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Category: Energy

  • MIL-OSI United Kingdom: Welsh and UK Government Ministers visit GE Aerospace to Highlight Support for Welsh Aerospace Sector

    Source: United Kingdom – Government Statements

    Wales Office Minister Nia Griffith MP and Welsh Government Cabinet Secretary for Economy Rebecca Evans MS, met with engineers, apprentices, and senior management to discuss ambitions of both Welsh and UK Governments to drive innovation and sustainability in the aerospace sector. 

    Wales Office Minister Nia Griffith MP with GE Aerospace apprentices.

    Wales Office Minister Nia Griffith MP today visited GE Aerospace’s world-class maintenance, repair, and overhaul (MRO) facility in Nantgarw, to reaffirm the UK Government’s commitment to supporting high-skilled jobs, cutting-edge innovation, and economic growth in Wales as part of its forthcoming Industrial Strategy.

    Joined by Rebecca Evans MS, Welsh Government Cabinet Secretary for Economy, Ministers met with engineers, apprentices, and senior management to discuss how GE Aerospace’s investment in its MRO capabilities aligns with the broader ambitions of both Welsh and UK Governments to drive innovation and sustainability in the aerospace sector. 

    With more than 1,300 employees, GE Aerospace’s Nantgarw site is one of the largest and most advanced engine MRO facilities in the world, servicing engines for global airlines, including the GE90 and CFM56, and playing a key role in supporting sustainable aviation. With Welsh Government financial support, Nantgarw will also be home to the GE9X engine upon int entry into service.

    As part of its long-term commitment to Wales, GE Aerospace recently announced a multi-million-pound investment in its Nantgarw MRO facility, further strengthening its capabilities and ensuring it remains a global leader in engine maintenance and repair. The investment is part of GE Aerospace’s global, multiyear $1 billion MRO spending surge that was announced last Autumn.

    The visit follows the Chancellor’s recent Aerospace Technology Institute (ATI) funding announcement, which provides significant UK Government support for research into next-generation aviation technologies, reinforcing the UK’s leadership in the industry.

    Dame Nia Griffith MP, Parliamentary Under Secretary of State for Wales said:

    The UK’s aerospace sector is a cornerstone of our economy, and Wales plays a critical role in its success. 

    Our Industrial Strategy is a vital part of achieving our number one mission of growing the economy, and we are committed to seeing that companies like GE Aerospace get the support and investment they need to remain at the forefront of innovation in a highly competitive sector, in order to help us achieve that economic growth.

    The recent ATI funding announcement further demonstrates our commitment to developing greener, more efficient aviation technologies while securing high-quality jobs for the future.

    Steve Edwards, Managing Director at GE Aerospace’s site in Wales said:

    The Wales team is proud to provide world-class MRO services for our global airline customers. While we continue to focus on safety, quality, delivery and cost in that order, we are equally excited about the future. Looking ahead, our site will become the new overhaul home for the GE9X engine, the largest the most powerful commercial aircraft engine ever built. 

    Government support, including initiatives such as the Aerospace Growth Partnership along with long term funding for the Aerospace Technology Institute, will continue to provide companies such as GE Aerospace the confidence to grow, invest and mature new technologies and capabilities in the UK. 

    Rebecca Evans MS, Cabinet Secretary for Economy, Energy and Planning said:

    Wales is a centre of excellence for aerospace-related manufacturing and maintenance activities, and this world-leading facility by GE Aerospace is another feather in the cap for our thriving aerospace sector.

    Our £5m funding contribution has helped equip the facility and the current workforce to upskill, while developing the next generation of aircraft engineers through training and apprenticeships. This means high-value employment opportunities for people living in the surrounding communities.

    The visit underscored the strong partnership between industry and government in driving innovation and investment, ensuring that companies such as GE Aerospace and the wider aerospace sector remain at the forefront of the UK and Welsh Governments’ industrial strategies.

    Updates to this page

    Published 11 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses inaugural session of India Energy Week 2025

    Source: Government of India (2)

    Posted On: 11 FEB 2025 4:17PM by PIB Delhi

    The Prime Minister Shri Narendra Modi delivered his remarks at the inauguration of third edition of India Energy Week 2025 via video message today. Addressing the gathering at Yashobhoomi, he emphasized that the attendees are not just part of the Energy Week, but are also integral to India’s energy ambitions.

    India Energy Week was envisioned as more than just another industry conference—it was designed to be a dynamic platform redefining global energy dialogues. In just two years, this self-funded initiative has achieved precisely that, becoming the world’s second-largest energy event. IEW 2025, scheduled from February 11-14, 2025, at Yashobhoomi, New Delhi, represents a significant milestone in shaping the global energy narrative.

     

    Highlighting that experts worldwide are asserting that the 21st century belongs to India, Shri Modi remarked, “India is driving not only its growth but also the growth of the world, with the energy sector playing a significant role”. He emphasized that India’s energy ambitions are built on five pillars: harnessing resources, encouraging innovation among brilliant minds, economic strength and political stability, strategic geography making energy trade attractive and easier, and commitment to global sustainability. The Prime Minister noted that these factors are creating new opportunities in India’s energy sector.

    “India has grown from the tenth largest to the fifth largest economy in the past decade”, remarked Shri Modi. He highlighted that India’s solar energy generation capacity has increased thirty-two times in the last ten years, making it the third-largest solar power generating nation in the world. He noted that India’s non-fossil fuel energy capacity has tripled and that India is the first G20 country to achieve the goals of the Paris Agreement. The Prime Minister emphasized India’s achievements in ethanol blending, with a current rate of nineteen percent, leading to foreign exchange savings, substantial farmer revenue, and significant reductions in CO2 emissions. He highlighted India’s goal of achieving a twenty percent ethanol mandate by October 2025. He remarked that India’s biofuels industry is ready for rapid growth, with 500 million metric tonnes of sustainable feedstock. He further noted that during India’s G20 presidency, the Global Biofuels Alliance was established and is continuously expanding, now involving 28 nations and 12 international organizations. He highlighted that this alliance is transforming waste into wealth and setting up Centers of Excellence.

    Highlighting that India is continuously reforming to fully explore the potential of its hydrocarbon resources, Shri Modi highlighted that major discoveries and extensive expansion of gas infrastructure are contributing to the growth of the gas sector, increasing the share of natural gas in India’s energy mix. He noted that India is currently the fourth largest refining hub and is working to increase its capacity by 20 percent.

    Pointing out that India’s sedimentary basins hold numerous hydrocarbon resources, some of which have already been identified, while others await exploration, the Prime Minister highlighted that to make India’s upstream sector more attractive, the Government introduced the Open Acreage Licensing Policy (OALP). He emphasized that the Government has provided comprehensive support to the sector, including opening the Exclusive Economic Zone and establishing a single-window clearance system. Shri Modi noted that changes to the Oilfields Regulation & Development Act now offer stakeholders policy stability, extended leases, and improved financial terms. He emphasized that these reforms will facilitate the exploration of oil and gas resources in the maritime sector, increase production, and maintain strategic petroleum reserves.

    Prime Minister underlined that due to several discoveries and the expanding pipeline infrastructure in India, the supply of natural gas is increasing. He emphasized that this will lead to a rise in the utilization of natural gas in the near future. He also highlighted that there are numerous investment opportunities in these sectors.

    Shri Hardeep Singh Puri, Minister of Petroleum & Natural Gas, in his address at the event, highlighted the growing significance of the event, which has rapidly become the second-largest energy conference in the world in just three years. This year’s edition has drawn over 70,000 energy professionals from more than 50 countries, including over 20 Ministers and 100 CEOs from Fortune 500 energy companies, making it a key forum 6for discussions on the evolving global energy landscape.

    Shri Puri underscored that IEW 2025 comes at a crucial juncture amid major geopolitical shifts that have reshaped the global energy order. He stressed that the conference offers a unique opportunity for policymakers, industry leaders, and stakeholders to engage in meaningful dialogue, exchange ideas, and chart a course for a balanced and inclusive energy transition. While reaffirming India’s commitment to sustainability, he emphasized that the transition must be pragmatic, recognizing the continued role of hydrocarbons alongside renewables, hydrogen, and biofuels. He cited the International Energy Agency’s (IEA) projection of global energy investment surpassing USD 3 trillion in 2024, with USD 2 trillion dedicated to clean energy technologies, as a clear indication of the accelerating shift toward cleaner energy sources.

    The Minister highlighted India’s leadership in driving energy innovation and entrepreneurship, noting that major global energy firms like BP, Shell, ExxonMobil, and Chevron operate Global Capability Centres in India, employing thousands of Indian engineers to develop cutting-edge solutions for energy efficiency, data analytics, and sustainable operations. He also acknowledged the role of 500+ entrepreneurs participating in start-up challenges such as Avinya and Vasudha, and the 700 exhibiting companies, including over 100 start-ups, showcasing AI-driven energy solutions, quantum computing applications, and advancements in biofuels and battery technologies.

    A key theme of his address was energy justice, where he warned against fragmented energy policies that could deepen inequality by leaving developing economies behind in the transition. He emphasized the need for resilient supply chains in critical minerals, semiconductors, and emerging energy technologies, calling for global collaboration to prevent disruptions that could hinder progress. He also pointed out that India is strategically investing in diverse energy sources, including scaling up biofuel production, increasing its gas share from 6% to 15%, and targeting 5 million metric tonnes of hydrogen production by 2030 to ensure a smooth transition without compromising energy security.

    Concluding his remarks, Shri Puri urged all stakeholders to leverage India Energy Week as a platform for forging transformative partnerships and shaping the global energy agenda. He invited the 6,000+ delegates to engage in the conference’s discussions over the next four days, focusing on strategies to stabilize energy markets, drive technological advancements, and enhance international cooperation. With India playing an increasingly central role in the global energy ecosystem, IEW 2025 is set to be a landmark event for defining the future of energy.

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    MONIKA

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: New device enables smart windows to change color without external power source

    Source: Government of India (2)

    Posted On: 11 FEB 2025 4:13PM by PIB Delhi

    Researchers have developed a new generation of smart windows with advanced self-charging, color-responsive technology with integrated energy storage.

    Conventional smart windows are only capable of modulating the transmission of light. Researchers have made a significant leap in smart window technology by developing innovative windows that not only change color but also possess self-rechargeable capabilities, making them a promising addition to modern buildings. These smart windows enhance aesthetics by seamlessly switching colors while simultaneously storing energy, a feature that could revolutionize energy efficiency in architecture.

    For decades, the quest to fabricate functional windows has focused on boosting performance and adding new functionalities. However, when it comes to windows with energy storage and rechargeable capabilities, challenges like cyclic stability and the need for external power have restricted their widespread adoption.

    Addressing these issues, researchers from the Centre for Nano and Soft Matter Sciences (CeNS), an autonomous institution under the Department of Science and Technology (DST) in Bengaluru, India, have developed a device that enables smart windows to change color without requiring an external power source.

    A team led by Dr. Ashutosh Kumar Singh explored the integration of zinc-ion (Zn2+) battery concept in smart windows, utilizing tungsten oxide (WO3) as the primary active material in a paper published in the journal Energy Storage Materials.

    A major finding of the study is the successful use of spray coating of tungsten oxide with ethanol as a solvent, which resulted in superior uniformity and film quality, due to the Marangoni flow effect (isphenomenon of a liquid moving from areas of low surface tension to high surface tension, in the way soap makes water flow away from dirty spots). Additionally, the incorporation of hybrid Zn-K electrolytes significantly enhanced both the electrochromic and electrochemical performance of the devices, achieving a high transmittance modulation of 50% and impressive cyclic stability lasting up to 10000 seconds.

    The team successfully developed and tested a prototype device using the optimized WO3sample and Zn-K electrolytes. The prototype demonstrated remarkable cyclic stability over 3000 cycles, rapid self-charging within 10 minutes, and reversible optical modulation of 40%, highlighting its potential for sustainable energy storage in future smart electronic applications.

    This research represents a significant advancement in smart window technology, emphasizing the potential of WO3-based materials to create energy-efficient and sustainable electronic solutions. The findings pave the way for integrating these devices into smart electronics, potentially powered by renewable energy sources, marking a major step forward in the pursuit of sustainable energy solutions and demonstrating the practical utility of transparent batteries in modern technology.

    Figure: Schematic representation of hybrid electrolyte. Configuration of an electrochromic battery (left), a visual representation of the device in charged and discharged states (right).

     

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    NKR/PSM

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    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: MOTION FOR A RESOLUTION on the further deterioration of the political situation in Georgia – B10-0106/2025

    Source: European Parliament

    Reinier Van Lanschot, Mārtiņš Staķis, Maria Ohisalo, Sergey Lagodinsky, Markéta Gregorová, Ville Niinistö, Erik Marquardt, Nicolae Ştefănuță, Villy Søvndal
    on behalf of the Verts/ALE Group

    B10‑0106/2025

    European Parliament resolution on the further deterioration of the political situation in Georgia

    (2025/2522(RSP))

    The European Parliament,

    – having regard to its previous resolutions on Georgia,

    – having regard to the statement of 1 December 2024 by the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy (VP/HR) Kaja Kallas and Commissioner for Enlargement Marta Kos on Georgia,

    – having regard to the Council conclusions on Enlargement of 17 December 2024,

    – having regard to the Association Agreement of July 2016 between the European Union and the European Atomic Energy Community and their Member States, of the one part, and Georgia, of the other part, and its establishment of a Deep and Comprehensive Free Trade Area,

    – having regard to Rule 136(2) of its Rules of Procedure,

    A. whereas mass grass-roots protests have been taking place in Georgia since the October 2024 parliamentary election; whereas civil society, opposition parties and international and local observers did not accept the reported election results and continue to demand a new election; whereas the protests have been marred by the police’s use of excessive and disproportionate violence, countless arrests and the ill treatment of detainees while in custody;

    B. whereas local and international human rights organisations have documented a worrying trend of police brutality, stating that hundreds of protesters, dispersed and arrested by police, have faced violence that, in some cases, amounts to torture; whereas Georgia’s police forces are operating under a veil of apparent impunity, using sporadic acts of violence by protesters, often provoked by their own actions, as a pretext for repression; whereas no officials responsible for abuses have been held accountable;

    C. whereas hundreds of anti-government protesters and activists are still being detained, of whom more than 300 are alleging that they suffer beatings, torture and other ill treatment in detention; whereas detainees face swift court hearings resulting in fines or detention for alleged administrative offences, while dozens of people have been arrested on criminal charges in the context of the ongoing anti-government protests;

    D. whereas UN experts have condemned the pattern of repression and human rights violations in Georgia, while the Organization for Security and Co-operation in Europe has called this suppression a serious breach of the right of freedom of assembly;

    E. whereas prominent journalist Mzia Amaghlobeli, founder of Georgian independent news outlets Batumelebi and Netgazeti, was detained in Batumi on 12 January 2025 for posting a protest poster and then detained again after she suffered ill treatment while in detention, which allegedly resulted in her slapping a Batumi police officer who had insulted her; whereas the Georgian Prosecutor’s Office then charged her with ‘attacking a police officer,’ a criminal offence that carries a prison sentence of four to seven years; whereas on 20 January, it became known that Amaghlobeli had begun a hunger strike; whereas international and local human rights organisations, foreign and Georgian politicians, 14 embassies and more than 300 Georgian journalists, editors and media managers have expressed deep concern about her medical condition and called for her immediate release;

    F. whereas the ruling Georgian Dream party convened the new parliament in violation of the country’s constitution, resulting in a boycott of parliament by the opposition; whereas on 5 February 2025, Georgian Dream members of parliament (MPs) voted to strip 49 opposition MPs of their mandates; whereas Georgian authorities have arrested several opposition figures, including politicians Nika Melia and Gigi Ugulava;

    G. whereas Georgian Dream has adopted new legislation that came into effect on 30 December 2024, which imposes further arbitrary restrictions on the rights of freedom of expression and peaceful assembly, along with hefty fines for the use of protest slogans or posters, and enables preventive detentions of anyone suspected of planning to violate these rules governing public assembly or other laws, for up to 48 hours; whereas the authorities are routinely abusing administrative and criminal proceedings by the Georgian authorities as part of the worsening crackdown on protest and peaceful dissent;

    H. whereas the Georgian authorities continue to ignore the numerous local and international calls to repeal the law ‘on transparency of foreign influence’ and the law ‘on family values and protection of minors’; whereas Georgian Dream has, however, announced plans to replace the so-called foreign agent legislation with a tougher law it describes as a ‘direct copy of the current US Foreign Agents Registration Act’; whereas Georgian Dream has also announced plans for a new draft law on media control which would reportedly restrict media funding from foreign sources, establish ‘standards for media objectivity and journalistic ethics’ and define institutional mechanisms for monitoring and safeguarding these standards;

    I. whereas a growing number of civil servants have been dismissed after speaking out against the halting of Georgia’s EU membership process, with Prime Minster Kobakhidze stating that the country’s civil service was going through a ‘process of self-cleansing’;

    J. whereas Giorgi Gakharia, leader of the For Georgia party and former prime minister, and Zviad Koridze, a journalist and a member of Transparency International Georgia, were physically assaulted in two separate incidents on 15 January;

    K. whereas Article 78 of the Georgian Constitution states that the constitutional bodies must take all measures within the scope of their competences to ensure the full integration of Georgia into the European Union;

    L. whereas the EU has firmly halted Georgia’s EU accession process, redirected EU funding from Georgia’s government to civil society and suspended visa-free travel to the EU for Georgian diplomats and officials; whereas, at the December 2024 Foreign Affairs Council, Hungary and Slovakia blocked broadly demanded targeted sanctions against leading Georgian officials, including Bidzina Ivanishvili;

    M. whereas Estonia, Latvia and Lithuania have bilaterally imposed targeted sanctions against Ivanishvili and 10 government officials, including Prime Minister Irakli Kobakhidze and Interior Minister Vakhtang Gomelauri; whereas, in December 2024, the US imposed individual sanctions against Ivanishvili, while the UK imposed individual sanctions against Mr Gomelauri, Deputy Interior Minister Aleksandre Darakhvelidze, Tbilisi Police Department Director Sulkhan Tamazashvili, Chief of the Special Tasks Department Zviad Kharazishvili, and Deputy Head of the Special Tasks Department Mileri Lagazauri; whereas on 13 January 2025, UK MP James MacCleary put forward a motion to sanction Ivanishvili in the House of Commons;

    N. whereas Ivanishvili and his family members have reportedly begun transferring their business assets, worth dozens of millions of euros, from offshore entities to Georgia-registered companies following the imposition of the US targeted sanctions;

    O. whereas a significant incentive for Georgian Dream and Ivanishvili in particular to remain on their confrontational path with democracy at home and against European integration is their confidence in cultivating alternative economic development opportunities with Russia, and the continued and growing geo-economic leverage of Georgia in respect of the West; whereas Georgia is a key partner country of the ‘Middle Corridor’ in terms of connectivity, energy and trade relations;

    1. Stands in solidarity with all people in Georgia who, for over three months, have been protesting for their country’s democracy and constitution, human rights and EU values; reiterates its unwavering support for the Georgian people’s legitimate European aspirations and their wish to live in a prosperous and democratic country, free from corruption, that fully respects fundamental freedoms, protects human rights and guarantees an open society, independent media and free and fair elections;

    2. Reconfirms its position that the reported extensive electoral fraud during the October 2024 parliamentary election undermined the integrity of the election process, the legitimacy of the results and the public’s trust in any new government, and that the results therefore do not serve as a reliable representation of the will of the Georgian people; calls for a new election within a year, and for the process to be conducted in an improved electoral environment by an independent and impartial election administration, under diligent international observation, in order to ensure a genuinely fair and transparent electoral process;

    3. Considers that the actions of the Georgian Dream party, both in parliament and on the streets against its own citizens, are rapidly steering the country towards authoritarianism, in a seemingly deliberate attempt to demonstrate that the will of the Georgian people no longer determines the country’s future;

    4. Condemns all violence against protesters and the ill treatment of detainees by Georgia’s police forces, especially the growing reports of torture; strongly urges the Georgian authorities to guarantee the right of citizens to assemble and to refrain from using unwarranted force against them; demands that all officials responsible for unlawful use of force, including acts of torture and other ill treatment, must be held fully accountable;

    5. Calls for the immediate and unconditional release of political prisoners and those detained during the anti-government protests; expresses its deep concern about the medical condition of Mzia Amaghlobeli and denounces Georgian Dream for her unlawful detention and criminal prosecution, which was intended to instil fear among independent media representatives, activists and civil society at large;

    6. Condemns the termination of the mandates of 49 opposition MPs by Georgian Dream; considers this the latest step in Georgian Dream’s attack on political pluralism in the country; warns the Georgian authorities that any attempts to turn its threats of a ban on established political parties into a reality would alienate Georgia from the EU and make any move towards EU accession impossible;

    7. Condemns the attacks on Giorgi Gakharia and Zviad Korids; demands an independent investigation into the incidents and for those responsible to be held accountable;

    8. Reiterates its call on the Georgian authorities to repeal the law ‘on transparency of foreign influence’ and the law ‘on family values and protection of minors’; expresses concern about recently announced and introduced laws limiting freedom of expression and assembly, increasing state control of the media and further tightening of the so-called foreign agent legislation; underlines that the law and policies implemented by Georgian Dream are unconstitutional and incompatible with Georgia’s EU integration;

    9. Condemns the broader campaign of attacks by the Georgian authorities vilifying civil society organisations and reputable international donors that support democracy, the rule of law and the protection of human rights in Georgia; notes in this regard attempts by Georgian Dream officials to align themselves on these issues with US President Donald Trump and Elon Musk;

    10. Deplores efforts by Hungary and Slovakia to block EU targeted sanctions against Georgian Dream officials at the December 2024 Foreign Affairs Council; reiterates its call on the Council to impose, without delay, individual sanctions on the officials and political leaders in Georgia who are responsible for the democratic backsliding, violations of electoral laws and standards, brutality by police and their proxies and the ill treatment of detainees, administrative abuses and misuse of state institutions, such as Prime Minister Irakli Kobakhidze, Mayor of Tbilisi and Secretary General of the ruling Georgian Dream party Kakha Kaladze, Speaker of the Georgian Parliament Shalva Papuashvili, and Chairman of the Georgian Dream party Irakli Garibashvili, and to extend these sanctions to judges passing politically motivated sentences; reiterates its call on the Council and the EU’s democratic partners, in particular the UK, to impose immediate and targeted personal sanctions on Bidzina Ivanishvili and to freeze all his assets for his role in the deterioration of the political process in Georgia and for acting against the country’s constitutionally declared interests, including efforts to restore Russia’s sphere of influence over the country;

    11. Welcomes in this regard the sanctions imposed bilaterally by Estonia, Latvia and Lithuania; encourages other Member States, especially those hosting relevant assets, to similarly impose targeted sanctions against Georgian Dream officials, in particular Mr Ivanishvili, in a coordinated fashion, if EU level sanctions fail to be adopted in the Council; calls on France to revoke Ivanishvili’s Légion d’honneur;

    12. Reiterates its call for the EU and the Member States to adjust and accelerate the EU funding mechanisms for Georgian civil society and independent media to help make them resilient against efforts by the Georgian Government to cut off their financial lifeline; calls for the focus of that funding to reflect adjusted project needs in the context of a more hostile and anti-democratic environment; stresses that both fresh EU funding for Georgian civil society and the effective allocation of funding is more important than ever now that President Trump has frozen all such funding from the US; stresses that in Georgia’s increasingly repressive climate there is a rapidly growing need for EU and Member State emergency support for Georgian civil society and media, including core operational support, as well as support in countering disinformation;

    13. Calls for targeted sanctions on the financial sector of Georgia, as well as political and financial divestment away from planned connectivity projects, in order to disincentive Georgian Dream’s efforts to become a thriving hub for (illicit) Russian financial markets, and a key ‘partner of necessity’ for the West in the Caucasus in the Middle Corridor; stresses that there can be no deep political and economic relations between Georgia and the EU without Georgia upholding fundamental rights and the Georgian Constitution;

    14. Calls on VP/HR Kallas and Commissioner Kos, along with Magdalena Grono as the EU Special Representative for the South Caucasus and the crisis in Georgia, to travel to Georgia at their earliest convenience in order to meet with civil society and democratic/pro-European opposition leaders, express support for political prisoners, and more broadly show that the EU has not forgotten those in Georgia protesting for democracy and human rights; expresses its continued support for the efforts of Georgia’s fifth President, Salome Zourabichvili, who continues to represent Georgia’s democratic ambitions;

    15. Calls for an immediate and comprehensive audit of EU policy towards Georgia in the context of the halt in the country’s EU accession process; calls on the Commission, in this regard, to conduct a review of the EU-Georgia Association Agreement, in particular Georgia’s adherence to the requirements of the Deep and Comprehensive Free Trade Agreement and its general principles;

    16. Instructs its President to forward this resolution to the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the European External Action Service, the governments and parliaments of the Member States, and to the President, Prime Minister and Parliament of Georgia.

     

     

    MIL OSI Europe News –

  • MIL-OSI Europe: MOTION FOR A RESOLUTION on the further deterioration of the political situation in Georgia – B10-0107/2025

    Source: European Parliament

    B10‑0107/2025

    European Parliament resolution on the further deterioration of the political situation in Georgia

    (2025/2522(RSP))

    The European Parliament,

    – having regard to its previous resolutions on Georgia, in particular that of 28 November 2024 on Georgia’s worsening democratic crisis following the recent parliamentary elections and alleged electoral fraud[1],

    – having regard to the European Council conclusions of 14 and 15 December 2023 and of 27 June 2024,

    – having regard to the Commission communication of 8 November 2023 entitled ‘2023 Communication on EU Enlargement Policy’ (COM(2023)0690) and to the accompanying Commission staff working document of 8 November 2023 entitled ‘Georgia 2023 Report’ (SWD(2023)0697),

    – having regard to the joint statement of 8 November 2023 by the Chair of the Delegation for relations with the South Caucasus and the European Parliament’s Standing Rapporteur on Georgia on the Commission recommendation of 8 November 2023 on the EU membership application of Georgia,

    – having regard to the Association Agreement between the European Union and the European Atomic Energy Community and their Member States, of the one part, and Georgia, of the other part[2], which entered into force on 1 July 2016,

    – having regard to the Treaty on the Functioning of the European Union, in particular Article 215(2) thereof, and to the Treaty on European Union, in particular Article 29 thereof,

    – having regard to the Independent International Fact-Finding Mission on the Conflict in Georgia and to its September 2009 report,

    – having regard to the final conclusions of the international election observation mission relating to the parliamentary elections of 26 October 2024,

    – having regard to Rule 136(2) of its Rules of Procedure,

    A. whereas the exercise of freedom of opinion, expression, association and peaceful assembly is a fundamental right enshrined in the Georgian constitution;

    B. whereas Georgia, as a signatory to the Universal Declaration of Human Rights and the European Convention on Human Rights and a member of the Council of Europe and the Organization for Security and Co-operation in Europe (OSCE), has committed itself to the principles of democracy, the rule of law and respect for fundamental freedoms and human rights;

    C. whereas Russia has illegally occupied Abkhazia and South Ossetia since the August 2008 conflict that followed Georgia’s attack on Tskhinvali on the night of 7 to 8 August 2008;

    D. whereas in June 2014, the EU and Georgia signed an Association Agreement that entered into force on 1 July 2016;

    E. whereas in December 2023, the European Council granted Georgia the status of EU candidate country;

    F. whereas in March 2017, the EU visa facilitation agreement with Georgia came into effect, following Georgia’s successful implementation of all the benchmarks set in its visa liberalisation action plan;

    G. whereas on 27 January 2025, the Council decided to suspend parts of the EU-Georgia visa facilitation agreement, specifically affecting diplomats and officials, who may now be required to apply for a visa when travelling to the EU;

    H. whereas on 28 November 2024, in response to the European Parliament’s November 2024 resolution on Georgia, Prime Minister Irakli Kobakhidze announced that Georgia would suspend accession talks until the end of 2028 and refuse all EU budget support; whereas he also stated that by 2028, Georgia would be ‘more prepared than any other candidate country to open accession talks with Brussels and become a Member State in 2030’;

    I. whereas the parliamentary elections held on 26 October 2024 were the first to take place in Georgia under a fully proportional electoral system and were also the first elections to be held since Georgia was granted the status of EU candidate country in December 2023;

    J. whereas the legal framework in Georgia provides an adequate basis for conducting democratic elections, but several long-standing recommendations of the OSCE’s Office for Democratic Institutions and Human Rights (ODIHR) and the Venice Commission remain unaddressed, despite numerous reforms;

    K. whereas on 16 November 2024, the Georgian electoral authority announced the official results of the country’s parliamentary elections, confirming that the ruling Georgian Dream party had won 89 seats in the 150-seat parliament after receiving 53.93 % of the vote, while four opposition parties had passed the 5 % threshold and had received a combined 37.44 % share of the vote;

    L. whereas the international election observation mission on the parliamentary elections in Georgia comprised 529 observers from 42 countries, including 380 expert observers deployed by the ODIHR, 60 parliamentarians and staff from the OSCE Parliamentary Assembly, 39 from the Parliamentary Assembly of the Council of Europe, 38 from the NATO Parliamentary Assembly and 12 from the European Parliament;

    M. whereas the election campaign in Georgia was competitive and generally allowed contestants to campaign freely, but was marred by the use of highly divisive rhetoric and imagery, as well as isolated incidents of violence, event disruptions, verbal abuse and the destruction of campaign materials, as reported by both ruling and opposition parties;

    N. whereas the administration of the elections was generally orderly, but they took place in a tense environment, with overcrowding in many polling stations and several incidents of physical altercations and intimidation;

    O. whereas President Salome Zourabichvili publicly accused the Georgian Government of electoral fraud and irregularities in the recent parliamentary elections; whereas President Zourabichvili subsequently refused to testify before the Georgian Prosecutor’s Office regarding these allegations;

    P. whereas Mikheil Kavelashvili was sworn in as President of Georgia on 29 December 2024; whereas the outgoing President, Salome Zourabichvili, refused to step down despite the official end of her term of office; whereas opposition parties boycotted the Georgian Parliament in protest;

    Q. whereas Georgia has over 26 000 non-governmental organisations (NGOs) – 1 for every 142 citizens, which is greater than the EU average;

    R. whereas following the 2020 parliamentary elections, the NGO International Society for Fair Elections and Democracy, which received external funding, challenged the official election results and questioned their legitimacy, but later admitted that it had made a significant error in its calculations;

    S. whereas the Parliament of Georgia adopted the ‘transparency of foreign influence’ law, which was signed into law on 3 June 2024 despite the President’s veto; whereas the law was met with protest from parts of Georgian civil society; whereas the law requires organisations receiving more than 20 % of their funding from overseas to register as ‘agents of foreign influence’;

    T. whereas on 17 September 2024, the Parliament of Georgia adopted the ‘family values and the protection of minors’ law, which bans gender transition, prohibits adoption by gay and transgender people, nullifies, on Georgian territory, same-sex marriages performed abroad, and provides a legal basis for the authorities to outlaw Pride events and public displays of the LGBTQI+ rainbow flag and to impose the censorship of films and books;

    U. whereas the Venice Commission stresses that, in accordance with international standards, the state has a positive obligation to ensure gender equality; whereas on 4 April 2024, the Parliament of Georgia repealed the 2020 amendments introducing gender quotas for candidate lists in parliamentary and local elections, and abolished the associated financial incentives for political parties;

    V. whereas the United States Agency for International Development (USAID) has been operating in Georgia since 1992; whereas Georgian Prime Minister Irakli Kobakhidze claimed that USAID funding was not directed toward genuine humanitarian objectives but was instead being used to ‘stage revolutions, sow disorder and destabilise countries, including Georgia’; whereas US President Donald Trump implemented a 90-day freeze on US foreign assistance to reassess its alignment with national interests;

    1. Recalls that the EU accession process is based on objective criteria; regrets the European Council’s decision to suspend financial assistance to Georgia; underlines the benefits of the visa facilitation agreement and the need to maintain it; emphasises the need for a constructive dialogue between the Government of Georgia and the EU; calls on the Government of Georgia to uphold its commitments to reform and continue implementing the necessary measures for its EU accession process;

    2. Stresses that Georgia’s future must be determined by the will of its people, free from external pressure or interference; emphasises that Georgia’s sovereignty and political trajectory should reflect the aspirations of its citizens; condemns any attempts, whether foreign or domestic, to undermine Georgia’s democratic institutions;

    3. Takes note of the final report of the international election observation mission, which stated that the overall legal framework in Georgia provides an adequate basis for conducting democratic elections, that voters were offered a wide choice of 18 candidate lists, that contestants could generally campaign freely and that the administration of the elections was generally orderly; is alarmed that these elections took place in a polarised environment and on an uneven playing field, and that there were reports of pressure on voters and cases where ballot secrecy was potentially compromised;

    4. Takes note of the results of the parliamentary elections that took place in Georgia on 26 October 2024; calls on all sides to work together constructively and peacefully and observe the rule of law, and to address the long-standing recommendations of the ODIHR and the Venice Commission with regard to elections and the increasing polarisation of Georgian society; calls for the EU to enter into a holistic and purposeful dialogue with the new Government of Georgia; calls on all foreign actors to respect the outcome of the elections;

    5. Rejects, with deep concern, the adoption of the ‘family values and the protection of minors’ law, and considers it an attack on the LGBTQI+ community and a threat to civil liberties as a whole; rejects, furthermore, the law’s implications for the media, given that it imposes censorship by banning broadcasters from reporting freely on LGBTQI+ issues; reiterates that media freedom and tolerance towards sexual minorities are key features of a functioning democracy;

    6. Notes that the ‘transparency of foreign influence’ law entails the risk that NGOs, civil society organisations, opposition media outlets and other organisations that receive funds from other countries will be labelled ‘foreign agents’;

    7. Emphasises that the rights to freedom of expression and assembly and to peaceful protest are fundamental freedoms and must be respected in all circumstances; expresses concern over reports of the unnecessary and disproportionate use of force against demonstrators; highlights the statement by the UN High Commissioner for Human Rights, Volker Türk, that ‘[a]ny restrictions to these rights must abide by principles of legality, necessity and proportionality’ and that ‘[t]he use of force during protests should always be exceptional and a measure of last resort when facing an imminent threat’;

    8. Emphasises that foreign assistance for humanitarian and development purposes must be allocated on the basis of need and human dignity, not geopolitical interests; stresses that such aid should remain impartial, transparent and focused on social and economic well-being, rather than serving as a tool for political leverage or interference;

    9. Regrets the Georgian Parliament’s decision to abolish mandatory gender quotas; reiterates the need for balanced gender representation in political participation; regrets the under-representation of women in the electoral process; calls on the Government of Georgia to undertake initiatives in this regard;

    10. Takes note of Russian Foreign Minister Sergey Lavrov’s statements at a press conference at the UN General Assembly in New York and the corresponding willingness of Georgian officials to resolve outstanding issues in a peaceful, diplomatic way; encourages both sides to undertake solid initiatives to this end;

    11. Instructs its President to forward this resolution to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the Council, the Commission, the governments and parliaments of the Member States, the Council of Europe, the Organization for Security and Co-operation in Europe and the President, Government and Parliament of Georgia.

     

     

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB and Banco Santander join forces to boost Europe’s wind energy manufacturers

    Source: European Investment Bank

    • The EIB provides a €500 million counter-guarantee enabling Santander to create a portfolio of bank guarantees of up to €1 billion, expected to unlock €8 billion of investment to support wind energy manufacturers in Europe.
    • The agreement is part of the EIB’s €5 billion wind power package to boost Europe’s wind power manufacturing sector and accelerate the energy transition.
    • The operation is backed by InvestEU, the EU programme aiming to mobilise investment of more than €372 billion by 2027.

    The European Investment Bank (EIB) and Santander have signed a €500 million counter-guarantee agreement that Santander will use to create a portfolio of bank guarantees of up to €1 billion, expected to unlock €8 billion of investment to support wind energy equipment manufacturing companies in Europe.

    The guarantees will back investment by companies manufacturing wind energy and grid interconnection equipment, as well as key components for the wind sector. This will enable the manufacturers to receive advance payments as well as to provide performance guarantees when taking on new wind projects. The guarantees scheme also enables manufacturers to pay their suppliers in advance for the supply of wind farms and the related wind value chain components, which include turbines, grid connection infrastructure, cables and transformer stations.  

    The leverage effect of the EIB counter-guarantee is expected to mobilise additional funding from other investors to support increasing production and accelerate wind energy development, helping to stimulate investment in the real economy.

    The deal forms part of the EIB’s €5 billion wind power package launched in 2023, a dedicated package of counter-guarantees to improve access to finance for wind power sector and support increasing newly installed wind energy generation capacity by 32GW. This EIB financing scheme is being activated through agreements with the sector’s main lenders like Santander. It is a key component of the  European Wind Power Package launched by the European Commission, and is designed to further accelerate a just and swift transition to net zero, while boosting home-grown industrial innovation.

    “Wind energy will play a significant role in achieving the EU’s renewable-energy target. To unveil its full potential, the EIB together with Santander is putting in place de-risking instruments that will allow manufacturers to overcome some of the challenges impacting the sector such as supply chain disruptions, high costs or intense international competition,” said EIB Director of Financial Institutions Gemma Feliciani. “This new framework sponsored by the EIB wind package will accelerate the energy transition in Europe while strengthening its industrial competitiveness and strategic autonomy.”

    Ricardo Gamazo, Santander Global Trade Finance team added: “The program has been very welcome by our clients in the wind equipment industry which face a large backlog of orders to meet the energy transition demand. This in turn creates large guarantee issuance requirements and this extra capacity goes a long way in securing credit lines in the market. We believe this agreement is another decisive step in buttressing energy security for the EU in a sustainable fashion”

    Background information

    About the EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances investments that contribute towards EU policy goals. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    About Banco Santander

    Banco Santander (SAN SM) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of 2024, Banco Santander had €1.3 trillion in total funds, 173 million customers, 8,000 branches and 207,000 employees.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: PACS Plan for Sale of Petroleum Products

    Source: Government of India

    Posted On: 11 FEB 2025 3:20PM by PIB Delhi

    The Government has allowed Primary Agricultural Credit Societies (PACS) to operate Retail Petrol/ Diesel outlets and LPG Distributorships. In this regard, Ministry of Petroleum and Natural Gas has issued revised guidelines for selection of dealers for regular & rural retail outlets, as well as unified guidelines for selection of LPG distributorships.

    As per the revised guidelines, PACS have been included under Combined Category 2 (CC-2) for retail Petrol/ Diesel dealership and Combined Category (CC) for LPG Distributorship for which they can apply online as per the advertisements issued by Oil Marketing Companies (OMCs). Further, PACS have also been given one-time option to convert their wholesale consumer pumps into Retail Outlets for which Ministry of Petroleum and Natural Gas has released detailed guidelines.

    The eligibility criteria have also been defined in the guidelines which inter alia, include submission of documents related to registration, land availability, finance, etc. by the applicant PACS for Retail Petrol/ Diesel Outlets and LPG Distributorship.

    As informed by OMCs, 286 PACS from 25 States/UTs have submitted online applications to establish retail petrol/diesel outlets, out of which 26 PACS have been selected by OMCs. Under conversion of PACS Wholesale Consumer Pumps into Retail Outlets, OMC reports indicate that 116 PACS from 5 States have agreed to this conversion, and 56 PACS have been commissioned. For LPG distributorship, 2 PACS have applied for the 2 advertised locations in the State of Jharkhand.

    This was stated by the Minister of Cooperation, Shri Amit Shah in a written reply to a question in the Lok Sabha.

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: USING OF STEEL FOR KUMBH MELA

    Source: Government of India (2)

    Posted On: 11 FEB 2025 1:09PM by PIB Delhi

    Steel is a de-regulated sector and the role of the Government is to facilitate the steel industry by laying down the policy guidelines and establishing the institutional mechanism/structure for creating conducive environment for fostering steel production, consumption and improving efficiency of the steel sector in the country. Steel Authority of India Limited (SAIL) has a dedicated marketing set-up responsible for marketing of carbon, alloy and special steel products produced by their steel plants.

    SAIL has supplied approximately 45,000 tonnes of steel for the Mahakumbh Mela 2025, being held in Prayagraj mostly to the Public Works Department (PWD), Uttar Pradesh State Bridges Corporation, Electricity Board and their suppliers.

    This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Lok Sabha today.

     

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    TPJ/NJ

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi’s remarks at India Energy Week 2025

    Source: Government of India (2)

    Posted On: 11 FEB 2025 12:00PM by PIB Delhi

    The Prime Minister Shri Narendra Modi delivered his remarks at the India Energy Week 2025 via video message today. Addressing the gathering at Yashobhoomi, he emphasized that the attendees are not just part of the Energy Week, but are also integral to India’s energy ambitions. He extended a warm welcome to all participants, including distinguished guests from abroad, highlighting their crucial role in this event.

    Highlighting that experts worldwide are asserting that the 21st century belongs to India, Shri Modi remarked, “India is driving not only its growth but also the growth of the world, with the energy sector playing a significant role”. He emphasized that India’s energy ambitions are built on five pillars: harnessing resources, encouraging innovation among brilliant minds, economic strength and political stability, strategic geography making energy trade attractive and easier, and commitment to global sustainability. The Prime Minister noted that these factors are creating new opportunities in India’s energy sector.

    Underlining that the next two decades are crucial for a Viksit Bharat, the Prime Minister highlighted that several significant milestones will be achieved in the next five years. He noted that many of India’s energy goals are aligned with the 2030 deadline, including the addition of 500 gigawatts of renewable energy capacity, achieving net zero carbon emissions for Indian Railways, and producing five million metric tons of green hydrogen annually. He acknowledged that these targets may seem ambitious, but the achievements of the past decade have instilled confidence that these goals will be attained.

    “India has grown from the tenth largest to the fifth largest economy in the past decade”, remarked Shri Modi. He highlighted that India’s solar energy generation capacity has increased thirty-two times in the last ten years, making it the third-largest solar power generating nation in the world. He noted that India’s non-fossil fuel energy capacity has tripled and that India is the first G20 country to achieve the goals of the Paris Agreement. The Prime Minister emphasized India’s achievements in ethanol blending, with a current rate of nineteen percent, leading to foreign exchange savings, substantial farmer revenue, and significant reductions in CO2 emissions. He highlighted India’s goal of achieving a twenty percent ethanol mandate by October 2025. He remarked that India’s biofuels industry is ready for rapid growth, with 500 million metric tonnes of sustainable feedstock. He further noted that during India’s G20 presidency, the Global Biofuels Alliance was established and is continuously expanding, now involving 28 nations and 12 international organizations. He highlighted that this alliance is transforming waste into wealth and setting up Centers of Excellence.

    Highlighting that India is continuously reforming to fully explore the potential of its hydrocarbon resources, Shri Modi highlighted that major discoveries and extensive expansion of gas infrastructure are contributing to the growth of the gas sector, increasing the share of natural gas in India’s energy mix. He noted that India is currently the fourth largest refining hub and is working to increase its capacity by 20 percent.

    Pointing out that India’s sedimentary basins hold numerous hydrocarbon resources, some of which have already been identified, while others await exploration, the Prime Minister highlighted that to make India’s upstream sector more attractive, the Government introduced the Open Acreage Licensing Policy (OALP). He emphasized that the Government has provided comprehensive support to the sector, including opening the Exclusive Economic Zone and establishing a single-window clearance system. Shri Modi noted that changes to the Oilfields Regulation & Development Act now offer stakeholders policy stability, extended leases, and improved financial terms. He emphasized that these reforms will facilitate the exploration of oil and gas resources in the maritime sector, increase production, and maintain strategic petroleum reserves.

    Prime Minister underlined that due to several discoveries and the expanding pipeline infrastructure in India, the supply of natural gas is increasing. He emphasized that this will lead to a rise in the utilization of natural gas in the near future. He also highlighted that there are numerous investment opportunities in these sectors.

    “India’s major focus is on Make in India and local supply chains”, exclaimed Shri Modi. He highlighted the significant potential for manufacturing various types of hardware, including PV modules, in India. The Prime Minister noted that India is supporting local manufacturing, with the solar PV module manufacturing capacity expanding from 2 gigawatts to approximately 70 gigawatts in the past ten years. He emphasized that the Production Linked Incentive (PLI) scheme has made the sector more attractive, promoting the manufacturing of high-efficiency solar PV modules.

    Highlighting the significant opportunities for innovation and manufacturing in the battery and storage capacity sector, the Prime Minister remarked that India is rapidly advancing towards electric mobility and emphasized the need for swift action to meet the demands of such a large country in this sector. Shri Modi noted that the current year’s budget includes numerous announcements supporting green energy. He highlighted that the Government has exempted several items related to the manufacturing of EV and mobile phone batteries from basic customs duty. This includes cobalt powder, lithium-ion battery waste, lead, zinc, and other critical minerals. He remarked that the National Critical Minerals Mission will play a crucial role in building a robust supply chain in India. He also highlighted the promotion of the non-lithium battery ecosystem. The Prime Minister emphasized that the current year’s budget has opened the nuclear energy sector, and every investment in energy is creating new jobs for the youth and generating opportunities for green jobs.

    “To strengthen India’s energy sector, the Government is empowering the public”, emphasised the Prime Minister. He highlighted that ordinary families and farmers have been made energy providers. He remarked that the PM Suryagarh Free Electricity Scheme was launched last year, and its scope is not limited to energy production. He noted that this scheme is creating new skills in the solar sector, developing a new service ecosystem, and increasing investment opportunities.

    Concluding his address, the Prime Minister reiterated India’s commitment to providing energy solutions that energize growth and enrich nature. He expressed confidence that this Energy Week would yield concrete outcomes in this direction. He encouraged everyone to explore every possibility emerging in India and extended his best wishes to all participants. 

     

     

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    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Vegetable oil fuel rolls out to more bin lorries

    Source: Scotland – City of Perth

    Following a successful trial of Hydrotreated Vegetable Oil (HVO) in several of its bin lorries, Perth and Kinross Council is now extending the use of the fuel to more of its large fleet vehicles.

    HVO is used, filtered vegetable oil and it provides an environmentally-friendly alternative to diesel that helps reduce carbon emissions from previously fossil-fuelled vehicles. As a result of the six-month trial in 2024, a significant reduction in carbon emissions from the six lorries has been achieved, namely a saving of` 87 tonnes of CO2. 

    Starting from 3 February 2025, the process of running down the diesel supply in a further 18 bin lorries based at Friarton in Perth and swapping to HVO is moving forward. It is estimated that a reduction of around 500 tonnes of CO2 a year could be achieved with the changeover. 

    Convener of Climate Change and Sustainability, Councillor Richard Watters said: “The trial introduction of HVO to our bin lorries has proved to be a real success by providing a simple, readily available and much greener fuel source. It reflects the commitment we have made to reducing our carbon footprint and I look forward to seeing more of our vehicles out on the road powered by HVO.” 

    Vice-Convener, Councillor Liz Barrett said: “I warmly welcome this very significant reduction in our CO2 emissions from refuse collection.  It shows great progress towards our targets to reduce emissions from Council vehicles.  I’d like to thank our Waste Management and Fleet teams for their commitment to making a difference.” 

    Last modified on 11 February 2025

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    MIL OSI United Kingdom –

  • MIL-OSI: Diversified Energy’s Unique Strategy Produces Reliable Cash Flow and Strong Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Seventh Year in a Row of Approximately 50% or Better Cash Margins

    Cash Flow Growth Initiatives Contributed Over $50 million in Cash Flow

    Company Returned Over $105 million to Shareholders in 2024

    BIRMINGHAM, Ala., Feb. 11, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC, NYSE: DEC) (“Diversified” or the “Company”) is pleased to announce the following operations and trading update for the year ended December 31, 2024.

    Delivering Reliable Results

    • Full-year 2024 average production of 791 MMcfepd (132 Mboepd)
      • 4Q24 average production of 843 MMcfepd (141 Mboepd)
      • December 2024 exit rate of 864 MMcfepd (144 Mboepd)
    • 2024 Adjusted EBITDA(a) of $470-$475 million; Adjusted Free Cash Flow(b) of $210-$215 million
    • 2024 Adjusted EBITDA Margin(a) of 50%and TTM Adjusted Free Cash Flow Yield(b) of 33%
      • 2024 Total Revenue, Inclusive of Settled Hedges per Unit(c) of $3.21/Mcfe ($19.28/Boe)
      • 2024 Adjusted Operating Cost per Unit(d) of $1.70/Mcfe ($10.22/Boe)

    Cash Flow Growth Initiatives

    • Announced fixed-price contract for gas delivery to a major Gulf Coast LNG export facility
    • Generated ~$42 million year-to-date in cash flow through divestiture of undeveloped leasehold
    • Recorded $8 million in impact to Adjusted EBITDA from Coal Mine Methane (“CMM”) Revenues

    Executing Strategic Objectives and Milestones

    • Retired over $200 million in debt principal through amortizing debt payments
    • Returned $105 million to shareholders, including $21 million in share buybacks(e)
    • Completed $585 million (gross) in strategic and bolt-on acquisition during 2024
    • Announced accretive bolt-on acquisition of southern Appalachia assets from Summit Natural Resources
    • Announced transformative $1.3 billion acquisition of Maverick Natural Resources
    • Marked one full year of trading on the New York Stock Exchange and as is customary, the Company expects to file a shelf registration with the US Securities and Exchange Commission

    Next LVL Milestones

    • The Company retired 202 operated wells in 2024, marking its third consecutive year to exceed its stated goal of retiring 200 wells per year
    • Next LVL Energy completed a total 287 well retirements, including Diversified’s wells and 85 wells associated with state-owned orphan wells and third-party operators

    Rusty Hutson, Jr., CEO of Diversified, commented:

    “Our team executed extremely well and continued to deliver solid results in 2024 that enabled us to advance our balanced capital allocation framework. Our strong results highlight our unique business model that strives to deliver consistent cash flow during the full range and volatility of commodity cycles. Aligned with our priorities, we generated significant cash flows, returned capital to investors, and paid down more than $200 million in debt principal, all while executing and integrating over $585 million in accretive acquisitions. Once again, our ability to deliver durable production and consistent cash flow throughout the year was a result of our team’s relentless execution of our strategies. We are committed to lowering costs and improving operational efficiencies across the organization, along with providing innovative solutions to extract hidden value from our asset base. The results we have achieved in 2024 strike at the heart of our business model and strategy.

    We believe that 2025 has the potential to be a transformative year for the Company as we work to execute our strategic initiative to become the premier public company focused on managing mature producing assets. The Company’s previously announced accretive acquisitions of Summit Natural Resources and Maverick Natural Resources are proceeding as planned, and we have received encouraging comments from both shareholders and the public debt and equity markets. During the past year, we have seen our strategy and our previous investment decisions yield increased performance in all aspects of our business model. We are optimistic about our future and confident that our current efforts will continue to position us well to have a significant positive impact on shareholder value.”

    Operations and Finance Update

    Production

    Diversified exited the year with December 2024 average production of 864 MMcfepd (144 Mboepd), up 11% versus the December 2023 exit rate of 775 MMcfepd (129 Mboepd), reflecting the cumulative effect of the Company’s 2024 acquisitions and industry-leading PDP declines of ~10% per year(f).

    Diversified ended the year with 4Q24 average production of 843 MMcfepd (141 Mboepd) and full-year 2024 average production of 791 MMcfepd (132 Mboepd).

    The Company’s production continues to be positively impacted by Diversified’s Smarter Asset Management (“SAM”) approach focused on the improvement and optimization of production profiles, development of efficiency gains and extension of well life, and the Company is well-positioned to again-deliver on a solid operational foundation for robust cash flows in 2025 with the additional impact of the recently announced acquisitions of Maverick Natural Resources and Summit Natural Resources.

    Margin, Realized Price and Total Cash Expenses per Unit

    Diversified’s resilient cash flow strategy is exemplified by the Company’s 2024 Adjusted EBITDA Margin of 50%, marking the Company’s seventh consecutive annual period of ~50% margins or higher.

    The Company’s commitment to responsibly hedge production and initiatives to expand revenue generation is reflected in 2024 Total Revenue, Inclusive of Settled Hedges per unit of $3.21/Mcfe ($19.28/Boe), with Financial Derivatives Settled in Cash delivering $151 million in cash flows, and Midstream & Other Revenue delivering $63 million in supplemental income during the year.

    Prudent expense management resulted in the stable Adjusted Operating Cost per Unit for 2024 of just $1.70/Mcfe ($10.22/Boe) representing a minimal 1% change when compared to the prior year.

          2024       2023      
        $/Mcfe   $/Boe   $/Mcfe   $/Boe   %
                         
    Total Commodity Revenue,Including the Impact of derivatives settled in cash   $ 3.05   $ 18.30     $ 3.27   $ 19.62     (7 )%
    Other Revenue1     0.16     0.98       0.13     0.75     31 %
    Average Realized Price1   $ 3.21   $ 19.28     $ 3.40   $ 20.37     (5 )%
                         
    Adjusted Operating Cost per Unit(d)     2024       2023      
        $/Mcfe   $/Boe   $/Mcfe   $/Boe   %
                         
    Lease Operating Expense2   $ 0.73   $ 4.40     $ 0.64   $ 3.83     15 %
    Midstream Expense     0.24     1.44       0.23     1.38     4 %
    Gathering and Transportation     0.31     1.86       0.32     1.92     (3 )%
    Production Taxes     0.12     0.72       0.21     1.26     (43 )%
    Total Operating Expense2   $ 1.40   $ 8.42     $ 1.40   $ 8.39     — %
    Employees, Administrative Costs and Professional Fees(g)     0.30     1.80       0.29     1.74     3 %
    Adjusted Operating Cost per Unit2   $ 1.70   $ 10.22     $ 1.69   $ 10.13     1 %
                         
    Adjusted EBITDA Margin(a)     50%       53%      
                         
    12024 excludes $0.06/Mcfe ($0.34/Boe) and 2023 excludes $0.09/Mcfe ($0.57/Boe) of other revenues generated by Next LVL Energy
    Values may not sum due to rounding; 2024 excludes $0.09/Mcfe ($0.54/Boe) & 2023 excludes$0.08/Mcfe ($0.48/Boe) of proceeds from land sales
    22024 excludes $(0.07)/Mcfe ($(0.40)/Boe) and 2023 excludes $(0.07)/Mcfe ($(0.43)/Boe) of expenses attributable to Next LVL Energy
    Values may not sum due to rounding
     

    Results of Hedging and Current Financial Derivatives Portfolio

    Diversified’s consistent application of the Company’s differentiated hedging strategy resulted in a 2024 weighted average natural gas hedge floor of $3.26/MMbtu and realized price of $2.49/MMBtu, providing insulation from historically low commodity prices and representing respective premiums of 44% and 10% to the 2024 NYMEX average Henry Hub settlement price of $2.27/MMbtu(h). The Company enters 2025 with ~80% of consolidated production hedged, and stands to benefit from the recent improvement in the forward strip. The table below reflects Diversified’s full-year hedge positions through calendar year 2027 as of December 31, 2024:

      GAS (Mcf)   NGL (Bbl)   OIL (Bbl)
      Wtd. Avg.
    Hedge
    Price(i)(j)    		   ~ % of
    Production
    Hedged(k)    		   Wtd. Avg.
    Hedge
    Price(i)    		   ~ % of
    Production
    Hedged(k)    		   Wtd. Avg.
    Hedge
    Price(i)    		   ~ % of
    Production
    Hedged(k)
                           
    FY25 $3.32   85%     $33.98   60%     $64.25   90%  
    FY26 $3.25   75%     $32.38   55%     $62.44   55%  
    FY27 $3.27   70%     $32.29   45%     $62.67   50%  
                                 

    Environmental Update

    Asset Retirement Progress and Next LVL Energy Update

    During the year, the Company exceeded its Appalachian well retirement commitments and stated plugging goals by retiring 202 Diversified-operated wells. Total well retirements by Next LVL Energy in Appalachia amounted to 287 wells, including 51 retirements associated with state orphan well programs.

    Next LVL Energy continues to be a strategic and value-additive component of Diversified’s vertically integrated operations focused on the full life cycle of operated wells and to provide third-party revenue to offset the cash costs associated with the retirement of operated wells.

    Acquisition Update

    2024 Acquisitions Update

    The Company’s previously announced acquisition of Oaktree Working Interests, Crescent Pass Energy assets and East Texas assets were successfully closed in the course of the year, representing $585 million (gross) in strategic, accretive acquisitions in 2024. These assets have been fully integrated into Diversified’s systems and processes, and are already benefiting from the Company focus on safe, efficient operations through the application of Smarter Asset Management.

    Summit Natural Resources

    Diversified’s previously announced acquisition of Appalachia and Alabama assets from Summit Natural Resources is proceeding as planned and the Company expects to close the transaction in the first quarter of 2025.

    Maverick Natural Resources

    As previously announced on January 27, 2025, Diversified has entered into a definitive agreement to acquire Maverick Natural Resources for total consideration of approximately $1,275 million. The acquisition of Maverick by Diversified (the “Acquisition”) adds immediate scale, increases liquids production, and creates a combined company with long-term free cash flow generation, superior unit cash margins, and a compelling sustainability profile.

    The Acquisition is expected to close during the first half of 2025, subject to customary closing conditions, including, among others, regulatory clearance and approval by Diversified shareholders for the issue and allotment of the Ordinary Shares pursuant to the merger agreement.

    2024 Annual Results and Conference Call Details

    Diversified will release its 2024 full-year results on Monday, March 17, 2025 and will host a conference call that day at 12:30 PM GMT (8:30 AM EDT) to discuss the Annual Results.

    Footnotes:

    (a) Adjusted EBITDA represents earnings before interest, taxes, depletion, and amortization, and includes adjustments for items that are not comparable period-over-period; As presented, Adjusted EBITDA includes the impact of the accounting basis for land sales; Adjusted EBITDA Margin represents Adjusted EBITDA (excluding the adjustment for the accounting basis on land sales) as a percent of Total Revenue, Inclusive of Settled Hedges; For purposes of comparability, Adjusted EBITDA Margin excludes Other Revenue of $16 million in 2024 and $28 million in 2023, and Lease Operating Expense of $19 million in 2024 and $21 million in 2023 associated with Diversified’s wholly owned plugging subsidiary, Next LVL Energy.
    (b) Free Cash Flow represents net cash provided by operating activities less expenditures on natural gas and oil properties and equipment and cash paid for interest; As used herein, Adjusted Free Cash Flow represents Free Cash Flow, plus cash proceeds from undeveloped acreage sales; Adjusted Free Cash Flow Yield is calculated using 2024 Free Cash Flow per share, divided by the 2024 average share price of $13.47; Free Cash Flow per Share calculated as Adjusted Free Cash Flow divided by average shares outstanding of 48,031,916 during the period.
    (c) Includes the impact of derivatives settled in cash; Excludes the impact of land sales during the period; For purposes of comparability, excludes certain amounts related to Diversified’s wholly owned plugging subsidiary, Next LVL Energy.
    (d) Adjusted Operating Cost represent total lease operating costs plus recurring administrative costs. Total lease operating costs include base lease operating expense, owned gathering and compression (midstream) expense, third-party gathering and transportation expense, and production taxes. Recurring administrative expenses (Adjusted G&A) is a Non-IFRS financial measure defined as total administrative expenses excluding non-recurring acquisition & integration costs and non-cash equity compensation; For purposes of comparability, excludes certain amounts related to Diversified’s wholly owned plugging subsidiary, Next LVL Energy.
    (e) Share repurchases include activity by Diversified’s Employee Benefit Trust.
    (f) Calculated as the rate of decline in average daily production from December 2023 to December 2024, adjusted to exclude the impact of acquisitions and divestitures.
    (g) As used herein, employees, administrative costs and professional services represents total administrative expenses excluding cost associated with acquisitions, other adjusting costs and non-cash expenses. We use employees, administrative costs and professional services because this measure excludes items that affect the comparability of results or that are not indicative of trends in the ongoing business.
    (h) Calculated as the average monthly settlement price for NYMEX Henry Hub futures contracts.
    (i) Weighted average price reflects the weighted average of the swap price and floor price for collar contracts as applicable.
    (j) MMBtu prices have been converted to Mcf using a richness factor of 1Mcf=1.036 MMBtu, calculated as the weighted average Btu richness factor for the twelve months ended December 31, 2024.
    (k) Illustrative percent hedged, calculated using December 2024 average production and assuming a consolidated annual corporate decline rate of 10%; Calculation assumes constant product mix over the illustrative decline period.
       

    For Company-specific items, refer also to the Glossary of Terms and/or Alternative Performance Measures found in the Company’s Annual Report and Form 20-F for the year ended December 31, 2023 filed with the United States Securities and Exchange Commission and available on the Company’s website.

    For further information, please contact:

    About Diversified Energy Company PLC

    Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique and differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

    Forward-Looking Statements

    This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and business of the Company and its wholly owned subsidiaries (the “Group”). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. These forward-looking statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”,”should”,”intend”, “will”, “seek”, “continue”, “aim”, “target”, “projected”, “plan”, “goal”, “achieve” and words of similar meaning, reflect the Company’s beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company and the Group will operate in and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company or the Group to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s or the Group’s ability to control or estimate precisely, such as the expected timing and likelihood of completion of the Acquisition and the risk that problems may arrise in successfully integrating Maverick or that the combined company may not achieve synergies as expected,as well as factors such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors such as the Company’s or the Group’s ability to continue to obtain financing to meet its liquidity needs, the Company’s ability to successfully integrate its other acquisitions, changes in the political, social and regulatory framework in which the Company or the Group operate or in economic or technological trends or conditions. The list above is not exhaustive and there are other factors that may cause the Company’s or the Group’s actual results to differ materially from the forward-looking statements contained in this announcement, including the risk factors described in the “Risk Factors” section in the Company’s Annual Report and Form 20-F for the year ended December 31, 2023, filed with the United States Securities and Exchange Commission ( the “SEC”) and the risk factors descibed in Exhibit 99.2 to the Company’s Form 6-k furnished with the SEC on January 27, 2025.

    Forward-looking statements speak only as of their date and neither the Company nor the Group nor any of its respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements in this announcement, may not occur. As a result, you are cautioned not to place undue reliance on such forward-looking statements. Past performance of the Company cannot be relied on as a guide to future performance. No statement in this announcement is intended as a profit forecast or a profit estimate and no statement in this announcement should be interpreted to mean that the financial performance of the Company for the current or future financial years would necessarily match or exceed the historical published for the Company.

    Unaudited Financial Information

    Certain financial and operating results included in this announcement are based on unaudited estimated results. These estimated results are subject to change upon completion of the Company’s audited financial statements for the year ended December 31, 2024, and changes could be material. The Company anticipates publishing its audited financial results for the year ended December 31, 2024 on Tuesday, March 17, 2025.

    Use of Non-IFRS Measures

    Certain key operating metrics that are not defined under IFRS (alternative performance measures) are included in this announcement. These non-IFRS measures are used by us to monitor the underlying business performance of the Company from period to period and to facilitate comparison with our peers. Since not all companies calculate these or other non-IFRS metrics in the same way, the manner in which we have chosen to calculate the non-IFRS metrics presented herein may not be compatible with similarly defined terms used by other companies. The non-IFRS metrics should not be considered in isolation of, or viewed as substitutes for, the financial information prepared in accordance with IFRS. Certain of the key operating metrics are based on information derived from our regularly maintained records and accounting and operating systems. We have not presented reconciliations of the non-IFRS measures included in this announcement because the comparable IFRS measures will not be accessible until the Company’s audited financial results for the year ended December 31, 2024 are complete. The Company will include the comparable IFRS measures and reconciliations of the non-IFRS measures in its release of full-year results, which we expect to publish on Tuesday, March 17, 2025.

    The MIL Network –

  • MIL-OSI: CW Petroleum Corp (OTCQB: CWPE) Reports Revenues for Q4-2024, Year-End

    Source: GlobeNewswire (MIL-OSI)

    Katy, Texas, Feb. 11, 2025 (GLOBE NEWSWIRE) — CW Petroleum Corp (OTCQB: CWPE) (the “Company”), a leading provider of Specialty Renewable and Hydrocarbon Motor Fuels, today announces to its investors and future investors unaudited financial results for the fourth quarter ended December 31, 2024, Year-End 2024.

    Key Financial Highlights for Three Months Ended December 31, 2024, Compared to Prior Year Period:

    • 2024 Revenues of $1.73 Million vs 2023 Revenues of $1.98 Million
    • 2024 EBITDA of $96,220 vs 2023 EBITDA of $51,567
    • 2024 Net Income of $48,633 vs 2023 Net Income (loss) of ($9,749)

    Key Financial Highlights for Twelve Months Ended December 31, 2024, Compared to Prior Year Period:

    • 2024 Revenues of $8.00 Million vs 2023 Revenues of $9.31 Million
    • 2024 EBITDA of $180,850 vs 2023 EBITDA of $732,733
    • 2024 Net Income (loss) of ($44,322) vs 2023 Net Income of $449,293

    Management Commentary:

    Chief Executive Officer Christopher Williams commented, “The Company continues to produce substantial annual revenues between $8MM-$10MM, making it a top-tier company in the OTC Markets space. Despite posting ~$8MM in revenue for 2024, the Company only slightly missed its 2024 volume sales target compared to 2023. The result in the ~$1.0MM revenue drop is due to the lower average cost of renewable and petroleum-based fuels in 2024 compared to the increased average cost of renewable and petroleum-based fuels in 2023. The Company regained OTCQB status in May 2024 and continues to seek an uplisting to Nasdaq or NYSE with a $5MM-$15MM capital raise to execute its growth plan.

    The Company’s 2024 Financial Audit has started and will report its SEC Form 1-K (2024 Annual Report) by 4/30/2025.

    Additional accurate information about the Company can be found on the OTC Markets website at the following links and on the EDGAR filing website provided by the Securities and Exchange Commission:

    CWPE Overview
    CWPE Security Detail
    CWPE Financials
    CWPE News
    CWPE Disclosures

    SEC Filings

    For additional information, visit our website at cwpetroleumcorp.com, email: investor@cwpetroleumcorp.com , or call 281-817-8099

    About CW Petroleum Corp

    CW Petroleum Corp, a Texas corporation, began operations in 2011. CW Petroleum Corp, a Wyoming corporation, was incorporated in April 2018 and has acquired the Texas corporation as a wholly-owned subsidiary. CW Petroleum Corp supplies and distributes Biodiesel, Biodiesel Blends, Renewable Gasoline, and a 92 Octane Reformulated No Ethanol Gasoline to distributors, convenience stores, marinas, and end-users. The EPA licenses the Company to create its proprietary gasoline blends. CW Petroleum Corp is licensed to distribute Diesel Fuel & Gasoline by the States of Texas, Louisiana, Oklahoma, California, Colorado, New Jersey, Maryland, Pennsylvania, and Arizona.

    Forward-Looking Statements

    Certain statements in this press release may contain “forward-looking statements” regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the oil and gas markets, energy markets, and other markets in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “endeavors,” “strives,” “may,” or variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a number of risks, uncertainties, and assumptions that are difficult to predict, estimate, or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company’s most recent annual report on Form 1-K, which may be amended or supplemented by subsequent semiannual reports on Form 1-SA or other reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company’s filings with the Securities and Exchange Commission.

    No Offer or Solicitation

    This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    The MIL Network –

  • MIL-OSI Russia: Dmitry Chernyshenko: Russia is a leader in the field of nuclear energy

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Dmitry Chernyshenko took part in a joint meeting of the heads of the Russian Academy of Sciences, the Kurchatov Institute National Research Center and Rosatom, dedicated to the 80th anniversary of the nuclear industry

    February 11, 2025

    Dmitry Chernyshenko took part in a joint meeting of the heads of the Russian Academy of Sciences, the Kurchatov Institute National Research Center and Rosatom, dedicated to the 80th anniversary of the nuclear industry

    February 11, 2025

    Presidential Aide Andrei Fursenko read out Vladimir Putin’s greeting at a joint meeting of the heads of the Russian Academy of Sciences, the Kurchatov Institute National Research Center and Rosatom, dedicated to the 80th anniversary of the nuclear industry

    February 11, 2025

    Director General of the State Corporation Rosatom Alexey Likhachev at a joint meeting of the heads of the Russian Academy of Sciences, the National Research Center Kurchatov Institute and Rosatom, dedicated to the 80th anniversary of the nuclear industry

    February 11, 2025

    President of the Russian Academy of Sciences Gennady Krasnikov at a joint meeting of the heads of the Russian Academy of Sciences, the Kurchatov Institute National Research Center and Rosatom, dedicated to the 80th anniversary of the nuclear industry

    February 11, 2025

    Previous news Next news

    Dmitry Chernyshenko took part in a joint meeting of the heads of the Russian Academy of Sciences, the Kurchatov Institute National Research Center and Rosatom, dedicated to the 80th anniversary of the nuclear industry

    Deputy Prime Minister Dmitry Chernyshenko took part in a joint meeting of the heads of the Russian Academy of Sciences, the Kurchatov Institute National Research Center and Rosatom, dedicated to the 80th anniversary of the nuclear industry.

    Aide to the President of Russia Andrei Fursenko read out a greeting from Vladimir Putin, which, in particular, noted: “It is important that the unique potential and truly inexhaustible innovative capabilities of the nuclear industry today be fully utilized for the purpose of modernizing the national economy, ensuring the country’s defense capability and energy security, and training modern, qualified personnel.”

    Dmitry Chernyshenko thanked the head of Rosatom Alexey Likhachev and the president of the Kurchatov Institute Mikhail Kovalchuk for their systematic and fruitful work on the development of nuclear science and technology. Thanks to the two flagships – Rosatom and the Kurchatov Institute – Russia is implementing the most ambitious projects.

    He also noted the contribution of the First Deputy Chief of the Presidential Administration Sergei Kiriyenko, under whom the necessary foundations were laid for the transformation of the nuclear industry.

    The Deputy Prime Minister emphasized that Russian science has always demonstrated impressive results. This is especially noticeable in the history of the nuclear industry. Among the significant names and events are Igor Afrikantov and the construction of the first nuclear icebreaker “Lenin”, Igor Kurchatov and his invaluable contribution to the Soviet nuclear project, and others.

    “Our President Vladimir Vladimirovich Putin has set a national goal – technological leadership. In the field of nuclear energy, Russia is truly a leader. It is not easy to be a leader, but it is even more difficult to maintain such a position. To do this, we must continue to develop fundamental and applied science, primarily in the nuclear industry, and train young promising specialists, as the head of state said at a meeting of the Council for Science and Education. The guidelines here are the priorities outlined in the Strategy for Scientific and Technological Development of our country, in the Presidential Decree on priority areas of scientific and technological development and the list of the most important science-intensive technologies,” said Dmitry Chernyshenko.

    The Deputy Prime Minister named the National Center for Physics and Mathematics in Sarov, which is being created on the instructions of the head of state, as an example of successful cooperation between the state, science and business. Modern infrastructure is being built there, including advanced midi-science laboratories and mega-science installations. More than 55 organizations are involved in the cooperation, and the center’s scientific program is currently being implemented by about 2,000 scientists and researchers.

    2025 will be an important stage in the development of the Russian nuclear industry: the national project of technological leadership “New Nuclear and Energy Technologies” has been launched. It includes 10 federal projects, half of which are devoted to nuclear topics. The events were approved at the site of the Commission for Scientific and Technological Development of Russia with the participation of the President of the Russian Academy of Sciences Gennady Krasnikov. The implementation of federal projects is of strategic importance for ensuring the technological sovereignty and leadership of Russia.

    One of the key areas is the development of thermonuclear energy. According to the federal project “Thermonuclear Energy Technologies”, it is planned to build a unique installation – a tokamak with reactor technologies. Russia also has a unique nuclear icebreaker fleet and is constantly increasing its potential. Not only powerful nuclear icebreakers have been put into operation on the Northern Sea Route, but also the world’s only floating nuclear thermal power plant “Akademik Lomonosov”, which is of key importance for the development of the Arctic.

    “Dear friends! In the year of the 80th anniversary of the nuclear industry, our country looks confidently to the future. Of course, only through joint efforts will we successfully implement the tasks set by the President and strengthen Russia’s position as a world leader in the field of nuclear science and technology,” the Deputy Prime Minister addressed the meeting participants.

    The event took place in the historic building of the Rosatom State Corporation in Moscow. It was attended by Rosatom Director General Alexey Likhachev, President of the Russian Academy of Sciences Gennady Krasnikov, President of the Kurchatov Institute National Research Center Mikhail Kovalchuk, as well as representatives of the Ministry of Education and Science, directors and scientific directors of leading industry institutes, outstanding Russian scientists and young specialists.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Africa: African Development Bank’s Climate Action Window channels $31m to boost climate resilience in four countries

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

    ABIDJAN, Ivory Coast, February 11, 2025/APO Group/ —

    The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved over $31 million in funding under its African Climate Action Window (CAW) to strengthen climate resilience in Sierra Leone, South Sudan, Djibouti, and Madagascar.

    The Climate Action Window of the Bank Group’s African Development Fund seeks to mobilize $4 billion by 2025 to provide rapid and coherent access to climate finance, support co-financing, and prioritize the most vulnerable countries, fragile states, and those affected by conflict. The African Development Fund is the concessional arm of the Bank Group.

    The funding, approved in November and December 2024,  will support innovative projects that respond to the CAW’s first call for project proposals. Forty-one pioneering climate adaptation projects valued at $321.75 million have been selected in the initial funding wave, with a focus on tackling climate change, bolstering livelihoods of vulnerable communities, including women and youth, and enhancing climate information systems.

    The projects will also benefit from $28.13 million in climate co-financing from sources including the Green Climate Fund.

    In Sierra Leone, the Freetown WASH and Aquatic Environment Revamping Project will receive $5 million to enhance access to sustainable water, sanitation, and hygiene (WASH) services and introduce modernized hydrometeorological observation networks and early warning systems, benefiting approximately 700,000 people. Another key component of the project is the creation of an interactive flood map for the Freetown Peninsula, a crucial tool for disaster risk reduction.

    In South Sudan, the Climate Resilient Agri-Food Systems Transformation Programme has been allocated $9.4 million to expand climate-adaptive technologies that enhance agricultural productivity and food and nutritional security. The program also has a rehabilitation element focusing on 1200 hectares of land as well as rural infrastructure and will provide training to about 8,000 individuals.

    Among expected benefits are a projected reduction of about 720,000 tonnes of CO2 emissions. and the creation of 180,000 direct jobs with a strong focus on women and youth; additionally, 90,000 farmers will learn about climate-smart farming practices.

    In Djibouti, the Youth Entrepreneurship for Climate Change Adaptation Project will receive $7.5 million to strengthen the resilience of productivity of agricultural systems, particularly for horticulture and pastoralism, including increasing the self-sufficiency rate of selected market garden crops from 10% to 30%. It is also expected to generate about 3,500 permanent jobs, a significant share of these for youth and women, and create 200 new medium small and micro enterprises.

    The Climate Resilience through Park Biodiversity Preservation Project, in Madagascar, has been allocated $9.4 million for investment in conserving biodiversity by protecting Lokobe, Nozy Hara, and Andringitra national parks.

    The project will restore 100% of these protected areas, sequestering 10 million tonnes of CO2, and creating 1,500 green jobs, with 500 specifically reserved for women. In addition to environmental conservation, it will boost agricultural production in surrounding communities to add 24,000 tonnes of rice and 14,000 tonnes of cereals, legumes and other crops. Further, 24,000 farmers will receive irrigation training, and 12 women-led farmers’ groups will be provided with agricultural kits.

    Dr. Kevin Kariuki, African Development Bank Vice President for Power, Energy, Climate Change and Green Growth, said: “The Climate Action Window is catalyzing transformative solutions in Africa’s most climate-vulnerable regions. From strengthening water security in Sierra Leone to advancing youth-led agribusiness in Djibouti and restoring biodiversity in Madagascar, these initiatives go beyond adaptation—they drive prosperity. Through investments, we are equipping communities to withstand climate shocks, create jobs, and accelerate inclusive economic growth.”

    Prof Anthony Nyong, the Bank’s Director for Climate Change and Green Growth said, “These initiatives are not just about responding to climate change—they empower communities to take control of their own futures. They show that adaptation finance can and must be directed to those vulnerable communities that need it most. The Climate Action Window is more than just a funding mechanism—it’s a lifeline for communities facing the harsh realities of climate change every day.”

    The CAW has since launched two further calls focusing on mitigation and on technical assistance, respectively.

    For more information about the Climate Action Window, click here (http://apo-opa.co/3WUGQPo).

    MIL OSI Africa –

  • MIL-OSI Submissions: OPEC Fund provides a €50 million loan to accelerate Türkiye’s green transformation

    Source: OPEC Fund for International Development (the OPEC Fund)

    February 11, 2025: The OPEC Fund for International Development (the OPEC Fund) has signed a €50 million loan agreement with the Industrial Development Bank of Türkiye (TSKB) to support investments in renewable energy, energy efficiency, climate adaptation, climate-related equipment production, and circular economy initiatives. 

    The financing, provided through an on-lending arrangement with the Republic of Türkiye’s Ministry of Treasury and Finance, marks the first collaboration between the OPEC Fund and TSKB.

    OPEC Fund President Abdulhamid Alkhalifa said: “This milestone partnership with TSKB underscores our commitment to advancing climate action and sustainable development in Türkiye. By channeling funding into renewable energy, energy efficiency, and climate-resilient industries, we aim to support Türkiye’s transition to a low-emission economy and its net zero target by 2053, while fostering inclusive and green economic growth.”

    TSKB CEO Murat Bilgiç said: “We are delighted to establish our first loan partnership with the OPEC Fund, which will help diversify our sustainable funding sources and support Türkiye’s green transformation. This secured loan aligns with national climate goals and the 2053 Long-Term Climate Strategy, contributing to sustainable development and climate adaptation efforts. We aim for this resource to finance low-emission and resilient economy projects, bringing significant benefits to our country.”

    The OPEC Fund has been a longstanding partner to Türkiye since 1976, supporting projects in key sectors including energy, infrastructure, agriculture and health.

    About the OPEC Fund

    The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. 

    The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. 
    The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people.
     Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. 
    To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of about US$225 billion. The OPEC Fund is rated AA+ (Stable Outlook) by Fitch and S&P. Our vision is a world where sustainable development is a reality for all.

    MIL OSI – Submitted News –

  • MIL-OSI Russia: Sergei Sobyanin: Modern ice arena “Fili” opened in Filevskaya floodplain

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    A new ice arena, Fili, has appeared in the Filevsky Park area. Sergei Sobyanin spoke about this in his telegram channel.

    “The two-story sports complex on Filevsky Boulevard houses an ice arena, general physical training and choreography rooms, and a dance hall. Classes in figure skating, hockey, sports acrobatics, rhythmic gymnastics, and other sports are organized here,” the Moscow Mayor noted.

    Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

    Ice Arena “Fili”

    The ice arena is located at 38 Filevsky Boulevard. The construction of the modern sports complex on the territory of the Filevskaya Poima was carried out from the third quarter of 2023 to December 2024. The two-story building with an area of about 3.2 thousand square meters was erected at the expense of the investor. It housed an ice arena measuring 26 by 56 meters, a general physical training hall with an area of 100 square meters, a choreography hall with an area of 54 square meters and a dance hall with an area of 40.5 square meters.

    Athletes and visitors have comfortable locker rooms, a sports shop, equipment rental and a café at their disposal. The complex has a medical office. A parking lot for 106 cars has been arranged on the adjacent territory. The sports complex can accommodate up to 100 people at a time.

    The Fili Ice Arena opened on December 10, 2024. It hosts figure skating, hockey and other sports. The new sports complex hosts training sessions for the Razryad, Khrustalny Konek, I Like Ice, Khrustalny Led and Megapolis figure skating schools, the Sytye Volki hockey team, sports acrobatics, rhythmic gymnastics, karate, pilates and capoeira sections, as well as dance classes for the Helios variety theater and the Padede ballet studio.

    The Fili Ice Arena is the first modern sports complex in the Filevskaya Poima microdistrict. It will become a new attractive place for sports activities for residents of the Filevsky Park district and adjacent neighborhoods.

    Development of sports infrastructure in Moscow

    Since 2011, 327 sports facilities have been built in Moscow, of which 168 facilities, or 51 percent, were built at the expense of investors. Plans call for the construction of another 101 sports facilities by 2027, of which 91 percent will be built at the expense of investors.

    Sobyanin announced the opening of a new football arena in NovogireyevoConstruction of the sports and recreation complex “Gorizont” in Kryukovo has been completed

    “My District”. Filevsky Park

    The goal of the “My District” program, developed on the initiative of Sergei Sobyanin, is to create comfortable living conditions in all areas of the capital, regardless of their distance from the center.

    More than 112 thousand Muscovites live in the Filevsky Park district, located in the Western Administrative District of the capital. Today, it has become the site of one of the largest technological infrastructure development projects in Russia — the creation of a national space center. In addition, comprehensive work is being carried out in the district to improve and develop transport and engineering infrastructure.

    In 2019, the ground metro arrived here. The first Moscow Central Diameter (MCD-1) “Belorussko-Savelovsky” included the Fili station. The rolling stock on the Filyovskaya metro line was completely updated, the vestibules and platforms of the Fili and Filyovsky Park stations were renovated. The North-West Chord gave residents of the district additional options for fast and convenient travel around the city.

    Bagration Avenue, which was put into operation in 2023, also became part of the capital’s new transport framework. The six-lane outbound highway not only improved transport links in the western districts of the city, but also relieved congestion on neighboring highways, including Kutuzovsky Avenue and Mozhaisk Highway.

    In addition, in the Filevsky Park area, the overpass over the MCD-1 tracks and Bagration Avenue was renovated with the reconstruction of Barklaya Street, Promyshlenniy and Bagrationovsky Proezds. An underground pedestrian crossing on Barklaya Street (near house 5, building 2) was opened for local residents.

    The improvement of traffic in the area was facilitated by the construction of a new street – Projected Passage No. 2017, which connected Bolshaya Filevskaya Street with Beregovoy and Novofilevskiy Passages, and a section of the road from Bolshaya Filevskaya Street to the Third Transport Ring (along Projected Passages No. 2123 and 1033).

    In December 2024, a new bridge across the Moskva River was opened in the line of Myasishchev Street. It connected the Filevskaya and Mnevnikovskaya floodplains. Now, in the line of Beregovoy Proyezd, a bridge across the Moskva River is being built with the reconstruction of the adjacent street and road network from Novozavodskaya Street to 3rd Magistralnaya Street. Another bridge across the Moskva River is being built near Novozavodskaya Street. It will provide transport links between the Filevsky Park district and the North-West Chord.

    For the convenience of residents, 13 new routes of ground city transport were organized in the area, and about 50 modern bus stops were installed. The first regular route of river electric transport was extended to the Park Fili pier.

    Three electric charging stations of the city project “Moscow Energy” have been equipped. Electric vehicle drivers can find the nearest one and plan a convenient route using the “Moscow Transport” application. Fans of cycling can use 25 bicycle parking areas and eight city bike rental stations.

    A large-scale project to improve the urban environment is the comprehensive improvement of the Fili children’s park. Kastanaevskaya, Krylatskaya and Myasishcheva streets, Bagrationovsky proezd and the proezd from Barklaya street to maternity hospital No. 2 have become more comfortable for walking and relaxing. The Moscow River coastline in the Beregovoy proezd area has been improved.

    In the district, 85 courtyards, more than 120 playgrounds and sports grounds were put in order. 360 outdoor lighting poles were installed, more than 5.2 thousand trees and shrubs were planted.

    In 2025, the area plans to improve Oleko Dundich Street, Filevsky Boulevard near building 10, and pedestrian approaches to the Fili Park pier.

    In addition, the embankment of the Moscow River from Filevsky Park to the territory of the P.N. Fomenko Workshop Theatre is being reconstructed. The work is planned to be completed in 2026.

    To improve the quality and accessibility of outpatient care in the district, a reconstruction was carried out of branch No. 2 of the Clinical Diagnostic Center No. 4 on Fizkulturny Proezd (building 6) and branch No. 4 of Polyclinic No. 220 on Filevsky Boulevard (building 18), which also houses branch No. 5 of Children’s Polyclinic No. 30.

    The building of the My Documents center on Novozavodskaya Street (building 25, block 1) was completely renovated. Comfortable conditions for receiving government services and related services were created there.

    For older residents, there is a Moscow Longevity Center (2-ya Filevskaya Street, Building 7, Block 7). Here you can engage in your favorite hobby, maintain physical activity, communicate and gain new knowledge.

    There is a single support center in Beregovoy Proezd that provides comprehensive assistance to participants in the special military operation and their relatives.

    Thanks to the major renovation of the premises, new opportunities for creative education were given to the pupils of the A. A. Alyabyev Children’s Art School on Bolshaya Filevskaya Street (building 6). In addition, the Gnessin Children’s Music School on Bolshaya Filevskaya Street (building 29) was undergoing routine renovation in the district.

    They renovated Children’s Library No. 203 on Kastanaevskaya Street (building 7), Library No. 213 named after Lesya Ukrainka on Bolshaya Filevskaya Street (building 19/18, building 1) and Novozavodskaya Street (building 2, building 5), as well as two branches of the territorial club system “Brigantina” on Kastanaevskaya Street (building 9, building 2 and building 26).

    The sports infrastructure of the district was expanded with a volleyball arena on Vasilisy Kozhina Street (building 13) and a sports complex with a skating rink made of lightweight structures on Filevsky Boulevard (building 12, building 4). The major overhaul of the premises of the sports complex of the Moscow Complex Sports School of the Olympic Reserve “West” on Bolshaya Filevskaya Street (building 6) was completed.

    Under the My School program, the building of the Proton educational center on Filevsky Boulevard (house 3, block 2) is being modernized. A comprehensive school for 375 students is being built in Bagrationovsky Proezd.

    Implementation of the renovation program

    In the Filevsky Park area, 35 buildings were included in the renovation program. 6.5 thousand Muscovites will move into new modern apartments.

    Stages of resettlement:

    — the first stage (2020–2024) — 11 houses. It is 100 percent complete, six houses have been or are being resettled, five houses have been demolished;

    — the second stage (2025–2028) — 22 houses, two of which are in the process of resettlement;

    — third stage (2029–2032) — two houses.

    Residential complexes have been built and handed over for occupancy in the area at the following addresses: Beregovoy Proezd, Buildings 1a and 1b, Bolshaya Filevskaya Street, Building 6a, and Promyshlenniy Proezd, Building 4. Another new building is currently being erected. In addition, design and urban planning documentation is being prepared for three residential properties.

    Sobyanin: About 20.6 thousand residents of the Western Administrative District received modern housing under the renovation program

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/mayor/tkhemes/12372050/

    MIL OSI Russia News –

  • MIL-OSI: Equinor ASA: Share buy-back – first tranche for 2025

    Source: GlobeNewswire (MIL-OSI)

    Please see below information about transactions made under the first tranche of the 2025 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).

    Date on which the tranche was announced: 5 February 2025.

    The duration of the tranche: 6 February to no later than 2 April 2025.

    Further information on the tranche can be found in the stock market announcement on its commencement dated 5 February 2025, available here: https://newsweb.oslobors.no/message/637712

    From 6 February to 7 February 2025, Equinor ASA has purchased a total of 1,200,000 own shares at an average price of NOK 266.0754 per share.

    Overview of transactions:

    Date Trading venue Aggregated daily volume (number of shares) Weighted average share price (NOK) Total transaction value (NOK)
             
    6 February OSE 600,000 269.0584 161,435,040.00
      CEUX      
      TQEX      
             
    7 February OSE 600,000 263.0924 157,855,440.00
      CEUX      
      TQEX      
             
    Total for the period OSE 1,200,000 266.0754 319,290,480.00
      CEUX      
      TQEX      
             
    Previously disclosed buy-backs under the tranche OSE      
    CEUX      
    TQEX      
    Total      
             
    Total buy-backs under the tranche (accumulated) OSE 1,200,000 266.0754 319,290,480.00
    CEUX      
    TQEX      
    Total 1,200,000 266.0754 319,290,480.00

     
    Following the completion of the above transactions, Equinor ASA owns a total of 69,743,662 own shares, corresponding to 2.50% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 62,356,027 own shares, corresponding to 2.23% of the share capital).

    This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

    Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

    Contact details:

    Investor relations
    Bård Glad Pedersen, senior vice president Investor Relations,
    +47 918 01 791

    Media
    Sissel Rinde, vice president Media Relations,
    +47 412 60 584

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Secretary-General of ASEAN meets with new Executive Director of the ASEAN Centre for Energy

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today received a courtesy call from the new Executive Director of the ASEAN Centre for Energy (ACE), Dato’ Ir. Ts. Abdul Razib Dawood, at the ASEAN Headquarters/ASEAN Secretariat. During their meeting, they discussed, among others, advancing regional energy security, sustainability, and key priorities under the ASEAN Plan of Action for Energy Cooperation (APAEC), including the ASEAN Power Grid and the clean energy transition.

    The post Secretary-General of ASEAN meets with new Executive Director of the ASEAN Centre for Energy appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Capacity Market auction parameters: letter from DESNZ to NESO, February 2025

    Source: United Kingdom – Executive Government & Departments

    Letter confirming adjustments to the parameters for the Capacity Market auctions for delivery years 2025 to 2026 and 2028 to 2029.

    Documents

    Capacity Market auction parameters: letter from DESNZ to NESO, February 2025

    PDF, 133 KB, 1 page

    Final auction parameters, T-1 and T-4 Capacity Market auctions

    HTML

    Details

    Letter from the Secretary of State to National Energy System Operator (NESO) setting out adjustments to: 

    • the one-year ahead (T-1) auction for the delivery year 2025 to 2026 

    • the four-year ahead (T-4) auction for the delivery year 2028 to 2029 

    and table setting out final auction parameters for the T-1 and T-4 auctions.

    Updates to this page

    Published 11 February 2025

    Sign up for emails or print this page

    MIL OSI United Kingdom –

  • MIL-OSI: International Petroleum Corporation Announces 2024 Year-End Financial and Operational Results and 2025 Budget, Reserves and Guidance

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the three months and year ended December 31, 2024. IPC is also pleased to announce its 2025 budget, including that IPC continues to progress the development of the Blackrod Phase 1 project in Canada in line with schedule and budget. IPC previously announced the renewal of the normal course issuer bid (NCIB) under which IPC may acquire a further 5.3 million common shares up to December 2025, in addition to the 2.2 million common shares already purchased for cancellation under the NCIB in December 2024 and January 2025. IPC’s 2025 capital and decommissioning expenditure budget is USD 320 million and its 2025 average daily production guidance is between 43,000 and 45,000 barrels of oil equivalent (boe) per day (boepd). 2024 year-end proved plus probable (2P) reserves are 493 million boe (MMboe) and best estimate contingent resources (unrisked) are 1,107 MMboe.(1)(2)

    William Lundin, IPC’s President and Chief Executive Officer, comments: “We are very pleased to announce that IPC achieved strong operational results in 2024. Our average net production was 47,400 boepd for the full year, with very strong operational and ESG performance across all our areas of operation. 2024 was a very significant investment year for our Blackrod Phase 1 development project, and we have spent over two-thirds of the forecast capital expenditure by the end of 2024. We generated strong cash flows from our business, and we returned USD 102 million to shareholders through share buybacks in 2024. With gross cash resources of USD 247 million at 2024 year-end, we continue to be well positioned to deliver on our three strategic pillars of Organic Growth, Stakeholder Returns, and M&A that drive value creation for our stakeholders.(1)(3)

    On Organic Growth, we are very pleased with the progress of the development of Phase 1 of the Blackrod project, Canada, which remains in line with schedule and budget. Phase 1 of the Blackrod project continues to forecast first oil in late 2026, with peak production planned to increase to 30,000 bopd by 2028. In 2024, IPC achieved over 250% reserves replacement ratio, ending the year with 493 MMboe of 2P reserves, the highest in our history.(1)(2)

    On Stakeholder Returns, we completed the 2023/2024 NCIB program, purchasing and cancelling 8.3 million IPC common shares over the period of December 5, 2023 to December 4, 2024, representing approximately 6.5% of the common shares outstanding at the start of that program. We immediately recommenced purchasing under the renewed 2024/2025 NCIB, purchasing for cancellation 0.8 million common shares during December 2024 and over 1.4 million common shares during January 2024. We are permitted to purchase up to a further 5.3 million common shares by early December 2025, which will represent a 6.2% reduction in the number of shares common outstanding at the beginning of the 2024/2025 NCIB.

    On M&A, we continue to review potential opportunities in Canada and internationally. IPC’s principal focus continues to be on progressing the Blackrod Phase 1 development as well as developing our existing asset base in Canada, France and Malaysia.

    IPC is well-positioned for 2025 and beyond as our Blackrod Phase 1 project is progressing according to plan, our existing production operations continue to generate strong cash flows, and our balance sheet is strong. At the same time, we continue return value to our shareholders by repurchasing and cancelling our common shares under the NCIB. I look forward to another exciting year at IPC with our high quality assets and our highly skilled and motivated teams across all areas of operation.”

    2024 Business Highlights

    • Average net production of approximately 47,400 boepd for the fourth quarter of 2024 was in line with the guidance range for the period (51% heavy crude oil, 15% light and medium crude oil and 34% natural gas).(1)
    • Full year 2024 average net production was 47,400 boepd, above the mid-point of the 2024 annual guidance of 46,000 to 48,000 boepd.(1)
    • Development activities on Phase 1 of the Blackrod project progressed in 2024 on schedule and on budget, with forecast first oil in late 2026. All major third-party contracts have been executed and construction is advancing according to plan, including construction of the central processing facility (CPF) and well pad facilities, finalization of the midstream agreements for the input fuel gas, diluent and oil blend pipelines, and advancement of drilling operations. As at the end of 2024, over two-thirds of the forecast Blackrod Phase 1 development capital expenditure of USD 850 million has been spent since project sanction in early 2023.
    • Drilling activity at the Southern Alberta assets in Canada continued with a total of thirteen wells drilled during 2024.
    • Successful completion of planned maintenance shutdowns at Onion Lake Thermal (OLT) in Canada and the Bertam field in Malaysia during 2024.
    • 8.3 million common shares purchased and cancelled from December 2023 to early December 2024 under IPC’s 2023/2024 NCIB and a further 2.2 million common shares purchased for cancellation during December 2024 and January 2025 under the renewed 2024/2025 NCIB.
    • In Q3 2024, published IPC’s fifth annual Sustainability Report.

    2024 Financial Highlights

    • Operating costs per boe of USD 18.2 for the fourth quarter of 2024 and USD 17.0 for the full year, in line with the most recent 2024 guidance of less than USD 18.0 per boe for the full year.(3)
    • Strong operating cash flow (OCF) generation for the fourth quarter and full year 2024 amounted to MUSD 78 and MUSD 342, respectively.(3)
    • Capital and decommissioning expenditures of MUSD 129 for the fourth quarter and MUSD 442 for the full year 2024, in line with the full year guidance of MUSD 437.
    • Free cash flow (FCF) generation for the full year 2024 of negative MUSD 135, with negative FCF generation of MUSD 61 for the fourth quarter in line with expectations and taking into account the significant capital expenditures during the quarter in respect of the Blackrod project. FCF for the full year 2024, before 2024 Blackrod Phase 1 development expenditure of MUSD 351, was MUSD 216.(3)
    • Net debt of MUSD 209 and gross cash of MUSD 247 as at December 31, 2024.(3)
    • Net result of MUSD 0.4 for the fourth quarter of 2024 and MUSD 102 for the full year 2024.
    • Entered into a letter of credit facility in Canada during 2024 to cover operational letters of credit, giving full availability under IPC’s undrawn CAD 180 million Revolving Credit Facility.

    Reserves and Resources

    • Total 2P reserves as at December 31, 2024 of 493 MMboe, with a reserve life index (RLI) of 31 years.(1)(2)
    • Contingent resources (best estimate, unrisked) as at December 31, 2024 of 1,107 MMboe.(1)(2)
    • 2P reserves net asset value (NAV) as at December 31, 2024 of MUSD 3,083 (10% discount rate).(1)(2)(5)(6)

    2025 Annual Guidance

    • Full year 2025 average net production forecast at 43,000 to 45,000 boepd.(1)
    • Full year 2025 operating costs forecast at USD 18 to 19 per boe.(3)
    • Full year 2025 OCF guidance estimated at between MUSD 210 and 280 (assuming Brent USD 65 to 85 per barrel).(3)
    • Full year 2025 capital and decommissioning expenditures guidance forecast at MUSD 320, including MUSD 230 relating to Blackrod capital expenditure.
    • Full year 2025 FCF ranges from approximately MUSD 80 to 150 (assuming Brent USD 65 to 85 per barrel) before taking into account proposed Blackrod capital expenditures, or negative MUSD 150 to 80 including proposed Blackrod capital expenditures.(3)

    Business Plan Production and Cash Flow Guidance

    • 2025 – 2029 business plan forecasts:
      • average net production forecast approximately 57,000 boepd.(1)(8)
      • capital expenditure forecast of USD 8 per boe, including USD 3 per boe for growth expenditure.(8)
      • operating costs forecast of USD 18 to 19 per boe.(3)(8)
      • FCF forecast of approximately MUSD 1,200 to 2,000 (assuming Brent USD 75 to 95 per barrel).(3)(8)
    • 2030 – 2034 business plan forecasts:
      • average net production forecast of approximately 63,000 boepd.(1)(8)
      • capital expenditure forecast of USD 5 per boe.(8)
      • operating costs forecast of USD 18 to 19 per boe.(3)(8)
      • FCF forecast of approximately MUSD 1,600 to 2,600 (assuming Brent USD 75 to 95 per barrel).(3)(8)
      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023
    Revenue 199,124   198,460     797,783   853,906
    Gross profit 42,774   39,955     210,171   250,514
    Net result 415   29,710     102,219   172,979
    Operating cash flow (3) 78,158   73,634     341,989   353,048
    Free cash flow (3) (61,476 ) (64,688 )   (135,497 ) 2,689
    EBITDA (3) 76,184   66,284     335,488   350,618
    Net Cash / (Debt) (3) (208,528 ) 58,043     (208,528 ) 58,043
                     

    IPC was launched in 2017 by way of spinning off the non-Norwegian assets from Lundin Energy. The strategy and vision from the outset was to be the international E&P growth vehicle for the Lundin Group by pursuing growth organically and through acquisitions. The foundation of this strategy was and is predicated on maximising long-term stakeholder value through responsible business operations focused on operational excellence and financial resilience to underpin optimal capital allocation decision-making.

    We are very pleased with the track record of value creation achieved by the company to date. IPC’s production, reserves, resources and cash flow exposure has increased materially through accretive acquisitions supplemented by base business investment. Excluding the growth capital expenditure assigned to the Blackrod Phase 1 development, over USD 1.5 billion in free cash flow (FCF) has been generated and over USD 0.5 billion has been returned to shareholders in the form of share buybacks since inception. IPC’s current shares outstanding are less than 5% higher than the original shares outstanding upon the formation of the company. IPC is determined to build on the historical success and the growth outlook has never been brighter.(3)

    2024 was a milestone year for the company through successfully delivering the largest capital investment campaign in its history. The record investment was accompanied by strong safety, operational and financial performance. IPC returned USD 102 million of value to shareholders in the year through share repurchases, whilst maintaining a strong balance sheet.

    Oil prices were rangebound in 2024 between Brent USD 70 to 90 per barrel, with a full year Brent average of USD 81 per barrel, in line with our original oil price sensitivities guided at CMD. The fourth quarter 2024 Brent price averaged USD 75 per barrel, the lowest quarterly price average in the year. The downward trend in benchmark oil prices through the second half of 2024 has been slightly reversed in current time as continuous crude inventory draws, strong demand, underwhelming non-OPEC production growth and continued OPEC production curtailments have supported the market balance. A new administration in the White House presents uncertainty for the oil market, as looming tariffs and sanctions pose a risk to global supply chain systems and trade flows. Around 40% of our 2025 Dated Brent and WTI exposure is hedged at USD 76 per barrel and USD 71 per barrel respectively.

    The fourth quarter 2024 WTI to WCS price differentials averaged less than USD 13 per barrel, around USD 2 per barrel lower than the full year average of USD 15 per barrel. The fourth quarter differential was the lowest quarterly average since the Covid pandemic in 2020 when benchmark oil prices were more than USD 30 per barrel less than current levels. The TMX pipeline is driving the tighter differentials with excess take-away capacity in the Western Canadian Sedimentary Basin (WCSB) relative to supply. Close to 50% of our 2025 WCS to WTI differential exposure is hedged at USD 14 per barrel, which should assist in mitigating adverse effects of potential US tariffs on Canadian production.

    Natural gas prices averaged CAD 1.5 per Mcf for 2024 and in the fourth quarter. Western Canada gas storage levels continue to sit above the five-year range. This is in part due to delays of the LNG Canada start-up project which was supposed to be onstream at end 2024, start-up is now anticipated for mid-2025. IPC has around 9,600 Mcf per day hedged at CAD 2.6 per Mcf for 2025.

    Fourth Quarter and Full Year 2024 Highlights

    During the fourth quarter of 2024, IPC’s assets delivered average net production of 47,400 boepd, in line with guidance for the quarter. Full year 2024 average net production of 47,400 boepd was above the 2024 mid-point guidance range of 46,000 to 48,000 boepd.(1)

    IPC’s operating costs per boe for the fourth quarter of 2024 was USD 18.2. Full year 2024 operating costs per boe was USD 17.0, in line with the most recent 2024 annual guidance of less than USD 18 per boe.(3)

    Operating cash flow (OCF) generation for the fourth quarter of 2024 was USD 78 million. Full year 2024 OCF was USD 342 million in line with the most recent guidance of USD 335 to 342 million.(3)

    Capital and decommissioning expenditure for the fourth quarter of 2024 was USD 129 million. Full year 2024 capital and decommissioning expenditure of USD 442 million was in line with guidance of USD 437 million.

    Free cash flow (FCF) generation was in line with guidance at negative USD 61 million during the fourth quarter of 2024, reflecting the higher level of capital expenditure on the Blackrod Phase 1 development project. Full year 2024 FCF generation was negative USD 135 million, in line with the most recent guidance of negative USD 140 to 133 million.(3)

    As at December 31, 2024, IPC’s net debt position was USD 209 million. IPC’s gross cash on the balance sheet amounts to USD 247 million which provides IPC with significant financial strength to continue progressing its strategies in 2025, including advancing the Blackrod development project, returning value to shareholders through the 2024/2025 NCIB, and remaining opportunistic to mergers and acquisitions activity.(3)

    Blackrod 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 Steam Assisted Gravity Drainage (SAGD) development in the first quarter of 2023. The Phase 1 development targets 259 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)

    As at the end of 2024, USD 591 million of cumulative growth capital, has been spent on the Blackrod Phase 1 development since sanction with a peak annual investment of USD 351 million incurred in 2024. Significant progress has been made across all key scopes of the project including but not limited to: detailed engineering, procurement, fabrication, drilling, construction, third party transport pipelines, commissioning and operations planning. Site health and safety control has been excellent with zero lost time incidents since commercial development activities commenced.

    Looking forward, USD 230 million is planned to be spent in 2025 mainly relating to advancing the remaining fabrication, construction and substantial completion of the Central Processing Facility (CPF) for the Phase 1 development. The remaining growth capital expenditure to first oil is forecast to be spent in 2026 on drilling, completions and commissioning of the CPF with first steam anticipated by end Q1 2026.

    IPC is strongly positioned to deliver within plan with a clear line of sight to start-up. The Blackrod Phase 1 project is expected to generate significant value for all our stakeholders. And with over 1 billion barrels of best estimate contingent resources (unrisked) beyond Phase 1, IPC is pleased to announce a resource maturation plan that sees significant volume maturation into reserves through low cost of less than USD 0.15 per barrel. The 2P reserves attributable to Phase 1 has increased by 40 MMboe to 259 MMboe from year end 2023 to year end 2024.(2)

    As at the end of 2024, 70% 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

    During the period of December 5, 2023 to December 4, 2024, IPC purchased and cancelled an aggregate of approximately 8.3 million common shares under the 2023/2024 NCIB. The average price of shares purchased under the 2023/2024 NCIB was SEK 131 / CAD 17 per share.

    In Q4 2024, IPC announced the renewal of the NCIB, with the ability to repurchase up to approximately 7.5 million common shares over the period of December 5, 2024 to December 4, 2025. Under the 2024/2025 NCIB, IPC repurchased and cancelled approximately 0.8 million common shares in December 2024. By the end of January 2025, IPC repurchased for cancellation over 1.4 million common shares under the 2024/2025 NCIB. The average price of common shares purchased under the 2024/2025 NCIB during December 2024 and January 2025 was SEK 135 / CAD 17.5 per share.

    As at February 7, 2025, IPC had a total of 117,781,927 common shares issued and outstanding, of which IPC holds 508,853 common shares in treasury.

    Under the 2024/2025 NCIB, IPC may purchase and cancel a further 5.3 million common shares by December 4, 2025. This would result in the cancellation of 6.2% of shares outstanding as at the beginning of December 2024. IPC continues to believe that reducing the number of shares outstanding while in parallel investing in material production growth at Blackrod 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, IPC’s 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 fourth quarter and for the full year 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 2024, IPC announced the commitment to remain at end 2025 levels of 20 kg CO2/boe through to the end of 2028.(4)

    Reserves, Resources and Value

    As at the end of December 2024, IPC’s 2P reserves are 493 MMboe. During 2024, IPC replaced 251% of the annual 2024 production. The reserves life index (RLI) as at December 31, 2024, is approximately 31 years.(1)(2)

    The net present value (NPV) of IPC’s 2P reserves as at December 31, 2024 was USD 3.3 billion. IPC’s net asset value (NAV) was USD 3.1 billion or SEK 287 / CAD 37 per share as at December 31, 2024.(1)(2)(5)(6)(7)

    In addition, IPC’s best estimate contingent resources (unrisked) as at December 31, 2024 are 1,107 MMboe, of which 1,025 MMboe relate to future potential phases of the Blackrod project.(1)(2)

    2025 Budget and Operational Guidance

    IPC is pleased to announce its 2025 average net production guidance is 43,000 to 45,000 boepd. IPC forecasts operating costs for 2025 between USD 18 and 19 per boe.(1)(3)

    IPC’s 2025 capital and decommissioning expenditure budget is USD 320 million, with USD 230 million forecast relating to Blackrod capital expenditure. The remainder of the 2025 budget in Canada includes drilling and ongoing optimization work at Onion Lake Thermal and Suffield Area assets. IPC also plans to advance the next phase of infill drilling and complete well maintenance works at the Bertam field in Malaysia. IPC expects to conduct technical studies for future development potential in France. In all of IPC’s areas of operation, IPC has significant flexibility to control its pace of spend based on the development of commodity prices during 2025.

    Notwithstanding a modest production decline expected in 2025, IPC’s production per share metric remains largely unchanged relative to 2024 and 2023. IPC has prioritised capital allocation to the transformational Blackrod Phase 1 development and share buybacks as opposed to further increasing its base business investment to preserve balance sheet strength and maximise long- term shareholder value.

    Further details regarding IPC’s proposed 2025 budget and operational guidance will be provided at IPC’s Capital Markets Day presentation to be held on February 11, 2025 at 15:00 CET. A copy of the Capital Markets Day presentation will be available on IPC’s website at www.international-petroleum.com.

    Notes:

    (1) See “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” below. See also the material change report (MCR) available on IPC’s website at www.international-petroleum.com and filed on the date of this press release 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 MCR. The reserve life index (RLI) is calculated by dividing the 2P reserves of 493 MMboe as at December 31, 2024 by the mid-point of the 2025 CMD production guidance of 43,000 to 45,000 boepd. Reserves replacement ratio is based on 2P reserves of 468 boe as at December 31, 2024, sales production during 2024 of 16.6 MMboe, net additions to 2P reserves during 2024 of 41.7 MMboe, and 2P reserves of 493 MMboe as at December 31, 2024.
    (3) Non-IFRS measure, 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.
    (5) Net present value (NPV) is after tax, discounted at 10% and based upon the forecast prices and other assumptions further described in the MCR. See “Reserves and Resources Advisory” below.
    (6) Net asset value (NAV) is calculated as NPV less net debt of USD 209 million as at December 31, 2024.
    (7) NAV per share is based on 119,059,315 IPC common shares as at December 31, 2024, being 119,169,471 common shares outstanding less 110,156 common shares held in treasury and cancelled in January 2025. NAV per share is not predictive and may not be reflective of current or future market prices for IPC common shares.
    (8) Estimated FCF generation is based on IPC’s current business plans over the periods of 2025 to 2029 and 2030 to 2034, including net debt of USD 209 million as at December 31, 2024, with assumptions based on the reports of IPC’s independent reserves evaluators, and including certain corporate adjustments relating to estimated general and administration costs and hedging, and excluding shareholder distributions and financing costs. Assumptions include average net production of approximately 57 Mboepd over the period of 2025 to 2029, average net production of approximately 63 Mboepd over the period of 2030 to 2034, average Brent oil prices of USD 75 to 95 per bbl escalating by 2% per year, and average Brent to Western Canadian Select differentials and average gas prices as estimated by IPC’s independent reserves evaluator and as further described in the MCR. IPC’s market capitalization is at close on January 31, 2025 (USD 1,557 million based on 146.8 SEK/share, 117.7 million IPC shares outstanding (net of treasury shares) and exchange rate of 11.10 SEK/USD). IPC’s current business plans and assumptions, and the business environment, are subject to change. Actual results may differ materially from forward-looking estimates and forecasts. See “Forward-Looking Statements” and “Non-IFRS Measures” below.

    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 February 11, 2025. The Corporation’s audited condensed consolidated financial statements (Financial Statements) and management’s discussion and analysis (MD&A) for the three months and year ended December 31, 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:

    • 2025 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 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 its 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 oil prices and net present values;
    • 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 of IPC to achieve and 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 return of value to IPC’s shareholders as a result of the NCIB;
    • IPC’s ability to implement its 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 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; 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; 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 material change report dated February 11, 2025 (MCR), 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.

    Estimated FCF generation is based on IPC’s current business plans over the periods of 2025 to 2029 and 2030 to 2034, including net debt of USD 209 million as at December 31, 2024, with assumptions based on the reports of IPC’s independent reserves evaluators, and including certain corporate adjustments relating to estimated general and administration costs and hedging, and excluding shareholder distributions and financing costs. Assumptions include average net production of approximately 57 Mboepd over the period of 2025 to 2029, average net production of approximately 63 Mboepd over the period of 2030 to 2034, average Brent oil prices of USD 75 to 95 per bbl escalating by 2% per year, and average Brent to Western Canadian Select differentials and average gas prices as estimated by IPC’s independent reserves evaluator and as further described in the MCR. IPC’s current business plans and assumptions, and the business environment, are subject to change. Actual results may differ materially from forward-looking estimates and forecasts.

    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 December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Revenue 199,124   198,460     797,783   853,906  
    Production costs and net sales of diluent to third party1 (119,371 ) (126,414 )   (447,481 ) (491,303 )
    Current tax (1,595 ) 1,588     (8,313 ) (14,457 )
    Operating cash flow 78,158   73,634     341,989   348,146  
                       

    1 Include net sales of diluent to third party amounting to USD 737 thousand for the fourth quarter of 2024 and the year ended December 31, 2024.

    The operating cash flow for the year ended December 31, 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 353,048 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 December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Operating cash flow – see above 78,158   73,634     341,989   348,146  
    Capital expenditures (126,256 ) (128,825 )   (434,713 ) (312,729 )
    Abandonment and farm-in expenditures1 (3,364 ) (1,516 )   (8,302 ) (9,199 )
    General, administration and depreciation expenses before depreciation2 (3,569 ) (5,762 )   (14,814 ) (16,886 )
    Cash financial items3 (6,445 ) (2,219 )   (19,657 ) (5,812 )
    Free cash flow (61,476 ) (64,688 )   (135,497 ) 3,520  

    1 See note 19 to the Financial Statements
    2 Depreciation is not specifically disclosed in the Financial Statements
    3 See notes 5 and 6 to the Financial Statements

    The free cash flow for the year ended December 31, 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 2,689 thousand. Free cash flow is before shareholder distributions and financing costs.

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

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Net result 415   29,710     102,219   172,979  
    Net financial items 35,767   6,509     59,709   22,736  
    Income tax 3,852   4,691     33,325   55,362  
    Depletion and decommissioning costs 32,087   30,434     128,392   101,922  
    Depreciation of other tangible fixed assets 2,430   1,309     8,933   7,812  
    Exploration and business development costs 1,725   348     2,069   2,355  
    Depreciation included in general, administration and depreciation expenses1 308   389     1,241   1,569  
    Sale of assets2 (400 ) (7,106 )   (400 ) (19,018 )
    EBITDA 76,814   66,284     335,488   345,717  

    1 Item is not shown in the Financial Statements
    2 Sale of assets is included under “Other income/(expense)” but not specifically disclosed in the Financial Statements

    The EBITDA for the year ended December 31, 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 350,618 thousand.

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

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Production costs 120,108   126,414     448,218   491,303  
    Cost of blending (36,036 ) (44,473 )   (152,735 ) (172,996 )
    Change in inventory position (4,633 ) 1,427     (1,473 ) 3,655  
    Operating costs 79,439   83,368     294,010   321,962  
                       

    The operating costs for the year ended December 31, 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 328,763 thousand.

    Net cash / (debt)
    The following table sets out how net cash / (debt) is calculated from figures shown in the Financial Statements:

    USD Thousands December 31, 2024   December 31, 2023  
    Bank loans (5,121 ) (9,031 )
    Bonds1 (450,000 ) (450,000 )
    Cash and cash equivalents 246,593   517,074  
    Net cash / (debt) (208,528 ) 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 and the MCR. 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, 2024, 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, 2024 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, 2024, 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, 2024 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 MCR. These price forecasts are as at December 31, 2024 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 493 MMboe as at December 31, 2024 by the mid-point of the 2025 CMD production guidance of 43,000 to 45,000 boepd. Reserves replacement ratio is based on 2P reserves of 468 MMboe as at December 31, 2023, sales production during 2024 of 16.6 MMboe, net additions to 2P reserves during 2024 of 41.7 MMboe and 2P reserves of 493 MMboe as at December 31, 2024.

    The reserves and resources information and data provided in this press release present only a portion of the disclosure required under NI 51-101. All of the required information will be contained in the Corporation’s Annual Information Form for the year ended December 31, 2024, which will be filed on SEDAR+ (accessible at www.sedarplus.ca) on or before April 1, 2025. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of net present value and other relevant information related to the contingent resources disclosed, is disclosed in the MCR available under IPC’s profile on www.sedarplus.ca and on IPC’s website at www.international-petroleum.com.

    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        
    December 31, 2024 24.3 7.1 95.9 MMcf
    (16.0 Mboe)    		 47.4
    December 31, 2023 25.7 6.6 103.8 MMcf
    (17.3 Mboe)    		 49.6
    Year ended        
    December 31, 2024 23.9 7.7 95.1 MMcf
    (15.8 Mboe)    		 47.4
    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 43,000 to 45,000 boepd for 2025. IPC estimates that approximately 55% of that production will be comprised of heavy oil, approximately 12% will be comprised of light and medium crude oil and approximately 33% 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. References herein to CAD mean Canadian dollars.

    The MIL Network –

  • MIL-OSI USA: Murray, Merkley, Heinrich Lead Western Senators in Letter to Interior Secretary, Acting Agriculture Secretary: Trump’s Illegal Funding Cuts Threaten Wildfire Mitigation Efforts

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, joined Senators Jeff Merkley (D-OR), Ranking Member of the Senate Appropriations Subcommittee that funds the Department of the Interior and Department of Agriculture’s Forest Service, and Senator Martin Heinrich (D-NM), Ranking Member of the Senate Committee on Energy and Natural Resources, and other Western U.S. Senators in sounding the alarm over reports the Bureau of Land Management issued stop work orders to small businesses and organizations across America related to the removal of hazardous fuels in our public lands and rumors of forthcoming stop work orders at the United States Forest Service. Delaying these treatments even for a short period can mean missing out on the right seasonal and weather conditions for safely treating hazardous fuels. 

    The senators’ letter—addressed to recently confirmed Interior Secretary Doug Burgum and Acting Agriculture Secretary Gary Washington—follows President Donald Trump’s illegal executive orders cutting federal funds to mitigate and fight wildfires and comes as communities nationwide prepare for wildfire season.

    “Catastrophic wildfires across the United States are an ongoing national crisis and responding to them must be a national priority. These stop work orders and funding freezes jeopardize communities that depend on a robust federal response to our wildfire crisis – and also jeopardize small businesses, often in frontier and rural communities, that are contracted to do the work on the ground to reduce hazardous fuels,” wrote the senators.

    “As we’ve seen with the recent fires surrounding Los Angeles, wildfire does not distinguish between homes and trees. But we do have ways to mitigate the risk,” the senators continued. “One of the most effective strategies to reduce that risk is to reduce the hazardous natural fuels that surround our communities. These fuels reduction projects save lives and property, reduce the danger to firefighters, and return our lands to a fire-adapted ecosystem that can better withstand the threat to human life, communities, infrastructure, and property.  

    “By terminating or even pausing these projects, all of the progress made at protecting these communities is at risk. We are imploring you to rescind the order to stop work on these hazardous fuels reduction efforts, as well as any other wildland fire management programs that are working to reduce risk and safeguard communities from catastrophic wildfire,” the senators concluded.

    The letter was also signed by U.S. Senators Michael Bennet (D-CO), Maria Cantwell (D-WA), Catherine Cortez Masto (D-NV), Ruben Gallego (D-AZ), John Hickenlooper (D-CO), Mark Kelly (D-AZ), Ben Ray Luján (D-NM), Alex Padilla (D-CA), Jacky Rosen (D-NV), Adam Schiff (D-CA), and Ron Wyden (D-OR).

    Full text of the letter is HERE and below:

    Dear Secretary Burgum and Acting Secretary Washington,

    We are writing with great concern about reports from our constituents that the Bureau of Land Management has issued stop work orders for hazardous fuels reduction projects. We are further concerned that fuels projects overseen by the U.S. Forest Service will be next. These projects are integral to increased safety and resiliency and any delay in implementation puts those communities at greater risk. We urge you to immediately rescind these stop work orders, halt any further stop work orders or funding freezes, and instead work with the tools and funds Congress has provided to better safeguard our communities from the serious risk of catastrophic wildfire.

    These projects are part of the Wildfire Crisis Strategy, funded by the Infrastructure and Investment in Jobs Act (IIJA) and the Inflation Reduction Act (IRA). Investing in fuels reduction treatments is a primary recommendation in the Wildland Fire Mitigation and Management Commission Report, a nonpartisan strategy document to tackle the myriad challenges associated with wildfire across the country. We also note with alarm that this report was removed from federal websites this week.

    In 2022, the Forest Service identified high-risk firesheds across the country to be prioritized for hazardous fuels reduction work through the Wildlife Crisis Strategy and Implementation Plan. The Forest Service chose 10 high-priority landscapes with the enactment of IIJA and an additional 11 landscapes with the enactment of IRA – each of these landscapes require significant investment to reduce wildfire risk. These 21 landscapes were awarded a total of $1.73 billion to protect at-risk communities, critical infrastructure, public water sources, and adjacent Tribal lands in 10 Western states: Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, and Washington. The Bureau of Land Management, Forest Service, States, Tribes, local stakeholders, and small businesses have been working together over the last three years to implement fuels reduction on these landscapes.

    Catastrophic wildfires across the United States are an ongoing national crisis and responding to them must be a national priority. These stop work orders and funding freezes jeopardize communities that depend on a robust federal response to our wildfire crisis – and also jeopardize small businesses, often in frontier and rural communities, that are contracted to do the work on the ground to reduce hazardous fuels. 

    In addition to endangering communities, the President’s Executive Orders freezing funding are flagrantly illegal. The Government Accountability Office, the Department of Justice Office of Legal Counsel (including in an opinion written by future Chief Justice of the Supreme Court, William H. Rehnquist), and the Supreme Court of the United States have all disavowed the notion of some “inherent Presidential power to impound,” as some in the Administration, as well as pending Administration nominees, have tried to argue without legal or textual basis.

    Not only does the Constitution vest the power of the purse with Congress and provide no power to the President to impound funds, but there have been several bedrock fiscal statutes enacted to protect Congress’ constitutional power of the purse and prevent unlawful executive overreach, including the Antideficiency Act and the Impoundment Control Act of 1974 (ICA). The ICA prohibits any action or inaction that precludes Federal funds from being obligated or spent, either temporarily or permanently, without following the strictly circumscribed requirements of that law, which have not been honored in this instance.

    As we’ve seen with the recent fires surrounding Los Angeles, wildfire does not distinguish between homes and trees. But we do have ways to mitigate the risk. One of the most effective strategies to reduce that risk is to reduce the hazardous natural fuels that surround our communities. These fuels reduction projects save lives and property, reduce the danger to firefighters, and return our lands to a fire-adapted ecosystem that can better withstand the threat to human life, communities, infrastructure, and property.  

    By terminating or even pausing these projects, all of the progress made at protecting these communities is at risk. We are imploring you to rescind the order to stop work on these hazardous fuels reduction efforts, as well as any other wildland fire management programs that are working to reduce risk and safeguard communities from catastrophic wildfire.

    We hope to work with you to combat the scourge of catastrophic wildfire.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Experts chosen for electricity market review

    Source: New Zealand Government

    The Government has appointed independent experts to review the performance of the electricity markets, Energy Minister Simon Watts and Associate Energy Minister Shane Jones say.

    “The power crisis we experienced last winter highlighted how important affordable and secure electricity at internationally competitive prices is to the economic growth and prosperity of Kiwi households and businesses alike,” Mr Watts says.

    “Energy security is a top priority for the Coalition Government as the economy electrifies and we work to double New Zealand’s renewable electricity generation. We expect to see market-led approaches to energy security throughout the transition, and we want to make sure the markets are performing effectively.

    “This review will help ensure our regulatory settings can deliver on the long-term interests of consumers, keep prices down for Kiwis and keep the lights on.

    “From the review’s inception, we were clear that we needed experts capable of bringing a fresh perspective to the complex challenges facing our markets. Those chosen are well-qualified with significant expertise in international electricity market design, risk management, competition policy and financial instruments.”

    Mr Jones says New Zealand cannot afford another winter like 2024 in which businesses shut down, manufacturing ground to a halt, and cheap coal was brought in from overseas kept the lights on.

    “If we are to grow the economy, we cannot allow a shortage of power to stunt that growth. We are a resourceful nation and our businesses have to be able to continue without worrying whether they can afford the power bill or having to choose between shutting down production or keeping staff.”

    Global consultancy Frontier Economics will be the lead reviewer, addressing the seven questions specified in the review’s terms of reference.

    The two peer review roles will be taken on by a team of international experts in energy economics with particular expertise in market design. The peer reviewers will provide an added layer of quality assurance and accuracy to ensure the review reports are robust and reliable.

    New Zealand-based Concept Consulting will act as New Zealand expert advisor, responsible for ensuring Frontier Economics has solid awareness and understanding of the New Zealand context.

    “Collectively, these independent experts bring a wealth of experience, insight, and the fresh perspectives needed for this type of review,” Mr Watts says.

    Ministers expect the review’s final reports to be delivered by the end of June, after which Cabinet will make decisions on next steps.

    MIL OSI New Zealand News –

  • MIL-Evening Report: Explainer: what does it actually mean to ‘firm’ renewables?

    Source: The Conversation (Au and NZ) – By Peta Ashworth, Professor and Director, Curtin Institute for Energy Transition, Curtin University

    Large power grids are among the most complicated machines humans have ever devised. Different generators produce power at various times and at various costs. A generator might fail and another fills the gap. Demand soars in the evenings and on hot days. In Australia, eastern and southern states trade power across borders. Meanwhile, Western Australia has two grids and the Northern Territory has several.

    But these complicated machines are undergoing major change, as we shift from large fossil fuel plants to cleaner forms of power. Wind and sun are now the cheapest way to produce electricity. These renewable sources will soon overtake coal and gas – they’re already averaging 40% of power flowing through the national grid.

    Solar and wind are often called “variable” renewable energy sources. Variable, here, refers to the fact the sun doesn’t always shine and the wind doesn’t always blow. On sunny, windy days we get lots of cheap power. But on still nights, we might get little.

    This is where “firming” comes in. To firm renewables is to convert this cheap but variable source of power into what we really want: a reliable supply of electricity, there when we need it. Big battery projects are one way to do it. But there are others.

    Solar and wind are often called ‘variable’ renewable energy sources.
    Damitha Jayawardena/Shutterstock

    How does firming work?

    Storage is the best known way to firm renewables. As floods of cheap power come in, you can store it for later use.

    Storage can be performed by grid-scale batteries, where the power is stored directly. But it can also be done by pumped hydro, where water is pumped uphill when power is cheap and plentiful and run back downhill, through turbines, when power is harder to source.

    Firming can also be done by virtual power plants – aggregated fleets of smaller batteries in homes and electric vehicles.

    Gas peaking plants are another way of firming renewables. In the future, gas plants will go from being a mainstay to the equivalent of a backup generator, fired up only when needed.

    Generally, energy storage facilities offer either short- or long-term firming. As more renewable power enters Australia’s grids, we will need both. This is because they offer different levels of storage and response times.

    Short term can be as short as seconds to a few hours. Batteries are a common way to provide short-term firming, because they can ramp up very quickly to tackle sudden fluctuations in supply or demand. These fast-response systems help stabilise the grid by smoothing out spikes caused by changing weather.

    Long-term firming can be for hours, days or even weeks. This includes large-scale battery storage or back-up generators such as gas plants. Long-term options are crucial to maintain power supply during extended periods of low renewable generation, such as still, cold days and nights in winter.

    Firming turns cheap solar and wind into reliable, stable power.
    Taras Vyshnya/Shutterstock

    How are we tracking with firming renewables?

    In recent years, large-scale battery announcements have ramped up. Almost 8 gigawatts of battery capacity is now in progress or anticipated to start construction shortly. But the pipeline of future projects is much larger: 75 gigawatts of firming will be required.

    While renewable power is cheap, to make it useful and reliable in addition to storage, we need transmission lines to connect large renewable zones to cities and towns. All this adds extra costs.

    As the level of renewables in our power grids inches higher, firming costs increase. This is especially true when a grid goes from 95% to 100% renewables, when there’s a sudden jump in cost.

    This is why experts have argued for keeping a few gas peaking plants. While they are not emission-free, they are flexible and can start up much more rapidly than coal. They will likely play a key role in firming the grid during renewable droughts and extreme demand – an estimated 5% of the year. That sounds small, but they will be essential.

    Eventually, gas peaking plants could switch to hydrogen, if the fuel becomes cost effective. This would cut emissions further.

    Firming – at home?

    Homes with batteries can also help firm the network by joining a virtual power plant. These networks of batteries can be digitally coordinated to function as a single power plant, helping stabilise the grid.

    If a home owner signs up to a virtual power plant program, they hand over some control in return for income. Technologies such as this can support grid stability by charging or discharging in response to supply fluctuations.

    These networks are a flexible energy resource. They can inject power to the grid instantly if there’s a sudden drop in solar or wind generation. They can also soak up surplus energy.

    These aren’t hypothetical. Several are running or in development in Australia, such as the AGL virtual power plant in South Australia, SolarHub in New South Wales and the new ARENA-funded Project Jupiter in Western Australia, which will commence soon.

    Is firming helping?

    Firming technologies are already helping in high-renewable grids overseas. Big batteries now allow California’s grid to absorb more renewables, by soaking up daytime solar and releasing it at evening peak.

    Power from renewables such as solar need to be firmed to maximise use in the grid.
    The Desert Photo/Shutterstock

    We’re seeing the benefits of firming locally, too.

    On January 20 this year, a heatwave in Western Australia triggered a new record for peak electricity demand – 4.4 gigawatts – in the state’s main electricity network, the South West Interconnected System.

    In response, recently built battery storage at Kwinana, Collie, and Cunderdin stored excess power and discharged it at peak times.

    The next day, dense clouds swept in, slashing solar output and reducing peak demand. In response, gas generators increased output to firm the grid.

    Firming technologies are already playing a vital role in keeping our electricity supply stable, reliable and resilient – and it’s just the start.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Explainer: what does it actually mean to ‘firm’ renewables? – https://theconversation.com/explainer-what-does-it-actually-mean-to-firm-renewables-248134

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: NSF–DOE Vera C. Rubin observatory will detect millions of exploding stars

    Source: US Government research organizations

    Rubin Observatory’s rapid scanning of the night sky will capture the largest sample of Type Ia supernovas yet, unlocking new insights into the nature of dark energy

    NSF–DOE Vera C. Rubin Observatory, jointly funded by the U.S. National Science Foundation and the U.S. Department of Energy’s Office of Science, will soon begin scanning the Southern Hemisphere sky every night for 10 years. Among the trillions of cosmic events and objects it will capture will be millions of exploding stars called Type Ia supernovas.

    These supernovas are produced by exploding white dwarf stars and are some of the brightest cosmic spectacles. They are particularly useful to researchers because they provide a sort of reliable cosmic yardstick that can be used to accurately measure vast distances in the universe. With enough observations of Type Ia supernovas, scientists can measure the universe’s expansion rate and whether it changes over time.

    Every time NSF-DOE Rubin Observatory detects a change in brightness or position of an object, it will send an alert to the science community. With such rapid detection, Rubin will be the most powerful tool yet for spotting Type Ia supernovas before they fade away.

    Observations of Type Ia supernovas were used to discover the mysterious phenomenon known as dark energy, thought to be causing the universe to expand faster than expected. In just its first few months of operation, Rubin Observatory will discover many more Type Ia supernovas than were used in the initial discovery of dark energy in the 1990s. The observatory will reveal a much larger set of the supernovas across the universe, allowing scientists to refine our existing map of space and time and create a fuller picture of dark energy’s influence.

    Current measurements suggest that dark energy might change over time. Understanding the nature of dark energy will in turn refine understanding of the universe’s age and evolution, including when stars and galaxies first formed.

    MIL OSI USA News –

  • MIL-OSI USA: VIDEO: Cornyn Praises Trump Admin for Ending Disastrous Biden Energy Policies

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – Today on the floor, U.S. Senator John Cornyn (R-TX) praised Department of Energy Secretary Chris Wright and the Trump administration’s efforts to unleash American energy abundance and reverse the radical climate policies of the Biden administration, including the freeze on liquified natural gas (LNG) export permits. Excerpts of Sen. Cornyn’s remarks are below, and video can be found here.
    “President Biden prioritized the view of climate radicals while the interest of Texas families and our national security were, apparently, an afterthought.”
    “Last January, President Biden issued a pause on all American exports of liquefied natural gas in order to conduct a study on the environmental impact.”
    “This pause on exports had major repercussions in Texas, which is one of the leaders of the LNG industry.”
    “Last fall, the D.C. Circuit Court issued a ruling that revoked a permit for the LNG export terminal at the Port of Brownsville.”
    “One of the projects affected by this ruling would have created 6,000 jobs and more than $18 billion of investments in South Texas, but the D.C. Circuit sent them back to the drawing board.”
    “President Biden’s energy agenda put Texas workers, and their families, and our national security last.”
    “Thankfully, that’s not where the story ends. President Trump and Secretary Wright are now at the helm.”
    “On the first day of his presidency, he reversed President Biden’s disastrous LNG pause.”
    “I look forward to working with President Trump and his administration to unleash American energy through an all-of-the-above approach so that Texas and the Gulf of America can once again supply the nation and the world with reliable, affordable energy.”

    MIL OSI USA News –

  • MIL-OSI China: Chinese business delegation visits Kazakhstan for closer cooperation

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

    BEIJING, Feb. 10 — A delegation of Chinese entrepreneurs from the financial, energy, infrastructure and smart equipment sectors embarked on a four-day trip to Kazakhstan on Monday to promote economic and trade cooperation between the two countries, according to the China Council for the Promotion of International Trade (CCPIT).

    The delegation, led by Ren Hongbin, chairman of the CCPIT, includes representatives from more than 30 Chinese enterprises such as CITIC Group, China National Petroleum Corporation (CNPC), Sinopec, China National Offshore Oil Corporation, and Sinochem Holdings. During the visit, they plan to sign cooperation documents and promote mutually beneficial outcomes.

    Wu Junli, deputy chief economist with PetroChina Company Limited, a subsidiary of CNPC, said that the energy cooperation between China and Kazakhstan in the oil and gas sector is highly complementary. He noted that his company has established long-term and stable partnerships with Kazakh partners and expressed high expectations for the trip.

    “We hope to engage in in-depth exchanges with logistics enterprises in Kazakhstan and other places in Central Asia through this trip,” Zhu Guangmei, deputy general manager at Beijing Tegene Robots Co., Ltd. said, adding that the company aims to promote the integration of intelligent logistics equipment with the needs of local companies, thereby improving efficiency and achieving win-win outcomes.

    MIL OSI China News –

  • MIL-OSI USA: Sen. Johnson Joins Sen. Graham in Unveiling FY 2025 Budget Resolution to Secure the Border, Revitalize Our Military, Unleash American Energy Production, and Begin the Process of Restoring Fiscal Sanity

    US Senate News:

    Source: United States Senator for Wisconsin Ron Johnson

    WASHINGTON – Today, U.S. Sen. Ron Johnson (R-Wis.) joined U.S. Sen. Lindsey Graham (R-S.C.), Chairman of the Senate Budget Committee, in releasing the text of the Senate’s fiscal year 2025 budget resolution. 

    The FY 2025 budget resolution will be the blueprint that unlocks the pathway for a fully paid-for reconciliation bill to secure the border, bolster our military, increase American energy independence, and begin the process of fiscal sanity.

    The FY 2025 budget resolution lays the groundwork for legislation that:

    • Secures our border by providing funding to:
      • Finish the wall and upgrade technology for ground and aerial support.
      • Increase the number of detention beds so dangerous criminals aren’t released into the United States.
      • Increase the number of:
        • ICE officers to conduct mass detention and removal of criminal illegal aliens; Border Patrol agents to regain operational control of the border; Assistant U.S. attorneys to prosecute violent crime, organized crime and immigration-related offenses; and immigration judges to clear the backlog in our immigration courts.
      • Make investments in state and local law enforcement to facilitate cooperation with federal law enforcement and immigration enforcement and removal efforts.
    • Revitalizes our military by providing critical funding for the Department of Defense to strengthen the U.S. military to deter conflict and ensure our nation’s security. Priorities to plus up our national defense include: 
      • Maintaining U.S. military readiness and the ability to defend U.S. interests globally.
      • Growing the U.S. Navy and strengthening its industrial base to restore U.S. maritime dominance.
      • Building an integrated air and missile defense to counter threats to the U.S. homeland.
      • Continuing to overhaul and strengthen America’s nuclear defense posture.
    • Facilitates energy independence by unleashing American energy production through on and offshore lease sales, and stopping the Biden Administration’s natural gas tax, also known as the methane emissions fee.
    • Begins the process of restoring fiscal sanity by fully paying for the investments in our border security, national security and domestic energy production up front. Since these investments will be spent in four years, the legislation will be paid for in four years. The bill’s projected increased annual spending of $85.5 billion will be paid for by a projected $85.5 billion in reduced annual spending. 

    Why we need to Secure our Border, Revitalize our Military, Unleash American Energy Production and Begin the Process of Fiscal Sanity.

    Text of the FY 2025 Senate budget resolution is available HERE.

    View tables on the FY 2025 Senate budget resolution HERE.

    MIL OSI USA News –

  • MIL-OSI Russia: MIL Analysis – Five best articles in Russian for 10.02.2025

    MIL Analysis: Here are the top five Russian language articles published today. The analysis consists of five articles that are prioritized at the moment.

    Today’s analysis provides us with economic performance and engagement with different communities. There is also a trend towards respect for human rights. The economy in China is growing and prospering.

    Education is increasing computerization skills and introducing artificial intelligence.

    “Samaraneftegaz” shows the innovative activities of Rosneft. Oil reserves have grown. In addition, science is developing day by day, so NSU scientists have developed a technique for measuring ultra-low concentrations of radioactive substances.

    Below you can read one of the articles.

    1. Financial news: Rules for managing conflicts of interest for NPFs.

    Non-state pension funds (NPFs) will be required to identify and manage conflicts of interest. Funds will be able to allow conflicts to arise only if they have notified their clients and their rights are not violated. The Ministry of Justice of Russia has registered the corresponding decree of the Bank of Russia.

    2. Cultural Code of the Celestial Empire: How to Do Business in China.

    Higher School of Economics

    By 2035, China will overtake the US in terms of GDP and become the world’s largest economy. Today, there are over 108 million entrepreneurs and 50 million industrial enterprises in this country. Last year, the economy grew by 4.8%. This opens up unique opportunities for Russian companies. Vysshka experts tell us how to enter one of the most promising markets.

    3. Vyshka launches advanced training course on AI in education.

    The Computer Science Department of the National Research University Higher School of Economics is launching an advanced training course on artificial intelligence in education. The program is designed for educators, teachers, methodologists planning to integrate AI technologies into the educational process, as well as for management teams of educational institutions interested in improving educational processes through the introduction of AI.

    4. “Samaraneftegaz replenished oil reserves by 180%.

    “Samaraneftegaz (part of Rosneft’s oil production complex) added 19 million tons of commercial oil reserves by the end of 2024, which made it possible to replenish oil production 1.8 times.

    5. NSU scientists have developed a methodology for determining ultra-low concentrations of radioactive substances.

    Scientists of the Physics Department of Novosibirsk State University have developed a technique for measuring ultra-small concentrations of radioactive substances whose decay is accompanied by gamma radiation. Data collection is carried out using a detector made of ultrapure germanium, which is part of the equipment of the NSU Interdepartmental Laboratory of Atomic Physics and Spectrometry; a special hardware and software system has been created for data processing. The first project implemented with the use of this technique is research work to determine the level of radioactive substances (radon) in the soil of mines and coal mines in the Kemerovo region.

    Learn more about MIL’s content and data services by visiting milnz.co.nz.

    Regards MIL!

    MIL OSI Russia News –

  • MIL-OSI NGOs: Trump’s unnecessary stand on plastic straws ignores American Health Crisis

    Source: Greenpeace Statement –

    Washington, D.C. (February 10, 2025)—In response to President Trump’s plan to revoke the Biden Administration’s directive to phase out plastic straw use across the federal government, Lisa Ramsden, Greenpeace USA’s senior plastics campaigner said: “Donald Trump’s Executive Order on plastic straws is a distraction from his administration’s efforts to prevent the EPA, the FDA and the NIH from protecting Americans from microplastics and dangerous chemicals. Once again, President Trump is pretending to be a populist while siding with his Big Oil buddies over the public interest. The majority of Americans – Democrats and Republicans – want action to cut plastic pollution and protect our health.

    “Plastics contain more than 16,000 chemicals, with over 3,200 known to cause cancer, disrupt hormones, contribute to obesity, or trigger early puberty in children. These chemicals have also been linked to reproductive health problems and declining fertility. So while the administration feigns concerns for Americans’ health and the declining birth rate, policies like this are exacerbating a public health crisis that drains over $250 billion from our economy annually.”

    Contact: Tanya Brooks, Senior Communications Specialist at Greenpeace USA, [email protected]  

    Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

    MIL OSI NGO –

  • MIL-OSI: ConnectM Publishes 2024 Impact Scorecard

    Source: GlobeNewswire (MIL-OSI)

    ~Ends 2024 With Triple Digit Growth Across All Electrification Metrics~

    MARLBOROUGH, Mass., Feb. 10, 2025 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (NASDAQ:CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, today published its impact scorecard for the fourth quarter of 2024. Following the end of each quarter, ConnectM publishes its quarterly scorecard to provide the Company’s key electrification indicators which we use as internal operating performance measures. ConnectM determines its quarterly impact score metrics by aggregating data and behavioral analytics sourced from our Energy Intelligence Network and integrated artificial intelligence technology.

    Electrification Impact Scorecard for year-end 2024 (compared to year-end 2023)

    • 95.5 GWh of Electrification, an increase of 331% over last year and equivalent to 35,000 homes powered per day¹
    • 73,506 Metric Tons of Co2 Displaced, an increase of 391% over last year and equivalent to the amount of CO2 3.4 million trees can absorb in a year²
    • 6.7 Million Gallons of Fossil Fuel Displaced, an increase of 343% over last year and equivalent to driving around the world roughly 7,000 times³

    Bhaskar Panigrahi, Chairman and Chief Executive Officer of ConnectM, commented, “ConnectM’s 2024 impact scorecard reaffirms our unwavering commitment to accelerating the electrification economy. Our triple-digit growth across key metrics reflects the power of AI-driven insights and data intelligence in scaling cleaner, more efficient energy solutions. As we expand our technology’s reach, we remain focused on delivering measurable, sustainable impact for our customers, partners, and stakeholders.”

    About ConnectM Technology Solutions, Inc.
    ConnectM is a pioneer in the electrification economy, integrating energy assets with its AI-driven technology platform. Focused on delivering solutions that drive efficiency, affordability, and sustainability, ConnectM serves home, facility, and fleet across three major segments: Building Electrification, Distributed Energy, and Transportation and Logistics. The company’s vertically integrated approach combines technology, service/distribution networks, and strategic partnerships to accelerate the transition to an all-electric energy economy.

    For more information, please visit: www.connectm.com. Stockholders looking to receive Company updates directly to their inbox should sign up here.

    Contact:
    Investor Relations
    Dave Gentry, CEO
    RedChip Companies, Inc.
    1-407-644-4256
    CNTM@redchip.com

    ____________________
    ¹U.S. Energy Information Administration (EIA) – Assuming the average home uses about 30 kilowatt-hours per day.
    ²US Department of Agriculture
    ³Assumes 26 miles per gallon

    The MIL Network –