars like fructose.”

    Deepak Nautiyal, Consumer and Retail Commercial Director, Asia-Pacific and Middle East, GlobalData, adds: “The prevalence of diet-related diseases, particularly diabetes and hypertension, is notably high in Indonesia, which underscores the potential benefits of the Nutri-Level system for public health. The 2018 Basic Health Research (Riskesdas) reveals that diabetes prevalence stands at 10.9%, while hypertension affects 34.1% of the population. Nutri-Level in Indonesia will implement a rating label that evaluates sugar, saturated fat, and various nutritional components. The finalization of the draft regulation is anticipated to occur by the end of 2024.”

    Shukla notes: “By encouraging manufacturers to innovate and craft healthier products that do not sacrifice flavor, it can effectively respond to the rising consumer preference for nutritious choices. This transition towards healthier alternatives can significantly benefit public health and bolster the industry’s reputation and market share.”

    Nautiyal continues: “Despite the promising outlook of the Nutri-Level system, the Indonesian population may encounter various obstacles. Resistance from the F&B industry poses a notable obstacle to the implementation of this regulation. Large manufacturers may perceive the regulation as a threat, especially since many of their products are high in sugar and saturated fats, which could lead to negative ratings. Thus, it is imperative for the government and industry to collaborate in order to reach a solution that serves both interests.

    “An additional challenge lies in educating and socializing the public regarding this rating system. A large portion of the population may still be unfamiliar with it. Consequently, it is essential for the government to effectively promote Nutri-Level, ensuring that the public comprehends and can utilize the information from this nutrition label to make healthier choices.

    “The successful implementation of Nutri-Level relies heavily on collaboration among the government, industry, and community. The government has a role in providing effective regulations and education, the industry must adapt and innovate accordingly, and the community needs to accept and utilize the system to create a substantial positive effect on public health. In Singapore, the Nutri-Grade nutrient labeling system is in place, while both Malaysia and Thailand have implemented a voluntary Guideline Daily Amount (GDA) label along with the Healthier Choice Logo. Conversely, the Philippines has chosen to adopt only the voluntary GDA system.”

    Shukla concludes: “Efforts are underway by authorities to rectify the shortcomings in the rating systems, especially regarding the complexities involved in comparing different product categories across each system. The F&B industry may push back against these measures, as the presence of multiple nutrient labeling systems across borders will likely lead to increased expenditures in procurement, research and development, and production. Standardizing regulations across the Asia-Pacific region will drive F&B manufacturers to optimize their operations, allowing them to offset higher costs through economies of scale.”

    *GlobalData Q4 2023 Consumer Survey­ – Indonesia, published in December 2023, with 531 respondents

    MIL OSI Global Banks

  • MIL-OSI Banking: US accounts for over half of high-value VC deals announced globally during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    US accounts for over half of high-value VC deals announced globally during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    The US continues to remain the top destination for venture capital (VC) investments globally. Moreover, it also outpaced peer countries by a significant margin for high-value* VC investments and accounted for more than half of deal volume as well as value of those investments during Q1-Q3 2024. The US accounted for 55.4% share of the total number of high-value VC deals announced globally during Q1-Q3 2024, while its share in terms of the corresponding value stood at 56.4%, according to GlobalData, a leading data and analytics company.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The US outpaced other nations in terms of both the volume and value of high-value VC deals by a substantial margin. The dominance of the US for high-value VC deals can also be understood from the fact that it was distantly followed by China, which held 12.7% and 16.6% share of high-value VC deal volume and value, respectively, during Q1-Q3 2024.”

    An analysis of GlobalData’s Deals Database revealed that the US saw announcement of 209 high-value VC deals during Q1-Q3 2024 with the total valued of these deals pegged at $48.4 billion. Meanwhile, a total of 48 high-value VC deals worth $14.2 billion in terms of disclosed funding value were announced in China during the same period.

    Bose adds: “Of the top 10 countries by high-value VC deals volume during Q1-Q3 2024, five were from Europe, three were from the Asia-Pacific region, and two countries were from the North American region.”

    The UK occupied the third spot in terms of the volume of high-value VC deals during Q1-Q3 2024, followed by Germany, India, Canada, France, Japan, Sweden, and the Netherlands.

    *Valued more than or equal to $100 million

    MIL OSI Global Banks

  • MIL-OSI Europe: Italy: New EIB-CDP agreement to provide €1 billion in support for public sector

    Source: European Investment Bank

    • A €500 million EIB guarantee will enable Cassa Depositi e Prestiti to provide new loans totalling €1 billion to public sector bodies.
    • The two institutions further strengthen their partnership aimed at boosting the Italian economy via initiatives with positive environmental impact implemented by public sector organisations, particularly in central and southern Italy.

    The European Investment Bank (EIB) and Cassa Depositi e Prestiti (CDP) have announced an agreement to strengthen their cooperation to promote public sector investment in key sectors of the Italian economy. Up to €1 billion in new funds will support sustainable regional growth and public sector investment in various sectors with a positive impact on environmental sustainability, social cohesion, and development in the south of the country.

    In concrete terms, the EIB will guarantee loans totalling up to €500 million granted by CDP to Italian regions, making it possible for Cassa Depositi e Prestiti to provide public sector bodies with loans up to double this amount (totalling up to €1 billion) over the next five years.

    The new funds will help foster economic development in central and southern Italy – including in the areas hit by the 2016 central Italian earthquake – and will support projects aiming to mitigate climate change, improve resilience to adverse weather events and promote social cohesion.

    This new agreement strengthens the already sound working relationship between the EIB and CDP to support the public sector. This is the second guarantee agreement between the EIB and CDP following that signed in 2022. The previous agreement aimed to promote economic growth and accelerate the green transition of public sector bodies on the ground.

    Background information

    European Investment Bank (EIB)

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances sound investments that can contribute to EU policy. EIB projects strengthen competitiveness, foster innovation, promote sustainable development and improve social and territorial cohesion while supporting a fair and rapid transition towards climate neutrality. In the past five years, the EIB Group has provided more than €58 billion in financing for projects in Italy.

    Cassa Depositi e Prestiti (CDP)

    Cassa Depositi e Prestiti (CDP) is the national promotional institution that has supported the Italian economy since 1850. It is committed to accelerating the industrial and infrastructure development of the country in order to contribute to its economic and social growth. CDP’s core activity promotes sustainable regional development as well as the growth and innovation of Italian companies, including internationally. It partners with local authorities, providing funding and advisory services to build infrastructure and improve public utility services. It is also active in the field of international cooperation to implement projects in developing countries and emerging markets. Cassa Depositi e Prestiti is financed from entirely private resources via postal savings bonds and passbooks and through issues on the national and international financial markets.

    MIL OSI Europe News

  • MIL-OSI: Gran Tierra Energy Inc. Reports Third Quarter 2024 Results and Announces its Sixth Consecutive Ecuador Oil Discovery from the Charapa-B7 Well

    Source: GlobeNewswire (MIL-OSI)

    • Gran Tierra Announces its Sixth Consecutive Ecuador Oil Discovery from the Charapa-B7 Well and Has Achieved Cumulative Production of Over 1 Million Barrels of Oil in Ecuador
    • Gran Tierra Achieved $1 Million in Net Income and Generated $60 Million in Funds Flow from Operations(2), an Increase of 31% from Prior Quarter
    • Third Quarter 2024 Total Average WI Production of 32,764 BOPD
    • Operating Netback of $101 Million and Adjusted EBITDA of $93 Million(1)(4)
    • Exited the Quarter with $278 Million in Cash
    • Entered into new credit facility for further liquidity which is currently undrawn

    CALGARY, Alberta, Nov. 04, 2024 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE:GTE) announced the Company’s financial and operating results for the quarter ended September 30, 2024 (“the Quarter”). All dollar amounts are in United States dollars, and production amounts are on an average working interest (“WI”) before royalties basis unless otherwise indicated. Per barrel (“bbl”) and bbl per day (“BOPD”) amounts are based on WI sales before royalties. For per bbl amounts based on net after royalty (“NAR”) production, see Gran Tierra’s Quarterly Report on Form 10-Q filed November 4, 2024.

    Message to Shareholders

    “On October 31, 2024 we were excited to have announced the close of our acquisition of i3 Energy plc (“i3 Energy”). We believe the purchase of i3 Energy uniquely positions Gran Tierra as a premier diversified oil and gas company with assets in Canada, Colombia, and Ecuador. The i3 Energy acquisition has diversified Gran Tierra into Canada and has added 253 net booked drilling locations(1), 77% operated production totaling approximately 18,000 bbls of oil equivalent per day, almost 1.2 million acres (0.6 million acres net) including 53 gross sections in the Montney and 144 gross sections in the Clearwater, two of the most prolific plays in North America. The i3 Energy acquisition has increased Gran Tierra’s PDP reserves(1) by 42 million bbls of oil equivalent (“MMBOE”) or 96%, 1P(1) by 88 MMBOE an increase of 97%, and 2P(1) by 174 MMBOE an increase of 119%. We believe the currently depressed natural gas pricing we see in Western Canada will be alleviated as major Liquified Natural Gas projects including LNG Canada are brought online. In the short term, Gran Tierra will focus on developing the significant oil weighted assets in its Canadian and South American portfolio.

    We would like to take this opportunity to welcome our new shareholders in Gran Tierra and look forward to engaging with, and updating them on the Company’s strategy in the coming months. We look forward to the integration of our teams and are confident the combined company will have top tier technical and operational skill sets across a broad portfolio. We are eager to implement industry leading technology currently used in Canada in both our Ecuador and Colombia operations, and are equally looking forward to bringing our reservoir modeling, exploration knowledge and asset management expertise into Canada. Combined we are a much stronger company.

    Additionally, having our six consecutive discovery in Ecuador and reaching the milestone of 1 million cumulative bbls of oil produced from our operations in Ecuador is a significant achievement for Gran Tierra, highlighting our strong presence and success in the region. The productivity of the Ecuador wells is a testament to the geology in the Oriente and Putumayo Basins, and underpins a key pillar of growth going forward. We remain excited about the potential of the Arawana-Bocachico play, and the two remaining Zabaleta wells to be drilled by the end of the year that will provide essential insights into the size and scope of this promising opportunity”, commented Gary Guidry, President and Chief Executive Officer of Gran Tierra.

    Operational Update:

    • Acquisition of i3 Energy
      • On October 31, 2024, Gran Tierra completed its acquisition of i3 Energy. Gran Tierra is integrating the Canadian operations and are forecasting an active Q4 2024, including drilling 19 gross wells (8.4 net), targeting each of its core operating areas in Central AB, Simonette, Clearwater and Wapiti.
      • The Company drilled 2 gross (2 net) horizontal Dunvegan oil wells at Simonette. These high-impact 2-mile wells are currently being stimulated and are expected to be brought on stream in late November. With success, Gran Tierra can drill 2 additional Dunvegan development wells in 2025.
      • Clearwater activity commenced in mid-October with the Company’s first operated Clearwater multilateral well at Dawson (100% working interest). The 8-leg multilateral horizontal well (11,870 m of total lateral length) was a follow-up to the Company’s initial 6-leg (7,500 m of total lateral length) discovery at Dawson. The 8-leg well follow-up multilateral was located structurally up-dip of the discovery well and encountered high quality reservoir throughout while drilling. The well will be placed on production imminently as the rig has skidded to and spud the third Clearwater well from the same pad. The Company has been working to secure multiple pad sites at East Dawson to facilitate future expansion of the field, upon further operational success. Following these two wells the rig will move to Walrus and drill 2 prospective Falher sands.
      • In addition to the operated capital program, Gran Tierra plans to participate in 10 gross (1.67 net) non-operated partner horizontal wells across its land base.
      • In connection with i3 Energy acquisition closing on October 31, 2024, the Company amended and restated the existing revolving credit facility agreement of i3 Energy Canada Ltd. (“i3 Energy Canada”) with National Bank of Canada dated March 22, 2024. As a result of the amendment and restatement, among other things, the borrowing base was revised to C$100.0 million (US$74.1 million) with available commitment of a C$50.0 million (US$37.0 million) revolving credit facility comprised of C$35.0 million (US$25.9 million) syndicated facility and C$15.0 million (US$11.1 million) of operating facility. Subject to the next borrowing base redetermination which will occur on or before June 30, 2025, the revolving credit facility is available until October 31, 2025 with a repayment date of October 31, 2026, which may be extended by further periods of up to 364 days, subject to lender approval. The facility is undrawn.
    • Exploration
      • Gran Tierra has successfully drilled its sixth consecutive oil discovery in Ecuador, the Charapa-B7 well. The wells drilled in Ecuador continue to yield strong results producing over 1 million cumulative bbls of oil to date which highlights the exceptional potential of the Oriente and Putumayo basins.
    Well Zone Onstream
    Date
    IP30
    (BOPD)
    1
    IP90
    (BOPD)
    2
    IP30
    BS&W
    3
    API GOR
    (scf/stb)
    4
    Cumulative
    Production to
    Date (Mbbl)
    5
    Charapa-B5 Hollin 11/9/2022 1,092 910 2% 28 160 307
    Bocachico-J1 Basal Tena 5/30/2023 1,296 1,146 <1% 20 204 449
    Arawana-J1 Basal Tena 5/17/2024 1,182 970 <1% 20 264 131
    Bocachico Norte-J1 T-Sand 8/1/2024 833 519 3% 35 361 47
    Charapa-B6 Hollin 8/7/2024 1,645 21% 28 49 77
    Charapa-B7 Basal Tena 8/30/2024 2,043 <1% 25 153 112

        1. Average initial 30-day production per well.
        2. Average initial 90-day production per well.
        3. Percentage of basic sediment and water in the initial 30-day production.
        4. Gas-oil ratio and standard cubic feet per stock tank barrel.
        5. Thousand bbls of oil and based on production up to November 1, 2024.

    • The drilling rig has been moved from the Charapa Block and mobilized to the Chanangue Block to drill two wells – the Zabaleta-K1 and Zabaleta Oeste-K1 exploration wells. The Zabaleta-K1 well is located four kilometers (“km”) to the east of the Arawana-J1 well drilled earlier this year and is 200 feet up structure. The well spud on October 22 2024, and we have currently drilled to 9,488 feet. Both wells will target the Basal Tena formation as well as assess potential in the T-Sand, U-Sand and B-Limestone.
    • During the Quarter, the 238 km2 3D seismic program of the Charapa Block was completed, the data has been processed and is currently being interpreted. Preliminary interpretations of the high-quality 3D data confirm potential prospectivity and additional areas of interest identified on seismic, including better definition over the Charapa structure. The 3D data will further delineate reserves, underpin future drilling locations scheduled for 2025 and support future development planning.
    • Development
      • The planning, civil works, and facility construction at Cohembi in the Suroriente Block are progressing, paving the way for drilling operations to commence in late Q4 2024.
      • Acordionero water treatment facilities expansion is expected to be completed mid-December which will result in an addition of 21,500 bbls of water handling per day which represents a 35% increase in water treatment capacity. This will allow for further well optimizations to increase injection and associated oil production. Gran Tierra continues to steadily increased total fluid production and water injection by ~18% per year to continue growing and maintaining oil production while improving sweep efficiencies and recoveries.

    Key Highlights of the Quarter:

    • Production: Gran Tierra’s total average WI production, which is before the i3 acquisition that has an effective date of October 31, 2024, was 32,764 BOPD, which was consistent with the second quarter 2024 (“the Prior Quarter”). During the Quarter the Company had lower volumes in the Acordionero field caused by downtime related to workovers, partially offset by higher production in the Costayaco field in Colombia, and increased production from the Chanangue and Charapa Blocks in Ecuador as a result of a successful exploration drilling campaign.
    • Net Income: Gran Tierra incurred net income of $1 million, compared to a net income of $36.4 million in the Prior Quarter and a net income of $7 million in the third quarter of 2023.
    • Adjusted EBITDA(2): Adjusted EBITDA(2) was $93 million compared to $103 million in the Prior Quarter and $119 million in the third quarter of 2023. Twelve month trailing Net Debt(2) to Adjusted EBITDA(2) was 1.3 times and the Company continues to have a long term target of 1.0 times.
    • Funds Flow from Operations(2): Funds flow from operations(2) was $60 million ($1.96 per share), up 31% from the Prior Quarter and down 24% from the third quarter of 2023.
    • Cash and Debt: As of September 30, 2024, the Company had a cash balance of $278 million, total debt of $787 million and net debt(2) of $509 million. During the Quarter, the Company issued additional $150 million of 9.50% Senior Notes due October 2029 and received cash proceeds of $140 million. Of the total amount of proceeds received, $100 million has been used for financing the purchase price and transaction costs related to the i3 Energy acquisition with the remainder to be used for general corporate purposes.
    • Share Buybacks: As a result of the i3 Energy acquisition announced on August 19, 2024, Gran Tierra was required to pause its share buyback program resulting in only 371,130 shares repurchased during the Quarter. From January 1, 2023 to September 30, 2024, the Company repurchased approximately 4.0 million shares, or 12% of shares issued and outstanding at January 1, 2023, from free cash flow(2).
    • Return on Average Capital Employed(2): The Company achieved return on average capital employed(2) of 17% during the Quarter and 16% over the trailing 12 months.

    Additional Key Financial Metrics:

    • Capital Expenditures: Capital expenditures of $53 million were lower than the $61 million in the Prior Quarter due to only operating one drilling rig during the Quarter compared to two in the Prior Quarter. Capital expenditures were up from $43 million compared to the third quarter of 2023 as a result of a more active exploration program in the Quarter when compared to the third quarter of 2023.
    • Oil Sales: Gran Tierra generated oil sales of $151 million, down 16% from the third quarter of 2023 as a result of weaker Brent pricing, higher Castilla, Vasconia and Oriente oil differentials and 4% lower sales volumes as a result of lower production. Oil sales decreased 9% from the Prior Quarter primarily due to a 7% decrease in Brent price and higher Castilla, Oriente, and Vasconia oil differentials offset by 1% higher sales volumes.
    • Quality and Transportation Discounts: The Company’s quality and transportation discounts per bbl were higher during the Quarter at $14.10, compared to $12.79 in the Prior Quarter and $11.83 in the third quarter of 2023. The Castilla oil differential per bbl widened to $8.83 from $8.21 in the Prior Quarter and from $6.64 in the third quarter of 2023 (Castilla is the benchmark for the Company’s Middle Magdalena Valley Basin oil production). The Vasconia differential per bbl widened to $5.07 from $4.00 in the Prior Quarter, and from $3.59 in the third quarter of 2023. Finally, the Ecuadorian benchmark, Oriente, per bbl was $9.15, up from $8.38 in the Prior Quarter, and up from $7.69 one year ago. The current(3) Castilla differential is approximately $8.50 per bbl, the Vasconia differential is approximately $5.00 per bbl and the Oriente differential is approximately $9.20 per bbl.
    • Operating Expenses: Gran Tierra’s operating expenses decreased by 2% to $46 million, compared to the Prior Quarter primarily due to lower workover costs, offset by higher lifting costs primarily associated with inventory fluctuations in Ecuador. Compared to the third quarter of 2023, operating expenses decreased by 7% from $49 million, primarily due to lower lifting costs associated with power generation, equipment rental and road maintenance, partially offset by higher workover activities. On a per bbl basis, operating expense decreased by 2% when compared to the third quarter of 2023 and decreased by 4% when compared to the Prior Quarter.
    • Transportation Expenses: The Company’s transportation expenses decreased by 31% to $4 million, compared to the Prior Quarter of $6 million and increased by 2% from the third quarter of 2023. Transportation expenses were higher than the same period in 2023 as a result of increases in trucking tariffs for Acordionero volumes and higher sales volumes transported in Ecuador during the Quarter. Transportation expenses, when compared to the Prior Quarter, were lower due to the utilization of shorter distance delivery points in the Quarter.
    • Operating Netback(2)(4): The Company’s operating netback(2)(4) was $34.18 per bbl, down 12% from the Prior Quarter and down 16% from the third quarter of 2023 commensurate with the decrease in Brent Price and higher differentials.
    • General and Administrative (“G&A”) Expenses: G&A expenses before stock-based compensation were $3.20 per bbl, down from $3.77 per bbl in the Prior Quarter due to lower consulting, business development and travel expenses and up from $2.68 per bbl, when compared to the third quarter of 2023.
    • Cash Netback(2): Cash netback(2) per bbl was $20.34, compared to $15.85 in the Prior Quarter primarily as a result of lower current tax expenses of $5.13 per bbl compared to a current tax expense of $14.54 per bbl in the Prior Quarter as a result of a one time tax adjustment incurred in the Prior Quarter. Compared to one year ago, cash netback(2) per bbl decreased by $5.14 from $25.48 per bbl as a result of lower operating netback primarily due to lower Brent pricing and higher differentials.

    Financial and Operational Highlights (all amounts in $000s, except per share and bbl amounts)

      Three Months Ended
    September 30,
      Three
    Months
    Ended
    June 30,
      Nine Months Ended
    September 30,
      2024 2023   2024   2024 2023
                   
    Net Income (Loss) $1,133 $6,527   $36,371   $37,426 $(13,998)
    Per Share – Basic and Diluted(5) $0.04 $0.20   $1.16   $1.20 $(0.42)
                   
    Oil Sales $151,373 $179,921   $165,609   $474,559 $482,013
    Operating Expenses (46,060) (49,367)   (47,035)   (141,561) (139,227)
    Transportation Expenses (3,911) (3,842)   (5,690)   (14,185) (10,599)
    Operating Netback(2)(4) $101,402 $126,712   $112,884   $318,813 $332,187
                   
    G&A Expenses Before Stock-Based Compensation $9,491 $8,307   $10,967   $31,240 $29,052
    G&A Stock-Based Compensation (Recovery) Expense (3,145) 1,931   6,160   6,376 3,748
    G&A Expenses, Including Stock Based Compensation $6,346 $10,238   $17,127   $37,616 $32,800
                   
    Adjusted EBITDA(2) $92,794 $119,235   $103,004   $290,590 $306,391
                   
    EBITDA(2) $97,365 $115,382   $101,187   $290,443 $294,391
                   
    Net Cash Provided by Operating Activities $78,654 $70,381   $73,233   $212,714 $157,511
                   
    Funds Flow from Operations(2) $60,338 $79,000   $46,167   $180,812 $192,122
                   
    Capital Expenditures $52,921 $43,080   $61,273   $169,525 $179,707
                   
    Free Cash Flow(2) $7,417 $35,920   $(15,106)   $11,287 $12,415
                   
    Average Daily Volumes (BOPD)              
    WI Production Before Royalties 32,764 33,940   32,776   32,595 33,098
    Royalties (6,776) (7,164)   (6,774)   (6,650) (6,592)
    Production NAR 25,988 26,776   26,002   25,945 26,506
    (Increase) Decrease in Inventory (524) (380)   (811)   (367) (222)
    Sales 25,464 26,396   25,191   25,578 26,284
    Royalties, % of WI Production Before Royalties 21% 21%   21%   20% 20%
                   
    Per bbl              
    Brent $78.71 $85.92   $85.03   $81.82 $81.94
    Quality and Transportation Discount (14.10) (11.83)   (12.79)   (14.11) (14.76)
    Royalties (13.58) (16.06)   (15.31)   (13.97) (13.58)
    Average Realized Price 51.03 58.03   56.93   53.74 53.60
    Transportation Expenses (1.32) (1.24)   (1.96)   (1.61) (1.18)
    Average Realized Price Net of Transportation Expenses 49.71 56.79   54.97   52.13 52.42
    Operating Expenses (15.53) (15.92)   (16.17)   (16.03) (15.48)
    Operating Netback(2)(4) 34.18 40.87   38.80   36.10 36.94
    G&A Expenses Before Stock-Based Compensation (3.20) (2.68)   (3.77)   (3.54) (3.23)
    Transaction Costs (0.49)     (0.17)
    Realized Foreign Exchange Gain (Loss) 0.34 (0.64)   0.37   0.07 (1.77)
    Interest Expense, Excluding Amortization of Debt Issuance Costs (5.66) (3.84)   (5.38)   (5.38) (3.85)
    Interest Income 0.23 0.09   0.35   0.27 0.19
    Net Lease Payments 0.07 0.18   0.02   0.07 0.17
    Current Income Tax Expense (5.13) (8.50)   (14.54)   (6.96) (7.08)
    Cash Netback(2) $20.34 $25.48   $15.85   $20.46 $21.37
                   
    Share Information (000s)              
    Common Stock Outstanding, End of Period(5) 30,651 33,288   31,022   30,651 33,288
    Weighted Average Number of Shares of Common Stock Outstanding – Basic(5) 30,733 33,287   31,282   31,274 33,675
    Weighted Average Number of Shares of Common Stock Outstanding – Diluted(5) 30,733 33,350   31,282   31,274 33,675

    (1) Based on the i3 Energy GLJ Report report dated July 31, 2024. See “Presentation of Oil and Gas Information”.
    (2) Funds flow from operations, operating netback, net debt, cash netback, return on average capital employed, earnings before interest, taxes and depletion, depreciation and accretion (“DD&A”) (EBITDA) and EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gains or losses, stock-based compensation expense, other gains or losses, transaction costs and financial instruments gains or losses (“Adjusted EBITDA”), cash flow and free cash flow are non-GAAP measures and do not have standardized meanings under generally accepted accounting principles in the United States of America (“GAAP”). Cash flow refers to funds flow from operations. Free cash flow refers to funds flow from operations less capital expenditures. Refer to “Non-GAAP Measures” in this press release for descriptions of these non-GAAP measures and, where applicable, reconciliations to the most directly comparable measures calculated and presented in accordance with GAAP.
    (3) Gran Tierra’s fourth quarter-to-date 2024 total average differentials are for the period from October 1 to October 31, 2024.
    (4) Operating netback as presented is defined as oil sales less operating and transportation expenses. See the table titled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.
    (5) Reflects our 1-for-10 reverse stock split that became effective May 5, 2023 and not inclusive of shares of common stock issued in connection with the i3 Energy acquisition on October 31, 2024.


    Conference Call Information:

    Gran Tierra will host its third quarter 2024 results conference call on Monday, November 4, 2024, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time. Interested parties may access the conference call by registering at the following link: https://https://register.vevent.com/register/BIc9cc718f582741cbbf0eb2cfe5a231b1. The call will also be available via webcast at www.grantierra.com.

    Corporate Presentation:

    Gran Tierra’s Corporate Presentation has been updated and is available on the Company website at www.grantierra.com.

    Contact Information

    For investor and media inquiries please contact:

    Gary Guidry
    President & Chief Executive Officer

    Ryan Ellson
    Executive Vice President & Chief Financial Officer

    +1-403-265-3221

    info@grantierra.com

    About Gran Tierra Energy Inc.
    Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

    Gran Tierra’s Securities and Exchange Commission (the “SEC”) filings are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Forward Looking Statements and Legal Advisories:
    This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). All statements other than statements of historical facts included in this press release regarding our business strategy, plans and objectives of our management for future operations, capital spending plans and benefits of the changes in our capital program or expenditures, our liquidity and financial condition, and those statements preceded by, followed by or that otherwise include the words “expect,” “plan,” “can,” “will,” “should,” “guidance,” “forecast,” “budget,” “estimate,” “signal,” “progress” and “believes,” derivations thereof and similar terms identify forward-looking statements. In particular, but without limiting the foregoing, this press release contains forward-looking statements regarding: the Company’s leverage ratio target, the Company’s plans regarding strategic investments, acquisitions, including the anticipated benefits and operating synergies expected from the acquisition of i3 Energy, and growth, the Company’s drilling program and capital expenditures and the Company’s expectations of commodity prices, including future gas pricing in Canada, exploration and production trends and its positioning for 2024. The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, pricing and cost estimates (including with respect to commodity pricing and exchange rates), the ability of Gran Tierra to successfully integrate the assets and operations of i3 Energy or realize the anticipated benefits and operating synergies expected from the acquisition of i3 Energy, the general continuance of assumed operational, regulatory and industry conditions in Canada, Colombia and Ecuador, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned.

    Among the important factors that could cause our actual results to differ materially from the forward-looking statements in this press release include, but are not limited to: certain of our operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; other disruptions to local operations; global health events; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including inflation and changes resulting from a global health crisis, geopolitical events, including the conflicts in Ukraine and the Gaza region, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a prolonged decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil prices and oil consumption more than we currently predict. which could cause further modification of our strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the effect of hedges; the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of our products; our ability to execute our business plan, which may include acquisitions, and realize expected benefits from current or future initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of our common stock or bonds; the risk that we do not receive the anticipated benefits of government programs, including government tax refunds; our ability to access debt or equity capital markets from time to time to raise additional capital, increase liquidity, fund acquisitions or refinance debt; our ability to comply with financial covenants in our indentures and make borrowings under any future credit agreement; and the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year ended December 31, 2023 filed February 20, 2024 and its other filings with the SEC. These filings are available on the SEC website at http://www.sec.gov and on SEDAR+ at www.sedarplus.ca.

    The forward-looking statements contained in this press release are based on certain assumptions made by Gran Tierra based on management’s experience and other factors believed to be appropriate. Gran Tierra believes these assumptions to be reasonable at this time, but the forward-looking statements are subject to risk and uncertainties, many of which are beyond Gran Tierra’s control, which may cause actual results to differ materially from those implied or expressed by the forward looking statements. The risk that the assumptions on which the 2024 outlook are based prove incorrect may increase the later the period to which the outlook relates. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

    Following Gran Tierra’s acquisition of i3 Energy, investors should not rely on Gran Tierra’s previously issued financial and production guidance for 2024, which is no longer applicable on a combined company basis.

    Non-GAAP Measures

    This press release includes non-GAAP financial measures as further described herein. These non-GAAP measures do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as alternatives to net income or loss, cash flow from operating activities or other measures of financial performance as determined in accordance with GAAP. Gran Tierra’s method of calculating these measures may differ from other companies and, accordingly, they may not be comparable to similar measures used by other companies. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as to not imply that more emphasis should be placed on the non-GAAP measure.

    Operating netback, as presented, is defined as oil sales less operating and transportation expenses. See the table entitled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.

    Return on average capital employed as presented is defined as earnings before interest and taxes (“EBIT”; annualized, if the period is other than one year) divided by average capital employed (total assets minus cash and current liabilities; average of the opening and closing balances for the period).

        Three Months Ended
    September 30,
      Twelve Month Trailing
    September 30,
      As at September 30,
    Return on Average Capital Employed – (Non-GAAP) Measure ($000s)     2024       2024       2024  
    Net Income   $ 1,133     $ 45,137      
    Adjustments to reconcile net income to EBIT:            
    Interest Expense     19,892       74,503      
    Income Tax Expense     20,767       34,589      
    EBIT   $ 41,792     $ 154,229      
                 
    Total Assets           $ 1,533,378  
    Less Current Liabilities             263,492  
    Less Cash and Cash Equivalents             277,645  
    Capital Employed           $ 992,241  
                 
    Annualized EBIT*   $ 167,168          
    Divided by Average Capital Employed     992,241       992,241      
    Return on Average Capital Employed     17 %     16 %    

    *Annualized EBIT was calculated for the three months ended September 30, 2024, by multiplying the quarter-to-date EBIT by 4.

    Cash netback as presented is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense or recovery, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain or loss and other gain or loss. Management believes that operating netback and cash netback are useful supplemental measures for investors to analyze financial performance and provide an indication of the results generated by Gran Tierra’s principal business activities prior to the consideration of other income and expenses. A reconciliation from net income or loss to cash netback is as follows:

      Three Months Ended
    September 30,
      Three
    Months
    Ended
    June 30,
      Nine Months Ended
    September 30,
    Cash Netback – (Non-GAAP) Measure ($000s)   2024     2023       2024       2024     2023  
    Net Income (Loss) $ 1,133   $ 6,527     $ 36,371     $ 37,426   $ (13,998 )
    Adjustments to reconcile net income (loss) to cash netback              
    DD&A expenses   55,573     55,019       55,490       167,213     163,424  
    Deferred tax expense (recovery)   5,550     13,990       (51,361 )     (32,332 )   43,242  
    Stock-based compensation (recovery) expense   (3,145 )   1,931       6,160       6,376     3,748  
    Amortization of debt issuance costs   3,109     1,594       2,760       9,175     3,394  
    Non-cash lease expense   1,370     1,235       1,381       4,164     3,488  
    Lease payments   (1,171 )   (676 )     (1,311 )     (3,540 )   (1,918 )
    Unrealized foreign exchange gain   (2,081 )   (266 )     (3,323 )     (7,670 )   (7,814 )
    Other gain       (354 )               (1,444 )
    Cash netback $ 60,338   $ 79,000     $ 46,167     $ 180,812   $ 192,122  

    EBITDA, as presented, is defined as net income or loss adjusted for DD&A expenses, interest expense and income tax expense or recovery. Adjusted EBITDA, as presented, is defined as EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gain or loss, stock-based compensation expense, transaction costs and other gain or loss. Management uses this supplemental measure to analyze performance and income generated by our principal business activities prior to the consideration of how non-cash items affect that income, and believes that this financial measure is useful supplemental information for investors to analyze our performance and our financial results. A reconciliation from net income or loss to EBITDA and adjusted EBITDA is as follows:

      Three Months Ended
    September 30,
      Three
    Months
    Ended
    June 30,
      Nine Months Ended
    September 30,
    EBITDA – (Non-GAAP) Measure ($000s)   2024     2023       2024       2024     2023  
    Net Income (Loss) $ 1,133   $ 6,527     $ 36,371     $ 37,426   $ (13,998 )
    Adjustments to reconcile net income (loss) to EBITDA and Adjusted EBITDA              
    DD&A expenses   55,573     55,019       55,490       167,213     163,424  
    Interest expense   19,892     13,503       18,398       56,714     38,017  
    Income tax expense (recovery)   20,767     40,333       (9,072 )     29,090     106,948  
    EBITDA $ 97,365   $ 115,382     $ 101,187     $ 290,443   $ 294,391  
    Non-cash lease expense   1,370     1,235       1,381       4,164     3,488  
    Lease payments   (1,171 )   (676 )     (1,311 )     (3,540 )   (1,918 )
    Foreign exchange (gain) loss   (3,084 )   1,717       (4,413 )     (8,312 )   8,126  
    Stock-based compensation expense   (3,145 )   1,931       6,160       6,376     3,748  
    Transaction costs   1,459                 1,459      
    Other loss (gain)       (354 )               (1,444 )
    Adjusted EBITDA $ 92,794   $ 119,235     $ 103,004     $ 290,590   $ 306,391  

    Funds flow from operations, as presented, is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain, and other gain or loss. Management uses this financial measure to analyze performance and income or loss generated by our principal business activities prior to the consideration of how non-cash items affect that income or loss, and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. Free cash flow, as presented, is defined as funds flow from operations adjusted for capital expenditures. Management uses this financial measure to analyze cash flow generated by our principal business activities after capital requirements and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. A reconciliation from net income or loss to both funds flow from operations and free cash flow is as follows:

      Three Months Ended
    September 30,
      Three
    Months
    Ended
    June 30,
      Nine Months Ended
    September 30,
    Funds Flow From Operations –
    (Non-GAAP) Measure ($000s)
      2024     2023       2024       2024     2023  
    Net Income (Loss) $ 1,133   $ 6,527     $ 36,371     $ 37,426   $ (13,998 )
    Adjustments to reconcile net income (loss) to funds flow from operations              
    DD&A expenses   55,573     55,019       55,490       167,213     163,424  
    Deferred tax expense (recovery)   5,550     13,990       (51,361 )     (32,332 )   43,242  
    Stock-based compensation (recovery) expense   (3,145 )   1,931       6,160       6,376     3,748  
    Amortization of debt issuance costs   3,109     1,594       2,760       9,175     3,394  
    Non-cash lease expense   1,370     1,235       1,381       4,164     3,488  
    Lease payments   (1,171 )   (676 )     (1,311 )     (3,540 )   (1,918 )
    Unrealized foreign exchange gain   (2,081 )   (266 )     (3,323 )     (7,670 )   (7,814 )
    Other loss (gain)       (354 )               (1,444 )
    Funds flow from operations $ 60,338   $ 79,000     $ 46,167     $ 180,812   $ 192,122  
    Capital expenditures $ 52,921   $ 43,080     $ 61,273     $ 169,525   $ 179,707  
    Free cash flow $ 7,417   $ 35,920     $ (15,106 )   $ 11,287   $ 12,415  

    Net debt as of September 30, 2024, was $509 million, calculated using the sum of the aggregate principal amount of 6.25% Senior Notes, 7.75% Senior Notes, and 9.50% Senior Notes outstanding, excluding deferred financing fees, totaling $787 million, less cash and cash equivalents of $278 million.

    Presentation of Oil and Gas Information

    All reserves value and ancillary information contained in this press release regarding Gran Tierra (not including reserves value and ancillary information regarding i3 Energy) have been prepared by the Company’s independent qualified reserves evaluator McDaniel & Associates Consultants Ltd. (“McDaniel”) in a report with an effective date of December 31, 2023 (the “Gran Tierra McDaniel Reserves Report”) and calculated in compliance with Canadian National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook (“COGEH”), unless otherwise expressly stated. All reserves value and ancillary information contained in this press release regarding i3 Energy have been prepared by i3 Energy’s independent qualified reserves evaluator GLJ Ltd. (“GLJ”) in a fair market value report with an effective date of July 31, 2024 (the “i3 Energy GLJ Report”) and calculated in compliance with NI 51-101 and COGEH, unless otherwise expressly stated.

    Barrel of oil equivalents (“boe”) have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 bbl of oil. Boe’s may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf: 1 bbl would be misleading as an indication of value.

    The following reserves categories are discussed in this press release: Proved (“1P”), 1P plus Probable (“2P”) and 2P plus Possible (“3P”) and Proved Developed Producing (“PDP”). Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. Proved developed producing reserves are those proved reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. Certain terms used in this press release but not defined are defined in NI 51-101, CSA Staff Notice 51-324 – Revised Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities (“CSA Staff Notice 51-324”) and/or the COGEH and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as the case may be.

    Estimates of reserves for individual properties may not reflect the same level of confidence as estimates of reserves for all properties, due to the effect of aggregation. There is no assurance that the forecast price and cost assumptions applied by McDaniel or GLJ in evaluating Gran Tierra’s or i3 Energy’s reserves, respectively, will be attained and variances could be material. There are numerous uncertainties inherent in estimating quantities of crude oil and natural gas reserves. The reserves information set forth in the Gran Tierra McDaniel Reserves Report and the i3 Energy GLJ Report are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided therein. All reserves assigned in the Gran Tierra McDaniel Reserves Report are located in Colombia and Ecuador and presented on a consolidated basis by foreign geographic area.

    Booked drilling locations of i3 Energy disclosed herein are derived from the i3 Energy GLJ Report and account for drilling locations that have associated 2P reserves.

    References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra’s reported production is a mix of light crude oil and medium and heavy crude oil for which there is not a precise breakdown since the Company’s oil sales volumes typically represent blends of more than one type of crude oil. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.

    This press release contains certain oil and gas metrics, including operating netback and cash netback, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. These metrics are calculated as described in this press release and management believes that they are useful supplemental measures for the reasons described in this press release.

    Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

    References in this press release to IP30, IP90 and other short-term production rates of Gran Tierra are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of Gran Tierra. Gran Tierra cautions that such results should be considered to be preliminary.

    Disclosure of Reserve Information and Cautionary Note to U.S. Investors

    Unless expressly stated otherwise, all estimates of proved, probable and possible reserves and related future net revenue disclosed in this press release have been prepared in accordance with NI 51-101. Estimates of reserves and future net revenue made in accordance with NI 51-101 will differ from corresponding estimates prepared in accordance with applicable SEC rules and disclosure requirements of the U.S. Financial Accounting Standards Board (“FASB”), and those differences may be material. NI 51-101, for example, requires disclosure of reserves and related future net revenue estimates based on forecast prices and costs, whereas SEC and FASB standards require that reserves and related future net revenue be estimated using average prices for the previous 12 months. In addition, NI 51-101 permits the presentation of reserves estimates on a “company gross” basis, representing Gran Tierra’s working interest share before deduction of royalties, whereas SEC and FASB standards require the presentation of net reserve estimates after the deduction of royalties and similar payments. There are also differences in the technical reserves estimation standards applicable under NI 51-101 and, pursuant thereto, the COGEH, and those applicable under SEC and FASB requirements.

    In addition to being a reporting issuer in certain Canadian jurisdictions, Gran Tierra is a registrant with the SEC and subject to domestic issuer reporting requirements under U.S. federal securities law, including with respect to the disclosure of reserves and other oil and gas information in accordance with U.S. federal securities law and applicable SEC rules and regulations (collectively, “SEC requirements”). Disclosure of such information in accordance with SEC requirements is included in the Company’s Annual Report on Form 10-K and in other reports and materials filed with or furnished to the SEC and, as applicable, Canadian securities regulatory authorities. The SEC permits oil and gas companies that are subject to domestic issuer reporting requirements under U.S. federal securities law, in their filings with the SEC, to disclose only estimated proved, probable and possible reserves that meet the SEC’s definitions of such terms. Gran Tierra has disclosed estimated proved, probable and possible reserves in its filings with the SEC. In addition, Gran Tierra prepares its financial statements in accordance with United States generally accepted accounting principles, which require that the notes to its annual financial statements include supplementary disclosure in respect of the Company’s oil and gas activities, including estimates of its proved oil and gas reserves and a standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities. This supplementary financial statement disclosure is presented in accordance with FASB requirements, which align with corresponding SEC requirements concerning reserves estimation and reporting.

    The MIL Network

  • MIL-OSI Asia-Pac: Mahakumbh 2025: New Avatar of AI Chatbot to guide Devotees on Parking, Food Courts, and Hospitals within 1 km radius

    Source: Government of India

    Mahakumbh 2025: New Avatar of AI Chatbot to guide Devotees on Parking, Food Courts, and Hospitals within 1 km radius

    AI Chatbot to explain every Sector Area, with accurate mapping of Mahakumbh with three New Features; Real-time PDF with brief information and Google Map Links to be shared with Devotees

    QR Scan to access Toilets, Exhibitions, and Lost & Found Centers Instantly; No more wandering for Banking, Public Water ATMs, Events, Attractions, and Transport Information

    Posted On: 25 JAN 2025 7:25PM by PIB Delhi

    Devotees visiting the Mahakumbh 2025 will no longer need to wander around in search of services or information. The new avatar of the chatbot, designed to assist devotees, comes with three added features. The AI-based chatbot will provide accurate information about parking, food courts, and hospitals within 1 km radius of the devotees.

     

     

    Mahakumbh Mapping and Sector Guidance Assistance

    The AI chatbot will not only provide the entire mapping of the Mahakumbh but will also share specific details about each sector, along with Google map links. Additional Mela Officer, Shri Vivek Chaturvedi informed that through this chatbot, devotees can quickly access information about parking, transport, banking, public water ATMs, and other services in seconds.

     

    Real-Time PDF and QR Scan Feature

    Through the chatbot, devotees can download real-time PDFs containing details about toilets, lost & found centers, exhibitions, and other essential locations based on their preferences. Scanning a QR code will instantly provide information about key locations directly on the mobile.

     

    A Confluence of Technology and Faith makes the World’s Largest Event a Seamless Experience

    Millions of devotees have already utilized this AI chatbot. With its effective and user-friendly design, it is greatly enhancing the convenience for those attending the Mahakumbh. The merging of technology and faith through this chatbot is making the world’s largest religious gathering simpler and more organized. Not only does it provide information, but it also enhances the overall experience of the devotees.

     

    *****

    AD/VM

     

    (Release ID: 2096212) Visitor Counter : 86

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: ADDRESS TO THE NATION BY THE HON’BLE PRESIDENT OF INDIA SMT. DROUPADI MURMU ON THE EVE OF REPUBLIC DAY 2025

    Source: Government of India

    Posted On: 25 JAN 2025 7:17PM by PIB Delhi

    My Dear Fellow Citizens,

    Namaskar!

    I am happy to be addressing you on this historic occasion. On the eve of Republic Day, I offer you my heartiest congratulations! On January 26, 75 years ago, our founding document, the Constitution of India, came into effect.

    The Constituent Assembly, after nearly three years of debates, adopted the Constitution on 26th of November in 1949. That day, 26th November, has been celebrated as Samvidhan Divas, that is, Constitution Day, since 2015.

    Republic Day is indeed a matter of collective joy and pride for all citizens. Seventy-five years, someone might say, is only the blink of an eye in the life of a nation. No, I will say, not these past 75 years. This has been the time when the long-dormant soul of India has awakened again, taking strides to regain its rightful place in the comity of nations. Among the oldest civilizations, India was once known as a source of knowledge and wisdom. There, however, came a dark phase, and inhuman exploitation under colonial rule led to utter poverty.

    Today, we should first recall the brave souls who made great sacrifices to free the motherland from the shackles of foreign rule. Some were well known, while some remained little known till recently. We are celebrating this year the 150th birth anniversary of Bhagwan Birsa Munda, who stands as a representative of the freedom fighters whose role in the national history is now being recognised in true proportions.

    In the early decades of the twentieth century, their struggles consolidated in an organized nationwide independence movement. It was the nation’s good fortune to have the likes of Mahatma Gandhi, Rabindranath Tagore and Babasaheb Ambedkar, who helped it rediscover its democratic ethos. Justice, liberty, equality and fraternity are not theoretical concepts that we came to learn in modern times; they have always been part of our civilisational heritage. It also explains why the critics who were cynical about the future of the Constitution and the Republic when India had newly become independent were proven so thoroughly wrong.

    The composition of our Constituent Assembly was also a testimony to our republican values. It had representatives from all parts and all communities of the country. Most notably, it had 15 women among its members, including stalwarts such as Sarojini Naidu, Rajkumari Amrit Kaur, Sucheta Kripalani, Hansaben Mehta and Malati Choudhury. When women’s equality was only a distant ideal in many parts of the world, in India women were actively contributing in shaping the destiny of the nation.

    The Constitution has become a living document because civic virtues have been part of our moral compass for millennia. The Constitution provides the ultimate foundation of our collective identity as Indians; it binds us together as a family. For 75 years now, it has guided the path of our progress. Today, let us humbly express our gratitude to Dr. Ambedkar, who chaired the Drafting Committee, other distinguished members of the Constituent Assembly, various officers associated with and others who worked hard and bequeathed us this most wonderful document.

    Dear Fellow Citizens,

    The 75 years of the Constitution are marked by an all-round progress of a young republic. At the time of Independence and even later, large parts of the country had faced extreme poverty and also hunger. But one thing we were not deprived of was our belief in ourselves. We set down to create the right conditions in which everyone would have the opportunity to flourish. Our farmers toiled hard and made our country self-sufficient in food production. Our labourers worked relentlessly to transform our infrastructure and manufacturing sector. Thanks to their sterling efforts, India’s economy today influences the global economic trends. Today, India is taking leadership positions in international forums. This transformation would not have been possible without the blueprint laid down by our Constitution.

    In recent years, the economic growth rate has remained persistently high, creating job opportunities for our youth, putting more money in the hands of farmers and labourers, and also lifting more people out of poverty. The bold and far-sighted economic reforms will sustain this trend in the years to come. Inclusion is the cornerstone of our growth saga, distributing the fruits of developments as widely as possible.

    As the Government continues to assign top priority to financial inclusion, initiatives such as the Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, MUDRA, Stand-Up India and Atal Pension Yojana have been expanded to provide more people access to a variety of financial support schemes.

    Equally importantly, the government has redefined the notion of welfare, making basic necessities such as housing and access to drinking water a matter of entitlement. Every effort is being made to extend a helping hand to the marginalized communities, particularly of the Scheduled Castes, Scheduled Tribes and Other Backward Classes. For example, there have been pre-matric and post-matric scholarships, national fellowships, overseas scholarships, hostels and coaching facilities for the youth from the SC communities. The Pradhan Mantri Anusuchit Jaati Abhyuday Yojana is making progress in reducing poverty among the SC communities by adding employment and income generation opportunities. There have been dedicated schemes for aiming for the socio-economic development of ST communities, including Dharti Aaba Janjatiya Gram Utkarsh Abhiyan and Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN). A Development and Welfare Board has been constituted for the De-notified, Nomadic and Semi Nomadic Communities.

    Meanwhile, the focus on physical infrastructure development, including roads and railways, ports and logistics hubs, over the past decade has created a platform that will support growth for decades to come.

    The way the government has used technology in the field of finance has been exemplary. A variety of digital payment options as well as the system of direct benefit transfer have promoted inclusion, bringing a significant number of people within the formal system. It has also brought unprecedented transparency in the system. In the process, within a few years we have created a robust Digital Public Infrastructure that is among the best in the world.

    The banking system has been in a healthy condition after a series of bold measures such as the Insolvency and Bankruptcy Code, effecting a substantial reduction in the Non-Performing Assets of Scheduled Commercial Banks.

    Dear Fellow Citizens,

    We won freedom in 1947, but many relics of a colonial mindset persisted among us for long. Of late, we have been witnessing concerted efforts to change that mindset. Among the most noteworthy of such efforts was the decision to replace the Indian Penal Code, the Code of Criminal Procedure and the Indian Evidence Act with the Bharatiya Nyaya Sanhita, the Bharatiya Nagarik Suraksha Sanhita and the Bharatiya Sakshya Adhiniyam. Based also on Indian traditions of jurisprudence, the new criminal laws place the delivery of justice instead of punishment at the centre of the criminal justice system. Moreover, the new laws grant top priority to countering crimes against women and children.

    Reforms of such magnitude require an audacity of vision. Another measure that promises to redefine the terms of good governance is the Bill introduced in Parliament to synchronise election schedules in the country. The ‘One Nation One Election’ plan can promote consistency in governance, prevent policy paralysis, mitigate resource diversion, and reduce the financial burden, apart from offering many other benefits.

    There has also been a fresh engagement with our civilisational heritage. The ongoing Mahakumbh can be seen as an expression of the richness of that heritage. An exciting array of initiatives is underway in the domain of culture to preserve and revitalise our traditions and customs.

    India is a hub of great linguistic diversity. In order to conserve as well as celebrate this richness, the Government has recognised Assamese, Bengali, Marathi, Pali and Prakrit as classical languages. This category already includes Tamil, Sanskrit, Telugu, Kannada, Malayalam, and Odia. The Government is proactively promoting research in 11 classical languages now.

    I look forward to the completion of India’s first Archaeological Experiential Museum in Vadnagar of Gujarat, being developed next to an excavation site that shows evidence of human settlement from around 800 BCE. The museum will bring together in one place a wide range of arts, crafts and cultural elements from different eras.

    Dear Fellow Citizens,

    It is, after all, our young generation that is going to shape the India of tomorrow. Education, in turn, shapes these young minds. Therefore, the Government has increased its investment in education and made every effort to improve every parameter related to this sector. The results so far are more than encouraging. The last decade has transformed education, in terms of quality of learning and physical infrastructure and digital inclusion. For the medium of instruction, the regional languages are promoted at more levels. It is not surprising that there has been a notable improvement in students’ performance. I am glad to learn that women teachers have played a crucial role in this transformation, since more than 60 percent of those who became teachers in the last decade are women.

    The expansion and mainstreaming of vocational and skill education is a welcome development. This is also supplemented now by the scheme to provide our youth internship opportunities in the corporate sector.

    With a stronger foundation of the school-level education, India has been scaling new heights in various branches of knowledge, particularly in science, along with technology. For example, India stands sixth in terms of intellectual property filings in the world. We have consistently improved our ranking in the Global Innovation Index, moving from 48th position in 2020 to 39th in 2024.

    With rising self-assurance, we are increasing our participation in cutting-edge research with a series of initiatives. The National Quantum Mission aims to create a vibrant and innovative ecosystem in this new frontier of technology. Another noteworthy beginning is with the National Mission on Interdisciplinary Cyber Physical System, which plans to focus on several advanced technologies including artificial intelligence, machine learning, robotics and cyber security. These technologies were called futuristic till recently, but they are fast becoming part of our daily lives.

    The Genome India Project has been not only an exciting venture in exploring nature; it is also a veritable defining moment in the history of science in India. Under its flagship programme, the genome sequencing of 10,000 Indians have been made available for further research only this month. This pathbreaking project will open new vistas in biotechnology research and also give a fillip to the public healthcare system.

    The Indian Space Research Organisation has been taking giant leaps in space in recent years. This month, the ISRO once again made the nation proud with its successful Space Docking Experiment. India has now become the fourth country in the world to have this capability.

    Our increasing confidence levels as a nation are also reflected in the arena of sports and games where our players have scripted thrilling success stories. Last year, our athletes made a mark in the Olympic Games. In the Paralympic Games, we sent our largest-ever contingent, who came back with our best-ever performance. Our chess champions impressed the world, as our men and women won the gold at the FIDE Chess Olympiad. The achievements in the sports during the year 2024 were capped by D. Gukesh, who became the youngest World Chess Champion.

    Supported by a great improvement in training facilities at the ground level, these sportspersons have made us proud with their winning drive and inspired the next generation to aim higher and higher.

    Our brothers and sisters living abroad have taken the best of our culture and civilisation to different parts of the globe and have made us proud with their achievements in diverse fields. They have always considered themselves to be a part of the India Story. As I said at the Pravasi Bharatiya Divas earlier this month, I am confident of their proactive and enthusiastic participation in the making of a Viksit Bharat, a developed India, by the year 2047.

    Dear Fellow Citizens,

    Thanks to substantial and concrete progress in a wide range of areas, we are marching towards the future, holding our heads high. The key to our future is our youth and especially the young women. Their dreams are moulding the India of tomorrow, when we will be celebrating the centenary of our Independence. And when today’s children will salute the tricolour on 26th January of 2050, they will tell their next generation that this great quest would not have been possible without our incomparable Constitution guiding them along the way.

    Our future generations will also keep in mind the mission of Independent India in the world. In the words of the Father of the Nation, Mahatma Gandhi [and I quote]

    “If Swaraj was not meant to civilize us, and to purify and stabilize our civilization, it would be nothing worth. The very essence of our civilization is that we give a paramount place to morality in all our affairs, public or private.” [unquote]

    Today, let us reaffirm our commitment to strive to realise Gandhiji’s dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin – indeed, the true source of rights is duty. Today we recall his lessons in compassion too – compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.

    Each of us must contribute to the efforts to counter the global threat of climate change. There have been two exemplary initiatives in this regard. At the global level, India is leading a mass movement, called Mission Lifestyle for Environment, to inspire individuals and communities to be more pro-active in protecting and preserving the environment. Last year, on World Environment Day, we launched a unique campaign, ‘Ek Ped Maa Ke Naam’, paying tribute to the nurturing power of our mothers as well as of Mother Nature. Its target of planting 80 crore seedlings was achieved ahead of the deadline. The world can learn from such innovative moves that people can adopt as their own movements.

    Dear Fellow Citizens,

    Let me once again congratulate you all on the occasion of Republic Day. My congratulations to the soldiers guarding our borders as well as police and paramilitary personnel keeping it safe within the borders. My congratulations also to the members of the judiciary, the bureaucracy and our missions abroad. My best wishes to you in all your endeavours.

    Thank you.

    Jai Hind!

    Jai Bharat!

    ***

    MJPS/SR/SKS

    (Release ID: 2096205) Visitor Counter : 54

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Minister of State for Cooperation Shri Murlidhar Mohol interacts with 200 PACS representatives invited from across the country as special guests on the 76th Republic Day in New Delhi

    Source: Government of India (2)

    Union Minister of State for Cooperation Shri Murlidhar Mohol interacts with 200 PACS representatives invited from across the country as special guests on the 76th Republic Day in New Delhi

    Invitation to PACS representatives as special guests in the Republic Day parade underlines their important role in rural development and also makes PACS a hub of not only financial activities but also community welfare

    Under the leadership of Prime Minister Shri Narendra Modi and guidance of Union Home Minister and Minister of Cooperation Shri Amit Shah, the Ministry of Cooperation is committed to transforming cooperatives into multi-purpose institutions

    Digitization of PACS is a vital step towards development of rural India, it has improved access to financial services and promoted transparency and efficiency

    Posted On: 25 JAN 2025 8:56PM by PIB Delhi

    Union Minister of State for Cooperation Shri Murlidhar Mohol today interacted with more than 200 representatives of 100 Primary Agricultural Credit Societies (PACS) from 13 states of the country, who have been invited for 76th Republic Day as special guests in New Delhi. The Secretary of Ministry of Cooperation Shri Ashish Kumar Bhutani and other senior officials of the Ministry were present on the occasion. Invitation to PACS representatives as special guests in the Republic Day parade underlines their important role in rural development and also makes PACS a hub of not only financial activities but also community welfare.

    The interaction programme was attended by the PACS representatives from Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Bihar, Haryana, Punjab, Uttar Pradesh, Chhattisgarh, Jharkhand, Assam, Himachal Pradesh and Jammu and Kashmir. The computerisation of PACS in these states is progressing effectively and their respective PACS officials are reaping the benefits of digitisation.

    The Ministry of Cooperation, under the leadership of Prime Minister Shri Narendra Modi and guidance of Union Home Minister and Minister of Cooperation Shri Amit Shah, is committed to transform cooperatives into multi-purpose institutions. The Government of India, in collaboration with other stakeholders like NABARD, State Governments and Cooperative Banks, is empowering PACS to realize Prime Minister Modi’s vision of ‘Sahkar se Samriddhi’. This initiative is a part of the Centrally Sponsored Project of ‘Computerization of Primary Agricultural Credit Societies’ which aims to enhance transparency, efficiency and profitability of PACS across the country. The project aims to computerize 67,930 PACS to improve access to financial services like faster loan disbursement, Direct Benefit Transfer and advanced banking services as well as to provide non-financial services like grain storage, Common Service Centres and Jan Aushadhi Kendras. Digitization of PACS is a vital step towards development of rural India, it has improved access to financial services and promoted transparency and efficiency.

    Strengthening of PACS will empower rural communities and realize the Indian vision of inclusive development. The invitation extended to PACS representatives for the Republic Day parade underlines their important role in rural development.

    ****

    Raj Kumar / Vivek Vaibhav / Priyabhanshu / Pankaj

    (Release ID: 2096281) Visitor Counter : 52

    Read this release in: Hindi

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Minister Shri Shivraj Singh Chouhan applauds the achievement of women Self-Help Groups who emerged as Lakhpati through their engagement in various DAY-NRLM interventions

    Source: Government of India (2)

    Union Minister Shri Shivraj Singh Chouhan applauds the achievement of women Self-Help Groups  who emerged as Lakhpati through their engagement in various DAY-NRLM interventions

    Lakhpati Didis will not stop here but will become Crorepati and Arabpati soon: Shri Chouhan 

    Union Minister re-emphasises the goal of Garibi-mukt Gaon

    Shri Chouhan insists on adopting a whole-of-government approach through convergence for maximum impact and transforming the rural economy by enabling Lakhpati Didis

    Three hundred Lakhpati Didis invited as Special Guests who will witness the 76th Republic Day Parade tomorrow at Kartavya Path in New Delhi

    Posted On: 25 JAN 2025 9:17PM by PIB Delhi

    Union Minister for Rural Development and Agriculture and Farmers’ Welfare Shri Shivraj Singh Chouhan interacted with a group of 300 Lakhpati Didis from Self-Help Groups (SHG) those will participate in the 76th Republic Day Celebrations at Kartavya Path as Special Guests. He applauded the efforts of SHG women to realise the Prime Minister’s vision of Lakhpati Didis. He said that Lakhpati Didis will not stop here, but will become Crorepati and Arabpati soon. He emphasised that one becomes what one thinks and how one acts. He opened the house to all the Didis seeking suggestions for the way ahead. Didis emphasised on online marketing platform for interstate trade, removing the middlemen; importance of insurance, organic farming and peer learning among SHG Didis. 

    Shri Chouhan thanked the Prime Minister for his leadership, showing the way ahead for socioeconomic empowerment of women. He appreciated the work done by DAY-NRLM for the Lakhpati Didi mission, wherein each SHG household is encouraged to take up multiple livelihood activities coupled with value chain interventions, building higher order enterprises resulting in a sustainable income of one lakh rupees and above every year. He re-emphasised the goal of Garibi-mukt Gaon. Union Minister requested all Lakhpati Didis to make every women around them into a Lakhpati. Shri Chouhan insisted on adopting a whole-of-government approach through convergence for maximum impact and transforming the rural economy by enabling Lakhpati Didis.

    On the eve of Republic Day, Minister of State for Rural Development and Communications Dr Chandra Sekhar Pemmasani said that  Prime Minister’s dream of ‘Viksit Bharat’ has now become a reality. He also shared an inspiring story of Rajeshwari Didi from Anantpur District, who started a small millet roti making business by taking a loan from the SHG. Today, she earns ₹ 9 lakh per year and is generating employment for others too. He reaffirmed the message that women empowerment is an essential prerequisite for a self-made Bharat. He stated that SHG women under DAY-NRLM are moving from SHG to CEO, donning the role of entrepreneurs, making their own way and are contributing to the development of the nation.

    On this occasion, welcoming the participants, the Secretary, Ministry of Rural Development, Shri Shailesh Kumar Singh praised SHG members working on different fields like Krishi Sakhi, Bank Sakhi, Gender Sakhi and assured full support by the Ministry in future endeavours of Didis. Today, more than 10 crore rural women have been mobilised into 91.8 lakh SHGs. Together, these groups have mobilized savings deposits amounting to 60 thousand crore rupees, demonstrating remarkable financial discipline and reliability by keeping non-performing assets to 1.65% and are putting in efforts to bring even this down. 

    Marking the strength of women-led development strategies, a group of 300 Lakhpati Didis from Self-Help Groups (SHG) under the aegis of Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM) will participate in the 76th Republic Day Celebrations at Kartavya Path as Special Guests. They will showcase the inclusive and resilient spirit of communities and villages that make India a robust republic nation. These 300 Didis and their spouses have been invited as special guests to this year’s Republic Day celebrations.

    Lakhpati Didis have showcased determination and strong resolve to overcome all obstacles and achieve a dignified life. Their presence would highlight the power of women-led institutions to bring out the essence of socio-economic empowerment and the holistic well-being of rural communities. Their presence would mark a spectacular confluence at the Kartavya Path and ensure widespread participation by people from different strata of society who are committed to commemorating our national festival.

    The Lakhpati Didis interacted with the Ministers and shared their stories of change and transformation through DAY-NRLM interventions. They also mentioned their dream of going beyond the Lakhpati goal and shared their vision of contributing to the country’s socio-economic development. The Ministers appreciated the notable contributions made by SHG women and commended them for their sheer determination, commitment, and active participation in accelerating the journey of achieving the goal of Viksit Bharat.

    During the day, the Special Guests visited the iconic Qutub Minar and were enthralled by the historical information relating to the monument.

    Earlier this week, on January 22nd, the Ministry of Rural Development also launched its tableau on the theme of ‘Lakhpati Didi’, which will be part of the Republic Day parade this year. It will showcase women’s economic empowerment through the lens of entrepreneurship, self-reliance, and education, along with a banner reading ‘Empowered Women, Prosperous Families, Stronger Nation’. The parade will mark a fitting conclusion to the Special Guests’ visit to Delhi.

    ******

    MG/KSR 

    (Release ID: 2096301) Visitor Counter : 7

    MIL OSI Asia Pacific News

  • MIL-OSI: GraniteShares Financial Plc (the Issuer) Early Redemption Event of certain classes of ETP Securities

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Nov. 04, 2024 (GLOBE NEWSWIRE) — GraniteShares announces changes in product offerings.

    Issuer Call Redemption Event

    The Issuer gives notice pursuant to Condition 8 (c) of the Conditions that all ETP Securities of the classes specified in Exhibit A are to be compulsorily redeemed and that the Issuer has nominated 09 December 2024 to be the Early Redemption Date in respect of all such classes. The Early Termination Amount for a particular class will be determined on the Early Redemption Date.

    The Securityholders of each class of ETP Securities will be entitled to the Value per ETP Securities for such class as determined on the Early Redemption Date and multiplied by the number of ETP Securities held on record day. The payment will be made via Euroclear Bank.

    It is expected that the ETP Securities subject to this Early Redemption Event will stop trading on the exchange venue listed in Exhibit A after the close of trading on 06 December 2024. The Issuer submitted the exchange venue with a notice for the ETP Securities to be delisted. If you wish to sell your securities before the compulsory redemption of these securities, you should do so by the close of trading on this date.

    Capitalised terms not defined herein shall have the meaning given to them in the Issue Deed relating to the ETP Securities.

    This Notice is given by the Issuer.

    GRANITESHARES FINANCIAL PLC

    By: __ /s/ Aileen Mannion___________

    Name: Aileen Mannion

    Title: Director

    Ground Floor, Two Dockland Central

    Guild Street

    North Dock

    Dublin 1

    Ireland

    Exhibit A List of ETP Securities subject to the Early Redemption Event

    GraniteShares Financial Plc

    LEI: 635400MFOIY6BX1JUC92

    ETP Securities Exchange
    venue
    Ticker SEDOL ISIN Last trading
    day
    Early
    Redemption
    Date
    Record day Expected
    payment day
    To Euroclear
    Bank
    GraniteShares 3x Long Enel Daily ETP Securities Borsa Italiana – ETF Plus 3LNL BP0BGQ5 XS2435552216 06 Dec 2024 09 Dec 2024 10 Dec 2024 13 Dec 2024
    GraniteShares 3x Short Enel Daily ETP Securities Borsa Italiana – ETF Plus 3SNL BP0BGJ8 XS2435552729 06 Dec 2024 09 Dec 2024 10 Dec 2024 13 Dec 2024
    GraniteShares 3x Long Eni Daily ETP Securities Borsa Italiana – ETF Plus 3LEN BP0BGS7 XS2435551242 06 Dec 2024 09 Dec 2024 10 Dec 2024 13 Dec 2024
    GraniteShares 3x Short Eni Daily ETP Securities Borsa Italiana – ETF Plus 3SEN BSY12G4 XS2846983471 06 Dec 2024 09 Dec 2024 10 Dec 2024 13 Dec 2024
    GraniteShares 3x Long MIB Daily ETF Securities Borsa Italiana – ETF Plus 3MIB BQKW8K3 XS2531766363 06 Dec 2024 09 Dec 2024 10 Dec 2024 13 Dec 2024
    GraniteShares 3x Short MIB Daily ETF Securities Borsa Italiana – ETF Plus 3SIT BQKW8J2 XS2531766447 06 Dec 2024 09 Dec 2024 10 Dec 2024 13 Dec 2024

    EuropeanTeam@graniteshares.com

    +44 (0)20 3950 1442

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