Artificial Intelligence
Ecopetrol expects to invest between US$3.5 and US$4 billion in 2021
– The investment plan approved by the Board of Directors is oriented towards restoring the Ecopetrol Business growth’s path, increasing competitiveness, strengthening the energy transition of the Ecopetrol Business Group, and enhancing its sustainability agenda through positive social and environmental impact in the communities where the Company operates.
– Approximately to 80% of the investment is expected to continue to be allocated to projects in Colombia, and the remaining 20% mainly to investments in the United States and Brazil.
– The plan foresees reliable, clean and safe operation, with a production of hydrocarbons expected between 700 and 710 thousand barrels per day in 2021, a greater joint refining throughput of between 340 and 365 thousand barrels per day, and transported volumes over one million barrels per day.
– 77% of investments are expected to be oriented towards exploration and production projects, targeting assets with the highest strategic fit and profitability, with a goal of accelerating the value capture.
– The plan calls for an increase in the allocation of resources to energy transition and sustainability initiatives. 14% of investments are expected to be directed at expanding the gas chain and other energy sources, including expected investments of over US$200 million in energy efficiency projects and the incorporation of renewable energies. More than US$150 million is expected to be allocated to the decarbonization projects and over US$90 million to efficient water management in operations.
– The plan includes resources for the development of Integral Research Pilot Projects (PPII for its acronym in Spanish) in Colombia and continuing of operations in the Permian Basin.
– Nearly US$80 million is expected to be allocated to investments in technology and innovation, focusing on digital transformation, enhanced recovery, and energy transition.
– The 2021 plan expects to set aside approximately COP$405 billion for social investment allocated to the development and well-being of communities where we operate
– The generation of cash and the materialization of efficiencies is expected to facilitate a positive free cash flow and achieve a gross debt to EBITDA ratio of less than 2.5 times for 2021.
BOGOTÁ, Colombia, Dec. 14, 2020 /CNW/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that its Board of Directors approved the 2021 organic investment plan for the Ecopetrol Group (GE) for an estimated amount between US$3.5 and US$4 billion.
The plan is oriented towards restoring the Ecopetrol Business Group’s growth path, while continuing to prioritize cash generating opportunities and with better equilibrium prices, focusing on the execution of key assets development plans, and the preservation of asset value through investments that provide reliability, integrity and continuity to the Ecopetrol Business Group’s value chain.
The plan was based on an expected average Brent price of US$45 per barrel for 2021.
80% of the investments are expected to be allocated to projects in Colombia, and the remaining 20% is expected to be invested mainly in the development of projects in the United States and Brazil.
In line with Ecopetrol Group’s strategic priorities and the sturdiness of its integrated value chain, the plan holds as strategic objective the growth of the Upstream segment, towards which 77% of total investment is expected to be allocated, with a focus on accelerating the development of resources and reserves estimated at 3.7 bboe, through exploration, drilling and enhanced recovery. Production in 2021 is expected to reach levels of between 700 and 710 thousand barrels of oil equivalent per day (expected to be comprised of 81% oil and 19% gas). If the investments included in the plan are carried out as currently foreseen, it is expected that the Ecopetrol Business Group’s production levels will be approximately 750 thousand barrels by 2023.
In terms of exploration, 9 exploratory wells are expected to be drilled, 8 of which are expected to be located in Colombia in the Llanos Orientales, Mid-Magdalena Valley, Low-Magdalena Valley and Sinú-San Jacinto basins, as well as continuing activities aimed at appraising discovered resources for more than 450 million barrels equivalent.
With regards to unconventional reservoirs (YNC for its acronym in Spanish), investments of approximately US$600 million are planned for the scaling up of development activities in the US Permian Basin in Texas. Investments for the development of initiatives related to Integral Research Pilot Projects for Unconventional Deposits (PPII) in the Mid-Magdalena Valley Basin are also expected to continue.
Investments in the Downstream segment are expected to remain to focus on ensuring the reliability and sustainability of the operation of the Barrancabermeja and Cartagena refineries, as well as the development of fuel quality and wastewater management programs, thus ensuring increasingly clean effluents. The joint throughput expected from the refineries for 2021 is estimated to range between 340 and 365 thousand barrels per day, in line with the expected recovery of demand and refining margins. The investment priority in the project to interconnect the original crude unit of the Cartagena refinery with the new refinery remains, with estimated investments of US$48 million for 2021.
The Midstream segment is expected to represent 7% of the total investment, mostly aimed at guaranteeing the integrity and reliability of the infrastructure, while achieving greater flexibility and efficiency in the logistics for the transportation of heavy crude oil. These investments are expected to enable the optimization of future operating costs through the upgrading of equipment and improved performance. The volumes transported are estimated to reach over one million barrels per day, in line with the country’s crude production expectations and the national demand for refined products.
Consistently with the Ecopetrol Business Group’s energy transition strategy, approximately US$150 million is expected to be invested in the decarbonization agenda, including noteworthy tasks in energy efficiency, leakage and vent reduction projects as well as the construction of the Rubiales Solar Park. Moreover, we increased our goal of reducing emissions to 3 million tons of CO2 by 2023, in addition to the 6.6 million tons reduced between 2010 and 2019. These resources are expected to allow us to move towards the goal of incorporating 400 MW in renewable energy by 2023.
The plan reaffirms the resources oriented to the socio-environmental investment program for an approximate amount of COP$1,7 trillion by 2023 for the 2020-2024 period, aiming to close social gaps and promoting the development and well-being of the communities where we operate, through strategic projects in infrastructure, public services, education, sports and healthcare, inclusive rural development and entrepreneurship and business development. In addition, financial support to meet specific needs arising from the COVID-19 pandemic are expected to continue to be provided in the areas and communities where we operate.
In an effort to accelerate the digital transformation process, nearly USD$50 million is expected to be allocated towards capturing benefits associated with artificial intelligence technologies, blockchain, and bots, among others. The ICP (Colombian Petroleum Institute for its acronym in Spanish) is expected to invest approximately US$30 million, mainly in energy transition projects, advanced materials and increasing the recovery factor.
The organic investment plan is expected to be mainly financed by internal cash generation and the existing cash surpluses from the beginning of the year. A gross debt to EBITDA ratio of less than 2.5 times is expected for 2021, reversing the leverage indicator trend seen in 2020.
We believe this plan is in line with (i) our strategy of becoming the energy that transforms Colombia and (ii) the Ecopetrol Group’s cultural principles: life comes first, ethics, passion for excellence, making possible the impossible, leadership and inclusion, and working as a team. Furthermore, we believe it addresses the current challenges with a sustainability approach and ensures a strategy that adds value to the Business Group and the country.
“2020 challenged the Company and proved its resilience and ability to adapt to an adverse and volatile environment. The investment plan for 2021 seeks to recover the Company’s growth path, enhance its competitiveness, enlarge the sustainability agenda and establish the course towards energy transition, in line with our strategic pillars of cash flow protection, cost efficiency, capital discipline and profitable and sustainable growth. With this investment plan we are using our energy to continue constructing a country of all, for all,” said Ecopetrol’s CEO, Felipe Bayón Pardo.
Bogotá D.C. December 14, 2020
This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company’s prospects for growth and its ongoing access to capital to fund the Company’s business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company’s competitiveness and the performance of Colombia’s economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements.
Artificial Intelligence
Addverb Releases 2023 Sustainability Report Detailing Company’s Journey towards Technological Ecology
Successfully achieving the FY22-23 Extended Producer Responsibility (EPR) target of 3 metric tonnesFulfilled 17% of energy demand from renewable sources in CY 2023Improvement of the power factor from 0.88 to 0.99 over two yearsNOIDA, India, April 30, 2024 /PRNewswire/ — Addverb, a global leader in robotics and automation, releases its first Sustainability Report titled ‘Technological Ecology’. The report is produced in accordance with GRI Universal Standards and incorporates Environment, Social, and Governance (ESG) factors underscoring Addverb’s unwavering dedication to sustainability and commitment. Reporting initiatives from January 1st to December 3st, 2023, the report showcases Addverb’s commitment to Technological Ecology, aiming to reduce ecological impact while contributing to the planet’s well-being.
The report can be accessed on the Company’s website.
Commenting on the release of the report, Mr. Sangeet Kumar, Co-founder and CEO, Addverb said, “Addverb harnesses solar energy, employs energy-efficient machinery, and integrates lean manufacturing practices to reduce Greenhouse gas (GHG) emissions and promote responsible power consumption. Our vision extends beyond product creation to embedding sustainability throughout our designs and manufacturing processes, focusing on ecological balance and technological advancements.”
Addverb is committed to mitigating environmental impact through proactive measures and innovation, including strategic tree-planting initiatives, green belt cultivation for ecological restoration, sustainable water management practices with a focus on groundwater recharge, and fostering an inclusive workplace environment through Diversity, Equity, and Inclusion (DEI) initiatives.
Addverb, through this report, reflects its unwavering dedication to sustainability, innovation, and responsible business practices. By prioritising environmental stewardship and social responsibility, the company continues to pave the way for a greener and a more sustainable future.
About Addverb
Founded in 2016, Addverb offers end-to-end robotics solutions for warehouses and industrial automation. Addverb is based in India, with R&D facilities in India and the US, and subsidiaries worldwide, including Australia, Singapore, the Netherlands, and the US. Its fleet of automated robots and material handling technologies, along with in-house system integration and software solutions, enhances warehouse operations’ efficiency and accuracy.
Addverb provides tailored automation solutions, with its self-manufactured products, and a wide range portfolio consisting of Autonomous Mobile Robots, Sorting Robots, Automated Storage and Retrieval Systems, and Picking Technologies, fuelled by enterprise software; with a range of 350+ customers like Coca-Cola, PepsiCo, Unilever, Reliance, DHL, Amazon, ITC to name a few.
For more information visit: www.addverb.com or connect on [email protected].
Photo : https://mma.prnewswire.com/media/2399932/Bioretention_pond.jpg Logo : https://mma.prnewswire.com/media/2399931/Addverb_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/addverb-releases-2023-sustainability-report-detailing-companys-journey-towards-technological-ecology-302130075.html
Artificial Intelligence
New Independent Study Shows 70% of Organizations Prioritize Gen AI for Boosting Employee Productivity
The exclusive study commissioned by Apexon reveals how organizations, particularly from more regulated industries, are seizing the GenAI advantageOver 50% of surveyed organizations are implementing Gen AI in their businessesSUNDERLAND, England, April 30, 2024 /PRNewswire/ — Apexon, a digital-first technology services company, today unveiled key findings from a Forrester Opportunity Snapshot Study “Regulated Industries Are Making Generative AI Core to Their Digital Strategy.” The study commissioned by Apexon and conducted by Forrester Consulting highlights significant insights into the adoption, challenges, and future of Gen AI in highly regulated industries such as Financial Services, Healthcare and Life Sciences. A critical finding is that while organizational readiness may not impede Gen AI adoption, the absence of governance proves to be a significant barrier.
The study surveyed 125 US-based CXOs and key decision-makers responsible for AI strategy, representing organizations.
According to the findings, a significant 71% of organizations prefer to procure Gen AI solutions from technology vendors, underscoring the strategic shift towards leveraging external expertise for technological advancement. The findings also throw light on the transformative potential of Gen AI to enhance employee productivity and customer experience.
Key highlights from the study also include:
Enhancing employee productivity has emerged as the primary use case surpassing customer experience, traditionally the most prevalent industry use case. 70% of the surveyed organizations are directing their investments in Generative AI towards elevating employee efficiency for more impactful activities.Investments in building a strong Gen AI ecosystem are expected to increase significantly in 2025.Financial Services prioritize customer service improvements, while Healthcare Life Sciences focus on digital operations enhancement with Gen AI. “Generative AI is arguably the most disruptive technology, set to revolutionize industries and redefine work paradigms,” said Sriniketh Chakravarthi, Chief Executive Officer, Apexon. “This study has unearthed crucial insights for regulated industries aiming to harness Gen AI’s true potential. The findings underscore the importance of an effective AI governance program, a human-in-the-loop approach to manage accuracy risks and the pivot employees will make from routine to more strategic and creative elements of their work.”
Apexon’s Gen AI capabilities:
Specializing in customized Gen AI solutions, Apexon addresses unique organizational needs and industry challenges by leveraging deep industry domain knowledge and advanced AI/ML expertise to design contextualized, human-centric applications that drive real-world outcomes. Genysys, a proprietary platform by Apexon, combines over 10+ LLM models into a versatile platform, streamlining content creation and workflow while ensuring fast processing and minimal latency. It unlocks Generative AI’s full potential for innovative, tailored content, enhancing operational efficiency and engagement.
Click here to download the full study, titled “Regulated Industries Are Making Generative AI Core to Their Digital Strategy,” and discover more insights.
About Apexon:
Apexon is a digital-first technology services firm specializing in accelerating business transformation and delivering human-centric digital experiences. For over 17 years, the company has been meeting clients wherever they are in the digital lifecycle and helping them outperform their competition through speed and innovation. Its reputation is built on a comprehensive suite of engineering services, a dedication to solving clients’ toughest technology problems, and a commitment to continuous improvement. The company focuses on three broad solution areas of digital services: Digital Experience, Data Services, and Digital Engineering and has deep expertise in BFSI, healthcare, and life sciences. Apexon is backed by Goldman Sachs Asset Management and Everstone Capital.
Learn how Apexon helps clients with their digital transformation journeys at www.apexon.com.
Logo: https://mma.prnewswire.com/media/2263554/4375910/Apexon_Logo.jpg
Media contact:[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/new-independent-study-shows-70-of-organizations-prioritize-gen-ai-for-boosting-employee-productivity-302130442.html
Artificial Intelligence
Droit and FINBOURNE Partner to Deliver End-to-End Position Reporting Solution
LONDON, April 30, 2024 /PRNewswire/ — Droit, a technology firm at the forefront of computational law and regulation, will partner with FINBOURNE Technology, a provider of cloud-based investment data management software, to launch an end-to-end position reporting solution for increased regulatory transparency.
Over one hundred global jurisdictions have position reporting obligations, requiring market participants to report equity and equity derivatives holdings to regulatory bodies; a process that is complex, time consuming and costly.
Droit and FINBOURNE come together to deliver a joint, full-stack solution to enable sell-side and buy-side institutions to manage disclosure obligations for long, short and takeover panel reporting. This new offering leverages FINBOURNE’s financial data management platform LUSID, embedded with Droit’s Position Reporting product which delivers clear determination of reporting obligations based on consensus interpretations of requirements from Endoxa, a consortium of six global financial institutions.
The unified approach ensures consistency around complex regulatory interpretations, regulatory clarity and accuracy of reporting. As part of the joint solution, Droit translates and processes detailed guidelines from all major global jurisdictions, automating the decision-making process for shareholder disclosure reporting eligibility. For complete accountability, a traceable audit record is generated for each evaluated position.
With FINBOURNE’s advanced data transformation capabilities, the new end-to-end solution seamlessly maps the multiple data inputs needed to evaluate rules. Moreover, it simplifies workflow interactions via an intuitive interface, effectively mitigating operational, cost, and complexity challenges.
“Integrating Droit into LUSID means that together we are able to deliver a complete solution for position reporting. This partnership enhances our ability to safeguard asset managers by making sense of shareholder disclosure data when it comes to complex trading books and provide a level of granular reporting detail that is unmatched in the industry.” added Thomas McHugh, CEO and Co-founder, FINBOURNE Technology.
“By partnering with FINBOURNE, we are able to leverage consensus interpretation and industry best practice for position reporting for all market participants. The asset management industry can directly benefit from the experience of their sell-side counterparties.” said Brock Arnason, Founder and Chief Executive Officer of Droit. “FINBOURNE’s platform, built specifically to support the volume and complexity of data that characterizes position reporting, integrated with our consensus-driven eligibility rules, offers firms unrivaled traceability, transparency, and auditability.”
About Droit
Droit is a technology firm at the forefront of computational law and regulation within finance and other domains. Founded in 2012, Droit counts many of the largest financial institutions as its clients. Its award-winning, patented platform Adept provides an implementation of regulatory rules reflecting industry consensus. The Adept platform processes tens of millions of inquiries a day, deciding in real-time which interactions are legally permissible across the globe. Adept is used by institutions to evaluate, with sub-millisecond latency, the full regulatory implications of any given interaction within their transactional infrastructure.
For more information visit droit.tech. To obtain more information about Droit’s products, please contact [email protected].
About FINBOURNE Technology
FINBOURNE combines extensive technical expertise in financial services data management with a best-in-class, open, cloud–based investment management and servicing product ecosystem. By deploying our solutions, our clients can better aggregate, manage and utilise data across their organisations.
With operations across North America, Europe, Asia and Australia, FINBOURNE’s data management solutions help financial services firms improve their investment management and servicing capabilities.
FINBOURNE is trusted by some of the world’s leading financial services firms, including Fidelity International, London Stock Exchange Group, Baillie Gifford and Northern Trust.
For more information on FINBOURNE Technology visit www.FINBOURNE.com or contact [email protected]
Logo – https://mma.prnewswire.com/media/2016603/Droit_Logo.jpgLogo – https://mma.prnewswire.com/media/2400551/Finbourne_logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/droit-and-finbourne-partner-to-deliver-end-to-end-position-reporting-solution-302130494.html
-
Artificial Intelligence7 days ago9fin grows leadership team with VP Content promotion
-
Uncategorized7 days agoDeutsche Telekom: Your Trusted Partner for AI Solutions in Business
-
Uncategorized5 days ago
Cherrypicks Partners with AWS DevAx Leading Cloud Technology Innovation for Hong Kong Enterprises
-
Artificial Intelligence4 days agoHikvision redefines urban mobility with AIoT-powered solutions at Intertraffic 2024
-
Artificial Intelligence4 days agoHITACHI ACQUIRES MA MICRO AUTOMATION OF GERMANY IN EFFORT TO ACCELERATE GLOBAL EXPANSION OF ROBOTIC SI BUSINESS IN THE MEDICAL AND OTHER FIELDS
-
Artificial Intelligence4 days agoWeb O.No: Metaverse and Web 3.0 stunted by internet chaos, warn 87% of business leaders
-
Artificial Intelligence4 days ago
Greater efforts urged on sci-tech cooperation
-
Uncategorized4 days ago
Xiao-I Corporation to Announce Full Year 2023 Results
