Hestia Project – Decarbonizing Oil Field Operations

Valverde Power Solutions, MISC Berhad, Clean Energy Systems and Aker Solutions to Advance Oil & Gas Field Decarbonization Utilizing Oxy-Fuel Technology


   • Clean Energy Systems’ Oxy-Fuel technology utilized to:

o Meaningfully reduce or eliminate oil field operations’ GHG emissions, and

o Convert stranded and contaminated natural gas feedstocks into emission-free power with 100% CO2 capture

DALLAS and KUALA LUMPUR, Malaysia and RANCHO CORDOVA, Calif. and OSLO, Norway -- (PR Newswire) – February 22, 2023 – Valverde Power Solutions, Inc., MISC Berhad, Clean Energy Systems, Inc. and Aker Solutions today jointly announced the execution of an Agreement to specify and fund certain preliminary front-end engineering design (Pre-FEED) to assess and demonstrate two North American emission-free power projects utilizing Clean Energy Systems’ proven Oxy-Fuel burner technology (“Hestia Demo Project”).


The main objective of the Hestia Demo Project is to demonstrate the robustness of the Oxy-Fuel burner technology in an oil and gas field setting to generate emission-free power, reduce or eliminate oil field GHG emissions, sequester CO2 and provide a solution for stranded natural gas reserves. In an ESG context, by utilizing the Oxy-Fuel burner, Hestia Demo Project expects to show the ability to meaningfully address both Scope I and Scope II GHG emissions. The project team intends to capitalize on the significant Carbon Capture, Utilization and Storage (CCUS) technical and engineering expertise among the project participants.


The Oxy-Fuel burner technology is licensed by Valverde and owned by Clean Energy Systems (“CES”), a global leader in the development and deployment of carbon-reducing energy systems. The scalable CES Oxy-Fuel solution is designed to provide 10 MW to 100 MW of emission-free electrical power to meet the customer’s specific project requirements.


Valverde management has been involved in CO2 operations, sequestration and transportation since the late 1990s and will serve as project integrator and manager for the project.


Commenting on the Hestia project, Valverde’s CEO Gareth Roberts, said: “Providing emission-free electrical power from abundant natural gas reserves is a critical component in ensuring a successful energy transition. The next stage of the project will provide a Consortium structure that will allow for scale and rapid oil field deployment of Oxy-Fuel technology for each participant. We believe that Oxy-Fuel is the most effective technology of its kind for the decarbonization of oil and natural gas field operations. Globally, there are numerous onshore and offshore applications, especially for contaminated gas streams. Valverde has identified 28 initial oil field decarbonization projects requiring an estimated $4.6 billion in capital expenditures that collectively can sequester / eliminate approximately 8.6 million tonnes per year of CO2. The world-wide oil field decarbonization market segment is very large and is an important way to address GHG emissions.”


Aker Solutions has worked on projects and solutions for CO2 treatment since the 1990s. The company has extensive international experience with delivery of end-to-end projects for production of oil and gas as well as renewable energy.


“The CCUS technology being piloted in the Hestia project is unique and could prove to be a major tool in oil & gas field decarbonization. It produces affordable, reliable, and safe power at the oil & gas field while capturing the CO2 as part of the combustion, thus allowing it to be reinjected into the very same gas field. Short-traveled gas and short-traveled CO2. We believe this has the potential of reducing the cost of carbon capture to a level where meaningful scaling towards emission reduction objectives can be achieved. It also lends itself to offshore applications which is Aker Solutions’ domain. In particular, we see great potential for producing emission-free power for offshore installations. It could also act as base power for offshore wind, and complement green hydrogen production. Regarding the latter, excessive oxygen from green hydrogen production could be used to boost efficiency,” says Truls Normann, Senior Vice President of Aker Solutions’ Power Solutions segment.


MISC’s extensive global operations service major and national oil companies who are placing increasing importance on carbon capture solutions in large oilfields and in shipping.


“MISC is committed to advancing sustainable solutions as we transition towards low carbon operations to meet our Net-Zero GHG emissions agenda by 2050. Oxy-Fuel power generation technology is potentially a critical enabler to decarbonize the energy industry. It complements MISC's efforts to achieve our sustainability goals by providing clean electrical power for our offshore assets and operations,” says Alexander James Brigden, Vice President of Offshore Business, MISC Berhad.


Based on proven rocket technology, CES Oxy-Fuel combustion systems produce clean, high-energy gases for use in industrial processes and the generation of electrical power. By using nearly pure oxygen instead of air, the only products of combustion are steam and CO2, which can be easily separated for carbon capture and permanent storage. The California-based company has been working to perfect the technology for more than 25 years.


“We are excited for the opportunities the Hestia project offers to help advance our industrial decarbonization efforts,” says Keith Pronske, CES President and CEO. “We look forward to collaborating with such an experienced and innovative team.”


Also joining the Hestia team is the Dutch engineering and project development group, TriGen Energy BV, contributing global Oxy-Fuel project experience focused on emission-free power generation. Calgary, Alberta-based Craft Power will also participate as Valverde’s partner in oil and gas Oxy-Fuel developments in Canada. Craft’s business plan is to develop clean power generation and proprietary, long-duration power storage solutions (including Oxy-Fuel), which complements and accelerates Valverde’s strategy.


The Hestia project plans to have its first North American carbon-free facility online by 2025.


About Aker Solutions


Aker Solutions delivers integrated solutions, products and services to the global energy industry. This includes solutions to enable oil and gas production with reduced or zero emissions, and deliveries to renewable energy production. By combining innovative digital solutions and predictable project

execution, the company accelerates the transition to sustainable energy production. Aker Solutions employs approximately 15,000 people in more than 20 countries.


About MISC Berhad


MISC Berhad (MISC or the Group) MISC Group is a global leader in delivering energy-related maritime solutions & services with more than 50 years of experience in the maritime industry. Our principal businesses comprise energy shipping and its related activities, owning and operating offshore floating solutions, marine repair and conversion, engineering and construction works, integrated marine services, port management and maritime services as well as maritime education and training.


The Group’s modern and diverse fleet consists of more than 100 owned and in-chartered vessels comprising of Liquefied Natural Gas (LNG) and Ethane carriers, Petroleum and Product vessels, Floating Production Systems (FPS) as well as LNG Floating Storage Units (FSU) with a combined deadweight tonnage (dwt) capacity of more than 13 million tonnes.


We are a proud constituent of the DJSI Emerging Markets Index and FTSE4Good Bursa Malaysia Index, a testament to our sustainability performance and strong Environmental, Social and Governance (ESG) practices. MISC Berhad is listed on the Main Board of Bursa Malaysia.


For more information, visit www.misc.com.my


About Clean Energy Systems


Clean Energy Systems is a California-based technology company and a global leader in the development and deployment of carbon reducing energy systems. The company has successfully transitioned proven, reliable rocket engine combustion principles into a flexible and economically attractive power generation system for the benefit of our planet. CES’ proprietary oxy-combustion technologies enable cleaner and more efficient co-generation of power, steam, water, and captured CO2 and offers the world a new perspective on the way we assess the value of natural resources.


Please visit www.cleanenergysystems.com for more information.


About Valverde Power Solutions


Dallas-based Valverde Power Solutions is a Clean Energy Company and project developer using leading-edge technology to deliver carbon-free electric power and Carbon Capture, Utilization and Storage (CCUS). VPS has entered into a Master License Agreement with the leading Oxy-Fuel technologist, Clean Energy Systems (CES) securing exclusive rights and access to the CES Oxy-Fuel technology for use in decarbonizing oil field operations in North America. Valverde is a vital part of the diversity of solutions to eliminate carbon pollution while delivering an efficient source of clean energy for a more productive and sustainable world.


VPS was founded by Gareth Roberts, who has extensive carbon dioxide sequestration experience in North America and in the United Kingdom. He was the founder and CEO of Denbury Resources, where he developed expertise in CO2 and subsequently founded 2CO, a U.K. based power producer utilizing CCUS.


Please visit www.valverdepowersolutions.com for more information.



Contacts:


For Valverde Power Solutions:


Gareth Roberts, CEO                                                        David Charles, Director of Investor Relations

Tel: 469.573.8754                                                              Tel: 469.573.8754

                                                                                             E: investorrelations@valverdepowersolutions.com


For MISC Berhad:


M Shanni A/P S Muttiah, Head of Group Corporate Communication

Tel: +6 032275 2224


For Clean Energy Systems:


Keith Pronske, CEO

Tel: 916.638.7967


For Aker Solutions:


Preben Ørbeck, Head of Investor Relations

Tel: +47 47010611

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Hestia Project – Decarbonizing Oil Field Operations

February 22, 2023
Valverde Power Solutions, MISC Berhad, Clean Energy Systems and Aker Solutions to Advance Oil & Gas Field Decarbonization Utilizing Oxy-Fuel Technology • Clean Energy Systems’ Oxy-Fuel technology utilized to: o Meaningfully reduce or eliminate oil field operations’ GHG emissions, and o Convert stranded and contaminated natural gas feedstocks into emission-free power with 100% CO2 capture

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Space Oddity - How Rocket Technology Could Help Power The Energy Transition

January 28, 2022
Back in the early days of the Space Race, popular culture envisaged aerospace technology that might one day have us all zooming around town like George Jetson in his flying car. That hasn’t turned out to be the case, but developments that have evolved from rocket technology could one day play a different role here in the 21st century, where producing cleaner power and managing the energy transition are two key global goals. In today’s RBN blog, we look at an innovative “bioenergy with carbon capture and sequestration” (BECCS) project being undertaken in California by Clean Energy Systems (CES) and its partners, how the company’s technology is designed to work, and what “carbon-negative energy” might mean. CLICK HERE TO READ THE FULL ARTICLE

Valverde Power Solutions Positions to be a Carbon Capture Leader Using Clean Energy Systems Innovative Technology

October 6, 2021
Plano, Texas and Rancho Cordova, Calif. -- (PR Newswire) -- October 6, 2021 -- Valverde Power Solutions Inc. ("VPS") and Clean Energy Systems, Inc. ("CES") today jointly announced that VPS has entered into a definitive Master License Agreement with CES granting VPS the right to utilize the CES Oxy-Fuel Combustion technology for an initial 15 already-identified clean power and carbon capture and sequestration projects in the United States, Mexico and Canada. The CES Oxy-Fuel Burner allows the generation of electricity with 100% carbon capture creating clean power while efficiently utilizing domestically produced natural gas. Through the Master License Agreement and CES' minority ownership position in VPS, our innovative companies are now entering into a collaborative partnership to advance the Oxy-Fuel Combustion technology in oil and gas fields and in other industrial applications, where natural gas can be converted into carbon-neutral electricity and the carbon dioxide (CO2) sequestered or provided to enhanced oil recovery (EOR) operators. Importantly, oilfield operations can now easily be powered by clean energy reducing their carbon footprint at the field level. CO2 and electricity comprise two of the largest operating expense components of EOR operations and significant OPEX efficiencies can be achieved through the VPS plant design and the Oxy-Fuel Combustion technology. The Agreement will also enable VPS to produce a reliable and stable supply of clean electricity, complementing other clean sources of electricity from renewables and thereby contributing to an integrated, robust and environmentally friendly power grid for our economies. As part of the consideration for granting VPS the Master License Agreement, CES will receive VPS common stock and CES CEO Keith Pronske will join the VPS Board of Directors. Management Comments Commenting on the License Agreement, Gareth Roberts, VPS CEO said: "At Valverde, we have expertise in the transport and sequestration of CO2. We now combine that expertise with the CES technology to provide, by far, the cheapest and most efficient method of producing dependable electric power with zero emissions. Our first priority will be to develop decarbonized electricity in existing North American hydrocarbon oilfields, but quickly we intend to expand the technology to create commercial clean electricity at scale." Keith Pronske, CES President & CEO, stated: "We're excited about our partnership with the VPS team, and look forward to rapidly developing several carbon-neutral projects in North America. Having worked on our CCS technology for the past 25 years and tested at scale all required systems, we see a very bright future for zero emissions power plants with full carbon capture." About Valverde Power Solutions Valverde Power Solutions Inc., with offices in Dallas and Calgary, Canada, is a privately held clean energy company employing leading-edge technology to deliver electric power and Carbon Capture Utilization and Storage (CCUS), initially targeting the oil and gas and refining industries and other industrial end users. VPS will participate as developer and equity partner of new, emission-free power projects, primarily in North America. Through the CES partnership, our initial projects use natural gas combusted in pure oxygen to produce power and pure carbon dioxide which can be captured and safely stored underground or supplied to oilfields suitable for tertiary recovery. The electricity produced will be a dependable and a constant supply, thereby providing an important supplement to intermittent renewable electricity supplies and to oil and gas operators for a clean oilfield power alternative. VPS was founded by Gareth Roberts, who has extensive carbon dioxide sequestration experience in North America and in the United Kingdom. He was the founder and CEO of Denbury Resources, where he developed expertise in CO2 and subsequently founded 2CO, a U.K. based power producer utilizing CCUS. Please visit www.valverdepowersolutions.com for more information. About Clean Energy Systems California-based Clean Energy Systems is a global leader in the development and deployment of carbon reducing energy systems. The company has successfully transitioned proven, reliable rocket engine combustion principles into a flexible and economically attractive power generation system for the benefit of our planet. CES' proprietary oxy-combustion technologies enable cleaner and more efficient co-generation of power, steam, water, and captured CO2 and offers the world a new perspective on the way we assess the value of natural resources. Please visit www.cleanenergysystems.com for more information. For Valverde Power Solutions Gareth Roberts, CEO 469.573.8754 David Charles, Director of Investor Relations 469.573.8754 For Clean Energy Systems Keith Pronske, CEO 916.638.7967

Carbon Direct Leads Series A Investment in Clean Energy Systems

September 29, 2021
RANCHO CORDOVA, Ca, September 29, 2021 - Clean Energy Systems ("CES"), a pioneer in oxy-combustion technology, announced today that it has raised $15MM in a Series A funding round led by Carbon Direct Capital Management LLC ("Carbon Direct"). The funding will accelerate the first commercial-scale deployment of CES technology in the carbon negative power project in Mendota, California. Carbon Direct will join Clean Energy Systems' board of directors. As announced on March 4, 2021, CES is collaborating with Schlumberger New Energy, Chevron Corporation, and Microsoft to develop a carbon negative power project in Mendota, California. The plant will convert local agricultural waste biomass into a renewable synthesis gas that will be mixed with oxygen in a combustor to generate electricity. More than 99% of the carbon from the process is expected to be captured for permanent storage by injecting CO2 underground into nearby deep geological formations. The Mendota project is expected to create up to 300 construction jobs and 30 permanent jobs once the facility is operating. “Our vision is to scale our carbon removal technology to gigaton scale. In the State of California, our projects mitigate pile-burning of agricultural waste and permanently sequester carbon dioxide," said Keith Pronske, CEO of Clean Energy Systems. "Carbon Direct is a leading scientific advisor and financial sponsor to carbon technology companies, and we are delighted to welcome Carbon Direct as an investor. We admire Carbon Direct's commitment to high-quality carbon removal standards and its science-first approach to investing. Carbon Direct’s investment is an important endorsement of our technology. We look forward to ongoing collaboration with the investment team and the senior scientists at Carbon Direct." Based on rocket technology, CES oxy-fuel combustion systems can be used to convert biomass waste into clean power; in the process CO2 is captured and can be permanently removed by storage in geological formations. “Carbon removal is essential to hit our climate goals,” said Jonathan Goldberg, founder and CEO of Carbon Direct. “CES offers cutting edge carbon removal technology that produces commercially attractive, carbon negative power and can lead to wide scale CO2 removal. The technology is ready to deploy today and Carbon Direct is excited to work with CES and its partners to scale this critical technology.” “Waste biomass conversion with permanent CO2 storage can remove CO2 from the atmosphere affordably and with environmental benefits. CES’ technology can help support the State’s aggressive goal to end open-air burning of nearly all agricultural material in the San Joaquin Valley by 2025. Moving forward, it can also help California achieve its forest restoration goals by creating valuable products from low-value forest residues,” said Julio Friedmann, senior scientist at Carbon Direct. “The work we’re doing with Carbon Direct and our partners builds on over 25 years of technology development and demonstration, and we can replicate these and similar carbon capture projects on a global scale,” said Keith Pronske. “This is the beginning of a new generation of energy production that will be both clean and green.” About Clean Energy Systems Clean Energy Systems is a global leader in the development and deployment of carbon reducing energy systems. The company has successfully transitioned proven, reliable rocket engine combustion principles into a flexible and economically attractive power generation system for the benefit of our planet. CES’ proprietary oxy-combustion technologies enable cleaner and more efficient co-generation of power, steam, water, and captured CO2 and offers the world a new perspective on the way we assess the value of natural resources. To learn more, visit www.cleanenergysystems.com. About Carbon Direct Carbon Direct combines scientific expertise and financial capital to scale carbon removal & utilization into a global industry. Our investment business makes direct investments into leading carbon removal & utilization companies. Our advisory business works for corporate clients to fulfill their carbon management commitments. Carbon Direct’s team of world-renowned carbon scientists has a critical understanding of the risks and opportunities of emerging and mature carbon technologies. The firm was founded in 2019 by Jonathan Goldberg and has offices in New York City. To learn more, visit www.carbon-direct.com .

Schlumberger New Energy, Chevron, and Microsoft Collaborate on Carbon Negative Bioenergy

March 4, 2021
Houston, TX, March 4, 2021 —Schlumberger New Energy, Chevron Corporation, Microsoft and Clean Energy Systems today announced plans to develop a ground-breaking bioenergy with carbon capture and sequestration (BECCS) project designed to produce carbon negative power in Mendota, California. The BECCS plant will convert agricultural waste biomass, such as almond trees, into a renewable synthesis gas that will be mixed with oxygen in a combustor to generate electricity. More than 99% of the carbon from the BECCS process is expected to be captured for permanent storage by injecting carbon dioxide (CO2) underground into nearby deep geologic formations. By using biomass fuel that consumes CO2 over its lifetime to produce power and then safely and permanently storing the produced CO2, the process is designed to result in net-negative carbon emissions, effectively removing greenhouse gas from the atmosphere. The plant, when completed, is expected to remove about 300,000 tons of CO2 annually, which is equivalent to the emissions from electricity use of more than 65,000 U.S. homes. “We are excited to welcome Chevron and Microsoft on this exciting opportunity, as it further demonstrates how we play an enabling role to deploy carbon capture and sequestration solutions at scale,” said Ashok Belani, Schlumberger New Energy executive vice president. “We are diversifying our portfolio of projects with partnerships in selected markets and geographies where existing policies and regulations can make projects attractive today. This unique BECCS project in California is a game-changing example of this.” "There's tremendous opportunity to use cloud technologies in the energy sector to help accelerate the industry's digital transformation," said Scott Guthrie, executive vice president, Cloud + AI, Microsoft. "Innovation at this scale is accelerated by our strong relationship, as we work together to help provide a sustainable and clean environment for local communities." “We’re pleased to have strong partners join our efforts to address the challenges of climate change, improve air quality in the Central Valley and make a vital contribution to the local economy by restarting an idled biomass plant,” said Keith Pronske, Clean Energy Systems president and CEO. “Chevron is helping to advance a lower-carbon future,” said Bruce Niemeyer, Chevron's vice president of strategy and sustainability. “We look forward to leveraging our experience working in California, building projects which can be repeated, and operating large-scale carbon capture and storage operations. The project is aligned with our focus on investments in low-carbon technology to enable commercial solutions.” The completed facility will help improve air quality in the Central Valley by using approximately 200,000 tons of agricultural waste annually, in line with the recent California Air Resources Control Board plan to begin phasing out almost all agricultural burning in the Valley by 2025. The bioenergy technology is designed to operate without routine emissions of nitrous oxide, carbon monoxide and particulates from combustion produced by conventional biomass plants. The project is expected to create up to 300 construction jobs and about 30 permanent jobs once the facility is operating. The companies involved expect to begin front end engineering and design immediately, leading to a final investment decision in 2022, and will then evaluate other opportunities to scale this carbon capture and sequestration solution. About Schlumberger New Energy Schlumberger is the world's leading provider of technology to the global energy industry. Schlumberger New Energy explores new avenues of growth by leveraging Schlumberger’s intellectual and business capital in emerging new energy markets, with a focus on low-carbon and carbon-neutral energy technologies. Its activities include ventures in the domains of hydrogen, lithium, carbon capture and sequestration, geothermal power and geoenergy for heating and cooling buildings. www.slb.com About Chevron Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com . About Clean Energy Systems Clean Energy Systems is a global leader in the development and deployment of carbon reducing energy systems. The company has successfully transitioned proven, reliable rocket engine combustion principles into a flexible and economically attractive power generation system for the benefit of our planet. CES’ proprietary oxy-combustion technologies enable cleaner and more efficient co-generation of power, steam, water, and captured CO2 and offers the world a new perspective on the way we assess the value of natural resources. ### Cautionary Statement Regarding Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “believe,” “plan,” “estimate,” “intend,” “anticipate,” “should,” “could,” “will,” “likely,” “goal,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as net-negative carbon emissions goals, air quality improvement, job creation and other forecasts or expectations regarding global climate change. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of the partnership; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; and other risks and uncertainties detailed in the companies’ public filings, including Schlumberger’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. The forward-looking statements speak only as of the date of this press release, the parties disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise. For further information, contact: Media Giles Powell – Director of Corporate Communication, Schlumberger Limited communication@slb.com Sean Comey, Chevron Tel: +1-925-842-5509 Investors Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited Joy V. Domingo – Director of Investor Relations, Schlumberger Limited Tel: +1 (713) 375-3535 investor-relations@slb.com

CES FEATURED AT EVENT ON ACCELERATING ENGINEERED CARBON REMOVAL IN CALIFORNIA

By R. Hollis • January 28, 2021
This week, a webinar on Accelerating Engineered Carbon Removal in California was hosted by University of California, Berkeley (UCB), Center for Law, Energy, and the Environment (CLEE). The event featured a panel of experts representing state regulators (CalGEM), NGOs (Energy Futures Initiative), and project developers (Clean Energy Systems).

CES SPEAKS ON AN ACTION PLAN FOR CARBON CAPTURE AND STORAGE IN CALIFORNIA

By R. Hollis • October 21, 2020
On October 20, 2020, Stanford University’s Center for Carbon Storage hosted a webinar on Carbon Capture and Storage in California. The event was held in conjunction with the launch of a Report that provides policymakers with options for near-term actions to deploy carbon capture and storage (CCS) to meet the state’s climate goals.
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