GineersNow Construction magazine Apr2020 Safety HSE, hardware, civil engineers, heavy equipment, machinery, BIM, infrastructure, mining, pipes contractor cement building materials tool EPC, contractors

A P R I L 2 0 2 0

N E W S

Engineering Services

Market

DEWALT®

Novamont

44 48 52

E D I T O R ‘ S N O T E

This article is, indeed,

very beneficial to

construction workers,

construction safety

managers, and higher-level

personnel. Safety is a concern

that must always be taken into

serious consideration. One

study even affirmed that out of

the 4,693 recorded fatalities in

different private industries in

2016, one in every five cases

was from the construction

sector.

Aside from these best

practices, another thing

that matters is the strict

implementation. Because

no matter how good your

construction safety guidelines

are, they are of no use if

people do not follow. That

is why you need to create a

contingency plan. You must

know what to do if somebody

doesn’t follow the construction

safety guidelines of your

construction site. You tell

your workers the sanctions

and disciplinary actions that

you will impose should they

fail to follow all the safety

guidelines. After all, you don’t

need people who don’t follow

orders. These people will be

more of a liability than assets

in the construction site.

The significance of adapting

to technology was highlighted

in this article, which I found

very interesting as well. This

is because some people

are still hesitant and even

afraid to integrate technology,

Construction Site Best

Safety Practices

especially in the construction

business. But this must not

last long if developers want

to improve the way they

construct establishments.

Technology will definitely

lift the standards of the

construction sector. From

assessment, monitoring, down

to contingency measures,

technology provide stellar

solutions.

I firmly believe that the

inputs from this content will

also bring awareness on

the side of the construction

workers. Upon reading this,

they must realize their true

value. That they really need

to do something to protect

their life in the workplace. If

in case they are working in

a construction company that

doesn’t follow any of these

best practices, this could be a

red flag. They must leave and

find a better employer soon

before it becomes too late.

Before all them become part

of the construction sites fatality

statistics!

4

Regional Office: LG Electronics Gulf FZE, P.O Box 61445, Dubai. Tel: +971 4 279 9222, UAE, Mr. Amjad Abu Alika, Tel: +971 50 450 9808, email: amjad.abualika@lge.com; Fortune International

Trading LLC, Mr. Wail Halbouni, Tel: +971 50 481 3570, email: fortintl@emirates.net.ae; Ghantoot Trading, Mr. Nour Haboush, Tel: +971 50 109 4109, email: nour.h@ghantootgroup.ae; District

Cooling Company, Mr. Ahmed Henedi, Tel: +971 50 658 4832, email: ahmed@districtcoolingcompany.com; Al Yousuf Electronics, Mr. Moitra, Tel: +971 50 457 6170, email: pmoitra@alyousuf.com;

Bahrain, AJM Kooheji and Sons, Mr. Jayachandran, Tel: +973 36888801, email: v.jayachandran@ajmkooheji.com: Kuwait, Al Babtain Air Conditioning & Refrigeration Co., Mr. Naji Kataya, Tel: +965

5 051 5771, email: nkataya@albabtaingroup.com kw; British Link Kuwait, Mr. Imad Rhayel, Tel: +965 5 157 1229, email: irhayel@blk.com.kw; Oman, Oman Gulf Enterprise, Mr. Narender Kumar,

Tel: +968 9 747 4505, email: narenderk@otegroup.com; Aspire Projects and Service, Mr. Vivek Wagh, Tel: +968 99357694, email: vivekwagh@aspireoman.com; Azerbaijan, GSS.AZ, Mr. Zeka

Gasimov, Tel: +994 55 260 6665, email: zeka.gasimov@gss.com.az; Al-Con Maxiwell Group, Mr. Vagif Alexperov, Tel: + 994 50 216 2092, email: maxiwellbaku@inbox.ru; Armenia/Georgia, ARAY

Gulf, Mr. Vilson Melikjanyan, Tel: +374 9 307 7755, email: vilson@aray.am; Yemen, Modern House Exhibition, Mr. Khaled Jabr, Tel: +967 71 172 0202, email: mail@mhe-yemen.com; Pakistan,

Iceberg Industries (Lucky Goldstar), Mr. Imran Jamil Khan, Tel: +923 21 277 6100, email: ceo@icebergindustries.net

C O N T E N T S

8

Lincoln Electric as a Global

Provider of Comprehensive

Welding Solutions

16

The Importance of UPS for

Industrial and Commercial

Companies in the Philippines

56

Chevron Announces

Fourth Quarter 2019

Results

60

PTT’s CAFÉ AMAZON

PHILIPPINES EYES 20 MORE

STORES IN 2020

24

Construction Site Best

Safety Pratices

44


Market - APAC & Middle

East Regions are

Expected to Grow Faster

64

PETRONAS’ Breathrough

Technology In Structure

Health Monitoring

68

CNOOC Limited Announces

its 2020 Business Strategy

and Development Plan

48

DEWALT® Launches Corded

Brushless Grinder Line

72

Does Industry 4.0 need a

different kind of leader?

52

Novamont Starts

Construction of a Demo

Plant

76

Industry

perspectives

6

FEATURE STORY

Lincoln Electric as a Global

Provider of Comprehensive

Welding Solutions

Spatter, porosity, deformation, cracks,

these are but a handful of common

welding problems those in the

global welding industry face. These

problems, coupled with budget constraints

and preliterate tools and technology, require

the industry to produce new and efficient

innovations as soon as possible. Fortunately,

Lincoln Electric has been steadily rising

since its advent in the early days of the

welding industry. The company wears two

distinct hats: both the hats of a leader and

innovator in the design and production of

arc welding equipment and consumables.

Aiming to revolutionize and step into the

future with better equipment, Lincoln

Electric is truly envisioning less problematic

work environments and decreased overall

problems for the whole industry.

Much like the efficiency of their new

products, Lincoln Electric’s partnership

with Co Ban Kiat Hardware Inc. is also

coherent without a fault. Both engineering

and gadgetry giants share a deep

commitment to the distribution of world

class industrial solutions that upgrade each

and every Filipino’s living standard. This

principle acts as the foundation of both

pioneering hardware companies. It is that

same ideology that moved Lincoln Electric

to allow Co Ban Kiat Hardware to acquire

them, co-create, and cooperate with them

for over a century. Together, they have been

widening their horizons and penetrating

the metal and welding business industries

worldwide.

8

Thanks to the advanced products of Lincoln

Electric and the centennial existence of Co Ban Kiat

Hardware Inc. as an unsleeping distributor of their

products, there are brighter days for the automotive

and transportation, general and heavy fabrication,

maintenance and repair, offshore construction,

pipeline and pipe mill integration, power generation

and process, different forms of energy generation

(liquefied natural gas, nuclear, thermal, and wind),

pressure vessel fabrication, ship building, and

structural and construction industries. Truly, this

partnership caters to a vast array of industries in

a country that aims to continually transform the

hardware arena with excellent service.

While it is certain that Lincoln Electric holds

many advanced equipment in its arsenal, there

are a handful of tools that can be called best of the

best in the categories of plasma cutting equipment,

submerged arc welding equipment, welding

simulation, engine drives, commercial inverters,

and welding consumables.

The Tomahawk 1500 is a top tier plasma cutter.

With the ability to finely cut artwork and fabricate

steel parts in a production setting, the Tomahawk

1500 is a simple albeit reliable machine that does

not back away from difficult jobs. It is versatile,

arming itself with a single-phase or 3-phase, 200

to 575-volt input power for cutting, gouging, and

grid-cutting tasks anytime, anywhere.

Those dealing with submerged arc welding

equipment category are quick to choose the Power

Wave AC/DC 1000 Subarc Welder to help them

with their jobs. It delivers Waveform Control

Technology to the SAW category. Users are able to

choose constant current or voltage operation while

adjusting any variable frequency and amplitude.

Truly, this machine results in increased weld speeds,

higher quality welds, and improved efficiencies

either in single or multi-arc environs.

Those training to be master welders may practice

with Lincoln Electric's virtual trainer, the VRTEX

360+ Dual User Virtual Reality Welding Training

Simulator. This virtual trainer adds a touch of fun

to an otherwise serious and somewhat precarious

9

WE ARE NOW

ACCEPTING SPONSORS

Dubbed as the “Oscars” of the engineering, industrial and

technology, the GineersNow Awards (2020 Asia) highlight

corporate and individual achievement, visionary leadership,

and impeccable performance in 19 categories.

To sponsor this black-tie gala awards night, contact

Ms. Ems at +63 917 1792828 ems@gineersnow.com

task. Its top feature is its dual stands that allow

two students to train simultaneously with differing

processes, coupons, joints, and welding procedure

specifications. These students may practice flat,

horizontal, vertical, and overhead 5G and 6G on mild

and/or stainless steel, or aluminum. It promises its

users an immersive experience with its hyper-realistic

weld puddles, visually and audibly responsive features.

Needless to say, this machine helps welders learn when

to adjust welding techniques. Proper welding training

can significantly reduce cost of repetitive mistakes and

avoiding accidents in the work place.

The Dual Maverick 200/200X is perhaps one of the best

engine driven welders that Lincoln Electric has to offer.

With two welding outputs in one machine, this quiet

welder can work efficiently and quickly. It also sports

a new, fuel saving feature for resource conservation,

allowing the user to do more tasks in an extended

period of time. As an added bonus, When used with

a CrossLinc compatible device, voltage or current can

be controlled at the wire feeder and TVT automatically

compensates for voltage drop in the system, ensuring

welders the set voltage.

While there are more Lincoln Electric products that

deserve every second und er the limelight, one thing is

for certain: they all aim to help workers in the welding

and metallurgy industry to be at the very top of their

game. Much like Lincoln Electric, their partner, Co

Ban Kiat Hardware Inc. is also passionate and glad to

distribute their products to facilities and organizations

that may need them so long as they promise to build

and create for the betterment of this society.

Where to Buy?

Co Ban Kiat Hardware Inc.

is the largest authorized

distributor of the best

industrial hardware

solution brands in the

Philippines.

To shop online,

visit https://www.cbkhardware.

com/

Co Ban Kiat

Hardware, Inc.

Ground Floor, Cobankiat

Building II, 231 Juan Luna St.

Binondo Manila, Philippines.

Phone +632 8243-1931

Phone +632 8243-5263

Phone +632 8894-6561

Coby's Designer

Center

Unit 467 level 4

Shangri-La Plaza Edsa

Corner Shaw Boulevard

Mandaluyong City, Philippines

Phone +632 86364895

12

About CBK Hardware

For almost a hundred years, a family’s surname has become synonymous to the country’s biggest hardware

supply company. Co Ban Kiat Hardware Incorporated, of the Cobankiat family has a regular client network

of more than 1,500 industrial organizations; 1,600 traditional community hardware stores, and 584 home

building specialty chain of stores across Luzon, Visayas and Mindanao. This ever-growing conglomerate

traces its humble roots to Manila Chinatown, as a pioneer enterprise started by family’s patriarch, Mr.

Cobankiat in 1920. Despite the ruins of World War II, the business goes back to its feet in 1948, rebuilding

a storefront from the very same spot where it was known for three decades.

This ever-growing conglomerate traces its humble roots to Manila Chinatown, as a pioneer enterprise started

by family’s patriarch, Mr. Cobankiat in 1920. Despite the ruins of World War II, the business goes back to its

feet in 1948, rebuilding a storefront from the very same spot where it was known for three decades.

While the Filipinos continue to rebuild their lives post war, CBK Hardware sees the opportunity to introduce

the retail concept once unheard for in hardware industry. The Hardware Workshop Store is the fruit if this

endeavor. CBK Hardware further cemented its legendary distribution channel with the creation of Coby’

Design Center in Edsa Shangi La in 1996, a specialty store that caters to discriminating taste of modern

Filipinos.

In 1997, Mr. Johnny Cobankiat, the 4th generation Cobankiat leader, set another milestone for the company

when he brings a franchise of Ace Hardware USA to the Philippines, and signs up CBK Hardware as one of

its major suppliers. This further expanded into delivering quality world class products nearer to families of

Filipino overseas workers in the countryside.

A century’s excellence can quickly pass, and guided by the vision to be the largest network supplier of the

biggest global brands in the hardware industry, CBK Hardware resolve to source the best products to supply

its customers anytime and every time.

13

F E A T U R E

S T O R Y

The Importance of UPS for Industrial and

Commercial Companies in the Philippines

For most residential areas, power cuts are no more than an

inconvenient annoyance. But for huge manufacturers and

industrial plants that rely significantly on power supplies, it is a

serious matter. After all, power is what makes their facilities tick.

This makes power outages, sags, and surges one of their biggest

enemies on the field. Even a minimal power outage on their

operations can cause them thousands or even millions of US

dollars of lost. In fact, the power generation giant General Electric

revealed that around 1/3 of businesses are doomed to lose more than

thousands of US dollars within one hour of losing their electricity.

This figure could translate to millions of dollars for bigger companies

like pharmaceuticals, semi-conductor and F&B processing plants.

That said, industrial factories and manufacturers are notably

16

susceptible to power supply failures (or

brownouts). To specify, industries in

the car and electronic production, along

with those that produce food, drink, and

pharmaceuticals, can suffer from major

problems caused by even a ten-second

loss of power. This does not only mean a

temporary pause in production, but it also

represents a looming damage to both the

final products and their equipment and

machinery; not to mention the money and

time spent in correcting these damages

done.

The extent of these damages can

sometimes be challenging to record.

Some electronic control systems that were

configured solely for your application may

tend to go back to default and require

reprogramming after the power returns.

Productions in the critical stages that were

interrupted by power loss can result to

ruined products and waste of expensive

materials. The more automation is

integrated into the work field, the greater

the impact of power supply anomalies to

the corporation.

But power outages are not the only problems

in industrial plants, but voltage drops and

power sags also play a significant role. Out

of all the power supply anomalies that

manufacturers experience, more than 92

percent trace back to voltage ‘sags.’ This

makes them the most common threat for

most businesses.

Power sags, along with power ‘spikes’, can

do unimaginable damages to equipment,

especially computers and servers. Back in

May 2017, British Airways experienced a loss

of no less than $100 million just because of a

momentary power supply event. The incident

restarted their critical data center, ending

up to approximately 800 of their London

Gatwick flights being cancelled.

17

F E A T U R E

S T O R Y

Although technology is advancing, power supply

problems remain a threat in the industry and

are recorded to be worsening both in frequency

and severity across the globe. The USA noted an

increase of 50% every five years on the average

number of power outages between 2000 and

2014. With this steady rise of power supply

anomalies, many facilities and corporations

are now installing power protection systems to

combat these problems, protecting both their

equipment and productivity from the surges,

sags, and spikes of the age-old and overworked

power grids.

This is where the NuPON Technology

Philippines Corporation (NTPC) comes

to play. Being one of Asia’s leaders in both

engineering services and integrated solutions,

NuPON Technology offers a wide range of

Uninterruptable Power Supply (UPS) solutions.

The ALP Series 3-Phrase is designed to sustain a

smooth-running power for 20KVA to 320KVA

machineries. Its plug and play modular design

makes it quicker and more convenient to

maintain. The MD Series, on the other hand, is

meant to offer a power range of 5kVA to 15kVA

and can give manufacturers a back-up time of 13

to 18 minutes at full load. For smaller equipment

in the lines of 1kVA to 10kVA, the T3 Series

is the perfect fit as it features a true on-line

double conversion technology for high level of

protection.

Although varying in features and size, these

products are meant to protect sensitive

equipment and machineries from power supply

anomalies. With their well-designed features,

20

they are capable of correcting voltages in an

instant without relying solely on the main

grid, ensuring a clean and reliable power

supply for your systems. These units are also

created to react instantly and efficiently to

any power supply changes, including voltage

disturbance and surges.

The most common industry to use of UPS

traces back to data centers and computer

systems, although any other company in the

industrial sector can benefit significantly

from investing in a backup power

supply. UPS suppliers in the Philippines,

including the NuPON Technology, are

committed to produce tailor-fit UPS for

countless of industries, such as the fields

of telecommunications, medical, and even

aerospace.

Different Types of UPS

Industrial UPS

These are typically installed in an industrial

setting, in the likes of factories and plants.

Medical UPS

These are critical UPS systems installed in

medical centers and hospitals, serving as

back-up supplies for life-support equipment.

Computer and Communication System

These UPS systems are typically found in

phone companies and server farms.

High Temperature

These types of UPS can withstand

high-temperature situations.

For more information on NuPON

Technology and their products,

you may contact these numbers:

NuPon Technology Head Office

Filsyn Corp Compound Brgy. Don Jose, Santa

Rosa City, 4026 Laguna, Philippines.

Tel: +63 49 530-1879

Tel: +63 49 530-2329

Tel: +63 49 530-1879

Email: ntpctmsg@gmail.com

WhatsApp: +639178675324

Website: www.nuponcorpphils.com

Cavite Branch

The Arcade Bldg. Blk 5 Stl 9&10, Holiday

Homes, Brgy. Biclatan, Gen. Trias Cavite 4107

Tel: +63 46 512-0982

Tel: +63 46 512-0979

Subic Branch

83A 14th St., New Kalalake, OC

Tel: +63 47 223-8894

Clark Branch

Apartment#5 Jasmin St, Pineda Subd. Dau,

Mabalacat, Pampanga

Tel: +63 45 625-0162

Cebu Branch

158 Sangi Road, Pajo. Lapu-lapu City Cebu,

Philippines 6015

Tel: +63 32 520-3285

Baguio Branch

#71 Sarok Road Camp 7 Baguio City

Tel: +63 74 246 2391

21

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Safety must be the top priority in a construction site. But due to

compelling reasons such as tight deadlines, lack of workforce,

and meager funds, project managers sometimes lay safety on

the hands of pure luck. Instead of double-checking the safety

guidelines and compliance of a construction site, they just keep

on working very hard.

This trend resulted in the unfortunate fate of some. Based on

a study conducted in 2016, one in every five fatal workplace

accidents occurred in construction sites. Indeed, this is

an alarming report. As a project manager, you must act

now! Impose what is due and right to ensure safety in the

construction site.

24

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S T O R Y

The following are some of the construction site safety best

practices that you can benchmark to save more lives.

1. Indoctrinate Safety Procedures. The key to safety is

to always abide by the Occupational Health and Safety

Procedures (OHS). OHS is relative; thus, you need to review

the updated OSHA- OHS procedures for construction sites. The

widely accepted baseline for safety requirements is the OSHA

29 CFR 1926.

All people must follow the OHS, much more the construction

site safety managers. Safety managers must set an example

for ordinary workers. They must follow the OHS procedures the

moment they enter the perimeter of the construction site.

But sometimes, relaying the message to all the workers is a

difficult task. Some workers have personal motives that make

them very hard to convince. If this is the case, it is better if the

higher-ups take charge. The higher-level personnel will do the

job of disseminating the OHS procedures to all the workers.

2. Set a Unified Goal. Construction workers must understand

the goal of the construction company that they are working

with. This will create a sense of responsibility to act competently

28

to realize the target goals. Highlight that safety is the utmost

priority in the construction site. Inform the workers about the

risks and consequences if they remain complacent in their work

ethics.

3. Create a Subtle Plan. To prevent untoward incidences in

the workplaces, you must have a perfect construction plan. A

perfect constructed plan must be crafted ahead of time. Viability

studies, including zoning, must be integrated into the plan.

A well-studied plan also checks the availability of the stock and

supplies in the long run. And of course, identify ahead of time

the needed Personal Protected Equipment (PPE). You can also

eliminate possible hazards that may compromise the safety of

the workers if you craft a subtle plan.

29

32

A perfect constructed plan must

be crafted ahead of time. Viability

studies, including zoning, must be

integrated into the plan.

33

36

Construction workers must

understand the goal of the

construction company that they

are working with. This will create

a sense of responsibility to act

competently to realize the target

goals.

37

40

4. Maximize Technology. Another way to

ensure the safety of construction workers is

to utilize technology. There are lots of ways

where you can use technology. One is using

unmanned vehicles or drones for the preassessment

of the construction site. You can

also employ an early warning system for any

untoward accidents that may occur in the

workplace.

Also, there are lots of third-party project

management software that project managers

can use to ensure seamless communication

with the people working on the site. Wearing

smart devices such as glasses and watches

also contribute to the efficient management of a

construction site.

5. Utilize Safety Tags and Jargons. Posting

safety tags inside the construction site

also helps a lot in keeping the safety of the

workers. The safety tags will serve as constant

reminders for the workers to think about safety

as their top priority. To know the must-have

safety signs and symbols for your construction

site, you can refer to the ANSI and OSHA

standards.

It is also essential that safety managers use

construction jargons from time to time. The

frequent usage of technical jargons will prevent

any misunderstanding that usually causes fatal

construction site accidents.

6. Build Connection. If you want to hinder

the occurrence of construction site accidents,

you must establish a formidable connection

with the construction workers. You need to

communicate with the workers frequently and

show empathy to them. Tell them to be very

careful in doing their respective tasks because

so much is at stake. Even if construction

workers just committed a single mistake, this

could result in severe injuries or even death.

These are only some of the construction site

safety best practices that you can also impose

in your construction site. Some of these could

mean extra expenses and additional steps to

take. However, when it comes to safety, all your

efforts are, indeed, worth it!

-end-

41

NEWS


Market - APAC & Middle East

Regions are Expected to Grow

Faster

The Business Research Company (TBRC) in

its new report, predicts Internet of Things

will be the latest trend in the engineering

services market.

The increasing popularity and adoption of the

Internet of Things (IoT) across the globe is the

latest trend in the global engineering services

market. Internet of things (IoT) is a system of

inter-related devices enabling transmission of

data over a wide range of network. IoT enables

continuous innovations in real-time data

analytics, design and develop products and help

businesses grow at a faster pace. Engineering

service providers are increasingly using industrial

IoT to improve and optimize their production

process with better energy usage, resource

allocation, and assets management.

For instance, PureSoftware, an

engineering service company, has

successfully integrated IOT with their

engineering services and built a steady

IOT platform to improve accuracy

and speed to retrieve data. In 2017,

India had a 43% market share in the

global IoT market followed by Western

Europe and North America with 27%

and 23% respectively.

Engineering services’ companies

apply physical laws and principles

of engineering in the design,

development, and utilization of

44

machines, materials, instruments,

structures, processes, and systems.

Engineering services include

technical applications of engineering

in product designing, innovations

and others in industries such as

building construction, mining,

power and energy, transportation,

manufacturing and others. The global

engineering services market was

valued at about $1024 billion in 2018

and is expected to grow to $1515.66

billion at an annual growth rate of

more than 10% through 2022.

Global Economic Growth Will Drive The Engineering Services Market

The engineering services market is expected to benefit from steady economic growth in developed and

developing countries. The International Monetary Fund (IMF) predicts that the global real GDP growth

will be 3.7% over 2019 and 2020, and 3.6% from 2021 to 2023. This trend will be mainly driven by the

regions Asia and Africa. According to the report, Asia will represent 66% of the global middle-class

population by 2030. For instance, the Indian IT-BPM industry grew by 7.7% in FY 2017, with software

products and engineering services reaching US$ 25 billion. Going forward, the Asia Pacific and Middle

Eastern regions are expected to be the fastest growing markets in the engineering services, design,

animation and graphic designing industries. Developing countries such as India and China have started

attracting foreign investments to improve their infrastructure. This was mainly due to increase in internet

penetration, growth in population and increasing economic activity.

Competitive Landscape Of The Engineering Services Market

Major players in the global engineering services market include Tata Consulting Services (TCS), Infosys,

WorleyParsons, Deaton Engineering, Inc., and Aricent Group. Companies in this market have been

investing in merger and acquisition activity to strengthen and expand their businesses. In 2018, Schneider

Electric acquired Larsen & Toubro’s electrical & automation (E&A) division for $1.9 billion. This

acquisition would strengthen and innovate Schneider`s low voltage and industrial automation products

business and create an efficient and enhanced Energy Management and Industrial Automation company.

L&T Electrical & Automation offers electricity distribution and control solutions, services and products

for various sectors such as industries, utilities, buildings, residences, marine and agriculture. L&T was

established in 1946 and is headquartered in Mumbai, India.

Regulatory Landscape Of The Engineering Services Market

The Construction Design and Management Regulation also known as CDM Regulations/CDM 2015,

came into force from 6th April, 2015. These are the regulations governing the engineering service

providers with respect to construction projects of all sizes and types. This CDM regulation 2015 had

replaced Construction (Design and Management) Regulation 2007, aiming to improve the overall health,

safety and welfare of the workers and professionals involved in construction. This regulation specifies the

general requirement, states safety norms and minimum welfare facilities required at the construction sites.

45

The New Energy Consumer

Architecting for the Future

46

CI/SfB (21.9)

February 2010

Xt6

Wall Ties and

Restraint Fixings

for the Construction Industry

47

NEWS

DEWALT® Launches Corded

Brushless Grinder Line

DEWALT® launches five corded grinders

featuring efficient brushless motors that

offer durability without requiring brush

changes and provide unique user protection

features available only in DEWALT tools.

At only 5.3 lbs. and 13.4” long, the 5” Slide

Switch Small Angle Grinder (DWE43231VS)

achieves up to 13 Amps and 1800 MWO. The 5”

Slide Switch Small Angle Grinder features the

E-Clutch® System and a Kickback Brake. The

E-Clutch® System automatically shuts down the

motor when a wheel pinch in detected.

The E-Clutch® System and Kickback Brake work

together to automatically stop the tool and shut

it down whenever a pinch or stall is detected.

The grinder also comes with two removable

mesh screens that help to block debris from

entering the tool during use. Finally, the grinder

features an on/off trigger switch that has a

no-volt release function, to help prevent

accidental turn-on. In the event of a power

outage or other unexpected shut down, the

trigger switch will need to be cycled (turned off

and then on) to restart tool.

In addition to the variable speed slide switch

unit, there are other switch options available

such as the 5”/ 6” Paddle Switch Small Angle

Grinder (DWE43244N) and 5”/6” Trigger

Switch Small Angle Grinder (DWE43265N)

which both feature the Lanyard Ready

integrated lanyard connection point, E-Clutch

System, Kickback Brake, and Brake. The brake

quickly brings the wheel to a stop in one second

or less when the trigger is released while using

6” type 1 cutting wheels. At only 6 lbs. and

13.6” long, the 5”/6” Paddle Switch Small Angle

48

Grinder achieves up to 13 Amps and 1800

MWO. With a convenient paddle switch, this

grinder is ideal for metalworking applications.

Each of these tools is part of the DEWALT

PERFORM AND PROTECT line of tools

designed to provide a high level of one or more

of the following: control, dust containment or

low vibration, without sacrificing performance.

For a list of the DEWALT PERFORM AND

PROTECT drilling and grinding solutions

including those that adhere to the new OSHA

ruling on protections for workers exposed to

respirable silica dust, go to DEWALT.com.

Available where DEWALT products are sold

now, the grinders will come standard with

a three-year limited warranty, one-year free

service contract and 90-day money-back

guarantee.

49

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Novamont Starts Construction

of a Demo Plant

In October 2016, on the occasion of the

last edition of K, the no. 1 fair for the

plastics and rubber industry, Novamont

had announced the development of a

proprietary technology for the production of

hydroxymethylfurfural acid, furandicarboxylic

acid and a series of polymers for captive use.

Backing up its words with action, Novamont has now announced a 10 million-euro investment programme,

as part of the expansion and diversification of its production plant in Terni, for the construction of

a demonstration plant dedicated to a new monomer of vegetable origin derived from sugars (2.5

furandicarboxylic or FDCA).

FDCA is a platform for multiple applications and Novamont will use it as a raw material for the synthesis

of polyesters and biodegradable and compostable biomaterials. This will enable the production of fifthgeneration

MATER-BI as well as a series of products with oxygen and carbon dioxide barrier properties for

the food packaging sector.

In this way Novamont is continuing its

process of innovation in the bioeconomy

sector by way of a new proprietary

technology. Similarly, the range of

biodegradable and compostable polymers

and polymeric alloys that are to be produced,

offering high performance under actual use

conditions, are also proprietary.

The investment was made possible with

the support of Invitalia, the Italian agency

for inward investment and economic

development under the Ministry of the

Economy, which is financing the project with

subsidies of 5.8 million euros (5 million in

a subsidised loan and an unsecured loan for

the remainder).

52

Upon completion of the industrialisation

phase, scheduled for the end of 2021, the Terni

plant for the production of furandicarboxylic

acid will be another bioeconomy infrastructure

integrated in the local area and interconnected

with the group’s other sites.

The Novamont Group is world leader in the

development and production of bioplastics

and biochemicals through the integration of

chemistry, the environment and agriculture.

With more than 600 employees, it registered

a turnover of €238 million in 2018 and made

continuous investments in research and

development activities (5% of its turnover and

more than 20% of its staff); it has a portfolio

of around 1,800 patents. The group has its

headquarters in Novara, a production facility

in Terni and research laboratories in Novara,

Terni and Piana di Monte Verna (CE). The

Novamont subsidiaries are based in Bottrighe

(RO), Patrica (FR) and Porto Torres (SS).

Active in Germany, France and the United

States through commercial offices and a

representative office in Brussels (Belgium).

Novamont operates through own distributors

in more than 40 countries all over the world.

53

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Chevron Announces Fourth

Quarter 2019 Results

the year-ago period.

Chevron Corporation

(NYSE: CVX) today

reported a loss of

$6.6 billion ($(3.51)

per share - diluted) for fourth

quarter 2019, compared with

earnings of $3.7 billion ($1.95

per share - diluted) in the fourth

quarter 2018. Included in the

current quarter were previously

announced upstream impairments

and write-offs totaling $10.4

billion associated with Appalachia

shale, Kitimat LNG, Big Foot and

other projects. The company also

recognized a $1.2 billion gain on

the sale of the U.K. Central North

Sea assets in the fourth quarter.

Foreign currency effects decreased

earnings in the fourth quarter

2019 by $256 million.

Full-year 2019 earnings were $2.9

billion ($1.54 per share - diluted),

compared with $14.8 billion

($7.74 per share - diluted) in 2018.

Included in 2019 were net charges

for special items of $8.7 billion,

compared to net charges of $1.2

billion for special items in 2018.

Foreign currency effects decreased

earnings in 2019 by $304 million.

Earnings excluding special

items and FX reflect net income

(loss) excluding special items

and foreign currency effects.

For a reconciliation of earnings

excluding special items and FX,

see Attachment 5.

Sales and other operating revenues

in fourth quarter 2019 were $35

billion, compared to $40 billion in

“Cash flow from operations

remained strong in 2019, allowing

the company to deliver on all our

financial priorities,” said Michael

K. Wirth, Chevron’s chairman

of the board and chief executive

officer. “We paid $9 billion in

dividends, repurchased $4 billion

of shares, funded our capital

program and successfully captured

several inorganic investment

opportunities, all while reducing

debt by more than $7 billion.

Earlier this week, we announced

a quarterly dividend increase

of $0.10 per share, reinforcing

our commitment to growing

shareholder returns.”

“Organic capital spending held

flat at $20 billion in 2019, further

demonstrating our commitment

to capital discipline. Within this

program, we continued the rampup

of the Permian Basin in Texas

and New Mexico and progressed

our Future Growth Project

at the company’s 50 percentowned

affiliate, Tengizchevroil,

in Kazakhstan. For the first time

in the company’s history, annual

production exceeded 3 million

barrels per day of oil equivalent,”

Wirth added.

56

The company added

approximately 494 million barrels

of net oil-equivalent proved

reserves in 2019. These additions,

which are subject to final reviews,

are net of reductions associated

with the company’s decisions

to reduce funding for various

gas-related opportunities and

asset sales. The largest additions

were from the LNG Projects in

Australia and deepwater fields in

the Gulf of Mexico. The company

will provide additional details

relating to 2019 reserve additions

in its Annual Report on Form

10-K scheduled for filing with the

SEC on February 21, 2020.

Significant downstream

developments in 2019 included

the acquisition of the Pasadena

refinery in Texas, and the signing

of a conditional agreement to

acquire a network of terminals

and service stations in Australia.

Additionally, Chevron Phillips

Chemical Company LLC, the

company’s 50 percent-owned

affiliate, announced plans to

jointly develop petrochemical

projects in the U.S. Gulf Coast and

Qatar.

57

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PTT’s CAFÉ AMAZON

PHILIPPINES EYES 20 MORE

STORES IN 2020

PTT’s non-oil business, the Café Amazon plans to open

approximately 15 to 20 more stores in the Philippines next

year to boost its presence in the country.

Over the weekend, Café Amazon opened its latest stores in Bacoor,

Cavite and in J.P. Rizal in Project 4, Quezon City. Both are franchisee

owned and operated stores.

The Bacoor branch was Café Amazon’s fourth in the province of Cavite,

while the J.P. Rizal shop was its third in Quezon City and fourth in

Metro Manila.

“The reception of both the investors and the customers are

overwhelming. We are barely new in the Philippine market, yet, people

are so enthusiastic about the brand and the product itself,” said PTT

Philippines President and Chief Executive Officer Thitiroj Rergsumran.

60

Café Amazon was introduced in the Philippines in 2016 after PTT

Philippines got the master franchise from its parent company in

Thailand. It has since been expanding from the inside of a PTT station

to malls and other commercial establishments.

Its first store in the Philippines opened at PTT SCTEX and was

immediately followed by the one at PTT Dasmarinas in Cavite, and

eventually the opening of its first mall-based shop inside the SM City

North Edsa Annex Building in Quezon City.

As part of its product development and innovation, Café Amazon also

introduced its glass house stores in the Philippines particularly the

ones at PTT Apalit, PTT San Fernando 3, PTT Pansol in Laguna, and

PTT Cavite City.

A market leader in Thailand, Café Amazon was founded 17 years ago

and has become successful in Thailand and overseas because of its

continuous product development, good locations, and strong business

partners.

Its more than 2,500 stores in Thailand has even grew to additional 200

shops in other countries like Cambodia, Laos, Myanmar, Japan, Oman,

Singapore, China, and the Philippines.

Apart from the projected new stores in 2020, its line of new drinks

would also be introduced in all of its stores this December, targeting its

health-conscious customers.

61

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PETRONAS’ Breakthrough

Technology In Structure Health

Monitoring

PETRONAS announced a breakthrough invention, Advance

Diagnostic and Prognostic Technology (ADaPT), a digital

solution that predicts mechanical damage at various facilities

to prevent unplanned plant shutdown and revenue loss.

Developed by local talents, the technology is a quantum leap in structure

health monitoring and has the potential to be used at facilities beyond

the energy sector, including construction, shipping, aeronautics,

motorsports and automobiles.

ADaPT replaces manual, conventional inspections by predicting

structural and mechanical cracks through continuous online

monitoring, offering accurate prediction based on pressure, temperature

and flow patterns.

64

It detects the early signs of mechanical

damage allowing prediction of asset’s

remaining life expectancy and avoids

unplanned shutdown of plants.

ADaPT was launched by PETRONAS

Project Delivery & Technology Senior

Vice President Samsudin Miskon,

accompanied by PETRONAS Project

Delivery & Technology Head of Group

Technical Solutions (GTS) Khairol Anuar

Shukri and PETRONAS Chemicals MTBE

Sdn Bhd (PCMTBE) Chief Executive

Officer Azlimi M Lazim.

The digital solution is a collaboration

involving GTS, PCMTBE and Universiti

Teknologi PETRONAS, which began in

January 2018.

Khairol said ADaPT is the result of

PETRONAS’ innovation capability

underpinned by a passion for technological

advancement in its operational culture.

“The fruition of ADaPT, with its high

performance and accuracy, is another

testament to PETRONAS’ commitment

as a progressive energy and solutions

partner,” he said.

Meanwhile, Azlimi said with ADaPT,

PCMTBE has optimised plant efficiency

by planning around the predicted

remaining life expectancy.

“The digital solution had successfully

avoided the unplanned shutdown that

could have cost us RM30 million. It had

also increased PCMTBE’s production

by seven per cent, worth RM63 million,

from April 2019 to December 2019,” he

added.

PETRONAS welcomes partnerships to

deploy ADaPT as the application is not

limited to the energy sector.

65

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CNOOC Limited Announces its

2020 Business Strategy and

Development Plan

CNOOC Limited (the “Company”,

SEHK: 00883, NYSE: CEO, TSX:

CNU) today announced its

business strategy and development

plan for the year 2020.

The Company’s targeted net production for

2020 is 520 million to 530 million barrels of

oil equivalent (BOE), of which, production

from China and overseas accounts for

approximately 64% and 36%, respectively.

The Company’s net production for 2019 is

expected to be approximately 503 million

BOE. The Company’s net production for

2021 and 2022 are estimated to be around

555 million BOE and 590 million BOE,

respectively.

The Company’s total capital expenditure

for 2020 is budgeted at RMB85 billion to

RMB95 billion. The capital expenditures

for exploration, development, production

and others will account for approximately

20%, 58%, 20% and 2% of the total capital

expenditure, respectively.

In 2020, the Company plans to drill 227

exploration wells and collect approximately

27 thousand square kilometers

3-Dimensional (3D) seismic data.

68

In 2020, ten new projects are expected to come on stream, namely Penglai 19-3

oil field block 4 adjustment/Penglai19-9 oil field phase II, Qinhuangdao 33-1

South oil field phase I, Bozhong 19-6 gas field pilot area development project,

Luda 16-3/21-2 joint development project, Nanbao 35-2 oil filed S1 area,

Jinzhou 25-1 oil field 6/11 area, Liuhua 29-1 gas field development project and

Liuhua 16-2 oil field/20-2 oil field joint development project in offshore China,

Liza oil field phase 1 in Guyana and Buzzard oil field phase II in the UK.

Among which, Liza oil field phase 1 in Guyana has already come on stream

ahead of schedule.

Mr. Xie Weizhi, CFO of the Company, said, “The Company will continue to

maintain cost competitiveness, maintain prudent investment decision-making,

and ensure the effective implementation of the capital expenditure plan to fully

promote the Company to a new phase of high-quality development.”

Mr. Xu Keqiang, CEO and the President of the Company, said, “In 2020, the

Company will steadily increase its oil and gas reserves and production, pursue

profitable reserves and production, lay a solid foundation for high-quality

development through technology innovations and management enhancement,

and create excellent returns for our shareholders.

69

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Does Industry 4.0 need a

different kind of leader?

By Assem Salaam, Gulf Sales Director, Rockwell Automation

There are innumerable ways of being a good leader,

and as many different styles and techniques as there

are leaders – in fact, I’d argue that a good leader is

first and foremost unique. That’s because a good

leader is true to themselves, it is very hard to be good if you

do not believe in yourself and your approach.

A good leader then, will, either knowingly or otherwise, pull

upon several different management styles, but the one that

I’ve been considering closely in recent times is often referred

to as Advocacy Leadership – and I’d also add a twist which

focuses on agency...

I recently read a quote from a resource kit for culturally and

linguistically diverse communities in Australia that gave me

pause for thought:

“Advocates do not have to be leaders, but good leaders should be strong advocates.”

This clever phrase from a document about diversity resonated with me, not only as a leader of a very

diverse region with many different cultures and identities, but also as a very useful observation about

leadership.

To be an advocate is to promote a cause – and a good leader will always be able to motivate their team

with a clear vision for what they are trying to achieve together. In our case at Rockwell Automation,

we are expanding human possibility by connecting the

imaginations of people with the intelligence of machines.

Our teams are working hard with our customers and partners

to help them achieve more productivity, reduced wastage,

improved safety and stronger security. For each and every

one of our customers, this means making a more intelligent

Connected Enterprise, and we have a huge toolkit available to

help them to identify their own vision for the future, and to

help them deliver on their potential.

There’s another side to advocacy too. And that is to be

someone who speaks up for or represents a group of people.

On this side of the coin, a strong leader must be aware of their

role in supporting their team to achieve their goals. It’s at this

point that the agency twist comes into play, because once the

vision is laid out and the support is made available to every

72

member of the team, they must feel that they have the full

faith of the leaders to deliver. It’s a key difference between

being a manager and a leader; a leader will give agency to

the team member to achieve their full potential.

With the agency approach, an able leader needs to have

good personal relationships with their team. They need

to understand people’s strengths and to assign roles and

responsibilities accordingly. In an era of rapid change for

industry, this requires a certain agility.

In advocating Rockwell Automation’s approach to market,

it is important to understand that it has developed in

recent years and is continuing to do so. The traditional

role of the Industrial Automation and Information

Technology vendor is changing very quickly. The change

is being driven by industry needs and technology

development in the era of digitization. The company’s

new alignments and relationships with key partners

such as the new joint venture with Schlumberger or the

recent investment into PTC, along with longer-standing

strategic alliances such as Endress+Hauser, Cisco and Microsoft, mean that we can offer much more than

ever before. They show how Rockwell Automation is keyed in to an integrated digital-physical world of

connectivity that can help realise the most ambitious plans of our customers. In turn, this means we are

part of a conversation with more stakeholders in our clients’ operations and must work more creatively

and collaboratively than ever before.

To do so successfully requires strong advocacy leadership

so that the regional Rockwell Automation team is fully

enabled to help our customers define and achieve their

goals. But we’re not reinventing the wheel here, our

customers still want to improve productivity, reduce

costs and waste, and operate in a safe and secure way. We

need every bit of experience gathered at every level of

our team to leverage the new opportunities and we need

every member of the team to be motivated. This brings us

neatly back to the empowering effect of agency leadership

– given roles suited to us, and the support (advocacy)

and faith from our leaders to deliver (agency), we can all

achieve much more together.

I’d be interested to hear your thoughts on leadership in

the modern industrial era (industry 4.0/ fourth industrial

revolution). Do you agree with the Advocacy Leadership

style? Do you see the value or have examples of how

promoting agency can achieve results? Has your company identified its Connected Enterprise vision for

the future and assembled the partners it needs to deliver it? Contact me to continue the conversation.

About Rockwell Automation

Rockwell Automation Inc. (NYSE: ROK), is a global leader in industrial automation and digital

transformation. We connect the imaginations of people with the potential of technology to expand

what is humanly possible, making the world more productive and more sustainable. Headquartered in

Milwaukee, Wisconsin, Rockwell Automation employs approximately 23,000 problem solvers dedicated

to our customers in more than 100 countries. To learn more about how we are bringing The Connected

Enterprise to life across industrial enterprises, visit www.rockwellautomation.com.

73

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Industry

perspectives

Energy and natural resources

November 2019

kpmg.com/ae

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Cement Engineering

Postgraduate Diploma Degree

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Foreword

Nizar Jichi

Partner

Head of Energy and Natural Resources

KPMG Lower Gulf Limited

T: +971 2 401 4700

E: njichi@kpmg.com

Our second annual thought leadership report

for the Abu Dhabi International Petroleum

Exhibition & Conference (ADIPEC) 2019,

explores key trends in the energy and natural

gas (ENR) industry. Amid times of economic

change, technological advancement and

disruption, the United Arab Emirates (UAE)

government has largely managed to fulfil the

enormous potential for growth. Over the last

few decades, it has been working to create an

environment that is particularly conducive to

the success of the ENR sector.

A slew of exciting developments are transforming

oil and gas (O&G) globally. Artificial intelligence and

machine learning are driving a digital revolution.

Organizations within the industry are focusing on

extensive capital investment. However, there may be

some challenges in ensuring that the capital is

used productively.

Prices of main energy commodities continue on their

upwards trajectory, a trend that commenced in late

2016, and they are forecast to stabilize over the next ten

years. This is partly due to ongoing crude oil production

cuts implemented by the Organization of the Petroleum

Exporting Countries (OPEC). In coming years, prices

may well be impacted by the USA and China trade wars,

and Venezuela’s economic, political and social crisis.

There have been some promising advances in

accounting standards relevant to the industry.

Determining whether a transaction results in an asset

or a business acquisition has historically been a topic

of contention. The International Accounting Standards

Board (IASB) has issued amendments to provide further

guidance on the definition of a business, applicable to

those entities to be acquired in annual reporting periods

beginning as from 1 January 2020.

78

ENR organizations must remain continuously aware

of changing legislation relating to tax and foreign

ownership. There has been a welcome relaxation in

foreign investment regulation in the UAE. Formerly, the

practice in the sector was to establish a branch of the

foreign company that would be party to a concession.

With reforms to the Foreign Direct Investment law

coming into effect as of 1 January 2019, foreign

shareholders may now own up to 100% of UAE

companies incorporated outside the designated

free zones.

As per the KPMG Global CEO Outlook 2019 survey,

94% of energy company CEOs are confident in their

own business’s growth prospects over the next three

years. Tempering this optimistic outlook, 76% of CEOs

across all sectors surveyed said their company’s growth

would depend on their ability to manage the transition

to a low carbon, clean technology economy.

These findings set the scene for a discussion about

renewable energy sources. Sustainable energy

innovation faces some obstacles: high technological

risk, financial costs, and strong commercial competition

from established, low-cost products and solutions.

These hurdles may be partly mitigated by securing

the optimum mix of private and public funding, and

establishing a culture of transparent policy discussion.

In this report we also consider research that suggests

millennials may sometimes view O&G as an industry

that can occasionally be detrimental to the environment.

This could be hindering valuable talent from exploring

fulfilling careers in the sector. The O&G sector would

do well to consider modifying its employee value

proposition to match millennial values, focusing on

purpose rather than compensation alone, as well as

emphasizing the chance to work with cutting-edge

technology in what is a largely public service with fairly

high levels of corporate social responsibility (CSR).

Finally, we shine a spotlight on ethics. Companies

in the energy sector face unmatched regulatory and

public interest scrutiny from governments. Increased

digitization is creating an ever-more connected world,

leading to greater awareness of data breaches,

misconduct and other risks among stakeholders and

the wider public. Organizations must balance meeting

shareholders’ expectations for financial targets,

while holding themselves accountable for possible

environmental impact, as well as combating potential

bribery and corruption.

I hope you find the report an engaging and stimulating

read. I would be delighted to discuss the insights

with you.

79

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new kitchen will be an exciting experience.

Price volatility and its impact

on the oil and gas sector

Fluctuations in commodities’ prices continue

to affect the production of national and

international hydrocarbons, and have a

direct impact on total investment in the

region. Nizar Jichi delves into the key trends,

forecasts and reasons for the variation.

In recent years, the oil and gas industry

(O&G) has navigated unprecedented

disruption. Challenges include upstream

volatility, midstream constraints, and industry

consolidation. However, shifting customer

demands and new technologies are creating

hitherto unexplored opportunities for

O&G companies.

In 2019, prices of main energy commodities, particularly

oil and gas, continued on the path towards recovery, a

process that started in late 2016. This took place after

an overwhelming fall in prices, which as of 2016 may be

estimated to be well above 60% of the maximum levels

reached in 2012 and 2008, for oil and gas, respectively.

This has represented accumulated growth of more than

60% for oil, and 50% for gas, from 2016 to 2018.

The price of oil rose from USD/bbl 1 43 in 2016 (average

price of the West Texas intermediate (WTI), Dubai and

Brent oil basket) to USD/bbl 70 in November 2018.

In the same period, gas prices increased from USD/

MMBTU 2 3.5 (average price of the gas produced in the

USA and the EU) to USD/MMBTU 5.3 1 .

This trend is evidenced in a recent World Bank study.

It indicates that the prices of major commodities up

to 2030 are partly due to ongoing crude oil production

cuts that the Organization of the Petroleum Exporting

Countries (OPEC) and other non-OPEC countries have

been implementing from 2016. The cuts aim to foster

an upward trend in crude oil prices. This is in addition

to the constant increase in USA oil and gas production

which, in contrast to the production cuts, tends to

mitigate price upsurges and forces them down.

Trade wars and political uncertainty

In addition, two other factors might be added in light of

their recent significance in outlining future expectations

for the energy market: the USA and China’s trade war

disputing tariffs; and Venezuela’s economic, political

and social crisis. The latter adds a material level of

uncertainty in terms of production due to the recent

restrictions imposed by the USA and other countries

upon their crude oil supplies.

Other oil producing countries such as Russia have

adhered to the production cut implemented by OPEC

member countries. In January 2017, this group of

countries, which accounts for around 50% of the global

supply of crude oil, decided to reduce its production

by around 1.8 million barrels daily 2 . The purpose was

to support the price of this commodity and recover

investments made years ago.

This reduction, which in 2018 had turned towards an

increase in daily production as a result of rebounding

crude oil prices, has reverted once again as OPEC

countries and their partners cut production in 2019, in

response to the decline in oil prices.

The restrictions on crude oil supply imposed by the

OPEC producers and partners, together with the

82

increase in U.S. production and

the restrictions on the production

of some countries, continue

to contribute to the volatility in

hydrocarbon prices. However,

based on the latest projections

of the World Bank, prices are

forecast to remain stable at

around USD/bbl 70 up to 2030.

The imperative for greater

investment

In the recent World Energy

Congress, UAE Minister of State

and ADNOC CEO, Dr Sultan

Ahmad Al Jaber, said that USD 11

trillion are required of investment

for the oil and gas industry to

keep up with rising global energy

demands. “In the short-term,

global economic uncertainties

are creating market volatility and

impacting the energy demand,”

he said. “But, in the long-term

the outlook is very positive and in

fact robust 3 .”

Alternatives are being sought to

create the necessary conditions

to foster investment, thus

achieving a sustained increase in

the production of hydrocarbons.

In a somewhat unpredictable

environment for oil prices,

providing forecasts for the shortterm

seems a complex task. In

two years, the steep upward

trend, boosted by the restrictions

on production imposed by OPEC

and its partners, was reversed,

leading to some uncertainty in

the sector towards the end of

2018. This may be due to the

influence of the United States in

the international market, coupled

with the production and export

hurdles currently being faced by

some countries, like Venezuela.

Unlike crude oil, the upward trend

followed by the international price

of gas appears to be clearer.

According to the World Bank’s

estimations, the average price of

the gas produced by the United

States and the European Union is

expected to average around USD/

MMBTU 6 by 2030.

Given that the UAE possesses

nearly 10% of the world’s total

hydrocarbon reserves, oil and

gas revenue will continue to fuel

the country’s national economic

growth and social infrastructure

development in the future. In the

near-term, the ever-increasing

global demand for energy,

evolving political and regulatory

priorities, emerging technologies

and increasing cost pressures

are likely to pose challenges for

energy and natural resources

companies. Nevertheless,

despite global economic

uncertainties and market volatility

impacting energy demand, the

long-term outlook

remains positive.

Nizar Jichi

Partner

Head of Energy and Natural

Resources

KPMG Lower Gulf

T: +971 2 401 4700

E: njichi@kpmg.com

83

The effect of new accounting

requirements for business

combinations on the energy industry

Previous IFRS 3 guidance on the definition of

a business created some diversity in practice

and was a subject of concern for stakeholders.

Aiming to resolve this, the International

Accounting Standards Board (IASB) issued

additional clarification and a test for a simplified

assessment. Yusuf Hassan explains.

According to long-term forecasts, about

75% of global energy needs will be provided

by hydrocarbon fuels at least up to 2035 4 .

However, as a recent KPMG study showed,

the growth of the electric transport fleet can

significantly affect the demand for refined

products 5 . What seems like a distant prospect

today may affect a business earlier than

previously expected. Energy electrification is

gaining momentum, and companies around the

world are seeking low-carbon energy sources.

This trend suggests the need to include nontraditional

fuel development functions in the

asset portfolio; for example, infrastructure for

recharging electric vehicles.

Trends in the oil and gas (O&G) industry in 2019 include

increased diversification to manage uncertainty about the

future of hydrocarbon fuels and increased tension around

trade negotiations globally. Such diversification boils

down primarily to major takeover deals by leading O&G

corporations, such as BP and TOTAL, which are known

for their electro-vehicles (EV) charging infrastructure

projects. However, smaller takeover transactions can

also strengthen existing capacities and build up new

ones, such as low-carbon energy. Additionally, creating

partnerships and alliances can be an attractive way to

acquire new competencies and technologies or enter

new markets without significant costs.

Defining a business

When considering such transactions, O&G companies

must carefully determine whether they represent the

acquisition of a business or the purchase of assets,

as required by IFRS 3 Business combinations (IFRS

3). Understanding the difference between these two

transaction types is important to understanding the

accounting principles underlying each type of transaction.

Business combinations are accounted for by applying

the acquisition method (also giving rise to goodwill).

However, when accounting for acquisitions of assets, the

acquirer allocates the transaction price to the individual

identifiable assets acquired, and liabilities assumed,

on the basis of their relative fair values. No goodwill is

recognized.

Determining whether a transaction results in an asset or

a business acquisition has long been a challenging but

important area of judgment.

IFRS 3 originally defined a business as input and

processes applied to that input that have the ability to

create output. According to the post-implementation

review (PIR) of IFRS 3, this definition was the subject

of numerous concerns raised by stakeholders about

84

interpreting and applying it. The

International Accounting Standards

Board (IASB), therefore, provided

further guidance on the definition of

a business 6 , applicable to businesses

acquired in annual reporting periods

beginning on or after 1 January 2020.

Concentrating on fair value

Previously in IFRS 3, there was little

or no guidance to identify situations

where an acquired set of activities

and assets is not a business. Aiming

to simplify such assessment, the

International Accounting Standards

Board (IASB) introduced the

amendments, including an election

to use a concentration test. This is a

simplified assessment that results in

an asset acquisition, if substantially

all of the fair value of the gross

assets is concentrated in a single

identifiable asset or a group of similar

identifiable assets.

Entities may elect whether or not

to apply the concentration test on a

transaction-by-transaction basis.

It is perhaps worth mentioning that

it is still mandatory to perform a

detailed assessment applying the

normal requirements of IFRS 3. This

happens when an entity elects not to

apply the test or the test is not met.

Assessing substantive processes

If a preparer chooses not to apply

the concentration test, or the test is

failed, then the assessment focuses

on the existence of a substantive

process. The amendments provide

further guidance to assess whether

an acquired process is substantive,

with illustrative examples.

IASB outlined that the presence of an

organized workforce is an indicator of

a substantive process, because the

‘intellectual capacity’ of an organized

workforce, having the necessary

skills and experience following rules

and conventions, may provide the

necessary processes (even if they

are not documented).

The steps for this assessment are

outlined below:

Yusuf Hassan

Partner

Head of Accounting

Advisory Services

KPMG Lower Gulf

T: +971 4 424 8912

E: yusufhassan@kpmg.com

Assess

inputs

Input required?

Yes

Process applied

to inputs?

Yes

No

No

Outputs at the

acquisition dates?

Is the process

substantive?

No

Apply para, B12C

Workforce with skills to perform process that is

critical to continue producing outputs

Process is unique/scarce or cannot be easily

replaced?

Yes

No

Yes

Yes

Apply para, B12B

Workforce with skills to perform process

that is critical to develop/convert other

acquired inputs into outputs?

Yes

No

No

Conclusion

Business combination

Input and process together significantly contribute

to ability to create output?

Yes

No

Asset acquisition

The changes mean that the new definition of a business is narrower,

which could result in fewer business combinations being recognized. The

amendments may require organizations within the O&G sector to carry

out complex assessments to decide whether a transaction is a business

combination or an asset acquisition 7 .

9

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The need to keep abreast

of sweeping tax reforms

Organizations in the ENR sector must remain aware of

developments in applicable tax laws, affected by

factors including globalization, technological innovation,

and geopolitical, regulatory and economic change.

Stuart Cioccarelli discusses the main themes

relevant to the industry.

For a region that has historically been perceived

to be largely free of taxes, there has been a

radical shift in the local tax landscape in

recent years.

Globally, tax initiatives are being implemented to

accommodate requests from the Organization for

Economic Co-operation and Development (OECD), under

the Base Erosion and Profit Shifting (BEPS) project, which

aims to combat tax avoidance. Transfer pricing changes

in the region call for compliance with country-by-country

reporting requirements. There is an increased need

for transparent exchange of information by regulators

and tax authorities as economies acknowledge the

interdependence on other countries, within the region

as well as globally. This is underscored by a widening tax

treaty network and bilateral trade agreements.

Regional introduction of new taxes

In an effort to diversify revenues from the oil and

gas (O&G) sector in the region, the GCC states have

committed to framework agreements to implement

value added tax (VAT) and excise tax. Four GCC states

have already introduced these (Oman currently only

having implemented excise tax), with the remaining two

expected to do so by late 2020 or 2021.

The ENR sector has predominantly been the driving

force of the UAE economy, with the majority of reserves

located in Abu Dhabi. There has been increased business

activity in this emirate in 2018 and 2019, with up to

40% interests being granted to international oil and gas

companies in both onshore and offshore concessions.

In addition to fiscal reforms, there have been further

changes to commercial company law, which now permits

up to 100% foreign ownership, as well as dual licensing

in some free trade zones.

Investment structure

One of the major reforms to the UAE market has been

the relaxation of foreign investment regulations. The new

rules will allow foreign investors to establish UAE (rather

than offshore) corporate hubs for ring-fencing countryspecific

ENR activities.

To ensure 100% control, the previously prevalent practice

in the ENR sector has been to establish a local branch

of the foreign company that would be party to the

concession.

With changes to the Foreign Direct Investment (FDI) law

effective from 1 January 2019, foreign shareholders may

now own up to 100% of UAE companies incorporated

outside free zones (“Onshore”). Permitted foreign

ownership is determined on the basis of a “Negative

list” (where the relaxation of the 51% UAE national

shareholding requirement will not apply) and “Positive

list” (more than 49% of foreign ownership will be

permitted). In addition, most Free Trade Zones (FTZs) are

now granting dual licenses that permit FTZ-registered

businesses to carry out operations on the mainland.

The Abu Dhabi Global Market (ADGM) FTZ recently

announced a collaboration with the Supreme Petroleum

Council (SPC). Foreign concession holders will now be

permitted to establish ADGM registered entities. These

may obtain a license to provide onshore and offshore

oil field and facilities services (subject to receiving

necessary approvals).

Fiscal regime applicability to the ENR sector

Taxation of the ENR sector in the UAE was originally

established through Emiri decrees (modeled after the

88

Abu Dhabi Income Tax Decree

of 1971). However, unlike other

jurisdictions, the UAE fiscal

regime is unique: over time, each

concession is issued a specific Fiscal

Letter that governs the taxation

of foreign concession holders and

petrochemical companies.

In Abu Dhabi, the Fiscal Letter and

accompanying procedures supersede

the Abu Dhabi Income Tax Decree.

The terms of the Fiscal Letter vary

depending upon whether the subject

is a petrochemical company, or

whether it is an onshore or offshore

concession. For petrochemical

companies, tax is imposed on the

profits of the entity. For foreign

concession holders, tax is imposed

on the share of profits allocated to

the oil lifted.

The Fiscal Letters are broadly aligned,

that is, the income is subject to

corporate income tax and royalties.

However the computation of tax and

applicable rates can vary depending

on the Fiscal Letter. In Abu Dhabi,

the Fiscal Letter is determined by the

SPC and agreed with the respective

concession holder on a confidential

basis. The tax rates are agreed

upon on a case-by-case basis by the

concession holders and the SPC.

The SPC formulates and overseas

the implementation of Abu Dhabi

Petroleum Policies. It is responsible

for administering, assessing

and collecting corporate tax for

foreign upstream companies and

petrochemical companies in Abu

Dhabi. Each concession holder is

responsible for calculating, reporting

and payment of its taxes pertaining

to its participating interest in the

concession as per the Fiscal Letter,

and to make a payment of corporate

income tax and royalty to the SPC.

The compliance process is performed

over a two year cycle. The first year

requires payments of estimated

taxes on a monthly and quarterly

basis and a true up calculation is

performed in the second year based

on actual data. A tax audit is also

conducted by the SPC in the second

year by its appointed auditor.

The lasting impact of VAT

The Federal Tax Authority (FTA), a

government entity, was established

in 2016 and is responsible for

administering, collecting and

enforcing country-wide taxes in

the UAE. Currently the only federal

taxes under its jurisdiction are excise

tax (from 1 October 2017) and VAT,

implemented with effect from 1

January 2018.

There are no special VAT regimes

or exemptions for businesses

operating in the O&G industry. VAT

is applicable on most supplies of

goods and services at the standard

rate of 5%, unless there is a specific

provision for applying the zero rate or

exemption.

Sales of crude oil and natural gas are

specifically zero rated, whether as a

domestic supply or as an export. As

a result, most concession holders

will be obliged to register for VAT

to report the sales of oil and gas. A

credit for VAT incurred on expenditure

will thus be permitted.

There is a particular provision for

local sales of specified hydrocarbons

to customers who are wholesalers

or will use them to produce energy.

The supply is deemed outside

the scope of VAT but subject to a

domestic reverse charge on the part

of the purchaser, provided certain

conditions are satisfied. This may

represent an important cashflow

advantage as neither party has to

fund the VAT upfront, but reports it

using VAT accounting entries.

VAT registered entities must comply

with UAE VAT legislation, file periodic

returns, and pay any associated VAT

liability within specific time limits.

A harsh administrative penalty is

applicable for non-compliance.

Entities in a refund position,

where the VAT credits exceed

the VAT liability, are entitled to a

repayment. Historically, the FTA has

seemingly been comparatively slow

in processing these refunds, but

recently there has been a noticeable

increase in VAT credits received.

The regulatory landscape for

investment, and consequently

the tax environment, in the O&G

industry is complex. It involves

acquiescence with the law at both

emirate and federal level, while

concurrently aligning with global tax

directives. Compliance depends upon

thorough, complete understanding

of obligations under the specific

fiscal regime, as well as under

complementary federal

taxation laws.

Stuart Cioccarelli

Partner and UAE Head of Tax

KPMG Lower Gulf

T: +971 2 401 4881

E: scioccarelli@kpmg.com

89

Adoption of renewable energy

sources in response to

climate change

Sustainable energy innovation is of critical importance in

achieving the global climate targets. Vivek Agarwal explores

how technological solutions and a canny funding strategy can

help make adopting renewable energy sources more feasible.

In 2017, human-induced global warming hit

approximately 1°C above pre-industrial levels 8 .

The Paris Agreement on Climate Change in

2015 achieved quasi-global consensus on the

necessity for governments, industry players,

and society as a whole, to limit global warming

to below a 2°C increase 9 . This will not happen

without a fast transition toward adopting

low-carbon technologies to slow the pace of

climate change. Innovation must play a key

role in the development of sustainable clean

energy technologies as part of the endeavor to

find viable substitutes for the carbon-emitting

technologies that have become embedded in

our everyday lives.

Unlike solar and wind power, many other clean energy

technologies are generally not yet mature nor sufficiently

cost-competitive enough to be deployed on a commercial

scale. The geographical, political and social disparities

and availability of resources around the globe will likely

require a broad range of different sustainable energy

technologies to be developed.

The UAE’s commitment to sustainability

The UAE is striving to move towards a more sustainable

future. The UAE Energy Strategy 2050 aims to double

the contribution of clean and nuclear energy in the total

energy mix and reduce the power-generation carbon

footprint by 70% of its current level. By the end of 2019,

the government is aiming to make 10% of all citizens’

homes in Dubai energy self-sufficient, with free solar

power, as the UAE works to implement its energy

goals. The homes will then be connected to the Dubai

Electricity and Water Authority (DEWA) grid.

The construction of the fourth phase of the Mohammad

Bin Rashid Al Maktoum Solar Park has advanced further

with the completion of 128 pillars of the project’s solar

tower. It is the largest single-site solar energy project in

the world, with a planned total production capacity of 5

gigawatts by 2030 10 .

The UAE is also looking at nuclear power and waste to

diversify away from oil and gas 1 . Five waste-to-energy

projects are underway across the UAE, for instance

the Sharjah Waste to Energy Facility. The 30 megawatt

project, a joint venture between sustainability pioneer

Bee’ah, and Masdar, will process more than 37.5 tonnes

of municipal solid waste per hour to generate electricity

sustainably. It is expected to divert more than 300,000

tonnes of municipal waste away from landfills

every year 11 .

The role of technology in sustainable energy

The research and development (R&D) process for clean

and sustainable energy technologies is characterized

by high-potential technological risk. The risk is not only

high in the early development stage but remains so

until after a product reaches commercialization. For

example, wind turbine technology, even though it is now

a commercially competitive solution, requires ongoing

R&D and improvement, in order to both achieve optimal

production and installation cost efficiencies, and to

increase the wind yield. This is particularly relevant in

an era when tariff support for renewables is decreasing

rapidly, thus requiring ever greater efficiencies from

90

existing technology solutions. Also,

the costs to validate prototypes and

demonstration models are much

higher than for pure digital/software

innovations. Currently much longer

periods are required to validate deeptech

sustainable energy products.

Barriers to sustainable energy

innovation

The nature of sustainable energy

innovation — namely, the high

technological risk, the financial

cost and the strong commercial

competition from established, lowcost

(but potentially high-emitting)

products and solutions — represents

the key systemic hurdles for the fasttrack

development of

new innovations.

Sustainable energy innovation can be

a highly expensive endeavor. To help

meet all the financing requirements,

both private and public investments

are needed. The reality is that

innovators of early-stage sustainable

energy solutions find that there is

usually a significant financing gap

and public and private funding are

typically not well aligned to meet

this need for various reasons. Public

sector investors can find it difficult

to identify the right innovators and

determine the most appropriate

projects in which to invest. They

often need to comply with strict

internal investment rules and return

expectations. Furthermore, the public

sector can lack the commercial,

financial and entrepreneurial skills to

assess investment opportunity, and

there may be a paucity of personal

accountability for investment

success.

Favorable energy regulations, funding

policies and institutions to foster

innovation are also vital in creating

a fertile environment for sustainable

energy innovation. Stable policies,

independent of political cycles, play a

major role in providing the necessary

certainty for innovators and private

investors. An ongoing absence of a

common consensus on the future

design of the energy landscape

between national governments

is leading to the phenomenon

that most sustainable energy

R&D is still performed on a local

level with too little cross-country

knowledge exchange and the loss of

collaborative synergy potential.

Possible solutions

Aligning public and private

investment is key to securing the

required funding, especially at critical

stages of technology development.

One potential approach could involve

creating financial mechanisms that

attract and blend both private and

public money. These public-private

co-investment mechanisms are

designed to reflect the risk profiles

of the different parties involved.

This could be combined with

structured funds which use portfolio

approaches, providing returns on the

overall performance of all invested

projects. Investors are thus not

dependent on the performance of

individual projects. Such frameworks

can help provide a secure and stable

framework for innovators and can be

complemented with technological

and financial assistance. This

approach has been used effectively

to push the climate change agenda

in the developing world; examples

include the Danish Climate

Investment Fund and the Global

Climate Partnership Fund. There is

no reason it could not be used in a

similar fashion for sustainable energy

innovation.

One of the main challenges for

private and public investors is to

find the right projects to fund.

For industry players, investing in

innovative start-ups is a way to

outsource the innovation process

until ideas are demonstrated and

tested enough to be incorporated

into their core business. Other sector

players, such as car manufacturers,

may choose to keep most of the

innovation process in-house. They

often own large R&D centers to test

and develop new solutions.

The investment process of utilities

and oil and gas companies into

innovative start-ups can be a winwin

process for both the investors

and the start-ups. The due diligence

approach must therefore take into

account the insecurities and scaling

Vivek Agarwal

Director, Audit

KPMG Lower Gulf

T: +971 2 401 4816

E: vivekagarwal@kpmg.com

91

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potential of business cases of early-stage companies.

Considering the restricted resources of these early-stage

companies, a due diligence process should not obstruct

the day-to-day business of start-ups. The findings of legal,

tax and financial due diligence can produce valuable

insights for the start-up entrepreneurs, who may use

them to improve their organizational structures, reporting

and operations.

There are many different ways to support innovation

start-ups other than just the provision of funding. For

example:

– development of business strategy and shaping a

comprehensive business plan for innovators

– identifying strategic business partners, particularly

larger industrial concerns to test prototype and

demonstration models

– helping innovators through the maze of intellectual

property protection

– setting up the right organizational structures and

processes right from the start so that the start-up

can function like a proper business with appropriate

corporate governance.

Next steps

Sustainable energy innovation is of critical importance

to achieve the global climate targets; more sustainable

energy technologies need to be developed and

commercialized faster. Breakthrough energy technologies

with broad applicability and affordability are needed to

substitute incumbent solutions and lifestyles. In order to

tackle systemic hurdles in the energy innovation process,

it is critical to foster a culture of policy discussion and

to increase the involvement of both private and public

stakeholders in the energy innovation ecosystem.

94

Sustainable energy innovation is of critical

importance to achieve the global climate

targets; more sustainable energy

technologies need to be developed

and commercialized faster

95

Fostering passion for an

oil and gas career among

millennials

Millennials may harbor some misconceptions

about the industry. Peter Haugaard elaborates

on how to alter their views and introduce them

to a sector with promising career opportunities.

Research indicates that more recent

generations may view oil and gas (O&G) as an

industry in decline rather than an innovative

sector in which to build a future—this may

be more detrimental to the environment and

society than beneficent. These misconceptions

could be keeping some millennial talent

from exploring careers in O&G. When you

ask millennials to identify their preferred

career path, they often name employers in

technology, public service, and corporate social

responsibility. Oil and gas does not always

make their list because they do not think it

matches their values.

Millennial values differ

Generally, millennials prize purpose and meaning in their

careers. For instance, they often prefer to join and stay

with companies that clearly articulate their principles,

according to Gallup research. It also indicates that

millennials seek career mobility, with 87% saying that

professional development or career growth opportunities

are very important to them. The Gallup findings also

suggest they are willing to change companies to gain that

experience 12 .

Yet at the same time, millennials also tend to seek more

of a work-life balance than previous generations, and

their careers are not necessarily the most important part

of their lives. When they are at the office, they typically

prefer collaborative effort to solitary work, and value

inclusion and diversity.

Finally—and a key point for oil and gas companies to

remember—this generation grew up with ubiquitous

technology, and they want their employers’ enterprise

technology to be up to date and on par with what they

use in their personal lives. A remarkable 93% say that

a business having the latest technology is an important

value proposition when choosing a workplace, and

42% of them say they would leave if the technological

infrastructure was substandard 13 .

Focus on learning and innovation

Millennials are frequently looking for employers who

will expose them to Industry 4.0 (i4.0), but they may

not realize that their opportunity to work with new

technologies does not have to be at a traditionally defined

“technology” firm.

The i4.0 technologies that O&G companies have

implemented over the last decade, under economic and

regulatory pressure to continually make operations safer

and more efficient, are in line with what many millennials

want exposure to. Examples include automated

production, remote asset monitoring through Internet

of Things sensors, and data analytics to crunch vast

amounts of valuable information.

ExxonMobil and the Massachusetts Institute of

Technology’s effort to leverage artificial intelligence to

detect natural seep in deep ocean waters is the kind of

project millennials can get excited about 14 . Meanwhile,

BP’s upstream chief operating officer for production,

transformation and carbon recently said that millennial

employees are demanding the company’s teams work

in a more agile way to complement the increasing

deployment of these digital tools 15 .

96

Forty-six percent of millennials

intending to stay at their current

organizations for at least another

five years say they receive help

understanding and preparing for i4.0.

Yet among those intending to leave

within two years, that figure dropped

to 28%.

Vaulting ambition

Some employers may tend to labour

under the misapprehension that

millennials have no loyalty. Yet, while

they are more willing to move for the

right opportunity, their job tenure is

no shorter than that of Generation X.

Research suggests that millennials

set themselves similar career goals

as those of prior generations. They

nurture a desire to make a positive

impact on their organizations, like

baby boomers. They would also

like to work with diverse groups

of people, like Gen X. Part of the

misconception may be driven by

a slower progression through the

various life stages than previous

generations, according to Nielsen 16 .

For a number of millennials, growing

up during the financial crisis delayed

reaching the personal economic

security they needed in order to

move out of their parents’ houses

and start families. This makes it

important to view millennials as

individuals, rather than a monolithic

group, while at the same time

acknowledging their needs and

values for the life stage they are in.

Attracting talent

The O&G sector would do well

to consider tailoring its employee

value proposition to match millennial

values. High compensation alone

may not attract this cohort, identified

as one of the most charitable

generations in history. The millennial

focus on altruism offers organizations

a unique opportunity to refocus their

employer brand so it articulates a

social mission that differentiates

themselves from competitors 17 .

Some O&G organizations may need

to redefine their core competencies,

which in turn can update and create

new career paths. By redesigning

and communicating new careerprogression

opportunities, companies

can reinforce their commitment

to the current workforce to better

engage and retain talent, while

attracting employees with the skills

needed in the future.

New technology—automation in

particular—creates opportunities

to attract innovation- and careerfocused

employees as organizations

shift their employee base toward

higher-value work like strategy and

analytics, and away from repetitive,

manual tasks. Not only does this

allow O&G organizations to remain

relevant in the marketplace, but the

availability of more strategic and

advisory roles can lead to higher job

satisfaction and improved retention.

Finally, to create a pipeline of fresh

talent, O&G companies may do well

to consider developing relationships

with local universities, offering

internship programs and externship

programs as well as sponsoring

events like ‘hackathons’ and

design sprints.

Industry leaders can help combat

misperceptions by sharing stories

from current employees that

demonstrate a positive experience.

In particular, potential employers may

choose to highlight that O&G offers

some of the most innovative and

rewarding career opportunities of any

international industry.

Peter Haugaard

Head of People,

Performance and Culture

KPMG Lower Gulf

T: +971 4 356 9560

E: phaugaard@kpmg.com

97

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Building robust ethics

and compliance frameworks

a key priority

Ethics and compliance programs in the energy

industry are generally more mature than in

other sectors. However, the results of the KPMG

2019 Chief Compliance Officer (CCO) Survey

demonstrated that certain areas still need

development, explains Sudhir Arvind.

Heightened public, investor and board attention

to ethics-related issues—many of which made

major headlines in recent years—is driving

an increased focus on compliance programs

across all industries.

The pressure is compounded on chief ethics and

compliance officers (CCOs) in the energy industry

where companies face unparalleled regulatory and

public interest scrutiny from governments and citizens

around the world. There is a particular emphasis on

environmental impact and the potential for bribery and

corruption at international operations. This constant

examination by a broad range of stakeholders, combined

with shareholders’ expectations for strong financial

results, can sometimes place energy companies in the

unenviable position of juggling competing demands.

Meanwhile, rapid technological advances and expanding

digitization are accelerating the convergence of business

models and markets, leading to greater awareness of

data breaches, potentially questionable sales practices,

organizational misconduct and other possible

high-profile risks.

The introspective CCO

In January 2019, KPMG surveyed 220 CCOs

representative of the largest organizations across

multiple industries 18 . Of those, approximately 13%

operated in the energy and natural resources industry.

Although the research was conducted in the US, as the

oil and gas (O&G) sector is highly multicultural, main

themes and behavior may be extrapolated to apply to

organizations across the world.

Findings from the survey indicated that ‘investigations’

is the number-one ethics and compliance activity that

energy-sector CCOs plan to enhance in 2019. Many O&G

companies receive complaints into a centralized team.

However a greater proportion of CCOs from the energy

sector, compared with those from other industries,

stated they do not conduct, document, or adequately

address root-cause analysis of operational issues.

Recognizing the need for improvement, 61% of energy

CCOs surveyed said they will focus on developing

investigations capabilities in the coming year. The effort

requires some urgency as regulators are stepping up

their focus on root-cause analysis and remediation as part

of assessing corporate compliance programs.

Establishing protective frameworks

More energy CCOs expect to enhance their due diligence

efforts in 2019 than the cross-industry average. O&G

companies with a global footprint rely on a host of

intermediaries, opening the door to greater third-party

corruption risk. Unfortunately, the energy sector is

sometimes found to be below average in seeking to

integrate due-diligence processes and use a central

system for third-party risk management.

A devolved model for third-party risk management allows

for flexibility across geographically and operationally

diverse businesses. However it can lack central oversight

to ensure consistency and quality of risk management,

risks duplication, and likely creates increased costs that

could be avoided.

100

On the other hand, a far greater proportion of energy CCOs are

focused on improving anti-bribery and corruption (ABC) compliance

programs than CCOs in any other sector. As global O&G

companies explore new regions and expand operations across

borders, they are challenged by a complex and dynamic framework

of governments, regulations and local partnerships other sectors

do not often face. For those operating in high-risk areas, the global

regulatory focus on bribery and corruption issues is an incessant

drum beat.

Concerns have been amplified in recent years by growing financial

penalties and reputational risks. Despite many energy companies

investing in improving their ABC programs, almost half of energy

CCOs in the survey said they plan to refine those programs

further.

Meanwhile, companies across the board are increasingly

recognizing the need for real-time detection. As data access and

analytics capabilities advance, many are looking to automate

monitoring activities, such as analyzing third-party spend.

In fact, energy companies have diverged from other industries

with respect to enhancing monitoring and testing overall. Only

46% of energy respondents are planning to enhance such

activities, compared with 65% from all sectors.

Spotlight on ethics and culture

More than two-thirds of energy CCOs surveyed put refining ethics

programs at the top of their list as part of their regulatory and

compliance obligations. The #MeToo movement, the power of

social media, and public access to real-time data and information,

are just some issues pushing CCOs to institute an ethical

culture at their companies. Societal pressure on corporations to

act ethically spurs them to make an effort to go beyond mere

regulatory compliance. As the survey suggests, the potential

business impact of ethical misconduct, and increasing board

and C-suite belief in the importance of culture, are key drivers

behind the corporate world’s growing interest in developing ethics

programs.

Nearly a third of energy CCOs seek to better incorporate culture

into their compliance efforts. In fact, as per the survey, they

consider culture a top-five area for improvement, according it a

higher rank than their peers in other industries. They are also more

focused on integrating processes, activities and controls that drive

an ethical and compliant culture than CCOs from other sectors.

This is no surprise given the attention that culture is receiving

from boards and other societal stakeholders in the O&G and wider

energy sector.

Sudhir Arvind

Partner

Risk consulting

KPMG Lower Gulf

T: +971 2 401 4833

E: sarvind@kpmg.com

101

Findings from the Global

CEO Outlook 2019

The fifth annual Global CEO Outlook, KPMG’s

flagship thought-leadership program, contains

timely insights into the challenges and

opportunities for CEOs of the largest

corporations from around the world.

Unlike other CEO surveys, KPMG’s report is

forward-looking and focuses primarily on the

outlook of CEOs for the next three years. With

our research partner, Forbes, we surveyed

nearly 1,300 CEOs in 11 of the world’s largest

economies and 11 key industry sectors

(automotive, banking, insurance, investment

management, infrastructure, life sciences,

technology, telecom, manufacturing, retail/

consumer markets, and energy/utilities). The

ten core markets are: Australia, China, France,

Germany, India, Italy, Japan, the Netherlands,

Spain, UK and US.

What did CEOs tell us this year?

Two-thirds of all chief executives surveyed believe that

agility is the new currency of business. If they fail to

adapt to a constantly changing world, their business will

become irrelevant.

The environmental, economic and technological

headwinds we have seen emerge in recent years are no

longer perceived as short-term. While CEOs continue to

see exciting growth opportunities, they are set against a

complex, volatile and increasingly uncertain environment.

To be resilient, organizations need to be comfortable

disrupting their business models if they want to continue

to grow.

Focus on energy

Three-quarters of CEOs across all sectors cited

climate change as a top risk to their organization’s

growth. “Climate change has evolved beyond just an

environmental issue to a pressing financial one as CEOs

are feeling investor and stakeholder pressure to move

the world away from a sole reliance on fossil fuels,” said

Regina Mayor, Global and U.S. Sector Leader for Energy

and Natural Resources at KPMG. “As we continue to

consume energy at a record pace, organizations are

thinking about ways to incorporate a mix of energy

sources, made up of both fossil fuels and renewables.”

Of the 1,300 CEOs surveyed in the 2019 CEO Outlook,

130 were from top global energy companies.

More than 80% of energy CEOs say that they’re

personally leading the technology strategy for their

organizations, and 79% are placing more capital

investment in buying new technologies to improve their

organization’s resiliency.

According to the report, while 94% of energy CEOs

are confident in their business’ growth prospects, only

65% feel the same way about the global economy. To

pursue growth objectives over the next three years, 66%

of executives plan to increase investment in disruption

detection and innovation processes. Other strategies

include setting up accelerator programs for start-up firms,

joining industry consortia focused on development of

innovative technologies, and pursuing

corporate venturing.

102

2019 KPMG Global CEO Outlook: Energy

CEOs name climate change as the

#1 risk to organizational growth

Dynamic risk landscape

Societal concerns over climate change

mean that stakeholders—from

customers to regulators—are putting

increasing pressure on organizations

and their leaders to respond.

Conflicting global outlook

Energy CEOs are confident in the

underlying fundamentals and growth

prospects of their businesses, but this

confidence is not matched by their

views on the global economic outlook.

76 % 65 % 66 %

of all CEOs surveyed say their

organization’s growth will depend on

their ability to navigate the shift to a

low carbon, clean technology economy.

of energy CEOs are confident in their

own business's growth prospects

over the next 3 years. However, only

94 % 103

Top threats to growth:

Environmental and

climate change

Return to territorialism

Disruptive

technology

feel the same way about

the global economy.

Leading in uncertain times

To build a resilient enterprise that capitalizes on disruption, energy CEOs are

pressuring their organizations to change and adapt continually.

60 %

say that acting with agility

is the new currency of

business and being too

slow risks bankruptcy.

plan to increase investment

in disruption detection and

innovation processes.

Changing from within

Energy CEOs are embracing a new way of thinking about talent,

workforce strategy, and the need for upskilling.

are personally

leading the

technology strategy

for their organization.

are making more capital

investment in new

technologies to improve

their organization’s

resiliency.

80 % 79 % 85 %

plan to upskill

employees to new

digital capabilities to

develop a more

effective workforce.

© 2019 KPMG International Cooperative ("KPMG International"), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with

KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other

member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. NDPPS 886506

EN471 Flex

LOMBARDIA

COLLECTION

kasota cream kasota gold kasota rose kasota weathered grey

Source material

Price volatility and its impact on the oil and gas sector

Based on information from: Oil & Gas Industry: 2019 Trends.

Diego Calvetti, KPMG Argentina.

https://assets.kpmg/content/dam/kpmg/ar/pdf/pg-industria-del-pgtendencias-para-2019-eng.pdf

This report relied upon the following

sources:

World Bank Commodity Price Data –Pink Sheets– and World Bank

Commodities Price Forecast

– MINEM 2018

– COMTRADE statistics

– “World Bank Commodities Price Forecast”, World Bank, October

2017.

– World Bank - “Commodity Markets Outlook. The changing of the

guard: Shifts in commodity demand”. World Bank, October 2018.

– World Bank - “World Bank Commodities Price Forecast”. World Bank,

October 2017.

– HUB Energía – “Unconventional Oil & Gas in Argentina. Annual

Report 2017”. HUB Energía, 2017.

– KPMG - “Industria del P&G: Cuatro temas relevantes para 2018”

(“Four relevant issues in the oil and gas industry for 2018”), KPMG in

Argentina, 2018.

– KPMG - “Industria del P&G: Cuatro temas relevantes para 2017”

(“Four relevant issues in the oil and gas industry for 2017”), KPMG in

Argentina, 2016.

– KPMG – “Petróleo y Gas - Balance de la década, perspectivas y

desafíos del sector en la Argentina (2005- 2015)” “(“Balance for the

decade, prospects and challenges for the Argentine O&G sector.

2005-2015”), KPMG in Argentina, 2015.

– MINECO - “Argentina Energy Plan. Guidelines”. Office of Energy

Planning. Office of Energy Governance, Ministry of Economy, 2018.

– MINEM – “Escenarios Energéticos 2030” (“Energy Scenarios

for 2030”), Energy Scenarios and Project Assessment Division,

Department of Energy Scenarios and Project Assessment, Office of

Energy Planning, MINEM, 2017.

Adoption of renewable energy sources in response to

climate change

Sourced from New drivers of the renewable energy transition, Part

3: The critical importance of supporting and accelerating sustainable

energy innovation. Mike Hayes, KPMG in Ireland, and Thekla von

Bülow, KPMG in Germany https://assets.kpmg/content/dam/kpmg/xx/

pdf/2018/10/new-drivers-of-the-renewable-energy-transtion-part3.pdf

Fostering passion for an oil and gas career among millennials

Sourced from Millennial values: Building passion for an oil and gas

career in the next generation. Matt Campbell and Crystal Thompson.

https://home.kpmg/us/en/home/insights/2019/05/millennial-valuesbuilding-passion-for-an-oil-and-gas-career.html

Building robust ethics and compliance frameworks a key priority

Sourced from Drilling Down: Enhancing ethics and compliance. Brent

McDaniel and Trevor Canova, KPMG US. https://home.kpmg/us/en/

home/insights/2019/08/drilling-down-enhancing-ethics-and-compliance.

html

References

i USD/barrel

ii Million British thermal units

1 “Argentina Energy Plan. Guidelines”. Office of Energy Planning Office

of Energy Governance, 2018.

2 https://www.aa.com.tr/en/energy/international-organization/analysisopec-losing-control-share-in-global-oil-market/27117

3 https://gulfnews.com/business/11-trillion-in-investment-needed-for-oiland-gas-industry-1.66310511)

4 https://www.oecd.org/greengrowth/greening-energy/49157219.pdf

5 Fueling the future. Preparing the downstream oil and gas industry

for the mobility revolution, 2018. https://home.kpmg/us/en/home/

insights/2018/01/fueling-the-future.html

6 https://www.ifrs.org/news-and-events/2018/10/iasb-amends-definitionof-business-in-ifrs-standard-on-business-combinations/

7 https://home.kpmg/xx/en/home/insights/2016/06/definition-business-

merger-acquisition-accounting-proposed-amendments-slideshare-ifrs3-

ifrs11-290616.html

8 https://www.ipcc.ch/sr15/chapter/chapter-1/

9 Intergovernmental Panel on Climate Change (IPCC), 2018, Global

Warming of 1.5 °C, http://www.ipcc.ch/report/sr15/

10 https://www.dewa.gov.ae/en/about-us/media-publications/latestnews/2019/03/mohammed-bin-rashid-al-maktoum-solar-park

11 https://gulfnews.com/uae/environment/bright-outlook-for-uaerenewable-energy-sector-1.1551779126693

12 https://www.gallup.com/workplace/236477/millennials-work-life.aspx

13 https://www.forbes.com/sites/forbestechcouncil/2018/06/28/

meeting-millennial-expectations-in-these-four-areas-oftechnology/#672a288d4ffc

14 https://insights.globalspec.com/article/7831/exxonmobil-and-mitspearheading-ai-ocean-exploration

15 https://www.forbes.com/sites/markvenables/2019/01/31/change-ofculture-reaps-rewards-for-bps-digital-transformation/#cab9bf16199c

16 https://www.asiconferences.com/wp-content/uploads/2016/11/

Millennial-Life-Stages-Report-April-2016.pdf

17 https://advisory.kpmg.us/content/dam/advisory/en/pdfs/purposedriven-work.pdf

18 https://assets.kpmg/content/dam/kpmg/bm/pdf/2019/05/2019-ccosurvey.pdf

106

About KPMG Lower Gulf

KPMG Lower Gulf Limited provides audit,

tax and advisory services to a broad range

of domestic and international clients across

all sectors of business and the economy. We

work closely with our clients, assisting them to

mitigate risks and highlight opportunities.

Established in 1973, KPMG Lower Gulf now consists

of approximately 1,300 staff members, including more

than 100 partners and directors, across six offices: Dubai

(three), Abu Dhabi, Sharjah and Muscat. The KPMG

member firm in the United Arab Emirates, along with the

member firm in Oman, form KPMG Lower Gulf.

KPMG is widely represented in the Middle East and also

has offices in Saudi Arabia, Bahrain, Qatar, Egypt, Kuwait,

Jordan and the Lebanon. As well as having many of the

region’s leading organizations and government-related

entities as its clients, KPMG in the Lower Gulf has been

party to numerous milestone engagements in the

Middle East.

KPMG Lower Gulf is part of KPMG International

Cooperative’s global network of professional member

firms. The KPMG network includes approximately

207,000 professionals in over 153 countries around the

world. KPMG in the UAE is well connected with its global

member network and combines its local knowledge with

international expertise, providing the outstanding sector

and specialist skills required by our clients.

KPMG was the first major firm of its kind to organize

itself along industry lines– a structure which enabled us

to develop in-depth knowledge of our clients’ businesses

and provide them with an informed perspective.

KPMG Lower Gulf is closely collaborating with Abu Dhabi

Global Market Academy (ADGMA), the Abu Dhabi Human

Resources Authorities and Abu Dhabi Accountability

authorities to deliver the program, Pre-Audit Qualification

Training (PAQT). Initially run over the next three years, in

its first year it will provide more than 90 UAE nationals

with the essential knowledge and training in relation to

audit that will equip them to succeed in this field, and

thus contribute to the growth and development of the

local economy.

Supporting the Determined

Official Supplier to the Special Olympics World Games

Abu Dhabi 2019 and Official Sponsor of the Global Youth

Leadership Summit

107

Isolastic

Latex additive

to impart elasticity

to cement based

adhesives

Isolastic is a synthetic polymer to be mixed with

Kerabond, Kerabond T, Kerafloor or Adesilex P10 to

improve their performances and deformability to meet the

requirements of class C2 (improved cementitious adhesive

for Kerabond T and Kerafloor) or C2E (improved

cementitious adhesive with extended open time for

Kerabond) according to EN 12004 and those of class S1

(deformable adhesive) or S2 (highly deformable adhesive)

according to EN 12002, dependent on whether it is used

neat or diluted with water.

WHERE TO USE

ISOLASTIC + KERABOND or KERABOND T

For interior and exterior bonding of:

• ceramic tiles of every type (double fired, single fired,

grès, klinker, glass mosaic, porcelain tiles etc.);

• stone material and large-size tiles (over 30x30 cm).

Some application examples

• Ceramic tiles over underfloor heating installations;

• ceramic tiles and stone material for exteriors (façades,

swimming pools, balconies, terraces);

• ceramic tiles on prefabricated concrete walls (load

bearing panels, prefabricated bathrooms;

• ceramic tiles on old flooring (ceramic, marble, terrazzo,

wood etc.);

• ceramic tiles on asphalt screeds or substrates;

• ceramic tiles on deformable substrates (gypsum-board

panels, reinforced concrete, fibre-cement board, etc.);

ISOLASTIC+KERAFLOOR

For interior and exterior bonding of:

• large-size ceramic tiles (over 30x30 cm);

• ribbed klinker tiles, cotto toscano, stone slabs etc.

needing layers of adhesive thicker than 5 mm;

• ceramic tiles on substrates with irregularities up to 15 mm.


• Ceramic tiles and stone material for exteriors (façades,

swimming pools, balconies, terraces), also on deformable

substrates;

• large-size ceramic floor tiles laid on underfloor heating

installations.

ISOLASTIC DILUTED WITH WATER AT A RATIO

OF 1:1 + ADESILEX P10

Bonding on internal and external floors or vertical surfaces

of glass or ceramic mosaic on paper or mesh backings,

even heavy ones.


• Laying glass or ceramic mosaic on non-absorbent

surfaces (Mapelastic, Mapegum WPS, existing tiles,

tiles, etc.).

• Laying glass or ceramic mosaic in swimming pools,

storage tanks, etc., or even on absorbent surfaces.

• Laying glass or ceramic mosaic on flexible surfaces

(plasterboard panels, reinforced cement, cement fibre,

wood or derived materials, provided they are well

fastened).

TECHNICAL CHARACTERISTICS

Isolastic is a very fluid, pinkish-white liquid composed of a

water dispersion of an extremely elastic polymer which,

when mixed with cement based adhesives, improves

adhesion to all substrates, deformability and

impermeability, once hydration has taken place.

RECOMMENDATIONS

Kerabond, Kerabond T, Kerafloor or Adesilex P10 mixed

with Isolastic must never be used for:

• installing stone slabs subject to moisture movement;

• installing marble or natural stone subject to efflorescence

or staining from moisture;

HSE Management System (HSE _1 Group Guideline)

translates the Health, Safety and Enviromental principles into an outline

of practical activities that shall be executed to manage HSE at all levels

in MOL Group in order to achieve world-class performance.

Event Info

Power Purchase Agreement

7 – 10 June 2020, Dubai

19 – 22 October 2020, Singapore

www.infocusinternational.com/ppa

Overview

There are many moving pieces affecting the future of electric power development in emerging

market. Unlike the past Independent Power Project models, which featured standardised take-or-pay

contracts – today’s market demands more innovative incentives to ensure better availability, better

performance, as well as more attractive and sustainable mixtures of fuel sources. Economies throughout

developing countries urgently need to master the key tools, models, and lessons learned for transforming

and strengthening today’s electricity sector. These include the latest models in negotiating Power Purchase

Agreements (PPAs), in designing and managing new competitive power markets, as well as attracting the

right mix of renewable energy sources.

This 4-day comprehensive workshop gives you clear explanations of the new models of PPA risk allocation,

of designing and managing competitive power markets, attracting private investments in renewable energy,

through a series of real case examples of contracts and markets. Case Studies will include real examples

from Africa, Middle East, Asia, Europe and North America. Furthermore, cases stimulate independent

thinking and discussion among participants.

Benefits of Attending

• LEARN about all the essentials of

different PPAs

• NEGOTIATE fair and sustainable PPAs

• STRUCTURE successful PPAs based upon

your own company’s risk profile and risk

allocation needs

• EXPOSE to the frontiers of international

experience in IPP development

• LEARN theory and practice of pricing and

tariff design

• ANALYSE the relationship between

Public, Private, and Government sector

• PERFORM a policy and risk analysis of

PPA contracts

• EXPLORE a PPA relationship with EPC,

O&M, Fuel Supply, and Interconnect

Agreement

• GAIN the tools and models in directing

your country’s electricity transformation

and market design plans

• IMPROVE your awareness of the

common pitfalls and mistakes to avoid in

today’s private power investments

• LEAD successful power project finance

transactions

• IDENTIFY how financial derivatives can

be used as an effective hedge of financial

and electricity market based risks

Teaching Methodology

The agenda will combine presented materials with

plenty of opportunity for Q&A, interactive discussions,

and the use of quantitative models to illustrate key

learning points. Current market examples and data are

utilised wherever helpful.

Course Certificate

Upon the successful completion of this course, you

will receive a Certificate of Completion bearing the

signatures from both the Course Director and the

Course Organiser. This Certificate will testify your

endeavour and serve towards your professional

advancement.

To Register/Enquire on this course, please contact:

Abigail Harris

Infocus International

Tel: +65 6325 0215

Email: abigail@infocusinternational.com

Website: www.infocusinternational.com/ppa

E: abigail@infocusinternational.com www.infocusinternational.com/ppa

4 day course

“Excellent! There are many interesting topics which cover almost all

relevant issues in electricity market, such as market reform and PPA

negotiation. And the speaker is simply great.”

Head of PPA Section, Electricity Generating Authority of Thailand

Power Purchase Agreement

Structuring successful Power Purchase Agreements (PPAs), managing competitive

electricity markets & attracting merchant power investments

7 – 10 June 2020, Dubai

19 – 22 October 2020, Singapore

Book 3 persons

and save

$400

per person


■ LEARN about all the essentials of different PPAs

■ NEGOTIATE fair and sustainable PPAs

■ STRUCTURE successful PPAs based upon your own company’s risk

profile and risk allocation needs

■ EXPOSE to the frontiers of international experience in IPP

development

■ LEARN theory and practice of pricing and tariff design

■ ANALYSE the relationship between Public, Private, and Government

sector

■ PERFORM a policy and risk analysis of PPA contracts

■ EXPLORE a PPA relationship with EPC, O&M, Fuel Supply, and

Interconnect Agreement

■ GAIN the tools and models in directing your country’s electricity

transformation and market design plans

■ IMPROVE your awareness of the common pitfalls and mistakes to

avoid in today’s private power investments

■ LEAD successful power project finance transactions

■ IDENTIFY how financial derivatives can be used as an effective

hedge of financial and electricity market based risks

Who Should Attend

■ Contract / Agreement Negotiators

■ Legal / Regulation / Compliance /

Policy Analysts

■ Business Development Managers

■ Commercial Managers

■ Finance Controllers / Treasurers

■ Corporate Planners

■ Business & Accounting Analysts

■ Sales & Trading Managers

■ Structured / Project Finance Analysts

■ Economists / Investors

■ Chairman / CEO / Directors

From sectors:

■ Electric Regulators & Ministries

■ Power & Utility Companies

■ IPP Developers

■ Banks / Investors

■ Energy Fuel Suppliers (Oil, Gas,

Coal and Renewables)

■ Law Firms & Consultancy

Supported by:

OFFSHORE MAGAZINE

ENERGY INSIGHT

Event Info

Renewable Power & Energy Mix

15 – 17 June 2020, Singapore

www.infocusinternational.com/energymix

Overview

In increasing parts of the world, renewable power sources – particularly solar and wind – are now

the cheapest way to generate electricity. This, combined with being crucial mechanisms by which to lower

the carbon emissions of energy systems, means they are also the fastest-growing supply of new power generating

capacity. It is vital that anyone involved in electricity systems, from new power project developers

to incumbent utilities, investors and policymakers, has a thorough understanding of how renewables are

impacting the energy mix and the wider power business.

In particular, the transition away from conventional thermal generators towards renewable ones has profound

implications for how power systems are designed, operated and policed – on a variety of timescales

from sub-second management to long-term capacity planning. These in turn create both new market opportunities

and significant businesses risks within the sector, not just for those

involved in system-wide aspects such as the grid or policy, but for those involved in individual project development

too.

In three intensive and informative days, this course explains and illustrates the key impacts of renewable

power integration into modern energy systems, based on global lessons and examples. Most importantly it

provides attendees with a market assessment framework and recommended approach to identifying and

quantifying how these integration challenges change the specific new opportunities and risks facing their

own businesses.


• Learn from global experiences in

renewable power project development

and integration

• Understand how technical challenges

translate into financial and business

opportunities

• Illustrate key system impacts such as

investment requirements, energy costs

and capacity margins using simple

• Quantitative models

• Analyse and discuss evolving value chain

roles, partnerships and competitors

• Assess the market potential for solutions

such as energy storage, virtual power

plants and smart grids

• Gain an insight into the influences of

market liberalisation and policy shifts

Who Should Attend

• Renewable power project developers

• Power plant owners and operators

(utilities and IPPs)

• Transmission/Distribution system

operators

• Policymakers and policy advisors

• Investors, including commercial and

development banks, venture capital and

private equity

• Vendors & EPC contractors

• Large energy users

•Commercial energy-sector services

suppliers (law, insurance etc.)







Course Certificate






advancement.


Abigail Harris


Tel: +65 6325 0215


Website: www.infocusinternational.com/energymix

E: abigail@infocusinternational.com www.infocusinternational.com/energymix

BRAND NEW COURSE

“I enjoyed the course with lots of demonstrations and case studies. The facilitator was

just ma r v e l l o u s , u p to t h e g a m e . I t w a s a v a l u e fo r m o n ey w o r ks h o p .”

Director of Finance, Electricity Generation Company Malawi

Renewable Power & Energy Mix

Essential approaches to market assessment, power project opportunity & business risk analysis

15 – 17 June 2020, Singapore


■ Learn from global experiences in renewable power project development and integration

■ Understand how technical challenges translate into financial and business opportunities

■ Illustrate key system impacts such as investment requirements, energy costs and capacity margins using simple

quantitative models

■ Analyse and discuss evolving value chain roles, partnerships and competitors

■ Assess the market potential for solutions such as energy storage, virtual power plants and smart grids

■ Gain an insight into the influences of market liberalisation and policy shifts

Who Should Attend

■ Renewable power project developers

■ Power plant owners and operators (utilities and IPPs)

■ Transmission/Distribution system operators

■ Policymakers and policy advisors

■ Investors, including commercial and development banks, venture capital and private equity

■ Vendors & EPC contractors

■ Large energy users

■ Commercial energy-sector services suppliers (law, insurance etc.)

Book 3 persons

or more and save

$300

each

Supported by:

OFFSHORE MAGAZINE

ENERGY INSIGHT

Event Info

Mastering Wind Power

8 - 10 July 2020, Singapore

www.infocusinternational.com/wind

Overview

A comprehensive, up-to-date and business-focused roadmap to success in delivering wind power

growth, today and tomorrow.

Attendees will leave with an excellent understanding of all the key factors facing wind power developers

and investors, from resource assessment and energy production complexities, through project development

and planning challenges, to financial returns and risks.

The course schedule is designed to be highly participative, including time to work in groups to apply and

illustrate the learning points throughout the course. To do so, attendees will utilise online tools, wind resource

datasets, energy yield, financial and other simple calculations, along with structured discussions on

key planning and market environment considerations.

In keeping with the business-focused theme of the course, these illustrative exercises are designed to

provide time-efficient clarification of the key course takeaways, aimed at commercially-focused business

developers and investors. They are therefore deliberately made accessible to non-experts, not designed to

replicate the complex or in-depth detailed planning undertaken – over much longer periods! – by experienced

engineers and technical teams.

Course Highlights

• Learn from global experiences in wind

power project development

• Understand unique properties of wind

resource, and how these feed into financial

risk analysis

• Gain a business-focused, up-to-date

perspective on current and emerging wind

technology innovations and project delivery

best practices

• Analyse and discuss practical and project

delivery risks facing wind power projects,

including key stakeholder engagements

• Get hands-on with a financial model to better

understand financial risks and returns for wind

power projects

• Compare and contrast the unique extra costs

and complexities of offshore wind projects

with those onshore

Who Should Attend

• Renewable power project developers

• Power plant owners and operators

(utilities and IPPs)

• Transmission/Distribution system operators




private equity

• Vendors & EPC contractors

• Large energy users

• Commercial energy-sector services

suppliers (law, insurance etc.)







Course Certificate






advancement.


Abigail Harris


Tel: +65 6325 0215


Website: www.infocusinternational.com/wind

E: abigail@infocusinternational.com www.infocusinternational.com/wind

BRAND NEW COURSE


just m ar vellous, up to the ga m e . I t w a s a v a l u e fo r m o n ey workshop.”

Director of Finance, Electricity Generation Company Malawi

Mastering Wind Power

8 – 10 July 2020, Singapore


■ Learn from global experiences in wind power project development

■ Understand unique properties of wind resource, and how these feed into financial risk analysis

■ Gain a business-focused, up-to-date perspective on current and emerging wind technology innovations and

project delivery best practices

■ Analyse and discuss practical and project delivery risks facing wind power projects, including key stakeholder

engagements

■ Get hands-on with a financial model to better understand financial risks and returns for wind power projects

■ Compare and contrast the unique extra costs and complexities of offshore wind projects with those onshore

Who Should Attend

■ Renewable power project developers

■ Power plant owners and operators (utilities and IPPs)




■ Vendors & EPC contractors

■ Large energy users

■ Commercial energy-sector services suppliers (law, insurance etc.)

Book 3 persons

or more and save

$300

each

Supported by:

OFFSHORE MAGAZINE

ENERGY INSIGHT

Event Info

Mastering Solar Power

13 - 16 July 2020, Singapore

www.infocusinternational.com/solar

Overview

A comprehensive, up-to-date and business-focused roadmap to success

in delivering solar power growth, today and tomorrow.

Attendees will leave with a good understanding of the key factors from an

integrated, multidisciplinary and commercial viewpoint, including: target market

analysis, economic competitiveness, channels-to-market, financing influences and

risk, project development processes, best practices and emerging technologies.

The course schedule includes time to work in groups to apply the learning and

illustrate key project development considerations, by discussing, developing

and quantifying an initial business proposal for a solar PV power plant. To do so,

attendees will utilise energy yield, financial and other simple calculations, along

with the chance to debate key planning and market environment considerations.

In keeping with the business-focused theme of the course, these illustrative

exercises are designed to provide time-efficient clarification of the key course

takeaways, aimed at commercially-focused business developers and investors.

They are therefore accessible to nonexperts, not designed to replicate the

complex or in-depth detailed planning undertaken - over much longer periods! -

by engineers and technical teams.


j u st m ar vellou s , u p to t h e g a m e . I t w a s a v a l u e fo r m o n ey w o r ks h o p .”

Shadric Namalomba, Director of Finance, Electricity Generation Company Malawi


Course Highlights

• Speak the language of solar energy: terminology and concepts explained

with clarity and relevance

• Understand the 13 key – variables 16 July determining 2020, the Singapore

economics of solar PV projects

• Review current and emerging market opportunities for solar PV, including

integrations such as energy storage

• Navigate the typical project development requirements, processes and risks

• Learn and discuss how financial returns and risks arise in PV projects

• Be better able to converse with project partners, suppliers, investors,

policymakers and other stakeholders

• Know what to look for when evaluating PV project opportunities

• Identify key investment and project performance risks

• Learn how to analyse and critique current and emerging business models

Who Should Attend


This course is ideal if:

■ Speak the language of solar energy: terminology and concepts explained with clarity and relevance

■ Understand the • You key variables are working determining within the the economics power of sector solar PV in projects a commercial or business

■ Review current development and emerging market role. opportunities You need a for clearly solar PV, explained, including integrations multi-faceted such understanding as energy storageof

■ Navigate the typical how project PV projects development are developed requirements, and processes why and and how risks they succeed (or fail), including

■ Learn and discuss how how market financial and returns technology and risks arise changes in PV projects are driving new innovation opportunities

■ Be better able to converse with project partners, suppliers, investors, policymakers and other stakeholders

along with new competitive risks.

■ Know what to look for when evaluating PV project opportunities

■ Identify key investment • You are and from project the performance investment, riskspolicy or professional services community. You

■ Learn how to need analyse to and embrace critique current the inevitable and emerging growth business of models solar energy, and want to gain an

independent perspective on the economic environment in which these projects

Who Should operate, Attend including the development, operational and business risks that most

matter to them.


■ You are working within the power sector in a commercial or business development role. You need a clearly-explained,

multi-faceted

Including

understanding

but

of how

not

PV

limited

projects are

to:

developed and why and how they succeed (or fail), including how market

and technology changes are driving new innovation opportunities along with new competitive risks

■ You are from the investment, policy or professional services community. You need to embrace the inevitable growth

of solar energy, and want to gain an independent perspective on the economic environment in which these projects operate,

including the development, operational and business risks that most matter to them.

• Investors, including commercial and development banks, venture capital

and private equity

• Power generation companies, utilities and IPPs

• Policy makers and policy advisors

• Transmission/Distribution system operators

• Commercial services suppliers (law, insurance etc.)

• Equipment vendors & EPC contractors

• Large energy users and electricity buyers

including but not limited to:


■ Power generation companies, utilities and IPPs

■ Policy makers and policy advisors


■ Commercial services suppliers (law, insurance etc.)

■ Equipment vendors & EPC contractors

■ Large energy users and electricity buyers

Supported by:

OFFSHORE MAGAZINE

ENERGY INSIGHT

Book 3 persons

or more and save

$400

each

E: abigail@infocusinternational.com www.infocusinternational.com/solar

Event Info


The agenda will combine presented materials with plenty of

opportunity for Q&A, interactive discussions, and the use of

quantitative models to illustrate key learning points. Current

market examples and data are utilised wherever helpful.

Course Certificate

Upon the successful completion of this course, you will receive

a Certificate of Completion bearing the signatures from both

the Course Director and the Course Organiser. This Certificate

will testify your endeavour and serve towards your professional

advancement.


Abigail Harris


Tel: +65 6325 0215


Website: www.infocusinternational.com/solar

E: abigail@infocusinternational.com www.infocusinternational.com/solar


just ma r v e l l o u s , u p to t h e g a m e . I t w a s a v a l u e fo r m o n ey workshop.”



13 – 16 July 2020, Singapore


■ Speak the language of solar energy: terminology and concepts explained with clarity and relevance

■ Understand the key variables determining the economics of solar PV projects

■ Review current and emerging market opportunities for solar PV, including integrations such as energy storage

■ Navigate the typical project development requirements, processes and risks

■ Learn and discuss how financial returns and risks arise in PV projects

■ Be better able to converse with project partners, suppliers, investors, policymakers and other stakeholders

■ Know what to look for when evaluating PV project opportunities

■ Identify key investment and project performance risks

■ Learn how to analyse and critique current and emerging business models

Who Should Attend


■ You are working within the power sector in a commercial or business development role. You need a clearly-explained,

multi-faceted understanding of how PV projects are developed and why and how they succeed (or fail), including how market

and technology changes are driving new innovation opportunities along with new competitive risks

■ You are from the investment, policy or professional services community. You need to embrace the inevitable growth

of solar energy, and want to gain an independent perspective on the economic environment in which these projects operate,

including the development, operational and business risks that most matter to them.

including but not limited to:


■ Power generation companies, utilities and IPPs

■ Policy makers and policy advisors



■ Equipment vendors & EPC contractors

■ Large energy users and electricity buyers

Book 3 persons

or more and save

$400

each

Supported by:

OFFSHORE MAGAZINE

ENERGY INSIGHT

Engineering, Procurement and Construction (EPC) Contracts for Energy Industry

24 – 26 August 2020, Singapore

www.infocusinternational.com/epcenergy

Overview

Event Info

Today, Engineering, Procurement and Construction (EPC) projects are uniquely challenging. Parties

currently involved in large complex and fast-track EPC projects frequently suffer financial loss that

could have been mitigated by effective contract management. Appropriate practical “know-how”

of EPC contracts will improve your ability to take appropriate steps, or to obtain necessary advice,

to minimise or manage such risks.

This intensive workshop provides valuable insight into the rapidly evolving world of EPC contracts. It

has been designed specifically for the professionals and management of energy industries and will be of

particular interest to those with current or planned projects in Asia, Africa, Middle East, Europe and the CIS.

You will analyse an EPC contract, clause by clause, focusing on your challenges in international and

domestic projects. This unique interactive master class discusses the key issues in EPC contracts which are

relevant for lenders, sponsors and borrowers in international construction projects and the keys to deliver

successful projects.

Course Highlights

• Global and local legal and commercial

framework in Asia, Middle East, Africa,

Europe and the CIS

• Contract negotiation best practices

• Tips on contractual risk mitigation

• Contract financing and project

structuring

• Contractor relationship management

• Clause-by-clause discussion based

on an actual contract precedent

Key Learning Objectives

• UNDERSTAND the current finance

market for EPC contracts

• MANAGE legal risks and environment

for EPC contracts in the region

• DISCOVER alternative procurement

options for projects and the risks and

opportunities associated with these

options

• DISTINGUISH new and effective contract

negotiation strategies

• ANALYSE the types of claims that may be

made under EPC contracts and develop

strategies to manage these claims

• GAIN INSIGHTS into the best current

dispute resolution options and the risks

and costs associated with each option







Course Certificate






advancement.


Abigail Harris


Tel: +65 6325 0215


Website: www.infocusinternational.com/epcenergy

Free Takeaway

3 detailed articles on EPC contract precedents containing discussions on:

EPCM & Alliancing Contracts

EPC contracts in the global market

FIDIC contract and the challenges faced by construction contractors

Group Discount

book 3 person to save

$300 per person

Managing and Negotiating

Engineering, Procurement and Construction (EPC) Contracts

for Energy Industry

Mastering the legal and commercial framework, contract negotiation, financing, risk and contractor

relationship complexities of upstream and downstream EPC projects

24 – 26 August 2020, Singapore

Course Highlights

Global and local legal and commercial framework in Asia,

Middle East, Africa, Europe and the CIS

Contract negotiation best practices

Tips on contractual risk mitigation

Contract financing and project structuring

Contractor relationship management

Clause-by-clause discussion based on an actual contract

precedent

Key Learning Objectives

UNDERSTAND the current finance market for EPC contracts

MANAGE legal risks and environment for EPC contracts in the

region

DISCOVER alternative procurement options for projects and the

risks and opportunities associated with these options

DISTINGUISH new and effective contract negotiation strategies

ANALYSE the types of claims that may be made under EPC

contracts and develop strategies to manage these claims

GAIN INSIGHTS into the best current dispute resolution options

and the risks and costs associated with each option

Supported by:

““A very thorough presentation with excellent real

life examples and war stories from the trainer.”

- Exxonmobil

“A mustattend for professionals wishing to

improve in EPC contracts management.”

- Century Power Generation

“Interesting, extremely helpful and relevant.

A very clear presentation style which kept the

material interesting and the audience

engaged.”

- National Oil Company of Namibia

“The seminars were highly informative and the

trainer is clearly very experienced in the EPC and

major projects worldwide. It was very relevant for

us in our business.”

- Qatar Petroleum

“

“The trainer spoke knowledgeably about matters

that concern lenders, sponsors and borrowers

bringing different perspectives to the discussion.”

- KBC Bank NV

“Interesting explanation of every clause of the

contract (i.e. the thorough assessment of an EPC

contract).”

- KFW Bankengruppe

OFFSHORE MAGAZINE

ENERGY INSIGHT

E: abigail@infocusinternational.com www.infocusinternational.com/epcenergy

Event Info

Power Project Finance

7 – 11 September 2020, Johannesburg

www.infocusinternational.com/powerprojectfinance

Overview

Project finance is widely used for large infrastructure projects including thermal and renewable

power projects. The technique enables project risks to be allocated to the parties best able to manage

them and facilitates the raising of long term debt without recourse to the project developer.

The correct allocation of risk through an appropriate commercial structure is the foundation of a sound

financing plan and this course will develop these themes by walking through the commercial contracts and

finance documentation and provide an understanding of how to determine the optimal amount of debt

using cash flow and ratio analysis. Current circumstances in the African power project sector will be

discussed.

Investment committees need to be sure that all risk aspects have been studied and the course will detail

the key elements of the due diligence exercise. The course will also provide a guide on how to approach the

debt market.


The course is intended to provide a firm

understanding of the principles which create

a bankable power project finance structure in

terms of risk allocation and the commercial and

financial structure. On completion of this course

you will understand:

• How a power project is structured

and financed

• How to identify power project risks

and mitigation strategies

• The role of the financial model and cash

flow and ratio analysis

• Debt sizing techniques

• Project finance term sheets and

loan documentation

• Contract documentation

• The due diligence process

• How to efficiently identify viable

project prospects

• How to approach the debt market

• Project analysis & development

• Commercial & legal

• Commercial services suppliers

(law, insurance etc.)

• Policy makers and policy advisors dealing

with energy sector financial issues







Course Certificate






advancement.

Who Should Attend

• Power project developer,

investor or financier

• Finance & accounting

• Project finance & structured finance

• Power project management


Abigail Harris


Tel: +65 6325 0215


Website: www.infocusinternational.com/powerprojectfinance

E: abigail@infocusinternational.com www.infocusinternational.com/powerprojectfinance

“Excellent training with a world class and highly experienced specialist.”

Senior Power Expert, Regulatory Commission for Electricity Sector, Senegal

Book 3 persons and

save $500 each

Power Project Finance

7 – 11 September 2020, Johannesburg


The course is intended to provide a firm understanding of the principles which create a bankable power project

finance structure in terms of risk allocation and the commercial and financial structure. On completion of this course

you will understand:

■ How a power project is structured and financed

■ How to identify power project risks and mitigation strategies

■ The role of the financial model and cash flow and ratio analysis

■ Debt sizing techniques

■ Project finance term sheets and loan documentation

■ Contract documentation

■ The due diligence process

■ How to efficiently identify viable project prospects

■ How to approach the debt market

Who Should Attend

Including but not limited to people working in:

■ Power project developer, investor or financier

■ Finance & accounting

■ Project finance & structured finance

■ Power project management

■ Project analysis & development

■ Commercial & legal


■ Policy makers and policy advisors dealing with energy sector financial issues

Supported by:

OFFSHORE MAGAZINE

ENERGY INSIGHT

Electricity Economics in Changing Electricity Markets

16 – 18 November 2020, Singapore

www.infocusinternational.com/electricityeconomics

Overview

Are you ready for the new challenges & opportunities as power markets around the world evolve?

This is an essential core knowledge course for those involved in the business or regulation of the power

industry.

It leads you through a clear, accessible and thorough examination of the economics of power generation,

from power plant cost influences to end-customer prices. It contextualises this analysis with key consideration

of industry drivers and trends, including increasingly liberalised and competitive markets, evolving policy

support and management frameworks, the growth and integration of renewable power sources, and the

restructuring of power systems towards more decentralised operations.

A highly interactive presentation style allows for plenty of Q&A and time to discuss the issues from multiple

stakeholder perspectives; including power plant owners, investors, policymakers and energy customers. This

course is an essential primer for those seeking to navigate successful business routes through transitioning

electricity systems.


• Clear, independent and businessfocused

introduction

• Language designed for non-experts;

particularly senior executives,

policymakers & investment decision-makers

• Core knowledge building, including

up-to-the-minute examples from

markets around the world

• Interactive discussion of key market

and economic variables

• Quantification of key issues using simple

numerical calculations, real data and

Excel-based tools

We will examine these key questions:

• Which variables drive the economics

of electricity generation?

• How do generation costs combine with

other factors to produce end-use

electricity prices?

• How are current technology & system

trends impacting electricity costs and prices?

• What are policymakers doing to keep costs

down?

• Who are the key stakeholders and

influencers on electricity economics?

• What are the value-chain impacts of market

Liberalisation and Competition?

• How are solar and wind power

(and other low-carbon options) changing

market environments?

• and many more!

Event Info

Who Should Attend:

• Power generators, utilities and IPPs



private equity


• Transmission / Distribution system

operators (grid)

• Power system vendors & EPC contractors

• Large electricity users

• Commercial services suppliers

(law, insurance etc.)


The agenda will combine presented materials

with plenty of opportunity for Q&A, interactive

discussions, and the use of quantitative models

to illustrate key learning points. Current market

examples and data are utilised wherever helpful.

Course Certificate

Upon the successful completion of this course,

you will receive a Certificate of Completion

bearing the signatures from both the Course

Director and the Course Organiser. This

Certificate will testify your endeavour and serve

towards your professional advancement.


Abigail Harris


Tel: +65 6325 0215


Website: www.infocusinternational.com/electricityeconomics

BACK BY POPULAR DEMAND


just m a r v e l l o u s , u p to t h e g a m e . I t w a s a v a l u e fo r m o n ey w o r ks h o p .”


Electricity Economics

in Changing Electricity Markets

The new economics of power markets in a low-carbon world

16 – 18 November 2020, Singapore

Book 3 persons

and save

$300

each


■ Clear, independent and business-focused introduction

■ Language designed for non-experts; particularly senior executives, policymakers & investment decision-makers

■ Core knowledge building, including up-to-the-minute examples from markets around the world

■ Interactive discussion of key market and economic variables

■ Quantification of key issues using simple numerical calculations, real data and Excel-based tools

We will examine these key questions:

■ Which variables drive the economics of electricity generation?

■ How do generation costs combine with other factors to produce end-use electricity prices?

■ How are current technology & system trends impacting electricity costs and prices?

■ What are policymakers doing to keep costs down?

■ Who are the key stakeholders and influencers on electricity economics?

■ What are the value-chain impacts of market liberalisation and competition?

■ How are solar and wind power (and other low-carbon options) changing market environments?

■ and many more!

Who Should Attend

■ Power generators, utilities and IPPs



■ Transmission / Distribution system operators (grid)

■ Power system vendors & EPC contractors

■ Large electricity users


Supported by:

OFFSHORE MAGAZINE

ENERGY INSIGHT

E: abigail@infocusinternational.com www.infocusinternational.com/electricityeconomics

Gas & LNG Markets, Contracts & Pricing

16 – 20 March 2020, Singapore

28 Sep – 2 Oct 2020, Port of Spain

23 – 27 Nov 2020, Singapore

www.infocusinternational.com/gaslng

Overview

Event Info

Due to the complex geopolitical nature of gas/ LNG sourcing and long term nature of gas transactions

between buyers and sellers, it is commercially prudent for those involved in thisprocess to know the global

gas & LNG supply & markets condition, available methodologies for price determination, contract structure

and negotiation techniques. Any misjudgement in any of these areas could result in wrong sourcing decisions,

significant adverse financial consequences and legal liabilities.

This course has, therefore, been designed to enable the professionals in the gas sector and gas advisory

services to make right sourcing decision, construct gas/LNG contracts and negotiate from a position of

strength and knowledge in order to gain a competitive edge in the process.

Course Highlights

• Global gas/LNG market and market structure

in Asia Pacific, Africa, Middle East, Europe

and USA regions

• Current gas/LNG outlook and trends

• Contract terminology and construction -

operational, commercial and legal basis of

gas, LNG and Gas Transportation Contracts

• Principles of gas/LNG Sales and Purchase

Agreement (GSPA/SPA), Gas Transportation

Agreement (GTA) and Regasification

Agreements

• Gas/LNG pricing principles, current practice

and price indexation in competitive gas

markets

• Contracting and negotiation - proven

techniques


• Background knowledge to framework to

facilitate gas/LNG commercial decisions

• Understanding current trends of the gas

organisation structure

• Knowledge of the underlying rationale for

gas contract terms and conditions

• Learn to construct gas, LNG and gas

transportation contracts and negotiate them

• Understanding of techniques of gas/LNG

price setting in competitive markets

• Awareness of operation of trading hubs,

spot and arbitrage

• Holistic understanding of what is required

to put a new supply chain in place

Who Should Attend

Energy professionals including

but not limited to:

• Purchasing/Supply Chain

• Legal/Contracts Negotiation

• Commercial

• Finance/Pricing

• Marketing

• Trading

• Sales/Business Development

• Project Finance

• Corporate Planning

From Sectors:

• Natural gas E&P

• Gas/LNG trade, shipping,

transmission, distribution

• Government agencies

• Gas based power generation

• Gas/LNG related project finance, asset

management, hedge funds,

equity/fixed income

• Gas pipeline and high pressure transportation

Course Certificate

Upon the successful completion of this course,

you will receive a Certificate of Completion

bearing the signatures from both the Course

Director and the Course Organiser. This

Certificate will testify your endeavour and serve

towards your professional advancement.


Weslyn Lee

Infocus International Group

Tel: +65 6325 0274


Website: www.infocusinternational.com/gaslng

E: abigail@infocusinternational.com www.infocusinternational.com/gaslng

5 day course

“The best gas / LNG course I have ever attended. I will gladly

recommend it to anyone.” by past participant, Chevron

GAS & LNG

MARKETS, CONTRACTS & PRICING

A comprehensive all-in-one course addressing all key elements for successful gas & LNG business strategies

16 – 20 Mar 2020

28 Sep – 2 Oct 2020

23 – 27 Nov 2020

Singapore

Port of Spain

Singapore

Course Highlights

■ Global gas/LNG market and market structure in Asia Pacific, Africa, Middle East, Europe and USA regions

■ Current gas/LNG outlook and trends

■ Contract terminology and construction - operational, commercial and legal basis of gas, LNG and Gas

Transportation Contracts

■ Principles of gas/LNG Sales and Purchase Agreement (GSPA/SPA), Gas Transportation Agreement (GTA)

and Regasification Agreements

■ Gas/LNG pricing principles, current practice and price indexation in competitive gas markets

■ Contracting and negotiation - proven techniques


■ Background knowledge to framework to facilitate gas/LNG commercial decisions

■ Understanding current trends of the gas organisation structure

■ Knowledge of the underlying rationale for gas contract terms and conditions

■ Learn to construct gas, LNG and gas transportation contracts and negotiate them

■ Understanding of techniques of gas/LNG price setting in competitive markets

■ Awareness of operation of trading hubs, spot and arbitrage

■ Holistic understanding of what is required to put a new supply chain in place

Book 3 persons

and save

$600

each

Supported by:

OFFSHORE MAGAZINE

ENERGY INSIGHT

Powerful tools

designed for

Powerful People!

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