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NewBase Energy News 04 May 2022 No. 1510 Senior Editor Eng. Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
U.A.E: Adnoc acquires 25% stake in Borealis from Mubadala
adnoc.ae/en/news-and-media/press-releases
Abu Dhabi National Oil Company (Adnoc) and Mubadala Investment Company have announced a
strategic transaction involving Borealis AG, a leading petrochemical company, under which Adnoc
will acquire a 25% stake in Borealis from Mubadala.
Financial details of the transaction are not being disclosed.
Upon completion of the transaction, Borealis will be owned 25% by Adnoc and 75% by OMV, an
Austrian multi-national integrated oil, gas and petrochemical company listed on the Vienna Stock
Exchange. Borealis is a leading global provider of advanced and circular polyolefin solutions and a
European market leader in base chemicals, fertilizers and mechanical recycling of plastics.
The investment in Borealis extends Adnoc’s international footprint in the fast-growing chemicals and
petrochemical sector, unlocking new opportunities in key markets where Borealis operates,
particularly in Europe and the Americas. This transaction marks another important milestone as
Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
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Adnoc accelerates the delivery of its Downstream and Industrial growth program, further expanding
the Company’s long-standing partnership with Borealis.
Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Adnoc Managing Director
and Group CEO said: “Globally, the chemicals and petrochemical sector is poised for significant
consumer-led growth in the decades ahead. Adnoc is therefore delighted to be making this strategic
investment for a 25% stake in Borealis, a world-leading petrochemicals company, with whom we
have already collaborated in a close and trusted partnership over two decades through our jointly
held Abu Dhabi-based polyolefins company Borouge.
“Alongside OMV, Adnoc will be a co-shareholder in Borealis, with this investment giving further
impetus to our local and international petrochemical and industrial growth program and accelerating
our transformation into an integrated and global energy player.”
Adnoc is well-positioned to capitalize on growth opportunities in the chemicals and petrochemical
sector, building on its world-class refining and petrochemicals facilities in Al Ruwais Industrial City,
Abu Dhabi. The Company has already embarked on a major expansion drive, including the recently
announced Borouge 4 complex and the TA’ZIZ Industrial Chemicals Zone in Ruwais.
Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO, Mubadala, said: “We have
partnered with OMV and Adnoc for two decades to build Borealis into a global champion.
Throughout this time, we have been proud of the company’s growth, innovation and continuing
success in sustainability. Now the time is right for OMV and Adnoc to take this partnership to the
next level capitalizing on synergies with the wider Adnoc portfolio.”
This investment represents the latest milestone in Adnoc’s strategic growth and investment
approach and reinforces Adnoc’s role as a catalyst for responsible and sustainable investment and
value creation for Abu Dhabi and the UAE.
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or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
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QatarEnergy awards final major North Field EPC contract
TradeArabia News Service
QatarEnergy has awarded a major engineering, procurement, and construction (EPC) contract for
the North Field Expansion Project. This marks the final major milestone to deliver its North Field
East (NFE) LNG Expansion Project to boost Qatar’s LNG production capacity to 110 million tons
per annum (MTPA).
A joint venture between
Técnicas Reunidas (TR) and
Wison Engineering has been
selected as the EPC
contractor and was awarded
a lump-sum contract for the
expansion of the sulfur
handling, storage, and
loading facilities within Ras
Laffan Industrial City.
These facilities will support
the NFE’s four new LNG
trains, which are scheduled
to start by year-end 2025.
The contract will also include
an option for further expansion to support sulfur production for the two additional LNG trains of the
North Field South (NFS) project, and infrastructure to support future additional LNG trains.
Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of
QatarEnergy said: “The award of this EPC contract is the culmination of our efforts to implement the
NFE project, the largest of its kind in the history of LNG industry, as part of our journey for the
sustainable development of our massive natural gas resources, while maintaining our position as
the world’s largest, safest and most reliable LNG producer.
“The contract with the TR-Wison joint venture includes options for the NFS project as well as any
future requirements for the handling, storage and loading of sulfur. We look forward to working
together to deliver this important project in a safe, timely, and successful manner.”
In delivering the contract, the TR-Wison joint venture will manage the detailed engineering work
from Qatar, leveraging the country’s growing technical capabilities for the development of major
projects.
Sulfur produced as a by-product of the gas treatment process required prior to the production of
LNG is used in the production of fertilizers and as a base material for intermediary chemicals used
in the manufacturing of industrial and household products.
With the execution of this EPC contract, the only remaining major EPC contract for the delivery of
the North Field Expansion Project, comprising the NFE and NFS projects, is the EPC contract for
the NFS two onshore processing and liquefaction trains, which is currently planned to be awarded
by the end of 2022.
When completed, the NFE and NFS projects will increase the State of Qatar’s LNG production
capacity from 77 MTPA today to 126 MTPA by 2027.
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Egypt: SDX Energy, Gas discovery at South Disouq
Source: SDX Energy
AIM-listed SDX Energy, the MENA-focused energy company, has announced a gas discovery at
the SD-12_East well that targeted a separate compartment in the Sobhi Field, within the Ibn Yunus
North development lease.
SD-12_East (SDX Working Interest: 67%) spudded on 17th April and reached TD at 7,295ft MD on
26 April 2022. The primary basal Kafr El Sheikh target was encountered at 6,567ft MD and
discovered 70.2ft of net pay gas sand with an average porosity of 24.1%.
A secondary target gas sand in the upper Kafr El Sheikh was also encountered at 4,838ft MD and
discovered 9.1ft of net pay gas sand with 30.7% porosity. SD-12_East will now be completed, tested
in the primary target area and tied-in to the CPF via the SD-12X flow-line and it is estimated that
the well will be on production in July 2022. An announcement concerning the results of the testing
of SD-12_East will be made in due course.
With the completion of SD-12_East, the rig will now move to the final well in the three well campaign,
MA-1X, which is targeting the Mohsen prospect and which has a planned spud date in late May.
Mark Reid, CEO of SDX, commented:
'I am very pleased to announce a second successful well in the South Disouq 2022 drilling
campaign. SD-12_East is expected to be contributing to production by July 2022 and I look forward
to updating the market further on the results of the well-test when this completes in the coming
weeks.'
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India sets end-June coal import targets as power woes mount
Sudarshan Varadhan, Reuters News
If the timelines are adhered to, the imports by the states and private utilities over the next five months
for blending with domestic coal will surpass annual imports by the entities in at least six years
India has asked state and private sector utilities to ensure delivery of 19 million tonnes of coal from
overseas by end-June, according to a power ministry letter, reflecting an urgency to secure supplies
in a pricey market amid increasing blackouts.
Smoke billows from the cooling towers of a coal-fired power plant in Ahmedabad, India, Oct13 2021.
The move, which marks the first time the world's second largest coal importer is issuing timelines
for imports, can put pressure on the global prices of coal as the utilities rush to avoid a repeat of the
electricity crisis in April.
If the timelines are adhered to, the imports by the states and private utilities over the next five months
for blending with domestic coal will surpass annual imports by the entities in at least six years.
An unrelenting heatwave pushed electricity demand to a record high in April, leading to the worst
power crisis in over six years and forcing India to go back on a policy to cut down coal imports.
The federal government has asked state government-owned utilities to import over 22 million tonnes
of coal and private power plants to import 15.94 million tonnes, the power ministry said in a letter
reviewed by Reuters.
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The power ministry asked all utilities to ensure delivery of 50% of the allocated quantity by June 30,
another 40% by end-August and the remaining 10% by the end of October, according to the letter
to top officials at state energy departments and heads of private power plants.
State government-run utilities have not imported for blending more than 7.1 million tonnes and
private companies not more than 13.1 million tonnes since at least the year ending March 2017.
Data predating year ended March 2017 is not available.
The federal power ministry did not immediately respond to a request seeking comment.
Utilities are not obligated to honour the federal government directives, but two government officials
who attended meetings related to rising power demand said that states were warned of blackouts if
the suggested quantities were not imported.
States and private companies "must import" coal and "ensure continuous power supply in the
respective states", the letter read.
"To ensure minimum required coal stocks in power plants before onset of monsoon, it is necessary
that placement of awards for importing coal for blending purpose is completed by 31.5.2022," the
ministry said in the letter dated April 28.
Private companies including Adani Power, Tata Power, Reliance Power, Jindal Steel and Power,
Torrent Power and Sembcorp have been given import targets, the letter showed.
The companies did not immediately respond to requests for comment. "All the State generation
companies and independent power plants must submit weekly management information system
report by every Friday to the Central Electricity Authority (CEA) and the Ministry of Power about port
wise indents placed, arrival and delivery of imported coal plant wise," the letter read.
Copyright © 2022 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 endeavors have been used to ensure the accuracy of the information contained in this
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EU considers exemptions to push through Russian oil embargo
CNBC - Silvia Amaro@SILVIA_AMARO
KEY POINTS
 Imposing measures that could reduce, or fully cut, Russian energy supplies to the EU have
been a complicated task for the bloc.
 This is because the region is reliant on Russia for several sources of energy, including oil.
 In 2020, Russian oil imports accounted for about 25% of the bloc’s crude purchases,
according to the region’s statistics office.
The European Union is closing in on a new round of sanctions against Moscow that will likely include
an embargo on Russian oil imports.
But the Brussels-based institution first
needs to solve division between the
member states, with two EU nations
demanding exemptions due to their heavy
dependency on Russian hydrocarbons.
Russia’s unprovoked invasion of Ukraine,
and evidence of war crimes, has pushed
the EU to take bolder steps on energy
sanctions. But imposing measures that
could reduce, or fully cut, Russian energy
supplies to the EU have been a
complicated task for the bloc.
This is because the region is reliant on
Russia for several sources of energy,
including oil. In 2020, Russian oil imports
accounted for about 25% of the bloc’s
crude purchases, according to
the region’s statistics office.
“It would be good to have everyone on board, but if it means delaying [oil sanctions] for everyone
then that would not be good,” an EU official, who did not want to be named due to the sensitivity of
the talks, told CNBC Tuesday.
The European Commission, the executive arm of the EU, is expected to put forward a proposal on
new oil sanctions later on Tuesday or Wednesday morning. However, Slovakia and Hungary want
exemptions.
Hungary’s Foreign Minister Peter Szijjarto said Tuesday his country would not support sanctions
that would make it impossible to receive oil from Russia, Reuters reported.
Hungary has been skeptical on applying energy sanctions on the Kremlin. The country, and its
nationalist leader Viktor Orban, is seen as having warmer relations with Moscow when compared
to other European nations.
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Their close links were highlighted during the coronavirus pandemic, for example. Hungary became
the first EU nation to buy a Russian-made Covid vaccine — even though it wasn’t approved by
European regulators.
There have been commercial and energy deals, too. Over the last decade, Hungary has increased
its share of imports of Russian natural gas, from 9.070 million cubic meters in 2010 to a high of
17.715 million cubic meters in 2019, according to Eurostat.
Not an immediate approval
Once the European Commission puts forward a new package of sanctions on Russia, then it is up
to member states to greenlight them unanimously.
It’s possible that an agreement on the EU’s sixth round of sanctions could take two separate
meetings between European ambassadors. The first set of discussions are due Wednesday
morning.
The new set of measures comes after Russia’s state-owned energy firm Gazprom halted natural
gas flows to two EU nations (Poland and Bulgaria) last week, prompting fears that other EU
countries would experience similar issues.
“It clearly shows that they are not reliable suppliers, and that means that all the member states have
to have plans in place for full disruption,” Kadri Simson, the EU’s energy commissioner, said Monday
at a press conference.
“It is an unjustified breach of existing contracts and a warning that any member state could be next,”
she added.
In this context, the bloc is racing to find alternative suppliers of energy in time for next winter. The
commission’s idea is to see at least 80% of Europe’s natural gas storage full by November and is,
in the meantime, diverting some flows within the bloc to support Poland and Bulgaria.
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China imports more liquefied natural gas than any other country
U.S. Energy Information Administration
In 2021, China imported more liquefied natural gas (LNG) than any other country, according to data
from Global Trade Tracker and China’s General Administration of Customs. Prior to 2021, Japan
had been the world’s largest LNG importer for decades, according to data from Cedigaz.
China’s LNG imports averaged 10.5 billion cubic feet per day (Bcf/d), a 19% increase compared
with 2020. LNG imports accounted for more than half of China’s overall natural gas imports and
30% of China’s total natural gas supply in 2021.
Source: Graph by the U.S. Energy Information Administration, based on data from Japan's Ministry
of Finance, China's General Administration of Customs, South Korea's Customs Institute, India's
Directorate General of Commercial Intelligence and Statistics, and Taiwan's Ministry of Finance via
Global Trade Tracker
China began importing LNG in 2006 and, with the exception of 2015, has imported more LNG each
year since then. China has rapidly expanded its LNG import capacity, which was estimated at 13.9
Bcf/d in 2021.
By the end of 2022, China’s regasification capacity could increase by 2.8 Bcf/d to 16.7 Bcf/d,
according to data by S&P Global Platts. In 2021, China imported LNG from 25 countries. The largest
six suppliers—Australia, United States, Qatar, Malaysia, Indonesia, and Russia—provided 8.9
Bcf/d, or 85%, of China’s total LNG imports.
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Since China lowered tariffs on LNG imports from the United States from 25% to 10% in 2019, U.S.
LNG exports to China have increased and in 2021 averaged 1.2 Bcf/d. The United States was the
largest supplier of spot LNG volumes to China last year.
Source: Graph by the U.S. Energy Information Administration, based on data from China's
General Administration of Customs and Global Trade Tracker
During 2022 and 2023, several new long-term contracts between China and the United States are
expected to start from the Sabine Pass and Corpus Christi terminals for a combined estimated
volume of up to 0.5 Bcf/d.
The new U.S. LNG export terminal at Calcasieu Pass will supply China’s two national energy
companies—Sinopec with 0.13 Bcf/d and CNOOC with 0.2 Bcf/d—starting next year.
Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
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NewBase May 04 -2022 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil Advances as Lower Inventories, EU Embargo Risk Support Gains
Bloomberg ,Sharon Cho + NewBase
Oil rose as industry data pointed to a drop in U.S. stockpiles and traders braced for possible
European Union curbs on Russian crude. Brent for July settlement gained 1.3% to $106.35 a barrel
on the ICE Futures Europe exchange.
Summary:
 U.S. crude stocks fall 3.5 mln bbls last week - API
 EU set to unveil sanctions on Russian oil
 Beijing tightens COVID curbs
West Texas Intermediate for June delivery added 1.5% to $103.91 a barrel on the New York
Mercantile Exchange at 7:29 a.m. in London. Oil prices bounced on Wednesday ahead of an
announcement by the U.S. Federal Reserve and further sanctions on Russia by the European
Union, offsetting demand worries in top importer China.
Brent crude futures had risen $1.46, or 1.4%, to $107.10 a barrel by 07.55 GMT amid thin trading
volume, with China and Japan closed for holidays. West Texas Intermediate crude futures rose
$1.59 , or 1.6%, to $104.00 a barrel.
The gains came on the back of news from Tuesday that the European Union would slap new
sanctions on Russia for waging war on Ukraine.
European Commission President Ursula von der Leyen is expected to spell out the proposed new
sanctions on Wednesday, including a ban on imports of Russian oil by the end of 2022, officials
said. read more
Oil price special
coverage
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Investors are also waiting for an announcement from the Fed on Wednesday. It is expected to
intensify efforts to bring down high inflation by raising interest rates and reducing its balance sheet.
Oil "prices remain in a holding pattern ahead of EU sanctions and the Fed", Stephen Innes of SPI
Asset Management said in a note.
In the United States, crude and fuel stocks fell last week, according to market sources citing
American Petroleum Institute figures. Crude stocks fell by 3.5 million barrels for the week ended
April 29, they said. This was more than an expected 800,000-barrel drop estimated in a Reuters
poll.
Oil prices fell more than 2% on Tuesday on demand worries stemming from China's prolonged
COVID-19 lockdowns that have curtailed travel plans during the Labour Day holiday season.
The global manufacturing purchasing managers index contracted in April for the first time since June
2020, with China's lockdowns a key contributor, Caroline Bain, chief commodities economist at
Capital Economics said in a note.
"The big picture is clearly negative for commodities demand," she said, adding that rising inflation
and higher interest rates were starting to bear down on spending. "While supply constraints may
keep commodity prices elevated for some time yet, we think subdued demand will weigh on most
prices later this year and in 2023," Bain said.
On Thursday, the Organization of the Petroleum Exporting Countries and their allies are expected
to stick to their policy for another monthly production increase, although the group, known as
OPEC+, undershot output targets between October and March, except for February.
West Texas Intermediate rebounded toward $104 a barrel after sinking more than 2% on Tuesday
on concern that anti-virus lockdowns in China are pummeling energy demand. The American
Petroleum Institute reported a drop of about 3.5 million barrels in crude stockpiles, as well as draws
in gasoline and distillate holdings, according to people familiar with the figures.
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Oil has been buffeted by volatility this year, while posting monthly gains, as Russia’s invasion of
Ukraine rocks markets and investors prepare for central banks to tighten policy to contain elevated
inflation. The U.S. Federal Reserve is expected to raise interest rates by 50 basis points later on
Wednesday, and policy makers may signal even more aggressive hikes later this year.
The U.S. and U.K. have already moved to ban Russian crude, and there’s pressure for the European
Union to follow suit, especially after Moscow choked off natural gas supplies to Poland and Bulgaria.
Officials in the bloc are in the process of framing a fresh package of sanctions against Moscow.
“Sentiment is see-sawing between bullishness on account of the EU’s proposed phased-in ban on
Russian oil and bearishness from demand concerns, especially in China,” said Vandana Hari,
founder of Vanda Insights in Singapore. “The net impact appears to be a slow grind lower for prices
in the short term.”
The API estimates, which will be followed by government figures later Wednesday, point to
increased tightness in product markets. The U.S. diesel crack spread -- a gauge of the profitability
of turning crude into diesel -- has surged this year as countries cut back on Russian fuel, depleting
supplies.
In China, Shanghai’s final exit from a five-week lockdown is being delayed, with authorities indicating
that restrictions in the commercial hub will be lifted only when community transmission reaches
zero. Still, Beijing has vowed to step up economic support to offset the economic drag from the
disruptions.
Oil investors are also counting down to a meeting on Thursday of the Organization of Petroleum
Exporting Countries and its allies on production policy. The 23-nation group is expected to ratify
another modest supply increase amid signs that the alliance is failing to deliver agreed-upon
volumes.
Crude markets remain in backwardation, a bullish pattern in which nearer-term contracts trade at
a premium to those further out. Brent’s prompt spread -- the differential between its two nearest
contracts -- was $1.36 a barrel in backwardation, up from 37 cents a barrel a week ago. So far this
year, the global benchmark’s prompt spread has averaged about $1.82 a barrel.
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NewBase Special Coverage
The Energy world –May -04 -2022
CLEAN ENERGY
UK: bp to invest up to GBP 18 billion in UK energy system by 2030
Source: bp
bp intends to invest up to £18 billion in the UK’s energy system by the end of 2030, demonstrating
bp’s firm commitment to the UK, and helping the country to deliver on its bold ambitions to boost
energy security and reach net zero.
As one of the largest oil and gas producers in the UK, bp intends to continue investing in North Sea
oil and gas, while driving down operational emissions. bp is also in action on a range of lower carbon
energy investments in the UK, which are expected to bring jobs and develop new skills and
capabilities.
Bernard Looney, chief executive officer, bp, said: 'We’re backing Britain. It’s been our home for over
110 years, and we’ve been investing in North Sea oil and gas for more than 50 years. We’re fully
committed to the UK’s energy transition – providing reliable home-grown energy and, at the same
time, focusing on the drive to net zero.
And we have ambitious plans to do more and to go faster. Our plans go beyond just infrastructure -
they see us supporting the economy, skills development and job opportunities in the communities
where we operate. We are all in.'
These projected investment figures are in addition to bp’s significant operating spend in the UK. In
2019, prior to the pandemic, an estimated 0.5% of UK GDP was supported by bp’s activities*. bp
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also anticipates paying up to £1 billion in taxes for its 2022 North Sea profits, on top of around £0.25
billion that it has paid annually in other taxes in the UK in recent years.
The UK projects in which bp is looking to invest - and the wider activities supporting them - include:
North sea:
 Developing lower emission oil and gas projects to support near term security of
supply, for example, at the Murlach, Kate and Mungo fields around the bp-
operated ETAP hub in the central North Sea and the Clair and Schiehallion fields
West of Shetland.
 Investing in exploration around its existing North Sea hubs.
 Progressing asset electrification projects in the Central North Sea and West of
Shetland to further reduce operational emissions and supporting the North Sea
Transition Deal.
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Offshore wind:
 In partnership with EnBW:
o Developer** of two 60-year offshore wind leases in the Irish Sea
(combined potential generating capacity of 3GW).
o Developer** of a lease option (potential generating capacity of
2.9GW) off the east coast of Scotland in the ScotWind round.
o Together, these three areas could generate enough energy to
power over six million UK homes every year.
 Investing in infrastructure, ports, harbours and shipyards, including the
construction of four ships to support the offshore wind projects across the UK,
subject to technical and commercial due diligence. These new-builds are
anticipated to involve an investment of more than £100m and would be
expected to support 500 associated jobs.
 Committing more than £1 million, as part of the successful ScotWind bid with
EnBW, to X-Academy in Scotland in a five-year deal, supporting both reskilling
experienced workers and the creation of entry-level energy transition roles.
 Making Aberdeen bp’s global operations and maintenance centre of excellence
for offshore wind and creating up to 120 new direct jobs.
EV charging:
 Planning to invest £1 billion in electric vehicle charging in the UK over the next
10 years - bp's largest-ever EV charging expansion - approximately tripling the
number of bp’s UK charging points by 2030 and deploying more rapid and ultra-
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fast chargers in key locations. The investment is expected to support hundreds
of new jobs in the UK.
Hydrogen:
 Planning to create two large-scale hydrogen production facilities:
o H2 Teesside (blue)
o HyGreen Teesside (green)
 Together, aiming to produce 1.5GW of hydrogen by 2030 - 15% of the UK
government’s 10GW target by 2030.
 H2 Teesside could create more than 600 operational jobs and another 1,200
construction jobs by 2027.
 bp has also signed an agreement with Redcar & Cleveland College in Redcar,
Teesside, to support green skills and education initiatives on Teesside.
Copyright © 2022 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 endeavors 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 18
CCS:
 Leading the Northern Endurance Partnership, to serve the East Coast Cluster
(ECC). The ECC has recently been named as one of the UK’s first CCS projects
and aims to remove nearly 50% of all UK industrial cluster CO2 emissions.
 Leading Net Zero Teesside Power (NZT Power) which could be the world’s first
commercial scale gas-fired power station with carbon capture - with the
potential to deliver enough low carbon, flexible electricity to power around 1.3
million homes.
 NZT Power could support more than 3,000 jobs during construction and over
1,000 jobs once operations begin.
Aberdeen:
 Working with Aberdeen City Council in a joint venture to deliver a scalable green
hydrogen production, storage and distribution facility powered by renewable
energy.
 Partnering with the local authority to support their ambition for Aberdeen to
become a climate positive city.
 Working with the Port of Aberdeen on decarbonisation projects.
Retail:
Continuing to develop our retail network across the UK, providing advanced fuels
and market-leading convenience, through our partnership with M&S Food. There are
more than 1,200 bp-branded retail sites in the UK, including around 300 operated
directly by bp***.
Note:
 Individual capital investment decisions will be subject to bp’s, and where
applicable other participants’, investment governance processes. Certain
Copyright © 2022 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 endeavors 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 19
projects are also dependent on obtaining the necessary government support
and/or regulatory approvals. These factors and others, including those referred
to in the Cautionary Statement, may impact plans and expectations for
investments and projects.
 *bp’s Economic Impact Report, 2019
 **preferred bidder status pending signing of Wind Farm Agreement for Lease
(AFL)
 *** Today most of the energy products bp sells to motorists are petrol or diesel
but as part of the transition towards net zero that will change. By the end of this
decade bp plans to rapidly expand its EV charging network to serve the growing
number of EVs joining UK roads.
Copyright © 2022 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 endeavors 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 20
NewBase Energy News 05 May 2022 - Issue No. 1510 call on +971504822502, UAE
The Editor:” Khaled Al Awadi” Your partner in Energy Services
NewBase energy news is produced Twice a week and sponsored by Hawk Energy Service – Dubai, UAE.
For additional free subscriptions, please email us.
About: Khaled Malallah Al Awadi,
Energy Consultant
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
www.linkedin.com/in/khaled-al-awadi-38b995b
Mobile: +971504822502
khdmohd@hawkenergy.net or khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas
sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S.
Universities. Currently working as self leading external Energy consultant for the GCC
area via many leading Energy Services companies. Khaled is the Founder of the
NewBase Energy news articles issues, Khaled is an international consultant, advisor,
ecopreneur and journalist with expertise in Gas & Oil pipeline Networks, waste
management, waste-to-energy, renewable energy, environment protection and
sustainable development. His geographical areas of focus include Middle East, Africa
and Asia. Khaled has successfully accomplished a wide range of projects in the areas
of Gas & Oil with extensive works on Gas Pipeline Network Facilities & gas compressor
stations. Executed projects in the designing & constructing of gas pipelines, gas
metering & regulating stations and in the engineering of gas/oil supply routes. Has drafted
& finalized many contracts/agreements in products sale, transportation, operation & maintenance
agreements. Along with many MOUs & JVs for organizations & governments authorities. Currently dealing
for biomass energy, biogas, waste-to-energy, recycling and waste management. He has participated in
numerous conferences and workshops as chairman, session chair, keynote speaker and panelist. Khaled is
the Editor-in-Chief of NewBase Energy News and is a professional environmental writer with over 1400
popular articles to his credit. He is proactively engaged in creating mass awareness on renewable energy,
waste management, plant Automation IA and environmental sustainability in different parts of the world.
Khaled has become a reference for many of the Oil & Gas Conferences and for many Energy program
broadcasted internationally, via GCC leading satellite Channels. Khaled can be reached at any time, see
contact details above.
Copyright © 2022 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 endeavors 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 21
Copyright © 2022 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 endeavors 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 22
Copyright © 2022 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 endeavors 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 23

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NewBase May 04-2022 Energy News issue - 1510 by Khaled Al Awadi.pdf

  • 1. Copyright © 2022 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 endeavors 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 Energy News 04 May 2022 No. 1510 Senior Editor Eng. Khaled Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE U.A.E: Adnoc acquires 25% stake in Borealis from Mubadala adnoc.ae/en/news-and-media/press-releases Abu Dhabi National Oil Company (Adnoc) and Mubadala Investment Company have announced a strategic transaction involving Borealis AG, a leading petrochemical company, under which Adnoc will acquire a 25% stake in Borealis from Mubadala. Financial details of the transaction are not being disclosed. Upon completion of the transaction, Borealis will be owned 25% by Adnoc and 75% by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on the Vienna Stock Exchange. Borealis is a leading global provider of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilizers and mechanical recycling of plastics. The investment in Borealis extends Adnoc’s international footprint in the fast-growing chemicals and petrochemical sector, unlocking new opportunities in key markets where Borealis operates, particularly in Europe and the Americas. This transaction marks another important milestone as
  • 2. Copyright © 2022 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 endeavors 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 Adnoc accelerates the delivery of its Downstream and Industrial growth program, further expanding the Company’s long-standing partnership with Borealis. Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Adnoc Managing Director and Group CEO said: “Globally, the chemicals and petrochemical sector is poised for significant consumer-led growth in the decades ahead. Adnoc is therefore delighted to be making this strategic investment for a 25% stake in Borealis, a world-leading petrochemicals company, with whom we have already collaborated in a close and trusted partnership over two decades through our jointly held Abu Dhabi-based polyolefins company Borouge. “Alongside OMV, Adnoc will be a co-shareholder in Borealis, with this investment giving further impetus to our local and international petrochemical and industrial growth program and accelerating our transformation into an integrated and global energy player.” Adnoc is well-positioned to capitalize on growth opportunities in the chemicals and petrochemical sector, building on its world-class refining and petrochemicals facilities in Al Ruwais Industrial City, Abu Dhabi. The Company has already embarked on a major expansion drive, including the recently announced Borouge 4 complex and the TA’ZIZ Industrial Chemicals Zone in Ruwais. Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO, Mubadala, said: “We have partnered with OMV and Adnoc for two decades to build Borealis into a global champion. Throughout this time, we have been proud of the company’s growth, innovation and continuing success in sustainability. Now the time is right for OMV and Adnoc to take this partnership to the next level capitalizing on synergies with the wider Adnoc portfolio.” This investment represents the latest milestone in Adnoc’s strategic growth and investment approach and reinforces Adnoc’s role as a catalyst for responsible and sustainable investment and value creation for Abu Dhabi and the UAE.
  • 3. Copyright © 2022 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 endeavors 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 QatarEnergy awards final major North Field EPC contract TradeArabia News Service QatarEnergy has awarded a major engineering, procurement, and construction (EPC) contract for the North Field Expansion Project. This marks the final major milestone to deliver its North Field East (NFE) LNG Expansion Project to boost Qatar’s LNG production capacity to 110 million tons per annum (MTPA). A joint venture between Técnicas Reunidas (TR) and Wison Engineering has been selected as the EPC contractor and was awarded a lump-sum contract for the expansion of the sulfur handling, storage, and loading facilities within Ras Laffan Industrial City. These facilities will support the NFE’s four new LNG trains, which are scheduled to start by year-end 2025. The contract will also include an option for further expansion to support sulfur production for the two additional LNG trains of the North Field South (NFS) project, and infrastructure to support future additional LNG trains. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy said: “The award of this EPC contract is the culmination of our efforts to implement the NFE project, the largest of its kind in the history of LNG industry, as part of our journey for the sustainable development of our massive natural gas resources, while maintaining our position as the world’s largest, safest and most reliable LNG producer. “The contract with the TR-Wison joint venture includes options for the NFS project as well as any future requirements for the handling, storage and loading of sulfur. We look forward to working together to deliver this important project in a safe, timely, and successful manner.” In delivering the contract, the TR-Wison joint venture will manage the detailed engineering work from Qatar, leveraging the country’s growing technical capabilities for the development of major projects. Sulfur produced as a by-product of the gas treatment process required prior to the production of LNG is used in the production of fertilizers and as a base material for intermediary chemicals used in the manufacturing of industrial and household products. With the execution of this EPC contract, the only remaining major EPC contract for the delivery of the North Field Expansion Project, comprising the NFE and NFS projects, is the EPC contract for the NFS two onshore processing and liquefaction trains, which is currently planned to be awarded by the end of 2022. When completed, the NFE and NFS projects will increase the State of Qatar’s LNG production capacity from 77 MTPA today to 126 MTPA by 2027.
  • 4. Copyright © 2022 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 endeavors 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 Egypt: SDX Energy, Gas discovery at South Disouq Source: SDX Energy AIM-listed SDX Energy, the MENA-focused energy company, has announced a gas discovery at the SD-12_East well that targeted a separate compartment in the Sobhi Field, within the Ibn Yunus North development lease. SD-12_East (SDX Working Interest: 67%) spudded on 17th April and reached TD at 7,295ft MD on 26 April 2022. The primary basal Kafr El Sheikh target was encountered at 6,567ft MD and discovered 70.2ft of net pay gas sand with an average porosity of 24.1%. A secondary target gas sand in the upper Kafr El Sheikh was also encountered at 4,838ft MD and discovered 9.1ft of net pay gas sand with 30.7% porosity. SD-12_East will now be completed, tested in the primary target area and tied-in to the CPF via the SD-12X flow-line and it is estimated that the well will be on production in July 2022. An announcement concerning the results of the testing of SD-12_East will be made in due course. With the completion of SD-12_East, the rig will now move to the final well in the three well campaign, MA-1X, which is targeting the Mohsen prospect and which has a planned spud date in late May. Mark Reid, CEO of SDX, commented: 'I am very pleased to announce a second successful well in the South Disouq 2022 drilling campaign. SD-12_East is expected to be contributing to production by July 2022 and I look forward to updating the market further on the results of the well-test when this completes in the coming weeks.'
  • 5. Copyright © 2022 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 endeavors 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 India sets end-June coal import targets as power woes mount Sudarshan Varadhan, Reuters News If the timelines are adhered to, the imports by the states and private utilities over the next five months for blending with domestic coal will surpass annual imports by the entities in at least six years India has asked state and private sector utilities to ensure delivery of 19 million tonnes of coal from overseas by end-June, according to a power ministry letter, reflecting an urgency to secure supplies in a pricey market amid increasing blackouts. Smoke billows from the cooling towers of a coal-fired power plant in Ahmedabad, India, Oct13 2021. The move, which marks the first time the world's second largest coal importer is issuing timelines for imports, can put pressure on the global prices of coal as the utilities rush to avoid a repeat of the electricity crisis in April. If the timelines are adhered to, the imports by the states and private utilities over the next five months for blending with domestic coal will surpass annual imports by the entities in at least six years. An unrelenting heatwave pushed electricity demand to a record high in April, leading to the worst power crisis in over six years and forcing India to go back on a policy to cut down coal imports. The federal government has asked state government-owned utilities to import over 22 million tonnes of coal and private power plants to import 15.94 million tonnes, the power ministry said in a letter reviewed by Reuters.
  • 6. Copyright © 2022 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 endeavors 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 The power ministry asked all utilities to ensure delivery of 50% of the allocated quantity by June 30, another 40% by end-August and the remaining 10% by the end of October, according to the letter to top officials at state energy departments and heads of private power plants. State government-run utilities have not imported for blending more than 7.1 million tonnes and private companies not more than 13.1 million tonnes since at least the year ending March 2017. Data predating year ended March 2017 is not available. The federal power ministry did not immediately respond to a request seeking comment. Utilities are not obligated to honour the federal government directives, but two government officials who attended meetings related to rising power demand said that states were warned of blackouts if the suggested quantities were not imported. States and private companies "must import" coal and "ensure continuous power supply in the respective states", the letter read. "To ensure minimum required coal stocks in power plants before onset of monsoon, it is necessary that placement of awards for importing coal for blending purpose is completed by 31.5.2022," the ministry said in the letter dated April 28. Private companies including Adani Power, Tata Power, Reliance Power, Jindal Steel and Power, Torrent Power and Sembcorp have been given import targets, the letter showed. The companies did not immediately respond to requests for comment. "All the State generation companies and independent power plants must submit weekly management information system report by every Friday to the Central Electricity Authority (CEA) and the Ministry of Power about port wise indents placed, arrival and delivery of imported coal plant wise," the letter read.
  • 7. Copyright © 2022 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 endeavors 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 EU considers exemptions to push through Russian oil embargo CNBC - Silvia Amaro@SILVIA_AMARO KEY POINTS  Imposing measures that could reduce, or fully cut, Russian energy supplies to the EU have been a complicated task for the bloc.  This is because the region is reliant on Russia for several sources of energy, including oil.  In 2020, Russian oil imports accounted for about 25% of the bloc’s crude purchases, according to the region’s statistics office. The European Union is closing in on a new round of sanctions against Moscow that will likely include an embargo on Russian oil imports. But the Brussels-based institution first needs to solve division between the member states, with two EU nations demanding exemptions due to their heavy dependency on Russian hydrocarbons. Russia’s unprovoked invasion of Ukraine, and evidence of war crimes, has pushed the EU to take bolder steps on energy sanctions. But imposing measures that could reduce, or fully cut, Russian energy supplies to the EU have been a complicated task for the bloc. This is because the region is reliant on Russia for several sources of energy, including oil. In 2020, Russian oil imports accounted for about 25% of the bloc’s crude purchases, according to the region’s statistics office. “It would be good to have everyone on board, but if it means delaying [oil sanctions] for everyone then that would not be good,” an EU official, who did not want to be named due to the sensitivity of the talks, told CNBC Tuesday. The European Commission, the executive arm of the EU, is expected to put forward a proposal on new oil sanctions later on Tuesday or Wednesday morning. However, Slovakia and Hungary want exemptions. Hungary’s Foreign Minister Peter Szijjarto said Tuesday his country would not support sanctions that would make it impossible to receive oil from Russia, Reuters reported. Hungary has been skeptical on applying energy sanctions on the Kremlin. The country, and its nationalist leader Viktor Orban, is seen as having warmer relations with Moscow when compared to other European nations.
  • 8. Copyright © 2022 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 endeavors 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 Their close links were highlighted during the coronavirus pandemic, for example. Hungary became the first EU nation to buy a Russian-made Covid vaccine — even though it wasn’t approved by European regulators. There have been commercial and energy deals, too. Over the last decade, Hungary has increased its share of imports of Russian natural gas, from 9.070 million cubic meters in 2010 to a high of 17.715 million cubic meters in 2019, according to Eurostat. Not an immediate approval Once the European Commission puts forward a new package of sanctions on Russia, then it is up to member states to greenlight them unanimously. It’s possible that an agreement on the EU’s sixth round of sanctions could take two separate meetings between European ambassadors. The first set of discussions are due Wednesday morning. The new set of measures comes after Russia’s state-owned energy firm Gazprom halted natural gas flows to two EU nations (Poland and Bulgaria) last week, prompting fears that other EU countries would experience similar issues. “It clearly shows that they are not reliable suppliers, and that means that all the member states have to have plans in place for full disruption,” Kadri Simson, the EU’s energy commissioner, said Monday at a press conference. “It is an unjustified breach of existing contracts and a warning that any member state could be next,” she added. In this context, the bloc is racing to find alternative suppliers of energy in time for next winter. The commission’s idea is to see at least 80% of Europe’s natural gas storage full by November and is, in the meantime, diverting some flows within the bloc to support Poland and Bulgaria.
  • 9. Copyright © 2022 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 endeavors 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 China imports more liquefied natural gas than any other country U.S. Energy Information Administration In 2021, China imported more liquefied natural gas (LNG) than any other country, according to data from Global Trade Tracker and China’s General Administration of Customs. Prior to 2021, Japan had been the world’s largest LNG importer for decades, according to data from Cedigaz. China’s LNG imports averaged 10.5 billion cubic feet per day (Bcf/d), a 19% increase compared with 2020. LNG imports accounted for more than half of China’s overall natural gas imports and 30% of China’s total natural gas supply in 2021. Source: Graph by the U.S. Energy Information Administration, based on data from Japan's Ministry of Finance, China's General Administration of Customs, South Korea's Customs Institute, India's Directorate General of Commercial Intelligence and Statistics, and Taiwan's Ministry of Finance via Global Trade Tracker China began importing LNG in 2006 and, with the exception of 2015, has imported more LNG each year since then. China has rapidly expanded its LNG import capacity, which was estimated at 13.9 Bcf/d in 2021. By the end of 2022, China’s regasification capacity could increase by 2.8 Bcf/d to 16.7 Bcf/d, according to data by S&P Global Platts. In 2021, China imported LNG from 25 countries. The largest six suppliers—Australia, United States, Qatar, Malaysia, Indonesia, and Russia—provided 8.9 Bcf/d, or 85%, of China’s total LNG imports.
  • 10. Copyright © 2022 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 endeavors 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 Since China lowered tariffs on LNG imports from the United States from 25% to 10% in 2019, U.S. LNG exports to China have increased and in 2021 averaged 1.2 Bcf/d. The United States was the largest supplier of spot LNG volumes to China last year. Source: Graph by the U.S. Energy Information Administration, based on data from China's General Administration of Customs and Global Trade Tracker During 2022 and 2023, several new long-term contracts between China and the United States are expected to start from the Sabine Pass and Corpus Christi terminals for a combined estimated volume of up to 0.5 Bcf/d. The new U.S. LNG export terminal at Calcasieu Pass will supply China’s two national energy companies—Sinopec with 0.13 Bcf/d and CNOOC with 0.2 Bcf/d—starting next year.
  • 11. Copyright © 2022 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 endeavors 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 May 04 -2022 Khaled Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE Oil Advances as Lower Inventories, EU Embargo Risk Support Gains Bloomberg ,Sharon Cho + NewBase Oil rose as industry data pointed to a drop in U.S. stockpiles and traders braced for possible European Union curbs on Russian crude. Brent for July settlement gained 1.3% to $106.35 a barrel on the ICE Futures Europe exchange. Summary:  U.S. crude stocks fall 3.5 mln bbls last week - API  EU set to unveil sanctions on Russian oil  Beijing tightens COVID curbs West Texas Intermediate for June delivery added 1.5% to $103.91 a barrel on the New York Mercantile Exchange at 7:29 a.m. in London. Oil prices bounced on Wednesday ahead of an announcement by the U.S. Federal Reserve and further sanctions on Russia by the European Union, offsetting demand worries in top importer China. Brent crude futures had risen $1.46, or 1.4%, to $107.10 a barrel by 07.55 GMT amid thin trading volume, with China and Japan closed for holidays. West Texas Intermediate crude futures rose $1.59 , or 1.6%, to $104.00 a barrel. The gains came on the back of news from Tuesday that the European Union would slap new sanctions on Russia for waging war on Ukraine. European Commission President Ursula von der Leyen is expected to spell out the proposed new sanctions on Wednesday, including a ban on imports of Russian oil by the end of 2022, officials said. read more Oil price special coverage
  • 12. Copyright © 2022 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 endeavors 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 12 Investors are also waiting for an announcement from the Fed on Wednesday. It is expected to intensify efforts to bring down high inflation by raising interest rates and reducing its balance sheet. Oil "prices remain in a holding pattern ahead of EU sanctions and the Fed", Stephen Innes of SPI Asset Management said in a note. In the United States, crude and fuel stocks fell last week, according to market sources citing American Petroleum Institute figures. Crude stocks fell by 3.5 million barrels for the week ended April 29, they said. This was more than an expected 800,000-barrel drop estimated in a Reuters poll. Oil prices fell more than 2% on Tuesday on demand worries stemming from China's prolonged COVID-19 lockdowns that have curtailed travel plans during the Labour Day holiday season. The global manufacturing purchasing managers index contracted in April for the first time since June 2020, with China's lockdowns a key contributor, Caroline Bain, chief commodities economist at Capital Economics said in a note. "The big picture is clearly negative for commodities demand," she said, adding that rising inflation and higher interest rates were starting to bear down on spending. "While supply constraints may keep commodity prices elevated for some time yet, we think subdued demand will weigh on most prices later this year and in 2023," Bain said. On Thursday, the Organization of the Petroleum Exporting Countries and their allies are expected to stick to their policy for another monthly production increase, although the group, known as OPEC+, undershot output targets between October and March, except for February. West Texas Intermediate rebounded toward $104 a barrel after sinking more than 2% on Tuesday on concern that anti-virus lockdowns in China are pummeling energy demand. The American Petroleum Institute reported a drop of about 3.5 million barrels in crude stockpiles, as well as draws in gasoline and distillate holdings, according to people familiar with the figures.
  • 13. Copyright © 2022 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 endeavors 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 13 Oil has been buffeted by volatility this year, while posting monthly gains, as Russia’s invasion of Ukraine rocks markets and investors prepare for central banks to tighten policy to contain elevated inflation. The U.S. Federal Reserve is expected to raise interest rates by 50 basis points later on Wednesday, and policy makers may signal even more aggressive hikes later this year. The U.S. and U.K. have already moved to ban Russian crude, and there’s pressure for the European Union to follow suit, especially after Moscow choked off natural gas supplies to Poland and Bulgaria. Officials in the bloc are in the process of framing a fresh package of sanctions against Moscow. “Sentiment is see-sawing between bullishness on account of the EU’s proposed phased-in ban on Russian oil and bearishness from demand concerns, especially in China,” said Vandana Hari, founder of Vanda Insights in Singapore. “The net impact appears to be a slow grind lower for prices in the short term.” The API estimates, which will be followed by government figures later Wednesday, point to increased tightness in product markets. The U.S. diesel crack spread -- a gauge of the profitability of turning crude into diesel -- has surged this year as countries cut back on Russian fuel, depleting supplies. In China, Shanghai’s final exit from a five-week lockdown is being delayed, with authorities indicating that restrictions in the commercial hub will be lifted only when community transmission reaches zero. Still, Beijing has vowed to step up economic support to offset the economic drag from the disruptions. Oil investors are also counting down to a meeting on Thursday of the Organization of Petroleum Exporting Countries and its allies on production policy. The 23-nation group is expected to ratify another modest supply increase amid signs that the alliance is failing to deliver agreed-upon volumes. Crude markets remain in backwardation, a bullish pattern in which nearer-term contracts trade at a premium to those further out. Brent’s prompt spread -- the differential between its two nearest contracts -- was $1.36 a barrel in backwardation, up from 37 cents a barrel a week ago. So far this year, the global benchmark’s prompt spread has averaged about $1.82 a barrel.
  • 14. Copyright © 2022 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 endeavors 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 14 NewBase Special Coverage The Energy world –May -04 -2022 CLEAN ENERGY UK: bp to invest up to GBP 18 billion in UK energy system by 2030 Source: bp bp intends to invest up to £18 billion in the UK’s energy system by the end of 2030, demonstrating bp’s firm commitment to the UK, and helping the country to deliver on its bold ambitions to boost energy security and reach net zero. As one of the largest oil and gas producers in the UK, bp intends to continue investing in North Sea oil and gas, while driving down operational emissions. bp is also in action on a range of lower carbon energy investments in the UK, which are expected to bring jobs and develop new skills and capabilities. Bernard Looney, chief executive officer, bp, said: 'We’re backing Britain. It’s been our home for over 110 years, and we’ve been investing in North Sea oil and gas for more than 50 years. We’re fully committed to the UK’s energy transition – providing reliable home-grown energy and, at the same time, focusing on the drive to net zero. And we have ambitious plans to do more and to go faster. Our plans go beyond just infrastructure - they see us supporting the economy, skills development and job opportunities in the communities where we operate. We are all in.' These projected investment figures are in addition to bp’s significant operating spend in the UK. In 2019, prior to the pandemic, an estimated 0.5% of UK GDP was supported by bp’s activities*. bp
  • 15. Copyright © 2022 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 endeavors 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 15 also anticipates paying up to £1 billion in taxes for its 2022 North Sea profits, on top of around £0.25 billion that it has paid annually in other taxes in the UK in recent years. The UK projects in which bp is looking to invest - and the wider activities supporting them - include: North sea:  Developing lower emission oil and gas projects to support near term security of supply, for example, at the Murlach, Kate and Mungo fields around the bp- operated ETAP hub in the central North Sea and the Clair and Schiehallion fields West of Shetland.  Investing in exploration around its existing North Sea hubs.  Progressing asset electrification projects in the Central North Sea and West of Shetland to further reduce operational emissions and supporting the North Sea Transition Deal.
  • 16. Copyright © 2022 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 endeavors 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 16 Offshore wind:  In partnership with EnBW: o Developer** of two 60-year offshore wind leases in the Irish Sea (combined potential generating capacity of 3GW). o Developer** of a lease option (potential generating capacity of 2.9GW) off the east coast of Scotland in the ScotWind round. o Together, these three areas could generate enough energy to power over six million UK homes every year.  Investing in infrastructure, ports, harbours and shipyards, including the construction of four ships to support the offshore wind projects across the UK, subject to technical and commercial due diligence. These new-builds are anticipated to involve an investment of more than £100m and would be expected to support 500 associated jobs.  Committing more than £1 million, as part of the successful ScotWind bid with EnBW, to X-Academy in Scotland in a five-year deal, supporting both reskilling experienced workers and the creation of entry-level energy transition roles.  Making Aberdeen bp’s global operations and maintenance centre of excellence for offshore wind and creating up to 120 new direct jobs. EV charging:  Planning to invest £1 billion in electric vehicle charging in the UK over the next 10 years - bp's largest-ever EV charging expansion - approximately tripling the number of bp’s UK charging points by 2030 and deploying more rapid and ultra-
  • 17. Copyright © 2022 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 endeavors 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 17 fast chargers in key locations. The investment is expected to support hundreds of new jobs in the UK. Hydrogen:  Planning to create two large-scale hydrogen production facilities: o H2 Teesside (blue) o HyGreen Teesside (green)  Together, aiming to produce 1.5GW of hydrogen by 2030 - 15% of the UK government’s 10GW target by 2030.  H2 Teesside could create more than 600 operational jobs and another 1,200 construction jobs by 2027.  bp has also signed an agreement with Redcar & Cleveland College in Redcar, Teesside, to support green skills and education initiatives on Teesside.
  • 18. Copyright © 2022 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 endeavors 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 18 CCS:  Leading the Northern Endurance Partnership, to serve the East Coast Cluster (ECC). The ECC has recently been named as one of the UK’s first CCS projects and aims to remove nearly 50% of all UK industrial cluster CO2 emissions.  Leading Net Zero Teesside Power (NZT Power) which could be the world’s first commercial scale gas-fired power station with carbon capture - with the potential to deliver enough low carbon, flexible electricity to power around 1.3 million homes.  NZT Power could support more than 3,000 jobs during construction and over 1,000 jobs once operations begin. Aberdeen:  Working with Aberdeen City Council in a joint venture to deliver a scalable green hydrogen production, storage and distribution facility powered by renewable energy.  Partnering with the local authority to support their ambition for Aberdeen to become a climate positive city.  Working with the Port of Aberdeen on decarbonisation projects. Retail: Continuing to develop our retail network across the UK, providing advanced fuels and market-leading convenience, through our partnership with M&S Food. There are more than 1,200 bp-branded retail sites in the UK, including around 300 operated directly by bp***. Note:  Individual capital investment decisions will be subject to bp’s, and where applicable other participants’, investment governance processes. Certain
  • 19. Copyright © 2022 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 endeavors 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 19 projects are also dependent on obtaining the necessary government support and/or regulatory approvals. These factors and others, including those referred to in the Cautionary Statement, may impact plans and expectations for investments and projects.  *bp’s Economic Impact Report, 2019  **preferred bidder status pending signing of Wind Farm Agreement for Lease (AFL)  *** Today most of the energy products bp sells to motorists are petrol or diesel but as part of the transition towards net zero that will change. By the end of this decade bp plans to rapidly expand its EV charging network to serve the growing number of EVs joining UK roads.
  • 20. Copyright © 2022 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 endeavors 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 20 NewBase Energy News 05 May 2022 - Issue No. 1510 call on +971504822502, UAE The Editor:” Khaled Al Awadi” Your partner in Energy Services NewBase energy news is produced Twice a week and sponsored by Hawk Energy Service – Dubai, UAE. For additional free subscriptions, please email us. About: Khaled Malallah Al Awadi, Energy Consultant MS & BS Mechanical Engineering (HON), USA Emarat member since 1990 ASME member since 1995 Hawk Energy member 2010 www.linkedin.com/in/khaled-al-awadi-38b995b Mobile: +971504822502 khdmohd@hawkenergy.net or khdmohd@hotmail.com Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S. Universities. Currently working as self leading external Energy consultant for the GCC area via many leading Energy Services companies. Khaled is the Founder of the NewBase Energy news articles issues, Khaled is an international consultant, advisor, ecopreneur and journalist with expertise in Gas & Oil pipeline Networks, waste management, waste-to-energy, renewable energy, environment protection and sustainable development. His geographical areas of focus include Middle East, Africa and Asia. Khaled has successfully accomplished a wide range of projects in the areas of Gas & Oil with extensive works on Gas Pipeline Network Facilities & gas compressor stations. Executed projects in the designing & constructing of gas pipelines, gas metering & regulating stations and in the engineering of gas/oil supply routes. Has drafted & finalized many contracts/agreements in products sale, transportation, operation & maintenance agreements. Along with many MOUs & JVs for organizations & governments authorities. Currently dealing for biomass energy, biogas, waste-to-energy, recycling and waste management. He has participated in numerous conferences and workshops as chairman, session chair, keynote speaker and panelist. Khaled is the Editor-in-Chief of NewBase Energy News and is a professional environmental writer with over 1400 popular articles to his credit. He is proactively engaged in creating mass awareness on renewable energy, waste management, plant Automation IA and environmental sustainability in different parts of the world. Khaled has become a reference for many of the Oil & Gas Conferences and for many Energy program broadcasted internationally, via GCC leading satellite Channels. Khaled can be reached at any time, see contact details above.
  • 21. Copyright © 2022 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 endeavors 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 21
  • 22. Copyright © 2022 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 endeavors 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 22
  • 23. Copyright © 2022 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 endeavors 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 23