Source: Government of Italy (English)
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20 Dicembre 2024
I am deeply shocked by the brutal attack against a defenceless crowd at the Christmas market in Magdeburg. Mine and the entire government’s sympathies go to the families of the victims, the injured and all of the German people. There can be no room for violence in our democracies.
[Courtesy translation]
Source: United Nations General Assembly and Security Council
In a region grappling with escalating threats due to violent non-State actors, civic restrictions, political transitions and heightened humanitarian needs, the head of UN efforts in West Africa and the Sahel called on the Security Council for scaled up support within regional frameworks, as speakers welcomed small signs of progress on the democratic front.
Leonardo Santos Simão, Special Representative of the Secretary-General and Head of the United Nations Office for West Africa and the Sahel (UNOWAS), presenting the latest Secretary-General’s report (document S/2024/871), reported that he just attended the 15 December Economic Community of West African States (ECOWAS) Summit, where Heads of State took note of the decision of Burkina Faso, Mali and Niger to withdraw from the organization. ECOWAS responded with an offer of six months for dialogue to encourage those countries to remain, he added. Regional leaders unanimously acknowledge insecurity as the region’s most urgent concern, with terrorists becoming increasingly aggressive, and utilizing sophisticated weaponry, including drones, he said, also drawing attention the spread, beyond the Sahel, of violent extremism and organized crime to northern Benin and Togo, and the Gulf of Guinea countries.
To address such threats, he called for the Council to scale up support within regional frameworks. While the announced operationalization of the ECOWAS Standby Force is a positive step, the Group of Five for the Sahel (G5 Sahel) joint force has ceased operations, and the Accra Initiative is undergoing restructuring, to model the Multinational Joint Task Force, “the primary security cooperation mechanism in the Lake Chad Basin region, and the only functioning platform for cooperation on regional security in West Africa and the Sahel”. He went on to highlight a trip in November to Chad with Special Representative Abdou Abarry, Head of the United Nations Regional Office for Central Africa (UNOCA), during which they met the Lake Chad Basin Commission as well as a camp for internally displaced persons — of whom the country presently hosts 2 million, amid severe flooding, with the worsening humanitarian situation in other countries leading to further displacement. In this context, he urged support for the underfunded humanitarian appeal, which is less than 50 per cent funded. Addressing climate resilience, he spotlighted meetings held between stakeholders to discuss the transboundary management of water at the 2024 UN Climate Change Conference in Baku, and welcomed the visit, in December, of the Council’s informal expert group on climate change, peace and security to the Lake Chad Basin region.
On human rights issues, he deplored the closing of 8,200 schools in the region, due to insecurity and expressed concern about persisting human rights violations and civic restrictions in Guinea and Central Sahel. However, he welcomed progress in fighting impunity, citing the conviction of those responsible for the 2009 Guinea stadium massacre. Detailing progress in the region on the democratic front, he noted his visit to Ghana during the presidential and legislative elections; as well as taking note of legislative elections in Senegal on 17 November, Côte d’Ivoire on track to its 2025 presidential elections and Liberia making progress in democratic consolidation. However, in Guinea-Bissau, the parliamentary elections planned for November 2024 have been postponed sine die, he said, also pointing out that, in the Gambia, 2025 will be a critical year for the adoption of constitutional reforms, due to a political environment in which consensus has eroded.
The Council also heard from Levinia Addae-Mensah, Executive Director, West Africa Network for Peacebuilding, a network encompassing 750 civil society organizations across the region, who described a “heightened security threat profile”, leading to expanding zones of instability and ungoverned spaces in the region, due to recent democratic transformations and security challenges stemming from the growing strength of terrorist and violent extremist groups in the Sahel and some coastal States. Citing data from the group’s early warning system indicates that 76 per cent of armed attacks occurred around tri-border communities with inadequate State presence, she pointed out that “cascaded negative effects” of such dynamics led to challenges, including the closing of 12,000 schools, exacerbating the vulnerability of girls to early marriage, female genital mutilation and trafficking.
Despite these challenges, she took note of positive trends, including progress towards democratic governance in Liberia, Senegal and Ghana; strengthened early warning systems and response mechanisms; and development of national and local infrastructures for peace. Despite the shrinking of civic spaces, her organization is strengthening resilience through initiatives, such as Security Consultative Committees, which it introduced in Mali, she said, pointing out that such “a dichotomous reality” underscores the value of organic approaches to peacebuilding. In closing, she highlighted processes that presented opportunities to reset approaches to addressing threats in the region, including the 2025 review of United Nations Peacebuilding Architecture and the Africa Facility to Support Inclusive Transitions.
In the ensuing discussion, many speakers echoed concerns about the security situation in the region, with several urging support for regional security initiatives. Among them was the representative of Sierra Leone, co-penholder on the file, speaking also for Algeria, Guyana and Mozambique, who urged predictable funding for regional security mechanisms, spotlighting the importance of the Multinational Joint Task Force in fighting terrorist groups in the Lake Chad Basin, and the potential of a fully operationalized Accra Initiative in addressing security threats, including the recruitment and radicalization of young people in the region.
Switzerland’s delegate called for a holistic approach to security, stressing that insecurity also hinders the improvement of the socioeconomic and humanitarian situation in the region. Voicing alarm about the persistence and spread of armed conflict, terrorism and violent extremism, she said: “It is necessary to engage in actions to maintain and promote dialogue and social cohesion, and to tackle the root causes of fragility.”
The representative of the Republic of Korea concurred, pointing out that the “lack of coordinated regional responses and fragmented counter-terrorism efforts heighten the risk of terrorist expansion across the Central Sahel and into coastal States”. He therefore encouraged ECOWAS and regional States to foster effective collaboration to counter terrorism and transnational organized crime, an appeal echoed by the representative of Japan.
Also on the security front, the United Kingdom underscored that “private military security companies — like the Wagner Group and Africa Corps — are not the answer”. Rather, these entities have a track record of worsening existing conflicts and undermining long-term development and stability. On the deteriorating humanitarian situation in the region, he called for more humanitarian access, highlighting his Government’s support for more than 16 million people in the Sahel since 2019.
Similarly, the representative of the United States, Council President for December, speaking in her national capacity, warned that, amid Governments’ struggle to reclaim control over territory, leaders who engage in heavy-handed counter-terrorism tactics, while neglecting to address the drivers of marginalization, are only worsening the security situation.
However, the Russian Federation’s delegate countered that the fractious security situation “is the heavy burden of the consequences of the military aggression waged by Western countries against Libya — a burden borne, to this day, by all States in the region”. Long-term stability in the Sahel requires the international community to support Mali, Niger and Burkina Faso “who stand at the forefront of the fight against pan-African terrorist groups”, she added, also stressing that the Council should respect the decision by members of the Alliance of Sahel States to leave ECOWAS.
Meanwhile, China’s delegate called for the international community to “maintain necessary patience” with countries in transition and provide them with “small constructive support”. Countries in the region must foster collective security and continuously enhance counter-terrorism cooperation, he said. To that end, his country, as announced at the Beijing Summit of the Forum on China-Africa Cooperation in September, will provide expertise and support to the African Centre for the Study and Research on Terrorism and United Nations Office of Counter-Terrorism Programme Office for Counter-Terrorism and Training in Africa.
Malta’s delegate was among several speakers highlighting democratic concerns, welcoming Ghana’s introduction of a 40 to 50 per cent target of women in elected and appointed positions. However, she urged transitional Governments to adhere to previously agreed electoral timelines, pointing to postponed elections in Guinea-Bissau and Burkina Faso, as well as similar negative trends in the Gambia and Nigeria.
Addressing the humanitarian picture, Guyana’s representative, also speaking for Switzerland, as the Council’s informal co-focal points on conflict and hunger, noted that, according to the UN Office for the Coordination of Humanitarian Affairs, 48.6 million people throughout the region were projected to experience food insecurity in the “critical June and August lean period”, mainly due to worsening security conditions in Burkina Faso, Mali, Niger and Nigeria. She called for increased international support, particularly in capacity-building; respect for international humanitarian law to protect humanitarian personnel, as well as objects indispensable to civilian survival; and a comprehensive overview that acknowledges the interrelated nature of existing and emerging challenges, including food insecurity.
Many delegates drew attention to the exacerbating impact of climate change on the regional humanitarian situation, including Ecuador’s representative, who called on the international community to intensify its efforts in providing aid, and Slovenia’s delegate, who warned that: “Crop failures, combined with the local grievances and ongoing instability create a fertile ground for recruitment by extremist armed groups.” In this context, she echoed the Secretary-General’s call for countries in the region and ECOWAS to develop conflict-sensitive climate adaptation plans as part of comprehensive peacebuilding strategies.
France’s representative concurred, observing that, by making access to resources difficult, climate change impacts “are an additional hurdle in West Africa”. France has therefore renewed its support to regional climate, peace and security mechanisms to address these challenges. He added that improving the situation in the region requires a peaceful political climate, common commitment by all actors to pursue dialogue, a return to constitutional order and universal respect for human rights and the freedoms of association and expression.
NEW – Follow real-time meetings coverage on our LIVE blog.
Source: United Nations General Assembly and Security Council
The Security Council today renewed the mandate of the United Nations Disengagement Observer Force (UNDOF) in the Golan for six months until 30 June 2025 and requested the Secretary-General to ensure that the Force has the required capacity and resources to fulfil its mandate “in a safe and secure way”.
UNDOF was established immediately following the 1974 Disengagement of Forces Agreement between Israel and Syria, with a mandate to maintain the ceasefire and supervise the area of separation — a demilitarized buffer zone — as well as the area of limitation — where Israeli and Syrian troops and equipment are restricted — in the Golan.
Today’s unanimous adoption of resolution 2766 (2024) (to be issued as document S/RES/2766(2024)) follows reports of Israeli troops entering the demilitarized zone after the fall of Syrian President Bashar al-Assad earlier this month.
Speaking after the adoption, Algeria’s delegate highlighted that the collaborative efforts of the Russian Federation and the United States in drafting the text “has enabled us to unanimously renew the mandate of UNDOF, which comes at a critical juncture for Syria and the whole region”.
He said the resolution underscores that there should be no military forces, equipment or personnel in the area of separation other than those of UNDOF. “The actual presence of Israeli forces in the area is illegal and constitutes a flagrant violation of the 1974 disengagement agreement and relevant Security Council resolutions,” he warned.
Drawing attention to a protest in the Dara’a Governorate in Syria earlier today during which Israeli soldiers opened fire, injuring a young man, he said: “To those who still doubt that we are witnessing the occupation of new territories in Syria, I would ask: What is your stance on this?”
The mandate of UNDOF has been extended every six months, last renewed on 27 June. (See Press Release SC/15748.)
NEW – Follow real-time meetings coverage on our LIVE blog.
Source: IMF – News in Russian
December 20, 2024
Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the first review of the ECF-arrangement for Togo. The Board’s decision enables the immediate disbursement of SDR 44.0 million (about US$ 58.7 million), which will be used for budget support. The ECF-arrangement provides overall financing of SDR 293.60 million (about US$ 390 million).
The IMF approved the ECF-arrangement on March 1st, 2024 (see Press Release No. 24/64) to help the authorities address the legacies of the shocks seen since 2020, notably the COVID-pandemic and the increase in global food and fuel prices. The Togolese authorities were able to lessen these shocks’ impacts on the Togolese economy and population. However, this resulted in an increase in fiscal deficits and debt. The IMF-supported government program aims to (i) make growth more inclusive while strengthening debt sustainability, and (ii) implement structural reforms to support growth and limit financial sector and associated fiscal risks.
The medium-term outlook is broadly favorable, with continued robust growth. Economic growth reached an estimated 5.6 percent in 2023 and is projected at 5.3 percent in 2024-25 and around 5.5 percent per year thereafter according to IMF staff projections, barring major adverse shocks. Headline inflation eased to 3.3 percent in October 2024 and core inflation (which excludes the prices of food and transport) to 2.2 percent (annual averages).
However, the outlook is subject to high risks. In particular, terrorist attacks in the country’s North continues unabated and appears to be intensifying, putting pressure on spending. The authorities are contending with the challenging trade-offs between fiscal consolidation to lower the debt burden and the need to maintain robust growth in the context of limited fiscal space.
Implementation of the program is on track. The authorities have met all end-June quantitative performance criteria, and prospects for meeting the quantitative targets for the rest of the year are favorable. The authorities also have met two out of the four due structural benchmarks, and there are prospects for the authorities to deliver at a later stage on the limited elements that have led to the missing of two benchmarks. Further, prospects for meeting the two end-December benchmarks are good. Finally, the authorities have made good progress on the reform of the remaining state-owned bank.
At the conclusion of the Executive Board’s discussion, Mr. Bo Li, Deputy Managing Director, and Acting Chair, made the following statement:
“The Togolese authorities have shown strong implementation of the program supported under the Extended Credit Facility (ECF). The authorities have met all quantitative targets despite security challenges and tight financing conditions, and they have progressed on structural reforms to strengthen revenue mobilization, inclusion, and public financial management.
“Togo’s outlook is subject to elevated risks, broadly as at the program request in March 2024, while security conditions have deteriorated. In line with this, the design of the program as conceived at the outset remains broadly appropriate, and the authorities should continue to implement the program with determination to place the country on the path of strong and sustainable growth.
“In the area of fiscal policies, the authorities should continue to aim to address debt vulnerabilities in a context of regional vulnerabilities while supporting growth and enhancing inclusion. For this, it will be important to implement the agreed fiscal anchor by limiting fiscal deficits to 3 percent of GDP from 2025 onwards, continue to raise tax revenue while making taxation more efficient, and implement structural reforms to enhance the efficiency of spending and make the social safety net more effective and efficient.
“It will also be essential to continue efforts to strengthen governance. The authorities’ recent request for an IMF Governance Diagnostic is welcome, as is their commitment to strengthening beneficial ownership declarations for companies benefiting from public procurement contracts. On the financial sector, the authorities should continue the reform of the remaining public bank by bringing the bank’s capital in line with regulatory requirements and reforming its operations to ensure its stability and profitability. Efforts to strengthen the AML/CFT framework will also be important.
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Togo: Selected Economic and Financial Indicators, 2020–29 |
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PRESS OFFICER: Kwabena Akuamoah-Boateng
Phone: +1 202 623-7100Email: MEDIA@IMF.org
https://www.imf.org/en/News/Articles/2024/12/20/pr24494-togo-imf-exec-board-completes-first-rev-ecf-arrangement
Source: IMF – News in Russian
December 20, 2024
Washington, DC – December 20, 2024: The Executive Board of the International Monetary Fund (IMF) completed today the second review under The Gambia’s Extended Credit Facility (ECF) arrangement, approved by the IMF Executive Board on January 12, 2024, in the amount of SDR74.64 million (about US$97.3 million). The completion of the review allows for the immediate disbursement of SDR 8.29 million (about US$10.8 million), bringing total disbursements under the arrangement to about SDR 24.87 million (US$32.4 million).
The economic recovery in The Gambia is strengthening. Real GDP growth is expected to reach 5.8 percent in 2024, supported by a broad-based rebound in economic activity. In particular, tourist arrivals are recovering and nearing pre-pandemic levels, while remittance inflows remain strong. Headline inflation has decreased significantly from a peak of 18.5 percent in September 2023, although energy prices led to a small uptick in inflation to 10 percent in October 2024.
While the authorities remain committed to the objectives set out in the program and revenue collection has been strong, spending pressures from the Organization of Islamic Cooperation (OIC) Summit and emergency support to the public utility company NAWEC have weighed on fiscal balances. The new foreign exchange policy is working well, and international reserves exceeded targets by the end of September.
Based on the strength of the macroeconomic program, growth is projected at 5.9 percent in 2025 and around 5 percent in the medium term, though risks remain from global conflicts, commodity price shocks, and fluctuations in tourism and remittance flows. Steadfast implementation of the policy and reform agenda will be essential to safeguard macroeconomic gains and debt sustainability.
Following the Executive Board’s discussion, Deputy Managing Director Bo Li issued the following statement:
“The Gambia’s economic recovery is strengthening while inflation has trended down. Program implementation was mixed, reflecting broadly satisfactory adherence to quantitative performance criteria and indicative targets but delays in implementing structural benchmarks. The authorities remain committed to their reform agenda, despite global economic headwinds.
“Continued commitment to fiscal consolidation is critical to reduce fiscal risks and preserve debt sustainability. Finalizing and implementing the Domestic Revenue Mobilization Strategy will help secure consolidation gains and lower reliance on costly domestic and external financing. Improving the structure of expenditures will help maintain social services and space for growth-enhancing capital expenditures. Strengthening public financial management, including by preventing domestic arrears accumulation, and improving the performance of state-owned enterprises will help contain fiscal risks. To reduce debt vulnerabilities, it is crucial to adhere to the agreed fiscal targets, focus on grants and concessional loans, limit fiscal risks from PPPs, and implement a strong medium-term fiscal framework.
“The Central Bank of The Gambia has appropriately maintained its tight monetary policy stance and is encouraged to remain vigilant and data dependent to ensure that inflation converges to the central bank’s medium-term target. The foreign exchange market has performed well following the introduction of the new foreign exchange policy. Going forward, the central bank is encouraged to continue pursuing an exchange rate that fully reflects market forces. The central bank’s commitment to cease financial support to public entities is welcome to prevent risks to its balance sheet.
“Progress with structural reforms will be essential, including to enhance governance and further improve the business environment to promote private sector development and job creation. The publication of the action plan for the implementation of the recommendations of the governance diagnostic report as a prior action for this review was an important milestone. Adopting strong climate-related policies including through a possible RSF arrangement will be essential to build The Gambia’s resilience to climate risks.”
PRESS OFFICER: Julie Ziegler
Phone: +1 202 623-7100Email: MEDIA@IMF.org
https://www.imf.org/en/News/Articles/2024/12/20/pr24496-gambia-imf-executive-board-completes-2nd-review-under-ecf
Source: US Department of Health and Human Services – 3
Recall Reason Description
Undeclared milk
Brand Name(s)
Taste of Deutschland
Product Description
Frozen Buttered Vegetables, Carrots, Peas, Cauliflower, & Corn
ARLINGTON, VA – DECEMBER 20, 2024 – Lidl US is recalling all lots of their Taste of Deutschland Buttered Vegetables 10.5 oz box UPC 4 056489 122876 due to undeclared milk allergen. The recall was issued due to undeclared milk in the products. People who have allergies to milk run the risk of serious or life-threatening allergic reactions if they consume these products.
Lidl US has received no reports or complaints of illness related to this product to date.
The recall was initiated after it was discovered by the FDA during an inspection that the labels did not list the allergen milk in the ingredient statement.
The products were distributed between 10/21/2023 – 12/19/2024. The product was distributed to all Lidl US store locations in Delaware, District of Columbia, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, and Virginia.
If customers have purchased this product, they should not consume it and immediately return it to their nearest Lidl store for a full refund (a receipt is not required for return). Customers who have questions about this voluntary recall should call the Lidl US Customer Care Hotline at (844)-747-5435 8 am-8 pm ET, Monday-Saturday.
The health and safety of our customers is our top priority. Lidl US regrets any inconvenience related to this voluntary recall. Our Quality Assurance Department is constantly working to ensure that all products on our shelves meet the high-quality standards that we would expect when feeding our own families. We are grateful for all our Lidl US customers who choose to shop with us every day.
Source: United Kingdom – Executive Government & Departments 2
• Government sets out plans to end the use of toxic neonicotinoid pesticides that threaten vital pollinators
A bee on a purple flower
A complete ban on use of bee-killing neonicotinoid pesticides has moved a step closer today (Saturday 21 December), as the government sets out its plans to deliver a key election pledge.
Despite being banned from general use in the UK, the last government authorised the use of neonicotinoids every year for the last four years in England via a process known as emergency authorisation.
Neonicotinoids are extremely toxic to pollinators. Even at doses that are not directly fatal to bees they can cause cognitive problems impacting foraging abilities and the productivity of hives. The chemicals can also persist in the soil creating a further risk to bees.
Bees and other pollinators are crucial to the agricultural economy with the economic benefits of pollination to crop production in the UK estimated at £500 million annually.
The Government has set out its next steps, including identifying legislative options that would legally prevent the future use of three specific neonicotinoids – clothianidin, imidacloprid and thiamethoxam – entirely, taking full account of the importance of pollinators.
“We are delivering on our promise to ban toxic bee-killing pesticides and ending the long-term decline of our wildlife.
“A healthy environment is vital to our food and economic security. Protecting bees by stopping the use of damaging neonicotinoids is an important step in supporting the long-term health of our environment and waterways, and our farming sector.”
The move comes ahead of the publication of a new UK National Action Plan (NAP), which will set how pesticides can be used sustainably.
Ensuring that our food production is sustainable is key to the long-term health of the agricultural sector, as well as the nation’s food security. The Government’s Plan for Change is built on the strong foundation of a stable economy.
The Government commitment to farmers remains steadfast and we are fully committed to supporting farmers to protect their crops in more sustainable ways. There has already been progress in this space, including research into new virus-resistant varieties of sugar beet and new alternative pesticide sprays, and we will continue to support this work.
The announcement today builds on the swift action the Government has taken to recover nature more widely. This includes committing to a rapid review of the Environmental Improvement Plan and new delivery plans to meet targets on air quality, the circular economy and water. In the first few months of this government, legislation was introduced to put failing water companies under special measures to curb pollution in our waterways and a Flood Resilience Taskforce was introduced to speed up the creation of nature-based solutions, like planting trees to protect communities against the impact of extreme weather.
The legal requirements for emergency authorisations have not changed today and any applications for 2025 will be considered under the law as it stands.
The Neonicotinoids Policy Statement applies to England only.
The UK Government will look to work with the devolved governments to seek a shared and consistent way forward.
£5 billion was set aside in the Budget for farming over two years, including the single biggest amount of money ever allocated for sustainable food production and nature recovery.
The full Neonicotinoids Policy Statement can be found here
Published 21 December 2024
Source: United Kingdom – Executive Government Non-Ministerial Departments
Groundbreaking breeding programme to develop new generation of British grown Douglas fir trees after decades of research.
Credit: Forestry Commission
Douglas fir is native to North America and has been used in British forestry for over 100 years. Demand is rising rapidly and currently; we import much of our seed from the USA or France and there is a need to develop a strain that is specialised for British conditions.
For decades there have been incomplete attempts to develop British Douglas fir seed sources suited to our conditions, but now a government funded project led by the Conifer Breeding Cooperative has overcome this and will grow the next generation of Douglas fir from British tree seeds.
The project involved the selection of 200 visually superior trees from the best Douglas fir plantations in Britain, as well as 40 genetically superior trees from long-term experiments managed by Forest Research.
This selection of outstanding Douglas firs will now be used by the Conifer Breeding Cooperative and Forest Research as breeding stock to produce British Douglas Fir seed. The chosen trees will be copied by grafting cuttings onto rootstocks, after the grafted plants will go into seed orchards. In several years, once seeds are available, they will be supplied to forest nurseries to grow the first genetically improved British Douglas fir trees.
“We have selected a new generation of Douglas fir trees for breeding, based on their adaptation to the British climate and timber properties which is an important step forward for the resilience of our nation’s trees.
“This achievement is the result of decades of work by Forest Research and our domestic and international partners. Collaboration has enabled us to get things done on the ground and harness new technologies, such as the low-cost DNA marker array for quality assurance.”
“We are facing a changing climate and biodiversity decline, with trees playing a significant role in mitigating some of the worst impacts.
“We rely too heavily on timber imports in the UK and if we are to strengthen own domestic supply then this type of science will play a huge role in the future. Therefore, there has never been a more crucial time to invest in domestic tree-planting”.
A DNA fingerprint – which shows the genetic make-up of each tree – has also been taken of each tree by Oxford University. This is the first time this technique has been used at such an early stage of a tree breeding programme in Great Britain. The DNA fingerprint is used as a quality-control tool to track and evaluate the tree’s parentage and enable traceability. This important data will help advance the project.
Douglas fir is a desirable timber-producing tree for Britain and this step forward to develop a resilient British population will ensure better yield for our domestic timber industry. Fast growing conifers such at this sequester carbon more quickly than slower growing species. Using timber in construction, in place of other non-renewable materials, is one of the best ways to reduce emissions from buildings. It also ensures that carbon is locked up long-term.
Today’s development will help bolster the domestic timber industry as part of the Government’s critical mission to make the UK clean energy superpower and ensure we are resilient to a changing climate. This is the latest government innovation in the fight to protect our nation’s trees and woodlands.
The project partners involved are Conifer Breeding Coop, University of Oxford, and Forestart and it has been funded by the Department of Environment Food and Rural Affairs.
Published 21 December 2024
Source: GlobeNewswire (MIL-OSI)
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SOURCE: Virturo
Source: United Nations General Assembly and Security Council
Meeting again today to discuss Western arms supplies to Ukraine, the Security Council heard that civilians there continue to be killed and injured by a panoply of deadly munitions, while the organ’s members alternately urged a diplomatic end to the violence and condemned Moscow’s initial — and continued — aggression.
“More than 1,000 days have passed since the Russian Federation’s full-scale invasion of Ukraine, launched on 24 February 2022 in violation of the UN Charter and of international law,” observed Izumi Nakamitsu, High Representative for Disarmament Affairs. Since the Council last met on this topic on 31 October, the world has continued to witness “unacceptable levels” of civilian deaths and injuries, she noted, also spotlighting Moscow’s “systematic and deliberate” targeting of Ukraine’s energy infrastructure.
Transfers of arms and ammunition, and the provision of other forms of military assistance to Ukraine’s Armed Forces, have also continued, she said. Additionally, there have been reports of States transferring — or planning to transfer — weapons and ammunition to the Russian Federation. Further reports refer to an increase in military cooperation between the Democratic People’s Republic of Korea and the Russian Federation, including troop deployment by the former into the latter’s Kursk region.
“I urge all concerned to refrain from any steps that may lead to further spillover and intensification of the conflict, as well as any further harm to civilians,” she said, citing reports by the Office of the United Nations High Commissioner for Human Rights (OHCHR) of over 12,340 civilians killed — and more than 27,836 injured — between 24 February 2022 and 30 November 2024. She also noted reports of cross-border strikes by Ukraine inside the Russian Federation – with some reportedly resulting in damage to civilian objects.
Expressing particular concern over the use of explosive weapons in populated areas, the use and transfer of cluster munitions and recent announcements regarding the transfer of non-persistent anti-personnel landmines, she called on States to abide by their international obligations and become parties to disarmament treaties “as a matter of priority”. Further, universal participation in arms-control instruments is essential to prevent the diversion of conventional arms and to regulate the international arms trade.
Concluding, she reiterated the Secretary-General’s call for “a just, lasting and comprehensive peace in Ukraine, consistent with the UN Charter”.
United States’ Speaker: Permanent Council Member Violating UN Charter
“This document has meaning,” stressed the representative of the United States, Council President for December, as he took the floor in his national capacity. For 80 years — “through thick and thin”, he noted — the Council has worked to uphold the Charter’s principles and to oppose territorial conquest. Now, today, one of the organ’s permanent members is openly, unashamedly violating the Charter, as well as Council resolutions — that it voted for — to prevent a rogue nation from acquiring nuclear weapons.
He went on to detail Beijing’s continued supply of dual-use items to Moscow’s war-industrial base, stating that China “telegraphs tacit approval for Russia’s war” by doing so. “Russia listens only to strength and action — something we collectively lacked when Russia invaded Crimea, and when it invaded Georgia before that,” he noted, adding: “Appeasement didn’t work then, and it won’t work now.” Therefore, the United States and its partners will continue supporting both Ukraine and the UN Charter.
Russian Federation’s Speaker: Ukraine ‘Gold Mine’ for Military-industrial Complex of ‘Anglo-Saxon Countries’
Meanwhile, the representative of the Russian Federation said that there would have been no war “if the United States had not supported the coup d’état in Kyiv in 2014” and had not “made Ukraine into anti-Russia”. Noting that Ukraine has become a “gold mine” for the military-industrial complex of “Anglo-Saxon countries”, he said that half of all weapons sales went to 41 United States corporations. In 2023, the revenue of 100 major weapons manufacturers reached $632 billion, he added.
“It would be naïve to think that these unprincipled traders will give up on their huge profits for the benefit of the helpless Ukrainians,” he emphasized. Further, he said that the Pentagon had to admit that the whereabouts of more than half of the Javelin and Stinger missiles sent to Ukraine were unknown, highlighting the corruption that “accompanies Western supplies”. He concluded: “My advice to all of those who are hoping that military activities will stop: don’t have any illusions about the real intent of the comedian Zelenskyy. We never had them.”
Ukraine’s Speaker: Kyiv Strikes Legitimate Military Targets on Its Occupied Territory and in Russian Federation
“Ukraine never wanted this war and — more than any country across the globe — Ukraine wants the war to end,” stressed that country’s representative. Noting that the Russian Federation again prefaced today’s meeting “with air terror against Ukrainian cities”, he described Moscow’s behaviour as: “A — plan a strike; B — call a Security Council meeting; C — carry out a strike; D — call a meeting to complain about Western weapons supplies”. This correlation has been registered in at least 18 cases, he emphasized.
Against this backdrop, Ukraine strikes legitimate military targets on its occupied territories and in the Russian Federation, he went on to say, stressing that “it is more than easy” for Moscow to stop the war it launched. Instead, Russian Federation President Vladimir V. Putin called for a “high-tech duel” between his country and the West, in which Moscow would strike Kyiv with medium-range ballistic missiles while Western missile-defence systems would attempt to protect it. “Yesterday’s revelations from Putin leave no room for doubt: his regime must be neutralized as soon as possible,” he urged.
Council Members Weigh In
Throughout the meeting, several Council members also pointed out that it was Moscow who originated the war. “It is quite clear that this conflict began with Russia’s invasion of a neighbouring country in violation of the UN Charter,” stressed the representative of the Republic of Korea. “Today’s meeting on the issue of weapons transfers to Ukraine is irrelevant,” he added, underscoring: “The world knows the difference between an aggressor and a victim.” He also expressed concern over the future of the “illegal coalition” between Moscow and Pyongyang, which is internationalizing the conflict.
Similarly, Japan’s representative — noting today’s “shamefully familiar topic” — underscored that “there is only one aggressor in this conflict”. The Russian Federation launched this unprovoked war of aggression, and that country is the one systematically violating international law. Also expressing concern over Moscow’s military cooperation with Pyongyang and Tehran, he stressed: “We must focus on Russia’s violations of international law and not fall prey to its disinformation or malicious tactics.”
Echoing that was France’s delegate, who said that today’s “umpteenth meeting” on arms transfers requested by the Russian Federation was merely “a smokescreen to mask” its treatment of Ukraine’s sovereignty and independence. “There is one aggressor: Russia,” he underscored. Moscow can choose to cease its aggression at any time without harming its own security, but Ukraine’s right to defend itself includes striking Russian Federation military targets.
“Every country has an inalienable right to defend itself in accordance with Article 51 of the UN Charter,” observed Slovenia’s representative, adding: “By extension, every country has the right to procure the means to defend themselves.” As others, he said that “it is worth pointing to the source of inconsistencies with international law during this war — it is Russia that illegally invaded Ukraine”. Also expressing concern over the extent of mine use in Ukraine, he stressed that these weapons will “pose a threat to the civilian population for years to come”.
Ukraine Most Mined Country in the World
On that, Guyana’s delegate observed that Ukraine is now considered “the most-mined country in the world”, as potentially 23 per cent of its land is at risk of contamination with likely clearing costs of over $34 billion. Emphasizing that such weapons “have no place in our world”, she called on all States transferring weapons and ammunition into the conflict area to do so within the existing international legal framework — including Council resolutions – and with adequate controls in place to prevent their irregular transfer.
In that vein, Mozambique’s delegate called on weapons-exporting States to refrain from transferring arms where risks of human-rights violations or breaches of international humanitarian law exist. Similarly, recipient States must ensure that the arms transferred are used in a manner consistent with applicable international legal instruments and are not diverted or transferred to other destinations. Ecuador’s representative concurred, urging States to act responsibly at every stage of the chain of transfer to prevent the diversion or misuse of arms.
Algeria’s representative, citing the use of modern medium- and long-range missiles in Ukrainian and Russian Federation territory, called on both parties to ensure that these weapons do not fall into the hands of criminals, terrorists or extremist groups — who often use such weapons against defenceless civilians. Adding to that, the representative of Sierra Leone urged all parties to “refrain from further escalation in pursuit of the option of winning battles at all costs”. For his part, the representative of Malta stressed: “The people of Ukraine deserve better. The people of Russia deserve better. Both nations deserve a peaceful future.”
“Weapons may help win a war, but cannot bring about lasting peace,” observed China’s representative, recalling that Beijing has called on the parties to cease hostilities and restore peace for the past three years. “The United States is the only country that has chosen to turn a blind eye to China’s efforts,” he said, adding that one country’s security cannot be achieved at the expense of another’s. He also expressed hope that the United States will abandon the “zero-sum mentality of the cold war”.
Switzerland’s representative, meanwhile, noted that today’s meeting was one of approximately 70 so far dedicated to Ukraine. “And, for the seventieth time, I repeat that Russia must immediately withdraw its troops from the entire territory of Ukraine,” she said, adding: “This repetition is important, however; we cannot — and must not — normalize what has happened in Ukraine.”
“This Christmas, I suggest the Russian delegation reads How Much Land Does a Man Need? by Leo Tolstoy,” said the representative of the United Kingdom. Noting that this is a story about a man who — in his greed to acquire more and more land — exhausts himself and dies, he said that the man is then buried in a six-foot grave — “which is all the land he ends up with”. “The moral is quite clear,” he observed, adding: “The Russians would do well to heed the wisdom of their forebears.”
Source: China State Council Information Office
Chinese Foreign Minister Wang Yi held talks with Serbian Foreign Minister Marko Djurić in Tianjin on Friday.
Noting that China and Serbia are iron-clad friends and the bilateral ties conform to the correct direction of history, Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, said China is ready to work with Serbia to create new prospects for bilateral relations.
China is constantly improving its high-level opening-up system, which will not only provide impetus for China’s development, but also provide new cooperation opportunities for Serbia and other countries in the world, said Wang.
Wang said Serbia is welcome to join hands with China to realize their respective modernization, adding that China will continue to firmly support Serbia in safeguarding national sovereignty, independence and territorial integrity, and will support Serbia’s development and growth.
Djurić said that deepening cooperation with China has become a cross-party and social consensus in Serbia, adding that Serbia will continue to firmly adhere to the one-China policy and firmly support China in safeguarding national sovereignty and territorial integrity.
Serbia looks forward to working with the Chinese side to implement the important consensus reached by the two heads of state and push for greater development of bilateral relations, said Djurić.
He noted that Serbia supports all major initiatives put forward by China, supports the promotion of cooperation between China and Central and Eastern European countries, and looks forward to close communication and coordination with China to jointly tackle global challenges.
Source: China State Council Information Office
This aerial photo taken on Sept. 10, 2022 shows China-Europe freight trains at the Alataw Pass, northwest China’s Xinjiang Uygur Autonomous Region. [Photo/Xinhua]
The foreign trade value of northwest China’s Xinjiang Uygur Autonomous Region rose by 26% year on year in the first 11 months of 2024, reaching a record 403.1 billion yuan (about $56.1 billion), according to local authorities.
This is the first time the region’s foreign trade value has exceeded 400 billion yuan, Urumqi Customs said.
Xinjiang’s trade with the five Central Asian countries grew by 6.9% year on year, accounting for 67.9% of the region’s total foreign trade during the same period. Meanwhile, trade with its largest trading partner, Kazakhstan, rose by 17.6% year on year.
The region’s trade with ASEAN countries surged by 231% year on year, accounting for 8% of its total trade during the period.
Established in November last year, the China (Xinjiang) Pilot Free Trade Zone, spanning Urumqi, Kashgar and Horgos, has supported the growth of trade businesses, with its trade reaching 162.9 billion yuan in the first 11 months of this year, accounting for 40.4% of the region’s total, according to the customs.
Thanks to its unique geographic advantages, continuous improvements in the business environment and targeted services for enterprises, Xinjiang has achieved steady trade growth, said Li Qinghua, deputy head of Urumqi Customs.
Source: Scotland – City of Perth
Perth and Kinross Council’s Learning and Families Committee will be asked to consider the plans when it meets on Wednesday, January 29.
Almost 7000 children and young people in Perth and Kinross Council schools have been identified as having additional support needs, almost four out of every 10 pupils (39%).
This is an increase of over 750 children and young people since 2021.
Currently, PKC has fifteen Intensive Support Provisions (ISPs) across nine primary and six secondary schools, serving 300 children aged 5 to 18.
A feasibility study highlighted the need for more ISP placements and better geographical distribution to improve educational and social experiences for children and young people and reduce travel costs.
A report to the committee recommends creating eight new ISPs through recently announced Scottish Government funding and redistribution of existing Perth and Kinross Council resources.
This will mean all children and young people who need this type of education provision will be able to do so closer to their homes, enabling them to build better community connections for the future.
Other options for consideration include maintaining existing provision or creating additional ISPs through the redistribution of existing resources. Both options would maintain ISP placements at current levels.
If the proposed plan to create eight new ISPs is approved, it will be implemented in three phases over the next four years.
The first will see the development of ISPs at Kinross High School, Perth High School and a primary school within the Perth Academy catchment area once statutory consultations are completed.
Phases two and three will see the creation of a further five ISPs.
Councillor John Rebbeck, convener of Perth and Kinross Council’s Learning and Families Committee said: “Many of our ISPs are over-capacity and we know the number of children with complex additional support needs who require intensive-level learning opportunities is rising.
“We want to give every child the best start in life so they can fulfil their potential and creating new ISPs will help ensure all our children receive the education they need and deserve.
“The development is part of our Additional Support Needs (ASN) Transformation Programme which aims to significantly improve the educational experience for children and young people with additional support needs in Perth and Kinross.
“We know there are still many challenges ahead but I believe this is an important and necessary step in the right direction. The programme’s vision is to help these children thrive, gain independence, and lead fulfilling lives by ensuring they can access the best possible learning environment and support whilst in Perth and Kinross Council Early Learning and Childcare (ELC) settings or schools.
“Access to education and learning close to their home communities will help our children and young people with complex needs to reach their potential”
Translartion. Region: Russians Fedetion –
Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –
On January 23, a meeting on the participation of universities in ensuring technological leadership and developing engineering education was held at the Saint Petersburg State Marine Technical University under the chairmanship of Nikolai Patrushev, Assistant to the President of the Russian Federation. The meeting was addressed by the Rector of SPbPU, Academician of the Russian Academy of Sciences Andrei Rudskoy.
The meeting was attended by the governors of St. Petersburg and the Leningrad Region, representatives of the Ministry of Industry and Trade, the Ministry of Education, university rectors and heads of companies in the shipbuilding and related industries. The participants examined issues related to the role of universities in the formation of a system of research, development and production of high-tech products.
Aide to the President of Russia, Chairman of the Russian Maritime Board Nikolay Patrushev noted in his speech that in order to achieve technological sovereignty and technological superiority, the domestic industry needs to reduce the timeframes for developing and implementing new technologies in production, as well as eliminate problems associated with the specifics of certification processes. He emphasized the importance of developing various technical and technological areas, including the production of low- and medium-speed engines, robotics and instrumentation.
Nikolay Patrushev also touched upon the issue of training highly qualified engineering personnel. He emphasized that increasing the number of scientists, researchers and engineers in the total number of workforces is a key factor for achieving technological sovereignty.
In turn, the Minister of Science and Higher Education of the Russian Federation, Valery Falkov, presented the results of monitoring the quality of admission to HSE universities and reported on the growth of interest in engineering education in recent years.
Rector of SPbPU, Academician of the Russian Academy of Sciences Andrey Rudskoy presented the model of “Qualified Partnership” in his report. He noted that the university, regularly performing R&D, generates new knowledge. At the next stage, due to the introduction of digital platforms in the performance of R&D, knowledge is accumulated and competencies are formed.
Effective actions based on knowledge and technology allow us to form a scientific and technological reserve on a systemic basis, which characterizes a qualified performer. A breakthrough, in fact, an exit to another level of development, is associated with the formulation of frontier engineering tasks by a qualified customer. This is how globally competitive market products are created – this is what real innovations consist of. Particular attention is paid to the transfer of knowledge through a new educational model with variable terms of basic educational programs, – Andrey Rudskoy emphasized.
Andrey Ivanovich drew the attention of the audience to the fact that Russian President Vladimir Putin set the task of creating a new model of education based on the foundations of the domestic system, which is distinguished by an optimal ratio of fundamentality and practical orientation of training. Mathematics and physics are of key importance, allowing the formation of logical thinking in schoolchildren, a scientific view of the world and creating the basis for future fundamental training in any field of activity.
Andrey Ivanovich noted that today the task of ensuring technological leadership is becoming vital for Russia. It is necessary to create a reliable foundation – well-prepared applicants to engineering universities. To this end, the standards of the current advanced level of studying mathematics and physics should become mandatory in secondary school.
It is obvious that the need for mathematics and science teachers in schools will increase significantly, and this requires prompt decisions. In 2024, we launched a joint project of SPbPU and the Herzen State Pedagogical University to combine the competencies of the two universities in training physics teachers within the framework of a network educational program. The participation of the Polytechnic University in this program contributed to the development of specialized competencies of future physics teachers, including through the use of the material base of SPbPU. And this year, we are launching a unique master’s program with the assignment of two qualifications in the areas of training “Applied Mathematics and Physics” and “Pedagogical Education”, which will help compensate for the shortage of physics and mathematics teachers, – said Andrey Rudskoy.
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.
US Senate News:
Source: United States Senator Tommy Tuberville (Alabama)
WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) questioned Brooke Rollins, President Trump’s nominee to be Secretary of the U.S. Department of Agriculture (USDA) during her confirmation hearing before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry (Ag). During the hearing, Senator Tuberville asked about Rollins’ plans to bolster global competitiveness of the American agriculture industry, improve federal forest management, and increase support for natural disaster assistance programs.
As Alabama’s voice on the Senate Ag Committee, Senator Tuberville is committed to ensuring Alabama’s farmers, foresters, and producers have a seat at the table in the Trump administration.
Excerpts from Senator Tuberville’s remarks can be found below, and his full remarks can be viewed on YouTube or Rumble.
TUBERVILLE OPENING REMARKS
TUBERVILLE: “Mrs. Rollins, who would have ever known? Thirty years ago, I’m a young coach at Texas A&M, and you’re Student Body President.”
ROLLINS: “That’s true.”
TUBERVILLE: “First time we ever met.”
ROLLINS: “And we sat next to each other in lots of meetings. That’s exactly right.”
TUBERVILLE: “And look where we’re at now, huh?”
ROLLINS: “I know, I know. It’s an amazing thing.”
TUBERVILLE: “Congratulations. Congratulations.”
ROLLINS: “Thank you, sir. Thank you.”
ON ROLLINS’ PLANS TO BOLSTER COMMODITY PRICES
TUBERVILLE: “You’re going to be awesome. But I don’t want to sugar coat this because my farmers back home are hurting.”
ROLLINS: “Yes sir.”
TUBERVILLE: “We’re in trouble. Our farmers are in trouble. Small farmers [are] selling right and left. I’ve got a bill on the floor—actually I dropped it yesterday—about keeping foreign adversaries from buying our farmland. We’re selling it right and left. But I don’t blame them because they can’t make a profit.”
ROLLINS: “Mhm.”
TUBERVILLE: “Row croppers in my state of Alabama are really getting killed. Cotton farmers last year—the input cost was about $400 an acre. They might of got a $100 an acre out of their crop last year. That’s the reason we had to do a supplemental right before Christmas. My phone was ringing off the wall. We have got to help our farmers, but they hate handouts. I’ll tell you that right now—they hate it because they want to do their own work. So I’m glad you understand that—being from Texas, you understand it.”
ROLLINS: “Yes sir. Yes sir.”
TUBERVILLE: “It is a dire problem. And it’s not going to get fixed overnight. I’m looking forward to seeing who your team is going to be around you. […]
So, we have to get input costs down. That’s not your job. Six, seven years ago, a cotton picker cost six or seven hundred thousand [dollars] in Alabama. Today, it’s $1.5 million.”
ROLLINS: “Yes sir.”
TUBERVILLE: “Fertilizer’s gone sky high after the Ukraine war. I mean, it’s embarrassing to where we’ve got. There’s a $45-billion-trade deficit in ag. $45 billion. And the only way that we can get commodity prices back up is handle that trade deficit though, that being said, we need dialogue. If confirmed, will you commit on doing dialogue with President Trump and the people around ag to get our farmers an opportunity to have a better price for their crop?”
ROLLINS: “Yes, I will, Senator. I so look forward to that. I think one of the things I read recently that only 43% of our ag producers are net-income positive. That is unsustainable. We have to find a better way and it can’t come always through government subsidies. We’ve got to expand the market, we’ve got to figure out input costs. One of President Trump’s top priorities was food inflation. Well, this comes before food inflation because this itself will drive the cost of food down if we do our jobs and if we’re able to produce for our ag community the way that, Coach, I believe that we can working together.”
TUBERVILLE: “Yeah, what we don’t want to happen is what’s happened to our drug industry. You know, we found in COVID, we look around [thinking] how do we keep people, get people healthy, and all the drugs are made in China. We’re going to end up in the same situation if we don’t wake up and smell the roses. It’s going to happen. Again, people are selling right and left and you can’t blame them. Our small farms are going to end up being corporations like the packing houses. We only got what, like three companies now that are meat packers—and one of them’s owned by China. We’re headed in a direction of unknowns, and it’s going to take leadership from your office back on the right track.”
ON ROLLINS’ PLAN TO IMPROVE FEDERAL FORESTS
TUBERVILLE: “Our forest industry in my state—$36 billion a year [in economic benefits]. With the USDA Forest Service under your purview, what priorities do you have for the health of our forests across the country? Not just in Alabama, but we have to continue that to make sure we have healthy wood because it is something that we’re very proud of.”
ROLLINS: “I know that’s really important to Alabama and many of the other states that are represented here and across the United States Senate. My commitment is to hire an “A++” team. We’ve already announced our Undersecretary Mike Boren for this position. I have great faith in his leadership. He is a businessman, and I think bringing to the table—hopefully with a quick confirmation process from all of you—he will bring to the table a team that will take our great firefighters in the forest service and hopefully, realign and reorganize in a way that makes the forest service—including forest management—more productive, more efficient, more effective, so that we don’t have the issues that we’ve had in these last number of years and especially for our great producers in your state and other states.”
TUBERVILLE: “Key word: forest management—[two key] words. We’ve got to manage our forests, do it the right way. The American people across the country that are not in this business don’t—they shouldn’t have to pay for the mistakes that we make.”
ROLLINS: “Correct.”
TUBERVILLE: “We’re broke. We’re $36 trillion in debt, and it’s getting worse every day. We’re printing $80,000 a second, by the way, and we can’t sustain that. [The] government is way too big.”
ON GIVING SWIFT, FAIR, NATURAL DISASTER RELIEF TO FARMERS
TUBERVILLE: “Disaster relief. Disaster relief. If we’ve had problems with tornadoes or floods or whatever in my state, it takes at least three years at times to get any kind of disaster relief. Three years. And you know as well as I do, farmers borrow money from banks for a crop, and those bankers are looking around going, ‘Where’s our money?’ ‘Well, we’re waiting for disaster relief.’ The bankers shouldn’t have to deal with that, nor should the farmers. But, I think there has to be a better plan for that at the end of the day. And again, I’m throwing all your problems out to you, probably don’t want to hear that, but we got a lot of problems that need to be fixed.”
ROLLINS: “Well Senator—Coach—I believe that you and I have had a conversation with our Commander in Chief, and the fact that it is taking three years to get relief will be unacceptable to him. It is unacceptable to me, and I look forward to working with you to ensure that we do better—much much better than that.”
TUBERVILLE: “Thank you. Good luck.”
ROLLINS: “Thank you, sir. Thank you.”
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.
Source: GlobeNewswire (MIL-OSI)
CALGARY, Alberta, Jan. 23, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced its 2025 capital budget, production guidance and operational update. All dollar amounts are in United States dollars and all production volumes are on a working interest before royalties basis and are expressed in barrels of oil equivalent (“boe”) per day (“BOEPD”), unless otherwise stated.
Message to Shareholders
Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “Following up on a strong 2024, which included a very successful exploration campaign and a new country entry into Canada, we are looking forward to our 2025 development and exploration program. Our 2025 budget, which is expected to be fully funded by Cash Flow1, takes a balanced, returns-focused approach to capital allocation while focusing on portfolio longevity. At the midpoint of the Base Case, our production guidance of 50,000 BOEPD represents an increase of 44% from the 34,710 BOEPD 2024 total company production achieved in 2024.
We plan to focus on profitably growing reserves and production across our Colombian, Ecuadorian and Canadian assets, pursue high impact exploration throughout our portfolio, and invest in facility and infrastructure projects to maximize the long-term value of our assets. This year’s budget would fulfil our exploration commitments in Ecuador which were a result of obtaining the lands back in 2019. Since 2021 we have drilled 10 exploration wells, had 9 discoveries and shot 238 kilometers of 3D seismic in Ecuador. This year, we expect to drill four exploration wells in Ecuador and two to three wells to further appraise our exciting discoveries. We have also planned a very active capital program in the Suroriente block including drilling 5-7 wells, investing in a gas-to-power project, and significant facility investment to increase fluid handling due to increased production and water injection. We forecast spending approximately $60-$80 million in Suroriente, which would fulfil a material component of our $123 million commitment associated with obtaining the 20-year extension. In addition, we plan on drilling a further two to four high impact exploration wells in Colombia. The exploration program and Suroriente capital program represent approximately $135 million of this year’s capital program. After the fulfilment of commitments in 2025, we expect 2026 and beyond to be focused on exploiting our extensive asset base, including anticipated development of our recent discoveries, drilling on our extensive Canadian landholdings and optimizing our assets under waterflood.
We believe Gran Tierra is strongly positioned with a low base decline, a robust portfolio of conventional and unconventional oil and gas assets, and a high-impact exploration program. As we continue to profitably advance our operational and financial goals, we remain deeply committed to the well-being of our employees and the communities where we operate, recognizing their essential role in our success.”
Key Highlights:
2025 Guidance:
| 2025 Budget | Low Case | Base Case | High Case |
| Brent Oil Price ($/bbl) | 65.00 | 75.00 | 85.00 |
| WTI Oil Price ($/bbl) | 61.00 | 71.00 | 81.00 |
| AECO Natural Gas Price ($CAD/thousand cubic feet) | 2.00 | 2.50 | 3.50 |
| Production (BOEPD) | 47,000-53,000 | 47,000-53,000 | 47,000-53,000 |
| Operating Netback3 ($ million) | 330-370 | 430-470 | 510-550 |
| EBITDA4 ($ million) | 300-340 | 380-420 | 460-500 |
| Cash Flow1 ($ million) | 200-240 | 260-300 | 300-340 |
| Capital Expenditures ($ million) | 200-240 | 240-280 | 240-280 |
| Free Cash Flow2 ($ million) | – | 20 | 60 |
| Number of Development Wells (gross) | 8-12 | 10-14 | 10-14 |
| Number of Exploration Wells (gross) | 6 | 6-8 | 6-8 |
| Budgeted Costs | Costs per BOE ($/boe) |
| Lifting | 12.00-14.00 |
| Workovers | 1.50-2.50 |
| Transportation | 1.00-2.00 |
| General and Administration | 2.00-3.00 |
| Interest | 4.00-4.50 |
| Current Tax | 2.00-3.00 |
* Budgeted royalties as a percentage of total revenue were approximately 19% in the base case
| Category | Capital ($ million) | Key Activities |
| Colombia Development | 105-120 | Suroriente (47% W.I.): Drill 5-7 gross development wells; facility expansion, gas-to-power generation upgrades and social investment in the area Acordionero (100% W.I.): Investment facility expansion activities, gas-to-power generation upgrades and injector conversions |
| Ecuador Development | 35-45 | Chanangue/Charapa (100% W.I.): Drill 2-3 appraisal wells |
| Canada Development | 35-45 | Simonette (50% W.I.): Drill 5 gross development wells Nisku (100% W.I.): Drill 1 development well |
| Exploration | 65-70 | Ecuador: Drill 4 exploration wells Colombia: Drill 2 to 4 exploration wells |
Gran Tierra’s Commitment to Go “Beyond Compliance” with Safe and Sustainable Operations
Operations Update
1“Cash Flow” refers to line item “net cash provided by operating activities” under generally accepted accounting principles in the United States of America (“GAAP”).
2“Free Cash Flow” is a non-GAAP measure and does not have a standardized meaning under GAAP. Free Cash Flow is defined as “net cash provided by operating activities” less capital expenditures. Refer to “Non-GAAP Measures” in this press release. Forecast 2025 free cash flow of $80 million “before exploration” is equal to the Base Case midpoint cash flow of $280 million less the Base Case midpoint total capital of $260 million, with Base Case midpoint exploration-only capital of approximately $70 million added back. Forecast 2025 Free Cash Flow of $20 million “after exploration” is equal to the Base Case midpoint cash flow of $280 million less the Base Case midpoint total capital of $260 million. Free Cash Flows in the table above are the midpoints of the ranges of cash flows less the midpoints of the ranges of total capital expenditures for each oil price scenario.
3“Operating netback” is a non-GAAP measures and does not have standardized meaning under GAAP. Refer to “Non-GAAP Measures” in this press release.
4Earnings before interest, taxes and depletion, depreciation and accretion (“EBITDA”) is a non-GAAP measure and does not have a standardized meaning under GAAP. Refer to “Non-GAAP Measures” in this press release.
5Net debt is defined as GAAP total debt before deferred financing fees less cash.
Contact Information
For investor and media inquiries please contact:
Gary Guidry
President & Chief Executive Officer
Ryan Ellson
Executive Vice President & Chief Financial Officer
+1-403-265-3221
info@grantierra.com
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc., together with its subsidiaries, is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.
Gran Tierra’s 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.
Forward-Looking Statements and Advisories
This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements, which can be identified by such terms as “expect”, “plan”, “can,” “will,” “should,” “guidance,” “forecast,” “signal,” “measures taken to” and “believes”, derivations thereof and similar terms identify forward-looking statements. Such forward-looking statements include, but are not limited to, the Company’s capital budget amount and uses; the Company’s strategies related to exploration, drilling and operation activities; expectations regarding reservoir prospects and production amounts; future well results (including initial oil and natural gas production rates and productive capacity based on past performance); expected future net cash provided by operating activities (described in this press release as “cash flow”), free cash flow, operating netback, EBITDA and certain associated metrics; anticipated capital expenditures, including the location and impact of capital expenditures; operating and general and administrative costs; production guidance for 2025; and the Company’s expectations as to debt repayment, share repurchases and its positioning for 2025 and beyond. The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, the ability of Gran Tierra to successfully integrate the assets and operations of i3 Energy or realize the anticipated benefits and operating synergies expected from the acquisition of i3 Energy, the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates), and the general continuance of current or, where applicable, assumed operational, regulatory and industry conditions in Canada, Colombia and Ecuador and areas of potential expansion, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned. Gran Tierra believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
Among the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements in this press release are: certain of Gran Tierra’s operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of Gran Tierra’s products; other disruptions to local operations; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including inflation and changes resulting from a global health crisis, geopolitical events, including the ongoing conflicts in Ukraine and the Gaza region, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a prolonged decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil and natural gas prices and oil and natural gas consumption more than Gran Tierra currently predicts, which could cause Gran Tierra to further modify its strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the effect of hedges; the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of Gran Tierra’s products; the ability of Gran Tierra to execute its business plan, which may include acquisitions, and realize expected benefits from current or future initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for Gran Tierra’s operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of Gran Tierra’s common stock or bonds; the risk that Gran Tierra does not receive the anticipated benefits of government programs, including government tax refunds; Gran Tierra’s ability to comply with financial covenants in its credit agreement and indentures and make borrowings under its credit agreement; and the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the SEC, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 20, 2024 and its other filings with the SEC. These filings are available on the SEC’s website at http://www.sec.gov and on SEDAR at www.sedar.com. Guidance is uncertain, particularly when given over extended periods of time, and results may be materially different. Although the current capital spending program and long term strategy of Gran Tierra is based upon the current expectations of the management of Gran Tierra, should any one of a number of issues arise, Gran Tierra may find it necessary to alter its business strategy and/or capital spending program and there can be no assurance as at the date of this press release as to how those funds may be reallocated or strategy changed and how that would impact Gran Tierra’s results of operations and financing position. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. Gran Tierra’s forward-looking statements are expressly qualified in their entirety by this cautionary statement.
The estimates of future production, EBITDA, net cash provided by operating activities (described in this press release as “Cash Flow”), Free Cash Flow and operating netback may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future-oriented financial information contained in this press release about prospective financial performance, financial position or cash flows are provided to give the reader a better understanding of the potential future performance of the Company in certain areas and are based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available, and to become available in the future. In particular, this press release contains projected operational and financial information for 2025. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above. Actual results may differ significantly from the projections presented herein. The actual results of Gran Tierra’s operations for any period could vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. The future-oriented financial information and financial outlooks contained in this press release have been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management’s best estimates and judgments, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.
Presentation of Oil and Gas Information
This press release contains certain oil and gas metrics, including operating netback, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics are calculated as described in this press release and have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.
References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra’s reported production is a mix of light crude oil and medium, heavy crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids for which there is no precise breakdown since the Company’s sales volumes typically represent blends of more than one product type. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.
Boe’s have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 bbl of oil. Boe’s may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf: 1 bbl would be misleading as an indication of value.
Non-GAAP Measures
This press release includes forward-looking non-GAAP financial measures as further described herein. These non-GAAP measures do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as an alternative to net income or loss or other measures of financial performance as determined in accordance with GAAP. Gran Tierra’s method of calculating these measures may differ from other companies and, accordingly, it may not be comparable to similar measures used by other companies. These non-GAAP financial measures are presented along with the corresponding GAAP measure so as to not imply that more emphasis should be placed on the non-GAAP measure.
Gran Tierra is unable to provide forward-looking net income, net cash provided by operating activities, and oil and gas sales, the GAAP measures most directly comparable to the non-GAAP measures EBITDA, free cash flow and operating netback, respectively, due to the impracticality of quantifying certain components required by GAAP as a result of the inherent volatility in the value of certain financial instruments held by the Company and the inability to quantify the effectiveness of commodity price derivatives used to manage the variability in cash flows associated with the forecasted sale of its oil and natural gas production and changes in commodity prices.
Operating netback as presented is defined as projected 2025 oil and gas sales less projected 2025 operating and transportation expenses. The most directly comparable GAAP measures are oil and gas sales and oil and gas sales price, respectively. Management believes that operating netback is useful supplemental measures for management and investors to analyze financial performance and provides an indication of the results generated by our principal business activities prior to the consideration of other income and expenses. Gran Tierra is unable to provide a quantitative reconciliation of either forward-looking operating netback to its most directly comparable forward-looking GAAP measure because management cannot reliably predict certain of the necessary components of such forward-looking GAAP measures.
EBITDA as presented is defined as projected 2025 net income adjusted for DD&A expenses, interest expense and income tax expense or recovery. The most directly comparable GAAP measure is net income. Management uses this financial measure to analyze performance and income or loss generated by our principal business activities prior to the consideration of how non-cash items affect that income, and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. Gran Tierra is unable to provide a quantitative reconciliation of forward-looking EBITDA to its most directly comparable forward-looking GAAP measure because management cannot reliably predict certain of the necessary components of such forward-looking GAAP measure.
Free cash flow as presented is defined as GAAP projected “net cash provided by operating activities” less projected 2025 capital spending. The most directly comparable GAAP measure is net cash provided by operating activities. Management believes that free cash flow is a useful supplemental measure for management and investors to in order to evaluate the financial sustainability of the Company’s business. Gran Tierra is unable to provide a quantitative reconciliation of forward-looking free cash flow to its most directly comparable forward-looking GAAP measure because management cannot reliably predict certain of the necessary components of such forward-looking GAAP measure.
US Senate News:
Source: United States Senator Marsha Blackburn (R-Tenn)
WASHINGTON, D.C. – Today, U.S. Senators Marsha Blackburn (R-Tenn.) and Chris Van Hollen (D-Md.) and Representatives John Moolenar (R-Mich.) and Raja Krishnamoorthi (D-Ill.) released the following statements after introducing the Restoring Confidence in the World Anti-Doping Agency Act. This legislation would permanently provide the Office of National Drug Control Policy (ONDCP) the authority to withhold up to the full amount of membership dues to the World Anti-Doping Agency (WADA) if the organization fails to operate as a fair and independent actor to ensure athletes are competing in drug-free Olympic and Paralympic Games.
The U.S. is currently withholding funding from WADA after new details emerged about the agency’s complicity in covering up the wrongdoing of 23 Chinese swimmers who tested positive for a banned performance-enhancing drug before the 2021 Olympics. WADA has threatened to remove the U.S. from a position on its Executive Committee for withholding funding.
“Since details of the Chinese doping scandal emerged, the World Anti-Doping Agency has tried to intimidate advocates for fair play at every single turn, and its officials have also stonewalled and lied to Congress,” said Senator Blackburn. “My colleagues and I have a message for WADA, the IOC, and any other international organization who tries to strong arm the United States: we are calling your bluff, and we won’t be silenced in our mission to promote fair play in sports. There must be real oversight and accountability at WADA, and that starts by passing this legislation.”
“Both our Olympians and the public should have confidence that all athletes competing in the Olympic Games are held to the same standards. But for too long we’ve lacked that assurance, due to WADA’s failure to provide transparency and accountability when it comes to enforcing anti-doping measures,” said Senator Van Hollen. “Our bipartisan, bicameral bill will help restore faith that athletes from around the world are playing on a fair and level field and ensure the integrity of the Olympic and Paralympic Games.”
“This bipartisan legislation builds on the U.S. funding freeze for WADA by delivering substantive accountability and reform,” said the Chairman of the House Select Committee on the Chinese Communist Party (CCP), Representative Moolenaar. “Athletes deserve a fair and level playing field, and this bill ensures transparency and supports clean competition in international sports.”
“Athletes and spectators across the globe must be able to trust that we have a level playing field for all levels of sports, including the Olympic and Paralympic Games,” said the Ranking Member of the House Select Committee on the CCP, Representative Krishnamoorthi. “Our Restoring Confidence in the World Anti-Doping Agency Act will help free the sports world from performance-enhancing drugs by ensuring anti-doping standards are properly enforced, thereby protecting the integrity of the highest levels of competition for clean athletes around the world.”
Senators Shelley Moore Capito (R-W.Va.), Richard Blumenthal (D-Conn.), and Roger Wicker (R-Miss.) also co-sponsored this legislation.
ENDORSEMENTS:
This legislation is endorsed by the U.S. Anti-Doping Agency, Joel Rosinbum, and Greta Neimanas.
“Athletes can wait no longer for change at WADA. Now is the moment. We thank the U.S. Government for protecting the rights of athletes and fair sport by withholding funding from WADA to encourage accountability. We also commend Senator Marsha Blackburn, and the many other champions of clean sport in Congress, for the reintroduction of the Restoring Confidence in the World Anti-Doping Agency Act. Passage of this legislation will be especially important since the U.S. is hosting many major events over the next decade, including the 2026 FIFA World Cup and the 2028 and 2034 Olympic and Paralympic Games.” – Travis Tygart, CEO, U.S. Anti-Doping Agency
“As part of the Team USA Athletes Commission leadership team, I’m proud to support this important legislative effort. Fair play is the foundation of sport, and every athlete deserves to compete on a level playing field. The Restoring Confidence in WADA Act is a positive step toward meaningful reform, but real change requires a global commitment to clean sport. We need every nation that values fairness to step up and do their part, alongside WADA, to ensure our athletes can trust the integrity of their competitions.” – Joel Rosinbum, Team USA Athletes’ Commission Leadership Member
“I am grateful that members of Congress are supporting Team USA athletes by introducing the Restoring Confidence in WADA Act. For far too long, WADA has been inefficient and, as of late, incapable of ensuring fair competition and clean sport, with the Russian ice skating and Chinese swimming scandals as the most recent examples. The ONDCP should be empowered to push for much-needed reforms within WADA and be able to withhold the United States’ financial contributions to WADA until they implement change.” – Greta Neimanas, Paralympian and Team USA Athletes’ Commission Leadership Member
BACKGROUND:
Last year, reporting revealed that more than two dozen Chinese swimmers tested positive for performance enhancing drugs one month before the 2021 Tokyo Olympics. The Chinese Anti-Doping Agency secretly cleared the swimmers of the doping.
When WADA learned of these positive tests, the agency chose not to intervene or require China to follow WADA rules. Over a dozen of these swimmers competed in the 2021 Olympic Games, winning several medals, including gold.
Last summer, new reporting revealed two additional Chinese swimmers – including one who competed in the 2024 Paris Olympics – tested positive in 2022 for a banned drug but were secretly cleared of doping by Chinese authorities.
RESTORING CONFIDENCE IN THE WORLD ANTI-DOPING AGENCY ACT:
The Restoring Confidence in the World Anti-Doping Agency Act would allow the ONDCP to withhold up to the full amount of membership dues to WADA. The U.S. is the WADA’s greatest contributor, which makes this a powerful tool.
The bill would also authorize ONDCP to use all available tools to ensure that WADA fully implements all governance reforms, including a proper conflict-of-interest policy, and that independent athletes from the United States and other democratic countries, or representatives of such athletes, have a decision-making role on WADA’s Executive Committee and governing bodies.
Click here for bill text.
Source: Office of United States Attorneys
NEWARK, NJ. – An India- and New Jersey-based man who operated jewelry companies in New York City’s Diamond District was sentenced to 30 months incarceration for spearheading a scheme to illegally evade customs duties for more than $13.5 million of jewelry imports into the United States and for illegally processing more than $10.3 million through an unlicensed money transmitting business, Acting U.S. Attorney Vikas Khanna announced.
Monishkumar Kirankumar Doshi Shah, a/k/a “Monish Doshi Shah” (Shah), 40, of Mumbai, India and Jersey City, New Jersey, previously pleaded guilty before U.S. District Judge Esther Salas to a two-count Information charging him with conspiracy to commit wire fraud and operating and aiding and abetting the operation of an unlicensed money transmitting business. Judge Salas imposed the sentence in Newark federal court and remanded Shah to begin serving his sentence.
According to documents filed in this case and statements made in court:
From in or around December 2019 through in or around April 2022, Shah engaged in a scheme to evade duties for shipments of jewelry from Turkey and India to the United States. Shah would ship and/or instruct his co-conspirators to ship goods from Turkey or India—which would have been subject to an approximately 5.5% duty if shipped directly to the United States—to one of Shah’s companies in South Korea. Shah’s co-conspirators in South Korea would change the labels on the jewelry to state that they were from South Korea instead of Turkey or India, and then ship them to Shah or his customers in the United States, thereby unlawfully evading the duty. Shah would also make and instruct his customers to make fake invoices and packing lists to make it look like Shah’s South Korean companies were actually ordering jewelry from Turkey or India. Shah also instructed a third-party shipping company to provide false information to U.S. Customs and Border Protection (CBP) concerning the origin of the jewelry. During the scheme, Shah shipped approximately $13.5 million of jewelry from South Korea to the United States without paying the appropriate duty.
In addition, from in or around July 2020 through in or around November 2021, Shah owned and/or operated numerous jewelry companies in New York City’s Diamond District, including MKore LLC, MKore USA Inc, and Vruman Corp. Shah used these entities to conduct more than $10.3 million in illegal financial transactions for customers—including converting cash to checks or wire transfers. Shah would also collect cash from customers and use other individuals’ jewelry companies to convert the cash into wires or checks. At times, Shah and other members of the money transmitting business moved hundreds of thousands of dollars in a single day. In exchange for their services, certain members of the money transmitting business charged a fee. None of Shah’s or his associates’ companies were registered as money transmitting businesses with New York, New Jersey, or the Financial Crimes Enforcement Network (FinCEN).
In addition to the prison term, Judge Salas ordered restitution in the amount of $742,500 for the wire fraud scheme and forfeiture in the amount of $11,126,982.33 for the wire fraud and unlicensed money transmitting schemes. In addition, the Court imposed a two-year term of supervised release.
Acting U.S. Attorney Khanna credited special agents and task force officers of the Internal Revenue Service – Criminal Investigation, under the direction of Special Agent in Charge Jenifer Piovesan in Newark; special agents with Homeland Security Investigations New York, under the direction of Special Agent in Charge William S. Walker; special agents with Homeland Security Investigations Newark, under the direction of Special Agent in Charge Spiros Karabinas; and special agents with U.S. Customs and Border Protection at the Port of New York/Newark, under the direction of Acting Port Director Jeffrey R. Greene, with the investigation leading to today’s sentence. He also thanked U.S. Customs and Border Protection in New York; Homeland Security Investigations in Seoul, South Korea; the Korea Customs Service in South Korea; the Seoul Customs Special Investigation Office in South Korea; the U.S. Drug Enforcement Administration in Paterson; the Parsippany-Troy Hills Police Department; the Morristown Police Department; the Federal Deposit Insurance Corporation – Office of Inspector General; and the Justice Department’s Money Laundering and Asset Recovery Section (MLARS) for their assistance in the investigation.
This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.
The government is represented by Assistant U.S. Attorneys Olta Bejleri of the Economic Crimes Unit and Marko Pesce, Deputy Chief of the Bank Integrity, Money Laundering, and Recovery Unit in Newark.
###
Defense Attorney: Rahul Agarwal, Esq.
Source: GlobeNewswire (MIL-OSI)
CALGARY, Alberta, Jan. 23, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE), an independent international energy company focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador, today announced the Company’s 2024 year-end reserves as evaluated by the Company’s independent qualified reserves evaluator McDaniel & Associates Consultants Ltd. (“McDaniel”) in a report with an effective date of December 31, 2024 (the “GTE McDaniel Reserves Report”).
All dollar amounts are in United States (“U.S.”) dollars and all reserves and production volumes are on a working interest before royalties (“WI”) basis (net). Reserves are expressed in barrels (“bbl”), bbl of oil equivalent (“boe”) or million boe (“MMBOE”), while production is expressed in boe per day (“BOEPD”), unless otherwise indicated. The following reserves categories are discussed in this press release: Proved Developed Producing (“PDP”), Proved (“1P”), 1P plus Probable (“2P”) and 2P plus Possible (“3P”).
Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “2024 was another strong year underpinned by multiple exploration discoveries in Ecuador, continued success in managing our Colombian assets, and our new country entry into Canada. The organic and inorganic portfolio growth creates a future runway of highly economic development opportunities in proven plays with access to infrastructure. Gran Tierra’s entry into Canada fits our corporate strategy of focusing on proven hydrocarbon basins which have access to established infrastructure and competitive fiscal regimes. Furthermore, with the addition of Canada, Gran Tierra is well positioned for long-term commodity cycles with approximately 20% of its production, 23% 1P reserves and 26% 2P reserves now attributed to conventional natural gas and shale gas.
We continue to generate shareholder value through focusing on portfolio longevity and executing on our mandate of growing cash flow and reserves, while maintaining low decline rates through production, development and enhanced oil recovery techniques. Gran Tierra has assembled a diversified, high-quality asset base across multiple attractive jurisdictions and combined with our management team’s strong track record of accretive acquisitions and value creation, we look forward to a successful 2025.
The success of 2024 is reflected in yet another year of over 100% reserve replacement on a Proved basis. Gran Tierra achieved strong 702% (1P), 1,249% (2P) and 1,500% (3P) reserves replacement through exploration success in Colombia and Ecuador and our entry into Canada. This success resulted in record highs for the Company’s year-end 1P, 2P and 3P oil and gas reserves.”
*See the below tables for the definitions of net asset values per share.
Highlights
2024 Year-End Reserves and Values
| Before Tax (as of December 31, 2024) | Units | 1P | 2P | 3P | |||
| Reserves | MMBOE | 167 | 293 | 385 | |||
| Net Present Value at 10% Discount (“NPV10”) | $ million | 1,950 | 3,242 | 4,517 | |||
| Net Debt1 | $ million | (682 | ) | (682 | ) | (682 | ) |
| Net Asset Value (NPV10 less Net Debt) (“NAV”) | $ million | 1,268 | 2,560 | 3,835 | |||
| Outstanding Shares | million | 35.97 | 35.97 | 35.97 | |||
| NAV per Share | $/share | 35.24 | 71.16 | 106.62 | |||
| After Tax (as of December 31, 2024) | Units | 1P | 2P | 3P | |||
| Reserves | MMBOE | 167 | 293 | 385 | |||
| NPV10 | $ million | 1,385 | 2,159 | 2,930 | |||
| Net Debt1 | $ million | (682 | ) | (682 | ) | (682 | ) |
| NAV | $ million | 703 | 1,477 | 2,248 | |||
| Outstanding Shares | million | 35.97 | 35.97 | 35.97 | |||
| NAV per Share | $/share | 19.53 | 41.05 | 62.48 | |||
1Based on estimated unaudited 2024 year-end Net Debt of $682 million comprised of Senior Notes of $787 million (gross) less cash and cash equivalents of $104 million, prepared in accordance with GAAP.
*The reserve replacement ratios were calculated based on an annualized production figure based on November and December for Canada plus Colombia and Ecuador actual production, in each case, for the fourth quarter of 2024. The total production rate was 46,619 BOEPD.
** “Cash flow” refers to GAAP line item “net cash provided by operating activities”. Gran Tierra’s 2025 base case guidance is based on a forecast 2025 average Brent oil price of $75/bbl. See Gran Tierra’s press release dated January 23, 2025 for additional information regarding cash flow guidance referred to herein. This forecast price used in Gran Tierra’s forecast is lower than the 2025 McDaniel Brent price forecast.
GTE McDaniel Reserves Report
All reserves values, future net revenue and ancillary information contained in this press release have been prepared by McDaniel and calculated in compliance with Canadian National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook (“COGEH”) and derived from the GTE McDaniel Reserves Report, unless otherwise expressly stated.
Future Net Revenue
Future net revenue reflects McDaniel’s forecast of revenue estimated using forecast prices and costs, arising from the anticipated development and production of reserves, after the deduction of royalties, operating costs, development costs and abandonment and reclamation costs but before consideration of indirect costs such as administrative, overhead and other miscellaneous expenses. The estimate of future net revenue below does not necessarily represent fair market value.
| Consolidated Properties at December 31, 2024 | |||||||||||||
| Proved (1P) Total Future Net Revenue ($ million) | |||||||||||||
| Forecast Prices and Costs | |||||||||||||
| Sales Revenue | Total Royalties | Operating Costs | Future Development Capital | Abandonment and Reclamation Costs | Future Net Revenue Before Future Taxes | Future Taxes | Future Net Revenue After Future Taxes* | ||||||
| 2025-2029 (5 Years) |
5,139 | (981 | ) | (1,385 | ) | (1,025 | ) | (27 | ) | 1,721 | (491 | ) | 1,230 |
| Remainder | 3,617 | (578 | ) | (1,549 | ) | (4 | ) | (377 | ) | 1,109 | (370 | ) | 739 |
| Total (Undiscounted) | 8,756 | (1,559 | ) | (2,934 | ) | (1,029 | ) | (404 | ) | 2,830 | (861 | ) | 1,969 |
| Total (Discounted @ 10%) | 1,950 | (565 | ) | 1,385 | |||||||||
| Consolidated Properties at December 31, 2024 | |||||||||||||
| Proved Plus Probable (2P) Total Future Net Revenue ($ million) | |||||||||||||
| Forecast Prices and Costs | |||||||||||||
| Years | Sales Revenue | Total Royalties | Operating Costs | Future Development Capital | Abandonment and Reclamation Costs | Future Net Revenue Before Future Taxes | Future Taxes | Future Net Revenue After Future Taxes* | |||||
| 2025-2029 (5 Years) |
6,620 | (1,297 | ) | (1,583 | ) | (1,438 | ) | (25 | ) | 2,277 | (791 | ) | 1,486 |
| Remainder | 8,685 | (1,529 | ) | (2,967 | ) | (371 | ) | (420 | ) | 3,398 | (1,082 | ) | 2,316 |
| Total (Undiscounted) | 15,305 | (2,826 | ) | (4,550 | ) | (1,809 | ) | (445 | ) | 5,675 | (1,873 | ) | 3,802 |
| Total (Discounted @ 10%) | 3,242 | (1,083 | ) | 2,159 | |||||||||
| Consolidated Properties at December 31, 2024 | |||||||||||||
| Proved Plus Probable Plus Possible (3P) Total Future Net Revenue ($ million) | |||||||||||||
| Forecast Prices and Costs | |||||||||||||
| Years | Sales Revenue | Total Royalties | Operating Costs | Future Development Capital | Abandonment and Reclamation Costs | Future Net Revenue Before Future Taxes | Future Taxes | Future Net Revenue After Future Taxes* | |||||
| 2025-2029 (5 Years) |
7,490 | (1,467 | ) | (1,672 | ) | (1,563 | ) | (25 | ) | 2,763 | (1,015 | ) | 1,748 |
| Remainder | 13,422 | (2,598 | ) | (4,106 | ) | (519 | ) | (439 | ) | 5,760 | (1,907 | ) | 3,853 |
| Total (Undiscounted) | 20,912 | (4,065 | ) | (5,778 | ) | (2,082 | ) | (464 | ) | 8,523 | (2,922 | ) | 5,601 |
| Total (Discounted @ 10%) | 4,517 | (1,587 | ) | 2,930 | |||||||||
*The after-tax future net revenue of the Company’s oil and gas properties reflects the tax burden on the properties on a stand-alone basis. It does not consider the corporate tax situation, or tax planning. It does not provide an estimate of the value at the Company level which may be significantly different. The Company’s financial statements, when available for the year ended December 31, 2024, should be consulted for information at the Company level.
Total Company WI Reserves
The following table summarizes Gran Tierra’s NI 51-101 and COGEH compliant reserves in aggregate for Colombia, Ecuador and Canada derived from the GTE McDaniel Reserves Report calculated using forecast oil and gas prices and costs.
| Light and Medium Crude Oil | Heavy Crude Oil | Tight Oil | Conventional Natural Gas | Shale Gas | Natural Gas Liquids | 2024 Year-End | |
| Reserves Category | Mbbl* | Mbbl* | Mbbl* | MMcf** | MMcf** | Mbbl* | Mboe*** |
| Proved Developed Producing | 25,539 | 20,631 | 329 | 123,192 | 2,302 | 14,464 | 81,877 |
| Proved Developed Non-Producing | 1,864 | 1,256 | 18 | 5,769 | 47 | 746 | 4,852 |
| Proved Undeveloped | 26,529 | 22,491 | 3,040 | 81,541 | 16,785 | 11,476 | 79,923 |
| Total Proved | 53,932 | 44,378 | 3,387 | 210,502 | 19,134 | 26,686 | 166,652 |
| Total Probable | 30,480 | 27,532 | 6,092 | 196,621 | 32,869 | 24,036 | 126,388 |
| Total Proved plus Probable | 84,412 | 71,910 | 9,479 | 407,123 | 52,003 | 50,722 | 293,040 |
| Total Possible | 27,606 | 29,916 | 2,848 | 99,333 | 14,506 | 12,317 | 91,659 |
| Total Proved plus Probable plus Possible | 112,018 | 101,826 | 12,327 | 506,456 | 66,509 | 63,039 | 384,699 |
*Mbbl (thousand bbl of oil).
**MMcf (million cubic feet).
***Mboe (thousand boe).
Net Present Value Summary
Gran Tierra’s reserves were evaluated using the average of three independent qualified reserves evaluators’ commodity price forecasts at January 1, 2025 (McDaniel, Sproule and GLJ). See “Forecast Prices” for more information. It should not be assumed that the net present value of cash flow estimated by McDaniel represents the fair market value of Gran Tierra’s reserves.
| Total Company | Discount Rate | ||||
| ($ millions) | 0% | 5% | 10% | 15% | 20% |
| Before Tax | |||||
| Proved Developed Producing | 1,288,263 | 1,269,021 | 1,143,703 | 1,032,260 | 941,153 |
| Proved Developed Non-Producing | 119,025 | 98,908 | 84,070 | 72,745 | 63,864 |
| Proved Undeveloped | 1,422,638 | 1,002,220 | 722,242 | 527,670 | 387,664 |
| Total Proved | 2,829,926 | 2,370,149 | 1,950,015 | 1,632,675 | 1,392,681 |
| Total Probable | 2,842,656 | 1,852,742 | 1,292,189 | 945,677 | 717,447 |
| Total Proved plus Probable | 5,672,582 | 4,222,891 | 3,242,204 | 2,578,352 | 2,110,128 |
| Total Possible | 2,848,360 | 1,835,802 | 1,274,763 | 931,210 | 706,630 |
| Total Proved plus Probable plus Possible | 8,520,942 | 6,058,693 | 4,516,967 | 3,509,562 | 2,816,758 |
| After Tax | |||||
| Proved Developed Producing | 984,109 | 1,012,837 | 921,809 | 835,838 | 764,272 |
| Proved Developed Non-Producing | 82,049 | 67,860 | 57,418 | 49,460 | 43,223 |
| Proved Undeveloped | 902,725 | 603,616 | 405,947 | 269,984 | 173,307 |
| Total Proved | 1,968,883 | 1,684,313 | 1,385,174 | 1,155,282 | 980,802 |
| Total Probable | 1,831,204 | 1,148,223 | 773,804 | 548,846 | 404,333 |
| Total Proved plus Probable | 3,800,087 | 2,832,536 | 2,158,978 | 1,704,128 | 1,385,135 |
| Total Possible | 1,799,304 | 1,130,855 | 770,970 | 554,619 | 415,175 |
| Total Proved plus Probable plus Possible | 5,599,391 | 3,963,391 | 2,929,948 | 2,258,747 | 1,800,310 |
Reserve Life Index (Years)
| December 31, 2024* | |||
| Total Proved | 10 | ||
| Total Proved plus Probable | 17 | ||
| Total Proved plus Probable plus Possible | 23 |
* Calculated using an annualized WI production figure based on November and December 2024 for Canada plus Colombia and Ecuador actual average WI production, in each case, for the fourth quarter of 2024. The total production rate was 46,619 BOEPD.
Future Development Costs
FDC reflects McDaniel’s best estimate of what it will cost to bring the Proved Undeveloped and Probable Undeveloped reserves on production. Changes in forecast FDC occur annually as a result of development activities, acquisition and disposition activities, and changes in capital cost estimates based on improvements in well design and performance, as well as changes in service costs. FDC for 2P reserves increased to $1,809 million at year-end 2024 from $923 million at year-end 2023. The increase in FDC in 2024 was predominantly attributed to the acquisition of i3 Energy plc in 2024.
| ($ millions) | Total Proved | Total Proved Plus Probable | Total Proved Plus Probable Plus Possible |
| 2025 | 141 | 147 | 153 |
| 2026 | 343 | 379 | 387 |
| 2027 | 291 | 380 | 388 |
| 2028 | 135 | 311 | 358 |
| 2029 | 115 | 221 | 277 |
| Remainder | 4 | 371 | 519 |
| Total (undiscounted) | 1,029 | 1,809 | 2,082 |
| ($ millions) | Proved | Proved plus Probable | Proved plus Probable plus Possible |
| Acordionero | 175 | 175 | 175 |
| Chaza Block (Costayaco & Moqueta) | 138 | 163 | 163 |
| Suroriente | 130 | 213 | 292 |
| Ecuador | 212 | 331 | 428 |
| Canada – Central | 179 | 378 | 378 |
| Canada – Simonette | 106 | 238 | 238 |
| Other | 89 | 311 | 408 |
| Total FDC Costs (undiscounted) | 1,029 | 1,809 | 2,082 |
Finding, Development and Acquisition Costs
| Reserves (Mboe) | Year Ended December 31, 2024 | |
| Proved Developed Producing | 81,877 | |
| Total Proved | 166,653 | |
| Total Proved plus Probable | 293,041 | |
| Total Proved plus Probable plus Possible | 384,700 | |
| Capital Expenditures ($000s) | ||
| – including acquired properties | 400,532 | |
Finding, Development and Acquisition Costs, Excluding FDC*
| Year Ended December 31, 2024 | ||
| Proved Developed Producing | ||
| Reserve Additions (Mboe) | 50,933 | |
| FD&A Costs ($/boe) | 7.87 | |
Finding, Development and Acquisition Costs, Including FDC*
| Year Ended December 31, 2024 | ||
| Proved Developed Producing | ||
| Change in FDC ($000s) | 18,319 | |
| Reserve Additions (Mboe) | 50,933 | |
| FD&A Costs ($/boe) | 8.23 | |
Finding, Development and Acquisition Costs, Excluding FDC*
| Year Ended December 31, 2024 | ||
| Total Proved | ||
| Reserve Additions (Mboe) | 89,210 | |
| FD&A Costs ($/boe) | 4.49 | |
Finding, Development and Acquisition Costs, Including FDC*
| Year Ended December 31, 2024 | ||
| Total Proved | ||
| Change in FDC ($000s) | 468,518 | |
| Reserve Additions (Mboe) | 89,210 | |
| FD&A Costs ($/boe) | 9.74 | |
Finding, Development and Acquisition Costs, Excluding FDC*
| Year Ended December 31, 2024 | ||
| Total Proved plus Probable | ||
| Reserve Additions (Mboe) | 158,662 | |
| FD&A Costs ($/boe) | 2.52 | |
Finding, Development and Acquisition Costs, Including FDC*
| Year Ended December 31, 2024 | ||
| Total Proved plus Probable | ||
| Change in FDC ($000s) | 886,720 | |
| Reserve Additions (Mboe) | 158,662 | |
| FD&A Costs ($/boe) | 8.11 | |
Finding, Development and Acquisition Costs, Excluding FDC*
| Year Ended December 31, 2024 | ||
| Total Proved plus Probable plus Possible | ||
| Reserve Additions (Mboe) | 190,562 | |
| FD&A Costs ($/boe) | 2.10 | |
Finding, Development and Acquisition Costs, Including FDC*
| Year Ended December 31, 2024 | ||
| Total Proved plus Probable plus Possible | ||
| Change in FDC ($000s) | 917,617 | |
| Reserve Additions (Mboe) | 190,562 | |
| FD&A Costs ($/boe) | 6.92 | |
*In all cases, the FD&A number is calculated by dividing the identified capital expenditures by the applicable reserves additions both before and after changes in FDC costs. Both FD&A costs take into account reserves revisions during the year on a per boe basis. The aggregate of the exploration and development costs incurred in the financial year and the changes during that year in estimated future development costs may not reflect the total FD&A costs related to reserves additions for that year.
Forecast Prices
The pricing assumptions used in estimating NI 51-101 and COGEH compliant reserves data disclosed above with respect to net present values of future net revenue are set forth below. The price forecasts are based on an average of three independent qualified reserves evaluators’ commodity price forecasts at January 1, 2025 (McDaniel, Sproule and GLJ). All three of these companies are independent qualified reserves evaluators and auditors pursuant to NI 51-101.
| Brent Crude Oil | WTI Crude Oil | Alberta AECO Gas | Foreign Exchange Rate | ||||
| Year | $US/bbl | $US/bbl | $CAD/MMBtu | $US/$CAD | |||
| January 1, 2025 | January 1, 2025 | January 1, 2025 | January 1, 2025 | ||||
| 2025 | $75.58 | $71.58 | $2.36 | 0.712 | |||
| 2026 | $78.51 | $74.48 | $3.33 | 0.728 | |||
| 2027 | $79.89 | $75.81 | $3.48 | 0.743 | |||
| 2028 | $81.82 | $77.66 | $3.69 | 0.743 | |||
| 2029 | $83.46 | $79.22 | $3.76 | 0.743 | |||
Contact Information
For investor and media inquiries please contact:
Gary Guidry, Chief Executive Officer
Ryan Ellson, Executive Vice President & Chief Financial Officer
+1-403-265-3221
info@grantierra.com
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc., together with its subsidiaries, is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.
Gran Tierra’s filings with the U.S. Securities and Exchange Commission (the “SEC”) are available on the SEC website at http://www.sec.gov. Gran Tierra’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
FORWARD LOOKING STATEMENTS ADVISORY
This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”), which can be identified by such terms as “expect,” “plan,” “can,” “will,” “should,” “guidance,” “estimate,” “forecast,” “signal,” “progress” and “believes,” derivations thereof and similar terms identify forward-looking statements. Such forward-looking statements include, but are not limited to, the Company’s expectations regarding its anticipated benefits of its recent acquisition of i3 Energy plc (“i3 Energy”), estimated quantities and net present values of reserves, capital program, and ability to fund the Company’s exploration program over a period of time, statements about the Company’s financial and performance targets and other forecasts or expectations regarding, or dependent on, the Company’s business outlook for 2025 and beyond, capital spending plans and any benefits of the changes in our capital program or expenditures, well performance, production, the restart of production and workover activity, future development costs, infrastructure schedules, waterflood impacts and plans, growth of referenced reserves, forecast prices, five-year expected oil sales and cash flow and net revenue, estimated recovery factors, liquidity and access to capital, the Company’s strategies and results thereof, the Company’s expectations regarding organic and inorganic growth opportunities, the Company’s operations including planned operations and developments, disruptions to operations and the decline in industry conditions, and expectations regarding environmental commitments.
The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, the ability of Gran Tierra to successfully integrate the assets and operations of i3 Energy or realize the anticipated benefits and operating synergies expected from the acquisition of i3 Energy, the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates), rig availability, the effects of drilling down-dip, the effects of waterflood and multi-stage fracture stimulation operations, the extent and effect of delivery disruptions, and the general continuance of current or, where applicable, assumed operational, regulatory and industry conditions in Canada, Colombia and Ecuador and areas of potential expansion, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned. Gran Tierra believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
Among the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements in this press release are: certain of Gran Tierra’s operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of Gran Tierra’s products; other disruptions to local operations; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and natural gas, including inflation and changes resulting from a global health crisis, geopolitical events, including the ongoing conflicts in Ukraine and the Gaza region, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a prolonged decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil and natural prices and oil and natural gas consumption more than Gran Tierra currently predicts, which could cause Gran Tierra to further modify its strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the effect of hedges, the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of Gran Tierra’s products; the ability of Gran Tierra to execute its business plan, which may include acquisitions, and realize expected benefits from current or future initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for Gran Tierra’s operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of Gran Tierra’s common stock or bonds; the risk that Gran Tierra does not receive the anticipated benefits of government programs, including government tax refunds; Gran Tierra’s ability to comply with financial covenants in its credit agreement and indentures and make borrowings under its credit agreement; and the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the SEC, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 20, 2024 and its other filings with the SEC. These filings are available on the SEC’s website at http://www.sec.gov and on SEDAR at www.sedar.com.
Statements relating to “reserves” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, including that the reserves described can be profitably produced in the future.
Guidance is uncertain, particularly when given over extended periods of time, and results may be materially different. Although the current capital spending program and long term strategy of Gran Tierra is based upon the current expectations of the management of Gran Tierra, should any one of a number of issues arise, Gran Tierra may find it necessary to alter its business strategy and/or capital spending program and there can be no assurance as at the date of this press release as to how those funds may be reallocated or strategy changed and how that would impact Gran Tierra’s results of operations and financing position. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. Gran Tierra’s forward-looking statements are expressly qualified in their entirety by this cautionary statement.
The estimates of future net revenue, cash flow and certain expenses may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future-oriented financial information contained in this press release about prospective financial performance, financial position or cash flows are provided to give the reader a better understanding of the potential future performance of the Company in certain areas and are based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available, and to become available in the future. In particular, this press release contains projected operational and financial information for 2025 2025 and for the next five years to allow readers to assess the Company’s ability to fund its programs. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above. Actual results may differ significantly from the projections presented herein. The actual results of Gran Tierra’s operations for any period could vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. The future-oriented financial information and financial outlooks contained in this press release have been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management’s best estimates and judgments, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. See Gran Tierra’s press release dated January 23, 2025 for additional information regarding cash flow guidance referred to herein.
Non-GAAP Measures
This press release includes non-GAAP measures which do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as alternatives to oil and natural gas sales, net income or loss or other measures of financial performance as determined in accordance with GAAP. Gran Tierra’s method of calculating these measures may differ from other companies and, accordingly, they may not be comparable to similar measures used by other companies.
Net Debt as presented as at December 31, 2024 is comprised of $787 million (gross) of senior notes outstanding less cash and cash equivalents of $104 million, prepared in accordance with GAAP. Management believes that Net Debt is a useful supplemental measure for management and investors to in order to evaluate the financial sustainability of the Company’s business and leverage. The most directly comparable GAAP measure is total debt.
Unaudited Financial Information
Certain financial and operating results included in this press release, including debt, cash equivalents, capital expenditures, and production information, are based on unaudited estimated results. These estimated results are subject to change upon completion of the Company’s audited financial statements for the year ended December 31, 2024, and changes could be material. Gran Tierra anticipates filing its audited financial statements and related management’s discussion and analysis for the year ended December 31, 2024 on or before February 26, 2025.
DISCLOSURE OF OIL AND GAS INFORMATION
Boe’s have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 bbl of oil. Boe’s may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf: 1 bbl would be misleading as an indication of value.
All reserves values, future net revenue and ancillary information contained in this press release have been prepared by McDaniel and are derived from the GTE McDaniel Reserves Report, unless otherwise expressly stated. Any reserves values or related information contained in this press release as of a date other than December 31, 2024 has an effective date of December 31 of the applicable year and is derived from a report prepared by Gran Tierra’s independent qualified reserves evaluator as of such date, and additional information regarding such estimate or information can be found in Gran Tierra’s applicable Statement of Reserves Data and Other Oil and Gas Information on Form 51-101F1 filed on SEDAR at www.sedar.com.
Estimates of net present value and future net revenue contained herein do not necessarily represent fair market value. Estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effect of aggregation. There is no assurance that the forecast price and cost assumptions applied by McDaniel in evaluating Gran Tierra’s reserves and future net revenue will be attained and variances could be material.
All evaluations of future net revenue contained in the GTE McDaniel Reserves Report are after the deduction of royalties, operating costs, development costs, production costs and abandonment and reclamation costs but before consideration of indirect costs such as administrative, overhead and other miscellaneous expenses. It should not be assumed that the estimates of future net revenues presented in this press release represent the fair market value of the reserves. There are numerous uncertainties inherent in estimating quantities of crude oil reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth in the GTE McDaniel Reserves Report are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided therein.
References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra’s reported production is a mix of light crude oil and medium, heavy crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids for which there is no precise breakdown since the Company’s sales volumes typically represent blends of more than one product type. Drilling locations disclosed herein are derived from the GTE McDaniel Reserves Report and account for drilling locations that have associated Proved Undeveloped and Proved plus Probable Undeveloped reserves, as applicable. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.
Definitions
Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.
Possible reserves are those additional reserves that are less certain to be recovered than Probable reserves. It is unlikely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable plus possible reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of Proved plus Probable plus Possible reserves.
Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.
Developed non-producing reserves are those reserves that either have not been on production or have previously been on production but are shut-in and the date of resumption of production is unknown.
Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned.
Certain terms used in this press release but not defined are defined in NI 51-101, CSA Staff Notice 51-324 – Revised Glossary to NI 51-101, Standards of Disclosure for Oil and Gas Activities (“CSA Staff Notice 51-324”) and/or the COGEH and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as the case may be.
Oil and Gas Metrics
This press release contains a number of oil and gas metrics, including NAV per share, FD&A costs, reserve life index and reserves replacement, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.
Disclosure of Reserve Information and Cautionary Note to U.S. Investors
Unless expressly stated otherwise, all estimates of proved, probable and possible reserves and related future net revenue disclosed in this press release have been prepared in accordance with NI 51-101. Estimates of reserves and future net revenue made in accordance with NI 51-101 will differ from corresponding estimates prepared in accordance with applicable SEC rules and disclosure requirements of the U.S. Financial Accounting Standards Board (“FASB”), and those differences may be material. NI 51-101, for example, requires disclosure of reserves and related future net revenue estimates based on forecast prices and costs, whereas SEC and FASB standards require that reserves and related future net revenue be estimated using average prices for the previous 12 months. In addition, NI 51-101 permits the presentation of reserves estimates on a “company gross” basis, representing Gran Tierra’s working interest share before deduction of royalties, whereas SEC and FASB standards require the presentation of net reserve estimates after the deduction of royalties and similar payments. There are also differences in the technical reserves estimation standards applicable under NI 51-101 and, pursuant thereto, the COGEH, and those applicable under SEC and FASB requirements.
In addition to being a reporting issuer in certain Canadian jurisdictions, Gran Tierra is a registrant with the SEC and subject to domestic issuer reporting requirements under U.S. federal securities law, including with respect to the disclosure of reserves and other oil and gas information in accordance with U.S. federal securities law and applicable SEC rules and regulations (collectively, “SEC requirements”). Disclosure of such information in accordance with SEC requirements is included in the Company’s Annual Report on Form 10-K and in other reports and materials filed with or furnished to the SEC and, as applicable, Canadian securities regulatory authorities. The SEC permits oil and gas companies that are subject to domestic issuer reporting requirements under U.S. federal securities law, in their filings with the SEC, to disclose only estimated proved, probable and possible reserves that meet the SEC’s definitions of such terms. Gran Tierra has disclosed estimated proved, probable and possible reserves in its filings with the SEC. In addition, Gran Tierra prepares its financial statements in accordance with United States generally accepted accounting principles, which require that the notes to its annual financial statements include supplementary disclosure in respect of the Company’s oil and gas activities, including estimates of its proved oil and gas reserves and a standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities. This supplementary financial statement disclosure is presented in accordance with FASB requirements, which align with corresponding SEC requirements concerning reserves estimation and reporting.
Proved reserves are reserves which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward from known reservoirs under existing economic conditions, operating methods, and government regulations prior to the time at which contracts providing the right to operate expires, unless evidence indicates that renewal is reasonably certain. Probable reserves are reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered. Estimates of probable reserves which may potentially be recoverable through additional drilling or recovery techniques are by nature more uncertain than estimates of proved reserves and accordingly are subject to substantially greater risk of not actually being realized by us. Possible reserves are reserves that are less certain to be recovered than probable reserves. Estimates of possible reserves are also inherently imprecise. Estimates of probable and possible reserves are also continually subject to revisions based on production history, results of additional exploration and development, price changes, and other factors.
The Company believes that the presentation of NPV10 is useful to investors because it presents (i) relative monetary significance of its oil and natural gas properties regardless of tax structure and (ii) relative size and value of its reserves to other companies. The Company also uses this measure when assessing the potential return on investment related to its oil and natural gas properties. NPV10 and the standardized measure of discounted future net cash flows do not purport to present the fair value of the Company’s oil and gas reserves. The Company has not provided a reconciliation of NPV10 to the standardized measure of discounted future net cash flows because it is impracticable to do so.
Investors are urged to consider closely the disclosures and risk factors in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in the other reports and filings with the SEC, available from the Company’s offices or website. These reports can also be obtained from the SEC website at www.sec.gov.
US Senate News:
Source: United States Senator Amy Klobuchar (D-Minn)
WASHINGTON, D.C. – U.S. Senators Amy Klobuchar and Tina Smith (both D-MN) joined their colleagues to introduce the Miracle on Ice Congressional Gold Medal Act, legislation to award three Congressional Gold Medals to members of the 1980 U.S. Olympic Men’s Ice Hockey Team to recognize the 45th anniversary of their extraordinary achievement at the 1980 Winter Olympic Games.
“A team that made us believe in miracles,” said Senator Klobuchar. “With 12 players and the legendary head coach Herb Brooks being native Minnesotans, we are working across the aisle to award the 1980 Olympic hockey team the Congressional Gold Medal.”
“The ‘Miracle on Ice’ hockey game was an upset that nobody saw coming – but one that showcases the strength and resilience of Americans in the face of adversity,” said Senator Smith. “More than half of the team was from Minnesota, so I am proud to cosponsor this legislation to honor the achievement and the contributions to American pride by those Minnesotans.”
In February 1980, the United States Olympic Men’s Ice Hockey Team defeated the Soviet Union 4-3 in the first game of the medal round of the 1980 Winter Olympic men’s hockey tournament in Lake Placid, New York. Team USA, including 12 hockey players born in Minnesota and coached by University of Minnesota championship winning hockey coach Herb Brooks, defied expectations by defeating the four-time Olympic champion Soviet Union team in a game referred to as the “Miracle on Ice.” At a time when the United States was struggling with rampant stagflation, high gas prices, hostages held in Iran, and increased tensions with the Soviets after their invasion of Afghanistan, the Miracle on Ice was a welcome reprieve and a critical moment for American patriotism. Following the stunning victory against the Soviets, the Americans beat Finland 4-2 to secure the gold.
The three awards will be displayed at the United States Hockey Hall of Fame in Eveleth, Minnesota, the U.S. Olympic and Paralympic Museum in Colorado, and the Lake Placid Olympic Center in New York.
The bill was led by Senators Chuck Schumer (D-NY) and Kevin Cramer (R-ND). Additional cosponsors of the Miracle on Ice Congressional Gold Medal Act include U.S. Senators Marsha Blackburn (R-TN), John Hickenlooper (D-CO), Shelley Moore Capito (R-WV), John Curtis (R-UT), Mike Rounds (R-SD), and Gary Peters (D-MI). House cosponsors include U.S. Representatives Mike Quigley (D-IL-05), Lisa McClain (R-MI-09), and Bill Keating (D-MA-09).
Click here for bill text.
Source: United States Army
Back to
U.S. Army Southern European Task Force, Africa
VICENZA, Italy — Augustine Akagri had never felt anything like the biting cold of the Italian Alps. As a warrant officer class II in the Ghana Armed Forces with 15 years of combat medical experience and a Ghana Jungle Badge, he believed he was ready for any challenge — until he faced the Army Combat Fitness Test (ACFT) in subzero temperatures.
“When I was going through it [ACFT] I felt the cold in my ribs and my tongue was numb,” said Akagri.
What carried him through wasn’t his medical training, but the resilience skills he had learned during a session with U.S. Army Chaplain Capt. Allen Hoskyn the day before.
“The resilience training helped a lot, I told myself ‘forget this cold and this numbness, I need to finish this,” said Akagri.
The ACFT was just the beginning of Akagri’s experience. Alongside two other medics from the Ghana Armed Forces, he participated in the U.S. Army Southern European Task Force-Africa (SETAF-AF) Partner Medical Training exercise, designed to strengthen medical readiness and interoperability between partners.
The three-day event brought together U.S. Army medics and medical professionals from SETAF-AF, the 173rd Airborne Brigade, and Dental Health Activity-Italy to train with the Ghana Armed Forces team. Participants underwent intensive medical training over the first two days, followed by a final day dedicated to testing. During the testing phase, participants were divided into three mixed teams, with each team comprising members from all participating units. The teams tackled 12 challenging lanes which included tactical combat casualty care, stress shooting and K9 tactical combat casualty care.
Not only did the training provide valuable experience for both Ghanaian and American medics, but it also created an opportunity to exchange medical knowledge.
“They [Ghanaian medics] have much more clinical medical knowledge, whereas we focus more on trauma,” said Sgt. Brayden Chapman, a combat medic from the 1-503rd Infantry Regiment, 173rd Airborne Brigade. “I saw different ways of treating wounds because they use a different set of medications than we do, based on what’s available to them versus what’s available to us.”
Chapman added, “Overall, the training was of deep value.”
Like Chapman, Akagri gained a wealth of medical knowledge during the three-day training, which he hopes to share with his unit back in Ghana.
“It’s been an amazing experience. We’ve learned a lot of things, and we were also able to share our ideas with the other participants,” Akagri said.
Most of all, Akagri will remember the cold weather — and that he’ll think twice before turning off the AC at home.
“When I turned off the AC in my house, my wife told me, ‘How are you going to cope when you’re out there [in Italy]?’ So when I got here and felt the cold, I kept remembering her words.”
About SETAF-AF
SETAF-AF provides U.S. Africa Command and U.S. Army Europe and Africa a dedicated headquarters to synchronize Army activities in Africa and scalable crisis-response options in Africa and Europe.
Follow SETAF-AF on: Facebook, Twitter, Instagram, YouTube, LinkedIn & DVIDS
Source: United Kingdom – Executive Government & Departments
A major deal, worth approximately £9 billion, has been struck with British firm Rolls-Royce to bolster support to the Royal Navy’s fleet of nuclear submarines, boosting national security and economic growth and delivering on the government’s Plan for Change.
Vanguard-Class nuclear submarine at sea.
A major deal, worth approximately £9 billion, has been struck with British firm Rolls-Royce to bolster support to the Royal Navy’s fleet of nuclear submarines, boosting national security and economic growth and delivering on the government’s Plan for Change
Creating more than 1,000 UK jobs and safeguarding 4,000 other roles, the contract with Rolls-Royce Submarines Ltd – dubbed ‘Unity’ – will deliver the design, manufacture and support services to nuclear reactors to power our submarines.
Defence Secretary, John Healey MP will announce the deal today on a visit to Rolls-Royce’s nuclear reactor production facility in Derby. Alongside backing thousands of UK roles, the agreement also streamlines previous contracts and incentivises more efficient delivery, resulting in better value for money for the taxpayer through savings of more than £400 million over the eight-year contract. As part of our national endeavour to maintain a continuous at-sea deterrent, this agreement will help streamline decision-making and foster the kind of close partnership between industry and government that is essential to our success.
The announcement bolsters Britain’s security as a foundation of the Government’s Plan for Change, and strengthens the historic AUKUS partnership with the USA and Australia. In line with the upcoming Defence Industrial Strategy, Unity will drive significant UK economic growth over many years.
In Derby today, John Healey will speak with staff and apprentices, and use the visit to reinforce the Government’s commitment to the ‘triple-lock’ on the nuclear deterrent, which includes: building four new nuclear submarines in Barrow-in-Furness, in Cumbria; maintaining our continuous at sea nuclear deterrent; and delivering all future upgrades needed.
This investment in Britain’s defence will deliver a long-term boost to British business, jobs and national security.
In line with our Plan for Change, this deal with Rolls-Royce, a historic British success-story, will support high-skilled UK jobs who equip the thousands of submariners that keep us all safe. We are showing defence can be an engine for growth, while also driving better value for taxpayer money.
National security is a foundation of our government’s plan for change, and this is a clear demonstration of our commitment to the UK’s nuclear deterrent, which is our ultimate insurance policy in a more dangerous world.
The eight-year contract represents long-term certainty for a major British business, building in resilience and capability across the supply-chain. This will generate more efficiency and allow for effective risk and opportunity management, providing incentives to produce more for no increase in cost, including on work such as the building of Dreadnought Class submarines.
The agreement will also help streamline decision-making and foster close partnership with industry, supporting the aims of the new Defence Industrial Strategy.
We’re delighted to announce the Unity Contract, which confirms our commitment to the Royal Navy and the Defence Nuclear Enterprise. This long-term contract enables us to invest in the right skills, equipment, and facilities to play our part in protecting UK interests at home and overseas.
The Government is committed to the nuclear deterrent triple Lock:
The signing of the Unity contract is a key milestone in the SDA and Rolls-Royce partnership, building resilience, collaboration, and capability. Bringing together existing commercial arrangements, it is a clear signal of our commitment to deliver greater effectiveness, efficiency, and agility to meet the needs of the Defence Nuclear Enterprise and support the Royal Navy’s submarines now and into the future.
Published 24 January 2025
Source: United Kingdom – Executive Government & Departments
A new “Keep Britain Working” review has been launched today [Friday 24 January] to explore how to urgently support people with long-term illnesses or disabilities back into work, and to stay in work.
Former chairman of John Lewis Partnership, Sir Charlie Mayfield, will lead the Keep Britain Working Review to investigate the factors behind spiralling levels of inactivity, and how government and businesses can work together to turn this around, to get Britain working again.
The review will be the first of its kind, and following the launch of the Get Britain Working White Paper, will be one part of the government’s Plan for Change to kickstart economic growth in partnership with businesses, drive up prosperity and raise living standards across the UK.
With over a third of working age people reporting a long-term health condition and around a quarter classed as disabled, the latter group being three times more likely to be not in work or looking for work, the scale of the challenge is stark.
Beginning today, the review will move at pace concluding in the Autumn, with Sir Charlie Mayfield meeting businesses and health and disability organisations across the country to identify the scale, trends, obstacles and opportunities for companies when recruiting and retaining ill and disabled people.
This phase will conclude in Spring with a report based on the findings from his conversations with company bosses, employees who have been supported to stay in work, and organisations who help those out of work, to inform wider engagement. Recommendations to the government are expected later this year.
This will be part of the government’s plan to boost employment by breaking down barriers to opportunity and improving people’s living standards through work and life-changing support, building on the latest data this week showing real earnings have increased by 2.5% on the year.
Sir Charlie Mayfield, who was also Chair of the British Retail Consortium and Chair of the UK Commission for Employment and Skills, said:
Losing people from the workforce because of ill-health or disability is bad for many of the individuals, for the businesses employing them, and for the wider economy.
It’s a growing problem for us all and it’s one that’s more likely to be resolved by business and government working together.
I’m looking forward to engaging closely with businesses, government departments and the many organisations committed to improving our performance here.
The review, which will identify measures to help ill and disabled people get into work and stay in work, comes ahead of significant reforms to health and disability benefits expected in the Spring.
Work and Pensions Secretary, Rt Hon Liz Kendall MP, said:
Millions of people have been left without support to get into work and on at work, and completely held back from reaching their potential for far too long, and the record-high cost of long-term sickness benefits is evidence of that fact.
That’s why I am pleased to have Sir Charlie leading this review, bringing a wealth of experience and helping us to get people into work, and most importantly keep them in work, so we can boost living standards and get our economy growing.
Business and Trade Secretary, Rt Hon Jonathan Reynolds, said:
It isn’t right that too many businesses are missing out on the people they need, while those who want to work can’t because of long-term sickness.
Solving this problem is one of the greatest challenges facing the labour market, with years of poor support blocking those with great talent from helping drive our economy forward.
The government is on the side of working people and is unashamedly pro-business. That’s why this review will be critical in getting businesses the people they need to unlock their full potential.
Rain Newton-Smith, CEO of the CBI, said:
Lower rates of employment for people with long-term health conditions or disabilities is a tragic waste of potential that holds back economic growth and impacts on well-being.
It denies people the opportunity to improve their personal financial security through work and prevents businesses from using their valuable skills and experience to grow the economy.
Sir Charlie’s review is a welcome opportunity for business and government to co-design solutions that have a real impact.
This business engagement is part of the government’s Get Britain Working White Paper which is currently progressing the biggest employment reforms in a generation so the UK can reach an ambitious 80% employment rate.
As part of the plan, Jobcentre’s are to change their focus from monitoring and managing benefit claims to skills and careers, mental health support will be expanded to reduce waiting lists in areas with the highest levels of economic inactivity, and mayors will be empowered to join up local work, health and skills support to tackle the root causes of inactivity in their areas.
Published 24 January 2025
Source: China State Council Information Office
U.S. President Donald Trump said his government looks forward to “doing very well with China and getting along with China” in virtual remarks to the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, on Thursday.
Trump emphasized that the leaders of the United States and China are going to have a “very good relationship.”
Addressing the ongoing situation in Ukraine, Trump acknowledged China’s role and expressed hope for cooperation. “Hopefully, we could work together and get that (armed conflict) stopped,” he said.
In his message to global business leaders, Trump promised what would be “among the lowest taxes of any nation on Earth” for those who bring manufacturing operations to the United States, but still warned of tariffs for those who do not.
Trump also voiced concerns over rising oil prices, adding that he would ask Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) to bring down costs.
Source: Microsoft
Headline: Xbox Developer_Direct 2025 recap: Everything we announced
In addition to Xbox Cloud Gaming, all the games in our show also support Xbox Play Anywhere, meaning when you buy them through the store on Xbox or Windows, they’re yours to play on Xbox and Windows PC at no additional cost, and your game progress and achievements are saved across Xbox and Windows PC.
Here’s a summary of everything we announced and covered during Developer_Direct today:
Xbox Series X|S, Xbox App for Windows PC, Steam, PlayStation 5, and play it day one with Game Pass*
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The team at id Software shared a deep dive into DOOM: The Dark Ages and revealed that the cinematic, epic first-person shooter will launch on May 15, 2025.
DOOM: The Dark Ages, a prequel to the critically acclaimed DOOM (2016) and DOOM Eternal, is set in a dark fantasy/sci-fi world with DOOM’s immediately recognizable hellish twist. In the segment, three core pillars of the game were explored: Combat, which dug into deadly new weapons of mass destruction the Slayer can wield; Exploration, which offered a glimpse at an incredible new medieval-inspired setting that will take players to never-before-seen dark and sinister realms; and Story, which gave an overview of the characters and stakes the Slayer will face in his journey to turn the tides of a war.
This is the most ambitious DOOM game to date. id Software is seizing the chance to present both newcomers and long-time fans alike with an epic adventure as the super weapon in a medieval war against hell itself. Find out more about the game, with extra information from the developers in our Xbox Wire article.
Xbox Series X|S, Xbox App for Windows PC, Steam, cloud, and play it day one with Game Pass*
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Compulsion Games took us behind the scenes at their studio in Montreal, Canada to learn more about South of Midnight, their new third-person action adventure game which releases on April 8, 2025.
In Compulsion’s segment, we learned more about the journey of Hazel, the game’s protagonist, which leads her into a darkly magical world where she discovers her new abilities as a Weaver. Her story is filled with macabre Southern Gothic folklore and encounters with mythical larger-than-life creatures that shape her growth and understanding of her newfound powers.
You can see more of South of Midnight’s hand-crafted art style, world building, and combat in South of Midnight’s new story trailer and get ready to explore the American Deep South with Hazel by pre-ordering today – and play up to five days early with the South of Midnight Premium Edition. Find out more about the game’s story in our exclusive Xbox Wire article here.
Xbox Series X|S, Xbox App for Windows PC, and play it day one with Game Pass* (see developer website for other platforms)
[embedded content]
We visited Montpellier, France, home of Sandfall Interactive, as they develop their first game, Clair Obscur: Expedition 33. This turn-based RPG is set in a fantasy version of late 19th Century France, where the world is facing an existential threat, one year at a time. The developer shared a deeper look at the game’s innovative mechanics, such as the “Reactive Turn-Based” system, and the unique art direction that brings the game’s world to life. We even got a first look at Expedition 33’s expansive overworld map.
As the coup de grace, Sandfall Interactive confirmed the game’s release date: our journey to stop the Paintress begins April 24. For more on the team’s creative vision and deep customization options, we’ve got more on Xbox Wire here.
Xbox Series X|S, Xbox App for Windows PC, Steam, cloud, PlayStation 5, and play it day one with Game Pass*
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Team NINJA announced the return of a beloved franchise with the reveal of NINJA GAIDEN 4. After more than a decade, the masters of action at Team NINJA and PlatinumGames have partnered with Xbox Game Studios Publishing to bring us an exciting new chapter in the NINJA GAIDEN series, a series with a long history on Xbox.
We were introduced to Yakumo, a new protagonist whose objective lies at the heart of a devastated Tokyo. On his mission, Yakumo will not only encounter fiends and demons , but also the legendary master ninja himself: Ryu Hayabusa. Gameplay footage showed that Yakumo will introduce players to a stylish new take on ninja action with Bloodbind Ninjutsu, alongside legacy techniques like the Flying Swallow and Izuna Drop. Ryu will also return as a playable character with a revamped arsenal that stays true to his signature brutality and precision.
During the segment, developers from both PlatinumGames and Team NINJA shared details about the game’s story, the setting in a near-future Tokyo, and its action-packed combat mechanics. We also got a glimpse into the creative process behind this highly anticipated title, which will be released in Fall 2025, and can be wishlisted on Xbox, PC, and PlayStation 5. For the latest information, follow Team Ninja on social media (YouTube, X, Facebook, Instagram). Check out an exclusive interview with the developers on Xbox Wire.
Xbox Series X|S, Xbox App for Windows PC, and play it day one with Game Pass*
[embedded content]
The highly-acclaimed and legendary game from 2008 returns graphically remastered! NINJA GAIDEN 2 Black features the high-speed ninja action of iconic hero Ryu Hayabusa and his deadly Dragon Sword. Embark on a global battle against formidable foes, engage in relentless combat, and play as additional characters Momiji, Ayana and Rachel.
As with every Developer_Direct, today’s show marks just a selection of the games coming to Xbox this year. Next up is Avowed, Obsidian Entertainment’s upcoming fantasy RPG, which launches on February 18, 2025 for Xbox Series X|S, the Xbox app for Windows PC, Battle.net, Steam, cloud, and will be available on day one with Game Pass. With our own studios and incredible partners working on new experiences, stay tuned to Xbox Wire and Xbox social channels this year to see why there’s never been a better time to be an Xbox player.
*Game catalog varies by plan – Xbox.com/gamepass.
Source: The Conversation (Au and NZ) – By Claudio Bozzi, Lecturer in Law, Deakin University
On his way to the G20 summit in Rio de Janeiro in November, Chinese President Xi Jinping met with Peruvian President Dina Boluarte to officially open a new US$3.6 billion (A$5.8 billion) deepwater mega-port in Peru called Chancay.
China’s state-owned Cosco shipping giant had purchased a 60% stake in the port for US$1.6 billion (A$2.6 billion), which gave the company exclusive use of the port for 60 years.
Days later, the first ship departed for Shanghai loaded with blueberries, avocados and minerals.
Chancay is part of China’s vision of a 21st century maritime Silk Road that will better connect China’s manufacturing hubs with its trading partners around the world. This has involved a heavy investment in ports in many countries, which has the West concerned about China’s expanding influence over global shipping routes.
Newly re-elected US President Donald Trump made clear these concerns when he claimed China was “operating” the Panama Canal and the US intended to take it back.
China does not operate the canal, though. Rather, a Hong Kong company operates two ports on either side of it.
The scale and scope of the maritime Silk Road is impressive. China has invested in 129 ports in dozens of countries through its state-owned enterprises, mostly in the Global South. Seventeen of these ports have majority-Chinese ownership.
According to one estimate, Chinese companies invested US$11 billion (A$17.7 billion) in overseas port development from 2010–19. More than 27% of global container trade now passes through terminals where leading Chinese firms hold direct stakes.
China has entered Latin America aggressively, becoming the region’s top trading partner. Its port strategy has clearly signalled a long-term goal to access the exports essential to its food and energy security: soybeans, corn, beef, iron ore, copper and battery-grade lithium.
Last year, for example, Portos do Paraná, the Brazilian state-owned enterprise that acts as the port authority in the state of Paraná, signed a letter of intent with China Merchants Port Holdings to expand Paranaguá Container Terminal, the second-largest terminal in South America. China may invest in even more Brazilian ports, as 22 terminals are scheduled to be auctioned before the end of 2025.
In Africa, Chinese investment grew from two ports in 2000 to 61 facilities in 30 countries by 2022.
And in Europe, Chinese enterprises have complete or majority ownership of two key ports in Belgium and Greece – the so-called “dragon’s head” of the Belt and Road Initiative in Europe.
China’s emergence as a maritime and shipping power is central to Xi’s ambition for global economic dominance.
For one, China requires stable access to key trading routes to continue meeting the demand for Chinese exports globally, as well as the imports Beijing needs to keep its economy humming.
Controlling ports also enables China to create economic zones in other countries that give port owners and operators privileged access to commodities and products. Some fear this could allow China to disrupt supplies of certain goods or even exert influence over other countries’ politics or economies.
Another key driver of this strategy is the metals and minerals needed to fuel China’s rise as a tech superpower. Beijing has concentrated its port investment in regions where these critical resources are located.
For example, China is the world’s largest importer of copper ore, mainly from Chile, Peru and Mexico. It is also one of the world’s major lithium carbonate importers.), mainly from Chile and Argentina. And its port deals in Africa give it access to rare earths and other minerals.
In addition, tapping into Latin America counteracts the trade tensions China has experienced recently with Europe. It also preempts concerns about possible US tariffs imposed on Chinese goods by Trump.
These moves have prompted concern in Washington that China is challenging US influence in its own backyard.
China maintains that its seaport diplomacy is market oriented. However, it has established one naval base in the strategically located African nation of Djibouti. And it is believed to be building another naval base in Equatorial Guinea.
According to a recent report by the Asia Society Policy Institute, strategy analysts believe China is seeking to “weaponise” the Belt and Road Initiative.
One way it is doing this is by requiring the commercial ports it invests in to be equally capable of acting as naval bases. So far, 14 of the 17 ports in which it has a majority stake have the potential to be used for naval purposes. These ports can then serve a dual function and support the Chinese military’s logistics network and allow Chinese naval vessels to operate further away from home.
US officials are also concerned China could leverage its influence over private companies to disrupt trade during a time of war.
While China’s investments are raising suspicions, the West’s willingness to invest in ports at this scale is limited. The US International Development Finance Corporation, for instance, has a much slower, rigorous process for its investments, which generally leads to fairer outcomes for both investors and host nations.
However, some Western companies are acquiring stakes in established and newly built ports in other countries, albeit not to the extent of Chinese enterprises.
The French shipping and logistics company CMA CGM’s global port development strategy, for example, includes investments in 60 terminals worldwide. In 2024, it acquired control over South America’s largest container terminal in the Port of Santos, Brazil.
Trump has threatened tariffs as one way of countering China’s global sea power. An advisor on his transition team has proposed a 60% tariff on any product transiting through the Chancay port in Peru or any other Chinese-owned or controlled port in South America.
Rather than making nations reluctant to sign port deals with Beijing, however, this kind of action just erodes Washington’s regional influence. And China is likely to take retaliatory measures, like banning the export of critical minerals to the US.
Host nations like Peru and Brazil, meanwhile, are using the competition for port investment to their advantage. Attracting interest from both the West and China, they are increasingly asserting their autonomy and adopting a strategy of using ports to “play everywhere” on the global stage.
Claudio Bozzi does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. China has invested billions in ports around the world. This is why the West is so concerned – https://theconversation.com/china-has-invested-billions-in-ports-around-the-world-this-is-why-the-west-is-so-concerned-244733
Source: Scottish Government
Funding for regeneration.
A scheme helping pupils to learn in a football environment is one of a range of regeneration projects set to share £62 million from the 2025-26 draft Scottish Budget.
The funding would help Spartans Community Foundation in Pilton, Edinburgh, complete construction of a permanent classroom. This would replace temporary cabins where students who may struggle in school receive lessons in literacy, numeracy, entrepreneurship, art and physical education. The project also assists young people to access jobs, apprenticeships and college placements as they leave school.
Other regeneration schemes earmarked for support in the draft Budget include:
Visiting Spartans to hear about the organisation’s work within the local community, Employment and Investment Minister Tom Arthur said:
“Regeneration is a key priority for the Scottish Government – as it contributes to growing the economy and creating jobs.
“This inspiring scheme run by Spartans illustrates how local people can identify the issues they want tackled and then come up with the solution, at which point the Scottish Government is able step in with support.
“The new classroom will help more young people leave school with qualifications, find jobs and further education opportunities, as well as enjoy free football sessions. It is an example of delivering economic growth and tackling poverty at the grassroots.
Background
Recent projects to regenerate northern Edinburgh include the transformation of derelict industrial units at Granton Waterfront into communal spaces and the ongoing development of a community hub with an early years centre, library and space for North Edinburgh Arts on Pennywell Road.
Source: Hong Kong Government special administrative region
FS attends thematic meetings at World Economic Forum Annual Meeting (with photos/video)
FS attends thematic meetings at World Economic Forum Annual Meeting (with photos/video)
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The Financial Secretary, Mr Paul Chan, concluded his visit to Davos, Switzerland, yesterday (January 23, Davos time). He attended thematic meetings at the World Economic Forum (WEF) Annual Meeting and met with political, business and financial leaders from around the globe. In the morning, Mr Chan participated in a discussion session titled “Stemming Financial Fragmentation” and served as one of the panelist’s. The session focused on addressing the risks of financial fragmentation amid rising geopolitical tensions. Mr Chan noted that while geopolitics may subject regional and global financial markets to greater volatility, Hong Kong boasts a robust financial system and strong buffer, maintains a free and open business environment, and steadfastly upholds the linked exchange rate system. A recent survey conducted by a foreign chamber of commerce in Hong Kong revealed that international investors and companies remain optimistic about the city’s business prospects. He emphasised that Hong Kong’s financial markets have undergone remarkable transformation on various fronts, including the stock market and asset and wealth management business which have achieved significant growth since Hong Kong’s return to the motherland. Meanwhile, Hong Kong is actively embracing financial innovation, including the development of digital assets, with appropriate regulations in place to promote the responsible and sustainable growth. In response to questions, Mr Chan stated that China’s economy is steadily advancing, with solid progress towards high-quality development. The country is also committed to accelerating high-level openness and mutually beneficial cooperation as its national policy. Later, Mr Chan participated in a thematic meeting organised by the Giving to Amplify Earth Action launched by the WEF, where he spoke on promoting investment in climate projects. He noted that Hong Kong, as an international financial centre, plays to its strengths as a “super connector” and “super value-adder”: on one hand, Hong Kong provides financial support for green and transition projects through its comprehensive financial services; on the other hand, it actively seeks to facilitate cooperation among the public, private and philanthropic sectors. Examples include hosting international conferences such as “Wealth for Good in Hong Kong”, which brings together decision-makers from global funds (including family funds) to promote synergies between global wealth and climate projects, thereby fostering impact investments. Through these efforts, Hong Kong seeks to make greater contributions to regional and global sustainable development. Mr Chan also continued his meetings with various political and business leaders yesterday. He held bilateral discussions with the Minister of Investment of Saudi Arabia, Mr Khalid Al-Falih, and the Minister of Finance of Egypt, Mr Ahmed Kouchouk, respectively. During these meetings, they exchanged views on international and regional landscapes, and discussed ways to strengthen bilateral investment and trade relations. Mr Chan said that Hong Kong actively seeks to develop trade relations with “Global South” countries, and extended invitations to the Ministers to lead business delegations to Hong Kong to explore mutually beneficial cooperation opportunities. In the afternoon, Mr Chan met with the President and the Chief Executive Officer of Franklin Templeton, Ms Jenny Johnson, to discuss the business expansion plans of the international fund group in the region. They also exchanged views on the current global economic and financial market landscapes. Mr Chan is scheduled to depart from Switzerland today (January 24, Davos time) and will return to Hong Kong on Saturday morning (January 25, Hong Kong time).
Ends/Friday, January 24, 2025Issued at HKT 9:00
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Source: Panasonic
Headline: Expressing Firm Determination to Solve Global Environmental Problems and Promote Business Transformation Using AI
He introduced the example of Panasonic HX, which efficiently supplies renewable energy by controlling the coordination of pure hydrogen fuel cells, solar cells, and storage batteries using an advanced energy management system while responding to changes in electric power demand and weather conditions. This solution is already in operation at the Kusatsu site in Japan and a manufacturing site in the UK, and it will be deployed in an office building in Munich, Germany, this spring.
Kusumi also spoke about the OASYS residential central air conditioning system to be released in the US market, which air conditions and ventilates an entire house using a combination of a mini split air conditioner, an energy recovery ventilator, and transfer fans using a DC motor-driven ventilation system. He pointed out that it is at least 50% more energy efficient*1 than conventional air-conditioning systems.
＊1: Conventional air-conditioning systems use a heat pump cooling system (14.2 SEER2) and a gas furnace (80% AFUE) for houses that are performance-compliant with IECC 2015. OASYS uses Panasonic’s mini split air conditioners and transfer fans for both cooling and heating functions in houses that are performance-compliant with OASYS-required specifications (estimated by converting gas energy consumption to electricity).
In recent years, electric vehicles (EVs) have taken the spotlight for their contribution to reducing CO2 emissions. Regarding automotive cylindrical lithium-ion batteries that support the widespread use of EVs, Kusumi mentioned that Panasonic has supplied a total of 15 billion cells to power over 3 million EVs. He also introduced the 2170 cell with the world’s highest energy density,*2 the high-capacity 4680 cell, whose mass production will begin soon, and the company’s collaboration with major carmakers. Furthermore, he mentioned the partnership with Redwood Materials Inc. in the US for the purchase of recycled cathode active materials and copper foil. JB Straubel, CEO of Redwood Materials, joined Kusumi and offered words of encouragement, “Panasonic is an incredible leader when it comes to technology and their commitment to sustainability.”
＊2: As of January 8, 2025, survey by Panasonic Energy Co., Ltd.
Upcoming issues will introduce key figures engaged in Panasonic HX, OASYS, and the automotive cylindrical lithium-ion battery business.
Source: Scotland – City of Edinburgh
The Colinton/Fairmilehead by-election result has been announced at Waverley Court in Edinburgh.
Neil Cuthbert of the Scottish Conservative and Unionist Party and Conor Savage of the Scottish Labour Party have been duly elected to serve in the City of Edinburgh Council as members for the Colinton/Fairmilehead Ward.
The declaration was made in the early hours of Friday, 24 January by Returning Officer for Edinburgh, Paul Lawrence.
Returning Officer for Edinburgh Paul Lawrence, said:
Thanks to everyone who took part in the by-election to elect two new councillors to represent their communities on matters affecting their ward and the wider city. I would like to take this opportunity to welcome Neil and Conor as new councillors and look forward to working with them.
I would also like to thank our elections team and council colleagues who have worked so hard on this by-election in recent months – not least given the extremely challenging circumstances of rescheduling the count at such short notice due to Storm Eowyn.
The turnout for the by-election was 31.9%.
For further details of the results, please visit the Elections section of the Council website.