Category: Energy

MIL-OSI: Par Pacific Holdings Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Nov. 04, 2024 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the quarter ended September 30, 2024.

Net Income of $7.5 million, or $0.13 per diluted share
Adjusted Net Loss of $(5.5) million, or $(0.10) per diluted share
Adjusted EBITDA of $51.4 million
Record logistics financial results driven by record refining throughput
Liquidity increased by $112.1 million while repurchasing $21.9 million of common stock

Par Pacific reported net income of $7.5 million, or $0.13 per diluted share, for the quarter ended September 30, 2024, compared to $171.4 million, or $2.79 per diluted share, for the same quarter in 2023. Third quarter 2024 Adjusted Net Loss was $(5.5) million, compared to Adjusted Net Income of $193.4 million in the third quarter of 2023. Third quarter 2024 Adjusted EBITDA was $51.4 million, compared to $255.7 million in the third quarter of 2023. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release.

“Our third quarter financial results reflect a challenging summer refining margin environment,” said Will Monteleone, President and Chief Executive Officer. “Despite the cyclical downturn, refining system throughput set a quarterly record, our retail and logistics segments delivered consistently strong financial results, and our Hawaii SAF project has entered the construction phase. We are focused on improving operating and capital efficiency while prioritizing safe and reliable operations.”

Refining

The Refining segment reported operating income of $19.0 million in the third quarter of 2024, compared to $194.8 million in the third quarter of 2023. Adjusted Gross Margin for the Refining segment was $142.2 million in the third quarter of 2024, compared to $350.6 million in the third quarter of 2023.

Refining segment Adjusted EBITDA was $20.1 million in the third quarter of 2024, compared to $233.6 million in the third quarter of 2023.

Hawaii
The 3-1-2 Singapore Crack Spread was $11.00 per barrel in the third quarter of 2024, compared to $23.39 per barrel in the third quarter of 2023. Throughput in the third quarter of 2024 was 81 thousand barrels per day (Mbpd), compared to 82 Mbpd for the same quarter in 2023. Production costs were $4.58 per throughput barrel in the third quarter of 2024, compared to $4.50 per throughput barrel in the same period of 2023.

The Hawaii refinery’s Adjusted Gross Margin was $6.10 per barrel during the third quarter of 2024, including a net price lag impact of approximately $5.1 million, or $0.68 per barrel, compared to $13.47 per barrel during the third quarter of 2023.

Montana
The RVO Adjusted USGC 3-2-1 Index averaged $14.14 per barrel in the third quarter of 2024, compared to $29.65 in the third quarter of 2023. The Montana refinery’s throughput in the third quarter of 2024 was 57 Mbpd, compared to 55 Mbpd for the same quarter in 2023. Production costs were $11.61 per throughput barrel, compared to $10.83 per throughput barrel in the same period of 2023.

The Montana refinery’s Adjusted Gross Margin was $12.42 per barrel during the third quarter of 2024, compared to $26.49 per barrel during the third quarter of 2023.

Washington
The RVO Adjusted Pacific Northwest 3-1-1-1 Index averaged $15.48 per barrel in the third quarter of 2024, compared to $35.00 per barrel in the third quarter of 2023. The Washington refinery’s throughput was 41 Mbpd in the third quarter of 2024, compared to 41 Mbpd in the third quarter of 2023. Production costs were $3.50 per throughput barrel in the third quarter of 2024, compared to $3.77 per throughput barrel in the same period of 2023.

The Washington refinery’s Adjusted Gross Margin was $1.76 per barrel during the third quarter of 2024, compared to $12.30 per barrel during the third quarter of 2023.

Wyoming
The RVO Adjusted USGC 3-2-1 Index averaged $14.14 per barrel in the third quarter of 2024, compared to $29.65 per barrel in the third quarter of 2023. The Wyoming refinery’s throughput was 19 Mbpd in the third quarter of 2024, compared to 20 Mbpd in the third quarter of 2023. Production costs were $7.00 per throughput barrel in the third quarter of 2024, compared to $6.46 per throughput barrel in the same period of 2023.

The Wyoming refinery’s Adjusted Gross Margin was $13.65 per barrel during the third quarter of 2024, including a FIFO impact of approximately $(4.7) million, or $(2.63) per barrel, compared to $37.01 per barrel during the third quarter of 2023.

Retail

The Retail segment reported operating income of $18.3 million in the third quarter of 2024, compared to $13.3 million in the third quarter of 2023. Adjusted Gross Margin for the Retail segment was $42.6 million in the third quarter of 2024, compared to $38.2 million in the same quarter of 2023.

Retail segment Adjusted EBITDA was $21.0 million in the third quarter of 2024, compared to $16.7 million in the third quarter of 2023. The Retail segment reported sales volumes of 31.2 million gallons in the third quarter of 2024, compared to 31.1 million gallons in the same quarter of 2023. Third quarter 2024 same store sales fuel volumes decreased by (1.4)% while merchandise revenue increased by 3.8%, compared to third quarter of 2023.

Logistics

The Logistics segment reported operating income of $26.2 million in the third quarter of 2024, compared to $20.7 million in the third quarter of 2023. Adjusted Gross Margin for the Logistics segment was $36.3 million in the third quarter of 2024, compared to $35.3 million in the same quarter of 2023.

Logistics segment Adjusted EBITDA was $33.0 million in the third quarter of 2024, compared to $29.1 million in the third quarter of 2023.

Liquidity

Net cash provided by operations totaled $78.5 million for the three months ended September 30, 2024, including working capital inflows of $67.2 million and deferred turnaround expenditures of $(15.6) million. Excluding these items, net cash provided by operations was $26.9 million for the three months ended September 30, 2024. Net cash provided by operations was $269.2 million for the three months ended September 30, 2023. Net cash used in investing activities totaled $(28.3) million for the three months ended September 30, 2024, consisting primarily of capital expenditures, compared to $(5.7) million for the three months ended September 30, 2023. Net cash used in financing activities totaled $(46.8) million for the three months ended September 30, 2024, compared to $(92.9) million for the three months ended September 30, 2023.

At September 30, 2024, Par Pacific’s cash balance totaled $183.0 million, gross term debt was $546.0 million, and total liquidity was $632.5 million. Net term debt was $363.0 million at September 30, 2024. In the third quarter of 2024, the Company repurchased $21.9 million of common stock.

Laramie Energy

In conjunction with Laramie Energy LLC’s (“Laramie’s”) refinancing and subsequent cash distribution to Par Pacific during the first quarter of 2023, we resumed the application of equity method accounting for our investment in Laramie effective February 21, 2023. During the third quarter of 2024, we recorded $(0.3) million of equity losses. Laramie’s total net loss was $(4.2) million in the third quarter of 2024, including unrealized losses on derivatives of $(0.4) million, compared to $(4.7) million in the third quarter of 2023. Laramie’s total Adjusted EBITDAX was $9.9 million in the third quarter of 2024, compared to $15.4 million in the third quarter of 2023.

Conference Call Information

A conference call is scheduled for Tuesday, November 5, 2024 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-833-974-2377 inside the U.S. or 1-412-317-5782 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company’s website at http://www.parpacific.com on the Investors page. A telephone replay will be available until November 19, 2024 and may be accessed by calling 1-877-344-7529 inside the U.S. or 1-412-317-0088 outside the U.S. and using the conference ID 4223997.

About Par Pacific

Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com.

Forward-Looking Statements

This news release (and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein) includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; anticipated free cash flows; anticipated refinery throughput; anticipated cost savings; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire, and develop energy, related retailing, and infrastructure businesses; the timing and expected results of certain development projects, as well as the impact of such investments on our product mix and sales; the anticipated synergies and other benefits of the Billings refinery and associated marketing and logistics assets (“Billings Acquisition”), including renewable growth opportunities, the anticipated financial and operating results of the Billings Acquisition and the effect on Par Pacific’s cash flows and profitability (including Adjusted EBITDA and Adjusted Net Income and Free Cash Flow per share); and other risks and uncertainties detailed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other documents that we file with the Securities and Exchange Commission. Additionally, forward-looking statements are subject to certain risks, trends, and uncertainties, such as changes to our financial condition and liquidity; the volatility of crude oil and refined product prices; the Russia-Ukraine war, Israel-Palestine conflict, Houthi attacks in the Red Sea, Iranian activities in the Strait of Hormuz and their potential impacts on global crude oil markets and our business; operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; environmental risks; changes in the labor market; and risks of political or regulatory changes. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events, or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.

Contact:
Ashimi Patel
VP, Investor Relations & Sustainability
(832) 916-3355
apatel@parpacific.com


Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Revenues	$	2,143,933		$	2,579,308		$	6,142,236		$	6,048,444
Operating expenses
Cost of revenues (excluding depreciation)		1,905,200			2,174,385			5,422,875			5,038,211
Operating expense (excluding depreciation)		147,049			145,183			444,389			330,146
Depreciation and amortization		31,879			35,311			96,679			87,887
General and administrative expense (excluding depreciation)		22,399			23,694			87,322			66,148
Equity earnings from refining and logistics investments		(3,008	)		(3,934	)		(12,846	)		(4,359	)
Acquisition and integration costs		(23	)		4,669			68			17,213
Par West redevelopment and other costs		4,006			3,127			9,048			8,490
Loss on sale of assets, net		—			—			114			—
Total operating expenses		2,107,502			2,382,435			6,047,649			5,543,736
Operating income		36,431			196,873			94,587			504,708
Other income (expense)
Interest expense and financing costs, net		(23,402	)		(20,815	)		(61,720	)		(51,974	)
Debt extinguishment and commitment costs		—			—			(1,418	)		(17,682	)
Other income (loss), net		1,253			(43	)		(1,447	)		301
Equity earnings (losses) from Laramie Energy, LLC		(336	)		—			2,867			10,706
Total other expense, net		(22,485	)		(20,858	)		(61,718	)		(58,649	)
Income before income taxes		13,946			176,015			32,869			446,059
Income tax expense		(6,460	)		(4,600	)		(10,496	)		(6,741	)
Net income	$	7,486		$	171,415		$	22,373		$	439,318

Weighted-average shares outstanding
Basic		55,729		60,223		57,283		60,241
Diluted		56,224		61,404		58,070		61,144

Income per share
Basic	$	0.13	$	2.85	$	0.39	$	7.29
Diluted	$	0.13	$	2.79	$	0.39	$	7.18


Balance Sheet Data (Unaudited) (in thousands)

	September 30, 2024		December 31, 2023
Balance Sheet Data
Cash and cash equivalents	$	182,977	$	279,107
Working capital (1)		542,690		190,042
ABL Credit Facility		511,000		115,000
Term debt (2)		546,021		550,621
Total debt, including current portion		1,043,706		650,858
Total stockholders’ equity		1,254,026		1,335,424

______________________________
(1) Working capital is calculated as (i) total current assets excluding cash and cash equivalents less (ii) total current liabilities excluding current portion of long-term debt. Total current assets include inventories stated at the lower of cost or net realizable value.
(2) Term debt includes the Term Loan Credit Agreement and other long-term debt.

Operating Statistics

The following table summarizes key operational data:

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Total Refining Segment
Feedstocks throughput (Mbpd) (1)		198.4			198.2			186.3			164.6
Refined product sales volume (Mbpd) (1)		216.2			217.3			200.2			178.7

Hawaii Refinery
Feedstocks throughput (Mbpd)		80.7			82.3			80.4			80.9

Yield (% of total throughput)
Gasoline and gasoline blendstocks		25.6	%		26.5	%		26.0	%		26.7	%
Distillates		38.3	%		42.1	%		38.1	%		40.8	%
Fuel oils		32.0	%		26.5	%		32.0	%		28.0	%
Other products		0.7	%		2.1	%		0.3	%		1.5	%
Total yield		96.6	%		97.2	%		96.4	%		97.0	%

Refined product sales volume (Mbpd)		93.5			90.0			87.8			89.2

Adjusted Gross Margin per bbl ($/throughput bbl) (2)	$	6.10		$	13.47		$	10.06		$	14.74
Production costs per bbl ($/throughput bbl) (3)		4.58			4.50			4.66			4.46
D&A per bbl ($/throughput bbl)		0.25			0.65			0.47			0.68

Montana Refinery
Feedstocks Throughput (Mbpd) (1)		57.2			55.4			49.2			57.1

Yield (% of total throughput)
Gasoline and gasoline blendstocks		46.5	%		50.5	%		49.5	%		49.6	%
Distillates		34.7	%		27.7	%		31.7	%		28.2	%
Asphalt		11.0	%		14.7	%		9.3	%		14.4	%
Other products		4.0	%		3.4	%		4.4	%		3.5	%
Total yield		96.2	%		96.3	%		94.9	%		95.7	%

Refined product sales volume (Mbpd) (1)		60.3			63.5			53.4			62.5

Adjusted Gross Margin per bbl ($/throughput bbl) (2)	$	12.42		$	26.49		$	14.15		$	27.74
Production costs per bbl ($/throughput bbl) (3)		11.61			10.83			13.16			10.10
D&A per bbl ($/throughput bbl)		1.82			1.63			1.69			1.69

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Washington Refinery
Feedstocks throughput (Mbpd)		41.1			41.0			37.9			40.5

Yield (% of total throughput)
Gasoline and gasoline blendstocks		23.6	%		22.8	%		24.0	%		23.4	%
Distillate		35.3	%		34.6	%		34.5	%		34.6	%
Asphalt		17.4	%		20.1	%		18.6	%		19.4	%
Other products		19.7	%		18.8	%		19.3	%		18.8	%
Total yield		96.0	%		96.3	%		96.4	%		96.2	%

Refined product sales volume (Mbpd)		42.4			44.2			39.6			43.3

Adjusted Gross Margin per bbl ($/throughput bbl) (2)	$	1.76		$	12.30		$	4.03		$	9.91
Production costs per bbl ($/throughput bbl) (3)		3.50			3.77			4.28			4.00
D&A per bbl ($/throughput bbl)		1.81			1.79			2.00			1.81

Wyoming Refinery
Feedstocks throughput (Mbpd)		19.4			19.5			18.8			17.7

Yield (% of total throughput)
Gasoline and gasoline blendstocks		43.7	%		46.7	%		45.7	%		46.0	%
Distillate		49.0	%		47.1	%		48.1	%		47.3	%
Fuel oils		3.4	%		2.5	%		2.5	%		2.5	%
Other products		2.3	%		1.7	%		2.2	%		1.7	%
Total yield		98.4	%		98.0	%		98.5	%		97.5	%

Refined product sales volume (Mbpd)		20.0			19.6			19.4			18.3

Adjusted Gross Margin per bbl ($/throughput bbl) (2)	$	13.65		$	37.01		$	14.42		$	28.88
Production costs per bbl ($/throughput bbl) (3)		7.00			6.46			7.30			7.34
D&A per bbl ($/throughput bbl)		2.43			2.41			2.51			2.69

Market Indices ($ per barrel)
3-1-2 Singapore Crack Spread (4)	$	11.00		$	23.39		$	14.04		$	19.45
RVO Adj. Pacific Northwest 3-1-1-1 Index (5)		15.48			35.00			19.49			28.51
RVO Adj. USGC 3-2-1 Index (6)		14.14			29.65			17.79			25.96

Crude Oil Prices ($ per barrel)
Brent	$	78.71		$	85.92		$	81.82		$	81.93
WTI		75.27			82.22			77.61			77.28
ANS (7)		80.26			89.25			83.49			82.57
Bakken Clearbrook		74.41			83.58			76.22			79.38
WCS Hardisty		59.98			65.42			62.20			60.75
Brent M1-M3		1.31			1.27			1.22			0.74

Retail Segment
Retail sales volumes (thousands of gallons)		31,232			31,137			91,186			87,710

______________________________
(1)   Feedstocks throughput and sales volumes per day for the Montana refinery for the three and nine months ended September 30, 2023 are calculated based on the 92 and 122-day periods for which we owned the Montana refinery during the three and nine months ended September 30, 2023, respectively. As such, the amounts for the total refining segment represent the sum of the Hawaii, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the three and nine months ended September 30, 2023, plus the Montana refinery’s throughput or sales volumes averaged over the periods from July 1, 2023 to September 30, 2023 and June 1, 2023 to September 30, 2023, respectively. The 2024 amounts for the total refining segment represent the sum of the Hawaii, Montana, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the three and nine months ended September 30, 2024.
(2)   We calculate Adjusted Gross Margin per barrel by dividing Adjusted Gross Margin by total refining throughput. Adjusted Gross Margin for our Washington refinery is determined under the last-in, first-out (“LIFO”) inventory costing method. Adjusted Gross Margin for our other refineries is determined under the first-in, first-out (“FIFO”) inventory costing method.
(3)   Management uses production costs per barrel to evaluate performance and compare efficiency to other companies in the industry. There are a variety of ways to calculate production costs per barrel; different companies within the industry calculate it in different ways. We calculate production costs per barrel by dividing all direct production costs, which include the costs to run the refineries including personnel costs, repair and maintenance costs, insurance, utilities, and other miscellaneous costs, by total refining throughput. Our production costs are included in Operating expense (excluding depreciation) on our condensed consolidated statements of operations, which also includes costs related to our bulk marketing operations and severance costs.
(4)   We believe the 3-1-2 Singapore Crack Spread (or three barrels of Brent crude oil converted into one barrel of gasoline and two barrels of distillates (diesel and jet fuel)) is the most representative market indicator for our operations in Hawaii.
(5)   We believe the RVO Adjusted Pacific Northwest 3-1-1-1 Index (or three barrels of WTI crude oil converted into one barrel of Pacific Northwest gasoline, one barrel of Pacific Northwest ULSD and one barrel of USGC VGO, less 100% of the RVO cost for gasoline and ULSD) is the most representative market indicator for our operations in Washington.
(6)   We believe the RVO Adjusted USGC 3-2-1 Index (or three barrels of WTI crude oil converted into two barrels of USGC gasoline and one barrel of USGC ULSD, less 100% of the RVO cost) is the most representative market indicator for our operations in Montana and Wyoming.
(7)   ANS crude price influences the Hawaii Refinery’s financial performance. Beginning in September 2024, the ANS index has been updated from a Platts marker to an Argus marker to better reflect the prompt ANS market.

Non-GAAP Performance Measures

Management uses certain financial measures to evaluate our operating performance that are considered non-GAAP financial measures. These measures should not be considered in isolation or as substitutes or alternatives to their most directly comparable GAAP financial measures or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies since each company may define these terms differently.

We believe Adjusted Gross Margin (as defined below) provides useful information to investors because it eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences created by our inventory financing agreements and lower of cost and net realizable value adjustments to demonstrate the earnings potential of the business before other fixed and variable costs, which are reported separately in Operating expense (excluding depreciation) and Depreciation and amortization. Management uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. We believe Adjusted Net Income (Loss) and Adjusted EBITDA (as defined below) are useful supplemental financial measures that allow investors to assess the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis, the ability of our assets to generate cash to pay interest on our indebtedness, and our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure. We believe Adjusted EBITDA by segment (as defined below) is a useful supplemental financial measure to evaluate the economic performance of our segments without regard to financing methods, capital structure, or historical cost basis.

Beginning with financial results reported for the second quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA also exclude our portion of interest, taxes, and depreciation expense from our refining and logistics investments acquired on June 1, 2023, as part of the Billings Acquisition.

Beginning with financial results reported for the fourth quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA excludes all hedge losses (gains) associated with our Washington ending inventory and LIFO layer increment impacts associated with our Washington inventory. In addition, we have modified our environmental obligation mark-to-market adjustment to include only the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington Climate Commitment Act (“Washington CCA”) and Clean Fuel Standard. This modification was made as part of our change in how we estimate our environmental obligation liabilities.

Beginning with financial results reported for the fourth quarter of 2023, Adjusted Net Income (loss) excludes unrealized interest rate derivative losses (gains) and all Laramie Energy related impacts with the exception of cash distributions. We have recast Adjusted Net Income (Loss) for prior periods when reported to conform to the modified presentation.

Beginning with financial results reported for the first quarter of 2024, Adjusted Net Income (loss) also excludes other non-operating income and expenses. This modification improves comparability between periods by excluding income and expenses resulting from non-operating activities.

Adjusted Gross Margin

Adjusted Gross Margin is defined as operating income (loss) excluding:

•		operating expense (excluding depreciation);
•		depreciation and amortization (“D&A”);
•		Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments;
•		impairment expense;
•		loss (gain) on sale of assets, net;
•		inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
•		Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard); and
•		unrealized loss (gain) on derivatives.

The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands):

Three months ended September 30, 2024	Refining			Logistics		Retail
Operating income	$	19,005		$	26,164	$	18,274
Operating expense (excluding depreciation)		122,054			3,334		21,661
Depreciation and amortization		22,623			5,925		2,680
Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments		658			861		—
Inventory valuation adjustment		14,057			—		—
Environmental obligation mark-to-market adjustments		(4,432	)		—		—
Unrealized gain on commodity derivatives		(31,772	)		—		—
Gain on sale of assets, net		—			—		—
Adjusted Gross Margin (1)	$	142,193		$	36,284	$	42,615

Three months ended September 30, 2023	Refining			Logistics		Retail
Operating income	$	194,847		$	20,736	$	13,315
Operating expense (excluding depreciation)		116,949			6,135		22,099
Depreciation and amortization		24,278			7,708		2,766
Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments		821			698		—
Inventory valuation adjustment		72,823			—		—
Environmental obligation mark-to-market adjustments		(50,153	)		—		—
Unrealized gain on commodity derivatives		(8,995	)		—		—
Adjusted Gross Margin (1)	$	350,570		$	35,277	$	38,180

Nine Months Ended September 30, 2024	Refining			Logistics		Retail
Operating income	$	82,811		$	64,579	$	45,323
Operating expense (excluding depreciation)		365,031			11,847		67,511
Depreciation and amortization		66,584			19,893		8,471
Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments		2,037			2,550		—
Inventory valuation adjustment		(6,419	)		—		—
Environmental obligation mark-to-market adjustments		(18,199	)		—		—
Unrealized loss on commodity derivatives		34,061			—		—
Loss (gain) on sale of assets, net		—			124		(10	)
Adjusted Gross Margin (1)	$	525,906		$	98,993	$	121,295

Nine Months Ended September 30, 2023	Refining			Logistics		Retail
Operating income	$	502,123		$	54,035	$	42,009
Operating expense (excluding depreciation)		252,802			13,178		64,166
Depreciation and amortization		59,827			17,801		8,577
Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments		821			905		—
Inventory valuation adjustment		126,799			—		—
Environmental obligation mark-to-market adjustments		(174,111	)		—		—
Unrealized gain on commodity derivatives		(487	)		—		—
Adjusted Gross Margin (1)	$	767,774		$	85,919	$	114,752

______________________________
(1) For the three and nine months ended September 30, 2024 and 2023, there was no impairment expense in Operating income. For the three months ended September 30, 2024 and the three and nine months ended September 30, 2023, there was no (gain) loss on sale of assets recorded in Operating income.

Adjusted Net Income (Loss) and Adjusted EBITDA

Adjusted Net Income (Loss) is defined as Net income (loss) excluding:

•		inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
•		Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);
•		unrealized (gain) loss on derivatives;
•		acquisition and integration costs;
•		redevelopment and other costs related to Par West;
•		debt extinguishment and commitment costs;
•		increase in (release of) tax valuation allowance and other deferred tax items;
•		changes in the value of contingent consideration and common stock warrants;
•		severance costs and other non-operating expense (income);
•		(gain) loss on sale of assets;
•		impairment expense;
•		impairment expense associated with our investment in Laramie Energy; and
•		Par’s share of equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions.

Adjusted EBITDA is defined as Adjusted Net Income (Loss) excluding:

•		D&A;
•		interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain);
•		cash distributions from Laramie Energy, LLC to Par;
•		Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments; and
•		income tax expense (benefit) excluding the increase in (release of) tax valuation allowance.

The following table presents a reconciliation of Adjusted Net Income (Loss) and Adjusted EBITDA to the most directly comparable GAAP financial measure, net income (loss), on a historical basis for the periods indicated (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Net income	$	7,486		$	171,415		$	22,373		$	439,318
Inventory valuation adjustment		14,057			72,823			(6,419	)		126,799
Environmental obligation mark-to-market adjustments		(4,432	)		(50,153	)		(18,199	)		(174,111	)
Unrealized loss (gain) on derivatives		(31,196	)		(9,116	)		33,756			(1,151	)
Acquisition and integration costs		(23	)		4,669			68			17,213
Par West redevelopment and other costs		4,006			3,127			9,048			8,490
Debt extinguishment and commitment costs		—			—			1,418			17,682
Changes in valuation allowance and other deferred tax items (1)		5,707			—			9,238			—
Severance costs and other non-operating expense (2)		(1,490	)		615			14,648			1,685
Loss on sale of assets, net		—			—			114			—
Equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions		336			—			(1,382	)		—
Adjusted Net Income (Loss) (3)		(5,549	)		193,380			64,663			435,925
Depreciation and amortization		31,879			35,311			96,679			87,887
Interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain)		22,826			20,936			62,025			52,638
Laramie Energy, LLC cash distributions to Par		—			—			(1,485	)		(10,706	)
Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments		1,519			1,519			4,587			1,726
Income tax expense (benefit)		753			4,600			1,258			6,741
Adjusted EBITDA (3)	$	51,428		$	255,746		$	227,727		$	574,211

______________________________
(1)   For the three and nine months ended September 30, 2024, we recognized a non-cash deferred tax expense of $5.7 million and $9.2 million, respectively, related to deferred state and federal tax liabilities. This tax benefit is included in Income tax expense (benefit) on our consolidated statements of operations. For the three and nine months ended September 30, 2023, we did not have any adjustments to our valuation allowance and other deferred tax items.
(2)   For the nine months ended September 30, 2024, we incurred $13.1 million of stock-based compensation expenses associated with accelerated vesting of equity awards and modification of vested equity awards related to our CEO transition and $2.3 million for an estimated legal settlement unrelated to current operating activities.
(3)   For the three and nine months ended September 30, 2024 and 2023, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference. Please read the Non-GAAP Performance Measures discussion above for information regarding changes to the components of Adjusted Net Income (Loss) and Adjusted EBITDA made during the reporting periods.

The following table sets forth the computation of basic and diluted Adjusted Net Income (Loss) per share (in thousands, except per share amounts):

	Three Months Ended September 30,					Nine Months Ended September 30,
		2024			2023		2024		2023
Adjusted Net Income (Loss)	$	(5,549	)	$	193,380	$	64,663	$	435,925
Plus: effect of convertible securities		—			—		—		—
Numerator for diluted income (loss) per common share	$	(5,549	)	$	193,380	$	64,663	$	435,925

Basic weighted-average common stock shares outstanding		55,729			60,223		57,283		60,241
Add dilutive effects of common stock equivalents (1)		—			1,181		787		903
Diluted weighted-average common stock shares outstanding		55,729			61,404		58,070		61,144

Basic Adjusted Net Income (Loss) per common share	$	(0.10	)	$	3.21	$	1.13	$	7.24
Diluted Adjusted Net Income (Loss) per common share	$	(0.10	)	$	3.15	$	1.11	$	7.13

______________________________
(1) Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per share amounts. We have utilized the basic shares outstanding to calculate both basic and diluted Adjusted Net Loss per common share for the three months ended September 30, 2024.

Adjusted EBITDA by Segment

Adjusted EBITDA by segment is defined as Operating income (loss) excluding:

•		D&A;
•		inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
•		Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);
•		unrealized (gain) loss on derivatives;
•		acquisition and integration costs;
•		redevelopment and other costs related to Par West;
•		severance costs and other non-operating expense (income);
•		(gain) loss on sale of assets;
•		impairment expense; and
•		Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments.

Adjusted EBITDA by segment also includes Gain on curtailment of pension obligation and Other income (loss), net, which are presented below operating income (loss) on our condensed consolidated statements of operations.

The following table presents a reconciliation of Adjusted EBITDA by segment to the most directly comparable GAAP financial measure, operating income (loss) by segment, on a historical basis, for selected segments, for the periods indicated (in thousands):

	Three Months Ended September 30, 2024
	Refining			Logistics		Retail		Corporate and Other
Operating income (loss) by segment	$	19,005		$	26,164	$	18,274	$	(27,012	)
Depreciation and amortization		22,623			5,925		2,680		651
Inventory valuation adjustment		14,057			—		—		—
Environmental obligation mark-to-market adjustments		(4,432	)		—		—		—
Unrealized gain on commodity derivatives		(31,772	)		—		—		—
Acquisition and integration costs		—			—		—		(23	)
Par West redevelopment and other costs		—			—		—		4,006
Severance costs and other non-operating expense		—			—		—		(1,490	)
Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments		658			861		—		—
Other income, net		—			—		—		1,253
Adjusted EBITDA (1)	$	20,139		$	32,950	$	20,954	$	(22,615	)

	Three Months Ended September 30, 2023
	Refining			Logistics		Retail		Corporate and Other
Operating income (loss) by segment	$	194,847		$	20,736	$	13,315	$	(32,025	)
Depreciation and amortization		24,278			7,708		2,766		559
Inventory valuation adjustment		72,823			—		—		—
Environmental obligation mark-to-market adjustments		(50,153	)		—		—		—
Unrealized gain on commodity derivatives		(8,995	)		—		—		—
Acquisition and integration costs		—			—		—		4,669
Par West redevelopment and other costs		—			—		—		3,127
Severance costs and other non-operating expenses		—			—		580		35
Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments		821			698		—		—
Other loss, net		—			—		—		(43	)
Adjusted EBITDA (1)	$	233,621		$	29,142	$	16,661	$	(23,678	)

	Nine Months Ended September 30, 2024
	Refining			Logistics		Retail			Corporate and Other
Operating income (loss) by segment	$	82,811		$	64,579	$	45,323		$	(98,126	)
Depreciation and amortization		66,584			19,893		8,471			1,731
Inventory valuation adjustment		(6,419	)		—		—			—
Environmental obligation mark-to-market adjustments		(18,199	)		—		—			—
Unrealized loss on commodity derivatives		34,061			—		—			—
Acquisition and integration costs		—			—		—			68
Severance costs and other non-operating expenses		642			—		—			14,006
Par West redevelopment and other costs		—			—		—			9,048
Loss (gain) on sale of assets, net		—			124		(10	)		—
Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments		2,037			2,550		—			—
Other loss, net		—			—		—			(1,447	)
Adjusted EBITDA (1)	$	161,517		$	87,146	$	53,784		$	(74,720	)

	Nine Months Ended September 30, 2023
	Refining			Logistics		Retail		Corporate and Other
Operating income (loss) by segment	$	502,123		$	54,035	$	42,009	$	(93,459	)
Depreciation and amortization		59,827			17,801		8,577		1,682
Inventory valuation adjustment		126,799			—		—		—
Environmental obligation mark-to-market adjustments		(174,111	)		—		—		—
Unrealized gain on commodity derivatives		(487	)		—		—		—
Acquisition and integration costs		—			—		—		17,213
Severance costs and other non-operating expenses		—			—		580		1,105
Par West redevelopment and other costs		—			—		—		8,490
Par’s portion of interest, taxes, and depreciation expense from refining and logistics investments		821			905		—		—
Other income, net		—			—		—		301
Adjusted EBITDA (1)	$	514,972		$	72,741	$	51,166	$	(64,668	)

________________________________________
(1) For the three and nine months ended September 30, 2024 and 2023, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, or impairments associated with our investment in Laramie Energy. For three months ended September 30, 2024 and for the three and nine months ended September 30, 2023, there was no loss (gain) on sale of assets.

Laramie Energy Adjusted EBITDAX

Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative loss (gain), loss (gain) on settled derivative instruments, interest expense, gain on extinguishment of debt, non-cash preferred dividend, depreciation, depletion, amortization, and accretion, exploration and geological and geographical expense, bonus accrual, equity-based compensation expense, loss (gain) on disposal of assets, phantom units, and expired acreage (non-cash). We believe Adjusted EBITDAX is a useful supplemental financial measure to evaluate the economic and operational performance of exploration and production companies such as Laramie Energy.

The following table presents a reconciliation of Laramie Energy’s Adjusted EBITDAX to the most directly comparable GAAP financial measure, net income (loss) for the periods indicated (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Net income (loss)	$	(4,239	)	$	(3,479	)	$	(4,296	)	$	54,048
Commodity derivative (income) loss		(5,234	)		1,889			(15,821	)		(32,951	)
Gain (loss) on settled derivative instruments		5,584			2,775			14,220			(1,433	)
Interest expense and loan fees		5,745			5,783			15,783			14,742
Gain on extinguishment of debt		—			(3,454	)		—			6,644
Non-cash preferred dividend		—			—			—			2,910
Depreciation, depletion, amortization, and accretion		8,128			9,248			24,683			22,465
Phantom units		(217	)		2,425			(503	)		3,171
Loss (gain) on sale of assets, net		(8	)		239			(8	)		307
Expired acreage (non-cash)		157			—			722			112
Total Adjusted EBITDAX (1)	$	9,916		$	15,426		$	34,780		$	70,015

______________________________
(1) For the three and nine months ended September 30, 2024 and 2023, there was no exploration and geological and geographical expense, bonus accrual, or equity-based compensation expense.

The MIL Network –

January 26, 2025

MIL-OSI Australia: Tables – Tax compliance of Australian corporations

Source: Australian Department of Revenue

Demographics of large corporate groups – data table

The table details the data used in figure, the contribution to tax revenue from 2017–18 to 2022–23 for large corporate groups.

Table: the contribution to tax revenue from 2017–18 to 2022–23 for large corporate groups
$b Income tax payable	2017–18	2018–19	2019–20	2020–21	2021–22	2022–23
Large Diversified Miners	8.0	10.2	11.5	14.9	23.1	21.0
Oil & Gas	1.2	1.9	1.3	0.6	1.4	12.0
Other Mining, Energy and Water	6.9	10.8	12.1	16.6	18.0	22.3
Major Banks	11.4	10.1	9.2	8.4	8.4	9.9
Other Financial Services	6.5	6.8	6.4	7.4	8.7	7.3
Wholesale, Retail and Services	13.6	12.6	12.5	15.1	17.3	18.4
Manufacturing, Construction and Agriculture	3.9	3.8	3.7	4.0	5.6	4.8
Total large corporate groups income tax reported	51.4	56.2	56.6	67.1	82.6	95.6

Macro-level analysis is giving us confidence – data tables

The table below details the data used in figure, indexed income tax payable and pre-tax profits of ASX-listed companies.

Table: Indexed income tax payable and pre-tax profits of ASX-listed companies
Year	Income tax payable ($m)	Pre-tax profit ($m)	Indexed income tax payable	Indexed pre-tax profit
2018	28,549	157,674	100.0	100.0
2019	29,938	164,157	104.9	104.1
2020	31,080	146,335	108.9	92.8
2021	37,877	190,778	132.7	121.0
2022	43,353	246,988	151.9	156.6

The table below details the data used in figure, tax-to-income ratios of Australian public and majority foreign-owned large corporate groups.

Table: Tax-to-income ratios of Australian public and majority foreign-owned large corporate groups from 2017 to 2023
Year	Majority Foreign-owned	Australian – Public	Australian – Public (excluding largest 10)	Private
2017	1.57%	3.19%	1.80%	1.44%
2018	1.82%	3.25%	1.92%	1.81%
2019	1.90%	3.44%	1.91%	1.44%
2020	1.72%	3.47%	1.72%	1.51%
2021	1.63%	4.13%	1.76%	1.79%
2022	2.32%	4.29%	2.15%	1.72%
2023	3.00%	3.72%	2.37%	1.48%

The OECD four pillars of compliance – data table

The table details the data used in figure 2, culpability penalty rates applied to large corporate groups, 2018–19 to 2023–24.

Table: Culpability penalty rates applied to large corporate groups from 2018–19 to 2023–24
Culpability penalty	2018–19	2019–20	2020–21	2021–22	2022–23	2023–24
0 rate	0.4	0.7	0.3	0.3	0.7	0.4
10% rate	0.1	0.1	0.3	0.3	0.0	0.3
25% rate	0.3	0.1	0.4	0.3	0.2	0.3
50% rate	0.2	0.1	0.1	0.1	0.1	0.0
75% rate	0.0	0.0	0.0	0.0	0.0	0.0

MIL OSI News –

January 26, 2025

MIL-OSI USA: Welch Awarded American Farm Bureau Federation’s “Friend of the Farm Bureau” Award

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)

Welch Joins Vermont Farmers and Agriculture Leaders in Fairlee
FAIRLEE, VT – U.S. Senator Peter Welch (D-Vt.), Chair of the Senate Agriculture Subcommittee on Rural Development and Energy, was awarded the American Farm Bureau Federation’s “Friend of the Farm Bureau” Award for the 118th Congress for his leadership and commitment to Vermont’s farmers and rural communities. Senator Welch accepted the award at the Vermont Farm Bureau’s annual dinner in Fairlee.
“Agriculture is at the heart of what makes Vermont special— our sense of community, our working lands, and neighbors feeding neighbors. But this important part of our State’s culture has been threatened by market pressures and back-to-back floods, which have made it tough for rural families to make ends meet and farmers to stay in business. I’m fighting in Washington to help and will keep working to support Vermont farmers, farmworkers, and families,” said Senator Welch.
View photos from the event below:

Senator Welch earned the “Friend of the Farm Bureau” award for his dedication and commitment to Vermont’s farmers, agricultural industry, and rural communities. He was nominated by the Vermont Farm Bureau.
At the event, Senator Welch highlighted the urgent need to pass a bipartisan Farm Bill to help farmers keep farming and put food on the table for families across America. The Senate’s draft Farm Bill, the Rural Prosperity and Food Security Act, includes several priorities championed by Sen. Welch that will strengthen Vermont’s farms, rural communities, and families, including:

The Farmland Access Act, legislation to improve Agricultural Conservation Easement Program (ACEP) entity certification and buy-protect-sell provisions to help protect American farmland for its intended use and expand access to farming for the next generation.

The Future Farmers and Ranchers of Tomorrow Act, bicameral legislation to increase access to U.S. Department of Agriculture (USDA) programs for young and new farmers by revising USDA’s “qualified beginning farmer or rancher” definition to allow non-related beginning farmers and ranchers in joint entities to be eligible for FSA loans.

The O DAIRY Act, legislation to improve collection of organic dairy market data.

The ReConnecting Rural America Act, bipartisan legislation that would codify and clarify components of USDA’s ReConnect Loan and Grant Program and, in so doing, reduce red tape, and speed broadband deployment.

The Rural Prosperity and Food Security Act contains more than 100 pieces of legislation that aim to support our farms, create jobs, improve rural infrastructure, expand access to childcare and health care, support rural education and skills training, build out high-speed rural broadband, help build more affordable housing in rural America, assist homeowners and farms transition to greener energy and lower their utility bills, clean up our drinking water, conserve our land, and more.

MIL OSI USA News –

January 26, 2025
MIL-OSI Video: Clean Energy Shift Risks Widening Inequalities – UN Vice Chief | Briefing | United Nations

Source: United Nations (Video News)

Deputy Secretary-General Amina J. Mohammed today (4 Nov) said, “there is a danger that the clean energy transition could reproduce and amplify inequalities of the past: With developing countries – rich in the renewables critical to the transition – banished to the bottom of those value chains, their people are exploited, and their environment in jeopardy as others grow wealthy on their resources.”

Presenting the report of the Secretary-General’s Panel on Critical Energy Transition Minerals, Mohammed said, “we are in the midst of a quiet revolution. The way we power our economies and societies is changing. Renewables have never been cheaper or more accessible, and the acceleration in their roll-out is staggering but uneven.”

Mohammed said, “the Panel’s report identifies ways governments, industry, and the United Nations can work to embed justice and equity in critical energy transition mineral value chains and ensures that they spur sustainable development, respect people, protect the environment, and power prosperity in resource-rich developing countries.”

She said the report, “outlines seven guiding principles that prioritize human rights, environmental protection, and inclusive development while also insisting on responsible trade and investment.”

One of the Panel’s Co-chairs, Ambassador Nozipho Mxakato-Diseko of South Africa, said, “these minerals are so essential to the transition of the world to a low carbon economy, that it’s important that there’s understanding amongst member states, there’s understanding among countries that are producing and endowed with these minerals and countries that consume these minerals that tend to be very strong.”

Above all, Mxakato-Diseko said, there is need for cooperation and understanding and trust between big powers.”

The South African Ambassador said, “this is an area where one country cannot benefit alone to the detriment of other countries. We either all do something to address climate change together or we don’t, and we sink together. We either act together to save the world and address climate change, or we don’t together, and we perish. And history will not be kind on us.”

The report indicates that effective climate action and the global deployment of renewable energy technologies relies on the sufficient, reliable and affordable supply of critical energy transition minerals (CETMs). For the energy transition to be just, these minerals must be extracted, processed, transformed and recycled sustainably and equitably.

According to the International Energy Agency (IEA), reaching net-zero globally by 2050 would require the demand for CETMs to increase three and a half times by 2030, with even steeper demand for key commodities such as lithium (8 times), graphite (7 times), and nickel (7 times).

The report states that countries with large reserves of CETMs could, with careful action-orientated planning, have an opportunity to transform economies, create green jobs, and foster sustainable local, regional and global development, especially for developing countries and communities.

https://www.youtube.com/watch?v=80-fMeKTZF0

MIL OSI Video –

January 26, 2025
MIL-OSI Asia-Pac: The International Solar Alliance Hosts the Seventh Session of its Annual Assembly with representatives from 103 Member & 17 Signatory Countries
Source: Government of India (2)

Posted On: 04 NOV 2024 5:54PM by PIB Delhi

The International Solar Alliance (ISA) is hosting the seventh session of its Assembly here in the Indian capital with ministers from 29 countries.

Speaking at the inaugural ceremony, the Hon’ble Minister for New and Renewable Energy, India, in his capacity as the President of the ISA Assembly, Shri Pralhad Joshi said: “It is my great honour to stand before you today at the Seventh Session of the Assembly of the ISA. Today, we find ourselves at a key turning point in our mission to reshape the global energy future. Solar energy, once just a vision, is now a powerful reality, leading the world toward a cleaner and more sustainable path. The progress we’ve made together is undeniable, and the true potential of solar energy is unfolding, showing us just how transformative it can be.” He further added, “As a coalition of 120 Member and Signatory countries, ISA has been at the forefront of mobilising resources and facilitating the deployment of solar projects worldwide, particularly in Least Developed Countries (LDCs) and Small Island Developing States (SIDS). I’m proud to state that ISA has successfully completed 21 out of 27 demonstration projects, showcasing our collective ability to make significant strides in solar energy deployment and support sustainable development across the globe. These successful projects are a testament to our shared commitment and dedication. I congratulate and dedicate the eleven demonstration projects and the seven STAR- Centres launched today to the people of these countries.”

The Hon’ble President also highlighted key interventions of ISA, which are globally pushing the solar agenda. The Solar Data Portal, a platform that delivers real-time data on solar resources, project performance, and investment opportunities across countries, transforms how governments, investors, and developers engage with solar projects by providing transparent and actionable insights. The Global Solar Facility aims to unlock commercial capital for solar projects in underserved regions, especially Africa. A pilot project is underway in the Democratic Republic of Congo, and commitments of USD 39 million from India, ISA, Bloomberg, and Children’s Investment Fund Foundation are on track to be operationalised by COP29.

In addition, the SolarX Startup Challenge has successfully identified and supported innovative, scalable solutions for the solar sector. The 2024 edition announced 30 winners from the Asia and Pacific region, including India, and preparations are underway to host the Third Edition of the challenge for the Latin America and Caribbean region.

The monthly ISA Knowledge Series and the Green Hydrogen Innovation Centre, launched at the G20 Ministerial, are advancing solar energy research and development to expand knowledge-sharing and advocacy. Global events like the International Solar Festival, CEO Caucus, and the ISA pavilion ‘Solar Hub’ at the Conference of Parties since COP27 have encouraged global participation and advocacy for solar as a preferred energy source.

The Co-President of the ISA Assembly, H.E. Mr H.E. Thani Mohamed Soilihi, France’s Minister of State for Development, Francophonie and International Partnerships, via a video message, said:

“I would like to thank the Secretariat of the International Solar Alliance for its significant work in developing the organisation and setting out ambitious programmes year after year. France has honoured its pledge at the outset of the International Solar Alliance to contribute €1.5 billion to finance solar projects in the organisation’s Member Countries. That is why we renewed our financial support for the Alliance in 2024, which is based on three priorities: First, support for the STAR-C programme which plays a key role in local capacity building. Second, France wishes to facilitate access to financing for developing economies which are transitioning towards sustainable development. Third, France wants to step up the ISA Secretariat’s internationalisation process to increase its outreach. France will continue to support the International Solar Alliance, to enhance collaboration and speed up the development of solar energy. It will thus encourage new partner countries to join the Alliance and will synergise with the initiatives and organisations in developing renewable energies.”

In his welcome address, Dr Ajay Mathur, Director General of the International Solar Alliance, said, “We are pleased to have honourable ministers from our member, signatory, and prospective countries present here today. Our collective presence symbolises our intention—to explore groundbreaking solutions, exchange expertise, and strengthen partnerships that will drive a new era of solar transformation. In this spirit of global cooperation, we find the collective strength to confront the critical challenges of our time. Over the past years, the Assembly has helped shape the ISA into a global leader in the international arena as the definitive voice on driving energy transition through the deployment of solar energy solutions. This year, too, the Assembly shall be taking up some major initiatives and programmes into consideration that will be laying the foundation for the future.”

The Assembly will also consider the budgets and work plans for the coming year and include updates on ISA’s priority areas of work, programmes, and projects. An important topic of discussion will be the guidelines for the Viability Gap Funding (VGF) Scheme, which provides for 10% to 35 % of the total solar project cost to be given as a grant for developing solar projects in LDCs and SIDS identified by the countries themselves, provided 90% of the project cost is locked in. Proposals from countries will be considered on a first-come, first-served basis until the annual budget provisions of ISA USD 1.5 million per year are available. The VGF can be availed for solar projects set up by government/government institutions or independent developers/beneficiaries selected through a process per the respective country policies.

This year’s proceedings will also consist of the election of the president and co-president, who will take over office immediately after the Assembly for the period: 2024 – 2026. The selection of the new Director General, who will assume office in March of 2025, will also be announced.

The Assembly will be followed by a day-long High-Level Technology Conference on Clean Technologies, which will witness the launch of the third edition of ISA’s flagship report series on technology, investment, and market—the World Solar Reports. The Assembly proceedings will culminate on 6 November 2024 with delegates marking a visit to a farm site in NCT of Delhi to witness first-hand the practical implementation of agrivoltaic system, which entails using the same land for solar energy production and agriculture.

About the ISA Assembly:

The Assembly is ISA’s yearly apex decision-making body, representing each Member Country. This body makes decisions concerning the implementation of the ISA’s Framework Agreement and coordinated actions to be taken to achieve its objective. The Assembly meets annually at the ministerial level at the ISA’s seat. It assesses the aggregate effect of the programmes and other activities in terms of deployment of solar energy, performance, reliability, cost, and scale of finance. The Sixth Assembly of the ISA is deliberating on the key initiatives of ISA on three critical issues: energy access, energy security, and energy transition.

About the Demonstration Projects:

In May 2020, ISA initiated Demonstration Projects to meet the needs of Least Developed Countries (LDCs) and Small Island Development States (SIDS). The aim was to exhibit solar technology applications that can be scaled up and build the capacity of Member Countries to replicate these solar-powered solutions.
1. Bhutan: Solar cold storage at the National Post Harvest Centre in Paro
2. Burkina Faso: Solarisation of two primary healthcare centres in the rural communes of Louda and Korsimoro in the north centre region
3. Cambodia: Solarisation of primary and secondary schools in Koh Rong city
4. Cuba: Solar water pumping system at the Hatuey Indian Experimental Station (EEIH) in Perico, Matanzas
5. Djibouti: Installation of two off-grid solar-powered cold storage units in Omar Jaga’a in the Arta region and Dougoum village in the Tadjourah region
6. Ethiopia: Solar-powered water pumps in Gedeo Zone, Irgachefe Woreda community
7. Mauritius: Solarisation of the Jawaharlal Nehru Hospital in Rose Belle
8. Samoa: Solar streetlights implemented across 46 locations
9. Senegal: Solar cold storage in the Borough of Ndande, within the Municipality of Theippe in the Kebemer Department
10. The Gambia: Solar water pumping systems in Wassadou and Julangel
11. Tonga: Solar water pumping project in four villages on Tongatapu
About the STAR-Centre Initiative:

Solar Technology Application Resource-Centre (STAR-C)are equipped with specialised training facilities, tools, and structured learning modules designed to cultivate a highly skilled solar workforce. To date, ISA has successfully established and operationalised STAR Centers in seven countries: Ethiopia, Somalia, Cuba, Côte d’Ivoire, Kiribati, Ghana, and Bangladesh. Since their launch, these centres have trained professionals in various aspects of solar energy, preparing them to contribute effectively to the sector’s rapid expansion.

About the International Solar Alliance

The International Solar Alliance is an international organisation with 120 Member and Signatory countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable transition to a carbon-neutral future. ISA’s mission is to unlock US$1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. It promotes the use of solar energy in the agriculture, health, transport, and power generation sectors.

ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified, designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With advocacy for solar-powered solutions, ISA aims to transform lives, bring clean, reliable, and affordable energy to communities worldwide, fuel sustainable growth, and improve quality of life.

With the signing and ratification of the ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first international intergovernmental organisation to be headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).

The ISA is guided by the Towards 1000 strategy which aims to mobilise $1,000 billion of investments in solar energy solutions by 2030. This is our strategy to:
* Deliver energy access to 1,000 million people
* ⁠Installation of 1,000 GW of solar energy capacity
* ⁠Mitigate… pic.twitter.com/6VqFDAAWpG

— Pralhad Joshi (@JoshiPralhad) November 4, 2024

In India’s Union Budget for 2024-25, there is a 110% increase in funding for solar power projects and targeted support for initiatives like the @PMSuryaGhar Yojana. This, along with exemptions on critical mineral imports, underscores our resolve to lead in solar innovation. pic.twitter.com/koHSoHAeso

— Pralhad Joshi (@JoshiPralhad) November 4, 2024

Under India’s Prime Minister Shri @narendramodi ’s leadership, India has set ambitious renewable energy targets, and achieved remarkable milestones along the way. Last month, India reached an impressive 90 GW of installed solar capacity, moving steadily
forward towards its… pic.twitter.com/5DUhf9Od5C

— Pralhad Joshi (@JoshiPralhad) November 4, 2024

Navin Sreejith

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MIL OSI Asia Pacific News –
January 26, 2025
MIL-OSI Asia-Pac: Maharatna PSUs NTPC and ONGC Join Hands to form a JV Company

Source: Government of India (2)

Posted On: 04 NOV 2024 5:53PM by PIB Delhi

Maharatna PSUs NTPC and ONGC have collaborated to form a Joint Venture Company (JVC) through their Green Energy Subsidiaries (NTPC Green Energy Ltd. and ONGC Green Energy Ltd.) to further promote their interest in renewable and new energy arena.

Subsequent to the signing of the Joint Venture Agreement on 7^th February 2024, during India Energy Week 2024, and obtaining the required statutory approvals from DIPAM and NITI Aayog, NGEL has submitted an application to the Ministry of Corporate Affairs for the incorporation of a 50:50 Joint Venture Company with OGL.

This JVC shall venture into various Renewable Energy (RE) and New Energy opportunities including Solar, Wind (Onshore/Offshore), Energy Storage (Pump/Battery), Green molecule (Green Hydrogen, Green Ammonia, Sustainable Aviation Fuel (SAF), Green Methanol), E-mobility, Carbon Credits, Green Credits, etc.

The JVC will also seek opportunities to acquire renewable energy assets and will also consider participation in upcoming offshore wind tenders in Tamil Nadu and Gujrat.

The strategic partnership between NGEL and OGL signifies a concerted effort towards advancing sustainable energy initiatives, aligning closely with the nation’s ambitious goals for a greener future. Considering their domain expertise and resources, both entities are poised to contribute significantly to India’s renewable energy landscape, driving innovation and fostering environmental stewardship.

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JN/ SK

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MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Asia-Pac: India’s Green Leap: A Shift from Fossil Fuels to Clean Energy

Source: Government of India

India’s Green Leap: A Shift from Fossil Fuels to Clean Energy

ADB Highlights an 85% Cut in Fossil Fuel Subsidies in Latest Report

Posted On: 04 NOV 2024 5:27PM by PIB Delhi

India’s Green Leap: A Shift from Fossil Fuels to Clean Energy

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Santosh Kumar/ Ritu Kataria/ Saurabh Kalia

(Release ID: 2070636) Visitor Counter : 66

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI: Natural Gas Services Group, Inc. Sets Reporting Date for its 2024 Third Quarter Results and Conference Call

Source: GlobeNewswire (MIL-OSI)

Midland, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) — Natural Gas Services Group, Inc. (NYSE:NGS), a leading provider of natural gas compression equipment, technology and services to the energy industry, will host a conference call to review its third-quarter financial results on Friday, November 15, 2024 at 8:30 a.m. (EST), 7:30 a.m. (CST). The Company’s Q3 2024 financial and operating results for the nine months ended September 30, 2024 will be disseminated via press release and made available on the Company’s website (www .ngsgi.com) after market close on Thursday, November 14, 2024.

To join the conference call, kindly access the Investor Relations section of our website at www.ngsgi.com or dial in at (800) 550-9745 and enter conference ID: 167298 at least five minutes prior to the scheduled start time. Please note that using the provided dial-in number is necessary for participation in the Q&A section of the call. A recording of the conference will be made available on our Company’s website following its conclusion. Thank you for your interest in our company’s updates.

About Natural Gas Services Group, Inc.

Natural Gas Services Group is a leading provider of natural gas compression equipment, technology and services to the energy industry. The Company designs, rents, sells and maintains natural gas compressors for oil and natural gas production and plant facilities, primarily using equipment from third-party fabricators and OEM suppliers along with limited in-house assembly. The Company is headquartered in Midland, Texas, with a fabrication facility located in Tulsa, Oklahoma, a rebuild shop located in Midland, Texas, and service facilities located in major oil and natural gas producing basins in the U.S. Additional information can be found at www.ngsgi.com.

For Additional Information:

Anna Delgado-Investor Relations
(432) 262-2700
ir@ngsgi.com
www.ngsgi.com

The MIL Network –

January 26, 2025
MIL-OSI China: Int’l petroleum expo opens in UAE

Source: China State Council Information Office

The 2024 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), a premier oil and gas industry event, kicked off on Monday, highlighting the themes of artificial intelligence (AI) and sustainable energy transition.

In his keynote address, United Arab Emirates (UAE)’s Minister of Industry and Advanced Technology, Sultan Al Jaber, emphasized the transformative impact of AI, describing it as an “era-defining innovation” reshaping productivity and accelerating energy transition.

The ADIPEC 2024 has introduced a new “AI Zone” featuring top tech companies, including Microsoft and Accenture, to showcase solutions for sustainable energy management.

Sharif Al Olama, undersecretary for energy and petroleum affairs at UAE’s Ministry of Energy and Infrastructure, added that despite the growth of renewable energy, traditional oil resources continue to play a critical role in ensuring global energy stability.

“Even as renewables grow, oil remains the largest fuel source,” Al Olama said, highlighting UAE’s approach to maintaining a balanced energy mix.

The four-day event is anticipated to attract 184,000 participants from 164 countries, including ministers, more than 200 industry leaders, and over 2,200 exhibitors representing key energy players.

Hundreds of Chinese companies, including PetroChina, China National Offshore Oil Corporation, are participating the exhibition, showcasing technological advancements in digitalization, decarbonization, and renewables in the evolving landscape of the global energy industry.

Key topics at the ADIPEC this year also cover decarbonization, digital innovation, and mobilizing capital for clean energy projects, with an emphasis on bridging financing gaps in emerging markets to support a sustainable and equitable energy future.

MIL OSI China News –

January 26, 2025
MIL-OSI China: Global firms capitalize on China’s smart, green transformation

Source: China State Council Information Office

Jinbao, the mascot of the China International Import Expo (CIIE), and Xiaoxin, a humanoid robot providing inquiry service, are pictured at the media center of the 7th CIIE in Shanghai, east China, Nov. 4, 2024. [Photo/Xinhua]

Global investors are eyeing fresh opportunities in China as the world’s second-largest economy accelerates its intelligent, green transformation.

With the seventh China International Import Expo (CIIE) set to open on Tuesday, multiple industry leaders from across the world are gearing up to showcase their latest innovations and technologies, aiming to tap into China’s vast market potential.

Tapping smarter manufacturing

Aptiv, a multinational developing automobile parts, made its debut at the seventh CIIE, exhibiting software and hardware products featuring intelligence and electrification.

“The CIIE provides an excellent platform for enterprises from all over the world to exchange ideas and cooperate,” said Simon Yang, president of Aptiv for China and the Asia Pacific region. He noted that Aptiv hopes to make full use of the CIIE to showcase its innovative solutions.

The company is committed to its long-term development strategy of “In China for China,” and will continue to increase its investment in the Chinese market while expanding business cooperation with Chinese original equipment manufacturers.

Aptiv is one of a number of multinationals gathering in Shanghai to test the pulse of China’s smart manufacturing market, which plays an important part in the country’s pursuit of high-quality development.

Swedish technology company Hexagon has brought its new solutions to help traditional manufacturers become more digital-savvy to this year’s CIIE, including cloud platforms for industrial software and smart quality-testing systems.

“The company is ready to ride the wave of the country’s pursuit of new quality productive forces, which are high-tech, highly efficient and of a high quality,” said Qin Lei, marketing business partner at Hexagon Manufacturing Intelligence (Qingdao) Co., Ltd.

Merck Group, Germany’s leading tech company, is showcasing its innovative achievements in the new materials section of the CIIE, which is new to the annual event.

China’s great market potential, improving business environment and rich talent pool have reinforced Merck’s confidence in its long-term investment in the country, said Marc Horn, executive vice president of Merck and president of Merck China.

Embracing a greener future

Entering its seventh year, the CIIE has retained its “New Era, Shared Future” theme, which holds special meaning for Christian Bruch, president and CEO of Siemens Energy AG.

“I strongly agree with the theme, as it envisions a sustainable and more decarbonized future that requires collaborative efforts from governments, enterprises, customers, partners and the entire supply chains,” Bruch said.

In his view, China’s dedication to building a modern energy system creates “extensive market opportunities” for global energy technology companies, including Siemens Energy.

“Together with Chinese customers and partners, we have developed many energy infrastructure projects, continuously invested and expanded our manufacturing capacity in China, in order to meet the growing market demand in China and across the world,” he said.

Pledging to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060, China has been steadfast in accelerating its energy transition. Over the past decade, the share of clean energy in the country’s total energy use has increased 10.9 percentage points, according to the National Energy Administration.

Dedicated to promoting clean energy in China, Siemens Energy has established 15 manufacturing facilities across the country. It has become an important partner in the country’s energy transition, Bruch said.

At this year’s CIIE, the company is poised to showcase its cutting-edge decarbonization technologies for the energy sector. Many of its exhibits will be presented for the first time in Asia or China.

“During the expo, I look forward to meeting and exchanging ideas with partners, building consensus and fostering collaborative development,” Bruch said. “Tackling climate change and driving energy transition is a daunting task that no single country or region can accomplish alone.”

Bruch’s emphasis on collaboration aligns with China’s increasing global contributions. According to a white paper issued by China’s State Council Information Office in August this year, the country’s wind power and photovoltaic exports helped other countries reduce their carbon dioxide emissions by about 810 million tonnes in 2023.

Recognizing China’s role in the global energy transition, Bruch highlighted Siemens Energy’s confidence in deepening cooperation with its Chinese partners. “We are fully committed to working together to build a new energy ecosystem that supports China’s dual-carbon goals and fosters sustainable energy development worldwide.”

MIL OSI China News –

January 26, 2025
MIL-OSI Economics: ADB to Help Nepal Upgrade Electricity Transmission and Distribution Infrastructure

Source: Asia Development Bank

MANILA, PHILIPPINES (5 November 2024) — The Asian Development Bank (ADB) has approved a $311 million loan to improve and modernize electricity transmission and distribution infrastructure in Nepal.

“Upgrading and modernizing Nepal’s electricity transmission and distribution facilities and infrastructure is essential to its sustainable growth and development,” said ADB Principal Energy Specialist Jiwan Acharya. “Not only will this project ensure the reliable and sustainable delivery of electricity in the country, but it will also provide employment and business opportunities to make lives of Nepalese better and more comfortable.”

The project will finance a total of 290 kilometers (km) of power transmission lines from Dailekh to Jumla, New Butwal to Lamahi, Nijgadh to Ramauli, and Teenpiple and Okharpauwa. It will also expand, reinforce, and rehabilitate electricity distribution infrastructure in Karnali and Lumbini provinces. Distributed grid-connected solar photovoltaic generation facilities with a total capacity of 8 megawatts will be established in Karnali and other areas.

ADB will help the Nepal Electricity Authority (NEA) upgrade its training center, expand the smart meter rollout program, establish a data recovery center, and implement a Supervisory Control and Data Acquisition network. The project will conduct awareness-raising campaigns on safe and efficient energy use.

ADB will provide an additional $30 million grant from its Asian Development Fund, which provides grants to ADB’s poorest and most vulnerable developing member countries, to support training and capacity building. Advanced communication tools and technology, funded by the grant, will equip NEA with skills in hydropower management and electricity dispatch significantly enhancing Nepal’s capability to trade power with neighboring countries.

The project will also support training of women and disadvantaged groups on business and technical skills, open energy-related employment opportunities, and expand energy-based businesses. It will help build the capacity of the NEA and other government agencies in power management, project management, new technologies, and power trade, among others.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

MIL OSI Economics –

January 26, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

Q3 2024 Business Highlights

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

Q3 2024 Financial Highlights

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

Reserves and Resources

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

2024 Annual Guidance

Full year 2024 average net production guidance range maintained at 46,000 to 48,000 boepd.⁽¹⁾
Full year 2024 operating costs guidance revised to below USD 18 per boe.⁽³⁾
Full year 2024 OCF guidance estimated at between MUSD 335 and 342, assuming Brent USD 70 to 80 per barrel for the remainder of 2024.⁽³⁾
Full year 2024 capital and decommissioning expenditures guidance forecast maintained at MUSD 437.
Full year 2024 FCF guidance estimated at between MUSD -140 and -133 (between MUSD 222 and 229 pre-Blackrod Phase 1 project funding), assuming Brent USD 70 to 80 per barrel for the remainder of 2024.⁽³⁾

	Three months ended September 30			Nine months ended September 30
USD Thousands	2024		2023	2024		2023
Revenue	173,200		257,366	598,659		655,446
Gross profit	39,505		93,429	167,397		210,559
Net result	22,875		71,681	101,804		143,269
Operating cash flow ⁽³⁾	72,589		119,142	263,831		279,414
Free cash flow ⁽³⁾	(38,269	)	34,703	(74,021	)	67,379
EBITDA ⁽³⁾	68,313		123,054	259,304		284,334
Net cash/(debt) ⁽³⁾	(157,228	)	83,097	(157,228	)	83,097

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

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

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

Third Quarter 2024 Highlights and Full Year 2024 Guidance

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

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

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

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

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

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

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

Blackrod Phase 1 Project

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

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

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

Stakeholder Returns: Normal Course Issuer Bid

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

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

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

Environmental, Social and Governance (ESG) Performance

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

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

Notes:

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

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

For further information, please contact:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

¹ Item is not shown in the Financial Statements

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

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

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

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

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

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

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

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

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

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

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

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

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

Supplemental Information regarding Product Types

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

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

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

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

The MIL Network –

January 26, 2025

MIL-OSI: Valeura Energy Inc.: Completion of Internal Restructuring

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Nov. 05, 2024 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) is pleased to announce the completion of an internal restructuring of its Thailand subsidiary companies.

Valeura’s working interests in all its Thai III fiscal contracts, covering the Nong Yao, Manora and Wassana fields, are now held by Valeura Energy (Thailand) Ltd, a wholly owned subsidiary of Valeura, which previously had only held an interest in the Wassana asset. The Company anticipates that the new structure offers the potential to optimise various operational and financial aspects of these assets. In particular, the Company anticipates realising efficiencies through ongoing contracting and procurement, as well as the pooling of future costs and historical tax loss carry-forwards associated with these assets. As of September 30, 2024, the cumulative tax loss carry-forwards are estimated at US$397 million⁽¹⁾.

Dr. Sean Guest, President and CEO commented:

“Today marks a milestone in delivering value for our shareholders, and completes the integration work we started after our Gulf of Thailand acquisitions in 2022 and 2023. Early on, we identified the potential for greater efficiency by bringing our Thai III assets together through a re-organisation; our team recognised that together, these assets are worth more than the sum of their parts.

Pursuing this type of synergy strengthens our ability to re-invest in the business for the benefit of all stakeholders. We intend to continue investing directly into the many organic growth opportunities inherent in our Thailand portfolio, and also seeking new ways to provide further value, including through acquisition-led growth.”

Under Thailand’s income tax provisions, from today forward, petroleum income tax for the three subject assets will be assessed as a single entity. Tax obligations relating to the previous subsidiary company arrangement are required to be assessed immediately and settled within the next 30 days. Taxation arrangements for the Jasmine field, which is governed by a different vintage of fiscal terms (known as Thai I), and held in a separate subsidiary entity, will continue unchanged.

(1) Unaudited internal management estimate based on Thai baht exchange rate as of November 1, 2024, subject to review by tax advisors and auditors.

For further information, please contact:

Valeura Energy Inc. (General Corporate Enquiries)	+65 6373 6940
Sean Guest, President and CEO
Yacine Ben-Meriem, CFO
Contact@valeuraenergy.com

Valeura Energy Inc. (Investor and Media Enquiries)	+1 403 975 6752 / +44 7392 940495
Robin James Martin, Vice President, Communications and Investor Relations
IR@valeuraenergy.com

Contact details for the Company’s advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, and Stifel Nicolaus Europe Limited, are listed on the Company’s website at www.valeuraenergy.com/investor-information/analysts/.

About Valeura

Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.

Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.

Advisory and Caution Regarding Forward-Looking Information

Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this news release includes, but is not limited to: the potential to optimise various operational and financial aspects, relating to such matters as ongoing contracting and procurement, as well as the pooling of future costs and historical tax loss carry-forwards associated with these assets and statements with respect to the growth opportunities inherent in the Company’s Thailand portfolio and the Company seeking new ways to provide further value.

Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: the ability of the Company to obtain the anticipated benefits from the internal restructuring; political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; royalty rates and taxes; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; ability to attract a partner to participate in its tight gas exploration/appraisal play in Türkiye; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management’s discussion and analysis of the Company for a detailed discussion of the risk factors.

The forward-looking information contained in this new release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this new release is expressly qualified by this cautionary statement.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This announcement is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

The MIL Network –

January 26, 2025

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

Source: Government of India (2)

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

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

National Mission forClean Ganga (NMCG)

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

Other key achievements during the year 2024 are as follows:

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

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

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

Construction of 58 MLD STP with 264 km and sewerage Network at Moradabad

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

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

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

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

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

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

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

Training on Occupational Health & Safety Audit

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

Activities Under Biodiversity Conservation (Under Aviral Ganga)

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

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

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

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

Important Activities (under Jan Ganga)

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

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

International Collaboration

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

Development of knowledge products (Under Gyan Ganga)

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

National Water Mission (NWM)

MoU with Girganga Parivar Trust (Girganga) has been signed on 22.10.2024 on Pro bono basis. They have committed to build 11,111 bore well recharge and 11,111 check dams.
MoU with Sarkaritel.com/jalprahari.in has been signed on 13.12.2024 on Pro bono basis. They have committed for generating awareness on Water Conservation in the public.
MoU with Vyakti Vikas Kendra India (VVKI), the Art of Living has been signed on 16.12.2024 on Pro bono basis. They have committed for creating of Water recharge structure with the help of implementing many River Rejuvenation Programs through Government scheme MGNREGA

Central Water and Power Research Station, Pune
Central Soil and Material Research Station, New Delhi
National Institute of Hydrology, Roorkee
Central Water Commission, New Delhi

Publication of research/ technical reports – 281 Nos.
Organisation of Trainings and workshops – 94 Nos.
Training of people for capacity building- 2623 persons
Publication of high impact technical report & research papers – 18 Nos.

13 new research schemes has been recommended by Standing Advisory Committee and approved by Secretary (WR).
The research project “Hydro-geological Assessment and Socio-Economic implications of Depleting Water Resources in tourist towns of Uttarakhand” has been completed.
The research project “Irrigation Efficiency Improvement through On–farm Water Management” has been completed.
The research project “Dynamic Downscaling to study Climate Change Impacts on
Water Resource in India” has been completed.

National Water Development Agency (NWDA): Inter-Linking of Rivers Project

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

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

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

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

Cumulative Progress (%) upto December, 2024

Lower Orr : 67.00
Kotha Barrage: 59.00
Bina Complex: 50.20

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

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

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

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

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

8^th India Water Week 2024:

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

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

Central Water Commission (CWC)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

GLOF and Flood forecasting activities: –

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

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

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

Flood Plain Zoning

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

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

Hydrological Studies:

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

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

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

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

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

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

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

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

Technical Assistance / Advice tendered

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

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

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

Planning and Design of Water Resources Projects

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

National Committee on Seismic Design Parameters: –

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

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

National Register of Large Dams:

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

Technical Examination of Instrumentation aspects of the projects:

Hydroelectric project:-

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

Pumped storage Project:-

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

Standing Technical Advisory Committee of CSMRS

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

Other Seismic works:

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

CWC Activities under National Hydrology Project (NHP):

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

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

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

DAM REHABILITATION AND IMPROVEMENT PROJECT (DRIP) Phase-II and III

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

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

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

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

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

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

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

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

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

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

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

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

National Task Force for Integrated Water Resources Development and Management

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

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

(xxii) LIST OF IMPORTANT PUBLICATIONS OF CWC during 2024

Sl. No.	Publication	Released during
1	Water Sector at a Glance-2022	Aug-2024
2	Water & Related Statistics-2023	Sept-2024
3	Water Sector at a Glance-2023	Sept-2024
4	National Register of Major & Medium Irrigation Projects in India-2024	Sept-2024
5	Compendium on Sedimentation of Reservoirs in India	August 2024
6	Assessment of Area Affected Due to Floods in India	July 2024
7	Report on Flood Damage Statistics (1953-2022)	July 2024
8	Assessment of Area Affected Due to Floods in India [Part II: Assessment at Sub-District Level]	September 2024
9	Criteria for Risk Indexing of Glacial Lakes in Indian Himalayan Region	September 2024
10	Status Report on Coastal Area Management – An Indian Perspective, Regional Issues & Remedial Measures	September 2024

Central Ground Water Board (CGWB):

National Aquifer Mapping and Management Programme (NAQUIM)

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

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

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

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

Ground Water Resources

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

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

Key Highlights:

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

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

High resolution aquifer mapping and management in Arid areas of India

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

Artificial Recharge Activities

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

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

Regulation of Ground Water extraction

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

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

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

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

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

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

Smart India Hackathon (SIH), a nationwide initiative envisioned under the leadership of Hon’ble Prime Minister is an important mega annual event among students to provide solutions through innovations for specific challenges identified by different organizations. It is an annual event organized by the Ministry of Education’s Innovation Cell, All India Council for Technical Education, along with partners. Based on problem statements shared by CGWB and under the mentorship of CGWB scientists, following three software applications were developed by engineering students as a part of Smart India Hackathon (SIH)

Hydra-Q: A Standalone desktop application for analysis, visualization and interpretation of hydrochemical data.
Aqua Probe: A Standalone desktop application for Pumping Test data analysis.
OASIS-G: Online application System for Stable Isotope Studies-Ground Water

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

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

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

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

Ground Water Quality Analysis

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

Key Highlights:

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

Pradhan Mantri Krishi Sinchayee Yojana (PMKSY)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Financial Progress under PMKSY-AIBP is as follows:

Funds Released	2016-17 to 2023-24	2024-25 (so far)	Total
Central Assistance for AIBP projects including special and National Projects	18550.98	629.22	19180.20
State Share	33830.83	180.60	34011.4
Total	52,381.81	809.82	53191.6

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

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

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

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

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

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

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

Atal Bhujal Yojana (Atal Jal)

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

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

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

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

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

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

Key achievements under Atal Bhujal Yojana are as follows:

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

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

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

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

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

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

Flood Management Wing (FM):

Flood Management and Border Areas Programme (FMBAP):

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

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

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

India and Bangladesh Matters

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

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

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

National River Conservation Directorate (NRCD)

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

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

External Affairs & International Cooperation (EA&IC)

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

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

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

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

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

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

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

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

Barhmaputra & Barak (B&B) Wing

Expert Level Mechanism (ELM)

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

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

(ii) INDIA-BHUTAN COOPERATION

Joint Group of Expert (JGE) on Flood Management:

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

Joint Technical Team (JTT) on Flood Management:

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

Joint Experts Team (JET) on Flood Forecasting:

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

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

13. NERIWALM

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

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

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

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

14. NATIONAL HYDROLOGY PROJECT

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

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

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

15. Surface Minor Irrigation (SMI) scheme

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

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

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

18. Mass Communication Internship programme

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

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

*****

Dhanya Sanal K

Director

(Release ID: 2096022) Visitor Counter : 29

MIL OSI Asia Pacific News –

January 26, 2025

MIL-OSI: BW Energy Limited: First day of trading of bonds

Source: GlobeNewswire (MIL-OSI)

BW Energy Limited – First day of trading of bonds

Reference is made to the stock exchange announcement by BW Energy Limited (the “Company”) on 31 October 2024 regarding the approval and publication of the Company’s prospectus in connection with the listing of a new senior unsecured bond issue with an initial issue amount of USD 100 million with ISIN NO0013259663 on the Oslo Stock Exchange.

As of today, the bonds start trading on Euronext Oslo Børs under the ticker code “BWE01”.

For further information, please contact:

Brice Morlot, CFO BW Energy, +33.7.81.11.41.16

ir@bwenergy.com

About BW Energy:

BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block in, a 95% interest in the Maromba field in Brazil and a 95% interest in the Kudu field in Namibia, all operated by BW Energy. Total net 2P+2C reserves and resources were 580 million barrels of oil equivalents at the start of 2024.

The MIL Network –

January 26, 2025
MIL-OSI China: China sees progress in green transition, climate response

Source: China State Council Information Office 2

China has scored remarkable achievements in green and low-carbon development in recent years, accelerating its green transition on multiple fronts while actively contributing to global actions against climate change.
Green transition
Wen Hua, an official with the National Development and Reform Commission, said that China’s progress in green development was manifested in several aspects, citing the policy framework for carbon peaking and neutrality, an optimized industrial structure, and higher resource utilization efficiency, among others.
China has established a “1+N” policy framework for carbon peaking and neutrality, which includes two overarching documents as top-level design, 12 implementation plans targeting specific sectors and industries, and supporting plans covering sectors such as science, technology and finance, Wen said.
The industrial structure has also been upgraded. While improving energy efficiency and reducing carbon emissions from existing projects, China has set strict energy and environmental standards for new projects.
In particular, Wen underscored the positive impacts of the large-scale equipment upgrades and trade-ins of consumer goods programs implemented since the start of the year.
The scheme serves not only as a robust measure to boost investment and consumption, but also a crucial climate policy. By promoting the application of advanced and energy-saving products and equipment, the program has helped reduce energy and carbon intensities across society, Wen said.
Dong Wancheng, an official with the National Energy Administration, highlighted the country’s intensified efforts in energy transition. Dong said that China has boosted the development of clean energy, with the share of clean energy in total energy use increasing 10.9 percentage points over the past decade.
Global contribution
While speeding up its transition towards green and low-carbon growth, China has also played an active role in global climate change mitigation.
China’s energy transition is making an increasing contribution to the world, said Dong, adding that the country has been sharing high-quality clean energy products with other countries, contributing to the world’s energy transition and carbon reduction.
For instance, China’s wind power and photovoltaic product exports helped other countries reduce carbon dioxide emissions by about 810 million tonnes in 2023, according to the white paper issued by China’s State Council Information Office in August this year.
Xia Yingxian, an official with the Ministry of Ecology and Environment, said that China has placed great importance on tackling climate change and has made new strides in this regard.
According to Xia, China’s carbon dioxide emissions per unit of GDP have logged a sustained decline, and its carbon market mechanism has been further strengthened. He emphasized that the country will steadily expand its national carbon trading market and strive to ensure its healthy and stable operation.
Noting that the 29th session of the Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change is approaching, Xia said that China will continue to play a positive and constructive role in negotiations.
Azerbaijan has been selected as the Presidency of the COP29, to be hosted in Baku this November.
Xia said that China will work with all other parties to support Azerbaijan’s Presidency in achieving positive outcomes from the COP29.

MIL OSI China News –

January 26, 2025

MIL-OSI: Aktsiaselts Infortar Unaudited Consolidated Interim Report for third quarter of 2024

Source: GlobeNewswire (MIL-OSI)

Aktsiaselts Infortar (Infortar) will organize a webinar for introducing third quarter 2024 results today. Please join the webinar via the following links:

4. November at 12.00 (EET) Estonian webinar

4. November at 14.00 (EET) English webinar

Following the acquisition of a majority stake in Aktsiaselts Tallink Grupp (Tallink), Infortar’s total assets have reached €2.5 billion. For the first nine months of this year, the company’s consolidated revenue amounted to €926 million, net profit reached €187 million, and investments totaled €138 million.

“We’ve grown into Estonia’s largest investment company in the third quarter—our consolidated asset volume has increased by €1 billion within just nine months. Infortar’s structure and outlook have transformed significantly over a short period; we’re literally fuelled by growth,” remarked Ain Hanschmidt, Chairman of Infortar’s Management Board.

“Infortar actively seeks and invests in growth across various sectors and beyond borders. When we went public last year, we committed to invest €110 million from 2023 to 2025, yet we have already invested €138 million in the current year alone,” said Hanschmidt.

In the third quarter of 2024, Infortar increased its shareholding in Tallink to 68.5% through a public share offering. Alongside with other investors, Infortar envisions a strong and stable future for Tallink. The voluntary takeover offer attracted those who wished to exit the region for various reasons.

In the third quarter of 2024, Tallink transported a total of 1,715,496 passengers, with the company’s ships completing 1,840 departures. Compared to the same period last year, Tallink´s unaudited sales revenue decreased by 3.7%, totalling €231.9 million, with a net profit of €36.8 million.

AS Eesti Gaas, the largest private energy company in the Finnish and Baltic region, increased its sales volume of natural gas and electricity by 27% year-on-year, reaching 13.9 TWh and a market share of 25.7%. Operating under the Elenger brand in foreign markets, the company is focused on expanding its energy business in Poland and Germany and establishing access to the wholesale gas market in the Netherlands and Belgium.

The construction of Rimi’s logistics centre and the new Pärnu bridge are going according to the schedule. In July, the bridge arch was installed, introducing new engineering solutions to Estonia.

At the end of the third quarter, Infortar announced plans to acquire Tallinna Raamatutrükikoda, in addition to the printing houses Printon and Vaba Maa. This acquisition aims to enhance synergies and bolster the company’s extensive experience in the printing sector.

KEY FIGURES	9 months 2024	9 months 2023	Q3 2024	Q3 2023
Revenue (in thousands of EUR)	925 607	746 892	349 468	186 540
Gross profit (in thousands of EUR)	93 758	107 238	40 669	18 887
EBITDA (in thousands of EUR)	117 384	105 865	41 874	19 294
EBITDA margin %	12,7%	14,2%	12,0%	10,3%
Operating profit (in thousands of EUR)	83 817	94 661	20 422	14 234
Net profit (in thousands of EUR)	187 339	269 624	114 322	185 941
Profit attributable to the owners of the parent company (in thousands of EUR)	184 122	269 546	111 105	185 658
Earnings per share (EUR)*	9,1	13,3	5,5	9,2

Total equity (in thousands of EUR)	1 223 058	771 700
Total liabilities (in thousands of EUR)	961 419	480 816

* For the period ending 30.09.2024, earnings per share (EPS) in euros have been calculated using a share count of 21,166,239, with company´s own shares deducted for comparability.

Revenue

During the first nine months of 2024, Infortar’s consolidated revenue increased by €178.7 million, reaching €925.6 million, compared to €746.9 million in the same period in 2023. This growth was significantly impacted by the line-by-line consolidation of Tallink results into Infortar’s financial statements.

EBITDA and Segment Reporting

The acquisition of a majority stake in Tallink does not significantly impact segment reporting; Infortar’s management continues to monitor business segments using existing principles.

Energy Segment: Nine-month EBITDA for 2024 was €79.5 million, down from €99.1 million in 2023.

Maritime transportation segment: nine-month EBITDA for 2024 was €149,5 million, compared to €177.7 million in 2023. Until 31.07.24, Infortar consolidated Tallink results by the equity method according to its ownership percentage, switching to line-by-line reporting as of 01.08.24.

Real Estate Segment: EBITDA for real estate in the first nine months of 2024 reached €12 million, up from €11 million in the same period of 2023.

Net Profit

Consolidated net profit for the first nine months of 2024 was €187.3 million, compared to €269.6 million for the same period in 2023. The previous year’s results included a one-time profit from the AS Gaso acquisition.

Financing

Loan and lease obligations totalled €961.4 million for the first nine months of 2024, up from €480.8 million in 2023 due to the consolidation of Tallink liabilities. The net debt-to-EBITDA ratio, considering Tallink’s full-year EBITDA for 2024, stands at 2.4.

Income statement, in thousands of EUR	Q3 2024	Q3 2023	9 months 2024	9 months 2023
Sales Revenue	349 468	186 540	925 607	746 892
Cost of Sales	-308 803	-169 764	-831 796	-634 815
Impairment of Receivables	4	2 111	-53	-4 839
Gross Profit	40 669	18 887	93 758	107 238
Marketing Expenses	-7 789	-394	-8 627	-1 109
General Administrative Expenses	-13 423	-3 975	-27 679	-12 563
Profit (Loss) from Biological Assets	44	0	17	0
Loss on Changes in Fair Value of Investment Properties	-3 047	0	-2 891	0
Profit (Loss) from Derivative Instruments	52	380	24 574	1 067
Other Operating Income	4 368	308	5 449	1 065
Other Operating Expenses	-452	-972	-784	-1 037
Operating Profit	20 422	14 234	83 817	94 661
Profit from Investments Accounted for Using the Equity Method	3 243	22 254	22 128	37 701
Financial Income and Expenses
Income from Financial Investments	69 782	-34	72 520	-58
Interest Expense	-11 340	-5 520	-24 466	-14 004
Interest Income	1 215	467	4 219	2 300
Profit (Loss) from Foreign Exchange Rate Changes	160	-23	156	-160
Other Financial Income and Expenses	-393	159 216	-395	159 216
Total Financial Income and Expenses	59 424	154 106	52 034	147 294
Profit Before Tax	83 089	190 594	157 979	279 656
Corporate Income Tax	31 233	-4 653	29 360	-10 032
Profit (Loss) for the Reporting Period	114 322	185 941	187 339	269 624
Including:
Profit (Loss) Attributable to Owners of the Parent Company	111 105	185 658	184 122	269 546
Profit (Loss) Attributable to Non-controlling Interests	3 217	283	3 217	78
Other Comprehensive Income for the Reporting Period			-33 463	-60 195
Total Comprehensive income for the Reporting Period			153 876	209 429
Including:
Comprehensive Income (Loss) Attributable to Owners of the Parent Company			150 659	209 351
Comprehensive Income (Loss) Attributable to Non-controlling Interests			3 217	78
Basic Earnings per Share			9,11	13,20
Diluted Earnings per Share			8,78	12,80

^{* The non-cash revaluations of derivative instruments in comprehensive income do not affect the profitability or cash flow generating ability of AS Eesti Gaas or Infortar’s core business operations.}

Balance sheet, in thousands of EUR

ASSETS	30.09.24	30.09.23	31.12.2023
CURRENT ASSETS
Cash	95 863	90 456	87 115
Short-term Financial Investments	1	1	0
Short-term Derivative Instruments	2 246	21 216	28 728
Receivables from Realized Derivative Instruments	2 773	1 279	5 958
Receivables from Customers	115 992	91 071	162 575
Tax Prepayments	4 161	1 192	925
Other Receivables and Prepayments	31 098	20 228	20 185
Prepayments for Inventories	2 885	29 354	3 493
Inventories	221 174	177 824	146 884
Biological Assets	420	0	0
Total Current Assets	476 613	432 621	455 863
NON-CURRENT ASSETS
Investments in Associates	15 756	341 490	346 014
Long-term Derivative Instruments	1 451	3 485	1 125
Long-term Loans and Other Receivables	29 668	9 771
Investment Properties	67 791	171 046	9 072
Property, Plant, and Equipment	1 816 338	449 014	176 024
Intangible Assets	39 276	13 474	446 748
Right-of-use Assets	47 548	10 421	14 366
Biological Assets	2 840	0	11 300

Total non-current assets	2 020 668	998 701	1 004 649
TOTAL ASSETS	2 497 281	1 431 322	1 460 512

EQUITY AND LIABILITIES
CURRENT LIABILITIES
Loan Liabilities	199 247	204 468	184 259
Lease Liabilities	8 499	956	1 766
Payables to Suppliers	136 017	60 687	74 751
Tax Liabilities	35 702	17 341	32 822
Customer Prepayments	34 741	3 171	3 099
Realized Derivative Instruments	222	3 395	1 463
Other Short-term Liabilities	53 351	21 374	10 851
Short-term Derivative Instruments	11 680	226	3 659
Total Current Liabilities	479 459	311 618	312 670
NON-CURRENT LIABILITIES
Long-term Provisions	9 208	7 255	8 399
Deferred Income Tax Liability	2 391	34 920	33 233
Other Long-term Liabilities	28 612	30 426	30 679
Long-term Derivative Instruments	880	11	186
Loan liabilities	713 212	265 805	246 410
Lease liabilities	40 461	9 587	8 725
TOTAL NON-CURRENT LIABILITIES	794 764	348 004	327 632
TOTAL LIABILITIES	1 274 223	659 622	640 302
EQUITY
Share Capital	2 117	1 985	2 105
Treasury Shares	-95	-95	-95
Share Premium	32 484	0	29 344
Statutory Reserve	212	205	205
Option Reserve	7 647	3 068	3 864
Hedging Reserve*	20 725	22 084	24 118
Unrealized Exchange Differences	1 114	32	-39
Reserve for Post-employment Benefit Obligations	-44	0	-44
Retained Earnings	728 559	474 015	466 140
Profit for the Reporting Period	184 122	269 546	293 778
Equity Attributable to Owners of the Parent Company	976 841	770 840	819 376

Non-controlling Interests	246 217	860	834
TOTAL EQUITY	1 223 058	771 700	820 210
TOTAL EQUITY AND LIABILITIES	2 497 281	1 431 322	1 460 512

^{* This represents the change in the accounting hedging position, which affects the comprehensive income result.}

Cash flow statement, in thousands of EUR	9 months 2024	9 months 2023	2023
Cash Flows from Operating Activities
Profit for the Reporting Period	187 339	269 624	293 830
Adjustments
Depreciation and Impairment of Fixed Assets	30 676	11 204	15 581
Change in Value of Investment Properties	2 891	0	4 074
Profit/Loss from Equity Investments	-156 017	-37 701	-39 639
Change in Value of Derivative Instruments	26 156	59 284	54 122
Other Financial Income/Expenses	-66	-161 433	-161 965
Accrued Interest Expenses	24 466	14 004	22 573
Profit/Loss from Disposal of Fixed Assets	-301	-76	-91
Income from Targeted Financing Recognized in Revenue	-319	-347	784
Accrued Income Tax Expense	-29 360	10 032	8 610
Income Tax Paid	-1 482	0	-267
Change in Receivables and Prepayments Related to Operating Activities	79 126	130 325	54 540
Change in Inventories	-22 986	-118 715	-61 914
Change in Liabilities Related to Operating Activities	35 968	-24 650	-406
Change in Biological Assets	112	0	0
Total Cash Flows from Operating Activities	176 203	151 551	189 832

Cash Flows from investing activities
Payments for Purchase of Associates	0	-7 728	-10 314
Payments for Purchase of Subsidiaries	-67 810*	-103 410	-103 414
Dividends paid	20 862	0	0
Repayments of Loans Granted	2 057	5 966	6 652
Interest Received	4 019	2 301	2 691
Payments for Acquisition of Investment Properties	-10 566	-10 506	-18 304
Payments for Acquisition of Property, Plant and other assets	-17 042	-13 972	-18 143
Proceeds from Sale of Investment Properties and Fixed Assets	707	78	-252
Total cash Flows from investing activities	-67 773	-127 271	-141 084
Cash Flows from Financing Activities
Change in Overdraft	-30 457	30 546	14 348
Loans Received	106 303	148 955	287 606
Repayments of Loans Received	-114 706	-150 790	-312 846
Repayments of Principal Portion of Lease Liabilities	-8 674	-1 562	-2 233
Interest Paid	-24 968	-13 100	-22 224
Dividends Paid	-30 332	-7 875	-15 750
Proceeds from Issuance of Shares	3 152	0	29 464
Total Cash Flows from Financing Activities	-99 682	6 174	-21 635

Total cash flows	8 748	30 454	27 113

Cash and Cash Equivalents at Beginning of Period	87 115	60 002	60 002
Cash and Cash Equivalents at End of Period	95 863	90 456	87 115
Change in Cash and Cash Equivalents	8 748	30 454	27 113

Aktsiaselts Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Aktsiaselts Infortar owns a 68.47% stake in Aktsiaselts Tallink Grupp, a 100% stake in AS Eesti Gaas and a versatile and modern real estate portfolio of approx. 116,000 m2. In addition to the three main areas of activity, Aktsiaselts Infortar also operates in construction and mineral resources, agriculture, printing, taxi business and other areas. A total of 105 companies belong to the Aktsiaselts Infortar group: 96 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Aktsiaselts Infortar employs 6,108 people.

Additional information:
Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
e-mail: kadri.laanvee@infortar.ee
www.infortar.ee/en/investor

Attachments

The MIL Network –

January 26, 2025

MIL-OSI United Kingdom: Scottish Secretary champions energy sector on visit to Norway
Source: United Kingdom – Executive Government & Departments

Ian Murray will make his first official overseas visit to Norway this week, as the UK strengthens its relationship with key international partner.
On this trip Mr Murray will met energy investors to highlight Scotland’s world-leading energy sector and UK Government’s clean energy mission. This follows £125 million allocated in the Budget towards establishing Great British Energy in Aberdeen,

Norway is a key partner for Scotland and the UK, in trade, defence, and energy. The Scottish Secretary’s visit will deepen these ties, to bring benefits to people and businesses in both Scotland and Norway.

Prime Minister Keir Starmer met the Prime Minister of Norway in July, where they discussed the importance of energy security and working together on green energy and renewables.

Following on from this, the Secretary of State will meet a number of Norwegian companies who are investors in wind and low carbon projects. That includes Equinor who are a major supplier of energy to UK households and Operate the Hywind Scotland windfarm off the North East coast of Scotland.

Speaking ahead of his visit, Mr Murray said:

We are committed to maximising Scotland’s influence abroad, and selling ‘Brand Scotland’ across the world. Norway and the UK are key partners in energy, trade and defence, and my visit will help strengthen those ties. Norway is an important provider of clean energy, and of course Scotland’s energy sector is world-leading.

I look forward to meeting a number of energy companies to discuss our journey to clean energy by 2030, the role of GB Energy, and encourage their further investment in Scotland’s green clean future.

Last week the Chancellor’s Budget demonstrated how the UK Government is investing in Scotland’s future and laying the foundations for economic growth across the UK – including through funding for Green Freeports, City and Growth Deals, GB Energy and hydrogen projects.

The visit to Norway will also help cement relations with one of the UK’s most important strategic trade and defence allies. Mr Murray will meet Norwegian ministers, and visit Kongsberg, a world leading defence contractor part owned by the Norwegian Government. Kongsberg supports 3500 jobs in the UK, including in Aberdeen and Dunfermline.

The Secretary of State for Scotland and the Norwegian Ambassador to the UK, Tore Hattrem, recently visited the Royal Navy’s HMS Prince of Wales aircraft carrier. The carrier has recently taken part in Operation Strike Warrior – the biggest maritime training exercise in Europe, involving Norway and other NATO allies, operating under challenging conditions off the west coast of Scotland.

Mr Murray will also meet the Norwegian government to discuss local economic growth, and support to remote communities.

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Updates to this page

Published 4 November 2024
MIL OSI United Kingdom –
January 26, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

Message to Shareholders

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

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

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

Operational Update:

Acquisition of i3 Energy
- On October 31, 2024, Gran Tierra completed its acquisition of i3 Energy. Gran Tierra is integrating the Canadian operations and are forecasting an active Q4 2024, including drilling 19 gross wells (8.4 net), targeting each of its core operating areas in Central AB, Simonette, Clearwater and Wapiti.
- The Company drilled 2 gross (2 net) horizontal Dunvegan oil wells at Simonette. These high-impact 2-mile wells are currently being stimulated and are expected to be brought on stream in late November. With success, Gran Tierra can drill 2 additional Dunvegan development wells in 2025.
- Clearwater activity commenced in mid-October with the Company’s first operated Clearwater multilateral well at Dawson (100% working interest). The 8-leg multilateral horizontal well (11,870 m of total lateral length) was a follow-up to the Company’s initial 6-leg (7,500 m of total lateral length) discovery at Dawson. The 8-leg well follow-up multilateral was located structurally up-dip of the discovery well and encountered high quality reservoir throughout while drilling. The well will be placed on production imminently as the rig has skidded to and spud the third Clearwater well from the same pad. The Company has been working to secure multiple pad sites at East Dawson to facilitate future expansion of the field, upon further operational success. Following these two wells the rig will move to Walrus and drill 2 prospective Falher sands.
- In addition to the operated capital program, Gran Tierra plans to participate in 10 gross (1.67 net) non-operated partner horizontal wells across its land base.
- In connection with i3 Energy acquisition closing on October 31, 2024, the Company amended and restated the existing revolving credit facility agreement of i3 Energy Canada Ltd. (“i3 Energy Canada”) with National Bank of Canada dated March 22, 2024. As a result of the amendment and restatement, among other things, the borrowing base was revised to C$100.0 million (US$74.1 million) with available commitment of a C$50.0 million (US$37.0 million) revolving credit facility comprised of C$35.0 million (US$25.9 million) syndicated facility and C$15.0 million (US$11.1 million) of operating facility. Subject to the next borrowing base redetermination which will occur on or before June 30, 2025, the revolving credit facility is available until October 31, 2025 with a repayment date of October 31, 2026, which may be extended by further periods of up to 364 days, subject to lender approval. The facility is undrawn.
Exploration
- Gran Tierra has successfully drilled its sixth consecutive oil discovery in Ecuador, the Charapa-B7 well. The wells drilled in Ecuador continue to yield strong results producing over 1 million cumulative bbls of oil to date which highlights the exceptional potential of the Oriente and Putumayo basins.

Well	Zone	Onstream Date	IP30 (BOPD)¹	IP90 (BOPD)²	IP30 BS&W³	API	GOR (scf/stb)⁴	Cumulative Production to Date (Mbbl)⁵
Charapa-B5	Hollin	11/9/2022	1,092	910	2%	28	160	307
Bocachico-J1	Basal Tena	5/30/2023	1,296	1,146	<1%	20	204	449
Arawana-J1	Basal Tena	5/17/2024	1,182	970	<1%	20	264	131
Bocachico Norte-J1	T-Sand	8/1/2024	833	519	3%	35	361	47
Charapa-B6	Hollin	8/7/2024	1,645	–	21%	28	49	77
Charapa-B7	Basal Tena	8/30/2024	2,043	–	<1%	25	153	112

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

The drilling rig has been moved from the Charapa Block and mobilized to the Chanangue Block to drill two wells – the Zabaleta-K1 and Zabaleta Oeste-K1 exploration wells. The Zabaleta-K1 well is located four kilometers (“km”) to the east of the Arawana-J1 well drilled earlier this year and is 200 feet up structure. The well spud on October 22 2024, and we have currently drilled to 9,488 feet. Both wells will target the Basal Tena formation as well as assess potential in the T-Sand, U-Sand and B-Limestone.
During the Quarter, the 238 km2 3D seismic program of the Charapa Block was completed, the data has been processed and is currently being interpreted. Preliminary interpretations of the high-quality 3D data confirm potential prospectivity and additional areas of interest identified on seismic, including better definition over the Charapa structure. The 3D data will further delineate reserves, underpin future drilling locations scheduled for 2025 and support future development planning.

Development
- The planning, civil works, and facility construction at Cohembi in the Suroriente Block are progressing, paving the way for drilling operations to commence in late Q4 2024.
- Acordionero water treatment facilities expansion is expected to be completed mid-December which will result in an addition of 21,500 bbls of water handling per day which represents a 35% increase in water treatment capacity. This will allow for further well optimizations to increase injection and associated oil production. Gran Tierra continues to steadily increased total fluid production and water injection by ~18% per year to continue growing and maintaining oil production while improving sweep efficiencies and recoveries.

Key Highlights of the Quarter:

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

Additional Key Financial Metrics:

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

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

	Three Months Ended September 30,		Three Months Ended June 30,	Nine Months Ended September 30,
	2024	2023	2024	2024	2023

Net Income (Loss)	$1,133	$6,527	$36,371	$37,426	$(13,998)
Per Share – Basic and Diluted⁽⁵⁾	$0.04	$0.20	$1.16	$1.20	$(0.42)

Oil Sales	$151,373	$179,921	$165,609	$474,559	$482,013
Operating Expenses	(46,060)	(49,367)	(47,035)	(141,561)	(139,227)
Transportation Expenses	(3,911)	(3,842)	(5,690)	(14,185)	(10,599)
Operating Netback⁽²⁾⁽⁴⁾	$101,402	$126,712	$112,884	$318,813	$332,187

G&A Expenses Before Stock-Based Compensation	$9,491	$8,307	$10,967	$31,240	$29,052
G&A Stock-Based Compensation (Recovery) Expense	(3,145)	1,931	6,160	6,376	3,748
G&A Expenses, Including Stock Based Compensation	$6,346	$10,238	$17,127	$37,616	$32,800

Adjusted EBITDA⁽²⁾	$92,794	$119,235	$103,004	$290,590	$306,391

EBITDA⁽²⁾	$97,365	$115,382	$101,187	$290,443	$294,391

Net Cash Provided by Operating Activities	$78,654	$70,381	$73,233	$212,714	$157,511

Funds Flow from Operations⁽²⁾	$60,338	$79,000	$46,167	$180,812	$192,122

Capital Expenditures	$52,921	$43,080	$61,273	$169,525	$179,707

Free Cash Flow⁽²⁾	$7,417	$35,920	$(15,106)	$11,287	$12,415

Average Daily Volumes (BOPD)
WI Production Before Royalties	32,764	33,940	32,776	32,595	33,098
Royalties	(6,776)	(7,164)	(6,774)	(6,650)	(6,592)
Production NAR	25,988	26,776	26,002	25,945	26,506
(Increase) Decrease in Inventory	(524)	(380)	(811)	(367)	(222)
Sales	25,464	26,396	25,191	25,578	26,284
Royalties, % of WI Production Before Royalties	21%	21%	21%	20%	20%

Per bbl
Brent	$78.71	$85.92	$85.03	$81.82	$81.94
Quality and Transportation Discount	(14.10)	(11.83)	(12.79)	(14.11)	(14.76)
Royalties	(13.58)	(16.06)	(15.31)	(13.97)	(13.58)
Average Realized Price	51.03	58.03	56.93	53.74	53.60
Transportation Expenses	(1.32)	(1.24)	(1.96)	(1.61)	(1.18)
Average Realized Price Net of Transportation Expenses	49.71	56.79	54.97	52.13	52.42
Operating Expenses	(15.53)	(15.92)	(16.17)	(16.03)	(15.48)
Operating Netback⁽²⁾⁽⁴⁾	34.18	40.87	38.80	36.10	36.94
G&A Expenses Before Stock-Based Compensation	(3.20)	(2.68)	(3.77)	(3.54)	(3.23)
Transaction Costs	(0.49)	—	—	(0.17)	—
Realized Foreign Exchange Gain (Loss)	0.34	(0.64)	0.37	0.07	(1.77)
Interest Expense, Excluding Amortization of Debt Issuance Costs	(5.66)	(3.84)	(5.38)	(5.38)	(3.85)
Interest Income	0.23	0.09	0.35	0.27	0.19
Net Lease Payments	0.07	0.18	0.02	0.07	0.17
Current Income Tax Expense	(5.13)	(8.50)	(14.54)	(6.96)	(7.08)
Cash Netback⁽²⁾	$20.34	$25.48	$15.85	$20.46	$21.37

Share Information (000s)
Common Stock Outstanding, End of Period⁽⁵⁾	30,651	33,288	31,022	30,651	33,288
Weighted Average Number of Shares of Common Stock Outstanding – Basic⁽⁵⁾	30,733	33,287	31,282	31,274	33,675
Weighted Average Number of Shares of Common Stock Outstanding – Diluted⁽⁵⁾	30,733	33,350	31,282	31,274	33,675

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

Conference Call Information:

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

Corporate Presentation:

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

Contact Information

For investor and media inquiries please contact:

Gary Guidry
President & Chief Executive Officer

Ryan Ellson
Executive Vice President & Chief Financial Officer

+1-403-265-3221

info@grantierra.com

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

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

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

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

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

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

Non-GAAP Measures

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

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

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

Three Months Ended
September 30,

Twelve Month Trailing
September 30,

As at September 30,

Return on Average Capital Employed – (Non-GAAP) Measure ($000s)

2024

Net Income

1,133

45,137

Adjustments to reconcile net income to EBIT:

Interest Expense

19,892

74,503

Income Tax Expense

20,767

34,589

EBIT

41,792

154,229

Total Assets

1,533,378

Less Current Liabilities

263,492

Less Cash and Cash Equivalents

277,645

Capital Employed

992,241

Annualized EBIT*

167,168

Divided by Average Capital Employed

992,241

Return on Average Capital Employed

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

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

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

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

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

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

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

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

Presentation of Oil and Gas Information

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

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

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

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

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

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

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

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

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

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

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

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

The MIL Network –

January 26, 2025

MIL-OSI: Gran Tierra Energy Inc. Announces Normal Course Issuer Bid and Automatic Share Purchase Plan

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Nov. 04, 2024 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra”) (NYSE American: GTE)(TSX: GTE)(LSE: GTE), today announces that the Toronto Stock Exchange (“TSX”) has approved its notice of intention to make a normal course issuer bid (the “Bid”) for its shares of common stock (the “Shares”). As of October 31, 2024, there were 36,460,141 Shares issued and outstanding and the public float was 35,458,717 Shares. Pursuant to the Bid, Gran Tierra will be able to purchase for cancellation up to 3,545,872 Shares, representing 10% of the public float, at prevailing market prices at the time of purchase, through the facilities of the TSX, the NYSE American (the “NYSE”) or alternative trading platforms in Canada or the United States, if eligible, or by such other means as may be permitted by the TSX, the NYSE and applicable securities laws for a one year period commencing on November 6, 2024 and ending on November 5, 2025. Gran Tierra has also entered into an Automatic Share Purchase Plan (the “ASPP”) in connection with the Bid. The ASPP is intended to allow for the purchase of Shares under the Bid when Gran Tierra would ordinarily not be permitted to purchase Shares due to regulatory restrictions and customary self-imposed blackout periods.

Gran Tierra may purchase up to 9,829 Shares during any trading day, which represents approximately 25% of 39,317, which represents the average daily trading volume on the TSX for the most recently completed six calendar months prior to the TSX’s acceptance of the notice of the Bid. Gran Tierra may effect repurchases from time to time in the open market or in negotiated transactions off the market at prevailing market prices at the time of purchase.

Management of Gran Tierra believes that the Shares, at times, have been trading in a price range which does not adequately reflect their value in relation to Gran Tierra’s current operations, growth prospects and financial position. At such times, the purchase of Shares for cancellation or to satisfy awards granted under Gran Tierra’s Long Term Equity Incentive Plan may be advantageous to stockholders by increasing the value of the Shares.

Within the past twelve months, Gran Tierra purchased 2,703,914 Shares at a volume weighted average price of CDN$9.34 under a previously approved normal course issuer bid through the facilities of the TSX and eligible alternative trading platforms in Canada and the United States permitting the purchase of up to 3,234,914 Shares (calculated on a post-10-for-1 reverse stock split basis), which expired on November 2, 2024.

Pursuant to the ASPP, outside of a trading blackout period, Gran Tierra may, but is not required to, instruct the designated broker to make purchases under the Bid in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker at its sole discretion based on purchasing parameters set by Gran Tierra in accordance with the rules of the TSX, the NYSE, applicable securities laws, including Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, and the terms of the ASPP. The ASPP has been pre-cleared by the TSX and will be implemented on November 6, 2024.

Outside of blackout periods, Shares may be purchased under the Bid based on management’s discretion, in compliance with the rules of the TSX, the NYSE and applicable securities laws. Purchases made under the ASPP will be included in computing the number of Shares purchased under the Bid.

As previously announced on February 20, 2024, Gran Tierra was granted an exemptive relief order by the Canadian securities regulators which permits Gran Tierra to purchase up to 10% of its “public float” (within the meaning of the rules of the TSX) of the Shares through the NYSE and other trading systems based in the United States as part of any NCIB implemented in the 36 months following the date of the exemption order, being February 12, 2024. Gran Tierra will therefore not be limited on such trading platforms to purchasing 5% of its outstanding Shares at the beginning of any 12-month period as Canadian securities laws would otherwise provide. The exemptive relief expires February 12, 2027 and is conditional upon, among other things, purchases being made in compliance with applicable U.S. rules, the TSX rules applicable to a normal course issuer bid, National Instrument 23-101 – Trading Rules, and at a price not higher than the market price at the time of purchase.

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. Gran Tierra is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional growth opportunities that would further strengthen Gran Tierra’s portfolio. Gran Tierra’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Information on Gran Tierra does not constitute a part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

Gran Tierra’s U.S. Securities and Exchange Commission (“SEC”) filings are available on the SEC website at www.sec.gov. Gran Tierra’s Canadian securities regulatory filings are available on SEDAR+ at www.sedarplus.com and UK regulatory filings are available on the National Storage Mechanism (the “NSM”) website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Gran Tierra’s filings on the SEC, SEDAR+ and NSM websites are not incorporated by reference into this press release.

Forward-Looking Statements and Advisories

This press release contains statements about future events that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Such forward-looking statements include, but are not limited to, the belief of Gran Tierra’s management that the Bid will be advantageous to stockholders, potential purchases of the Shares for cancellation or redeployment under Gran Tierra’s Long Term Equity Incentive Plan, the potential value of the Bid for Gran Tierra’s stockholders and other benefits to be derived from the Bid. There can be no assurance as to how many Shares, if any, will ultimately be acquired by Gran Tierra.

The forward-looking statements contained in this news release are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements, including, among others, unexpected changes in general market and economic conditions. Accordingly, readers should not place undue reliance on the forward-looking statements contained herein. Further information on potential factors that could affect Gran Tierra are included in risks detailed from time to time in Gran Tierra’s reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K filed February 20, 2024 and its subsequent quarterly reports on Form 10-Q. These filings are available on a Website maintained by the SEC at http://www.sec.gov and on SEDAR+ at www.sedarplus.com.

All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws. Gran Tierra’s forward-looking statements are expressly qualified in their entirety by this cautionary statement.

No Offer or Solicitation

The information in this press release is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or otherwise, nor shall there be any purchase in any jurisdiction in contravention of applicable law.

Contact Information:

For investor and media inquiries please contact:

Gary Guidry
President & Chief Executive Officer

Ryan Ellson
Executive Vice President & Chief Financial Officer

+1-403-265-3221
info@grantierra.com

The MIL Network –

January 26, 2025
MIL-OSI United Kingdom: Mayor’s pioneering policies set to halve emissions from new buildings as London leads the way in cutting energy use
Source: Mayor of London
- Sadiq’s ambitious planning policies ensure the capital is outperforming national requirements for cutting energy use in new buildings, driving down carbon emissions and supporting investment in green technologies – including solar panels and heat pumps
- London achieved 57 per cent higher carbon savings in proposed new buildings than required by national building regulations in 2023 – a seven per cent increase compared to the previous year.
- New data also reveals that London’s overall emissions have fallen 21 per cent since start of the Mayor’s tenure in 2016, significantly faster than the national average
London is leading the country in driving down energy use and reducing emissions, new City Hall data published today has revealed.

The Mayor’s London Plan – which sets out policies that address the global climate emergency and the housing crisis whilst providing a blueprint to make London a greener and healthier city – is helping to drive these achievements.

The Plan’s net zero carbon target, which applies to all major planning applications, is delivering 57 per cent higher carbon reductions in proposed new developments than required by national building regulations. Where developers cannot achieve net zero on site, the Plan ensures that they contribute funds to support other decarbonisation projects in London boroughs.  

City Hall’s 2023 Energy Monitoring Report, published today, showcases the significant impact of the Mayor’s policies and highlights the vital role cities play when they are given power to drive down carbon emissions, reduce energy costs, support supply chains and drive investment in clean technology. The report highlights:
- Emissions from proposed new developments were less than half of the CO2 levels required to meet national Building Regulations, with a saving of over 32,000 tonnes. This is equivalent to 27,000 return flights from London to New York.
- More than a quarter of this saving came from energy efficiency measures – saving 8,552 tonnes of CO2 emissions. This is the equivalent to adding loft insulation to over 13,000 homes.
- 84 per cent of proposed developments in the capital, featuring over 20,000 homes and more than 1,000,000m² of non-residential floor space, plan to use heat pumps for their heating system – the majority being large, centralised heat pumps supplying communal and site-wide heat networks. These heating systems service a number of buildings on a site.
- 92 per cent of proposed developments will include solar panels. Combined, these panels will be the size of approximately 14 football pitches (having a cumulative area of 70,000 m²), totalling £21 million in new solar investment.
- More than 28,000 homes (91 per cent of all new homes) are set to connect to either communal heat networks or area-wide district heat networks.
City Hall has also today published the London Energy and Greenhouse Gas Inventory, which looks at emissions in London between 1 January 2022 and 31 January 2022 and shows significant reductions in emissions in the capital in recent years:
- Since Sadiq took office in 2016, total emissions in the capital have fallen 21 per cent, significantly faster than the national average (16 per cent).
- London’s emissions have dropped 43 per cent since their peak in 2000, despite a 23 per cent increase in population.
- Emissions from transport are dropping faster in London than across the UK. Since 2016, London has had an 18 per cent drop in transport emissions compared with a 13 per cent drop nationwide.
Since 2016, the Mayor’s carbon offsetting policy has enabled £333 million to be secured for net zero projects across London. This fund will be redirected by local authorities to projects in their neighbourhoods that will reduce London’s emissions. Projects include energy efficiency improvements and renewable energy installations on council-owned buildings such as schools and community centres.

Deputy Mayor for Environment and Energy Mete Coban said: “It’s fantastic to see London leading the country in reducing emissions and that the Mayor’s ambitious planning policies are bringing down energy bills and helping Londoners become more energy efficient.

“The Mayor has committed to making London a net zero-carbon city by 2030 and this new data shows we are progressing in the right direction.

“Sadiq and I continue will continue to work tirelessly to help boost London’s green economy to build a better, greener city for everyone.”

Helena Rivers, Net Zero Lead, Building and Places, Europe and India, AECOM said: “The GLA’s energy monitoring report for 2023 highlights a significant milestone, with on-site CO2 emission reductions from new development averaging 57.4% beyond national building regulation standards.

“This progress underscores the effectiveness of the GLA’s leading London Plan policies aimed at achieving net zero by 2030, which AECOM is proud to support in their implementation.

“The evolving policy landscape, including the Future Homes Standard and the Future Building Standard, will play a crucial role in this success.

“As we adapt to these new policies, it is essential to maintain our momentum in meeting the GLA targets, whilst striving to ensure a sustainable future for London.”
MIL OSI United Kingdom –
January 26, 2025

MIL-OSI Asia-Pac: Stage set for 76th Republic Day Celebrations at Kartavya Path

Source: Government of India (2)

Stage set for 76th Republic Day Celebrations at Kartavya Path

Indonesian President Mr Prabowo Subianto to be the Chief Guest

The ceremony to showcase India’s rich cultural diversity, unity, equality, development & military prowess; Special focus on 75 years of enactment of the Constitution

Around 10,000 Special Guests from different walks of life to witness the parade

31 Tableaux to roll down Kartavya Path on the theme ‘Swarnim Bharat: Virasat aur Vikas’; In a first, a Tri-services tableau to display the spirit of jointness & integration among the Armed Forces

Cultural performance by 5,000 artists to cover entire Kartavya Path for the first time

Posted On: 25 JAN 2025 2:58PM by PIB Delhi

President Smt Droupadi Murmu will lead the Nation in celebrating the 76^th Republic Day from Kartavya Path in New Delhi on January 26, 2025. With special focus on 75 years of enactment of the Constitution and Jan Bhagidari, the celebrations this year will be a unique blend of India’s rich cultural diversity, unity, equality, development and military prowess. President of the Republic of Indonesia Mr Prabowo Subianto will be the Chief Guest.

Around 10,000 Special Guests have been invited to witness the parade, in line with the Government’s objective to increase ‘Jan Bhagidari’ in events of national importance. These Special Guests from different walks of life are the architects of ‘Swarnim Bharat’. They include best performers in various fields and those who have made best use of the schemes of the Government.

The parade

The Republic Day parade will start at 1030 hrs and run for a duration of approx. 90 minutes. The ceremony will commence with the visit of Prime Minister Shri Narendra Modi to the National War Memorial, where he will lead the nation in paying solemn tributes to the fallen heroes by laying a wreath. Thereafter, the Prime Minister and other dignitaries will head to the saluting dais at Kartavya Path to witness the parade.

The arrival of the President of India and her Indonesian counterpart will be escorted by the President’s Bodyguard, the senior most Regiment of the Indian Army. The two Presidents will arrive in the ‘Traditional Buggy’, the practice which made a comeback in 2024 after a gap of 40 years.

As per tradition, the National Flag will be unfurled followed by the National Anthem with a thunderous 21-gun salute using 105-mm Light Field Guns, an indigenous weapon system.

The parade will be heralded by 300 cultural artists playing ‘Sare Jahan Se Achha’ with musical instruments of different parts of the country. This indigenous mix of instruments would resonate with the melody, beat and hopes of a billion Indians hearts. The ensemble of instruments includes Shehnai, Sundari, Nadaswaram, Been, Mashak Been, Ransingha – Rajasthan, Flute, Karadi Majalu, Mohuri, Sankha, Tutari, Dhol, Gong, Nishan, Chang, Tasha, Sambal, Chenda, Idakka, Lezim, Thavil, Gudum Baza, Talam and Monbah.

Showering of flower petals will be carried out by Mi-17 1V helicopters from 129 Helicopter Unit in the Dhwaj Formation. Trooping the National Flag, this formation of helicopters will be led by Group Captain Alok Ahlawat.

The parade will then begin with the President taking the salute. The parade will be commanded by Parade Commander Lieutenant General Bhavnish Kumar, General Officer Commanding, Delhi Area, a second-generation officer. Major General Sumit Mehta, Chief of Staff, HQ Delhi Area will be the Parade Second-in-Command.

The proud winners of the highest gallantry awards will follow. They include Param Vir Chakra winners Subedar Major (Honorary Captain) Yogendra Singh Yadav (Retd) & Subedar Major Sanjay Kumar (Retd), and Ashok Chakra winner Lt Col Jas Ram Singh (Retd). The Param Vir Chakra is awarded for the most conspicuous act of bravery and self-sacrifice in the face of the enemy, while the Ashok Chakra is awarded for similar acts of valour and self-sacrifice but, other than, in the face of the enemy.

Indonesian Contingent

Kartavya Path will be witness to a march past by the Marching Contingent of Indonesian National Armed Forces and Military Band of Indonesia’s Military Academy. The marching contingent will consist of 152 members, with 190 members in the military band.

Indian Army Contingent

The first Army contingent leading the Mounted Column will be of 61 Cavalry, led by Lt Ahaan Kumar. Raised in 1953, the 61 Cavalry is the only serving active Horsed Cavalry Regiment in the world, with the amalgamation of all the ‘State Horsed Cavalry Units’. It will be followed by nine Mechanised Columns and nine marching contingents.

Tank T-90 (Bhishma); NAG Missile System along with BMP-2 Sarath; BrahMos; Pinaka Multi-launcher Rocket System, Agnibaan Multi-barrel Rocket Launcher; Akash Weapon System; Integrated Battlefield Surveillance System; All-Terrain Vehicle (Chetak), Light Specialist Vehicle (Bajrang), Vehicle Mounted Infantry Mortar System (Airawat), Quick Reaction Force Vehicles (Nandighosh & Tripurantak) and Short-Span Bridging System will also be on display at the Kartavya Path.

Marching down the Kartavya Path will be the contingents of Brigade of the Guards, The Jat Regiment, The Garhwal Rifles, The Mahar Regiment, The Jammu & Kashmir Rifles Regiment, the Corps of Signals, among others.

Tri-Services Tableau

For the first time, a Tri-services tableau will roll down on Kartavya Path, displaying the spirit of jointness and integration. With the theme ‘Shashakt aur Surakshit Bharat’, the tableau will depict a Joint Operations Room facilitating networking and communication among the three Services. It would display a battlefield scenario demonstrating a synchronised operation in land, water and air with the indigenous Arjun Main Battle Tank, Tejas MKII fighter aircraft, Advanced Light Helicopter, destroyer INS Visakhapatnam & a Remotely Piloted Aircraft, reflecting the Tri-services synergy in multi-domain operations. These platforms exemplify the vision to achieve ‘Aatmanirbharta’ in defence.

Veterans’ Tableau

Another highlight would be the Veterans’ Tableau on the theme ‘Viksit Bharat ki Ore Sadaiv Agrasar’, a heartfelt tribute to the unwavering spirit of our veterans, who are the symbols of discipline, resilience, and unyielding dedication.

Adding to the display of honor will be the esteemed veterans who have brought glory to India in sports. Among them are Padma Shri awardees Subedar Murlikant Petkar, whose story inspired the Bollywood film Chandu Champion, and Honorary Captain Jitu Rai. Arjuna and Khel Ratna awardees Colonel Balbir Singh Kular, Captain (IN) Homi Motivala, Master Chief Petty Officer Tajinder Toor, Master Warrant Officer Ram Mehar Singh, and Wing Commander Gurmeet Sandhu will also be present.

Representing Nari Shakti will be veteran women officers from all three services – Lieutenant Colonel Ravinderjeet Randhawa, Lieutenant Commander Mani Agarwal, and Flight Lieutenant Ruchi Saha, showcasing the pivotal role of women in shaping our armed forces.

Indian Navy Contingent

The Indian Navy contingent will consist of 144 personnel, led by Lt Cdr Sahil Ahluwalia as Contingent Commander and Lt Cdr Indresh Choudhary, Lt Cdr Kajal Anil Bharani & Lt Devender as Platoon Commanders. It will be followed by the Naval Tableau, depicting a strong ‘Aatmanirbhar’ Navy capable of protecting India’s maritime interests.

The tableau showcases the newly-commissioned indigenous frontline state-of-the-art combatants including the Destroyer INS Surat, Frigate INS Nilgiri and Submarine INS Vaghsheer, highlighting India’s rapid progress in indigenous warship design and construction and reinforcing Indian Navy’s commitment to build a robust and self-sufficient defence eco system.

Indian Air Force Contingent

The Indian Air Force contingent will comprise four officers and 144 personnel, led by Sqn Ldr Mahender Singh Garati, with Flt Lt Nepo Moirangthem, Flt Lt Damini Deshmukh & Fg Offr Abhinav Gorsi being supernumerary officers. It will be followed by a fly-past by three MiG-29 aircraft in ‘Baaz Formation’.

Indian Coast Guard

The Indian Coast Guard (ICG) contingent will be led by Deputy Commandant Navita Thakran followed by three officers of the guard – Deputy Commandant Sumit Kumar, Deputy Commandant Pankaj Saini and Assistant Commandant Priya Balurkar.

It will be followed by a tableau of ICG focussing on coastal security and maritime search and rescue. The theme is ‘Swarnim Bharat: Heritage and Progress’.

DRDO Tableau & Equipment

DRDO will display some path-breaking innovations for national security during the parade. The DRDO Tableau, with the theme ‘Raksha Kavach – Multi-layer Protection against Multi-domain Threats’ will feature Quick Reaction Surface-to-Air Missile; Airborne Early Warning & Control System; 155 mm/52 Cal Advanced Towed Artillery Gun System; Drone Detect, Deter & Destroy; Satellite-Based Surveillance System; Medium Power Radar – Arudhra; Advanced Light Weight Torpedo; Electronic Warfare System – Dharashakti; Laser-Based Directed Energy Weapon; Very Short Range Air Defence System; Indigenous Unmanned Aerial System; V/UHF Manpack Software Defined Radio for Land Forces; Indigenous Secure Satellite Phone and UGRAM Assault Rifle.

Apart from this, DRDO’s major landmarks of 2024 will also be showcased in the tableau posters namely Long Range Hypersonic Anti-Ship Missile; Light Weight Bullet Proof Jacket ‘ABHED’; Divyastra – Multiple Independently Targetable Re-entry Vehicle; ‘Zorawar’ Light Tank and the Dornier Mid-Life Upgrade with radar, Electronic Warfare System, Software Defined Radio etc.

Contingents of paramilitary & other auxiliary civil forces

Among the contingents marching down the Kartavya Path will be a 148-member all-women marching contingent of Central Reserve Police Force, led by Assistant Commandant Aishwarya Joy M. The marching contingent of Railway Protection Force will be led by Divisional Security Commissioner Aditya.

The Assam Rifles contingent will be led by Captain Karanveer Singh Kumbhavat of 29 Assam Rifles. It will comprise soldiers recruited from all over the country.

The Delhi Police marching contingent will be led by Additional Deputy Commissioner of Police Rishi Kumar Singh. The Delhi Police all-women band will be participating for the second time, led by Band Master Ruyangunuo Kense.

The Camel contingent of Border Security Force will be under the command of Deputy Commandant Manohar Singh Kheechee.

The all-girls marching contingent of NCC – SW (Girls) – will be led by Senior Under Officer Ekta Kumari of Jammu Kashmir & Ladakh Directorate. The all-boys marching contingent – SD (Boys) – will be led by Senior Under Officer Prasad Prakash Waikul of Maharashtra Directorate. The National Service Scheme (NSS) marching contingent of 148 volunteers will be led by Mr Deepak from Punjab.

Tableaux

Tableaux from 16 State Government/Union Territories and 10 Ministries/Departments of the Central Government highlighting ‘Swarnim Bharat: Virasat aur Vikas’, will participate in the parade this year. These tableaux would showcase India’s diverse strengths and its constantly-evolving cultural inclusiveness marching into a glorious future. The details of the participating tableaux of States/UTs are as follows:

	States/UTs
		Cultural Heritage of Goa
	Uttarakhand	Uttarakhand: Cultural Heritage and Adventure Sports
	Haryana	Showcasing Bhagwad Gita
	Jharkhand	Swarnim Jharkhand: A Legacy of Heritage and Progress
		Swarnim Bharat: Virasat Aur Vikas
	Andhra Pradesh	Etikoppaka Bommalu- Eco-Friendly Wooden Toys
		Punjab as the land of knowledge and wisdom
	Uttar Pradesh	Mahakumbh 2025 – Swarnim Bharat Virasat aur Vikas
		Swarnim Bharat: Virasat Aur Vikas (Nalanda Vishwavidyalya)
	Madhya Pradesh	Madhya Pradesh’s Glory: Kuno National park- The land of CHeetahs
	Tripura	Eternal Reverence: The worship of 14 Deities in Tripura – Kharchi Puja
	Karnataka	Lakkundi: Cradle of Stone craft
	West Bengal	The ‘Lakshmir Bhandar’ & ‘Lok Prasar Prakalpa’ – Empowering Lives and Fostering Self-Reliance in Bengal
	Chandigarh	Chandigarh: A Harmonious Blend of Heritage, Innovation and Sustainability
		Quality Education
	Dadra Nagar Haveli and Daman and Diu	Daman Aviary Bird Park along with Kukri Memorial- a tribute to the valiant sailors of the Indian Navy

The details of tableaux of Ministries/Departments are as follows:

	Departments/Ministries
	Department of Social Justice and Empowerment	The Constitution of India, a cornerstone of our Virasat (Heritage), Vikas and Path-Pradarshak
	Ministry of Tribal Affairs	Janjatiya Gaurav Varsh
	Ministry of Women & Child Development	Multifaceted journey of women and children nurtured under the Ministry’s comprehensive schemes
	Ministry of New & Renewable Energy	Swarnim Bharat: Heritage and Development
	Ministry of Rural Development	Lakhpati Didi
	Department of Financial Services	India’s remarkable journey in financial evolution
	Ministry of Earth Sciences (IMD)	Modern Science forecasting extreme weather conditioning- saving lives and livelihood
	Department of Animal Husbandry and Dairying	Golden India Heritage and Development Honouring India’s Indigenous Bovine Breeds as Icons of Sustainable Rural Growth
	Ministry of Culture	Swarnim Bharat: Heritage and Development
		75 Years of Constitution of India through flower tableau

Cultural Performance

This year, 5,000 artists in a title of ‘Jayati Jaya Mamaḧ Bharatam’ will perform over 45 dance forms from different part of the country in a 11-minute cultural performance. For the first time, the performance will cover the entire Kartavya Path – from Vijay Chowk to C hexagon – to ensure that all guests get the same viewing experience.

Motorcycle Display

The Corps of Signals Motorcycle Rider Display Team, famously known as ‘The Dare Devils’, will carry out breath-taking stunts during the motorcycle display. The team will showcase their bravery and determination through a number of formations, including Bullet Salute, Tank Top, Double Jimmy, Devils Down, Ladder Salute, Shatrujeet, Shraddhanjali, Mercury Peak, Info Warriors, Lotus and Human Pyramid.

Fly-past

One of the most eagerly-awaited events of the parade, the ‘Fly-past’ will witness a breath-taking air show by 40 aircraft/helicopters – 22 fighter jets, 11 transport aircraft and seven helicopters – of IAF. These include Rafale, Su-30, Jaguar, C-130, C-295, C-17, AWACS, Dornier-228 & An-32 aircraft and Apache & Mi-17 helicopters. They will display a variety of formations including Dhwaj, Ajay, Satluj, Rakshak, Arjan, Netra, Bheem, Amrit, Vajrang, Trishul and Vijay. The concluding Vertical Charlie maneuver will be performed by a Rafale fighter aircraft.

The ceremony will culminate with the national anthem and the release of balloons carrying banners with the official logo depicting 75 years of enactment of the Constitution in both English and Hindi.

A number of unique activities have been carried out as part of the celebrations. These include:

Rashtraparv Portal & Mobile App

‘Rashtraparv Portal’ portal and mobile App (Apple play and Msewa) have been launched to facilitate access to information related to national events such as Republic Day, Beating Retreat Ceremony, Independence Day; live streaming, purchase of tickets, provide information related to seating arrangements & route-maps of events etc.

Ease of Access

Metro Services: Free Metro ride will be provided to Invitees/Ticket holders of RDP-2025 at entry point of the Metro Stations across Delhi. Delhi Metro operations will begin at 4:00 AM on January 26, 2025 across Delhi. Parking spaces of Delhi Metro in Across Delhi will be opened on chargeable basis at regular rates.
Park and Ride Scheme: Park and Ride Scheme will be available. Under this scheme, invitees will park their vehicle at Palika Parking, Connaught Place and Jawaharlal Nehru Stadium’s parking area (Gate -14 & 15). From there, they can avail the ferry services (pick and drop) through the hired DTC buses. The ferry services will start at 6:00 AM and stop at 8:30 AM.
All enclosures are accessible and Divyang friendly with ramp facility. There will also be youth volunteers from NCC with wheelchairs for assistance.
Although the list of prohibited items are communicated well in advance, a cloak room facility will also be available.

Special Guests

Approximately 10,000 Special Guests in 34 categories, including the Sarpanches from villages excelling in key government schemes, have been invited as Special Guests to witness the parade this year. Details are as follows:

S No	Category	No of Guests
	Sarpanches	500
	Sarpanches from top performing village	200
	Disaster Relief Workers	300
	Guests from Vibrant Villages	300
	Best performing Water Warriors	400
	Primary Agriculture Credit (PAC) Societies	200
	Pani Samitee	400
	Community Resource Person (Krishi Sakhi, Udhyog Sakhi etc.)	400
	SHG members	200
	Trainees of DGT got training under National Skill Development Corporation	200
	PM YASASVI Scheme	400
	Forest & Wildlife conservation volunteers/workers	200
	Handloom Artisans	200
	Handicraft Artisans	200
	Special Achievers and Tribal beneficiaries of various schemes	500
	ASHA (Accredited Social Health Activist)	500
	Mann Ki Baat Participants	400
	My Bharat Volunteers	400
	Paralympic Contingent & winners of International Sports events	200
	Agriculture Infrastructure Fund scheme, Farmers Producing Organisation, Padma Awardee Farmers, PMKISAN, PMFBY, PMKSY	800
	PM Surya Ghar Yojna	400
	Renewable Energy workers	200
	Beneficiaries of PM KUSUM scheme	200
	Anganwadi Workers	400
	Road Construction Workers	300
	Best Start-Ups	100
	Best Patent Holders	100
	PM-VISHWAKARMA yojana Beneficiaries	200
	PM Matasya Sampada Yojana Beneficiaries	200
	Rashtriya Gokul Mission beneficiaries	200
	Guests from North Eastern States	200
	Foreign Cadets of Youth Exchange Programme/NCC	250
	Finalist of the National School Band Competition	600
	Winners of Veer Gatha 4.0	100

Beating Retreat Ceremony

RDC comes to a close with the ‘Beating Retreat Ceremony’, which is held every year on the 29^th January at Vijay Chowk. It marks a centuries old military tradition, when the troops ceased fighting, sheathed their arms, withdrew from the battlefield and returned to the camps at sunset at the sounding of the Retreat. Colours and Standards are cased and flags lowered. During the Beating Retreat Ceremony 2025, only Indian Tunes will be played by all the participating bands.

Bharat Parv

‘Bharat Parv’ will be organised at the Red Fort, Delhi from January 26-31, 2025 by the Ministry of Tourism. It will showcase Republic Day Tableaux, performances by the Military Bands (Static), cultural performances, Food Courts serving pan India cuisines and Crafts Bazaar.

PM’s NCC Rally

PM’s NCC rally, with the theme of ‘Yuva Shakti-Viksit Bharat’ is scheduled to be organised at Cariappa Parade Ground, Delhi Cantt. on January 27, 2025. During the event, Prime Minister Shri Narendra Modi will review the multifarious activities of the NCC.

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VK/SR/Savvy/KB

(Release ID: 2096097) Visitor Counter : 47

MIL OSI Asia Pacific News –

January 26, 2025

MIL-OSI Asia-Pac: English translation of Prime Minister’s statement at the Joint Press Conference with the President of Indonesia

Source: Government of India (2)

Posted On: 25 JAN 2025 6:53PM by PIB Delhi

Your Excellency, President and my brother Prabowo Subianto,
Delegates from both countries,
Friends from the media,
Namaskar!

Indonesia was our Chief Guest for India’s very first Republic Day. And it is a matter of great pride for us that, as we celebrate our 75th Republic Day, once again, Indonesia has gracefully accepted to be a part of this momentous occasion. On this occasion, I warmly welcome President Prabowo to India.

Friends,

During my visit to Indonesia in 2018, we took our partnership forward to a Comprehensive Strategic Partnership. Today, we held extensive discussions with President Prabowo on various aspects of mutual cooperation. To strengthen our cooperation in the Defence sector, we have decided to work together in the areas of Defence Manufacturing and Supply Chain.

We’ve also emphasized on cooperation in Maritime Security, Cyber Security, Counter-Terrorism and De-radicalisation. The agreement signed today on Maritime Safety and Security will strengthen our cooperation in the areas of Crime Prevention, Search and Rescue, and Capacity Building. Over the past few years, our bilateral trade has grown rapidly, and last year, this exceeded USD 30 billion.

To take this a step further, we’ve also held discussions on diversifying market access and the trade basket. The private sector is also an equal partner in these efforts. We welcome the CEO Forum meeting held today and the agreements finalised in the private sector. We have also decided to further strengthen mutual cooperation in areas like FinTech, Artificial Intelligence, Internet of Things and Digital Public Infrastructure.

In the sectors of Health and Food Security, India is sharing its learnings and experience from the Mid-Day Meal Scheme and the Public Distribution System with Indonesia. We have also decided that we will work together in sectors of Energy, Critical Minerals, Science & Technology, Space and STEM Education. The Disaster Management Authorities of both countries shall also come together to perform Joint Exercises.

Friends,

The relationship between India and Indonesia dates back thousands of years. Tales inspired from the Ramayana and the Mahabharata, and the ‘Bali Jatra’ are living testaments of the age-old cultural and historical ties between our two great nations. It gives me great pleasure that, after the Buddhist Borobudur Temple, India will now also contribute towards the conservation efforts of the Prambanan Hindu Temple.

Additionally, the year 2025 shall be celebrated as the Indo-ASEAN Year of Tourism. This shall also promote cultural exchanges and tourism between India and Indonesia.

Friends,

Indonesia is our important partner in the ASEAN and Indo-Pacific regions. Both countries are committed towards maintaining peace, security, prosperity and rules-based order in this entire region. We agree that Freedom of Navigation must be ensured in accordance with International Laws.

In our Act Easy Policy, emphasis has been given to ASEAN unity and centrality. We continue to work together on platforms like G-20, ASEAN and Indian Ocean Rim Association.

Now we are also welcoming the membership of Indonesia in BRICS. At all these forums, we will work in coordination and cooperation for the interests and priorities of the nations in the Global South.

Excellency,

Your visit to India as Chief Guest for our Republic Day tomorrow is a matter of immense pride for us. We are all eager to witness the Indonesian marching squad for the very first time at the event. Once again, I extend a warm welcome to you and your delegation to India.

Thank you very much.

DISCLAIMER – This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Asia-Pac: PM Suryaghar aims to empower citizens to become energy producers: Union Minister Pralhad Joshi

Source: Government of India

PM Suryaghar aims to empower citizens to become energy producers: Union Minister Pralhad Joshi

The beneficiaries of PM Suryaghar and PM Kusum can become the Ambassadors of India’s renewable energy movement : Union Minister Joshi

Union Minister Joshi interacts with beneficiaries of PM Kusum, PM Suryaghar and RE workers

Posted On: 25 JAN 2025 7:29PM by PIB Delhi

Union Minister of New and Renewable Energy Shri Pralhad Joshi said that PM Suryaghar-Muft Bijli Yojana aims to empower people by making citizens energy-producers as well as enabling them to earn extra income by selling electricity to discoms. The Minister was addressing 750 Special Guests of Ministry of New and Renewable Energy invited for witnessing the Republic Day Parade in New Delhi.

Union Minister said “ Under the leadership of PM Narendra Modi ji, the common people are now at the heart of India’s renewable energy revolution. Their work, dedication, and success are proof of what we can accomplish as a nation. The beneficiaries of PM Suryaghar and PM Kusum are the real Ambassadors of India’s renewable energy movement.” The Minister also appreciated them for leading the charge in India’s renewable energy journey.

Beneficiaries of PM Suryaghar and PM Kusum from different parts of the country spoke on the occasion and appreciated the timely subsidies being received by them, the ease with which they could register on the PM Suryaghar portal without human Interventions and the huge savings and zero bills from electricity because of the installation.

Union Minister said “ In Dharwad, Karnataka, a beneficiary of PMSurya Ghar achieved zero electricity bills by adopting solar power. With a ₹78,000 subsidy from the central government, this success story highlights Prime Minister Shri Narendra Modi’s vision of fostering sustainable and energy-efficient solutions across the nation.”

A PM Kusum beneficiary, Rakesh Rohi from Bulandshahr, Uttar Pradesh told the Minister that he installed solar pumps in his farm after being benefited by PM KUSUM Scheme which has vastly improved his yield.

The Special Guests of MNRE also visited PM Sangrahalaya earlier and will witness the Republic Day parade tomorrow.

Secretary, MNRE Ms Nidhi Khare said that the Ministry is always ready to learn and listen from the beneficiaries for improving the implementation of the schemes.

MNRE Joint Secretary Shri Lalit Bohra and other senior officials of MNRE were also present at the event.

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Navin Sreejith

(Release ID: 2096216) Visitor Counter : 64

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Video: Lights On for Remote Communities in Timor-Leste | United Nations

Source: United Nations (Video News)

In remote villages across Timor-Leste, homes are being fitted with solar energy panels, installed by the United Nations Development Program (UNDP), an initiative that reinforces in practice the central message of the UN’s 2025 International Day of Clean Energy, celebrated this Sunday, which states that no one should be left behind.

https://www.youtube.com/watch?v=duxUpGinx54

MIL OSI Video –

January 26, 2025
MIL-OSI Asia-Pac: Modi Govt’s Education Revamp Puts India on Track to be ‘Viswa Guru’: Shri Sarbananda Sonowal

Source: Government of India

Modi Govt’s Education Revamp Puts India on Track to be ‘Viswa Guru’: Shri Sarbananda Sonowal

Doctor’s Role Essential to Build Scientific Temper in the Society: Shri Sonowal

Assam Medical College a leading force of India’s Clinical Excellence; to support AMC Capacity Expansion: Shri Sonowal

Dibru College’s Legacy Tapped for Growth; Local Talent Poised to Drive Regional Development: Shri Sarbananda Sonowal

Posted On: 03 NOV 2024 3:28PM by PIB Delhi

The Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal widely interacted with students community as he attended the 78th Foundation Day of Assam Medical College & Hospital as well as at the 62nd Foundation Day of Dibru College as the Chief Guest in Dibrugarh, Assam today. Shri Sonowal highlighted the role that the PM Shri Narendra Modi led Government played to revamp the education sector of the country, which has put India on track to be ‘Viswa Guru.’

Glad to join students and staff of Assam Medical College & Hospital (AMCH) in Dibrugarh on its 78th Foundation Day.

North East’s premier medical and healthcare institute, AMCH has a rich history of public service, churning out exceptional medical professionals over the decades… pic.twitter.com/AcgTqIt3xw

— Sarbananda Sonowal (@sarbanandsonwal) November 3, 2024

Speaking to the young minds of Assam Medical College, the Union Minister, said, “The role played by any doctor is crucial to build scientific temperament in the society. It is a matter of immense pride that the rich legacy of the Assam Medical College is in safe hands of all of you to further this temperament while enriching the lives of people, both physically as well as mentally. The prowess of doctor’s community as well as that of our scientists proved essential to thwart the threat that COVID posed. While the vaccination healed people, the selfless service by doctor’s community proved crucial to heal the community. Today, the talent of doctors of India is top notch when it comes to clinical excellence. The rapid growth of medical tourism is a testament to this. While we excel at the contemporary medicine practice, our age old traditional medicinal systems has proven effects on healing the health and mind. India’s biggest soft power export to the world is Yoga which has been healing the health and mind of all of humanity. Today, under the dynamic leadership of Prime Minister Shri Narendra Modi ji, we are integrating the best of traditional medicine with that of modern medicine in order to provide a holistic treatment and provide for a complete wellbeing. The legacy of Assam Medical College must be honed to support our talent pool to become world class doctors and researchers. Apart from the Government of Assam’s commitment of ₹300 crores to improve the infrastructure, as a MP of Dibrugarh LSC, I shall definitely add to this in order to elevate prowess of AMC as leading centre of care and healing in the region. AMC is the pride of Dibrugarh, the pride of Assam and the pride of the Northeast. You shall continue to inspire generations and heal humanity.”

The event at AMC was also attended by Bimal Borah, Minister, Govt of Assam; Rameswar Teli, MP of Rajya Sabha; Bolin Chetia, MLA of Sadiya LAC; Dr Saikat Patra, Mayor, Dibrugarh Municipal Corporation (DMC); Prof Sanjeev Kakati, Principal, AMC; Dr Reema Nath, Vice Principal, AMC along with Arun Jyoti, CEM of Moran Autonomus Council; Indra Gogoi, Vice Chairman, Assam Gas Company Limited; Ujjwal Kashyap, District President, BJP Dibrugarh and other dignitaries.

Shri Sonowal also attended the 62nd Foundation Day Celebration of Dibru College in Dibrugarh, Assam today. It was founded with the support from public and eventually it became as a pioneering college of the region, receiving top honours from the National Assessment and Accreditation Council (NAAC). Shri Sonowal also offered floral tributes to the founding Principal of the college Bharat Narayan Jamowar as well as Vice Principal Nanda Lal Borgohain here today.

Speaking at this event, Shri Sarbananda Sonowal said, “The 21st century is one of competition, and we must participate to reach success with dignity. Dibru College is here to prepare you for that challenge. Students from across the Northeast are studying here, and it has been training & honing the human resources contributing handsomely to the cause of nation building. You all should be thankful for that. My appeal to students today is to focus on building yourselves. There is no shortcut to success—you must work hard on your character and discipline. Our dynamic PM, Shri Narendra Modi ji, works tirelessly for the nation, not just as a leader but as someone fully immersed in serving the country. May you find a role model in his life!”

The event was also attended by Rameswar Teli, ex Union Minister of State and MP of Rajya Sabha; Dr Saikat Patra, Mayor, DMC; Prof Jiten Hazarika, Vice Chancellor, Dibrugarh University; Pradeep Kumar Baruah; President of Governing Council of Dibru College; Aditi Baruah, Principal, Dibru College as well as other dignitaries.

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NKK/AK

(Release ID: 2070435) Visitor Counter : 38

MIL OSI Asia Pacific News –

January 26, 2025
MIL-OSI Asia-Pac: Ministry of Culture completes Special Campaign 4.0 focusing on institutionalization of Swachhata and minimizing pendency in the Offices
Source: Government of India (2)

Posted On: 02 NOV 2024 4:56PM by PIB Delhi

Ministry of Culture (MoC), along with its organizations, participated in the Special Campaign 4.0 while focusing mainly on institutionalization of Swachhata and minimizing pendency in Government Offices.

During implementation phase from 2^nd to 31^st October,2024, the Ministry achieved 100% targets in carrying out cleanliness drives in all designated 529 sites. 100% files in Record Management viz.12,668 Physical files and 3261 E-files were reviewed. 1167 Physical Files & 470 E-Files have been weeded out and closed, respectively. Revenue to the tune of Rs.31,73,667/- was generated by disposing of scarps. A total of 46876 Sq.ft. area was freed. In addition, 100% Public Grievances; 60% Public Grievances Appeals, 73% MP References 55% PMO References were disposed of. Ministry released 5 Press Statements. 187 Tweets were also issued by the Ministry and its various organizations.

Cleanliness drive conducted at Ramappa Temple, Hyderabad and Warangal Fort, Hyderabad sites

Ramappa Temple, Hyderabad

Before                                           After

Warangal Fort, Hyderabad



Before                                         After

Digitization of Records

The National Archives of India(NAI), an attached office of Ministry of Culture, has collections of approximately 34 crore pages. The NAI has a plan to convert all its physical collections into digital and make it accessible to the society online. NAI has started a digitization programme through outsourcing. NAI has started the work of digitization of 30 Crore pages and uploading the same on Department search portal i.e. www.abhilekh-patal.in. and the work is expected to be completed in two years. 56,07,806 pages have been digitized in the month of October 2024 with complete DMS implementation, Bar-coding and each record have 24 number of indexing field.

Conservation of Records

As a part of restorative conservation of records, The National Archives of India (NAI) repaired 2380 number of sheets; stitched and bound 14 vols and 160 files/mics items; and also repaired 44 maps during the period.

(On going conservation of Records at NAI)

Appraisal of Records

Ministry of Home Affairs, Ministry of Railway, Ministry of Coal and Directorate General CRPF, New Delhi have intimated NAI for appraisal of 680, 1366, 81 and 102 files, respectively. NAI has initiated action for joint appraisal of the above files as per provisions of Public Record Act & Rules.

Record Management Training

The following Training Programmes in Record Management were conducted by National Archives of India during Special Campaign 4.0 :-
1. 178^th Orientation course on Records Management for the Central Government officials/Departmental Records Officers was conducted for three days from 23-25 October 2024 at NAI, Records Centre, Jaipur. 27 participants from various Ministries/ Departments like Ministry of Finance, Ministry of Heavy Industries, Ministry of Defence, Atomic Energy, Archaeological Survey of India and PSUs etc. participated in this orientation course.
2.As part of special campaign 4.0, a workshop/training session on ‘Records Management’ was conducted by NAI at Ministry of Coal on 18th October, 2024. Approximately 40 participants including ASO, SO and US level officers attended the workshop.

Exhibition

The National Archives of India organized an exhibition titled “सुशासन और अभिलेख ” as part of Special Campaign 4.0 for Swachhata. The exhibition was inaugurated by Hon’ble Culture Minister Shri Gajendra Singh Shekhawat on 1^st October 2024 at NAI and remained open for public viewing till 30^th October, 2024.

Best Practice:

Adding a creative dimension to the SHS Campaign,2024 and Special Campaign 4.0 some of the Organizations of Ministry of Culture have undertaken the following initiatives with citizen involvement and collective action as part of good practice:-
1. Waste to Art Initiatives by National Council for Science Museums (NCSM) by engaging community in the waste to art initiatives: –
  1. 3 days Waste to Art Exhibition organized at National Science Centre, New Delhi, a Unit of NCSM, from 24th to 26th September,2024.
b) Shadow Art piece crafted from discarded electronic, electrical & spare parts, and A Coffee Table Book curated by NCSM Hqrs, Kolkata using waste material.

(Coffee Table Book)
1. Workshop on Composting Garden Waste organized by Goa Science Centre and Planetarium, a Unit of NCSM.
Workshop on Vermicomposting organized by District Science Centre, Dharampur, Gujarat, a Unit of NCSM.
1. Workshop on Hand made paper organized by Goa Science Centre and Planetarium Goa, a Unit of NCSM.
1. Mobile Science Exhibition on Hygiene and Sanitation organised by District Science Centre, Dharmpur, Gujarat, a Unit of NCSM.
1. Preservation of Gandhi Papers by Asiatic Society of Kolkata(ASK)
1. Curative Preservation of Manuscripts and Book “Ramayana” by Asiatic Society of Kolkata(ASK).
Ministry of Culture is committed to continue with the good works done during Special Campaign in order to promote and institutionalize swachhata, and reduce pendency in all organizations.

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SKT/

(Release ID: 2070325) Visitor Counter : 57

MIL OSI Asia Pacific News –
January 26, 2025
MIL-OSI Economics: OEUK news OEUK responds to Autumn Budget 30 October 2024
Source: Offshore Energy UK

Headline: OEUK news

OEUK responds to Autumn Budget

30 October 2024

Photo caption: OEUK CEO David Whitehouse. Credit: Offshore Energies UK.

The leading trade body for the UK offshore energy sector has responded to today’s Autumn Budget.

Confirming changes to the Energy Profits Levy, the Chancellor said she has sought to ensure the UK oil and gas industry can protect jobs and support domestic energy security. She confirmed that while the government will increase and extend the energy profits levy on oil and gas production to a headline rate of 78% and remove the associated investment allowance, the 100% first-year capital allowance and the decarbonisation allowance will be retained. The Chancellor also confirmed that the EPL will fall away in March 2030 unless the Energy Security Investment Mechanism is triggered before then.

OEUK said there is different path which generates more economic value and enables a homegrown transition towards the country’s climate goals by anchoring the sector’s world class supply chain and supporting over 200,000 UK-wide jobs.

The Chancellor today reconfirmed support for GB Energy and funding for carbon capture and storage and hydrogen projects across the UK.

David Whitehouse, CEO Offshore Energies UK comments:

“Today we heard the Chancellor recognise the role of the oil and gas sector to support high quality jobs and strengthen the UK’s energy security. We welcome that and the meetings and dialogue which have taken place between industry and the new government.

“While the government will increase and extend the Energy profits levy on oil and gas production to a headline rate of 78% and remove the associated investment allowance, the 100% first-year allowance and the decarbonisation allowance will be retained. The Chancellor also confirmed that the EPL will fall away in March 2030.

“However, with an increase in tax despite commodity prices at recent lows, there is no hiding that this is a difficult day for the sector.

“Oil and gas companies, our world class supply chain and our highly skilled people will support the energy transition. We will not be successful without them.

“It’s why there is a different path for this industry which can deliver the energy future we all agree on. With industry and government working in partnership we can protect the North Sea as a national economic asset. It can and should serve as an engine to realise UK economic growth and climate goals.

“We welcome that the government will consult in early 2025 on how the oil and gas tax regime can encourage investment and respond to changes in the oil price. We also note the consultation on end use emissions for oil and gas projects.

“That’s why we are calling for a homegrown energy transition – making the most of our whole homegrown sector – from oil, gas, wind, hydrogen to carbon capture projects with fair and competitive stable policies that keep jobs, skills and capital in the UK.”

Notes to editors:
1. Issued by the communications team, OEUK. Contact [email protected].
2. OEUK is campaigning for a homegrown energy transition that makes the most of the UK’s people and industrial strengths to be a secure, sustainable and skilled future. Download a copy of OEUK’s industry manifesto here.
Did you know?
- 154,000 jobs are directly or indirectly related to offshore energy.
- 120,000 of these are directly or indirectly supported by oil and gas projects. When induced jobs are included this increases to over 200,000.
- Spend in the UK’s offshore energy sector could total £450bn by 2040.
- The existing supply chain built through experience supporting the oil and gas sector has the capability to service 84%, 80% and 58% of our CCS, Hydrogen, and Floating offshore wind sectors, respectively.
- Moving to net zero will require more than £1 trillion of investment across the UK economy.
- The offshore energy sector is ready to spend £450bn on projects in the next 15 years under the right investment conditions.
- The UK imports around 40% of its energy needs. UK energy production is at the lowest it has ever been.
- The UK gets three-quarters of its total energy from oil and gas. Domestic production is equivalent to around half these needs.
- Over 24 million homes rely on gas boilers for heating. 1.5 million more homes rely on heating oil.
- Over 30% of UK electricity is supplied by gas power stations
- 38 million UK vehicles run on petrol or diesel.
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MIL OSI Economics –
January 26, 2025
MIL-OSI USA: U.S. exports of ethane and ethane-based petrochemicals rose 135% from 2014 to 2023
Source: US Energy Information Administration

In-depth analysis

November 4, 2024

Data source: U.S. Energy Information Administration, Petroleum Supply Monthly; and the U.S. Census Bureau
Note: Ethylene derivatives include high-density polyethylene (HDPE), low-density polyethylene (LDPE), ethylene vinyl acetate, polyvinyl chloride (PVC), and other polymers of ethylene not elsewhere specified or included.

U.S. exports of ethane and ethane-based petrochemicals reached an all-time high of 21.6 million metric tons (MMmt) in 2023, up 135% since the United States began exporting ethane in 2014 and 17% more than in 2022, according to data from the U.S. Census Bureau. The rapid expansion of U.S. ethane and ethane-based petrochemical exports has been fueled by the growth in domestic ethane production, which has increased with the country’s natural gas production and the buildout of export and production infrastructure.

Ethane is a natural gas liquid that’s primarily extracted from raw natural gas during processing. It’s mainly used as a feedstock for ethylene production, one of the most important building blocks in the petrochemical industry. Ethylene is a gas used to produce a wide range of products, including plastics, resins, and synthetic rubber.

All elements of the ethane value chain are produced in, consumed in, and exported from the United States, including ethane, ethylene, polyethylene, and other ethylene derivatives. We publish data on U.S. ethane production, exports, and product supplied (deliveries to domestic consumers); the U.S. Census Bureau publishes export data for ethane and ethane-derived products.

The volume of exports of U.S. ethane, ethylene, and various ethylene derivatives is affected by:
- U.S. demand
- U.S. production capacity and production costs
- Importing countries’ downstream processing capacity
- Availability of infrastructure necessary to move these products, which in some cases may require special handling such as cryogenic refrigeration
U.S. ethane exports

The United States started exporting ethane in 2014 via pipeline to petrochemical plants in Canada. In 2016, the United States began exporting ethane to countries in Europe from marine export terminals. U.S. ethane export capacity has increased since 2016 with the completion of two new pipelines and three more marine export terminals—Marcus Hook, Pennsylvania; Morgan’s Point, Texas; and Nederland, Texas. In addition, the number of destination countries continued to grow along with the fleet of specially built tankers.

Data source: U.S. Census Bureau

U.S. ethane exports increased to a record high of 3.0 MMmt in 2023, up 12% from 2022. In 2023, U.S. ethane was mostly exported to China, which accounted for 45% (1.4 MMmt) of U.S. ethane exports, followed by India (16%), Canada (14%), Norway (9%), and the United Kingdom (7%).

U.S. ethane exports to China increased fastest between 2022 and 2023, rising 35% last year. China’s Satellite Petrochemical has begun ethylene production at two new ethane crackers since 2021, which has increased domestic ethane demand in China. Ethane exports to Norway rose the second fastest, rising 32% to 288,000 metric tons in 2023. Other importers of U.S. ethane include Belgium, Brazil, Canada, Mexico, and Sweden.

Data source: Bloomberg L.P.
Note: Ethylene feedstock margins account for coproduct credits, which mainly include propylene, butadiene, benzene, and xylene. Ethane feedstock advantage represents the relative profitability of ethane over naphtha.

Ethane’s high ethylene yields and cost advantages over naphtha in ethylene production have driven export volumes of ethane higher since 2014. Most petrochemical crackers have some flexibility in switching between ethane and naphtha as a feedstock, depending on the relative profitability of each feedstock. In the United States, cracking ethane to produce ethylene has historically generated higher profit margins compared with the margins from cracking naphtha, the most common feedstock in Western Europe and East Asia. Global petrochemical manufacturers looking to secure low-cost ethane feedstock to produce ethylene are developing new petrochemical crackers and associated infrastructure.

U.S. ethylene exports

Data source: U.S. Census Bureau

In the United States, ethane is heated in a steam cracker to break (crack) the ethane molecule to produce ethylene. Ethylene, like ethane, is exported in specialized tankers after being cryogenically cooled. The United States has two ethylene export terminals—Galena Park and Morgan’s Point—both located in Texas on the Houston Ship Channel.

Ethylene export volumes fell 9% from 2022 to 2023 to 1.1 MMmt. In 2023, 36 nations imported U.S. ethylene. China was the largest importer of ethylene from the United States in 2023, accounting for 38% (419,000 metric tons) of all exports. Belgium (19%), Indonesia (16%), Taiwan (6%), and France (5%) rounded out the top five.

As with ethane exports, China was also the fastest-growing destination for ethylene exports. In general, ethylene exports to Asia grew 77% from 2022 to 2023, while exports to Europe fell by more than 50% during the same period amid a weak macroeconomic environment.

U.S. ethylene prices remain at a discount to international prices on average, providing U.S. ethylene producers with a long-term cost advantage and resulting in expanded manufacturing capacity along the U.S. Gulf Coast.

U.S. ethylene-derivative exports

After ethylene is processed by a polymerization reactor or another production unit, petrochemical manufacturers can develop intermediate products such as:
- Low-density polyethylene (LDPE): a thermoplastic used for more flexible plastic products such as dispensing bottles, plastic bags, and trays
- High-density polyethylene (HDPE): a thermoplastic used for more rigid plastic products such as piping, water gallon jugs, cutting boards, and motor oil jugs
- Ethylene alpha olefins: used for products such as flexible packaging, molding, and car applications
The United States exported ethylene derivatives to over 100 nations in 2023. Unlike ethane and ethylene, which require cryogenic cooling to turn them from a gas to a liquid, ethylene derivatives do not require special handling and can be exported or imported through any port or overland route capable of handling containerized traffic.

Data source: U.S. Census Bureau

Total U.S. ethylene-derivative exports grew 20% to 16.9 MMmt from 2022 to 2023, led by a 69% increase (2.2 MMmt) in exports to Asia. U.S. exports to Canada fell by 10% to 1.5 MMmt; exports to Mexico grew 3% to 2.4 MMmt in 2023. Until 2017, North American destinations, particularly Canada and Mexico, accounted for the largest share of U.S. polyethylene and other ethylene-derivative exports.

Canada and Mexico do not impose tariffs on exports of U.S. ethane-derived chemicals because of reciprocal free-trade agreements. These countries also benefit from proximity and being able to import these products over land at lower cost compared with waterborne imports. However, exports to overseas destinations have also grown since 2017, with the exception of 2021 when the global pandemic led to lower demand.

Principal contributors: Jordan Young, Josh Eiermann

MIL OSI USA News –
January 26, 2025
MIL-OSI: Enphase Energy Launches New Home Energy Systems in Romania with IQ Battery 5P and IQ8 Microinverters

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., Nov. 04, 2024 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, today announced the launch of its most powerful Enphase^® Energy System to-date, featuring the new IQ^® Battery 5P and IQ8™ Microinverters, for customers in Romania.

The new Enphase Energy System with the IQ Battery 5P offers a significantly improved experience for homeowners and installers. It enables configurations ranging from 5 to 60 kWh with more power, resilient wired communication, and an improved commissioning experience. Homeowners can also use the Enphase^® App to monitor performance and intelligently manage their battery systems, including the self-consumption feature to help minimize the use of electricity from the grid.

“The Enphase IQ8 Microinverters and IQ Battery 5P are setting a new standard for efficiency and reliability in the Romanian market,” said Stefan Sandu, founder and CEO of Pamasa Construct srl, an installer of Enphase products in Romania. “These innovative solutions empower Romanian homeowners to maximize their solar energy potential. We’re excited to be part of this energy transformation.”

IQ8 Microinverters help maximize energy production and can manage a continuous DC current of 14 amperes, supporting higher-powered solar modules up to 560 W DC. The three newest microinverters – IQ8MC™, IQ8AC™, and IQ8HC™ – feature a peak output power of 330 W, 366 W, and 384 W, respectively. All IQ8 Series Microinverters activated in Romania come with a 15-year warranty.

“We are thrilled to expand our product lineup with Enphase IQ8 Microinverters,” said dr. Nelu Mihai, co-founder of Solaris Romana Americana, a distributor of Enphase products in Romania. “These state-of-the-art solar products, promoting distributed solar based on AC, enhance safely and secure energy independence for customers using Enphase solar systems. We believe that, paired with Enphase’s high quality, strong cybersecurity and warranty, they will provide outstanding value for installers, homeowners, and business owners in Romania. Enphase with its advanced technology has been the essential innovation pioneer of the world’s solar industry since 2006 and will become essential for Romania, as well.“

“The introduction of the IQ8 Microinverters and IQ Battery 5P in Romania highlights Enphase’s strong commitment to providing innovative energy solutions tailored for homeowners worldwide,” said Sabbas Daniel, senior vice president of sales at Enphase Energy. “With exceptional reliability and versatility, the IQ8 Microinverters and IQ Battery 5P establish a new benchmark in home energy innovation, enabling Romanian residents to take charge of their energy independence.”

Enphase provides 24/7 customer support and a 15-year warranty on IQ8 Microinverters and IQ Batteries activated in Romania. For more information about IQ8 Microinverters and IQ Battery 5P in Romania, please visit the website.

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 78.0 million microinverters, and over 4.5 million Enphase-based systems have been deployed in more than 160 countries. For more information, visit https://enphase.com/.

©2024 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

Forward-Looking Statements

This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality, and reliability; and ability to maximize energy production and minimize the use of electricity from the grid. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

Contact:

Enphase Energy

press@enphaseenergy.com

This press release was published by a CLEAR® Verified individual.

The MIL Network –

January 26, 2025

Category: Energy

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