Petroleum Technology Products Pte Ltd

[Eliecer Brathwaite]

Interwellis expanding its product portfolio and strengthening its position as a leading well-technology solutions provider with the acquisition of Petroleum Technology Company AS ("PTC").

Interwell has entered into an agreement to acquire 100 % of the shares in PTC, where the deal is conditional upon necessary regulatory approvals with expected closing towards the end of Q2-2022.

The transaction brings together two successful engineering-focused service companies with market-leading technology provided to the global energy industry. Both companies provide products and applications with a particular focus on well integrity solutions from the wellhead to the toe, green and brownfield catering technical solutions for Completion, Well Intervention, and Plug & Abandonment.

Complementary businesses

Both companies are leading providers of well-technologies in separate parts of the E&P value chain. They have built a solid market position on the Norwegian Continental Shelf and succeeded in commercializing their product offerings internationally. The combined entity will have a revenue base where 70 % of the income is derived outside Norway. Both companies are headquartered in Stavanger where they will now join forces to continue and strengthen the international expansion.

Interwell develops and offers sealing technology and well integrity solutions. Our products help oil and gas operators to achieve the highest possible rate of recovery of hydrocarbons while reducing operational complexity, risk and environmental footprint. Existing wells make up the bulk of the activity, where the products are used throughout the well's life cycle up to and including final closure. Interwell's products also have applications within energy transition markets related to gas storage, carbon capture and geothermal wells.

PTC is a leading provider of dual barrier solutions designed to improve well integrity while reducing costs. Over the last 20 years PTC has innovated and patented technologies that have had a major impact on gas lift solutions, chemical injection & dry wellhead pressure monitoring & control installations globally. PTC's client base includes most of the major IOC and NOC companies across the globe.

We are excited to combine two technology driven Norwegian companies with track records of successfully expanding abroad. We strongly believe that this will increase the value proposition to our customers. Our combined technology portfolio will support customers in optimizing production from existing wells, increase safety and enable efficient plugging and abandonment of old wells, while reducing emissions from operations. Interwell and PTC have a history of successful collaboration, which makes me optimistic about a successful integration. In the years to come, the industries in which we operate face significant changes; the acquisition of PTC strengthens our position in this environment. By consolidating the market, we are better rigged to continue to deliver innovative and market-leading solutions for our customers, says Thormod Langballe, CEO of Interwell.

We are looking forward to continuing our growth journey with a successful market leader. Interwell and PTC are a perfect match with complementary, but not overlapping product portfolios. By combining our efforts, we will secure a joint future with a broad product portfolio where excellent talent and knowledge sharing will give a solid foundation also for future product developments. Both companies are headquartered in Stavanger and share the

same values and business culture. We are excited about the opportunities that this acquisition opens and convinced that it is a great strategic match, says Rolf Haaland, CEO of PTC.

More, improved and efficient technology solutions are fundamental for further growth

The transaction creates a company with approximately 700 employees, and headquarters will remain in Stavanger. Thormod Langballe will continue as Group CEO and establish an Executive Management Team with representation from both companies. The organization is built on a solid financial foundation with a combined 2021 turnover of approximately NOK 2 billion. Historically, the companies have delivered an annual organic top-line growth of 15 % and are optimistic about future growth prospects.

OxyChem plays a critical role in creating products that improve lives, advance society and uplift the global community. We develop and manufacture chemical products used to purify water, build communities and vehicles, create climate-friendly refrigerants and produce life-saving pharmaceuticals and medical supplies. We focus on safe and sustainable manufacturing operations as we pursue a lower-carbon future.

Oxy is an energy company, a chemical manufacturer and a carbon management leader. Strong environmental, social and governance (ESG) performance is central to everything we do and everything we stand for. Our goal is to work toward delivering net-zero products and solutions across our company, our industry and, ultimately, our world.

Construction is underway for our first Direct Air Capture (DAC) plant, STRATOS, in the Permian Basin. When construction is complete, it will be the largest facility of its kind in the world. Oxy formed 1PointFive, a development company, to finance and deploy Carbon Engineering's large-scale DAC technology for this groundbreaking project. Artist rendering shown.

Oxy has built a large-scale solar facility in the heart of its Permian Basin operations near Odessa, Texas. The 120-acre facility uses 174,000 solar panels to generate 16 MW of electricity, the equivalent of powering about 14,000 homes. This solar farm provides energy to power our Goldsmith oilfield operations, zeroing out the carbon footprint of electricity used in the field and signficantly reducing the field's carbon intensity.

Oxy is partnering with Cemvita Factory to develop advanced chemistry that will prevent CO2 from being emitted by using it as a feedstock for sustainable production of vital chemicals and polymers. Once constructed, the pilot plant will employ an alternate bio-ethylene production process that uses only CO2, water and light, greatly reducing manufacturing costs and carbon emissions.

AET and its subsidiary, Alternative Petroleum Technologies (AET) are environmental technology companies dedicated to comprehensive cost-effective solutions to environmental problems. We offer technologies and expertise to help operators of compression-ignition engines and industrial boilers meet increasingly stringent emissions requirements. We are developing new ways to help international power plant operators meet the constantly growing demand for electricity with heavier oil products that are made to burn cleanly, more efficiently and economically. Additionally, we are meeting the challenge of providing even cleaner combusting biodiesel fuels with new generations of emulsified fuels.

Petroleum or crude oil, also referred to as simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons,[1] and is found in geological formations. The name petroleum covers both naturally occurring unprocessed crude oil and petroleum products that consist of refined crude oil.

Petroleum is primarily recovered by oil drilling. Drilling is carried out after studies of structural geology, sedimentary basin analysis, and reservoir characterization. Unconventional reserves such as oil sands and oil shale exist.

Once extracted, oil is refined and separated, most easily by distillation, into innumerable products for direct use or use in manufacturing. Products include fuels such as gasoline (petrol), diesel, kerosene and jet fuel; asphalt and lubricants; chemical reagents used to make plastics; solvents, textiles, refrigerants, paint, synthetic rubber, fertilizers, pesticides, pharmaceuticals, and thousands of others. Petroleum is used in manufacturing a vast variety of materials essential for modern life,[2] and it is estimated that the world consumes about 100 million barrels (16 million cubic metres) each day. Petroleum production can be extremely profitable and was critical to global economic development in the 20th century. Some countries, known as petrostates, gained significant economic and international power over their control of oil production and trade.

Petroleum exploitation can be damaging to the environment and human health. Extraction, refining and burning of petroleum fuels all release large quantities of greenhouse gases, so petroleum is one of the major contributors to climate change. Other negative environmental effects include direct releases, such as oil spills, and as well as air and water pollution at almost all stages of use. These environmental effects have direct and indirect health consequences for humans. Oil has also been a source of internal and inter-state conflict, leading to both state-led wars and other resource conflicts. Production of petroleum is estimated to reach peak oil before 2035[3] as global economies lower dependencies on petroleum as part of climate change mitigation and a transition towards renewable energy and electrification.[4] Oil has played a key role in industrialization and economic development.[5]

The origin of the term stems from monasteries in southern Italy where it was in use by the end of the first millennium as an alternative for the older term "naphtha".[8] After that, the term was used in numerous manuscripts and books, such as in the treatise De Natura Fossilium, published in 1546 by the German mineralogist Georg Bauer, also known as Georgius Agricola.[9] After the advent of the oil industry, during the second half of the 19th century, the term became commonly known for the liquid form of hydrocarbons.

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