Korea Gas Corp plans to sell less than 49% of its stake in Iraq's Akkas gas field after commercial production begins in 2015. This will allow it to retain operatorship of the field. The Akkas field is on track to start producing around 400,000 cubic feet of gas per day in September 2015. Korea Gas also has no plans to sell its 10% stake in a gas field in Mozambique, denying a previous report. Additionally, South Korea's Kogas is looking to sell some of its overseas assets to improve its finances and reduce debt.

1. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
in this publication. However, no warranty is given to the accuracy of its content . Page 1
NewBase 10 February 2014 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Korea Gas eyes stake sale in Iraq's Akkas gas field after 2015: source
Seoul (Platts)--7Feb2014/431 am EST/931 GMT
South Korea's state-owned Korea Gas Corp. plans to sell part its 100% stake at the Akkas gas field in Iraq
after commercial production begins in 2015, a company official said Friday.
"The company submitted to the [South Korean] government last month a plan to sell part
of its stake at the Akkas gas field after 2015. But details have not been decided yet," he
said. The official declined to reveal the size of the stake Kogas plans to sell, adding that it
would ultimately be determined by the South Korean government.
But a finance ministry source told Platts Friday
Kogas will sell less than 49% so that it can retain
operatorship at the field. Major decisions at
Kogas, such as stake purchases or sales, are
finalized by the government, which holds a
nearly 60% stake at the state utility.
The Akkas field, the first non-associated gas field
to be developed in Iraq, is on track to start
commercial production in September 2015, said
the Kogas official. Kogas plans to produce about
400,000 Mcf/day for more than 13 years, he said.
Kogas signed a deal in 2011 to develop the
Akkas gas field in the western province of Anbar,
Iraq's largest, which has estimated reserves of 5.6
Tcf. Kogas received approval from the Iraqi
government for the Akkas field development plan
in September 2012 and completed pre-front end
engineering and design in November 2012.
The company is involved in three other fields in
Iraq. It has a 20% interest in the Mansuriya gas
field in northern Iraq, a 30% stake in the Badra
oil/gas field in western Iraq and a 25% interest in
the Zubair oil/gas field in the south. NO PLANS
TO SELL MOZAMBIQUE STAKE
Meanwhile, the Kogas official also said the
company has no plans to sell its 10% stake in a
gas field in Mozambique, denying a January 28
report by The Korea Economic Daily. "The

2. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
in this publication. However, no warranty is given to the accuracy of its content . Page 2
report is wrong. We don't have such plan," the official told Platts. Kogas holds a 10% stake in the Area 4
gas block in Mozambique.
The South Korean utility has been looking to sell part of its overseas assets to improve its finances. KOGAS
CEO Jang Seok-Hyo told Platts in October last year that the company would sell some or all of its 15%
stake at Australia's Gladstone LNG project, and was also considering selling part of its 20% stake at Shell-
led LNG Canada, among others.
Kogas is under pressure from the government to reduce its debt, which has grown due to massive overseas
projects in the past few years. The government has called for Kogas to lower its debt-to-equity ratio to
274% by 2017, from 438% at the end of 2012. Kogas is owned 26.86% by South Korea's finance ministry,
24.46% by state power monopoly Korea Electric Power Corp. and 6.56% by the country's state-run National
Pension Service. The rest of Kogas is held by individual investors.
Addition – By NewBase :-
The Akkas gas field is a Iraqi natural gas field that was discovered in 1992. It began production in
1993 and produces natural gas and condensates. The total proven reserves of the Akkas gas field
are around 5.6 trillion cubic feet (160×109
m³) and production is slated to be around 400 million
cubic feet/day (11.4×106
m³) . Any future The investments of Akkas gas field by a GTL project will
be highly profitable
to Iraqi oil & gas
It will be possible to
export some of the
produced petroleum
productseither by
using the old Iraqi-
Syrian oil pipeline
after rehabilitating
it,or by building a
new pipeline. This
action will provide
Iraq with much-
needed extra income
to fund the
reconstruction projects.
In case of applying the
federal governing
system in Iraq, a
GTLproject could be
the base of
establishing a
petroleum and
natural gasindustry
in the north-western
region, which might
form a federationgovernment. It will provide the local governorates of this federationwith their needs of
petroleum products, as well as employing theworkers of the region. Such a policy will bring, from
the political &economic points of view, some stability for this kind of governingsystem.

3. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
in this publication. However, no warranty is given to the accuracy of its content . Page 3
Phase one of oil refinery in Kuwaiti city to cost US$5 million
http://www.oilreviewmiddleeast.com + Kuna
Kuwait has announced that the phase one of the joint heavy oil refinery project with Saudi
Arabia in Wafra will cost US$5bn .
Ali Al-Shemmeri, CEO of Kuwait Gulf Oil
Company (KGOC), said that when
completed the project is expected to produce
around 80,000 bpd.
The phase includes 288 producing wells — 133 injection wells, 67 observation wells and five
storm water injection wells — and would require 100MW of electricity used in operating steam
turbines, KUNA news agency reported .
Wafra Joint Operations (WJO)
The Field Development and Exploration Group of Kuwait Gulf Oil Company (KGOC)
administer the non-operatorship rights and
obligations for the State of Kuwait in the Onshore
Divided Zone, an area of some 5000 square
kilometers. The operator of this area is known as
the Wafra Joint Operations, WJO.
The facilities of Wafra Joint Operations are located
in divided zone (DZ) they include Light & Heavy Oil
production, processing, storage & shipping
facilities. Oil is gathered through flow lines in Sub-
Centers (SC) then processed in Main Gathering
Centre (MGC). MGC has Ratawi/Burgan processing
plant and Eocene processing plant.

4. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
in this publication. However, no warranty is given to the accuracy of its content . Page 4
Oman Oil Opens its first overseas office in Tanzania
By : Times of Oman
As part of its broad investment programme to increase footprint in key growth markets, Oman Oil Company
(OOC) has opened its first representative overseas office in Dar-
es-Salaam, Tanzania.
Operating under the name Oman Energy Limited (OEL), Oman
Oil Company will work alongside its majority-owned Oman Trading International (OTI) — petroleum
products, crude oil, petrochemicals, and carbon emissions trading company — to support activities and
pursue investment opportunities.
"Commencing operations in Tanzania is an important milestone as we expand our presence throughout the
African continent. The representative office will act as a focal point to explore and develop investments in
Tanzania's petroleum and energy sectors," said Nasser bin Khamis Al Jashmi, undersecretary at the Ministry
of Finance and chairman of Oman Oil Company.
Fertiliser sector "With the accelerated agricultural growth in Tanzania, Oman Oil Company is considering
potential investments in the fertiliser sector, as well as the supply and marketing of petroleum products. In
addition, development of energy infrastructure and coal mining are other opportunities being considered
as part of our investment roadmap in the country.
OOC is a company wholly-
owned by the Government
of the Sultanate of Oman.
The company was
established in 1996 to give
the government a vehicle for
pursuing
investmentopportunities in
the energy sector both
inside and outside the
Sultanate of Oman.
NewsBase , research :- Tanzania does not produce or have any proven crude oil reserves, but the country
contains 230 billion cubic feet (Bcf) of proven natural gas reserves, according to the Oil and Gas Journal.
• The country expects to increase natural gas production in the next coming years from the Mnazi Bay
Concession, located in southeast Tanzania in the Rovuma Basin. Currently, a gas pipeline is being
constructed to transport the natural gas from Mnazi Bay to Tanzania's capitol city, Dar es Salaam.
• The BG Group, in partnership with Ophir Energy, and Statoil, in partnership with ExxonMobil, are leading
exploration activities in offshore Tanzania. To-date, BG and Ophir have made seven discoveries amounting
to more than 10 trillion cubic feet (Tcf) of recoverable natural gas resources. Statoil and ExxonMobil have
made four discoveries amounting to 10 to 13 Tcf of recoverable natural gas resources.
• Along with natural gas, Tanzania also produces coal. The country produced 105 thousand short tons of coal
in 2011, all of which was locally consumed. Tanzania also imports small amounts of coal (4 thousand short
tons in 2011) to supplement domestic demand.

5. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
in this publication. However, no warranty is given to the accuracy of its content . Page 5
Jizan plant: Aramco asks firm to re-bid
- Reuters
Saudi Aramco has asked interested companies to submit cheaper offers to build parts of a complex to supply
energy to an oil refinery at Jizan, industry sources said.
A total of 14 companies bid in October for four packages to build elements of a 2,400 megawatt (MW)
integrated gasification combined cycle (IGCC) plant at the refinery. The bids were higher than the state-run
oil giant had hoped for, so it is now inviting lower-cost bids for three of the four packages, one source said.
"The original bid price exceeded the budget so they are trying to find ways to shrink the cost," said a second
source familiar with the matter.
Saudi Aramco declined to comment.
Aramco has re-tendered three of the four
construction packages, as it is in talks
with China's Sepco III over the power
plant package, sources said. The plant will
supply the 400,000 barrel per day oil
refinery and other consumers around the
industrial port on the Red Sea coast.
Construction of the refinery has not
started. It will be the last of a trio of new
400,000 bpd refineries in Saudi Arabia
between 2013 and 2018. The refinery will
process heavy and medium crude oil into
around 75,000 bpd of gasoline and
250,000 bpd of ultra-low-sulphur diesel.

6. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
in this publication. However, no warranty is given to the accuracy of its content . Page 6
Russia’s Rosneft has reportedly offered 10 offshore blocks to India’s ONGC Videsh (OVL).
http://www.offshoreenergytoday.com
According to The Economic Times, OVL , the wholly owned subsidiary
and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), will
evaluate data provided by Rosneft before deciding on the final agreement.
The offer covers nine oil blocks in the Barents Sea, and one in the Black
Sea. OVL, according to information on their website, currently owns a stake in two oil and gas projects in
Russia. Rosneft did not respond to an e-mail seeking comment, sent by Offshore Energy Today.
Videocon looking to sell
While one Indian oil company is looking to
acquire assets, another one is eyeing
divestment opportunities.Business Line
reports that Videocon is looking for a
customer which would pay a good price for its
stake in an offshore oil field in Indonesia. The
company is awaiting the drilling results from
the Nunukan block, due February 18, and
then, if the price is right, it will sell its 12.5
per cent in the area offshore East Kalimantan.
“Our expertise is to take a block, drill, see
that there are reserves and then
sell,” Rajkumar Dhoot, Managing Director,
explained Videocon’s strategy to Business
Line.
Addition :
In the South Russky block of the Barents Sea
lies the North Gulyaev deposit, which contains
13 million tons of C1+C2 oil and 52 billion
cubic meters of gas. Rosneft experts have
conducted comprehensive geological and
geophysical surveys on the South Russky block
to evaluate hydrocarbon resources and
geological risks. They have graded the most
promising sites and identified key exploration
areas.The work carried out by company
experts has helped develop an understanding
of the field's key forecast oil-and-gas-bearing
zones and formulate an exploration plan for 2012 in order to gain a deeper understanding and more detailed
knowledge of prime sites and prepare them for test drilling in the coming years.

7. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
in this publication. However, no warranty is given to the accuracy of its content . Page 7
Iran drawing up new deals to lure oil majors
www.Tradearabia.com
Iran’s oil ministry said yesterday it is preparing a new type of contract that would be more
attractive to major oil companies in case of the lifting of international sanctions. A committee
formed at the oil ministry to iron out the new type of contracts is expected to finish its work by
May or June, ministry official Mehdi Hosseini who heads the team, told reporters.
The new contracts would
replace buyback types
under which contractors
funded projects and got
paid in the form of an
allocated production
share—a system applied for
more than 20 years in Iran.
“The reality is that these
contracts were one-sided
and only beneficial to Iran.
Foreign companies were
complaining,” Hosseini said.
NewBase ,,, issue research :-
If Western oil companies are to return to Iran, the prerequisite will be a relaxation of many of the US and
EU sanctions on oil trade, investments in the energy sector and financial transactions. The Europeans, to
make large investments, these companies would have to be confident that harsh sanctions would be unlikely
to return. Just as importantly, IOCs would have to be confident that contractual terms will be reasonably
attractive and balanced. They
will want to negotiate contracts
within reasonable time frames.
The competitive landscape for
Iran is much tougher than during
its last opening. Lucrative
investment opportunities have
sprung up in North American
shale oil and gas. Next-door Iraq
also offers access to giant, low-
cost fields — though on tough
terms and with serious political
and security risks. The sector of
the Kurdistan region of Iraq
shows just how successful
modern exploration techniques

8. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
in this publication. However, no warranty is given to the accuracy of its content . Page 8
can be. And the gas market is much more crowded, with the US, East Africa and Australia all seeking to
rival Qatar as global LNG giants.
More feasible would be a contractual form that mimics the financial returns from a PSC while honouring
nationalist sensitivities. IOCs would like to be able to book reserves but can manage without this if profits
are sufficient. The key is to give international companies a long-term stake in fields that encourages them to
bring their best technology, maximise recovery in Iran’s mature oil-fields and explore new prospects. In gas,
Iran can use the commercial skills of IOCs to develop exports to its neighbours, which will re-integrate it
into the regional and global economy.
If the return of Western IOCs to Iran can bring benefits to Iran and to the global economy, the realities
may mean it’s a long time before ExxonMobil and Chevron are drilling just over the border from their Iraqi
operations.
Any visitor to Asaluyeh will immediately notice the series of Gas and Petrochemical complexes running along the
coast, one of the largest collection of such facilities in the world. The various plants and complexes currently run
for some 12 km, and more are being constructed. A series of gas flares which line the facility are immediately
obvious, including one enormous flare in particular, with flames of almost 100 m in height. This flare is visible far
out to sea. The area also hosts the world's largest aromatic production plant, Noori Petrochemical Complex, with
an annual capacity of 4.2 million tons. Once completed, South Pars development revenue will exceed current oil
exports incomes.

9. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
in this publication. However, no warranty is given to the accuracy of its content . Page 9
Continued strong wealth growth in the GCC: Report
Written by Oman Observer ,in Business
Assets under management have seen a significant upswing around the world but these gains have not
translated into the top-and-bottom-line growth that wealth managers would expect based on past recoveries,
according to a global survey conducted by Booz & Company. The results of the extensive global survey —
conducted from interviews with over 150 wealth management executives, senior financial advisers, and
regulators from more than 15 international markets — reveal that a number of issues are affecting the speed
of recovery, the global management consulting firm said in its report. Key findings from the survey
highlight that new global regulations, reduced revenue pools, new competition and changing customer
behaviour represent major challenges for wealth firms. The survey reveals that not all wealth managers are
equipped to benefit from the expected upturn. Still, the prognosis varies by region. “In the GCC, for
example, the overall macroeconomics outlook remains positive, having maintained solid growth over the
years”, said Dr Daniel Diemers, Principal with Booz & Company. “The truth is, the region — and the UAE
in particular — has benefited considerably from new cash flows as a result of the Arab Spring.”
With assets under
management rising in the
GCC, High Net Worth
(HNW) clients from
nations such as Syria,
Egypt and Libya are —
now more than ever —
looking to invest their
wealth and diversify their
investment portfolios
across the US, Europe and
Asia. As a result, local
GCC players are
progressively entering the
competitive Prime
Brokerage market. “In addition, mid-sized offshore private banks are losing traction — forcing some of
them to reduce their footprint in the GCC or even close shop. At the same time new US and European
players are looking to tap into these new-found opportunities — especially in cities such as Dubai”, added
Diemers. At the structural level, there are significant changes currently occurring in the GCC. Local
regulators are continuing to issue a series of new banking rules and regulations. Naturally, the Foreign
Account Tax Compliance Act (FATCA), Automated Exchange of Information (AEI) and other regulatory
bodies are also urging local private banks to improve their reporting capabilities and management
transparency.
Very recently, digital has emerged as a key topic for wealth management around the globe. And, while
banks in the Middle East are yet to spearhead digital innovations, there certainly seems to be a growing
appetite for it from the client side. The report also highlights that Europe continues to lag behind other
regions, and, accordingly, it is the European banks that have had to take the biggest hit in terms of

10. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
in this publication. However, no warranty is given to the accuracy of its content . Page 10
profitability. Despite substantial cost reductions at many banks, the average cost/income ratio for European
wealth managers rose from 60 per cent in 2007 to 78 per cent in 2012, and around 20 per cent of European
wealth managers are struggling to turn a profit. In North America, assets under management recently re-
passed the pre-crisis level. To equip themselves to respond to the new market conditions, wealth managers
must:
■ apply a “capabilities lens” to ensure they focus on markets where they can compete and differentiate
themselves effectively;
■ rethink their value proposition with tiered offerings ensuring transparency and customer suitability;
■ go digital to enhance the customer experience and reduce the cost to serve;
■ and adapt their operating model and cost structure to the new revenue realities.
Alan Gemes, co-author and a Senior Partner with Booz & Company noted that: “Wealth managers looking
to play a leading role will need to fundamentally adapt their value proposition and operating model if they
are to capitalise on the continued economic recovery in 2014 and 2015.” (OEPPA Business Development
Dept) .

11. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
in this publication. However, no warranty is given to the accuracy of its content . Page 11
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Your partner in Energy Services
Khaled Malallah Al Awadi,
MSc. & BSc. Mechanical Engineering (HON), USA
ASME member since 1995
Emarat member since 1990
Energy Services & Consultants
Mobile : +97150-4822502
khalid_malallah@emarat.ae
khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with a total of 24 yearsKhaled Al Awadi is a UAE National with a total of 24 yearsKhaled Al Awadi is a UAE National with a total of 24 yearsKhaled Al Awadi is a UAE National with a total of 24 years of experience in theof experience in theof experience in theof experience in the Oil & Gas sector. Currently working as Technical AffairsOil & Gas sector. Currently working as Technical AffairsOil & Gas sector. Currently working as Technical AffairsOil & Gas sector. Currently working as Technical Affairs
Specialist for Emirates General Petroleum Corp. “Emarat“ with external volSpecialist for Emirates General Petroleum Corp. “Emarat“ with external volSpecialist for Emirates General Petroleum Corp. “Emarat“ with external volSpecialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for the GCC area via Hawk Energyuntary Energy consultation for the GCC area via Hawk Energyuntary Energy consultation for the GCC area via Hawk Energyuntary Energy consultation for the GCC area via Hawk Energy
Service as a UAE operations base , Most of the experience were spent as the Gas Operations Manager in Emarat , responsibleService as a UAE operations base , Most of the experience were spent as the Gas Operations Manager in Emarat , responsibleService as a UAE operations base , Most of the experience were spent as the Gas Operations Manager in Emarat , responsibleService as a UAE operations base , Most of the experience were spent as the Gas Operations Manager in Emarat , responsible for Emarat Gasfor Emarat Gasfor Emarat Gasfor Emarat Gas
Pipeline Network Facility & gas compressor stationsPipeline Network Facility & gas compressor stationsPipeline Network Facility & gas compressor stationsPipeline Network Facility & gas compressor stations . Through the years , he has developed great experiences in the designing & constructing. Through the years , he has developed great experiences in the designing & constructing. Through the years , he has developed great experiences in the designing & constructing. Through the years , he has developed great experiences in the designing & constructing of gas pipelines,of gas pipelines,of gas pipelines,of gas pipelines,
gas metering & regulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas tgas metering & regulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas tgas metering & regulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas tgas metering & regulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas transportation , operatransportation , operatransportation , operatransportation , operation &ion &ion &ion &
maintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Cmaintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Cmaintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Cmaintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAEonferences held in the UAEonferences held in the UAEonferences held in the UAE
andandandand Energy program broadcasted internationally , via GCC leading satelliteEnergy program broadcasted internationally , via GCC leading satelliteEnergy program broadcasted internationally , via GCC leading satelliteEnergy program broadcasted internationally , via GCC leading satellite ChannelsChannelsChannelsChannels ....
NewBase : For discussion or further details on the news above you may contact us on +971504822502 , Dubai , UAE
NewBase 10 February 2014 K. Al Awadi