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Category: Energy

  • MIL-OSI Russia: Digital revolution opens a new era in the development of the oil and gas industry – Sechin

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    The digital revolution is opening a new era in the development of the oil and gas industry, said Rosneft Chief Executive Officer Igor Sechin at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

    “The digital revolution is opening a new era in the development of the oil and gas industry, including impacting exploration, production, oil refining, data storage and cybersecurity of the industry,” Sechin said during his keynote speech.

    He cited expert estimates as an example, according to which the market for artificial intelligence technologies in the oil and gas industry will grow by 83% by 2030. Currently, 49% of this market is in the refining segment. It is expected that the implementation of artificial intelligence in the exploration and production segment will grow by 14% per year in the next five years, the head of Rosneft noted.

    Department of Information and Advertising of PJSC NK Rosneft June 21, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Sechin points out the scientific groundlessness of climate alarmism

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    From a scientific point of view, large-scale implementation of renewable energy sources will not have the expected effect on the climate. The refusal of the main initiators of the climate agenda to implement it and the termination of preferential financing of “green” projects is confirmed by the objective findings of a number of scientists. This was stated by the Chief Executive Officer of PJSC “NK” Rosneft “Igor Sechin during the Energy Panel of the XXVIII St. Petersburg International Economic Forum.

    Sechin noted that the entire concept of “net zero” is based on the assumption of climate destruction due to the growth of carbon dioxide concentrations. However, recent studies by Western experts have confirmed earlier findings by Nobel laureate John Clauser on the dominant influence of clouds on climate processes. “Even a slight decrease in cloudiness at an altitude of less than 2,000 meters can increase the heating of the Earth’s surface by solar rays by several percent. This effect is several times greater than the impact that doubling the concentration of carbon dioxide in the atmosphere could have on the climate,” said the head of Rosneft.

    According to the conclusions of American physicists Richard Lindzen and William Happer, achieving “net zero” in the United States by 2050 will allow avoiding a temperature increase of only two hundredths of a degree Fahrenheit, and worldwide – only thirteen hundredths of a degree. The effect looks clearly incommensurate with the volume of required costs, Igor Sechin emphasized.

    He also noted the ambiguity of the thesis about the reduction of ice cover, which is often used by supporters of the “green” transition theory. Recent studies by Chinese scientists have shown that from 2021 to 2023, there was a significant increase in ice mass in Antarctica, 108 gigatons annually.

    The head of Rosneft believes that the development of renewable energy sources should be based on time-tested traditional energy sources, so as not to undermine global energy security. Historically, the energy transition has always been the result of growing inter-fuel competition based on the principle of greatest efficiency. Therefore, today coal remains the largest source of electricity in the world and the second largest source of energy with a share of 25% in the global energy balance.

    “The global demand for this type of fuel last year set a new record of 8.8 billion tons, and international agencies were once again forced to revise their expectations for peak demand for it,” Sechin summed up. Despite the growing concern of the world community about global warming, since the signing of the Kyoto Protocol in 1997, coal consumption in the world has grown by 75%, and after the conclusion of the Paris Agreement in 2015 – by almost 15%.

    Department of Information and Advertising of PJSC NK Rosneft June 21, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: China is moving towards complete energy independence and will soon become a major energy exporter – head of Rosneft

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    China is moving towards complete energy independence and in the foreseeable future will transform from an importer into a major energy exporter, said Rosneft CEO Igor Sechin in his report at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

    He noted that China is a unique example of a competent approach to the development of the energy system – the country today accounts for a third of global investment in the energy sector.

    “In my opinion, China, having already ensured its energy security, is confidently moving towards complete energy independence, forming a stable energy balance based on its own resources. There is no doubt, taking into account the persistence and professionalism of our Chinese friends, that in the foreseeable future they will achieve the desired result, which will turn China from an importer of energy resources into a major exporter of energy,” the head of Rosneft noted.

    According to Igor Sechin, in recent years, it is China that has been introducing the largest volume of new renewable energy capacity and is home to more than 70% of the world’s capacity for producing equipment for the “green” economy. This concerns the entire value chain: from critical minerals to the production of high-tech equipment that has no analogues in Western countries.

    The head of Rosneft also noted China’s efforts to increase investment in related infrastructure: investment in power grids increased by 15% last year, and could double this year. “Investments in storage batteries have grown almost fivefold and reached $11 billion. Today, the total capacity of such batteries in China exceeds 35 GW, which is two-thirds of all global capacity,” said Igor Sechin.

    At the same time, China has never given up on fossil fuels. In terms of the volume of new coal-fired power generation capacity introduced over the past five years, the country has outpaced the rest of the world. “Today, the share of coal in electricity production in China is almost 60%. Last year alone, China issued permits for the construction of about 100 gigawatts of new coal-fired power generation, the highest figure in the past ten years, which should strengthen the role of coal in the energy system,” the head of Rosneft emphasized.

    China’s efforts to strengthen its own energy security are causing a storm of criticism, often disguised as concern for the environment. “As the outstanding Chinese strategist and thinker Sun Tzu aptly noted two and a half thousand years ago: ‘The more brilliant your plan, the fewer people will agree with it,’” the head of Rosneft added.

    Sechin said China’s coordinated approach to energy security is particularly evident in the example of electric vehicles. The growth of their sales led to a significant slowdown in demand for motor fuel last year, and “the continuation of this trend could have a significant reverse effect on the balance of the oil market.”

    An important part of China’s strategy to reduce dependence on energy imports is the processing of coal into synthetic fuel and chemical products. “Chinese companies are investing billions of dollars in the development of this industry. According to experts, today 40 million tons of coal in China are used to produce synthetic fuel and more than 260 million tons are used to produce methanol and ammonia,” Igor Sechin concluded.

    Department of Information and Advertising of PJSC NK Rosneft June 21, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Rosneft has completed development and plans to implement GTL technology in the Taimyr project – Sechin

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Speaking at the Energy Panel at the XXVIII St. Petersburg International Economic Forum, Rosneft CEO Igor Sechin said that the Company had completed the development of its own technologies and catalysts for the entire GTL* process chain.

    “I would like to inform you that Rosneft has also completed the development of its own technologies and catalysts for the entire GTL process chain. All stages of the technological process are covered by the corresponding patents. It is planned to implement this technology in Taimyr,” said Igor Sechin.

    The Head of the Company demonstrated a flask with the obtained fuel to the participants of the energy panel, noting that it is synthetic oil consisting of the purest hydrocarbon molecules, with zero sulfur content. “We are ready to provide samples to anyone who is interested,” he added, addressing the participants and listeners of the Energy Panel.

    Speaking about the importance of such fuel, Igor Sechin cited the example of China, where an important part of the strategy to reduce dependence on energy imports is the processing of coal into synthetic fuel and chemical products. “Chinese companies are investing billions of dollars in the development of this industry. According to experts, today in China 40 million tons of coal are used to produce synthetic fuel and more than 260 million tons – to produce methanol and ammonia,” Igor Sechin emphasized.

    *GTL or Gas-to-Liquid is a technology for converting natural gas into high-quality liquid hydrocarbons such as diesel fuel, gasoline, etc.

    Department of Information and Advertising of PJSC NK Rosneft June 21, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Global energy consumption to grow by a quarter by 2050 due to developing countries – Rosneft CEO

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Global energy consumption will grow by a quarter in the next 25 years, and developing countries will be the key driver of demand growth, said Rosneft CEO Igor Sechin at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

    “By 2050, if the energy consumption of the populations of Africa, India and Southeast Asia is at the level of China’s population today, the combined additional consumption will be about 50 million barrels of oil equivalent per day. This is equal to a quarter of the world’s energy demand today,” the head of the Company said during his keynote speech.

    He noted that developing countries are becoming one of the key drivers of energy consumption growth. One of the main reasons for this is demography. In the next 25 years, the population of African and Asian-Pacific countries will grow by a total of 1.4 billion people, which will provide almost all of the world’s population growth.

    In addition to positive demographic dynamics, the head of Rosneft named urbanization in Asian and African countries as one of the reasons for the growth in demand for energy. According to the IEA, to which the Chief Executive Director of Rosneft referred, in the next 25 years the number of city dwellers in these countries will increase by more than 1.6 billion people.

    Igor Sechin named the growth of electricity consumption as the key challenge. Thus, in his opinion, already in 2025, investments in this sector will exceed investments in fossil fuels by 50%. “Indeed, over the past 15 years, electricity consumption has grown at an accelerated rate, and in the next 25 years, according to IEA calculations, electricity generation should double,” he added.

    Moreover, the greatest contribution to this growth will also come from the countries of the Asia-Pacific region, which will account for 60% of the increase in consumption.

    “This process is especially clearly visible in the example of India, where the peak load on the energy system has grown by almost 70% over the past ten years,” Sechin concluded.

    Department of Information and Advertising of PJSC NK Rosneft June 21, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Sechin called the new face of energy a synthesis of traditional and alternative sources

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    The synthesis of traditional and alternative energy sources is currently the optimal solution for the development of the global energy sector, said Rosneft Chief Executive Officer Igor Sechin at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

    According to the head of the Company, the search for new energy sources never stops, and today active work is underway to develop a number of promising technologies. However, their full implementation is still far away, since modern technological solutions in this area are too expensive and inferior to traditional energy sources in a number of parameters.

    “For many years now, great hopes have been placed on the use of hydrogen. However, low-carbon hydrogen still accounts for less than 1% of all produced volumes. According to the consulting company Deloitte, the introduction of “green” hydrogen fuel will cost almost 10 trillion dollars by 2050,” noted Igor Sechin, adding that the cost of green hydrogen varies from 200 to 400 dollars per barrel of oil equivalent, which, in the current conditions, makes it uncompetitive compared to oil and gas.

    He also stressed that using cheaper methods of hydrogen production does not reduce the carbon footprint, since the production of so-called “grey” hydrogen exceeds the emissions that occur during the full cycle of production and use of gasoline.

    The introduction of space solar energy is also associated with large expenses, Igor Sechin emphasized. The head of the Company noted that the cost of a satellite capable of converting solar energy into electricity in space exceeds 30 billion euros, while there is still no technology that would allow transmitting huge amounts of energy to Earth from space.

    The head of Rosneft also drew attention to the search for alternative options in the field of energy storage. “Alternative types of batteries are appearing, which already offer certain advantages, but are not yet ready for widespread implementation. For example, a sodium-ion battery reduces charging time by 75% and has higher performance at low temperatures, but is several times inferior to existing lithium-ion analogues in energy capacity and service life,” said Igor Sechin.

    “As we can see, we are still very far from the full implementation of all these technologies. Therefore, today the optimal solution is a synthesis of traditional and alternative sources,” the head of Rosneft concluded.

    Department of Information and Advertising of PJSC NK Rosneft June 21, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Igor Sechin spoke about the renaissance of nuclear energy

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    The importance of nuclear energy, which is a natural complement to fossil fuels, is growing, said Rosneft Chief Executive Officer Igor Sechin at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

    “Against the backdrop of growing consumption, all types of generation, including nuclear, are experiencing a rebirth. This is well illustrated by the price of uranium fuel, which has grown more than threefold over the past seven years,” noted Igor Sechin.

    He recalled that the idea of thermonuclear fusion was formulated back in the 1930s, and many famous scientists, including Nobel laureates Hans Bethe, Pyotr Kapitsa, Igor Tamm and later Andrei Sakharov, sought to reproduce this process and control it. In theory, thermonuclear fusion is capable of generating almost four million times more energy than burning oil or coal, said Igor Sechin. However, to maintain a thermonuclear reaction and obtain sustainable energy, it is still necessary to improve the methods of plasma containment, ensuring its stability, and increasing efficiency.

    The head of Rosneft noted that just a few years ago, nuclear energy was in a deep crisis due to a decline in activity in the industry, and such large companies as Westinghouse and Areva had to go through restructuring and change of ownership. However, the situation began to change. “Over the past 5 years, annual global investments in nuclear energy have increased by 50% and reached $70 billion last year. China is becoming one of the leaders in nuclear energy today. Over the past ten years, the installed capacity of nuclear generation in this country has increased fivefold and approached 60 GW. In the coming years, China plans to complete the construction of another 32 reactors,” he noted.

    At the same time, Sechin called an important point the fact that China, in developing its nuclear industry, relies on the latest technological achievements of the leading nuclear powers – Russia, the USA and France, Sechin said.

    He noted that Russia has many years of experience in building nuclear power plants. The cost of the most modern Russian reactor VVER-1200 is significantly lower than the American “AP-1000”. Today, such reactors are already operating in Russia and are planned for commissioning in friendly countries.

    At the same time, Sechin noted, the availability of a resource base is of particular importance. Today, only seven countries, including the Russian Federation, control more than 90% of the world’s uranium fuel production and about 70% of the world’s uranium reserves.

    “Today, Russia is the only country in the world that has expertise in the entire technological chain of the nuclear fuel cycle, from uranium mining to nuclear fuel disposal. In total, 80 nuclear reactors have been built in the world using Russian technologies,” he said.

    Russia also has the world’s only floating low-power nuclear power plant. Four more nuclear power plants are currently under construction.

    In our country, a sodium-cooled nuclear reactor belonging to the category of fast neutron reactors, BN-800, has been successfully operated for ten years already; another fast neutron reactor of the latest generation, BN-1200, is under construction.

    “Reactors of this type incorporate the most advanced technical solutions, including the enlargement of fuel elements, the use of uranium-plutonium mixed fuel, as well as new structural steels with increased radiation protection, which ensure deeper fuel burnup and higher efficiency. In particular, the efficiency of electricity generation increases by 20-25%, even without taking into account the significantly higher efficiency of fuel use,” said the head of Rosneft.

    According to the IEA forecast, by 2050 the installed capacity of nuclear generation in the world will grow by almost 60% and reach 650 GW. “I think this estimate is underestimated. Just a few weeks ago, the US President set a goal to increase the capacity of nuclear generation in this country fourfold to 400 GW,” Sechin noted.

    The head of Rosneft expects further growth in investments in the nuclear sector: new technologies, such as small modular reactors, are attracting increased attention from investors today. Although such reactors are more mobile, their implementation also requires investments in the development of power grids. In addition, special attention should be paid to issues of their safety and security from terrorist threats.

    “Recently, Rolls-Royce announced that it had won a tender to build such reactors in the UK. Experts note that these reactors have a number of features. One of them is described in Ecclesiastes: “What is crooked cannot be made straight, and what is not can not be counted.” None of these reactors have yet been put into operation,” Sechin explained.

    The proposed smaller reactors will require no less effort and expense, including fuel disposal and safety, than existing larger reactors.

    “And finally, nuclear energy is, in any case, a dual-use technology. The issue of non-proliferation of nuclear weapons should be given the closest attention, because it is believed that it is precisely because of them that the Middle East conflict is currently escalating. It is necessary to understand whether we want further expansion of the nuclear club,” Igor Sechin concluded.

    Department of Information and Advertising of PJSC NK Rosneft June 21, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: The concept of “net zero” actually offers humanity an energy regression – Igor Sechin

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Supporters of the “net zero” concept are leading humanity to energy regression, noted Rosneft CEO Igor Sechin in his report “The Odyssey of the World Economy in Search of the Golden Fleece. The New Face of World Energy.”

    During his speech at the Energy Panel of the XXVIII St. Petersburg International Economic Forum, the head of the Company noted: every time humanity switched to a new type of fuel, the efficiency of the energy system increased and its capabilities expanded. “This was due to the fact that the new energy source, as a rule, had a higher energy flow density,” Sechin added.

    He recalled that the outstanding scientist Pyotr Kapitsa proved that the energy flow density is a key characteristic of any type of energy. “According to this indicator, such types of fossil fuel as coal (135.1 W/m2), oil (195 W/m2) and gas (482 W/m2), as well as nuclear energy (241 W/m2) are far ahead of solar (6.6 W/m2) and wind energy (1.8 W/m2). Thus, the concept of “net zero” actually crosses out centuries of progressive development of society, offering humanity an energy regression,” said the head of Rosneft.

    He stressed that European politicians lack the courage to publicly acknowledge this fact. “Their blind faith in the “green” transition already resembles an addiction. As one of the classics of French literature aptly put it: “A red nose is a sign of constancy of character,” Igor Sechin stressed.

    “It is clear that the integration of renewable energy sources requires a profound transformation of infrastructure, the scale of which is underestimated. According to the IEA, global investments in the development of energy networks lag behind investments in generation by two and a half times,” he concluded.

    Department of Information and Advertising of PJSC NK Rosneft June 21, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Igor Sechin explained how the growth of government debt leads to the decline of the West

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Interest payments on US government debt are diverting significant budget resources, said Rosneft Chief Executive Officer Igor Sechin during his speech at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.

    He recalled that the predicament in which developed countries find themselves due to the growth of public debt is already reflected in the assessment of their creditworthiness. Thus, in May, Moody’s became the last of the three leading international rating agencies to strip the United States of its highest credit rating.

    “With the growing deficit, interest payments are diverting significant budget resources from the social and defense spheres. Last year, net interest payments on the national debt reached a trillion dollars, which amounted to 14% of all state budget expenditures, exceeded defense expenditures, and is already approaching the amount of healthcare expenditures,” Sechin said.

    The head of Rosneft also turned to history and gave an example of how great powers decline due to excessively high levels of public debt. “The fate of Habsburg Spain in the seventeenth century and monarchical France in the eighteenth, the Ottoman and British empires in the last century fully confirm this theory,” he added.

    “At the end of the 18th century, French rulers experienced for themselves that the fiscal guillotine could very quickly end up as a real guillotine,” Igor Sechin noted. By that time, France had accumulated such a volume of debt that more than half of all government spending was spent on servicing it, which led to an increase in taxes. According to the head of Rosneft, this was one of the main reasons for the Great French Revolution, which, in essence, ensured the transition from a monarchy to a bourgeois parliamentary republic.

    Department of Information and Advertising of PJSC NK Rosneft June 21, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Sechin called the US the main beneficiary of the militarization of Europe

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    The United States of America is offering its European allies to guarantee increased defense spending, the beneficiary of which is the American military-industrial complex, said Rosneft CEO Igor Sechin at the Energy Panel during the XXVIII St. Petersburg International Economic Forum.

    “The US is offering its European allies to guarantee increased defense spending, the beneficiary of which is the American military-industrial complex. This country alone accounts for almost half of the world’s arms trade. The US does not advertise that the militarization of NATO “partners” for them is a shift in their own defense spending to their allies, an increase in the tax base and a reduction in the trade deficit,” he noted, delivering a keynote speech on the topic “The Odyssey of the World Economy in Search of the Golden Fleece. The New Face of Global Energy.”

    Describing this situation, Igor Sechin recalled the statement of the Italian philosopher Niccolo Machiavelli: “The power of power lies in its secret.”

    He also recalled that this year NATO countries began to develop an agreement on a significant increase in military spending to 5% of GDP by 2032. In essence, the US is successfully achieving its goals by worsening Europe’s already difficult fiscal situation.

    According to him, steps to build up the Western military-industrial complex lead to the transfer of colossal resources from manufacturing industries. “For example, the production of one F-35 fighter requires 417 kilograms of rare earth metals. It is not surprising that in recent years a real hunt for these resources has unfolded. Ukraine alone has signed three agreements in this regard in four years: with the European Union, Great Britain and the United States,” the head of Rosneft specified.

    “But all these actions, both in Europe and in the US, are unlikely to become a panacea for all ills. There will always be an asymmetrical response,” Igor Sechin summed up.

    Department of Information and Advertising of PJSC NK Rosneft June 21, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Sechin: Sanctions Undermine Trust in Dollar – Gold and Cryptocurrencies Are Growing Attractive

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    The use of the dollar as a sanctions weapon undermines its position and creates preconditions for the use of alternative instruments, such as gold, cryptocurrencies, as well as national currencies of other countries, said Rosneft CEO Igor Sechin, speaking at a keynote address at the Energy Panel at the XXVIII St. Petersburg International Economic Forum

    In his report, Sechin noted that the causes and development of serious cataclysms and problems do not arise overnight, but are formed over a certain period of time, and then one push is enough: “By 1971, the United States had a government budget deficit, but instead of tightening their belts, they tore up the Bretton Woods agreement and practically declared default. As a result of the refusal to back the dollar with gold, the United States was able to endlessly, as it seemed to them, finance growing budget and trade deficits through unsecured emission and debt buildup. The global financial system, based on the dollar monopoly, needs additional stability.”

    The head of Rosneft recalled the research of the Belgian-American economist Robert Triffin, who in the eponymous dilemma formulated by him in 1960 proved that the functioning of the dollar as an international reserve currency creates a permanent deficit in the US balance of payments. “Its increase, in turn, leads to an excess of dollars in the world, thus accumulating contradictions in the global financial system. And the use of the dollar as a sanction weapon, which is contrary to common sense, undermines its position and creates preconditions for the use of alternative instruments, such as gold, cryptocurrencies, as well as national currencies of other countries,” said Igor Sechin.

    In his opinion, the credit rating downgrade and the uncertainty of the forecasts for the US budget stability are leading to the fact that US Treasury bonds are gradually losing their status as a “safe haven”. Their place is taken by gold, the price of which, as a rule, rises on the eve of global crises.”

    The head of Rosneft noted that, according to the World Gold Council, in the last three years alone, the share of gold in global gold and foreign exchange reserves has grown by 7% and exceeded 20%, and according to the latest survey by the World Gold Council, 95% of global central banks plan to increase their gold reserves over the next 12 months.

    “A clear indication of the significant increase in demand for gold is the rise in its relative value. Today, 1 ounce of gold can buy about 4 times more oil, 9 times more steel, and 35 times more wheat than in 1950. And the governor of Florida signed a law recognizing gold and silver as legal tender in the state,” he said.

    Sechin also drew attention to the growth in the use of cryptocurrencies. “The volume of cryptocurrency trading has grown tenfold – to $18.5 trillion over the past five years. And the state of New York is considering a bill allowing government agencies to accept payments in cryptocurrency,” said Igor Sechin.

    In addition, he noted the growth in the use of national currencies – the yuan, dirham and Indian rupee in international trade. “The share of the yuan in international settlements has already exceeded 6%, catching up with the euro,” Sechin said.

    Speaking about the current situation with the undermining of confidence in the dollar due to sanctions, Igor Sechin quoted the first lines from Homer’s Odyssey, written in the 8th century BC:

    “Muse, tell me about that experienced man who has wandered for a long time since he destroyed sacred Troy, visited many people’s cities and saw their customs, suffered much in spirit on the seas, worrying about saving his life and returning his faithful comrades to their homeland. Yet, no matter how hard he tried, he did not save his comrades. By their own sacrilege they destroyed themselves….”

    Department of Information and Advertising of PJSC NK Rosneft June 21, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Sechin: Most of the world today is stuck on a “debt needle” as a result of Western policies

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Most of the world today is sitting on a “debt needle”, and the overall level of debt of developed countries is at an extremely high level, said Igor Sechin, Chief Executive Officer of PJSC NK Rosneft, speaking at the Energy Panel within the framework of the XXVIII St. Petersburg International Economic Forum.

    In his keynote speech, “The Odyssey of the World Economy in Search of the Golden Fleece. The New Face of Global Energy,” the head of Rosneft recalled that the 2008 mortgage crisis left the financial sector on the brink of collapse. To save it, the world printed the equivalent of $35 trillion.

    “As a result of such Western policies, most of the world is now sitting on a ‘debt needle.’ The overall level of debt in industrialized countries, including the debt of the non-state sector, is at an exorbitant level, approaching 300% of GDP,” Igor Sechin noted.

    Igor Sechin said that the disproportionate growth of the financial sector has led to the fact that today in the US the value of financial assets is more than 5 times higher than GDP, and this trend is typical for most economies in the world, including Russia. “Even in Russia, the size of financial assets is already approaching 100% of GDP,” he noted.

    “The odyssey of the global economy includes various attempts to find a solution to the accumulated issues. Including one of the tools for eliminating the problem of the US budget deficit in recent times have become trade restrictions. However, a sharp increase in import duties leads to a break in chains, the creation of a deficit, inflation,” the head of the Company said.

    Sechin noted that China has hardly noticed the restrictions introduced this year.

    According to the head of Rosneft, in its latest report the World Bank lowered its forecast for US GDP growth this year to 1.4% – the worst average figure since the financial crisis of 2008. For China, the World Bank forecast has not changed: its economy is expected to grow by 4.5% this year.

    Department of Information and Advertising of PJSC NK Rosneft June 21, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Igor Sechin opened the Energy Panel at the SPIEF

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Chief Executive Officer of PJSC NK Rosneft Igor Sechin presented the key report “Odyssey of the World Economy in Search of the Golden Fleece. New Image of World Energy” at the Energy Panel within the framework of the XXVIII St. Petersburg International Economic Forum.

    The event is attended by Chairman of the Board of Directors of Rosneft Mohammed Bin Saleh Al-Sada, Executive Vice President of the Republic of Venezuela Delcy Rodriguez, Vice President of CNPC Zhang Daowei, Executive Director of Reliance Industries Panda Madhusudana Shiva Prasad, CEO of Pertamina Simon Aloysius Mantiri, President of Schlumberger in Asia Sherif Shohdi, Academician of the Russian Academy of Sciences Alexander Dynkin, Minister of Energy of the Republic of Uzbekistan Jurabek Mirzamakhmudov, Chairman of the Supervisory Board of the non-profit initiative of the Japanese government for the development of low-carbon technologies Nobuo Tanaka, President of TOFS Group David Gadzhimirzaev, as well as representatives of government bodies, major Russian and foreign companies in various industries, scientists, academics, experts and analysts.

    The Energy Panel was moderated by the famous American journalist and RT TV channel host Rick Sanchez.

    Department of Information and Advertising of PJSC NK Rosneft June 21, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Rosneft CEO Announces New Image of Global Energy

    Translation. Region: Russian Federal

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    The current state of global energy is at the stage of forming a new image, said Igor Sechin, Chief Executive Officer of PJSC NK Rosneft, during his keynote speech “Odyssey of the World Economy in Search of the Golden Fleece. New Image of Global Energy” at the XXVIII St. Petersburg International Economic Forum.

    “The current state of global energy is at the stage of forming a new image, caused by a multiple increase in electricity consumption, the generation of which will be provided by both fossil fuels and renewable sources,” the head of the Company noted at the Energy Panel.

    In his report, Sechin spoke about the main factors influencing the change in this appearance, including the need to ensure energy security and commercial efficiency of energy sources, budget deficit and an avalanche-like growth in the level of public debt, as well as the demographics of developing countries. According to Igor Sechin, in the next 25 years, the population of African and Asian-Pacific countries will increase by 1.4 billion people.

    Another factor that, according to the head of Rosneft, influences both energy production and consumption growth is the digital revolution with the use of artificial intelligence and work with big data.

    “The electric power industry is acquiring a special role, which will have to overcome the risk of deficit due to the jump in consumption growth in China, India, developing countries and the gigantic need for electricity to supply data centers and heavy industry,” Sechin said. According to him, the growth in consumption will be accompanied by a qualitative increase in labor productivity based on new technologies. “The process has been launched. Today, the level of electricity generation in China is more than twice as high as its production in the United States, and 20 years ago it was the other way around,” he added.

    In his report, Igor Sechin quoted one of the most authoritative scientists of our time, a supporter of a realistic approach to the transition to new energy sources, Vaclav Smil: “Energy is a universal currency. Without its transformation in some form, no achievements are possible.” “That is why modern societies with high energy consumption prefer to use resources with the highest useful energy output, primarily fossil fuels,” Sechin said.

    According to the head of Rosneft, energy and progress are inseparable from each other – throughout history, the higher a person climbed the ladder of progress, the more energy he required.

    “Those who can practically participate in the formation of a new image of energy will receive the opportunity for accelerated economic and technological growth. An analogy with the legend of the search for the Golden Fleece by the Argonauts, who overcame incredible obstacles and troubles on the way to achieving happiness and well-being, comes to mind,” Igor Sechin concluded.

    Department of Information and Advertising of PJSC NK Rosneft June 21, 2025

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

    MIL OSI Russia News –

  • MIL-OSI Russia: IAEA warns of grave consequences in case of strikes on Iran’s Bushehr nuclear power plant

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

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

    VIENNA, June 21 (Xinhua) — The Bushehr nuclear power plant is the Iranian nuclear facility where the consequences of an attack could be most serious, International Atomic Energy Agency (IAEA) Director General Rafael Grossi warned at a UN Security Council meeting on Friday.

    Speaking via video link, he said countries in the region had contacted him in the past few hours to express their deep concern.

    R. Grossi emphasized that a direct hit on the nuclear power plant could lead to a significant release of radioactive substances into the environment. The Bushehr power plant is an operating facility that stores thousands of kilograms of nuclear materials. A strike that disables the only two power lines could lead to a meltdown of the reactor core and a large release of radioactive substances, he explained.

    The IAEA chief warned that worst-case scenarios could require protective measures such as evacuation, sheltering or the use of stable iodine, with the impact radius reaching hundreds of kilometers. Radiation monitoring and food restrictions could be needed over large areas.

    R. Grossi also expressed concern about the Tehran nuclear research reactor, saying that any attack on the facility could have serious consequences for the city and its population, requiring urgent protective measures.

    He promised to continue to provide timely public information on the status of Iran’s nuclear facilities and potential health and environmental risks. –0–

    MIL OSI Russia News –

  • MIL-OSI: MountBay Energy Unlocks Microbial Biofilm Technology to Revolutionize Battery Longevity

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 21, 2025 (GLOBE NEWSWIRE) — MountBay Energy has unveiled groundbreaking research on microbial biofilms that could redefine the future of grid-scale energy storage. The study, led by founder Vrushabhraj Tanawade, introduces a bio-integrated insulation method using thermophilic and mesophilic microbial consortia to regulate heat inside battery modules. The results are striking: up to a 22% reduction in internal temperature and a 30% improvement in carbon lifecycle efficiency.

    “This innovation is about biology meeting infrastructure,” says Tanawade. “We’ve discovered how nature’s mechanisms can dramatically extend the life of our clean energy systems.”

    Unlike conventional synthetic cooling solutions, MountBay’s microbial approach is circular, biodegradable, and scalable—opening up new frontiers for climate resilience and fire-risk reduction in hot environments.

    The research aligns perfectly with MountBay’s mission to power the AI economy through clean, sustainable, and advanced infrastructure. It also positions the company as a frontrunner in biological material integration across the energy sector.

    Additionally, MountBay has released a preliminary transformative feasibility report for a Lunar Solar Belt—a continuous solar array on the Moon that can beam uninterrupted, clean energy back to Earth.

    The report outlines how in-situ resource utilization (ISRU), autonomous lunar robotics, and microwave power transmission could enable the construction of a moon-based solar plant by the 2030s. With an energy return on investment (EROI) of 8:1, the system offers a scalable, emission-free solution to humanity’s growing power demands.

    “This is not just an energy project—it’s a civilization-scale investment in global stability,” said Tanawade. “We believe the Moon should be a cooperative utility, not a geopolitical race.”

    MountBay is also proposing a new diplomatic framework—The Earth-Moon Energy Accord (EMEA)—to ensure equitable access, safety, and international cooperation.

    The concept directly supports MountBay’s mission: to push the frontiers of clean power while securing energy independence for AI-driven economies.

    Tanawade is rallying governments, institutions, and innovators to join him. “It’s time for America to lead the most ambitious energy project in human history,” he said.

    Media Contact:

    Vrushabhraj Tanawade

    Founder @ MountBay Energy

    Contact : vvtanawade@gmail.com

    Website: www.mountbayenergy.com

    Linkedin: Linkedin – Vrushabhraj T

    Disclaimer: This press release is provided by MountBay Energy. The statements, views, and opinions expressed are solely those of the provider and do not necessarily reflect those of this media platform or its publisher. Any names or brands mentioned are used for identification purposes only and remain the property of their respective owners. No endorsement or guarantee is made regarding the accuracy, completeness, or reliability of the information presented. This material is for informational purposes only and does not constitute financial, legal, or professional advice. Readers are encouraged to conduct independent research and consult qualified professionals. The publisher is not liable for any losses, damages, or legal issues arising from the use or publication of this content.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/333636c1-1aa9-478d-aa39-5a2ee5e888e2

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f7e8cd99-3a77-4d34-85e8-a61b334846d3

    The MIL Network –

  • MIL-OSI China: Beijing powers China’s commercial space growth

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

    The CERES-1S Y2 carrier rocket lifts off from the Yellow Sea near Rizhao, east China’s Shandong province, May 29, 2024. [Photo provided to China.org.cn]

    Beijing is cementing its position as a national leader in the commercial space sector, with local firms breaking records in rocket launches and satellite technology as the city pushes for global industry prominence.

    “Beijing’s commercial space ecosystem is among the best in China — certainly in the top tier,” said Xia Dongkun, executive president of Beijing-based launch service provider Galactic Energy, during a media tour of the company’s exhibition hall on June 18.

    Galactic Energy has completed 19 successful commercial missions, delivering 81 satellites with various functions into orbit. Its CERES-1 rocket holds the record for the most successful launches among China’s privately developed rockets, underscoring Beijing’s growing commercial space capabilities.

    As the birthplace of China’s space program, Beijing is implementing the 14th Five-Year Plan’s directive to promote the integrated development of strategic emerging industries. 

    The city has established a comprehensive commercial space supply chain, hosting more than half of the country’s core aerospace R&D institutions and over 300 high-tech commercial space enterprises. Of these, 46 were named to the 2024 China Top 100 Commercial Space Companies list, accounting for nearly half of the national total and highlighting Beijing’s leading position in the industry.

    The city has established a distinctive spatial layout known as “Southern Rockets, Northern Satellites.” In the south, areas such as E-Town and Fengtai district have become hubs for commercial rocket manufacturers, including industry leaders Landspace and Galactic Energy, representing more than 70% of China’s commercial launch vehicle companies.

    Meanwhile, Haidian district in the north has developed into the country’s most advanced cluster for satellite manufacturing, boasting a fully developed supply chain for spacecraft production.

    Beijing’s technological achievements continue to set new industry benchmarks. Landspace’s Zhuque-3 test vehicle completed a 10-kilometer vertical takeoff and landing, making it the first Chinese reusable rocket to demonstrate mid-air reignition.

    Galactic Energy launched seven missions in 2023, ranking third globally among commercial space firms. In satellite technology, Galaxy Space carried out Thailand’s first low-Earth orbit broadband satellite internet test in May 2024, marking China’s first overseas deployment of such services.

    On the international stage, Beijing is advancing the Chinese Academy of Sciences’ International Meridian Circle Program, which recently completed its second phase after securing cooperation with 13 overseas institutions. The city also uses platforms like the Zhongguancun Forum’s space sessions to promote global industry dialogue and expand space infrastructure partnerships under the Belt and Road Initiative.

    Following the 14th Five-Year Plan’s call to advance core technologies, the city has launched several initiatives, including establishing the Beijing Reusable Rocket Technology Innovation Center and supporting more than 30 research projects by firms such as Landspace. The city attracted 1 billion yuan ($139 million) in investment for seven commercial space and low-altitude economy firms in 2024 and released 10 initial application scenarios for technologies such as natural resource monitoring and emergency relief.

    Looking ahead, Beijing’s commercial space sector will focus on three key areas. For launch vehicles, the goal is to achieve orbital recovery and reuse of rockets by 2026 and to start developing a super heavy-lift rocket. For satellites, plans include research on a space computing constellation and advances in solar arrays and electric propulsion. The city also aims to boost commercial satellite services in areas such as mobile communications, insurance claims, smart cities and autonomous driving.

    MIL OSI China News –

  • MIL-Evening Report: Analyst dismisses ‘lie by rogue’ Netanyahu over Iran’s nuclear programme

    Asia Pacific Report

    A leading Middle East analyst has pushed back against US President Donald Trump’s dismissal of the conclusion of his own national intelligence chief, who said in April that Iran is not building a nuclear weapon.

    Marwan Bishara, Al Jazeera’s senior political analyst, said in an interview that Tulsi Gabbard, the US Director of National Intelligence, who issued the determination on Iran, “does not speak for herself” or her team alone.

    “She speaks for all the intelligence agencies combined,” Bishara said.

    “This intelligence is supposed to be sound. This is not just one person or one team saying something. It’s the entire intelligence community in the United States. He [Trump] would dismiss them? For what?

    “For a lie by a rogue element called Benjamin Netanyahu, who has lied all his life, a con artist who is indicted for his crimes in Gaza? It’s just astounding.”

    US senators slam Netanyahu
    Two US senators have also condemned Netanyahu while Israel continues to bomb and starve Gaza

    Chris Van Hollen and Elizabeth Warren, two Democrats in the US Senate, have urged the world to pay attention to what Israel continues to do in Gaza amid its conflict with Iran.

    “Don’t look away,” Van Hollen wrote on X. “Since the start of the Israel-Iran war 7 days ago, over 400 Palestinians in Gaza have been killed, many shot while seeking food.

    “It’s unconscionable that Netanyahu has not allowed international orgs to resume food delivery.”

    Warren said the Israeli prime minister “may think no one will notice what he’s doing in Gaza while he bombs Iran”.

    “People face starvation. 55,000 killed. Aid workers and doctors turned away at the border. Shooting at innocent people desperate for food. The world sees you, Benjamin Netanyahu,” she wrote.

    ‘A trust gap’
    The UN Secretary-General, António Guterres, appealed for an end to the fighting between Israel and Iran, saying that Teheran had repeatedly stated that it was not seeking nuclear weapons.

    “Let’s recognise there is a trust gap,” he said.

    “The only way to bridge that gap is through diplomacy to establish a credible, comprehensive and verifiable solution — including full access to inspectors of the IAEA [International Atomic Energy Agency], as the United Nations technical agency in this field.

    “For all of that to be possible, I appeal for an end to the fighting and the return to serious negotiations.”

    UN Secretary-General António Guterres . . . “I appeal for an end to the fighting and the return to serious negotiations.” Image: UNweb screenshot APR

    Meanwhile, in New Zealand hope for freedom for Palestinians remained high among a group of trauma-struck activists in Cairo.

    In spite of extensive planning, the Global March To Gaza (GMTG) delegation of about 4000 international aid volunteers was thwarted in its mission to walk from Cairo to Gaza to lend support.

    Asia Pacific Report special correspondents report on the saga.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: High Arctic Announces Annual General and Special Meeting Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

    CALGARY, Alberta, June 20, 2025 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) is pleased to announce the results of the annual general and special meeting of the shareholders of High Arctic held on June 19, 2025 (the “Meeting”). 32 shareholders holding a total of 8,570,252 common shares of the Corporation were represented at the Meeting in person or proxy, representing approximately 67.50% of the total votes attached to all issued and outstanding common shares of the Corporation as of the record date on May 12, 2025. All matters put forth at the Meeting were approved.

    In respect of the election of directors, the shareholders approved fixing the number of directors at four with each nominee named in the Corporation’s management information circular dated May 26, 2025 being considered for election as directors. The detailed results of the vote for the election of directors, which was conducted by ballot, are set out below:

      VOTES FOR   VOTES
    WITHHELD/ABSTAINED
    Simon P. D. Batcup ‎99.178%‎
    ‎(8,340,507)‎    		   ‎0.822%‎
    ‎(69,126)‎
    Michael R. Binnion ‎98.544%‎
    ‎(8,287,182)‎    		   ‎1.456%‎
    ‎(122,451)‎
    Douglas J. Strong ‎98.600%‎
    ‎(8,291,871)‎    		   ‎1.400%‎
    ‎(117,762)‎
    Craig F. Nieboer ‎99.814%‎
    ‎(8,394,020)‎    		   ‎0.186%‎
    ‎(15,613)‎

    At the Meeting, the shareholders also approved a resolution appointing MNP LLP, Chartered Professional Accountants, as auditors of the Corporation and a resolution approving a new omnibus equity incentive plan of the Corporation, to replace the existing stock option plan, performance share unit plan, and deferred share unit plan.

    About High Arctic Energy Services
    High Arctic is an energy services provider. High Arctic provides pressure control equipment and equipment supporting the high-pressure stimulation of oil and gas wells and other oilfield equipment ‎on a rental basis to exploration and production companies, from its bases in Whitecourt and Red Deer, Alberta‎.

    For further information contact:

    Lonn Bate
    Chief Financial Officer                        
    P: 587-318-2218
    P: +1 (800) 688 7143        

    High Arctic Energy Services Inc.
    Suite 2350, 330 – 5th Ave SW
    Calgary, Alberta, Canada T2P 0L4
    website: www.haes.ca 
    Email: info@haes.ca 

    The MIL Network –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for June 21, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on June 21, 2025.

    Former New Zealand PM Helen Clark blames Cook Islands for crisis
    By Lydia Lewis, RNZ Pacific presenter/producer Former New Zealand Prime Minister Helen Clark believes the Cook Islands, a realm of New Zealand, caused a crisis for itself by not consulting Wellington before signing a deal with China. The New Zealand government has paused more than $18 million in development assistance to the Cook Islands after

    View from The Hill: Albanese decides against pursuing Donald Trump to NATO
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Anthony Albanese, just back from the G7 and his cancelled meeting with Donald Trump, has abandoned the idea of going to next week’s NATO meeting in pursuit of face time with the elusive president. The word was that the prime

    Britain’s support for AUKUS is unwavering – but its capacity to deliver is another matter
    Source: The Conversation (Au and NZ) – By Tom Howe, PhD candidate in International Relations, Monash University A recently announced Pentagon review of the AUKUS pact has sparked a renewed bout of debate in Australia. Led by the “AUKUS-agnostic” US Undersecretary of Defense Elbridge Colby, the review raises serious questions over whether Australia will receive

    ‘I was in a semi-breaking-down sort of place’: new study sheds light on the emotional toll for emergency volunteers
    Source: The Conversation (Au and NZ) – By Natalie Roche, PhD Candidate, Centre for Ergonomics and Human Factors, La Trobe University Sergey Dolgikh/Getty Images In Australia, there are around 235,000 emergency service volunteers who help communities respond and recover after natural disasters and other traumatic events. These include volunteers with metropolitan and rural fire services

    Australia wants more foreign investment. That’s why a $29 billion bid for Santos puts the Treasurer in a tricky position
    Source: The Conversation (Au and NZ) – By Shumi Akhtar, Associate Professor, University of Sydney Marlon Trottmann/Shutterstock The Australian origins of Santos have made an indelible mark on the company’s very name. The energy giant was first incorporated in 1954 under the acronym for “South Australia Northern Territory Oil Search”. It was publicly listed on

    15 months after ‘flour massacre’ shock, Israel commits daily Gaza food aid killings
    BEARING WITNESS: By Cole Martin in occupied Bethlehem Kia ora koutou,  I’m a Kiwi journo in occupied Bethlehem, here’s a brief summary of today’s events across the Palestinian and Israeli territories from on the ground. At least 16 killed by Israeli airstrike on al-Shati refugee camp in northern Gaza. 92 killed across Gaza in total,

    ER Report: A Roundup of Significant Articles on EveningReport.nz for June 20, 2025
    ER Report: Here is a summary of significant articles published on EveningReport.nz on June 20, 2025.

    ER Report: A Roundup of Significant Articles on EveningReport.nz for June 20, 2025
    ER Report: Here is a summary of significant articles published on EveningReport.nz on June 20, 2025.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: IDEV Highlights Role of Evaluation in Unlocking Africa’s Financial Capital at AfDB 2025 Annual Meetings

    Source: African Development Bank Group

    (L-R) Rufus N. Darkortey, Executive Director at the African Development Bank representing The Gambia, Ghana, Liberia, Sierra Leone and Sudan, alongside Neil Cole, Financing Manager for South Africa’s Just Energy Transition Project Management Unit, Office of the President, Guillaume Le Bris, Head of Infrastructure and Energy, ILX Fund Management, Karen Rot-Münstermann, Evaluator General at African Development Bank Group, Adesoji Adelaja, John A. Hannah Distinguished Professor in Land Policy, Michigan State University and Global Fellow, Woodrow Wilson Center, David Kevin (DKL) Lumbila, Division Manager at the African Development Bank, Dr. Eric Kehinde Ogunleye as Director of African Development Institute, African Development Bank, during AM2025: Harnessing Africa’s Financial Capital.

    Independent evaluations are essential to unlocking Africa’s domestic financial capital and driving reforms that deliver real development impact. This was the central message from a side event organized by the Independent Development Evaluation (IDEV) function of the African Development Bank Group, held during the Bank’s 2025 Annual Meetings in Abidjan.

    The event, titled “Harnessing Africa’s Financial Capital for Development: Evidence from Independent Evaluations,” brought together evaluators, policymakers, economists, finance professionals, and private sector actors to explore how evaluation findings can strengthen resource mobilization, public financial management, and the efficient use of capital.

    Opening the session, Karen Rot-Münstermann, Evaluator General of the Bank, emphasized the urgency of tapping Africa’s vast domestic capital in light of declining foreign aid and investment flows. Drawing from the Bank’s 2025 African Economic Outlook, she cited an annual loss of around $600 billion due to illicit financial flows and inefficiencies, while underscoring Africa’s potential to mobilize and retain up to about $1.43 trillion annually through better policies. “There is money in Africa,” she said, quoting AfDB Vice President and Chief Economist, Professor Kevin Urama. “It’s about mobilizing and valorizing it.”

    Madhusoodhanan Mampuzhasseril, Division Manager at IDEV, presented key findings from three recent evaluations: a synthesis on public financial management, an impact evaluation of a public finance modernization project in the Democratic Republic of Congo (DRC), and an evaluation of the Bank’s use of its public-private partnership mechanism. These findings emphasized the need for robust legal frameworks, effective IT systems, strong coordination mechanisms, and adaptation to local contexts.

    A panel discussion moderated by Dr. Eric Ogunleye, Director of the Bank’s African Development Institute, featured diverse perspectives.

    Rufus N. Darkortey, Executive Director at the Bank, illustrated how evaluation has driven impactful reforms in his constituency including The Gambia and Liberia, where it supported reforms that doubled the tax-to-GDP ratio and improved fiscal management. “All of that would not have been possible if evaluation had not been playing a driving role,” he emphasized.

    Neil Cole, representing South Africa’s Just Energy Transition Unit, emphasized that resource mobilization must be matched with effective absorption and alignment with national priorities. “Evaluation helps us detect capacity gaps before we act,” he noted, calling for reforms grounded in evidence and institutional realities.

    Representing the private sector, Guillaume Le Bris of the ILX Fund emphasized that pension-backed investments rely on credible data and institutional trust. “Evaluation is essential to de-risking investment and aligning capital with development outcomes,” he said. ILX, which has mobilized over $1.7 billion from Dutch and Danish pension funds, co-invests exclusively with multilateral development banks in emerging markets. Le Bris noted that robust evaluation systems are essential to attracting and retaining large-scale private capital.

    Kevin Lumbila, Division Manager in the Bank’s Governance and Economic Reforms Department, shared results from a public finance modernization project in the DRC where integrated financial systems, new tax offices, and improved working conditions for staff led to better service delivery and a 10 percent average annual increase in revenue in participating provinces. “When citizens saw improvements like roads and waste collection, their willingness to pay taxes grew,” he explained. These outcomes, later captured in IDEV’s evaluation, demonstrate the power of adaptive, context-aware design in driving reform.

    Prof. Soji Adelaja of Michigan State University, emphasized that evaluation must be embedded from the design stage, enabling meaningful adaptation. “You can’t evaluate what you didn’t set up to learn from,” he said, describing evaluation as not only a tool for accountability but also a strategic instrument for storytelling that builds public trust and boosts both public and private financing.

    Panelists discussed the role of civil society and high-net-worth individuals in financing development. Prof Adelaja pointed to Nigeria’s successful raising of $340 million in a single day from private citizens, citing trust and transparency as key enablers.

    Closing the session, Dr. Ogunleye urged stronger domestic resource mobilization and institutional capacity, noting that no country has developed solely on external aid. “Evaluation is not a luxury—it is a necessity. Smarter policies, better implementation, and fairer outcomes all begin with evidence,” he stressed.

    The session made a compelling case for elevating evaluation as a central pillar in Africa’s financial reform agenda. It reaffirmed IDEV’s commitment to connecting evaluation with action that enhances Africa’s financial resilience and development effectiveness.

    MIL OSI Economics –

  • MIL-OSI Economics: Senegal and Kenya Top African Development Bank’s Electricity Regulatory Index, as Regulators Drive Tangible Reforms

    Source: African Development Bank Group

    Kenya and Senegal have claimed the top spots in the African Development Bank’s 2024 Electricity Regulatory Index (ERI), demonstrating exceptional progress in power sector governance and regulatory outcomes. The comprehensive assessment, officially unveiled today at the Africa Energy Forum in Cape Town, evaluates regulatory frameworks across 43 African countries.

    Uganda, Liberia and Niger round out the top five performers, with Niger registering one of the biggest gains, underlining the strong impact of sustained reforms and political commitment to power sector development.

    The ERI evaluates three dimensions—Regulatory Governance, Regulatory Substance, and Regulatory Outcomes (ROI). Notably, the ROI, which tracks service delivery and utility performance, recorded the most substantial improvement across the continent.

    Key findings from the 2024 ERI:

    • Kenya and Senegal led with a score of 0.892, reflecting standout progress in tariff reform, regulatory outcomes, and utility performance.
    • A remarkable 41 out of 43 participating countries achieved RGI scores above 0.5, representing a significant increase from 24 countries in 2022.
    • Countries scoring below 0.500 reduced significantly from 19 in 2022 to just 6 in 2024.
    • Even the lowest-performing country tripled its score—from about 0.10 to 0.33.
    • The ROI surged from roughly 0.40 in 2022 to 0.62 in 2024, showing that reforms are delivering tangible service improvements on the ground.

    Now in its seventh edition, the ERI shows strong momentum toward more effective, transparent, and impactful regulation, with real-world results beginning to emerge.

    “The 2024 ERI shows that Africa’s regulators are stepping up. We are now seeing stronger institutions delivering real results for utilities and consumers. This shift is critical if we are to achieve Mission 300 and connect 300 million people to electricity by 2030,” says Dr. Kevin Kariuki, AfDB Vice President for Power, Energy, Climate and Green Growth.

    For the first time, the 2024 ERI also assessed regional regulatory bodies, recognizing their growing role in harmonizing technical standards and enabling cross-border electricity trade.

    As the backbone of Mission 300, ERI continues to inform the design and implementation of national energy compacts—currently active in 12 countries, with another 20 in development.

    Bridging the Gap – Addressing Ongoing Challenges

    While celebrating regulatory progress, the report calls for greater focus on regulatory independence, the financial viability of utilities, and the integration of off-grid and mini-grid systems into national frameworks. The ERI underscores that regulation must translate into better access, affordability, and reliability, especially for underserved rural populations.

    The report outlines priority areas for enhancing regulatory effectiveness:

    • Strengthening regulatory independence
    • Enhancing accountability mechanisms
    • Promoting transparency and predictability
    • Improving stakeholder participation
    • Deepening economic regulation and advancing cost-reflective tariff methodologies.

    “The ERI 2024 tells a hopeful story. African countries are not just passing laws—they are implementing them. Regulators are transforming from administrative bodies into strategic institutions with measurable influence. However, challenges related to independence, financing, and enforcement persist,” said Wale Shonibare, Director for Energy Financial Solutions, Policy and Regulation at the Bank Group.

    Launched in 2018, the ERI is a diagnostic and policy tool used by governments, regulators, and development partners to identify gaps, track progress, and prioritize reform efforts. The 2024 edition incorporates extensive feedback from utilities, regulators, and regional energy bodies.

    The full ERI 2024 report will be available here.

    MIL OSI Economics –

  • MIL-OSI Submissions: Energy Sector – Johan Castberg producing at full capacity – Equinor

    Source: Equinor

    20 JUNE 2025 – The first cargo from Johan Castberg was loaded by the tanker Bodil Knutsen on 25 May, shipping around 700,000 barrels to Spain

    Only three months after coming on stream Johan Castberg is producing at peak capacity of 220,000 barrels of oil per day. This increases energy deliveries from the Barents Sea by 150%.

    The early operation phase has gone according to plan, the field reaching plateau production on 17 June. Seventeen of a total of 30 wells have been completed. The wells that have come on stream are producing as expected.

    “Johan Castberg represents a gamechanger for the importance of the Barents Sea for Norway’s future as an energy nation. Every three to four days, tank loads now depart from Johan Castberg, each of them worth around half a billion Norwegian kroner. The field will remain on stream for at least 30 years, delivering stable energy to Europe, generating high value for Norway, and ripple effects and jobs in Northern Norway,” says Kjetil Hove, Equinor’s executive vice president for Exploration & Production Norway.

    The new production vessel (FPSO) came on stream on 31 March, opening a new area for production in the Barents Sea. The first cargo was loaded by the tanker Bodil Knutsen on 25 May, shipping around 700,000 barrels to Spain. Almost all oil from the NCS is currently delivered to Europe.

    “The Johan Castberg volume base initially estimated at 450-650 million barrels, our ambition is to increase the reserves by between 250-550 million barrels. We are already planning six new wells to extend plateau production. The Isflak project will be a rapid field development with an investment decision at the end of the year and start-up in 2028. In addition, we will drill one or two exploration wells annually near Johan Castberg,” Hove adds.

    New exploration targets have been matured in the Johan Castberg area. Going forward, two rigs will be drilling new exploration wells in the areas around Johan Castberg and Goliat. They will also drill production wells for the fields.

    MIL OSI – Submitted News –

  • MIL-OSI China: Chinese vice premier calls for championing humanity’s common values, promoting multipolar world

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

    Chinese vice premier calls for championing humanity’s common values, promoting multipolar world

    ST. PETERSBURG, June 20 — Chinese Vice Premier Ding Xuexiang on Friday called for championing humanity’s common values, and promoting an equal and orderly multipolar world as well as universally beneficial and inclusive economic globalization.

    Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks when delivering a speech titled “Championing Humanity’s Common Values and Promoting a Multipolar World” at the plenary session of the 28th St. Petersburg International Economic Forum.

    Ding said that a decade ago, Chinese President Xi Jinping noted in his speech at the General Debate of the 70th Session of the UN General Assembly that peace, development, equity, justice, democracy and freedom are the common values of all mankind and the lofty goals of the United Nations.

    The important proposition transcends differences among different countries, ethnic groups, social systems and ideologies, drawing a value-based concentric circle for building a community with a shared future for mankind, and has received extensive support and positive responses from the international community, he added.

    At present, global changes unseen in a century are accelerating, multiple risks are intertwined, and humanity is confronted with many common challenges, said Ding, calling for reviewing President Xi’s important speech to steer the world toward a bright future of peace, security, prosperity and progress.

    The Chinese vice premier put forward a four-point proposal.

    First, uphold the concept of global governance featuring extensive consultation, joint contribution, and shared benefits. Promote equal rights, opportunities, and rules for all nations, and safeguard UN authority and international fairness.

    Second, jointly build an open and pluralistic world economy. Take concrete steps to safeguard the multilateral trading system and international economic order, expand and fairly share the “pie” of economic globalization, and create more opportunities for Global South countries.

    Third, advocate exchanges and mutual learning among civilizations. Respect the diversity of human civilizations, support all nations in exploring their own paths to realizing values, and oppose any “new Cold War” or ideological confrontation.

    Fourth, safeguard global peace and development by building trust, settling conflicts, and enhancing security through dialogue, passing the torch of peace to future generations for lasting stability and common prosperity.

    Ding stated that China and Russia are true friends who share weal and woe, and good partners for mutual success. Last month, President Xi paid a state visit to Russia and attended the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War, he said, adding that the two heads of state agreed to further consolidate political mutual trust, strengthen strategic coordination, and jointly deliver a resounding stance for upholding the outcomes of World War II and international fairness and justice.

    China is willing to work with Russia to elevate the China-Russia relationship to greater heights, broaden its dimensions, and strengthen its resilience, expand high-quality mutually beneficial cooperation, so as to better benefit the two peoples, said Ding, urging the two countries to strengthen coordination and collaboration on multilateral platforms such as the United Nations, and make greater contributions to building a more just, equitable, and prosperous multipolar world.

    Ding said that despite the increasing impact of external shocks, China’s economy has continued to show a positive trend, demonstrating robust vitality and resilience to the world.

    China will expeditiously implement more proactive and effective macro policies, focus on stabilizing employment, enterprises, markets and expectations, and use the certainty of high-quality development to counter the uncertainties of the rapidly changing external environment, he said.

    No matter how the external environment changes, China’s door to opening up will only swing wider open, said Ding, adding that enterprises from all countries are sincerely welcome to invest and start businesses in China, actively participate in the process of Chinese modernization, and share China’s development opportunities.

    In the interactive session after the address, Ding responded to questions from the plenary session moderator on major-country relations and China-Russia cooperation in education and technology.

    On the sidelines of the forum, Ding met respectively with Russian First Deputy Prime Minister Denis Manturov, Russian Deputy Prime Minister Alexander Novak, Russian oil company Rosneft’s chief executive Igor Sechin, and Gazprom CEO Alexey Miller.

    The two sides agreed to fully leverage the roles of the China-Russia Investment Cooperation Committee, the China-Russia Energy Cooperation Committee and the China-Russia Energy Business Forum, promote the high-quality development of investment and energy cooperation, and provide more impetus for the development of bilateral relations.

    Ding also had brief and friendly conversations respectively with Indonesian President Prabowo Subianto, National Security Advisor of Bahrain Shaikh Nasser bin Hamad Al Khalifa, and South African Deputy President Paul Mashatile.

    MIL OSI China News –

  • MIL-OSI USA: Trump’s Policies Will Increase Electricity Costs & Kill Jobs, Burning Consumers and Businesses Alike

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – On the campaign trail, Donald Trump pledged to cut energy costs in half.  As president, his policies are causing home energy prices to increase, with consumer electricity prices set to climb by hundreds of dollars under Trump and Republicans’ supposedly ‘Big Beautiful Bill’ which is a big ugly betrayal of working families.

    Electricity prices have already risen 4.5 percent in the last year, according to recent data from the U.S. Department of Labor, and are estimated to surge this summer.  The National Energy Assistance Directors Association (NEADA) projects home electricity bills are expected to reach their highest average rate in 12 years, at $784 for the summer period.

    In Rhode Island, researchers at Energy Innovation found that the House-passed big Trump bill, which repeals clean energy tax breaks and investments, “would increase annual energy bills by $55 million across Rhode Island households annually in 2030, swelling to more than $83 million in higher energy costs by 2035, for a total of $315 million during the budget window of 2025 to 2034.”  It also found the bill “would cost Rhode Island’s workforce 2,000 jobs in 2030 and nearly 1,500 jobs in 2035 as new investment in domestic energy and manufacturing falters.”

    “President Trump and Republicans’ outdated 20th century energy policies will raise families’ energy costs, kill jobs, and increase pollution.  Lowering energy prices and “future-proofing” our energy systems is an economic and security imperative.  But President Trump and Congressional Republicans are doing the opposite: increasing people’s and businesses’ electricity bills all over the country and undercutting sustainable investments in America’s energy grid.  The Republican-induced surge in energy prices will burn working-class living standards and line the pockets of special interests,” said Senator Reed.

    On average, Rhode Island residents spend about $285 per month on electricity, or $3,420 per year for the average household according to energysage.com.  But if Trump’s ‘Big Ugly’ reconciliation bill becomes law, those costs would increase significantly due to repeal of the vast majority of tax credits for low-carbon sources of electricity like wind, solar, batteries and geothermal power included in the Inflation Reduction Act (IRA).

    The New York Times reports: “Repealing those credits could increase the average family’s energy bill by as much as $400 per year within a decade, according to several studies published this year.”

    Senator Reed says Trump’s outmoded policies and dysfunctional administration are increasing energy prices; failing to invest in the energy infrastructure America needs now and in the future; making America less energy secure; and costing the country good-paying, union jobs.

    With summer heat approaching, Senator Reed notes that those most impacted by higher utility bills are lower-income households, including seniors on fixed incomes, who often lack the resources to cover increased monthly payments.  

    “Not only are President Trump and Republicans doubling down on failed policies from the past, they are rescinding investments in forward looking renewable energy projects that are supporting good jobs and ready to come on line and lower prices.  And let’s be clear, they are doing this at the behest of highly profitable fossil fuel companies and conglomerates that are polluting the environment and squeezing consumers,” said Senator Reed.

    MIL OSI USA News –

  • MIL-OSI USA: Delegation Applauds Passage of Alaska Native Legislation

    US Senate News:

    Source: United States Senator for Alaska Lisa Murkowski

    06.20.25

    H.R. 42 and H.R. 43 Pass the U.S. Senate; headed to President’s Desk

    Washington, D.C. – U.S. Senators Lisa Murkowski and Dan Sullivan, along with U.S. Representative Nick Begich (all R-Alaska), applauded Senate passage of two important bills—H.R. 42, the Alaska Native Settlement Trust Eligibility Act, and H.R. 43, the Alaska Native Village Municipal Lands Restoration Act of 2025. These bills previously passed the U.S. House of Representatives on February 4. Both pieces of legislation were led by Congressman Begich.

    H.R. 42 and H.R. 43 passed the U.S. Senate by unanimous consent, following floor remarks by Senator Murkowski. These measures uphold the promises made to Alaska Natives in the Alaska Native Claims Settlement Act (ANCSA) and empower Alaska Native people to exercise self-determination over their lands and resources for the benefit of their communities.

    H.R. 42 amends ANCSA to exclude certain payments from Settlement Trusts to aged, blind, or disabled Alaska Natives or their descendants from being counted as income when determining eligibility for need-based federal programs.

    H.R. 43 amends ANCSA to end the requirement for Alaska Native village corporations to convey lands to the State of Alaska to be held “in trust” for future municipal governments.  In addition, the bill provides a process for village corporations to get the land back that they conveyed to the State.  These reconveyances or “reversions” will be subject to any valid existing rights created by the State Municipal Land Trust during its management of these village corporation lands.

    The bills now head to the President’s desk to be signed into law.

    “I’m very glad we could reach agreement to pass these important measures for Alaska Natives in the Senate. These are common sense bills that are long overdue—Alaska Natives who are aged, blind, or disabled will no longer have to choose between accepting the settlement trust income they are entitled to or qualifying for federal needs-based benefits. And with the passage of HR 43, we restore the ability of Alaska Native villages to make decisions about their lands and resources for the benefit of their communities,” said Senator Murkowski. “This has been a years-long effort to get these measures to the President’s desk. And I am proud to have led that effort and to it see it through.”

    “For the more than 50 years since ANCSA was signed into law, Alaska Native people have sustainably managed their lands, fostered world-class businesses that have become integral to Alaska’s economy, and helped Alaska Native communities preserve their unique cultures, languages and ways of life,” said Senator Sullivan. “Despite the enormous good ANCSA has done, the law was not perfect. Senator Murkowski, Congressman Begich and I have put forward legislation to address two oversights of ANCSA, giving Alaska Native communities more decision-making power over their lands and ensuring elder and disabled Alaska Native people are not unfairly excluded from the federal assistance they may need. I want to commend our Senate colleagues for unanimously supporting our legislation, and I look forward to these bills being signed into law soon.”

    “These bills represent the kind of meaningful, nonpartisan work that Alaskans sent me here to do,” said Congressman Begich. “We’ve corrected longstanding federal issues that have held Alaska Native communities back, and we’ve done it with strong support from both parties. These bills were about local decision-making and empowering communities to build their futures. My team and I have worked diligently since day one to move these bills through Congress, and I’m honored to be one of the only freshmen of the 119th Congress to send legislation to the President’s desk. This is a major victory for Alaskans, and a strong step forward towards greater self-determination and opportunity for Alaska Natives.”

    Legislative History:

    1. S. 2615, the Alaska Native Village Municipal Lands Restoration Act (S. 2615) was introduced on July 27, 2023.  The Subcommittee on Public Lands, Forests and Mining in the Senate Committee on Energy and Natural Resources held a hearing on S. 2615 on October 25, 2023.  The Senate Committee on Energy and Natural Resources reported S. 2615 favorably, without amendment, to the full Senate on May 17, 2023.  (S. Rept 118-177) S. 2615 passed the Senate by unanimous consent on December 20, 2024. Similar legislation was introduced and considered in the Senate in the 116th Congress as part of S. 4889, the Alaska Native Claims Settlement Act Fulfillment Act.
    2. S. 623, the Alaska Native Settlement Trust Eligibility Act (S. 623), was introduced on March 2, 2023.  The Senate Committee on Energy and Natural Resources reported the bill favorably without amendment to the full Senate on May 17, 2023.  (S. Rept 118-56) S. 623 passed the Senate by unanimous consent on December 20, 2024. Similar legislation was introduced and considered in the Senate in the 117th Congress and in the 116th Congress.  
    3. January 2025: Representative Begich introduced H.R. 42 and H.R. 43. They passed the House in February 2025. These were the first pieces of legislation introduced by Congressman Begich and the first pieces of legislation to be passed by a freshman member in the 119th Congress.
    4. June 2025: Senator Murkowski led the effort to pass both bills in the Senate by unanimous consent. Video of her full floor remarks can be found here.

    MIL OSI USA News –

  • MIL-OSI Canada: Update 6: Alberta wildfire update (June 20, 3:30 p.m.)

    Source: Government of Canada regional news

    MIL OSI Canada News –

  • MIL-OSI USA: DOE Approves Fourth Loan Disbursement to Restart the Palisades Nuclear Plant

    Source: US Department of Energy

    WASHINGTON— U.S. Department of Energy (DOE) Secretary Chris Wright today announced the release of the fourth loan disbursement to Holtec to help fund the restart of the Palisades Nuclear Plant. Today’s action disburses $100,451,904 of the up to $1.52 billion loan guarantee to Holtec for the Palisades Nuclear Plant, which will be America’s first restart of a commercial nuclear reactor that ceased operations, subject to U.S. Nuclear Regulatory Commission (NRC) approvals.

    “Under President Trump’s leadership, the Department of Energy is taking a leading role in unleashing the American nuclear renaissance,” said Secretary Chris Wright. “The Palisades Nuclear Plant will help to reinvigorate our nuclear industrial base and will reestablish the United States as the world’s nuclear energy leader.”

    This disbursement marks Holtec’s fourth disbursement of funds from the Loan Programs Office (LPO) since the September 2024 announcement of the loan’s financial close. To date, $251,878,038 of DOE guaranteed loan funds have been disbursed to Holtec to help fund the reopening as it continues to make important milestones toward plant restart, including the NRC’s issuance of the final environmental assessment and finding of no significant impact.

    Today’s announcement highlights the Energy Department’s leading role in advancing President Trump’s Executive Order 14302, Reinvigorating the Nuclear Industrial Base, through funding the restart of nuclear plants. DOE remains committed to fulfill this mission in order to maximize the speed and scale of nuclear capacity in the United States, ensuring American’s have access to reliable, abundant, and affordable energy.

    MIL OSI USA News –

  • MIL-OSI: Univest Securities, LLC Announces Closing of $2.37 Million Registered Direct Offering for its Client Houston American Energy Corp. (NYSE American: HUSA)

    Source: GlobeNewswire (MIL-OSI)

    New York, June 20, 2025 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of registered direct offering (the “Offering”), for its client Houston American Energy Corp. (NYSE American: HUSA) (the “Company”), an independent oil and gas company.

    Under the terms of the securities purchase agreement, the Company has agreed to sell to an institutional investor (the “SPA”) for the purchase and sale of an aggregate of 223,762 shares of common stock (or pre-funded warrants in lieu thereof) at a purchase price of $10.60 per share (or pre-funded warrant in lieu thereof) in a registered direct offering.

    The aggregate gross proceeds to the Company of this offering were approximately $2.37 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company currently intends to use the net proceeds of approximately $2.1 million from the offering for general corporate purposes.

    Univest Securities, LLC acted as the sole placement agent.

    The registered direct offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-282778) previously filed by the Company and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on November 4, 2024. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering were filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying base prospectus, can be obtained at the SEC’s website at www.sec.gov.

    About Univest Securities, LLC

    Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.

    About Houston American Energy Corp.

    Houston American Energy Corp., an independent oil and gas company, engages in the acquisition, exploration, exploitation, development, and production of natural gas, crude oil, and condensate. Its principal properties are located primarily in the Texas Permian Basin, the South American country of Colombia, and the onshore Louisiana Gulf Coast region. The company is based in Houston, Texas.

    Forward-Looking Statements

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    For more information, please contact:

    Univest Securities, LLC
    Edric Guo
    Chief Executive Officer
    75 Rockefeller Plaza, Suite 18C
    New York, NY 10019
    Phone: (212) 343-8888
    Email: info@univest.us

    The MIL Network –

  • MIL-OSI: Peter Dey Announces Retirement from Gran Tierra’s Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, June 20, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced that, for personal reasons, Peter Dey will be stepping down from the Board of Gran Tierra at the end of June 2025. Peter has agreed to make himself available to consult with the Board as required until the end of 2025 while a search is conducted for a replacement director.

    “On behalf of the Board of Directors of Gran Tierra, I want to thank Peter for his leadership and guidance since 2015,” said Bob Hodgins, Chairman of Gran Tierra Energy Inc.

    “We have worked with Peter for almost 15 years across multiple companies and continents. Peter is a distinguished expert in board governance, and his broad commercial background and strategic input have been instrumental in navigating a volatile and evolving industry,” said Gary Guidry, CEO of Gran Tierra Energy Inc.

    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 filings with the U.S. Securities and Exchange Commission (the “SEC”) 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.

    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 –