Our Iraq Special Purpose Vehicle (SPV) signed a Production Sharing Contract (PSC) with the Province of Salah Aldeen in 2011 and revalidated the PSC in 2013 and 2015. The PSC is circa 24,000 km2 comprising the entire area of the governorate of Salah Aldeen in northern Iraq. The Salah Aldeen region is approximately two thirds the size of the Kurdistan region of Iraq and the PSC is modelled on the Kurdish PSC but with superior fiscal terms.

The Salah Aldeen PSC contains a number of existing oil fields, for example Ajeel (807 MMbbls recoverable oil reserves + 4.6 TCF gas), Hamrin (1,800 MMbbls recoverable oil reserves + 1.925 TCF gas) and the Tikrit and Balad fields. To date production is very limited, only Ajeel has come on stream, with about 3% of reserves produced.

Overall the Salah Aldeen region has multibillion barrel oil and multi-TCF gas potential. Only limited seismic has been shot and exploration virtually confined to obvious surface anticlines in the eastern part of the licence, mostly dating from 30 years ago.

Despite several apparently large and commercial discoveries, only limited production has occurred mostly from just one field. Activities over the last 20 years have been regularly disrupted for long periods by political instability and lack of export options.

The SPV has been in negotiations with Central Government of Iraq and the Ministry of Oil on re-validating the contracts and how to proceed with developing the region, including the replacement export oil pipelines from Kirkuk, Iraq to Ceyhan, Turkey and the new Iraq to Jordan crude oil pipeline project.

In 2019 and 2020, further direct and virtual meetings were held to agree strategic plans with the competent authorities in the following areas:

• Upstream, Midstream, & Downstream
• Flaring Elimination, Gas Gathering & Export
• Renewables
• Infrastructure

Status: Activities suspended/restricted due to political and security uncertainty

Responsible for all Surface Projects, Engineering, & Pipelines for the Gulf Keystone Shaikan Field. The gross oil-in-place volume for the Shaikan discovery, as calculated by Dynamic Global Advisors, was a P50 value of 13.7 billion barrels.

Principal accomplishments:

• Completion of conceptual design, FEED, tender, award and project execution and start-up of 2x20,000 BOPD Production Facilities.
• Completion of FEED and Tender for 2x36”x120km Export Pipelines.
• Full Field Development Plan (FDP), facilities and contract execution strategy, for the Shaikan Field. Key responsibilities included;
  • Establishing the Design Premise of the Full Field Development
  • Concept selection & Design, FEED
  • Full Field Development CAPEX & OPEX modelling

The Shaikan 2x20,000 BOPD Production Facilities were producing and exporting on specification within 16 months on each site from project conception.

The facilities remain the most cost effective, with the highest reliability, availability and maintainability within Iraq and the wider region.

Status: Completed

In anticipation of the Iran and the P5+1 intergovernmental negotiations regarding Iranian sanctions being lifted and the approval of the Joint Comprehensive Plan of Action (JCPOA), our Iran dedicated SPV started building up a significant network and a sound understanding of the Iranian oil business with the competent authorities, local oil companies, and service companies. Additionally, the SPV developed a detailed understanding of the political and legal framework.

The SPV was technically and financially qualified with the Ministry of Petroleum and NIOC. We were also invited to join an international delegation to help develop and finalise the new generation Iranian Petroleum Contract (IPC).

Our SPV evaluated and negotiated preliminary contractual terms for a number of multi-billion barrel discovered fields; Azar, Changuleh, Darkhovin and South Pars Phase 11.

Funding: Secured from Strategic Financial Partners: USD $ 2.1 billion, proof of funds from Abu Dhabi National Islamic Finance (ADNIF), Royal Partners UAE, Banque Internationale à Luxembourg S.A.

Status: Activities suspended indefinitely due to international sanctions being re-applied

In 2015 our Libya SPV secured the exclusive rights with the Libyan Minister of Oil to negotiate on two world class discovered oil and gas blocks with high upside exploration potential; Block NC-100 and Block 47 located on the western side of Libya. The agreements were revalidated in 2017; however, works have been suspended due to the difficult security environment.

Block 47 is an explored, but undeveloped block in the Ghadames Basin, originally operated by Canadian Oil company Verenex. The discoveries tested at a maximum aggregate rate of 109,981 BOPD (35-45°API oil quality) and 106 MMSCF/day of natural gas (gross). In September 2008, DeGolyer MacNaughton reported that the gross contingent resources of Block 47 are an estimated 703 MMBO, giving a potential plateau rate of +100,000 bbl/d.

Block NC-100 is an older explored, but undeveloped block in the Ghadames Basin, originally operated by the Bulgarian State Oil Company, BOCO, together with Block NC-101. Data on the block is limited at this stage, however a 2013 report from an oil supermajor indicated 41°API oil quality and +200MM BOE, giving a potential plateau rate of +50,000 bbl/d.

Our Libya SPV is in active negotiations at the highest level in both the western and eastern administrations to complete permitting and award of contracts, including an additional three blocks in the Soluq Depression, in the eastern part of Libya.

In 2019 and 2020, further direct and virtual meetings were held and agreements concluded with the competent authorities in the following areas:

• Upstream, Midstream, & Downstream
• Flaring Elimination, Gas Gathering & Export
• Renewables
• Infrastructure

Funding: Secured from Strategic Financial Partners: USD $ 750 million, proof of funds from SBER Bank, Russia.

Status: Activities suspended/restricted due to political and security uncertainty.

Our LNG SPV has been collaborating with a Global LNG Company (NAME WITHHELD) to secure an LNG off-take agreement with China for their principal project in North America. Furthermore, it is undertaking a detailed evaluation for utilising their LNG vessels for our global projects in Bolivia-Peru, Iraq and Libya.

The Company was established to develop a new global standard in terms of the cleanest, safest, lowest risk, and lowest cost, floating liquefaction system for delivery of LNG. This effort has led to the development of Coastal Liquefaction Storage and Offloading vessels for producing LNG from landlocked natural gas in coastal areas. The Company will own and operate the FLNG Vessels on long term charters to LNG export project owners, as well as develop LNG export projects independently.

Each FLNG Vessel will be capable of processing up to 12 million tonnes per annum.

It is envisaged that our LNG SPV may require up to ten FLNG Vessels, which may be funded via our strategic financial partners and the GSEG Investment Fund or contracted on a tolling fee basis, for its global gas projects.

The global gas projects will initially require at least 30 LNG carriers. This will provide an opportunity to create a new dedicated shipping SPV to build, hold and manage the carrier fleet. The SPV has the potential to take a world leading role in developing a global LNG cargo swap programme. Alternatively the required LNG carriers may be contracted from existing global fleets.

Our South America SPV has been structuring a $30 billion mega-project in Bolivia and Peru, together with our consortium technical and financial partners, negotiating directly at the respective Head of State and Energy Ministry level.

Bolivia and Peru have great natural gas reserves potential, and our SPV is developing a project that needs a significant amount of natural gas that could be supplied by these two countries. The planned export volume is a minimum 25 billion cubic metres per annum requiring 20+ TCF of gas reserves over 25 years.

Our SPV is actively engaged with the Bolivian State operating company YPFB to study and identify high potential upstream areas for the joint development of liquid and gaseous hydrocarbons. Furthermore, it is also actively engaged with China National Petroleum Company (CNPC), licence holders for the main sources of gas supply in Peru.

In order for us to use this Gas, it is necessary to develop the infrastructure to transport the volumes from the production areas (Incahuasi in Bolivia and Malvinas in Peru) to the ILO area, where our South America SPV plans to develop a Petrochemical Complex and a Multipurpose Port including terminals for Containers, General Cargo, LNG and Liquids of Natural Gas (Export Hub).

Status: Active

Our China SPV has the ambition to become a significant player in the Chinese energy market. In particular, the focus will be on clean gas and clean petrochemical technologies to support the Peoples Republic of China (PRC) “Blue Sky” Action Plan.

Based on the forecast development programme for our projects, our company will have the ability to supply circa 25% of the total PRC gas import requirements.

In addition to the gas supply, the key areas of focus are Build Operated projects:

• • LNG Re-Gasification Terminals (North, Middle, South China)
  • Pipelines & Facilities
  • Petrochemicals Complexes
  • Storage & Distribution

Status: Active

Our Commodities SPV has secured agreements with state owned and private refineries, LNG receiving terminals and state owned commodities trading companies, for the direct import of crude oil and LNG, on both a short and long term basis. The commodities sourcing is presently being undertaken directly with OPEC and non-OPEC producing countries.

Xinming (HK) Ltd, a wholly owned subsidiary of China State Owned Enterprise (SOE); China Aerospace Science & Industry Corporation (CASIC), is the Primary Commodities Partner of GSEG worldwide. Additional SOE Partnerships for Metals & Minerals include China Minmetals and Chinalco.

All commodities will be marketed on a worldwide basis.

Funding: Secured from Strategic Financial Partners: USD $ 780 million, proof of funds from China Minsheng Bank, RHB Bank Berhad, Bank of China.

Status: Active

Golden Sky Investment Fund (GSIF) Key Highlights:

1. The Investment Fund (“GSIF”) concept and strategy was agreed by the executive leadership of GSEG in Hong Kong, December 2018. The GSIF shall have a goal of raising US$10 Billion in three distinct phases.

2. The GSIF shall be administered by a leading fund management team based in Hong Kong, operating to the highest global corporate governance standards. The senior management team are all former Asia-Pacific Chiefs for major companies including; Standard Chartered, JP Morgan and HSBC. GSIF shall also have a leading independent Investment Advisory Panel.

3. GSIF shall have a formal primary association with a PRC State Owned Investment Fund and at least one international Sovereign Wealth Fund. These associated funds will result in an additional investment capability of a factor of x10 of the GSIF, resulting in a joint US$ +100 Billion investment capability.

4. The three phases of the GSIF are as follows:

• • Phase 1: US$ 2 Billion
  • Phase 2: US$ 4 Billion
  • Phase 3: US$ 4 Billion

• • Total: US$ 10 Billion

5. During December 2018 meetings were held with over a dozen of the leading Asia-Pacific Financial State Owned Enterprises, Banks, Financial Institutions, Investment Funds and Hedge Funds.

6. Agreements in principle were reached with the “local” Investment Funds to participate in Phase 1 of the GSIF fund raise to the value of US$1.0 Billion. Leaving an additional requirement to raise US$ 1.0 Billion from outside China, thereby also satisfying the Chinese Foreign Direct Investment (FDI) criteria.

7. Once the US$ 1.0 Billion from outside China has been raised, no further FDI is required and all funding can be raised from within China. However, the FDI participants in the initial raise will be given a first right of refusal for all fund raising in subsequent phases.

8. Next steps are to identify the potential investment parties for the US$ 1.0 Billion, once complete, hold a stakeholder conference in London to develop the full transaction details and initiate the Investment Fund.

Status: Active

Consolidated Global Holding Company

Headquarters & Management of Control

Headquarters & Management of Control

Strategic Business Sector Priorities

Energy and Infrastructure Developments

GSEG together with Chinese strategic and international partners are initially focused on Iraq and Libya based projects in infrastructure (power stations, water treatment, and hospitals-schools-housing infrastructure). Thereafter, it will move into the more complex area of major energy development projects (upstream, midstream & downstream).

GSEG will utilise the China-Iraq government $10 billion “Export Credit Insurance Cooperation Framework” and facilitate the creation of any new or follow-up funds (oil for development and investment programme) as may be required in addition to direct investment. The new funds may be created using governmental partners from USA and China.

Further areas of core interest are Asia, East Africa, and Latin America.

LNG

GSEG is developing a global LNG procurement programme for China and Asia, securing LNG import facilities in China, securing gas procurement contracts in multiple locations, and will become an integrated global LNG company with interests at every stage of the LNG value-chain including; Build-Own-Operated gas production facilities through gas pipelines, gas pre-processing, liquefaction, LNG trading and transportation and regasification and distribution of gas in China and elsewhere.

Renewables & China Blue Sky Action Plan

GSEG is working on major global projects, including procuring LNG at the lowest cost and risk level, to enable affordable switching from coal-to-gas. Furthermore to develop a long term fully sustainable renewable energy programme from naturally replenished resources such sunlight, wind, rain, tides, waves, and geothermal heat.

The aim is to achieve, as a minimum, a reduction of up to 1 million air pollution related deaths, a substantial reduction in pollution related fatal cancer cases, and a reduction in CO2 emissions by over 1 billion tons per annum under the “Blue Sky Action Plan”.

This is the premier program in the world in terms of increasing the quality of life for the largest number of people and the most comprehensive programme for large scale, low cost reduction in CO2 emissions to increase global climate sustainability.

Agri-Aquaculture Joint Venture Company (GSAAG)

GSAAG produces and supply grains and animal protein from South America to the world.

Headquartered in the British Virgin Islands (BVI), we are an entrepreneurial and nimble structure with the right and strong culture to supply food to the world to meet increasing demand.

GSAAG is the union of over 100 years of tradition and productivity in grains and animal protein production, with strong family farming values, together with international entrepreneurship, state of the art technologies, project development & management, and financial expertise to provide sustainable quality and quantity food to the world.

Fostering international best practices, through world-class partnerships and strategic alliances, GSAAG is committed to providing high quality integrated food supply, whilst seeking harmonious co-existence between business and nature, as well as sustainable growth and development of the whole community, employees, partners and the company.

GSAAG has a full lifecycle integrated business model that includes production, sourcing, storage and handling, industrial processing, trading and logistics to deliver the product to our Clients. This is supported by re-investing profits directly and indirectly to increase sustainable growth of production in existing and new production frontiers, which in turn also directly supports local community development.

Supply Chain

GSAAG produces and supplies agriculture and animal protein products for regions with high demand around the world through our globally integrated supply chain.

1. Production

   We produce grains, oilseeds, and animal protein in South America

2. Sourcing

   We source high quality products from major producing countries in Latin America together with our farming partners and established long term suppliers. Our sourcing of high quality and volumes of products is being expanded to new global production frontiers.

3. Storage and handling

   Safety and quality drives how we collect, store and handle our products

4. Industrial Processing

   We process and refine a portion of our own production

5. Trading

   Our various trading platforms connects efficiently supply and demand markets

6. Logistics for transportation

   Our efficient transportation network is key for our business and the safety and quality of our products