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NewBase Energy News 12 May 2022 No. 1512 Senior Editor Eng. Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
UAE: New Al Ajban Solar PV 1,500MW PV solar plant in Abu
Dhabi to power 160,000 homes
Ismail Sebugwaawo, Khaleej Times + NewBase
A new solar plant with 1,500-megawatt (MW) capacity will be developed in Abu Dhabi, a top official
said during the World Utilities Congress held in the Capital. Expected to reduce Capital's CO2
emissions by more than 2.4 million tonnes annually.
Emirates Water and Electricity Company (EWEC) – a leading company in the integrated
coordination of planning, purchasing and supply of water and electricity across the UAE – invited
developers or developer consortiums to submit an expression of interest (EOI) for the development
of a new solar photovoltaic (PV) independent power project to be located in the Ajban area of Abu
Dhabi.
Al Ajban Solar PV will be the third world-leading large-scale utility solar PV project to be developed
by EWEC after the successful closings of Noor Abu Dhabi and Al Dhafra Solar PV. It will provide
1,500 MW of power generation capacity and play a pivotal role in supporting the UAE’s sustainability
goals. It will generate enough electricity for approximately 160,000 homes across the UAE. Once
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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commercially operational, it is expected to reduce Abu Dhabi’s CO2 emissions by more than 2.4
million tonnes per year.
“EWEC is at the forefront of developing world leading solar power projects. Our strategic
investments in solar power have seen us develop Noor Abu Dhabi, the current world’s largest single-
site solar power plant, and Al Dhafra Solar PV, which will be the new world’s largest single-site solar
power plant once commercially operational,” Othman Al Ali, chief executive officer, EWEC, said.
“With Al Ajban Solar PV, which
will be similar in size and capacity
output to Al Dhafra Solar PV, Abu
Dhabi and the UAE will have the
three largest, world leading solar
power plants, increasing the
diversification of our energy
production portfolio, and
significantly advancing
decarbonisation of the energy
sector. We are delighted to invite
expressions of interest from
developer or developer
consortiums for the Al Ajban
Solar PV project.”
The project will involve the
development, financing,
construction, operation,
maintenance and ownership of
the plant, and associated
infrastructure. The successful
developer or developer
consortium will own up to 40 per
cent of the entity while the
remaining equity will be held
indirectly by the Abu Dhabi
Government.
The developer will enter into a
long-term power purchase
agreement (PPA) with EWEC,
the single buyer of power and
water capacity and output in Abu
Dhabi. The PPA will be
structured as an energy
purchase agreement whereby
EWEC will pay only for the net electrical energy supplied by the plant.
Developers or developer consortiums can submit an EOI by May 27, 2022, at 12 noon for the first
stage of the tender process.
Following review of the EOIs, EWEC will issue the request for qualifications (RFQ) to proceed to
the next stage. The RFQ will provide additional details regarding the project, pre-qualification criteria
and the bidding process.
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
U.A.E Taqa to boost renewable portfolio via acquisitions and greenfield projects
The National - Fareed Rahman
Abu Dhabi National Energy Company, better known as Taqa, will develop greenfield projects and
adopt an acquisition strategy to boost its growth in the renewable energy sector. Abu Dhabi-listed
utility evaluating opportunities in the Mena region and other countries, top executive says
The Abu Dhabi-listed utility aims to generate more than 30 per cent of its power from clean sources
by 2030, compared with 5 per cent currently.
“We are going to pursue organic and inorganic opportunities through greenfield development,
through acquisitions ... projects under development or projects in operations, so all options are
open,” Mr Al Awlaqi told The National.
Taqa is bullish about hydrogen as demand for the clean fuel increases amid
growing climate change concerns. Victor Besa / The National.
He was speaking on the sidelines of the World Utilities Congress in Abu Dhabi on
Wednesday.The company will pursue organic and inorganic opportunities in the
Mena region and other countries, Mr Al Awlaqi said.
“Our area of strength is where we are present today, which is Mena … following
opportunities outside the region is also on the table,” he said. “We are present in
several GCC countries. We are also present in North Africa and we are going to continue to grow
that.”
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Apart from the UAE, Taqa has operations in countries such as Canada, Ghana, India, Iraq, Morocco,
Oman, the Netherlands, Saudi Arabia, the UK and the US. The company has significant investments
in power and water generation, as well as in the oil and gas sector.
Taqa plans to invest Dh40 billion ($10.9bn) in infrastructure development as it focuses on its push
into renewable energy under its 2030 strategy.
In the UAE, Taqa's projects include the Taweelah A1, Taweelah A2, Shuweihat S1 and Mirfa
International power and water plants. In the renewables sector, the company holds a 60 per cent
stake in the 1.2-gigawatt Noor Abu Dhabi solar plant, the world’s largest single-site solar
photovoltaic plant.
Taqa is also developing a 2-gigawatt solar plant in Al Dhafra, Abu Dhabi, in partnership with Masdar,
France’s EDF renewables and China’s JinkoPower. “We have a 30 per cent target in renewables
and we already have 5 per cent in place,” Mr Al Awlaqi said.
On Tuesday, Emirates Water and Electricity Company (Ewec) announced plans for a 1,500-
megawatt solar project in Abu Dhabi's Al Ajban district and this is “going to be feeding towards the
ambition of our 30 gigawatts here in the UAE”, he said.
“And, at the same time, we are also pursuing other projects overseas at the moment,” Mr Al Awlaqi
said. Ewec asked companies on Tuesday to submit an expression of interest for the development
of Al Ajban solar plant.
The project involves the development, financing, construction, operation, maintenance and
ownership of the plant and associated infrastructure. “[A] lot of the projects, especially on the
renewable side, are developed by Ewec but we are entitled to a minimum of 40 per cent stake in
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those projects,” said Mr Al Awlaqi. “So, whatever Ewec finally arrives [at] as projected plans in
renewables, we will have a guaranteed stake in that.”
Taqa is also teaming up with Emirates Global Aluminium, Dubal Holding and Ewec to further
develop solar power capacity in Abu Dhabi. As part of the deal, Taqa and Dubal Holding plan to
acquire EGA’s power-generation assets in the UAE, with each company holding a 50 per cent stake.
The power generated from the assets will be supplied to the grid under a long-term power purchase
agreement with Ewec’s load dispatch centre, Taqa said earlier this year.
The Abu Dhabi utility plans to expand its generating capacity in the UAE to 30 gigawatts by 2030,
from the current 18 gigawatts, and its global generating capacity by 15 gigawatts as it continues to
look for new opportunities.
The company is also developing a water and power project in Saudi Arabia in partnership with
Japan’s Marubeni Corporation and Saudi Aramco. Taqa is optimistic about hydrogen as demand
for the clean fuel grows amid mounting climate change concerns.
“Taqa has committed to deliver on the UAE’s strategy on net zero by 2050. Investments in
renewable technology is a big step towards that,” Mr Al Awlaqi said.
“At the same time, we are also open to new technologies … so hydrogen is also a very interesting
green fuel of the future. There are a lot of bets being made on it, as well as other things. We are
investing in all of them, and hydrogen is one of them.”
The company is “well positioned to develop projects in green hydrogen because 60 per cent of the
cost of green hydrogen comes from power, and we understand the renewable power side very well”,
Mr Al Awlaqi said.
“We have developed the most competitive projects in the world when it comes to renewable energy,
so we are in a big position to lend something towards developing green hydrogen as a market.”
Last year, Taqa signed an agreement with Abu Dhabi Ports to develop a 2-gigawatt green ammonia
project in the UAE. It also plans to supply Emirates Steel with green hydrogen for steel production.
The company is also set to become a shareholder in Abu Dhabi’s clean energy company Masdar,
alongside Adnoc and Mubadala Investment Company.
Upon the completion of the
transaction in the coming
months, Taqa will take a 43 per
cent stake in Masdar’s
renewable energy business
while Mubadala and Adnoc will
retain 33 per cent and 24 per
cent, respectively.
Taqa will also be taking a 24 per
cent stake in Masdar’s green
hydrogen business, with Adnoc
holding 43 per cent and
Mubadala 33 per cent.
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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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Indonesia: Indonesia Energy discovers oil at Kruh 27
Source: Indonesia Energy
Indonesia Energy (IEC) has discovered oil in its Kruh 27 well. Kruh 27 is the first of two back-to-
back wells being drilled by IEC during the first half of 2022 at its 63,000-acre Kruh Block.
As previously announced, IEC has plans to drill two additional wells at Kruh Block during 2022
following the initial back-to-back wells.
The Kruh 27 well was spudded on April 7, 2022. On May 9, 2022, the drilling reached the final total
depth at 3,359 feet depth. It took only 32 days to drill to total depth, less than the 45 days previously
budgeted. Approx. 132 feet of oil sands were encountered at Kruh 27 between the depths of 3,058
and 3,190 feet.
This oil-bearing interval (meaning the top of the oil zone to the bottom of the oil zone) in the Kruh
27 well was 14 feet thicker and therefore larger than anticipated, meaning that the total reserve
potential for Kruh 27 could be larger than anticipated. Based on these drilling results, IEC expects
production to begin at Kruh 27 by the end of May 2022.
The drilling rig that drilled the Kruh 27 well will move to the next location to commence drilling the
Kruh 28 well. A third new well at Kruh Block is anticipated to commence drilling in the July-August
2022 timeframe, and likely a fourth new well sometime before the end of 2022. These wells are the
continuation of IEC’s previously announced drilling campaign to complete a total of 18 new
production wells in Kruh Block by the end of 2024.
Each of these new wells are expected to average production of over 100 barrels of oil per day over
the first year of production, and each well will cost approx. $1.5 million to drill and complete. Based
on the terms of IEC’s contract with the Indonesian government and an oil price of $90.00/barrel
(which is 20% below yesterday’s closing price for Brent crude), each well is expected to generate
$2.4 million in net revenue in its first twelve months, which would be enough to recover the cost of
drilling the wells in only the first year of production.
The Kruh Block is located on Sumatra Island where IEC is already producing oil from 5 existing
wells.
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Mr. Frank Ingriselli, IEC's President, commented:
'The Kruh 27 well continues our string of successful discovery wells and is another a significant
achievement for our company. Our results at Kruh 27 reinforce our belief that Kruh Block is a world
class asset that should significantly grow our cash flow as we drill additional wells and seek to
maximize returns on our investments and grow shareholder value.
Additionally, our company is also moving forward during 2022 with testing and other developmental
activities at our potential billion-barrel equivalent natural gas 1,000,000 acre Citarum Block, where
the previous operator drilled a few gas discoveries.'
INDONESIA OPERATIONS
IEC's principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra
in Indonesia and its Citarum Block (1,000,000 acres) located onshore on the Island of Java in
Indonesia.
Kruh Block (Production)
Kruh Block covers an area of 258 square kilometers (63,753 acres) in Sumatra, Indonesia. This
block produced an average of about 9,900 barrels of oil per month (gross) in 2018. Out of the total
eight proved and potentially oil bearing structures in the block, three structures (North Kruh, Kruh
and West Kruh fields) have combined proved developed and undeveloped gross crude oil reserves
of 4.99 million barrels (net crude oil proved reserves of 2.13 million barrels) and probable
undeveloped gross crude oil reserves of 2.59 million barrels (net probable crude oil reserves of 1.12
million barrels) as of January 1, 2019.
Our short-to-medium term objective is to ramp up production by drilling 18 new wells, to optimize
the block’s upside potential and increase reserve values with seismic surveys. We hold 100%
participating interest in Kruh Block. The block operates under a Technical Assistance Contract
(TAC) with Pertamina, Indonesia’s state-owned oil and natural gas corporation, until May 2020 and
the operatorship of Kruh Block will continue as a Joint Operation Partnership (KSO) from May 2020
until May 2030.
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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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U.S National average for gasoline hits record $4.37 a gallon
CNBC - Pippa Stevens@PIPPASTEVENS13
KEY POINTS
 Prices at the pump hit a record on Tuesday, unadjusted for inflation.
 The national average is now $4.37 per gallon, according to AAA.
 In California, the state average is $5.84.
Gasoline prices surged to the highest level on record Tuesday as oil holds steady above $100 a
barrel, contributing to inflationary pressures across the economy. The national average for a regular
gallon of gas hit an all-time high of $4.374 on Tuesday, according to AAA. The price is not adjusted
for inflation.
Prices have been rising at a fast clip, with the ascent accelerating after Russia invaded Ukraine,
sending energy markets reeling.
The national average crossed above $4 in March for the first time since 2008, and has remained
above ever since. Consumers are now paying $1.41 more at the pump than last year.
In some places, the move is far more extreme. In California, for instance, the state average now
stands at $5.84. A handful of counties in the state have topped $6.
Diesel prices, meantime, are also surging. The national average hit $5.55 per gallon on Tuesday,
also a record. Prices have hit a new high for at least the past seven days.
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West Texas Intermediate crude futures, the U.S. oil benchmark, traded around $101.66 per barrel
Tuesday. That’s significantly off its recent high around $130 per barrel in March.
But while oil accounts for more than 50% of the cost per a gallon of gas, it’s not the only factor. The
industry is grappling with the same pressures playing out in the rest of the economy, including labor
constraints.
Refiners, which turn oil into everyday products including gasoline and jet fuel, are running near
maximum capacity. The U.S. refining capacity has declined over the last few years, and now Europe
is competing for the same petroleum products as it seeks to move away from Russian energy.
Andy Lipow, president of Lipow Oil Associates, forecasts prices for regular gasoline rising another
15 to 20 cents over the next two weeks, ultimately hitting $4.50 per gallon.
After a two-month respite, gas prices have reached a new record high on Tuesday. The national
average for a gallon of regular gasoline hit $4.374, according to AAA, a fraction of a penny higher
than the all-time high of $4.331 reached on March 11.
Tuesday's price represents roughly a 20-cent jump from two weeks ago and $1.36 a gallon more
than this time last year. Of course, not everyone is feeling the pinch equally: The cheapest fill-up, in
Georgia, is roughly $3.90 a gallon, while it's the most expensive in California, at about $5.84 a
gallon.
Over the course of a year, that difference adds up to nearly $1,560 for a driver topping off their tank
weekly.Here's what you need to know about gasoline prices, including how high they could get,
what the White House is doing to keep them down and what you can do to save at the pump.
Why is gas so expensive?
The price of gas is inextricably linked to the cost of crude oil, which it's refined from. Every $10
increase in the cost of a barrel of crude adds almost a quarter to the price of a gallon at the pump.As
part of ongoing sanctions over the invasion of Ukraine, President Joe Biden announced a ban on
Russian oil imports. Even though the US doesn't import much crude from Russia, oil is traded on a
global market and any ripple affects prices all over the world.
Crude oil had been near $100 a barrel last week and is now approaching $110.
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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U.S. Ammonia prices Up, as international natural gas prices
Source: Graph by the U.S. Energy Information Administration, based on data from Bloomberg
The U.S. price of ammonia, the primary source of nitrogen fertilizer, has risen by a factor of six in
the past two years, and most of these increases have occurred since March 2021.
Ammonia prices generally follow natural gas prices because ammonia is produced primarily from
natural gas. U.S. ammonia prices closely follow international ammonia prices because
approximately 14% of total U.S. ammonia consumption is met by imports.
Generally, prices of commodity chemicals (ammonia) closely correlate with prices of feedstock
(natural gas). Because the global ammonia market is highly interconnected, the U.S. price of
ammonia closely follows international ammonia prices rather than only U.S. natural gas prices.
Compared with natural gas prices in the United States, which have remained relatively steady,
international natural gas prices have risen rapidly over the past 12 months, pulling ammonia prices
higher.
Nitrogen-based fertilizer is essential for producing major crops such as corn and wheat. In the United
States, nitrogen-based fertilizer is used for nearly all corn acreage to increase yields.
After the 2020–21 winter heating season (November–March), international natural gas prices rose
sharply, but the U.S. Henry Hub benchmark traded in a relatively narrow band, between $2.50 per
million British thermal units (MMBtu) and $4.00/MMBtu, through September 2021.
During this time, the price of natural gas in Western Europe (as reported at the Title Transfer Facility
[TTF] in the Netherlands) and in Northeast Asia gradually rose from approximately $6.00/MMBtu in
early March 2021 to approximately $18.00/MMBtu in early September 2021.
Prices of natural gas in Western Europe and Northeast Asia continued to rise during the 2021–22
heating season, and they averaged approximately $35.00/MMBtu in the last week of March.
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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Although U.S. natural gas prices also rose, they ended the 2021–22 heating season at close to
$5.00/MMBtu, compared with approximately $2.60/MMBtu in March 2021.
The United States Geological Survey (USGS) estimates that in 2021, the United States produced
17 million metric tons (MMmt) of ammonia, behind China (47 MMmt) and Russia (19 MMmt). U.S.
ammonia production has nearly doubled since 2012.
Consistently low U.S. natural gas prices have contributed to developing new ammonia production
capacity and have resulted in restarting ammonia plants that were closed in the early 2000s during
a period of high natural gas prices.
Despite these capacity additions, the United States remains an ammonia net importer. Between
2012 and 2021, ammonia imports dropped from 37% of the total U.S. ammonia supply to 14% of
the total supply.
Consumed as both a feedstock and a fuel, natural gas is important for producing nitrogen-based
fertilizers. As a feedstock, natural gas, which is primarily methane (CH4), is reduced to carbon and
hydrogen in a steam methane reformer.
The hydrogen is then purified and combined with nitrogen to make ammonia (NH3), the foundation
for all nitrogen-based fertilizers. In 2021, nearly 90% of the ammonia consumed in the United States
was for fertilizer production.
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US probe into solar imports threatens almost two-thirds of
planned capacity additions in 2022……. Source: Rystad Energy
As much as 17.5 gigawatts (GWac) of planned US solar capacity installations in 2022 are in doubt
after the Department of Commerce (DOC) opened an investigation into panel imports from
southeast Asia, Rystad Energy research shows.
The US was expected to install 27 GWac of solar energy capacity in the utility, residential, and
commercial and industrial (C&I) markets this year, but with rising commodity prices and this new
threat of tariffs on vital imports, 64% of those additions are now in jeopardy.
The recent launch of an Antidumping and Countervailing (ADCV) investigation by the DOC has US
suppliers worried about potential penalties on panel imports, which would likely be backdated. In
response, Chinese panel manufacturers are halting shipments to the US until the results of the
investigation and any retroactive action by the DOC is revealed. A preliminary judgement is
scheduled for August, with a final decision due by January 2023.
The investigation comes as domestic US solar companies are concerned about the rise of Chinese
manufacturers using cheap raw materials and shifting cell and panel assembly to southeast Asia to
circumvent an existing ban on Chinese imports. With imports frozen while the investigation is
pending, annual capacity additions could plummet from 22.6 GWac in 2021 to 10.07 GWac this
year, the lowest annual total since 2019.
The DOC is investigating imports from four Southeast Asian countries that play a pivotal role in the
US market – Cambodia, Malaysia, Thailand and Vietnam. Imports from these countries accounted
for 85% of all solar panel capacity brought into the US in 2021, totaling 21.8 GWac. In January and
February of 2022, their total share of imports was 99%.
'In an attempt to limit cheap Chinese solar panels entering the market from southeast Asia, and with
one eye on the goal of shoring up a domestic supply chain, the US has seriously dented its solar
capacity forecast for 2022 and beyond. This could be the most disruptive event ever to face the US
solar industry,' says Marcelo Ortega, renewables analyst with Rystad Energy.
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On 25 March 2022, the US DOC decided to investigate a petition by domestic PV manufacturer
Auxin Solar concerning composite silicon (cSi) solar PV panels sourced from Cambodia, Malaysia,
Thailand and Vietnam. Auxin claimed that Chinese panel manufacturers circumvent ADCV rules by
offshoring cell and panel assembly processes to the four countries while still using cheap Chinese
raw materials.
In a 2012 investigation into Chinese manufacturers, ADCV tariffs were eventually applied at different
rates to different suppliers. The most common rate was 30.66%, but some rates fell as low as 24%,
while other suppliers were slapped with a 250% tariff. If the DOC decides a tariff extension is
warranted, equipment imported after the investigation announcement would be permitted, but tariffs
could be backdated on imports as far back as November last year.
Between November 2021 and February 2022, US buyers imported $1.46 billion of solar panels from
the four southeast Asian countries under investigation, meaning Chinese suppliers could be
collectively liable for anywhere between $365 million and $3.6 billion in additional tariffs. Chinese
panel manufacturers are unwilling to risk such prohibitively high fines, and many have opted to
entirely halt panel exports to the US.
The probe is not limited to cSi PV panels but also includes PV cell imports. This is significant for the
US domestic panel manufacturing industry as its 5 GW of capacity is mainly panel assembly and
relies heavily on cell imports from overseas.
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Last year, 46% of imported cells came from the countries under investigation. US manufacturers
are also feeling the effects of the investigation. Although the threat of sanctions may incentivize
suppliers to build US PV manufacturing facilities, it would take at least 18 months to build a domestic
supply chain from polysilicon to assembled panel.
If investment decisions are made after August 2022, when preliminary results are to be announced,
this capacity would be operational in January 2024 at the earliest.
Antidumping probe adds more stress to US market
Even before the probe, the US PV industry began 2022 in a tough spot. More than 7 GWac of solar
PV was delayed last year by more than six months due to high commodity prices, federal tax credit
uncertainty and unfavorable policies.
This included the US government’s December 2021 decision to ban imports containing goods from
China’s northwest region of Xinjiang due to reported human rights abuses committed against the
Uyghur people. With 40% of the world’s silicon production based in Xinjiang, this policy effectively
halved the number of panels that can be imported to the US, disrupting the already ropy supply
chain.
In theory, if panel manufacturers can prove they source silicon and components from outside of
Xinjiang, their exports will be unaffected. However, before the ban, suppliers did not need to track
the origin of their inputs, and any traceability system takes time to implement.
In practice, the rules set out in the new bill are ambiguous and entail unknown risks for suppliers
and financiers. Although the legislation enforces a ban on all Xinjiang goods, the US already has a
partial ban on panels with silicon sourced from this region.
In June 2021, US Customs and Border Protection (CBP) banned imports of solar panels containing
silicon produced by four Xinjiang-based silicon producers. This resulted in CBP detaining imports
until the polysilicon source could be proven. Chinese panel suppliers claim between 40 megawatts
(MW) to 100 MW of panel capacity has been detained, though the exact level remains unknown.
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NewBase May 12 -2022 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil Resumes Decline as Market Grapples With Tumultuous Trading
Bloomberg - Elizabeth Low + NewBase
Oil resumed its decline as the fallout from Russia’s war in Ukraine and China’s Covid-19 resurgence
continued to rattle the market.
 Distillate inventories shrink to the lowest level since 2005
 IEA set to release monthly market report later on Thursday
 WTI for June delivery fell 1.3% to $104.38 a barrel on the New York Mercantile Exchange at
12:30 p.m. in Singapore.
 Brent for July settlement dropped 1.2% to $106.18 on the ICE Futures Europe exchange
after rising 4.9% on Wednesday.
 Brent’s prompt timespread was $1.39 a barrel in backwardation, compared with $1.68 a week
ago
West Texas Intermediate futures have whipsawed wildly this week, tumbling below $99 a barrel and
climbing as high as $110. Investors are weighing a raft of news, from shrinking US fuel
stockpiles ahead of the summer driving season, rising inflation and the outlook for China’s virus
lockdowns.
Adding further volatility is uncertainty about the European Union’s proposed ban on Russian oil
imports. The EU had already softened potential penalties but Hungary has hardened its
stance against the embargo. The International Energy Agency will provide its snapshot of the overall
oil market later Thursday.
Oil price special
coverage
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
“It’s just a very volatile market within a relatively tight $100-to-$110 a barrel range,” said Stephen
Innes, managing parter at SPI Asset Management Pte. “Oil prices are likely to remain capped until
China either changes Covid policy or shifts out of lockdown.”
Oil jumped about 6% on Wednesday after tumbling around 9% over the previous two sessions. US
distillate stockpiles -- a category that includes diesel -- fell to the lowest level since 2005 last week,
while gasoline supplies declined for a sixth week, according to the Energy Information
Administration.
While domestic fuel demand fell last week, inventories are shrinking as US refiners export more
products to cover a shortfall of Russian barrels. Buyers are shunning energy from the OPEC+
producer due to its invasion of Ukraine, which has upended trade flows and led to higher volatility
in the oil market.
Russia’s invasion has fanned global inflation,
driving up the cost of everything from food to fuels.
The US consumer-price index for April increased
more than analysts were expecting, raising the
case for aggressive monetary tightening.
American retail gasoline and diesel prices are
already at records.
US distillate inventories fell by 913,000 barrels last
week to 104 million barrels, according to EIA data
released on Wednesday. Crude stockpiles rose by
8.5 million barrels. The US driving season starts at
the end of this month.
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
NewBase Special Coverage
The Energy world –May -01 -2022
CLEAN ENERGY
EU Must Speed Green Deal to Shut Out Russian Gas, CEOs Say
Bloomberg+ NewBase
More than 100 companies from Microsoft Corp. to Unilever Plc want the European Union to intensify
its focus on renewable energy as the bloc races to end its dependency on Russian fossil fuels.
“At the core of the current energy security and price crises sits an overdependence on volatile,
imported fossil gas, oil and coal,” chief executives and other business leaders said in a letter to
European Commission President Ursula von der Leyen. “This is the time to be bold and double
down on delivering the Green Deal,” the EU’s push for carbon neutrality by mid-century.
The EU can accelerate its shift by scaling up investments in renewable energy, improving building
insulation and encouraging businesses to choose low-carbon technologies, according to the letter
seen by Bloomberg.
Tax cuts and income-support measures could help spur the change, said the companies, which
include Iberdrola SA and retailer H&M.
Moscow’s invasion of Ukraine in February exacerbated an energy-supply crunch already under way
in Europe, sending commodity prices soaring to record levels. Now the continent is facing potential
fuel disruptions as Russia -- the EU’s biggest gas provider -- threatens to cut supplies if buyers don’t
pay in rubles.
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
Next week the EU is set to launch its plan to slash the use of Russian gas by two-thirds this year.
It’s set to include measures that will speed the permitting process for wind and solar farms, while
also creating incentives for consumers to use less energy.
Before the war, Russia was responsible for around 40% of the EU’s gas imports, a figure the bloc
wants to bring down to zero this decade. While the EU is burning more coal and seeking energy
from alternative sources that could temporarily raise emissions, it wants to accelerate the transition
in the longer term.
The CEOs called for a strengthening of key pillars of the Green Deal by increasing ambition in areas
like the EU’s carbon market, albeit with more support for domestic industry. They’re also seeking to
increase the specialized workforce needed for the transition to cleaner energy.
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
EU plans one-year renewable energy permits for faster green shift
The European Union executive wants to speed up the bloc's green transition and cut its reliance on
Russian fuels by allowing some renewable energy projects to receive permits within a year, a draft
document shows.
Brussels will next week unveil a package of measures to end the European Union's reliance on
Russia, by boosting renewable energy, saving energy and increasing gas imports from elsewhere.
As part of this, the European Commission will propose rules requiring countries to designate "go-to
areas" of land or sea suitable for renewable energy, where such projects would have a low
environmental impact, the draft legislative proposal shows.
"The permit-granting process for new projects located in renewables go-to areas shall not exceed
one year," the document said, adding that this could be extended by three months in "extraordinary
circumstances".
That compares with the EU's current two-year deadline for permitting such schemes, which can also
be extended by an extra year. Projects outside of go-to areas would stick to this timeline, the draft
said.
Renewable projects often face far longer delays, however, owing to red tape, local opposition or
concerns about protecting endangered species, raising concerns that the bloc will struggle to
expand wind and solar energy fast enough to meet climate change goals.
In Greece, for example, eight years is a typical timeline for approving wind energy projects, the
Hellenic Wind Energy Association said.
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
"Renewable energy sources are crucial to fight climate change, reduce energy prices, decrease the
Union's dependence on fossil fuels and ensure the Union's security of supply," the document said.
Permitting and building renewable energy projects would be labelled as in the "overriding public
interest", enabling a simplified assessment. EU citizens would still have the right to participate in
decisions on the projects, the draft said.
Go-to areas would avoid protected sites or bird migration routes, and prioritise built areas like
rooftops, roads and railways, industrial sites and public land around them.
The overall areas would be subject to an environmental assessment, but individual projects would
no longer need one, unless they would significantly affect the environment in another EU country,
the draft said.
Smaller projects with less than 150kW capacity in go-to areas would face a faster six-month
permitting process, or nine if there are issues around safety or the impact on the power grid.
The speedier permit rules would not apply to plants that burn biomass for energy.
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
NewBase Energy News 12 May 2022 - Issue No. 1512 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 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
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 24

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NewBase May 12-2022 Energy News issue - 1512 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 12 May 2022 No. 1512 Senior Editor Eng. Khaled Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE UAE: New Al Ajban Solar PV 1,500MW PV solar plant in Abu Dhabi to power 160,000 homes Ismail Sebugwaawo, Khaleej Times + NewBase A new solar plant with 1,500-megawatt (MW) capacity will be developed in Abu Dhabi, a top official said during the World Utilities Congress held in the Capital. Expected to reduce Capital's CO2 emissions by more than 2.4 million tonnes annually. Emirates Water and Electricity Company (EWEC) – a leading company in the integrated coordination of planning, purchasing and supply of water and electricity across the UAE – invited developers or developer consortiums to submit an expression of interest (EOI) for the development of a new solar photovoltaic (PV) independent power project to be located in the Ajban area of Abu Dhabi. Al Ajban Solar PV will be the third world-leading large-scale utility solar PV project to be developed by EWEC after the successful closings of Noor Abu Dhabi and Al Dhafra Solar PV. It will provide 1,500 MW of power generation capacity and play a pivotal role in supporting the UAE’s sustainability goals. It will generate enough electricity for approximately 160,000 homes across the UAE. Once
  • 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 commercially operational, it is expected to reduce Abu Dhabi’s CO2 emissions by more than 2.4 million tonnes per year. “EWEC is at the forefront of developing world leading solar power projects. Our strategic investments in solar power have seen us develop Noor Abu Dhabi, the current world’s largest single- site solar power plant, and Al Dhafra Solar PV, which will be the new world’s largest single-site solar power plant once commercially operational,” Othman Al Ali, chief executive officer, EWEC, said. “With Al Ajban Solar PV, which will be similar in size and capacity output to Al Dhafra Solar PV, Abu Dhabi and the UAE will have the three largest, world leading solar power plants, increasing the diversification of our energy production portfolio, and significantly advancing decarbonisation of the energy sector. We are delighted to invite expressions of interest from developer or developer consortiums for the Al Ajban Solar PV project.” The project will involve the development, financing, construction, operation, maintenance and ownership of the plant, and associated infrastructure. The successful developer or developer consortium will own up to 40 per cent of the entity while the remaining equity will be held indirectly by the Abu Dhabi Government. The developer will enter into a long-term power purchase agreement (PPA) with EWEC, the single buyer of power and water capacity and output in Abu Dhabi. The PPA will be structured as an energy purchase agreement whereby EWEC will pay only for the net electrical energy supplied by the plant. Developers or developer consortiums can submit an EOI by May 27, 2022, at 12 noon for the first stage of the tender process. Following review of the EOIs, EWEC will issue the request for qualifications (RFQ) to proceed to the next stage. The RFQ will provide additional details regarding the project, pre-qualification criteria and the bidding process.
  • 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 U.A.E Taqa to boost renewable portfolio via acquisitions and greenfield projects The National - Fareed Rahman Abu Dhabi National Energy Company, better known as Taqa, will develop greenfield projects and adopt an acquisition strategy to boost its growth in the renewable energy sector. Abu Dhabi-listed utility evaluating opportunities in the Mena region and other countries, top executive says The Abu Dhabi-listed utility aims to generate more than 30 per cent of its power from clean sources by 2030, compared with 5 per cent currently. “We are going to pursue organic and inorganic opportunities through greenfield development, through acquisitions ... projects under development or projects in operations, so all options are open,” Mr Al Awlaqi told The National. Taqa is bullish about hydrogen as demand for the clean fuel increases amid growing climate change concerns. Victor Besa / The National. He was speaking on the sidelines of the World Utilities Congress in Abu Dhabi on Wednesday.The company will pursue organic and inorganic opportunities in the Mena region and other countries, Mr Al Awlaqi said. “Our area of strength is where we are present today, which is Mena … following opportunities outside the region is also on the table,” he said. “We are present in several GCC countries. We are also present in North Africa and we are going to continue to grow that.”
  • 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 Apart from the UAE, Taqa has operations in countries such as Canada, Ghana, India, Iraq, Morocco, Oman, the Netherlands, Saudi Arabia, the UK and the US. The company has significant investments in power and water generation, as well as in the oil and gas sector. Taqa plans to invest Dh40 billion ($10.9bn) in infrastructure development as it focuses on its push into renewable energy under its 2030 strategy. In the UAE, Taqa's projects include the Taweelah A1, Taweelah A2, Shuweihat S1 and Mirfa International power and water plants. In the renewables sector, the company holds a 60 per cent stake in the 1.2-gigawatt Noor Abu Dhabi solar plant, the world’s largest single-site solar photovoltaic plant. Taqa is also developing a 2-gigawatt solar plant in Al Dhafra, Abu Dhabi, in partnership with Masdar, France’s EDF renewables and China’s JinkoPower. “We have a 30 per cent target in renewables and we already have 5 per cent in place,” Mr Al Awlaqi said. On Tuesday, Emirates Water and Electricity Company (Ewec) announced plans for a 1,500- megawatt solar project in Abu Dhabi's Al Ajban district and this is “going to be feeding towards the ambition of our 30 gigawatts here in the UAE”, he said. “And, at the same time, we are also pursuing other projects overseas at the moment,” Mr Al Awlaqi said. Ewec asked companies on Tuesday to submit an expression of interest for the development of Al Ajban solar plant. The project involves the development, financing, construction, operation, maintenance and ownership of the plant and associated infrastructure. “[A] lot of the projects, especially on the renewable side, are developed by Ewec but we are entitled to a minimum of 40 per cent stake in
  • 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 those projects,” said Mr Al Awlaqi. “So, whatever Ewec finally arrives [at] as projected plans in renewables, we will have a guaranteed stake in that.” Taqa is also teaming up with Emirates Global Aluminium, Dubal Holding and Ewec to further develop solar power capacity in Abu Dhabi. As part of the deal, Taqa and Dubal Holding plan to acquire EGA’s power-generation assets in the UAE, with each company holding a 50 per cent stake. The power generated from the assets will be supplied to the grid under a long-term power purchase agreement with Ewec’s load dispatch centre, Taqa said earlier this year. The Abu Dhabi utility plans to expand its generating capacity in the UAE to 30 gigawatts by 2030, from the current 18 gigawatts, and its global generating capacity by 15 gigawatts as it continues to look for new opportunities. The company is also developing a water and power project in Saudi Arabia in partnership with Japan’s Marubeni Corporation and Saudi Aramco. Taqa is optimistic about hydrogen as demand for the clean fuel grows amid mounting climate change concerns. “Taqa has committed to deliver on the UAE’s strategy on net zero by 2050. Investments in renewable technology is a big step towards that,” Mr Al Awlaqi said. “At the same time, we are also open to new technologies … so hydrogen is also a very interesting green fuel of the future. There are a lot of bets being made on it, as well as other things. We are investing in all of them, and hydrogen is one of them.” The company is “well positioned to develop projects in green hydrogen because 60 per cent of the cost of green hydrogen comes from power, and we understand the renewable power side very well”, Mr Al Awlaqi said. “We have developed the most competitive projects in the world when it comes to renewable energy, so we are in a big position to lend something towards developing green hydrogen as a market.” Last year, Taqa signed an agreement with Abu Dhabi Ports to develop a 2-gigawatt green ammonia project in the UAE. It also plans to supply Emirates Steel with green hydrogen for steel production. The company is also set to become a shareholder in Abu Dhabi’s clean energy company Masdar, alongside Adnoc and Mubadala Investment Company. Upon the completion of the transaction in the coming months, Taqa will take a 43 per cent stake in Masdar’s renewable energy business while Mubadala and Adnoc will retain 33 per cent and 24 per cent, respectively. Taqa will also be taking a 24 per cent stake in Masdar’s green hydrogen business, with Adnoc holding 43 per cent and Mubadala 33 per cent.
  • 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 Indonesia: Indonesia Energy discovers oil at Kruh 27 Source: Indonesia Energy Indonesia Energy (IEC) has discovered oil in its Kruh 27 well. Kruh 27 is the first of two back-to- back wells being drilled by IEC during the first half of 2022 at its 63,000-acre Kruh Block. As previously announced, IEC has plans to drill two additional wells at Kruh Block during 2022 following the initial back-to-back wells. The Kruh 27 well was spudded on April 7, 2022. On May 9, 2022, the drilling reached the final total depth at 3,359 feet depth. It took only 32 days to drill to total depth, less than the 45 days previously budgeted. Approx. 132 feet of oil sands were encountered at Kruh 27 between the depths of 3,058 and 3,190 feet. This oil-bearing interval (meaning the top of the oil zone to the bottom of the oil zone) in the Kruh 27 well was 14 feet thicker and therefore larger than anticipated, meaning that the total reserve potential for Kruh 27 could be larger than anticipated. Based on these drilling results, IEC expects production to begin at Kruh 27 by the end of May 2022. The drilling rig that drilled the Kruh 27 well will move to the next location to commence drilling the Kruh 28 well. A third new well at Kruh Block is anticipated to commence drilling in the July-August 2022 timeframe, and likely a fourth new well sometime before the end of 2022. These wells are the continuation of IEC’s previously announced drilling campaign to complete a total of 18 new production wells in Kruh Block by the end of 2024. Each of these new wells are expected to average production of over 100 barrels of oil per day over the first year of production, and each well will cost approx. $1.5 million to drill and complete. Based on the terms of IEC’s contract with the Indonesian government and an oil price of $90.00/barrel (which is 20% below yesterday’s closing price for Brent crude), each well is expected to generate $2.4 million in net revenue in its first twelve months, which would be enough to recover the cost of drilling the wells in only the first year of production. The Kruh Block is located on Sumatra Island where IEC is already producing oil from 5 existing wells.
  • 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 Mr. Frank Ingriselli, IEC's President, commented: 'The Kruh 27 well continues our string of successful discovery wells and is another a significant achievement for our company. Our results at Kruh 27 reinforce our belief that Kruh Block is a world class asset that should significantly grow our cash flow as we drill additional wells and seek to maximize returns on our investments and grow shareholder value. Additionally, our company is also moving forward during 2022 with testing and other developmental activities at our potential billion-barrel equivalent natural gas 1,000,000 acre Citarum Block, where the previous operator drilled a few gas discoveries.' INDONESIA OPERATIONS IEC's principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (1,000,000 acres) located onshore on the Island of Java in Indonesia. Kruh Block (Production) Kruh Block covers an area of 258 square kilometers (63,753 acres) in Sumatra, Indonesia. This block produced an average of about 9,900 barrels of oil per month (gross) in 2018. Out of the total eight proved and potentially oil bearing structures in the block, three structures (North Kruh, Kruh and West Kruh fields) have combined proved developed and undeveloped gross crude oil reserves of 4.99 million barrels (net crude oil proved reserves of 2.13 million barrels) and probable undeveloped gross crude oil reserves of 2.59 million barrels (net probable crude oil reserves of 1.12 million barrels) as of January 1, 2019. Our short-to-medium term objective is to ramp up production by drilling 18 new wells, to optimize the block’s upside potential and increase reserve values with seismic surveys. We hold 100% participating interest in Kruh Block. The block operates under a Technical Assistance Contract (TAC) with Pertamina, Indonesia’s state-owned oil and natural gas corporation, until May 2020 and the operatorship of Kruh Block will continue as a Joint Operation Partnership (KSO) from May 2020 until May 2030.
  • 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 U.S National average for gasoline hits record $4.37 a gallon CNBC - Pippa Stevens@PIPPASTEVENS13 KEY POINTS  Prices at the pump hit a record on Tuesday, unadjusted for inflation.  The national average is now $4.37 per gallon, according to AAA.  In California, the state average is $5.84. Gasoline prices surged to the highest level on record Tuesday as oil holds steady above $100 a barrel, contributing to inflationary pressures across the economy. The national average for a regular gallon of gas hit an all-time high of $4.374 on Tuesday, according to AAA. The price is not adjusted for inflation. Prices have been rising at a fast clip, with the ascent accelerating after Russia invaded Ukraine, sending energy markets reeling. The national average crossed above $4 in March for the first time since 2008, and has remained above ever since. Consumers are now paying $1.41 more at the pump than last year. In some places, the move is far more extreme. In California, for instance, the state average now stands at $5.84. A handful of counties in the state have topped $6. Diesel prices, meantime, are also surging. The national average hit $5.55 per gallon on Tuesday, also a record. Prices have hit a new high for at least the past seven days.
  • 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 West Texas Intermediate crude futures, the U.S. oil benchmark, traded around $101.66 per barrel Tuesday. That’s significantly off its recent high around $130 per barrel in March. But while oil accounts for more than 50% of the cost per a gallon of gas, it’s not the only factor. The industry is grappling with the same pressures playing out in the rest of the economy, including labor constraints. Refiners, which turn oil into everyday products including gasoline and jet fuel, are running near maximum capacity. The U.S. refining capacity has declined over the last few years, and now Europe is competing for the same petroleum products as it seeks to move away from Russian energy. Andy Lipow, president of Lipow Oil Associates, forecasts prices for regular gasoline rising another 15 to 20 cents over the next two weeks, ultimately hitting $4.50 per gallon. After a two-month respite, gas prices have reached a new record high on Tuesday. The national average for a gallon of regular gasoline hit $4.374, according to AAA, a fraction of a penny higher than the all-time high of $4.331 reached on March 11. Tuesday's price represents roughly a 20-cent jump from two weeks ago and $1.36 a gallon more than this time last year. Of course, not everyone is feeling the pinch equally: The cheapest fill-up, in Georgia, is roughly $3.90 a gallon, while it's the most expensive in California, at about $5.84 a gallon. Over the course of a year, that difference adds up to nearly $1,560 for a driver topping off their tank weekly.Here's what you need to know about gasoline prices, including how high they could get, what the White House is doing to keep them down and what you can do to save at the pump. Why is gas so expensive? The price of gas is inextricably linked to the cost of crude oil, which it's refined from. Every $10 increase in the cost of a barrel of crude adds almost a quarter to the price of a gallon at the pump.As part of ongoing sanctions over the invasion of Ukraine, President Joe Biden announced a ban on Russian oil imports. Even though the US doesn't import much crude from Russia, oil is traded on a global market and any ripple affects prices all over the world. Crude oil had been near $100 a barrel last week and is now approaching $110.
  • 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 U.S. Ammonia prices Up, as international natural gas prices Source: Graph by the U.S. Energy Information Administration, based on data from Bloomberg The U.S. price of ammonia, the primary source of nitrogen fertilizer, has risen by a factor of six in the past two years, and most of these increases have occurred since March 2021. Ammonia prices generally follow natural gas prices because ammonia is produced primarily from natural gas. U.S. ammonia prices closely follow international ammonia prices because approximately 14% of total U.S. ammonia consumption is met by imports. Generally, prices of commodity chemicals (ammonia) closely correlate with prices of feedstock (natural gas). Because the global ammonia market is highly interconnected, the U.S. price of ammonia closely follows international ammonia prices rather than only U.S. natural gas prices. Compared with natural gas prices in the United States, which have remained relatively steady, international natural gas prices have risen rapidly over the past 12 months, pulling ammonia prices higher. Nitrogen-based fertilizer is essential for producing major crops such as corn and wheat. In the United States, nitrogen-based fertilizer is used for nearly all corn acreage to increase yields. After the 2020–21 winter heating season (November–March), international natural gas prices rose sharply, but the U.S. Henry Hub benchmark traded in a relatively narrow band, between $2.50 per million British thermal units (MMBtu) and $4.00/MMBtu, through September 2021. During this time, the price of natural gas in Western Europe (as reported at the Title Transfer Facility [TTF] in the Netherlands) and in Northeast Asia gradually rose from approximately $6.00/MMBtu in early March 2021 to approximately $18.00/MMBtu in early September 2021. Prices of natural gas in Western Europe and Northeast Asia continued to rise during the 2021–22 heating season, and they averaged approximately $35.00/MMBtu in the last week of March.
  • 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 Although U.S. natural gas prices also rose, they ended the 2021–22 heating season at close to $5.00/MMBtu, compared with approximately $2.60/MMBtu in March 2021. The United States Geological Survey (USGS) estimates that in 2021, the United States produced 17 million metric tons (MMmt) of ammonia, behind China (47 MMmt) and Russia (19 MMmt). U.S. ammonia production has nearly doubled since 2012. Consistently low U.S. natural gas prices have contributed to developing new ammonia production capacity and have resulted in restarting ammonia plants that were closed in the early 2000s during a period of high natural gas prices. Despite these capacity additions, the United States remains an ammonia net importer. Between 2012 and 2021, ammonia imports dropped from 37% of the total U.S. ammonia supply to 14% of the total supply. Consumed as both a feedstock and a fuel, natural gas is important for producing nitrogen-based fertilizers. As a feedstock, natural gas, which is primarily methane (CH4), is reduced to carbon and hydrogen in a steam methane reformer. The hydrogen is then purified and combined with nitrogen to make ammonia (NH3), the foundation for all nitrogen-based fertilizers. In 2021, nearly 90% of the ammonia consumed in the United States was for fertilizer production.
  • 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 US probe into solar imports threatens almost two-thirds of planned capacity additions in 2022……. Source: Rystad Energy As much as 17.5 gigawatts (GWac) of planned US solar capacity installations in 2022 are in doubt after the Department of Commerce (DOC) opened an investigation into panel imports from southeast Asia, Rystad Energy research shows. The US was expected to install 27 GWac of solar energy capacity in the utility, residential, and commercial and industrial (C&I) markets this year, but with rising commodity prices and this new threat of tariffs on vital imports, 64% of those additions are now in jeopardy. The recent launch of an Antidumping and Countervailing (ADCV) investigation by the DOC has US suppliers worried about potential penalties on panel imports, which would likely be backdated. In response, Chinese panel manufacturers are halting shipments to the US until the results of the investigation and any retroactive action by the DOC is revealed. A preliminary judgement is scheduled for August, with a final decision due by January 2023. The investigation comes as domestic US solar companies are concerned about the rise of Chinese manufacturers using cheap raw materials and shifting cell and panel assembly to southeast Asia to circumvent an existing ban on Chinese imports. With imports frozen while the investigation is pending, annual capacity additions could plummet from 22.6 GWac in 2021 to 10.07 GWac this year, the lowest annual total since 2019. The DOC is investigating imports from four Southeast Asian countries that play a pivotal role in the US market – Cambodia, Malaysia, Thailand and Vietnam. Imports from these countries accounted for 85% of all solar panel capacity brought into the US in 2021, totaling 21.8 GWac. In January and February of 2022, their total share of imports was 99%. 'In an attempt to limit cheap Chinese solar panels entering the market from southeast Asia, and with one eye on the goal of shoring up a domestic supply chain, the US has seriously dented its solar capacity forecast for 2022 and beyond. This could be the most disruptive event ever to face the US solar industry,' says Marcelo Ortega, renewables analyst with Rystad Energy.
  • 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 On 25 March 2022, the US DOC decided to investigate a petition by domestic PV manufacturer Auxin Solar concerning composite silicon (cSi) solar PV panels sourced from Cambodia, Malaysia, Thailand and Vietnam. Auxin claimed that Chinese panel manufacturers circumvent ADCV rules by offshoring cell and panel assembly processes to the four countries while still using cheap Chinese raw materials. In a 2012 investigation into Chinese manufacturers, ADCV tariffs were eventually applied at different rates to different suppliers. The most common rate was 30.66%, but some rates fell as low as 24%, while other suppliers were slapped with a 250% tariff. If the DOC decides a tariff extension is warranted, equipment imported after the investigation announcement would be permitted, but tariffs could be backdated on imports as far back as November last year. Between November 2021 and February 2022, US buyers imported $1.46 billion of solar panels from the four southeast Asian countries under investigation, meaning Chinese suppliers could be collectively liable for anywhere between $365 million and $3.6 billion in additional tariffs. Chinese panel manufacturers are unwilling to risk such prohibitively high fines, and many have opted to entirely halt panel exports to the US. The probe is not limited to cSi PV panels but also includes PV cell imports. This is significant for the US domestic panel manufacturing industry as its 5 GW of capacity is mainly panel assembly and relies heavily on cell imports from overseas.
  • 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 Last year, 46% of imported cells came from the countries under investigation. US manufacturers are also feeling the effects of the investigation. Although the threat of sanctions may incentivize suppliers to build US PV manufacturing facilities, it would take at least 18 months to build a domestic supply chain from polysilicon to assembled panel. If investment decisions are made after August 2022, when preliminary results are to be announced, this capacity would be operational in January 2024 at the earliest. Antidumping probe adds more stress to US market Even before the probe, the US PV industry began 2022 in a tough spot. More than 7 GWac of solar PV was delayed last year by more than six months due to high commodity prices, federal tax credit uncertainty and unfavorable policies. This included the US government’s December 2021 decision to ban imports containing goods from China’s northwest region of Xinjiang due to reported human rights abuses committed against the Uyghur people. With 40% of the world’s silicon production based in Xinjiang, this policy effectively halved the number of panels that can be imported to the US, disrupting the already ropy supply chain. In theory, if panel manufacturers can prove they source silicon and components from outside of Xinjiang, their exports will be unaffected. However, before the ban, suppliers did not need to track the origin of their inputs, and any traceability system takes time to implement. In practice, the rules set out in the new bill are ambiguous and entail unknown risks for suppliers and financiers. Although the legislation enforces a ban on all Xinjiang goods, the US already has a partial ban on panels with silicon sourced from this region. In June 2021, US Customs and Border Protection (CBP) banned imports of solar panels containing silicon produced by four Xinjiang-based silicon producers. This resulted in CBP detaining imports until the polysilicon source could be proven. Chinese panel suppliers claim between 40 megawatts (MW) to 100 MW of panel capacity has been detained, though the exact level remains unknown.
  • 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 NewBase May 12 -2022 Khaled Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE Oil Resumes Decline as Market Grapples With Tumultuous Trading Bloomberg - Elizabeth Low + NewBase Oil resumed its decline as the fallout from Russia’s war in Ukraine and China’s Covid-19 resurgence continued to rattle the market.  Distillate inventories shrink to the lowest level since 2005  IEA set to release monthly market report later on Thursday  WTI for June delivery fell 1.3% to $104.38 a barrel on the New York Mercantile Exchange at 12:30 p.m. in Singapore.  Brent for July settlement dropped 1.2% to $106.18 on the ICE Futures Europe exchange after rising 4.9% on Wednesday.  Brent’s prompt timespread was $1.39 a barrel in backwardation, compared with $1.68 a week ago West Texas Intermediate futures have whipsawed wildly this week, tumbling below $99 a barrel and climbing as high as $110. Investors are weighing a raft of news, from shrinking US fuel stockpiles ahead of the summer driving season, rising inflation and the outlook for China’s virus lockdowns. Adding further volatility is uncertainty about the European Union’s proposed ban on Russian oil imports. The EU had already softened potential penalties but Hungary has hardened its stance against the embargo. The International Energy Agency will provide its snapshot of the overall oil market later Thursday. Oil price special coverage
  • 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 “It’s just a very volatile market within a relatively tight $100-to-$110 a barrel range,” said Stephen Innes, managing parter at SPI Asset Management Pte. “Oil prices are likely to remain capped until China either changes Covid policy or shifts out of lockdown.” Oil jumped about 6% on Wednesday after tumbling around 9% over the previous two sessions. US distillate stockpiles -- a category that includes diesel -- fell to the lowest level since 2005 last week, while gasoline supplies declined for a sixth week, according to the Energy Information Administration. While domestic fuel demand fell last week, inventories are shrinking as US refiners export more products to cover a shortfall of Russian barrels. Buyers are shunning energy from the OPEC+ producer due to its invasion of Ukraine, which has upended trade flows and led to higher volatility in the oil market. Russia’s invasion has fanned global inflation, driving up the cost of everything from food to fuels. The US consumer-price index for April increased more than analysts were expecting, raising the case for aggressive monetary tightening. American retail gasoline and diesel prices are already at records. US distillate inventories fell by 913,000 barrels last week to 104 million barrels, according to EIA data released on Wednesday. Crude stockpiles rose by 8.5 million barrels. The US driving season starts at the end of this month.
  • 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 NewBase Special Coverage The Energy world –May -01 -2022 CLEAN ENERGY EU Must Speed Green Deal to Shut Out Russian Gas, CEOs Say Bloomberg+ NewBase More than 100 companies from Microsoft Corp. to Unilever Plc want the European Union to intensify its focus on renewable energy as the bloc races to end its dependency on Russian fossil fuels. “At the core of the current energy security and price crises sits an overdependence on volatile, imported fossil gas, oil and coal,” chief executives and other business leaders said in a letter to European Commission President Ursula von der Leyen. “This is the time to be bold and double down on delivering the Green Deal,” the EU’s push for carbon neutrality by mid-century. The EU can accelerate its shift by scaling up investments in renewable energy, improving building insulation and encouraging businesses to choose low-carbon technologies, according to the letter seen by Bloomberg. Tax cuts and income-support measures could help spur the change, said the companies, which include Iberdrola SA and retailer H&M. Moscow’s invasion of Ukraine in February exacerbated an energy-supply crunch already under way in Europe, sending commodity prices soaring to record levels. Now the continent is facing potential fuel disruptions as Russia -- the EU’s biggest gas provider -- threatens to cut supplies if buyers don’t pay in rubles.
  • 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 Next week the EU is set to launch its plan to slash the use of Russian gas by two-thirds this year. It’s set to include measures that will speed the permitting process for wind and solar farms, while also creating incentives for consumers to use less energy. Before the war, Russia was responsible for around 40% of the EU’s gas imports, a figure the bloc wants to bring down to zero this decade. While the EU is burning more coal and seeking energy from alternative sources that could temporarily raise emissions, it wants to accelerate the transition in the longer term. The CEOs called for a strengthening of key pillars of the Green Deal by increasing ambition in areas like the EU’s carbon market, albeit with more support for domestic industry. They’re also seeking to increase the specialized workforce needed for the transition to cleaner energy.
  • 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 EU plans one-year renewable energy permits for faster green shift The European Union executive wants to speed up the bloc's green transition and cut its reliance on Russian fuels by allowing some renewable energy projects to receive permits within a year, a draft document shows. Brussels will next week unveil a package of measures to end the European Union's reliance on Russia, by boosting renewable energy, saving energy and increasing gas imports from elsewhere. As part of this, the European Commission will propose rules requiring countries to designate "go-to areas" of land or sea suitable for renewable energy, where such projects would have a low environmental impact, the draft legislative proposal shows. "The permit-granting process for new projects located in renewables go-to areas shall not exceed one year," the document said, adding that this could be extended by three months in "extraordinary circumstances". That compares with the EU's current two-year deadline for permitting such schemes, which can also be extended by an extra year. Projects outside of go-to areas would stick to this timeline, the draft said. Renewable projects often face far longer delays, however, owing to red tape, local opposition or concerns about protecting endangered species, raising concerns that the bloc will struggle to expand wind and solar energy fast enough to meet climate change goals. In Greece, for example, eight years is a typical timeline for approving wind energy projects, the Hellenic Wind Energy Association said.
  • 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 "Renewable energy sources are crucial to fight climate change, reduce energy prices, decrease the Union's dependence on fossil fuels and ensure the Union's security of supply," the document said. Permitting and building renewable energy projects would be labelled as in the "overriding public interest", enabling a simplified assessment. EU citizens would still have the right to participate in decisions on the projects, the draft said. Go-to areas would avoid protected sites or bird migration routes, and prioritise built areas like rooftops, roads and railways, industrial sites and public land around them. The overall areas would be subject to an environmental assessment, but individual projects would no longer need one, unless they would significantly affect the environment in another EU country, the draft said. Smaller projects with less than 150kW capacity in go-to areas would face a faster six-month permitting process, or nine if there are issues around safety or the impact on the power grid. The speedier permit rules would not apply to plants that burn biomass for energy.
  • 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 NewBase Energy News 12 May 2022 - Issue No. 1512 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.
  • 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
  • 24. 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 24