SlideShare a Scribd company logo
1 of 18
Download to read offline
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 1
NewBase 13 August 2015 - Issue No. 664 Senior Editor Eng. Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
GCC railway complete and operational by ’18
The Gulf railway project that links Gulf Cooperation Council (GCC) member countries will be
completed and operating by 2018, the Kuwait Times reported Wednesday, citing the GCC
Secretariat General. The project with a total cost of more than $15.4 billion will have a total length
of 2,117 km and links Kuwait City and passes through GCC countries all the way to Muscat. It also
includes the link between Bahrain and Saudi Arabia by a bridge.
It said the passenger
trains’ speed will be 220
km/hr, while cargo trains
will be between 80-120
220 km/hr, with the use of
diesel to generate power.
Each of the GCC
countries will be
responsible for building
and costs of establishing
the rail link within its
borders.
The rail network plan
comes as part of a larger
drive to increase
infrastructure projects
across the GCC which
were forecast to exceed
$86 billion in 2014, an
increase of 77.8 percent
over 2013. The collective
GCC rail sector is
expected to spend $200
billion as the six member
countries – Saudi Arabia,
Bahrain, UAE, Kuwait, Oman, Qatar aim to complete the integrated GCC-wide network by 2018.
Rail networks create a more sustainable society that is not dependent on one mode of transport
for passengers and goods. Also the environmental advantages of using railways have been
documented extensively, and the rail projects will create a range of employment opportunities
including high-tech engineering positions.
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 2
Globe Express Services (GES) entered into a Memorandum of Understanding (MoU) with Etihad
Rail late last year, the developer and operator of the UAE’s national railway network. Once
completed, Etihad Rail network will extend across the UAE, connecting the Emirates to the
Kingdom of Saudi Arabia and Oman. It will be part of the larger GCC rail network, which will
connect the country with the Kingdom of Saudi Arabia through Ghuwaifat from the west and with
the Sultanate of Oman through Al Ain from the east. — SG
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 3
Egypt to seek bids for solar and wind-power projectsThe
Natinal
Egypt will begin accepting bids for 500 megawatts of renewable energy projects this month. The
government yesterday said it would open the tenders for the three projects – two solar and one
wind – as it tries to achieve its target of using renewable energy for 20 per cent of its energy
needs in five years’ time.
One investor involved in the first
round of solar photovoltaic (PV)
tenders said the first phase of the
government’s feed-in tariff
programme, a subsidy scheme, had
yet to be concluded, and none of the
1,800MW PV projects the
government had awarded had
reached financial close. Financial
close occurs when all the project and
financing agreements have been
signed and all the contractual
conditions have been met.
“The timing for these new tenders is
premature because the serious
companies are already involved and
want to get across the finish line
before they take a bigger chunk out
of the market,” said the investor,
adding that his company would not
be interested until its existing projects
have closed financially.
Egypt has to date awarded 1,800MW
of PV projects that drew attention
from interested companies. The
country has also put 1,200MW of wind energy projects up for tender, but they are off to a slower
start. Eversheds, a British law firm and clean energy consultancy, has released a report that
details the latest tenders: a 250MW wind project, a 200MW PV project, and a 50MW concentrated
solar power (CSP) plant. According to Eversheds, the government requires the firms participating
in the projects to have relatively high levels of clean energy experience.
To qualify, a company must have completed three projects, each with a minimum capacity of
50MW for the wind and PV tenders, and 30MW for CSP. Only a handful of companies have such
levels of experience.
“If the reports are true, I think it will be a relatively small group of top international developers, due
to the high criteria the Egyptian government is requiring,” said Cornelius Matthes, managing
director for the Middle East and North Africa at Building Energy, an Italian firm.
One investor said the “feedback from the market will be very lukewarm” because of the projects’
financial complications and Egypt’s high requirements.
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 4
UK: Britain changes rules to fast-track shale gas permits
Source: Reuters + NewBase
The British government will give i ts communities minister the power to directly approve shale gas permits,
taking away decision-making from local politicians who have in the past months blocked the progress of
Britain's first shale gas wells. In late June, local government officials in northwest England rejected two
applications to carry out hydraulic fracturing -- or fracking, saying the projects would be too noisy and
blight the landscape.
New rules, applicable immediately, will allow government intervention to approve or reject permits and will
also mean appeals involving shale gas projects will be given priority.
Shale gas developer Cuadrilla Resources, whose applications were rejected in June, has already decided to
appeal against its permit refusals.
'Today's measures will prevent the long delays that mean uncertainty both for business and for local
residents,' the energy and communities departments said in a joint press release. The government also said it
would present proposals later this year to create a sovereign wealth fund from returns generated from shale
gas production.
Britain is estimated to have substantial amounts of shale gas trapped in underground rocks and the
government has been supportive of developing these reserves to counter declining North Sea oil and gas
output. However, progress has been slow because of opposition by local residents and environmental
campaigners. Some are concerned about groundwater contamination from chemicals used in the process,
while others fear the potential impact on property prices or tourism.
'The UK government seems intent on overriding the democratic safeguards of the English planning system
and shutting out local voices from crucial decisions,' said Flick Monk, unconventional gas campaigner at
Friends of the Earth Scotland. Pro-business groups welcomed the decision, saying the change would help
get shale gas projects up and running.
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 5
Norway: Lundin receives consent to drill exploration well
7220/6-2 in Barents Sea. Source: Petroleum Safety Authority Norway
Lundin Norway has received consent to drill exploration well 7220/6-2 in the Barents Sea. Lundin is the
operator for production licence PL 609 which covers Block 7220/6 in the Barents Sea. Exploration well
7220/6-2 is to be drilled on the Neiden Prospect.
The coordinates of the well will be: 72° 34' 13.13" N 20° 58' 19.97" E. Drilling is scheduled to begin in
mid-August 2015 at the earliest and estimated to last 40 days.
The well is to be drilled by the Island Innovator mobile drilling facility. This is a semi-submersible mobile
drilling facility of the GM4000-WI type, built in 2012 at Cosco Zhoushan Shipyard in China. The facility is
operated by Odfjell Drilling. It is registered in Norway and classified by DNV GL. Island Innovator was
issued with an Acknowledgement of Compliance (AoC) by the PSA in August 2013.
Neiden Prospect
According to information on the Lundin web site, the Neiden Prospect is a shallow four-way dip closure
with main target in the Triassic Snadd Fm comprising a stacked alluvial channel system. Good hydrocarbon
indicators have been identified. Net unrisked prospective resources are estimated at 82 MMboe and chance
of geological success at 30%. Partners in the licence are Lundin Norway 40%; Idemitsu Petroleum Norge
30%; RWE Dea 30%.
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 6
Japan restarts first nuclear reactor under new safety rules
Source: Kyushu Electric Power Co. + US EIA
On August 11, Kyushu Electric Power Company's 846 megawatt (MW) Sendai Nuclear Power Station Unit
1 became the first reactor to restart after nearly two years with no generation from nuclear power plants in
Japan.
Following the disaster at Fukushima in 2011, Japan began a temporary shutdown of all nuclear power
plants as each reactor entered scheduled maintenance and refueling outages. By September 2013, all 54
reactors in Japan's nuclear fleet were shut down. Following its restart, Sendai Unit 1 will begin generating
electricity within days and return to normal operation in early September.
The restart of Japan's nuclear power plants requires the approval of both Japan's Nuclear Regulation
Authority (NRA) and the central government, as well as consent from governments of the local prefectures.
In July 2013, the NRA issued more stringent safety regulations to address issues dealing with tsunamis and
seismic events, complete loss of station power, and emergency preparedness.
Currently, the NRA has approved the restart of five reactors: Sendai Units 1 and 2, Kansai Electric Power
Company's (KEPCO) Takahama Units 3 and 4, and Shikoku Electric Power Company's Ikata Unit 3. Sendai
Unit 2 will likely be the second reactor to restart, with an anticipated restart date in October.
Although the Kagoshima Prefecture approved the restart of Sendai Units 1 and 2, the Fukui Prefecture
continues to oppose the restart of Takahama Units 3 and 4. Ikata Unit 3 could restart in early 2016 if
approval is received from Ehime Prefecture.
Beyond these 5 reactors, 19 of Japan's remaining 38 operable reactors have filed restart applications with the
NRA that are in different stages of the review process. The total capacity of reactors under review is about
18,400 MW. There is still some uncertainty about whether some of these reactors can meet the new NRA
regulations, particularly with respect to the ability to withstand severe earthquakes.
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 7
Before the 2011 earthquake and tsunami, Japan had 54 operating reactors. Following the disaster
at Fukushima, all six Fukushima reactors, totaling about 4,500 MW, were permanently shut down.
In April 2015, five additional relatively old, small reactors, totaling about 2,100 MW, were
permanently shut down.
Japan was the world's third-largest producer of nuclear power (after the United States and France)
before the disaster at Fukushima, and Japan's nuclear power plants historically accounted for
about 30% of the country's total electricity generation.
The gradual displacement of all of Japan's nuclear generation as the country's nuclear fleet was
shut down resulted in increased dependence on liquefied natural gas, oil, and coal to make up the
difference.
The replacement of nuclear generation led to higher electricity prices for consumers, higher
government debt levels, and revenue losses for electric utilities. As part of Japan's long-term
energy policy, the central government has called for the nuclear share of total electricity
generation to be 20–22% by 2030.
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 8
Exxon's $40 Billion Oil Discovery in offshore Guyana Sparks a
Nasty Feud , Bloomberg - NewBase
E-mail
For generations, Venezuela has formally laid claim to most of its tiny neighbor, Guyana. Many
dismissed the case, given Venezuela’s oil wealth
and Guyana’s penury. Hugo Chavez, longstanding
president of Venezuela, even let it slide, referring
to the Guyanese as his brothers.
Then in May, Exxon Mobil Corp. revealed that
under contract from Guyana it had found massive
offshore oil and gas deposits. Chavez’s
successor, Nicolas Maduro, demanded that the
drilling stop because the area was Venezuela’s.
He dismissed Guyana’s president as a tool of Big
Oil, declared his statements “nauseating” and
Guyana’s actions likely to “bring war to our
border.” He withdrew his ambassador, and
Guyana announced the end to a long-time rice-for-oil deal.For Guyana -- which produces no oil
and whose 800,000 inhabitants live with unpaved flooded roads and power outages -- the
estimated offshore find of 700 million barrels promises a revolution, a shift from negligible food
exporter to global energy dealer. The combined oil and natural-gas deposits appear to be worth
$40 billion, at least 10 times the country’s gross domestic product.
“We’ve gone through suffering for many decades and our time is due,” Raphael Trotman, minister
of governance, said in an interview in his office on an unassuming road in the capital,
Georgetown. The discovery is “transformational,” he said. “For us, there is no going back.”
Ordinary Guyanese, who rely on Venezuelan oil, are giddy with anticipation. Staring at a potential
jackpot, they also are livid with Maduro, accusing him of trying to evade his economic and political
woes by coveting what belongs to them.
Vendors head to the market in Georgetown, Guyana.
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 9
“Just Being Greedy”
“Chavez never fought and now Maduro?” said Otis Adams, a 42-year-old heavy-machine operator
in the destitute border town of Mabaruma. “He’s a nobody, trying to pass off the worry of his
people from all that killing and suffering -- he’s just being greedy.”
Venezuela has the world’s highest inflation, chronic shortages of consumer basics, including
medicine and toilet paper, and a murder rate that surpasses Iraq’s. Parliamentary elections are in
December, and Maduro’s socialist coalition may lose its majority for the first time in 16 years.
“Why so suddenly?” asked Charlie Bees, about the renewed claim to large swathes of his country.
“Maduro is losing votes!” explained the 52-year-old currency trader working near Georgetown’s
port. It may seem to the Guyanese like a mere political diversion, but their president, David
Granger, says Venezuela is causing real trouble.
“Investors have been intimidated, development has been derailed, projects have been
obstructed,” he said in a speech in Washington last month. “It is too much to bear for a country
that has less than a million people.”
Doubling Down
Rather than halt its exploration activities, Guyana is moving forward, Guyana’s foreign minister,
Carl Greenidge, said in an interview. The government expects it will take five to seven years for
the first production.
“We call upon the international community to help us develop within the internationally recognized
borders, peacefully and without the burden of a neighbor whose actions serve to impoverish us
and whose claim is based on what happened 200 years ago.”
Edward Glab, who teaches at Florida International University in Miami and worked at Exxon for 25
years, said the find was clearly of major significance for Guyana, even with oil down to $50 a
barrel.
“You could have investors trying to get ahead of the curve because they figure at some point there
is going to be huge wealth in the country,” he said. “They might be able to take risks, counting on
the fact that the country will be able to pay its bills.”
Former British Colony
Venezuela’s claim on Guyana’s land a century ago had a very different feel. It was a British colony
until 1966; its citizens speak English and are descendants of African slaves, indentured Indian
laborers and native peoples. In 1899, an international tribunal in Paris granted the disputed region,
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 10
known as the Essequibo, to Guyana; Venezuela rejected the ruling. It amounts to two-thirds of
Guyana which has been developing it with occasional outbursts from Venezuela.
To be sure, gaining possession of Essequibo has long been a matter of national pride for
Venezuelans, whose maps denote the area a “reclamation zone” drawn with dashed lines.
And despite having the world’s largest oil reserves, Venezuela has struggled to increase
production, with output falling.
There is an additional issue: Exxon is trying to collect a $1.6 billion award from Venezuela granted
by a World Bank tribunal after Chavez nationalized a number of its assets. So there is also no love
lost between Exxon and the Maduro government.
Seeking Backers
Last month, Maduro met with United Nations Secretary General Ban Ki Moon to ask for help. The
Association of Caribbean States has sided with Guyana, as has Britain and the rest of the
Commonwealth. Venezuela has been seeking backers for a negotiated settlement that could take
a long time.
Sadio Garavini di Turno, a former ambassador to Guyana and an advisor to the opposition, said
Venezuela is not in a strong position, given international sentiment. Moreover, he said, an
international court seems unlikely to rule for Venezuela.
“In the international community in general, and therefore in the international tribunals, there’s a
profound antipathy towards changing national borders because of historical injustice,” he said.
“Think of how many borders around the world are unjust and how many borders would have to be
changed.”
Guyana has “strong international support, said Carlos Romero, professor of international relations
at the Central University of Venezuela. While Venezuela wants mediated negotiations, Guyana
prefers a tribunal where it probably will find a sympathetic hearing.
Maduro insists military action is out of the question. As a result, Romero said, ‘‘Maduro is against
the wall.’’
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 11
Oil Price Drop Special Coverage
Oil prices steady after US stock draw & China outlook drags
Reuters + NewBase
Oil prices steadied on Thursday, supported by lower U.S. stockpiles and a firm demand outlook,
but worries over China's economy continued to weigh. A 1.7-million barrel drop in U.S. stockpiles
last week helped to at least temporarily halt a price slide that has lasted since May and seen WTI
and Brent lose over a quarter of their value.
A relatively bullish outlook by the International Energy Agency (IEA) on Wednesday also
supported prices. U.S. crude CLc1 was trading at $43.35 per barrel at 0410 GMT, up 5 cents from
Wednesday's close. Brent futures LCOc1 were 12 cents higher at $49.78 a barrel.
"Prices recovered overnight after initial declines, supported by an IEA announcement and a
weaker dollar," ANZ bank said on Thursday. The IEA said global oil demand growth in 2015 would
be the strongest in five years, although it added that global oversupply would last through 2016.
But analysts said there were some doubts around a bullish demand forecast, especially in Asia
where China's economy is showing increasing signs of weakness, with the devaluation of its yuan
currency potentially denting demand for imports of fuel.
"All is not well with the Chinese economy," Howie Lee, investment analyst at brokerage Phillip
Futures, told the Reuters Global Oil Forum on Thursday. "There is just so much pessimism
attached to this move (yuan devaluation). For China to emerge and start a fresh currency war
when they previously didn't, smacks of desperation," he added.
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 12
China's yuan opened slightly weaker on Thursday but the gap between the guidance rate and the
traded rate closed sharply as the central bank tried to slow a sharp selloff that saw the currency
lose around 4 percent in just two days.China's implied oil demand fell in July from the previous
month amid a continuing drop in the nation's vehicle sales that could mute growth further in the
second half of 2015.
China consumed roughly 10.12 million barrels per day (bpd) of oil in July, down more than 4
percent from June, although the implied use was up from 9.72 million bpd a year ago, according to
calculations based on preliminary government data.
The month-on-month fall came as Chinese auto sales dropped 7.1 percent in July from a year
earlier, the fourth straight monthly decline and biggest since February 2013.
BP plc and Royal Dutch Shell Plc Will Have To Survive Without $100 Oil
By Harvey Jones
Low oil prices have sunk share prices at BP (LSE: BP) and Royal Dutch Shell and there is no sign of
immediate respite. There was a flicker of hope as Brent crude climbed to nearly $68 a barrel in May, but
it has now slid below $50 again, and worse could follow.
The notion that lower prices would put the skids on supply, especially from US shale rigs, has been
discredited. Shale technology is coming on in leaps and bounds, driving constant cost savings for drillers.
US frackers continue to add an extra million barrels of oil a day to global supply, even before Iran floods the
market with its stockpiles.
Pump It Up
Talk that oil could hit $100 a barrel for the first time since September last year has proved to be idle. China
continues to slow, with exports and imports both down more than 8% in July. US data has been
underwhelming, even as the Federal Reserve edges towards a rate hike, while Europe continues to struggle.
So as global supply gushes, growth remains tongue-tied. Need I go on? Even former Fed chief Alan
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 13
Greenspan reckons oil has further to fall, as shale rig count climbs again. The question is what this means
for the FTSE 100's dominant oil giants.
Pay As You Earn
As large vertically integrated companies, they have some in-built protection against oil price swings. But BP
is still down 15% in the last three months, and Shell is down 8%. Long-term investors have been losing
money on the stocks for years, particularly on BP, as Deepwater after-shocks rumble on.
Both are still making money, only less than before. BP's underlying replacement cost profits fell to $1.3 in
the second quarter, just one third of the $3.6bn it earned in the same quarter last year. Shell's Q2 earnings
were $3.4bn on a current cost of supplies basis, down one third from $5.1bn one year ago. Strong
downstream earnings helped to offset a sharp fall upstream caused by falling oil and gas prices, and reduced
production.
Reversal Ahead?
I don't see much scope for share
price recovery while oil is
cheap and global growth is
stuck in first gear. The big
question is how long their
dividends can survive. Both
yields are quite spectacular
now, with BP on 6.44% and
Shell offering 6.26%. Who
needs growth when you have
that kind of income stream?
Both companies remain
committed to the dividends,
Bob Dudley at BP names this
as his priority, and won't
want the embarrassment of
going back on his pledge. Shell
has never cut its dividend since the war, but history shows us that nothing lasts forever.
To keep the cash flowing, both are cutting capital expenditure, but there is only so much you can cut before
you damage production. Shell's reserve replacement ratio looks low at just 47% for 2014, BP is better
at 63% (but down from 129% in 2013). The pressure on both dividends can only build.
Investors can't expect much dividend growth over the next year or two, and given current high yields, they
can't complain too much either. But with $100 oil increasingly a mirage, and some analysts talking it down
to $30 a barrel, the pressure for a dividend cut may eventually prove irresistible.
Juicy dividend stocks like BP and Royal Dutch Shell remain a great way to fund your income in retirement.
And there are plenty more to choose from on the FTSE 100. The stocks listed in this special wealth creation
report, top FTSE 100 stocks that could help you retire in comfort, are all ideally placed to deliver long-term
wealth over the years ahead.
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 14
IEA sees oil glut persisting despite soaring demand
Reuters
World oil demand is expanding at its fastest pace in five years thanks to rebounding economic
growth and low prices, but global oversupply will last through 2016, the West’s energy watchdog
said yesterday.
The International Energy Agency said in a monthly report that it was steeply raising its demand
growth outlook for this year and 2016, and expected non-Opec supply growth to decline next year,
with US producers hardest hit.
“While a rebalancing has
clearly begun, the process is
likely to be prolonged as a
supply overhang is expected to
persist through 2016 —
suggesting global inventories
will pile up further,” the Paris-
based IEA said.
The view from the IEA chimes
with that of the US government,
which on Tuesday lowered US
production forecasts, signalling
that a 60% rout in benchmark
prices since last summer may
finally be weighing on shale
output.
Oil prices have fallen to below
$50 per barrel, pressured by an abundance of supply and a strong dollar. The views from the IEA
are more bullish than those of Opec, which on Tuesday raised its forecast of oil supplies from non-
member countries.
The IEA said it saw global oil demand rising by 1.6mn barrels per day (bpd) in 2015, up
260,000 bpd from its forecast last month, citing solid economic growth and consumers responding
to lower prices. “That’s the biggest growth spurt in five years and a dramatic uptick on a demand
increase of just 0.7mn bpd in 2014,” it said.
It added that persistent macroeconomic strength will support above-trend growth at 1.4mn bpd in
2016, up 410,000 bpd from its previous forecast. The decline in crude prices has prompted oil
companies to cut their investment plans.
“While a drop in costs and efficiency improvements will help to offset some of the spending cuts,
output is likely to take a hit soon,” the IEA said. The IEA said it saw non-Opec supply growth
slowing sharply from a 2014 record of 2.4mn bpd to 1.1mn bpd this year and then contracting by
200,000 in 2016 — with the US hardest hit.
The prediction signals that Opec’s strategy of not cutting output, and hurting rival producers
instead with lower prices, might be finally working. However, the strategy, introduced in November
last year, has created such global oversupply that it will take another year and a half to absorb the
glut.
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 15
“Our latest balances show that while the overhang will ease from a staggering 3.0mn bpd in the
second quarter of 2015, its highest since 1998, the projected oversupply persists through the first
half of 2016,” the IEA said.
Assuming Opec production continues at around 31.7mn bpd — its recent three-month average —
through 2016, the second half of 2015 will see supply exceeding demand by 1.4mn bpd, testing
storage limits worldwide, the IEA said.
The surplus will drain down to about 850,000 in 2016, with the final three months of 2016 marking
the first quarter of a potential stock draw. “This outlook does not include potentially higher Iranian
output in the case of sanctions being lifted,” the IEA said.
It said a stronger demand outlook and slower non-Opec growth have raised the call on Opec
crude for 2016 to 30.8mn bpd, 1.4mn bpd higher year-on-year and up 600,000 bpd from the IEA’s
forecasts in its previous report.
But the new, higher call on Opec is still far below the group’s current production volumes, which
are holding steady near a three-year high due to robust pumping from Saudi Arabia and record-
high Iraqi production.
As a result of huge global oversupply, OECD inventories increased counter-seasonally by 9.9mn
barrels to an all-time high of 2.916bn barrels in June, the IEA said.
Oil prices rose yesterday after the IEA’s upbeat report outweighed the bearish impact of a further
weakening of China’s currency and disappointing Chinese industrial data, with Brent crude up 18¢
at $49.36 a barrel by 1317 GMT.
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 16
NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Your partner in Energy Services
NewBase energy news is produced daily (Sunday to Thursday) and
sponsored by Hawk Energy Service – Dubai, UAE.
For additional free subscription emails please contact Hawk Energy
Khaled Malallah Al Awadi,
Energy Consultant
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
Mobile: +97150-4822502
khdmohd@hawkenergy.net
khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with a total of 25 years of experience in
the Oil & Gas sector. Currently working as Technical Affairs Specialist for
Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy
consultation for the GCC area via Hawk Energy Service as a UAE
operations base , Most of the experience were spent as the Gas Operations
Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility &
gas compressor stations . Through the years, he has developed great
experiences in the designing & constructing of gas pipelines, gas metering &
regulating stations and in the engineering of supply routes. Many years were spent drafting, &
compiling gas transportation, operation & maintenance agreements along with many MOUs for the
local authorities. He has become a reference for many of the Oil & Gas Conferences held in the
UAE and Energy program broadcasted internationally, via GCC leading satellite Channels.
NewBase : For discussion or further details on the news above you may contact us on +971504822502 , Dubai , UAE
NewBase 13 August 2015 K. Al Awadi
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 17
Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 18

More Related Content

What's hot

New base 1033 special 23 may 2017 energy news
New base 1033 special 23 may 2017 energy newsNew base 1033 special 23 may 2017 energy news
New base 1033 special 23 may 2017 energy newsKhaled Al Awadi
 
New base 1062 special 14 august 2017 energy news
New base 1062 special 14 august 2017 energy newsNew base 1062 special 14 august 2017 energy news
New base 1062 special 14 august 2017 energy newsKhaled Al Awadi
 
New base 08 march 2021 energy news issue 1413 by khaled al awadi
New base 08 march  2021 energy news issue   1413  by khaled al awadiNew base 08 march  2021 energy news issue   1413  by khaled al awadi
New base 08 march 2021 energy news issue 1413 by khaled al awadiKhaled Al Awadi
 
New base 1048 special 04 july 2017 energy news
New base 1048 special 04 july 2017 energy newsNew base 1048 special 04 july 2017 energy news
New base 1048 special 04 july 2017 energy newsKhaled Al Awadi
 
New base energy news issue 913 dated 23 august 2016
New base energy news issue  913 dated 23 august 2016New base energy news issue  913 dated 23 august 2016
New base energy news issue 913 dated 23 august 2016Khaled Al Awadi
 
New base special 05 february 2014 (recovered)
New base special  05 february 2014 (recovered)New base special  05 february 2014 (recovered)
New base special 05 february 2014 (recovered)Khaled Al Awadi
 
New base energy news issue 936 dated 16 october 2016
New base energy news issue  936 dated 16 october 2016New base energy news issue  936 dated 16 october 2016
New base energy news issue 936 dated 16 october 2016Khaled Al Awadi
 
New base energy news 24 april 2020 issue no. 1332 by senior editor eng-com...
New base energy news  24 april 2020   issue no. 1332 by senior editor eng-com...New base energy news  24 april 2020   issue no. 1332 by senior editor eng-com...
New base energy news 24 april 2020 issue no. 1332 by senior editor eng-com...Khaled Al Awadi
 
New base energy news issue 908 dated 16 august 2016
New base energy news issue  908 dated 16 august 2016New base energy news issue  908 dated 16 august 2016
New base energy news issue 908 dated 16 august 2016Khaled Al Awadi
 
New base special 21 may 2014
New base special  21  may  2014New base special  21  may  2014
New base special 21 may 2014Khaled Al Awadi
 
New base special 16 february 2014
New base special  16 february 2014New base special  16 february 2014
New base special 16 february 2014Khaled Al Awadi
 
New base 1011 special 19 march 2017 energy news
New base 1011 special 19 march 2017 energy newsNew base 1011 special 19 march 2017 energy news
New base 1011 special 19 march 2017 energy newsKhaled Al Awadi
 
New base 17 may 2021 energy news issue 1432 by khaled al awadi
New base 17 may 2021 energy news issue   1432  by khaled al awadiNew base 17 may 2021 energy news issue   1432  by khaled al awadi
New base 17 may 2021 energy news issue 1432 by khaled al awadiKhaled Al Awadi
 
New base february 22 2022 energy news issue - 1489 by khaled al awadi-compr...
New base february 22 2022  energy news issue - 1489  by khaled al awadi-compr...New base february 22 2022  energy news issue - 1489  by khaled al awadi-compr...
New base february 22 2022 energy news issue - 1489 by khaled al awadi-compr...Khaled Al Awadi
 
New base 1060 special 09 august 2017 energy news
New base 1060 special 09 august 2017 energy newsNew base 1060 special 09 august 2017 energy news
New base 1060 special 09 august 2017 energy newsKhaled Al Awadi
 
New base 09 december 2020 energy news issue 1392 by khaled al awadi
New base 09 december 2020 energy news issue   1392  by khaled al awadiNew base 09 december 2020 energy news issue   1392  by khaled al awadi
New base 09 december 2020 energy news issue 1392 by khaled al awadiKhaled Al Awadi
 
New base 04 january 2018 energy news issue 1123 by khaled al awadi
New base 04 january 2018 energy news issue   1123  by khaled al awadiNew base 04 january 2018 energy news issue   1123  by khaled al awadi
New base 04 january 2018 energy news issue 1123 by khaled al awadiKhaled Al Awadi
 
New base 1055 special 31 july 2017 energy news
New base 1055 special 31 july 2017 energy newsNew base 1055 special 31 july 2017 energy news
New base 1055 special 31 july 2017 energy newsKhaled Al Awadi
 
Ne base 01 april 2018 energy news issue 1154 by khaled al awadi
Ne base 01 april 2018 energy news issue   1154  by khaled al awadiNe base 01 april 2018 energy news issue   1154  by khaled al awadi
Ne base 01 april 2018 energy news issue 1154 by khaled al awadiKhaled Al Awadi
 
New base 07 february 2018 energy news issue 1137 by khaled al awadi
New base 07 february 2018 energy news issue   1137  by khaled al awadiNew base 07 february 2018 energy news issue   1137  by khaled al awadi
New base 07 february 2018 energy news issue 1137 by khaled al awadiKhaled Al Awadi
 

What's hot (20)

New base 1033 special 23 may 2017 energy news
New base 1033 special 23 may 2017 energy newsNew base 1033 special 23 may 2017 energy news
New base 1033 special 23 may 2017 energy news
 
New base 1062 special 14 august 2017 energy news
New base 1062 special 14 august 2017 energy newsNew base 1062 special 14 august 2017 energy news
New base 1062 special 14 august 2017 energy news
 
New base 08 march 2021 energy news issue 1413 by khaled al awadi
New base 08 march  2021 energy news issue   1413  by khaled al awadiNew base 08 march  2021 energy news issue   1413  by khaled al awadi
New base 08 march 2021 energy news issue 1413 by khaled al awadi
 
New base 1048 special 04 july 2017 energy news
New base 1048 special 04 july 2017 energy newsNew base 1048 special 04 july 2017 energy news
New base 1048 special 04 july 2017 energy news
 
New base energy news issue 913 dated 23 august 2016
New base energy news issue  913 dated 23 august 2016New base energy news issue  913 dated 23 august 2016
New base energy news issue 913 dated 23 august 2016
 
New base special 05 february 2014 (recovered)
New base special  05 february 2014 (recovered)New base special  05 february 2014 (recovered)
New base special 05 february 2014 (recovered)
 
New base energy news issue 936 dated 16 october 2016
New base energy news issue  936 dated 16 october 2016New base energy news issue  936 dated 16 october 2016
New base energy news issue 936 dated 16 october 2016
 
New base energy news 24 april 2020 issue no. 1332 by senior editor eng-com...
New base energy news  24 april 2020   issue no. 1332 by senior editor eng-com...New base energy news  24 april 2020   issue no. 1332 by senior editor eng-com...
New base energy news 24 april 2020 issue no. 1332 by senior editor eng-com...
 
New base energy news issue 908 dated 16 august 2016
New base energy news issue  908 dated 16 august 2016New base energy news issue  908 dated 16 august 2016
New base energy news issue 908 dated 16 august 2016
 
New base special 21 may 2014
New base special  21  may  2014New base special  21  may  2014
New base special 21 may 2014
 
New base special 16 february 2014
New base special  16 february 2014New base special  16 february 2014
New base special 16 february 2014
 
New base 1011 special 19 march 2017 energy news
New base 1011 special 19 march 2017 energy newsNew base 1011 special 19 march 2017 energy news
New base 1011 special 19 march 2017 energy news
 
New base 17 may 2021 energy news issue 1432 by khaled al awadi
New base 17 may 2021 energy news issue   1432  by khaled al awadiNew base 17 may 2021 energy news issue   1432  by khaled al awadi
New base 17 may 2021 energy news issue 1432 by khaled al awadi
 
New base february 22 2022 energy news issue - 1489 by khaled al awadi-compr...
New base february 22 2022  energy news issue - 1489  by khaled al awadi-compr...New base february 22 2022  energy news issue - 1489  by khaled al awadi-compr...
New base february 22 2022 energy news issue - 1489 by khaled al awadi-compr...
 
New base 1060 special 09 august 2017 energy news
New base 1060 special 09 august 2017 energy newsNew base 1060 special 09 august 2017 energy news
New base 1060 special 09 august 2017 energy news
 
New base 09 december 2020 energy news issue 1392 by khaled al awadi
New base 09 december 2020 energy news issue   1392  by khaled al awadiNew base 09 december 2020 energy news issue   1392  by khaled al awadi
New base 09 december 2020 energy news issue 1392 by khaled al awadi
 
New base 04 january 2018 energy news issue 1123 by khaled al awadi
New base 04 january 2018 energy news issue   1123  by khaled al awadiNew base 04 january 2018 energy news issue   1123  by khaled al awadi
New base 04 january 2018 energy news issue 1123 by khaled al awadi
 
New base 1055 special 31 july 2017 energy news
New base 1055 special 31 july 2017 energy newsNew base 1055 special 31 july 2017 energy news
New base 1055 special 31 july 2017 energy news
 
Ne base 01 april 2018 energy news issue 1154 by khaled al awadi
Ne base 01 april 2018 energy news issue   1154  by khaled al awadiNe base 01 april 2018 energy news issue   1154  by khaled al awadi
Ne base 01 april 2018 energy news issue 1154 by khaled al awadi
 
New base 07 february 2018 energy news issue 1137 by khaled al awadi
New base 07 february 2018 energy news issue   1137  by khaled al awadiNew base 07 february 2018 energy news issue   1137  by khaled al awadi
New base 07 february 2018 energy news issue 1137 by khaled al awadi
 

Viewers also liked

New base 704 special 11 october 2015
New base 704 special  11 october 2015New base 704 special  11 october 2015
New base 704 special 11 october 2015Khaled Al Awadi
 
NewBase 645 special 12 july 2015
NewBase 645 special 12 july 2015NewBase 645 special 12 july 2015
NewBase 645 special 12 july 2015Khaled Al Awadi
 
Microsoft word new base 661 special 10 august 2015
Microsoft word   new base 661 special  10 august 2015Microsoft word   new base 661 special  10 august 2015
Microsoft word new base 661 special 10 august 2015Khaled Al Awadi
 
New base 695 special 28 september 2015
New base 695 special  28 september 2015New base 695 special  28 september 2015
New base 695 special 28 september 2015Khaled Al Awadi
 
NewBase 640 special 05 july 2015
NewBase 640 special 05 july 2015NewBase 640 special 05 july 2015
NewBase 640 special 05 july 2015Khaled Al Awadi
 
New base 705 special 12 october 2015
New base 705 special  12 october 2015New base 705 special  12 october 2015
New base 705 special 12 october 2015Khaled Al Awadi
 
New base 676 special 31 august 2015
New base 676 special  31 august 2015New base 676 special  31 august 2015
New base 676 special 31 august 2015Khaled Al Awadi
 
New base 689 special 17 september 2015
New base 689 special  17 september 2015New base 689 special  17 september 2015
New base 689 special 17 september 2015Khaled Al Awadi
 
New base 687 special 15 september 2015
New base 687 special  15 september 2015New base 687 special  15 september 2015
New base 687 special 15 september 2015Khaled Al Awadi
 
NewBase 629 special 18 June 2015
NewBase 629 special 18 June 2015NewBase 629 special 18 June 2015
NewBase 629 special 18 June 2015Khaled Al Awadi
 
New base 688 special 16 september 2015
New base 688 special  16 september 2015New base 688 special  16 september 2015
New base 688 special 16 september 2015Khaled Al Awadi
 
NewBase 617 special 02 June 2015
NewBase 617 special 02 June 2015NewBase 617 special 02 June 2015
NewBase 617 special 02 June 2015Khaled Al Awadi
 
New base 708 special 18 october 2015
New base 708 special  18 october 2015New base 708 special  18 october 2015
New base 708 special 18 october 2015Khaled Al Awadi
 
NewBase 613 special 27 May 2015
NewBase 613 special 27 May 2015NewBase 613 special 27 May 2015
NewBase 613 special 27 May 2015Khaled Al Awadi
 
NewBase 620 special 07 June 2015
NewBase 620 special 07 June 2015NewBase 620 special 07 June 2015
NewBase 620 special 07 June 2015Khaled Al Awadi
 
New base 707 special 14 october 2015
New base 707 special  14 october 2015New base 707 special  14 october 2015
New base 707 special 14 october 2015Khaled Al Awadi
 
Karu quality control_of_oil_shale_production_in_estonian_mines
Karu quality control_of_oil_shale_production_in_estonian_minesKaru quality control_of_oil_shale_production_in_estonian_mines
Karu quality control_of_oil_shale_production_in_estonian_minesMäeinstituut Ttü
 
Ohio Shale Coalition Executive Summary
Ohio Shale Coalition Executive SummaryOhio Shale Coalition Executive Summary
Ohio Shale Coalition Executive Summaryreddigitalmedia
 
2013 QER review oil shale Qld
2013 QER review oil shale Qld2013 QER review oil shale Qld
2013 QER review oil shale QldJulius Marinelli
 

Viewers also liked (20)

New base 704 special 11 october 2015
New base 704 special  11 october 2015New base 704 special  11 october 2015
New base 704 special 11 october 2015
 
NewBase 645 special 12 july 2015
NewBase 645 special 12 july 2015NewBase 645 special 12 july 2015
NewBase 645 special 12 july 2015
 
Microsoft word new base 661 special 10 august 2015
Microsoft word   new base 661 special  10 august 2015Microsoft word   new base 661 special  10 august 2015
Microsoft word new base 661 special 10 august 2015
 
New base 695 special 28 september 2015
New base 695 special  28 september 2015New base 695 special  28 september 2015
New base 695 special 28 september 2015
 
NewBase 640 special 05 july 2015
NewBase 640 special 05 july 2015NewBase 640 special 05 july 2015
NewBase 640 special 05 july 2015
 
New base 705 special 12 october 2015
New base 705 special  12 october 2015New base 705 special  12 october 2015
New base 705 special 12 october 2015
 
New base 676 special 31 august 2015
New base 676 special  31 august 2015New base 676 special  31 august 2015
New base 676 special 31 august 2015
 
New base 689 special 17 september 2015
New base 689 special  17 september 2015New base 689 special  17 september 2015
New base 689 special 17 september 2015
 
New base 687 special 15 september 2015
New base 687 special  15 september 2015New base 687 special  15 september 2015
New base 687 special 15 september 2015
 
NewBase 629 special 18 June 2015
NewBase 629 special 18 June 2015NewBase 629 special 18 June 2015
NewBase 629 special 18 June 2015
 
New base 688 special 16 september 2015
New base 688 special  16 september 2015New base 688 special  16 september 2015
New base 688 special 16 september 2015
 
NewBase 617 special 02 June 2015
NewBase 617 special 02 June 2015NewBase 617 special 02 June 2015
NewBase 617 special 02 June 2015
 
New base 708 special 18 october 2015
New base 708 special  18 october 2015New base 708 special  18 october 2015
New base 708 special 18 october 2015
 
NewBase 613 special 27 May 2015
NewBase 613 special 27 May 2015NewBase 613 special 27 May 2015
NewBase 613 special 27 May 2015
 
NewBase 620 special 07 June 2015
NewBase 620 special 07 June 2015NewBase 620 special 07 June 2015
NewBase 620 special 07 June 2015
 
New base 707 special 14 october 2015
New base 707 special  14 october 2015New base 707 special  14 october 2015
New base 707 special 14 october 2015
 
Karu quality control_of_oil_shale_production_in_estonian_mines
Karu quality control_of_oil_shale_production_in_estonian_minesKaru quality control_of_oil_shale_production_in_estonian_mines
Karu quality control_of_oil_shale_production_in_estonian_mines
 
Ohio Shale Coalition Executive Summary
Ohio Shale Coalition Executive SummaryOhio Shale Coalition Executive Summary
Ohio Shale Coalition Executive Summary
 
Amal Field Trip Nov 2015
Amal Field Trip Nov 2015Amal Field Trip Nov 2015
Amal Field Trip Nov 2015
 
2013 QER review oil shale Qld
2013 QER review oil shale Qld2013 QER review oil shale Qld
2013 QER review oil shale Qld
 

Similar to Microsoft word new base 664 special 13 august 2015

NewBase 13 November 2023 Energy News issue - 1673 by Khaled Al Awadi_compre...
NewBase  13 November 2023  Energy News issue - 1673 by Khaled Al Awadi_compre...NewBase  13 November 2023  Energy News issue - 1673 by Khaled Al Awadi_compre...
NewBase 13 November 2023 Energy News issue - 1673 by Khaled Al Awadi_compre...Khaled Al Awadi
 
New base energy news 12 november issue 1292 by khaled al awadi
New base energy news  12 november  issue   1292  by khaled al awadiNew base energy news  12 november  issue   1292  by khaled al awadi
New base energy news 12 november issue 1292 by khaled al awadiKhaled Al Awadi
 
New base 19 september 2017 energy news issue 1073 by khaled al awadi
New base 19 september 2017 energy news issue   1073  by khaled al awadiNew base 19 september 2017 energy news issue   1073  by khaled al awadi
New base 19 september 2017 energy news issue 1073 by khaled al awadiKhaled Al Awadi
 
New base 800 special 03 march 2016
New base 800 special 03 march 2016New base 800 special 03 march 2016
New base 800 special 03 march 2016Khaled Al Awadi
 
New base 1043 special 15 june 2017 energy news
New base 1043 special 15 june 2017 energy newsNew base 1043 special 15 june 2017 energy news
New base 1043 special 15 june 2017 energy newsKhaled Al Awadi
 
NewBase 05 January 2024 Energy News issue - 1687 by Khaled Al Awadi_compres...
NewBase  05 January 2024  Energy News issue - 1687 by Khaled Al Awadi_compres...NewBase  05 January 2024  Energy News issue - 1687 by Khaled Al Awadi_compres...
NewBase 05 January 2024 Energy News issue - 1687 by Khaled Al Awadi_compres...Khaled Al Awadi
 
NewBase March 21-2022 Energy News issue - 1497 by Khaled Al Awadi.pdf
NewBase March 21-2022  Energy News issue - 1497  by Khaled Al Awadi.pdfNewBase March 21-2022  Energy News issue - 1497  by Khaled Al Awadi.pdf
NewBase March 21-2022 Energy News issue - 1497 by Khaled Al Awadi.pdfKhaled Al Awadi
 
NewBase September 07-2022 Energy News issue - 1545 by Khaled Al Awadi (Auto...
NewBase September 07-2022  Energy News issue - 1545  by Khaled Al Awadi (Auto...NewBase September 07-2022  Energy News issue - 1545  by Khaled Al Awadi (Auto...
NewBase September 07-2022 Energy News issue - 1545 by Khaled Al Awadi (Auto...Khaled Al Awadi
 
New base 1013 special 23 march 2017 energy news
New base 1013 special 23 march 2017 energy newsNew base 1013 special 23 march 2017 energy news
New base 1013 special 23 march 2017 energy newsKhaled Al Awadi
 
NewBase 27 October 2023 Energy News issue - 1668 by Khaled Al Awadi_compres...
NewBase  27 October 2023  Energy News issue - 1668 by Khaled Al Awadi_compres...NewBase  27 October 2023  Energy News issue - 1668 by Khaled Al Awadi_compres...
NewBase 27 October 2023 Energy News issue - 1668 by Khaled Al Awadi_compres...Khaled Al Awadi
 
New base energy news issue 956 dated 28 november 2016
New base energy news issue  956 dated 28 november 2016New base energy news issue  956 dated 28 november 2016
New base energy news issue 956 dated 28 november 2016Khaled Al Awadi
 
New base energy news issue 872 dated 14 june 2016
New base energy news issue  872 dated 14 june 2016New base energy news issue  872 dated 14 june 2016
New base energy news issue 872 dated 14 june 2016Khaled Al Awadi
 
New base special 08 september 2014
New base special  08 september   2014New base special  08 september   2014
New base special 08 september 2014Khaled Al Awadi
 
NewBase 08 May-2023 Energy News issue - 1618 by Khaled Al Awadi.pdf
NewBase 08 May-2023  Energy News issue - 1618 by Khaled Al Awadi.pdfNewBase 08 May-2023  Energy News issue - 1618 by Khaled Al Awadi.pdf
NewBase 08 May-2023 Energy News issue - 1618 by Khaled Al Awadi.pdfKhaled Al Awadi
 
NewBase 20-Octoberr -2022 Energy News issue - 1559 by Khaled Al Awadi.pdf
NewBase 20-Octoberr -2022  Energy News issue - 1559 by Khaled Al Awadi.pdfNewBase 20-Octoberr -2022  Energy News issue - 1559 by Khaled Al Awadi.pdf
NewBase 20-Octoberr -2022 Energy News issue - 1559 by Khaled Al Awadi.pdfKhaled Al Awadi
 
NewBase 24-November -2022 Energy News issue - 1568 by Khaled Al Awadi_compre...
NewBase 24-November -2022  Energy News issue - 1568 by Khaled Al Awadi_compre...NewBase 24-November -2022  Energy News issue - 1568 by Khaled Al Awadi_compre...
NewBase 24-November -2022 Energy News issue - 1568 by Khaled Al Awadi_compre...Khaled Al Awadi
 
NewBase 28-November -2022 Energy News issue - 1569 by Khaled Al Awadi.pdf
NewBase 28-November -2022  Energy News issue - 1569 by Khaled Al Awadi.pdfNewBase 28-November -2022  Energy News issue - 1569 by Khaled Al Awadi.pdf
NewBase 28-November -2022 Energy News issue - 1569 by Khaled Al Awadi.pdfKhaled Al Awadi
 
New base 1034 special 25 may 2017 energy news
New base 1034 special 25 may 2017 energy newsNew base 1034 special 25 may 2017 energy news
New base 1034 special 25 may 2017 energy newsKhaled Al Awadi
 
NewBase 594 special 30 April 2015
NewBase 594 special 30 April  2015NewBase 594 special 30 April  2015
NewBase 594 special 30 April 2015Khaled Al Awadi
 
New base 686 special 14 september 2015
New base 686 special  14 september 2015New base 686 special  14 september 2015
New base 686 special 14 september 2015Khaled Al Awadi
 

Similar to Microsoft word new base 664 special 13 august 2015 (20)

NewBase 13 November 2023 Energy News issue - 1673 by Khaled Al Awadi_compre...
NewBase  13 November 2023  Energy News issue - 1673 by Khaled Al Awadi_compre...NewBase  13 November 2023  Energy News issue - 1673 by Khaled Al Awadi_compre...
NewBase 13 November 2023 Energy News issue - 1673 by Khaled Al Awadi_compre...
 
New base energy news 12 november issue 1292 by khaled al awadi
New base energy news  12 november  issue   1292  by khaled al awadiNew base energy news  12 november  issue   1292  by khaled al awadi
New base energy news 12 november issue 1292 by khaled al awadi
 
New base 19 september 2017 energy news issue 1073 by khaled al awadi
New base 19 september 2017 energy news issue   1073  by khaled al awadiNew base 19 september 2017 energy news issue   1073  by khaled al awadi
New base 19 september 2017 energy news issue 1073 by khaled al awadi
 
New base 800 special 03 march 2016
New base 800 special 03 march 2016New base 800 special 03 march 2016
New base 800 special 03 march 2016
 
New base 1043 special 15 june 2017 energy news
New base 1043 special 15 june 2017 energy newsNew base 1043 special 15 june 2017 energy news
New base 1043 special 15 june 2017 energy news
 
NewBase 05 January 2024 Energy News issue - 1687 by Khaled Al Awadi_compres...
NewBase  05 January 2024  Energy News issue - 1687 by Khaled Al Awadi_compres...NewBase  05 January 2024  Energy News issue - 1687 by Khaled Al Awadi_compres...
NewBase 05 January 2024 Energy News issue - 1687 by Khaled Al Awadi_compres...
 
NewBase March 21-2022 Energy News issue - 1497 by Khaled Al Awadi.pdf
NewBase March 21-2022  Energy News issue - 1497  by Khaled Al Awadi.pdfNewBase March 21-2022  Energy News issue - 1497  by Khaled Al Awadi.pdf
NewBase March 21-2022 Energy News issue - 1497 by Khaled Al Awadi.pdf
 
NewBase September 07-2022 Energy News issue - 1545 by Khaled Al Awadi (Auto...
NewBase September 07-2022  Energy News issue - 1545  by Khaled Al Awadi (Auto...NewBase September 07-2022  Energy News issue - 1545  by Khaled Al Awadi (Auto...
NewBase September 07-2022 Energy News issue - 1545 by Khaled Al Awadi (Auto...
 
New base 1013 special 23 march 2017 energy news
New base 1013 special 23 march 2017 energy newsNew base 1013 special 23 march 2017 energy news
New base 1013 special 23 march 2017 energy news
 
NewBase 27 October 2023 Energy News issue - 1668 by Khaled Al Awadi_compres...
NewBase  27 October 2023  Energy News issue - 1668 by Khaled Al Awadi_compres...NewBase  27 October 2023  Energy News issue - 1668 by Khaled Al Awadi_compres...
NewBase 27 October 2023 Energy News issue - 1668 by Khaled Al Awadi_compres...
 
New base energy news issue 956 dated 28 november 2016
New base energy news issue  956 dated 28 november 2016New base energy news issue  956 dated 28 november 2016
New base energy news issue 956 dated 28 november 2016
 
New base energy news issue 872 dated 14 june 2016
New base energy news issue  872 dated 14 june 2016New base energy news issue  872 dated 14 june 2016
New base energy news issue 872 dated 14 june 2016
 
New base special 08 september 2014
New base special  08 september   2014New base special  08 september   2014
New base special 08 september 2014
 
NewBase 08 May-2023 Energy News issue - 1618 by Khaled Al Awadi.pdf
NewBase 08 May-2023  Energy News issue - 1618 by Khaled Al Awadi.pdfNewBase 08 May-2023  Energy News issue - 1618 by Khaled Al Awadi.pdf
NewBase 08 May-2023 Energy News issue - 1618 by Khaled Al Awadi.pdf
 
NewBase 20-Octoberr -2022 Energy News issue - 1559 by Khaled Al Awadi.pdf
NewBase 20-Octoberr -2022  Energy News issue - 1559 by Khaled Al Awadi.pdfNewBase 20-Octoberr -2022  Energy News issue - 1559 by Khaled Al Awadi.pdf
NewBase 20-Octoberr -2022 Energy News issue - 1559 by Khaled Al Awadi.pdf
 
NewBase 24-November -2022 Energy News issue - 1568 by Khaled Al Awadi_compre...
NewBase 24-November -2022  Energy News issue - 1568 by Khaled Al Awadi_compre...NewBase 24-November -2022  Energy News issue - 1568 by Khaled Al Awadi_compre...
NewBase 24-November -2022 Energy News issue - 1568 by Khaled Al Awadi_compre...
 
NewBase 28-November -2022 Energy News issue - 1569 by Khaled Al Awadi.pdf
NewBase 28-November -2022  Energy News issue - 1569 by Khaled Al Awadi.pdfNewBase 28-November -2022  Energy News issue - 1569 by Khaled Al Awadi.pdf
NewBase 28-November -2022 Energy News issue - 1569 by Khaled Al Awadi.pdf
 
New base 1034 special 25 may 2017 energy news
New base 1034 special 25 may 2017 energy newsNew base 1034 special 25 may 2017 energy news
New base 1034 special 25 may 2017 energy news
 
NewBase 594 special 30 April 2015
NewBase 594 special 30 April  2015NewBase 594 special 30 April  2015
NewBase 594 special 30 April 2015
 
New base 686 special 14 september 2015
New base 686 special  14 september 2015New base 686 special  14 september 2015
New base 686 special 14 september 2015
 

More from Khaled Al Awadi

NewBase 29 April 2024 Energy News issue - 1720 by Khaled Al Awadi_compress...
NewBase  29 April  2024  Energy News issue - 1720 by Khaled Al Awadi_compress...NewBase  29 April  2024  Energy News issue - 1720 by Khaled Al Awadi_compress...
NewBase 29 April 2024 Energy News issue - 1720 by Khaled Al Awadi_compress...Khaled Al Awadi
 
NewBase 25 April 2024 Energy News issue - 1719 by Khaled Al Awadi_compress...
NewBase  25 April  2024  Energy News issue - 1719 by Khaled Al Awadi_compress...NewBase  25 April  2024  Energy News issue - 1719 by Khaled Al Awadi_compress...
NewBase 25 April 2024 Energy News issue - 1719 by Khaled Al Awadi_compress...Khaled Al Awadi
 
NewBase 22 April 2024 Energy News issue - 1718 by Khaled Al Awadi (AutoRe...
NewBase  22 April  2024  Energy News issue - 1718 by Khaled Al Awadi  (AutoRe...NewBase  22 April  2024  Energy News issue - 1718 by Khaled Al Awadi  (AutoRe...
NewBase 22 April 2024 Energy News issue - 1718 by Khaled Al Awadi (AutoRe...Khaled Al Awadi
 
NewBase 19 April 2024 Energy News issue - 1717 by Khaled Al Awadi.pdf
NewBase  19 April  2024  Energy News issue - 1717 by Khaled Al Awadi.pdfNewBase  19 April  2024  Energy News issue - 1717 by Khaled Al Awadi.pdf
NewBase 19 April 2024 Energy News issue - 1717 by Khaled Al Awadi.pdfKhaled Al Awadi
 
NewBase 15 April 2024 Energy News issue - 1716 by Khaled Al Awadi.pdf
NewBase  15 April  2024  Energy News issue - 1716 by Khaled Al Awadi.pdfNewBase  15 April  2024  Energy News issue - 1716 by Khaled Al Awadi.pdf
NewBase 15 April 2024 Energy News issue - 1716 by Khaled Al Awadi.pdfKhaled Al Awadi
 
12 April 2024 Energy News issue - 1715 by Khaled Al Awadi.pdf
12 April  2024  Energy News issue - 1715 by Khaled Al Awadi.pdf12 April  2024  Energy News issue - 1715 by Khaled Al Awadi.pdf
12 April 2024 Energy News issue - 1715 by Khaled Al Awadi.pdfKhaled Al Awadi
 
08 April 2024 Energy News issue - 1714 by Khaled Al Awadi_compressed.pdf
08 April  2024  Energy News issue - 1714 by Khaled Al Awadi_compressed.pdf08 April  2024  Energy News issue - 1714 by Khaled Al Awadi_compressed.pdf
08 April 2024 Energy News issue - 1714 by Khaled Al Awadi_compressed.pdfKhaled Al Awadi
 
NewBase 04 April 2024 Energy News issue - 1713 by Khaled Al Awadi_compress...
NewBase  04 April  2024  Energy News issue - 1713 by Khaled Al Awadi_compress...NewBase  04 April  2024  Energy News issue - 1713 by Khaled Al Awadi_compress...
NewBase 04 April 2024 Energy News issue - 1713 by Khaled Al Awadi_compress...Khaled Al Awadi
 
NewBase 01 April 2024 Energy News issue - 1712 by Khaled Al Awadi.pdf
NewBase  01 April  2024  Energy News issue - 1712 by Khaled Al Awadi.pdfNewBase  01 April  2024  Energy News issue - 1712 by Khaled Al Awadi.pdf
NewBase 01 April 2024 Energy News issue - 1712 by Khaled Al Awadi.pdfKhaled Al Awadi
 
NewBase 28 March 2024 Energy News issue - 1711 by Khaled Al Awadi.pdf
NewBase  28 March  2024  Energy News issue - 1711 by Khaled Al Awadi.pdfNewBase  28 March  2024  Energy News issue - 1711 by Khaled Al Awadi.pdf
NewBase 28 March 2024 Energy News issue - 1711 by Khaled Al Awadi.pdfKhaled Al Awadi
 
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...Khaled Al Awadi
 
NewBase 22 March 2024 Energy News issue - 1709 by Khaled Al Awadi_compress...
NewBase  22 March  2024  Energy News issue - 1709 by Khaled Al Awadi_compress...NewBase  22 March  2024  Energy News issue - 1709 by Khaled Al Awadi_compress...
NewBase 22 March 2024 Energy News issue - 1709 by Khaled Al Awadi_compress...Khaled Al Awadi
 
NewBase 14 March 2024 Energy News issue - 1707 by Khaled Al Awadi_compress...
NewBase  14 March  2024  Energy News issue - 1707 by Khaled Al Awadi_compress...NewBase  14 March  2024  Energy News issue - 1707 by Khaled Al Awadi_compress...
NewBase 14 March 2024 Energy News issue - 1707 by Khaled Al Awadi_compress...Khaled Al Awadi
 
NewBase 11 March 2024 Energy News issue - 1706 by Khaled Al Awadi_compress...
NewBase  11 March  2024  Energy News issue - 1706 by Khaled Al Awadi_compress...NewBase  11 March  2024  Energy News issue - 1706 by Khaled Al Awadi_compress...
NewBase 11 March 2024 Energy News issue - 1706 by Khaled Al Awadi_compress...Khaled Al Awadi
 
NewBase 07 March 2024 Energy News issue - 1705 by Khaled Al Awadi_compress...
NewBase  07 March  2024  Energy News issue - 1705 by Khaled Al Awadi_compress...NewBase  07 March  2024  Energy News issue - 1705 by Khaled Al Awadi_compress...
NewBase 07 March 2024 Energy News issue - 1705 by Khaled Al Awadi_compress...Khaled Al Awadi
 
NewBase 04 March 2024 Energy News issue - 1704 by Khaled Al Awadi_compress...
NewBase  04 March  2024  Energy News issue - 1704 by Khaled Al Awadi_compress...NewBase  04 March  2024  Energy News issue - 1704 by Khaled Al Awadi_compress...
NewBase 04 March 2024 Energy News issue - 1704 by Khaled Al Awadi_compress...Khaled Al Awadi
 
NewBase 29 January 2024 Energy News issue - 1703 by Khaled Al Awadi_compres...
NewBase  29 January 2024  Energy News issue - 1703 by Khaled Al Awadi_compres...NewBase  29 January 2024  Energy News issue - 1703 by Khaled Al Awadi_compres...
NewBase 29 January 2024 Energy News issue - 1703 by Khaled Al Awadi_compres...Khaled Al Awadi
 
NewBase 26 January 2024 Energy News issue - 1702 by Khaled Al Awadi_compres...
NewBase  26 January 2024  Energy News issue - 1702 by Khaled Al Awadi_compres...NewBase  26 January 2024  Energy News issue - 1702 by Khaled Al Awadi_compres...
NewBase 26 January 2024 Energy News issue - 1702 by Khaled Al Awadi_compres...Khaled Al Awadi
 
NewBase 22 January 2024 Energy News issue - 1701 by Khaled Al Awadi 2_compr...
NewBase  22 January 2024  Energy News issue - 1701 by Khaled Al Awadi 2_compr...NewBase  22 January 2024  Energy News issue - 1701 by Khaled Al Awadi 2_compr...
NewBase 22 January 2024 Energy News issue - 1701 by Khaled Al Awadi 2_compr...Khaled Al Awadi
 
NewBase 19 January 2024 Energy News issue - 1700 by Khaled Al Awadi_compres...
NewBase  19 January 2024  Energy News issue - 1700 by Khaled Al Awadi_compres...NewBase  19 January 2024  Energy News issue - 1700 by Khaled Al Awadi_compres...
NewBase 19 January 2024 Energy News issue - 1700 by Khaled Al Awadi_compres...Khaled Al Awadi
 

More from Khaled Al Awadi (20)

NewBase 29 April 2024 Energy News issue - 1720 by Khaled Al Awadi_compress...
NewBase  29 April  2024  Energy News issue - 1720 by Khaled Al Awadi_compress...NewBase  29 April  2024  Energy News issue - 1720 by Khaled Al Awadi_compress...
NewBase 29 April 2024 Energy News issue - 1720 by Khaled Al Awadi_compress...
 
NewBase 25 April 2024 Energy News issue - 1719 by Khaled Al Awadi_compress...
NewBase  25 April  2024  Energy News issue - 1719 by Khaled Al Awadi_compress...NewBase  25 April  2024  Energy News issue - 1719 by Khaled Al Awadi_compress...
NewBase 25 April 2024 Energy News issue - 1719 by Khaled Al Awadi_compress...
 
NewBase 22 April 2024 Energy News issue - 1718 by Khaled Al Awadi (AutoRe...
NewBase  22 April  2024  Energy News issue - 1718 by Khaled Al Awadi  (AutoRe...NewBase  22 April  2024  Energy News issue - 1718 by Khaled Al Awadi  (AutoRe...
NewBase 22 April 2024 Energy News issue - 1718 by Khaled Al Awadi (AutoRe...
 
NewBase 19 April 2024 Energy News issue - 1717 by Khaled Al Awadi.pdf
NewBase  19 April  2024  Energy News issue - 1717 by Khaled Al Awadi.pdfNewBase  19 April  2024  Energy News issue - 1717 by Khaled Al Awadi.pdf
NewBase 19 April 2024 Energy News issue - 1717 by Khaled Al Awadi.pdf
 
NewBase 15 April 2024 Energy News issue - 1716 by Khaled Al Awadi.pdf
NewBase  15 April  2024  Energy News issue - 1716 by Khaled Al Awadi.pdfNewBase  15 April  2024  Energy News issue - 1716 by Khaled Al Awadi.pdf
NewBase 15 April 2024 Energy News issue - 1716 by Khaled Al Awadi.pdf
 
12 April 2024 Energy News issue - 1715 by Khaled Al Awadi.pdf
12 April  2024  Energy News issue - 1715 by Khaled Al Awadi.pdf12 April  2024  Energy News issue - 1715 by Khaled Al Awadi.pdf
12 April 2024 Energy News issue - 1715 by Khaled Al Awadi.pdf
 
08 April 2024 Energy News issue - 1714 by Khaled Al Awadi_compressed.pdf
08 April  2024  Energy News issue - 1714 by Khaled Al Awadi_compressed.pdf08 April  2024  Energy News issue - 1714 by Khaled Al Awadi_compressed.pdf
08 April 2024 Energy News issue - 1714 by Khaled Al Awadi_compressed.pdf
 
NewBase 04 April 2024 Energy News issue - 1713 by Khaled Al Awadi_compress...
NewBase  04 April  2024  Energy News issue - 1713 by Khaled Al Awadi_compress...NewBase  04 April  2024  Energy News issue - 1713 by Khaled Al Awadi_compress...
NewBase 04 April 2024 Energy News issue - 1713 by Khaled Al Awadi_compress...
 
NewBase 01 April 2024 Energy News issue - 1712 by Khaled Al Awadi.pdf
NewBase  01 April  2024  Energy News issue - 1712 by Khaled Al Awadi.pdfNewBase  01 April  2024  Energy News issue - 1712 by Khaled Al Awadi.pdf
NewBase 01 April 2024 Energy News issue - 1712 by Khaled Al Awadi.pdf
 
NewBase 28 March 2024 Energy News issue - 1711 by Khaled Al Awadi.pdf
NewBase  28 March  2024  Energy News issue - 1711 by Khaled Al Awadi.pdfNewBase  28 March  2024  Energy News issue - 1711 by Khaled Al Awadi.pdf
NewBase 28 March 2024 Energy News issue - 1711 by Khaled Al Awadi.pdf
 
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...
 
NewBase 22 March 2024 Energy News issue - 1709 by Khaled Al Awadi_compress...
NewBase  22 March  2024  Energy News issue - 1709 by Khaled Al Awadi_compress...NewBase  22 March  2024  Energy News issue - 1709 by Khaled Al Awadi_compress...
NewBase 22 March 2024 Energy News issue - 1709 by Khaled Al Awadi_compress...
 
NewBase 14 March 2024 Energy News issue - 1707 by Khaled Al Awadi_compress...
NewBase  14 March  2024  Energy News issue - 1707 by Khaled Al Awadi_compress...NewBase  14 March  2024  Energy News issue - 1707 by Khaled Al Awadi_compress...
NewBase 14 March 2024 Energy News issue - 1707 by Khaled Al Awadi_compress...
 
NewBase 11 March 2024 Energy News issue - 1706 by Khaled Al Awadi_compress...
NewBase  11 March  2024  Energy News issue - 1706 by Khaled Al Awadi_compress...NewBase  11 March  2024  Energy News issue - 1706 by Khaled Al Awadi_compress...
NewBase 11 March 2024 Energy News issue - 1706 by Khaled Al Awadi_compress...
 
NewBase 07 March 2024 Energy News issue - 1705 by Khaled Al Awadi_compress...
NewBase  07 March  2024  Energy News issue - 1705 by Khaled Al Awadi_compress...NewBase  07 March  2024  Energy News issue - 1705 by Khaled Al Awadi_compress...
NewBase 07 March 2024 Energy News issue - 1705 by Khaled Al Awadi_compress...
 
NewBase 04 March 2024 Energy News issue - 1704 by Khaled Al Awadi_compress...
NewBase  04 March  2024  Energy News issue - 1704 by Khaled Al Awadi_compress...NewBase  04 March  2024  Energy News issue - 1704 by Khaled Al Awadi_compress...
NewBase 04 March 2024 Energy News issue - 1704 by Khaled Al Awadi_compress...
 
NewBase 29 January 2024 Energy News issue - 1703 by Khaled Al Awadi_compres...
NewBase  29 January 2024  Energy News issue - 1703 by Khaled Al Awadi_compres...NewBase  29 January 2024  Energy News issue - 1703 by Khaled Al Awadi_compres...
NewBase 29 January 2024 Energy News issue - 1703 by Khaled Al Awadi_compres...
 
NewBase 26 January 2024 Energy News issue - 1702 by Khaled Al Awadi_compres...
NewBase  26 January 2024  Energy News issue - 1702 by Khaled Al Awadi_compres...NewBase  26 January 2024  Energy News issue - 1702 by Khaled Al Awadi_compres...
NewBase 26 January 2024 Energy News issue - 1702 by Khaled Al Awadi_compres...
 
NewBase 22 January 2024 Energy News issue - 1701 by Khaled Al Awadi 2_compr...
NewBase  22 January 2024  Energy News issue - 1701 by Khaled Al Awadi 2_compr...NewBase  22 January 2024  Energy News issue - 1701 by Khaled Al Awadi 2_compr...
NewBase 22 January 2024 Energy News issue - 1701 by Khaled Al Awadi 2_compr...
 
NewBase 19 January 2024 Energy News issue - 1700 by Khaled Al Awadi_compres...
NewBase  19 January 2024  Energy News issue - 1700 by Khaled Al Awadi_compres...NewBase  19 January 2024  Energy News issue - 1700 by Khaled Al Awadi_compres...
NewBase 19 January 2024 Energy News issue - 1700 by Khaled Al Awadi_compres...
 

Microsoft word new base 664 special 13 august 2015

  • 1. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 1 NewBase 13 August 2015 - Issue No. 664 Senior Editor Eng. Khaled Al Awadi NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE GCC railway complete and operational by ’18 The Gulf railway project that links Gulf Cooperation Council (GCC) member countries will be completed and operating by 2018, the Kuwait Times reported Wednesday, citing the GCC Secretariat General. The project with a total cost of more than $15.4 billion will have a total length of 2,117 km and links Kuwait City and passes through GCC countries all the way to Muscat. It also includes the link between Bahrain and Saudi Arabia by a bridge. It said the passenger trains’ speed will be 220 km/hr, while cargo trains will be between 80-120 220 km/hr, with the use of diesel to generate power. Each of the GCC countries will be responsible for building and costs of establishing the rail link within its borders. The rail network plan comes as part of a larger drive to increase infrastructure projects across the GCC which were forecast to exceed $86 billion in 2014, an increase of 77.8 percent over 2013. The collective GCC rail sector is expected to spend $200 billion as the six member countries – Saudi Arabia, Bahrain, UAE, Kuwait, Oman, Qatar aim to complete the integrated GCC-wide network by 2018. Rail networks create a more sustainable society that is not dependent on one mode of transport for passengers and goods. Also the environmental advantages of using railways have been documented extensively, and the rail projects will create a range of employment opportunities including high-tech engineering positions.
  • 2. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 2 Globe Express Services (GES) entered into a Memorandum of Understanding (MoU) with Etihad Rail late last year, the developer and operator of the UAE’s national railway network. Once completed, Etihad Rail network will extend across the UAE, connecting the Emirates to the Kingdom of Saudi Arabia and Oman. It will be part of the larger GCC rail network, which will connect the country with the Kingdom of Saudi Arabia through Ghuwaifat from the west and with the Sultanate of Oman through Al Ain from the east. — SG
  • 3. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 3 Egypt to seek bids for solar and wind-power projectsThe Natinal Egypt will begin accepting bids for 500 megawatts of renewable energy projects this month. The government yesterday said it would open the tenders for the three projects – two solar and one wind – as it tries to achieve its target of using renewable energy for 20 per cent of its energy needs in five years’ time. One investor involved in the first round of solar photovoltaic (PV) tenders said the first phase of the government’s feed-in tariff programme, a subsidy scheme, had yet to be concluded, and none of the 1,800MW PV projects the government had awarded had reached financial close. Financial close occurs when all the project and financing agreements have been signed and all the contractual conditions have been met. “The timing for these new tenders is premature because the serious companies are already involved and want to get across the finish line before they take a bigger chunk out of the market,” said the investor, adding that his company would not be interested until its existing projects have closed financially. Egypt has to date awarded 1,800MW of PV projects that drew attention from interested companies. The country has also put 1,200MW of wind energy projects up for tender, but they are off to a slower start. Eversheds, a British law firm and clean energy consultancy, has released a report that details the latest tenders: a 250MW wind project, a 200MW PV project, and a 50MW concentrated solar power (CSP) plant. According to Eversheds, the government requires the firms participating in the projects to have relatively high levels of clean energy experience. To qualify, a company must have completed three projects, each with a minimum capacity of 50MW for the wind and PV tenders, and 30MW for CSP. Only a handful of companies have such levels of experience. “If the reports are true, I think it will be a relatively small group of top international developers, due to the high criteria the Egyptian government is requiring,” said Cornelius Matthes, managing director for the Middle East and North Africa at Building Energy, an Italian firm. One investor said the “feedback from the market will be very lukewarm” because of the projects’ financial complications and Egypt’s high requirements.
  • 4. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 4 UK: Britain changes rules to fast-track shale gas permits Source: Reuters + NewBase The British government will give i ts communities minister the power to directly approve shale gas permits, taking away decision-making from local politicians who have in the past months blocked the progress of Britain's first shale gas wells. In late June, local government officials in northwest England rejected two applications to carry out hydraulic fracturing -- or fracking, saying the projects would be too noisy and blight the landscape. New rules, applicable immediately, will allow government intervention to approve or reject permits and will also mean appeals involving shale gas projects will be given priority. Shale gas developer Cuadrilla Resources, whose applications were rejected in June, has already decided to appeal against its permit refusals. 'Today's measures will prevent the long delays that mean uncertainty both for business and for local residents,' the energy and communities departments said in a joint press release. The government also said it would present proposals later this year to create a sovereign wealth fund from returns generated from shale gas production. Britain is estimated to have substantial amounts of shale gas trapped in underground rocks and the government has been supportive of developing these reserves to counter declining North Sea oil and gas output. However, progress has been slow because of opposition by local residents and environmental campaigners. Some are concerned about groundwater contamination from chemicals used in the process, while others fear the potential impact on property prices or tourism. 'The UK government seems intent on overriding the democratic safeguards of the English planning system and shutting out local voices from crucial decisions,' said Flick Monk, unconventional gas campaigner at Friends of the Earth Scotland. Pro-business groups welcomed the decision, saying the change would help get shale gas projects up and running.
  • 5. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 5 Norway: Lundin receives consent to drill exploration well 7220/6-2 in Barents Sea. Source: Petroleum Safety Authority Norway Lundin Norway has received consent to drill exploration well 7220/6-2 in the Barents Sea. Lundin is the operator for production licence PL 609 which covers Block 7220/6 in the Barents Sea. Exploration well 7220/6-2 is to be drilled on the Neiden Prospect. The coordinates of the well will be: 72° 34' 13.13" N 20° 58' 19.97" E. Drilling is scheduled to begin in mid-August 2015 at the earliest and estimated to last 40 days. The well is to be drilled by the Island Innovator mobile drilling facility. This is a semi-submersible mobile drilling facility of the GM4000-WI type, built in 2012 at Cosco Zhoushan Shipyard in China. The facility is operated by Odfjell Drilling. It is registered in Norway and classified by DNV GL. Island Innovator was issued with an Acknowledgement of Compliance (AoC) by the PSA in August 2013. Neiden Prospect According to information on the Lundin web site, the Neiden Prospect is a shallow four-way dip closure with main target in the Triassic Snadd Fm comprising a stacked alluvial channel system. Good hydrocarbon indicators have been identified. Net unrisked prospective resources are estimated at 82 MMboe and chance of geological success at 30%. Partners in the licence are Lundin Norway 40%; Idemitsu Petroleum Norge 30%; RWE Dea 30%.
  • 6. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 6 Japan restarts first nuclear reactor under new safety rules Source: Kyushu Electric Power Co. + US EIA On August 11, Kyushu Electric Power Company's 846 megawatt (MW) Sendai Nuclear Power Station Unit 1 became the first reactor to restart after nearly two years with no generation from nuclear power plants in Japan. Following the disaster at Fukushima in 2011, Japan began a temporary shutdown of all nuclear power plants as each reactor entered scheduled maintenance and refueling outages. By September 2013, all 54 reactors in Japan's nuclear fleet were shut down. Following its restart, Sendai Unit 1 will begin generating electricity within days and return to normal operation in early September. The restart of Japan's nuclear power plants requires the approval of both Japan's Nuclear Regulation Authority (NRA) and the central government, as well as consent from governments of the local prefectures. In July 2013, the NRA issued more stringent safety regulations to address issues dealing with tsunamis and seismic events, complete loss of station power, and emergency preparedness. Currently, the NRA has approved the restart of five reactors: Sendai Units 1 and 2, Kansai Electric Power Company's (KEPCO) Takahama Units 3 and 4, and Shikoku Electric Power Company's Ikata Unit 3. Sendai Unit 2 will likely be the second reactor to restart, with an anticipated restart date in October. Although the Kagoshima Prefecture approved the restart of Sendai Units 1 and 2, the Fukui Prefecture continues to oppose the restart of Takahama Units 3 and 4. Ikata Unit 3 could restart in early 2016 if approval is received from Ehime Prefecture. Beyond these 5 reactors, 19 of Japan's remaining 38 operable reactors have filed restart applications with the NRA that are in different stages of the review process. The total capacity of reactors under review is about 18,400 MW. There is still some uncertainty about whether some of these reactors can meet the new NRA regulations, particularly with respect to the ability to withstand severe earthquakes.
  • 7. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 7 Before the 2011 earthquake and tsunami, Japan had 54 operating reactors. Following the disaster at Fukushima, all six Fukushima reactors, totaling about 4,500 MW, were permanently shut down. In April 2015, five additional relatively old, small reactors, totaling about 2,100 MW, were permanently shut down. Japan was the world's third-largest producer of nuclear power (after the United States and France) before the disaster at Fukushima, and Japan's nuclear power plants historically accounted for about 30% of the country's total electricity generation. The gradual displacement of all of Japan's nuclear generation as the country's nuclear fleet was shut down resulted in increased dependence on liquefied natural gas, oil, and coal to make up the difference. The replacement of nuclear generation led to higher electricity prices for consumers, higher government debt levels, and revenue losses for electric utilities. As part of Japan's long-term energy policy, the central government has called for the nuclear share of total electricity generation to be 20–22% by 2030.
  • 8. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 8 Exxon's $40 Billion Oil Discovery in offshore Guyana Sparks a Nasty Feud , Bloomberg - NewBase E-mail For generations, Venezuela has formally laid claim to most of its tiny neighbor, Guyana. Many dismissed the case, given Venezuela’s oil wealth and Guyana’s penury. Hugo Chavez, longstanding president of Venezuela, even let it slide, referring to the Guyanese as his brothers. Then in May, Exxon Mobil Corp. revealed that under contract from Guyana it had found massive offshore oil and gas deposits. Chavez’s successor, Nicolas Maduro, demanded that the drilling stop because the area was Venezuela’s. He dismissed Guyana’s president as a tool of Big Oil, declared his statements “nauseating” and Guyana’s actions likely to “bring war to our border.” He withdrew his ambassador, and Guyana announced the end to a long-time rice-for-oil deal.For Guyana -- which produces no oil and whose 800,000 inhabitants live with unpaved flooded roads and power outages -- the estimated offshore find of 700 million barrels promises a revolution, a shift from negligible food exporter to global energy dealer. The combined oil and natural-gas deposits appear to be worth $40 billion, at least 10 times the country’s gross domestic product. “We’ve gone through suffering for many decades and our time is due,” Raphael Trotman, minister of governance, said in an interview in his office on an unassuming road in the capital, Georgetown. The discovery is “transformational,” he said. “For us, there is no going back.” Ordinary Guyanese, who rely on Venezuelan oil, are giddy with anticipation. Staring at a potential jackpot, they also are livid with Maduro, accusing him of trying to evade his economic and political woes by coveting what belongs to them. Vendors head to the market in Georgetown, Guyana.
  • 9. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 9 “Just Being Greedy” “Chavez never fought and now Maduro?” said Otis Adams, a 42-year-old heavy-machine operator in the destitute border town of Mabaruma. “He’s a nobody, trying to pass off the worry of his people from all that killing and suffering -- he’s just being greedy.” Venezuela has the world’s highest inflation, chronic shortages of consumer basics, including medicine and toilet paper, and a murder rate that surpasses Iraq’s. Parliamentary elections are in December, and Maduro’s socialist coalition may lose its majority for the first time in 16 years. “Why so suddenly?” asked Charlie Bees, about the renewed claim to large swathes of his country. “Maduro is losing votes!” explained the 52-year-old currency trader working near Georgetown’s port. It may seem to the Guyanese like a mere political diversion, but their president, David Granger, says Venezuela is causing real trouble. “Investors have been intimidated, development has been derailed, projects have been obstructed,” he said in a speech in Washington last month. “It is too much to bear for a country that has less than a million people.” Doubling Down Rather than halt its exploration activities, Guyana is moving forward, Guyana’s foreign minister, Carl Greenidge, said in an interview. The government expects it will take five to seven years for the first production. “We call upon the international community to help us develop within the internationally recognized borders, peacefully and without the burden of a neighbor whose actions serve to impoverish us and whose claim is based on what happened 200 years ago.” Edward Glab, who teaches at Florida International University in Miami and worked at Exxon for 25 years, said the find was clearly of major significance for Guyana, even with oil down to $50 a barrel. “You could have investors trying to get ahead of the curve because they figure at some point there is going to be huge wealth in the country,” he said. “They might be able to take risks, counting on the fact that the country will be able to pay its bills.” Former British Colony Venezuela’s claim on Guyana’s land a century ago had a very different feel. It was a British colony until 1966; its citizens speak English and are descendants of African slaves, indentured Indian laborers and native peoples. In 1899, an international tribunal in Paris granted the disputed region,
  • 10. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 10 known as the Essequibo, to Guyana; Venezuela rejected the ruling. It amounts to two-thirds of Guyana which has been developing it with occasional outbursts from Venezuela. To be sure, gaining possession of Essequibo has long been a matter of national pride for Venezuelans, whose maps denote the area a “reclamation zone” drawn with dashed lines. And despite having the world’s largest oil reserves, Venezuela has struggled to increase production, with output falling. There is an additional issue: Exxon is trying to collect a $1.6 billion award from Venezuela granted by a World Bank tribunal after Chavez nationalized a number of its assets. So there is also no love lost between Exxon and the Maduro government. Seeking Backers Last month, Maduro met with United Nations Secretary General Ban Ki Moon to ask for help. The Association of Caribbean States has sided with Guyana, as has Britain and the rest of the Commonwealth. Venezuela has been seeking backers for a negotiated settlement that could take a long time. Sadio Garavini di Turno, a former ambassador to Guyana and an advisor to the opposition, said Venezuela is not in a strong position, given international sentiment. Moreover, he said, an international court seems unlikely to rule for Venezuela. “In the international community in general, and therefore in the international tribunals, there’s a profound antipathy towards changing national borders because of historical injustice,” he said. “Think of how many borders around the world are unjust and how many borders would have to be changed.” Guyana has “strong international support, said Carlos Romero, professor of international relations at the Central University of Venezuela. While Venezuela wants mediated negotiations, Guyana prefers a tribunal where it probably will find a sympathetic hearing. Maduro insists military action is out of the question. As a result, Romero said, ‘‘Maduro is against the wall.’’
  • 11. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 11 Oil Price Drop Special Coverage Oil prices steady after US stock draw & China outlook drags Reuters + NewBase Oil prices steadied on Thursday, supported by lower U.S. stockpiles and a firm demand outlook, but worries over China's economy continued to weigh. A 1.7-million barrel drop in U.S. stockpiles last week helped to at least temporarily halt a price slide that has lasted since May and seen WTI and Brent lose over a quarter of their value. A relatively bullish outlook by the International Energy Agency (IEA) on Wednesday also supported prices. U.S. crude CLc1 was trading at $43.35 per barrel at 0410 GMT, up 5 cents from Wednesday's close. Brent futures LCOc1 were 12 cents higher at $49.78 a barrel. "Prices recovered overnight after initial declines, supported by an IEA announcement and a weaker dollar," ANZ bank said on Thursday. The IEA said global oil demand growth in 2015 would be the strongest in five years, although it added that global oversupply would last through 2016. But analysts said there were some doubts around a bullish demand forecast, especially in Asia where China's economy is showing increasing signs of weakness, with the devaluation of its yuan currency potentially denting demand for imports of fuel. "All is not well with the Chinese economy," Howie Lee, investment analyst at brokerage Phillip Futures, told the Reuters Global Oil Forum on Thursday. "There is just so much pessimism attached to this move (yuan devaluation). For China to emerge and start a fresh currency war when they previously didn't, smacks of desperation," he added.
  • 12. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 12 China's yuan opened slightly weaker on Thursday but the gap between the guidance rate and the traded rate closed sharply as the central bank tried to slow a sharp selloff that saw the currency lose around 4 percent in just two days.China's implied oil demand fell in July from the previous month amid a continuing drop in the nation's vehicle sales that could mute growth further in the second half of 2015. China consumed roughly 10.12 million barrels per day (bpd) of oil in July, down more than 4 percent from June, although the implied use was up from 9.72 million bpd a year ago, according to calculations based on preliminary government data. The month-on-month fall came as Chinese auto sales dropped 7.1 percent in July from a year earlier, the fourth straight monthly decline and biggest since February 2013. BP plc and Royal Dutch Shell Plc Will Have To Survive Without $100 Oil By Harvey Jones Low oil prices have sunk share prices at BP (LSE: BP) and Royal Dutch Shell and there is no sign of immediate respite. There was a flicker of hope as Brent crude climbed to nearly $68 a barrel in May, but it has now slid below $50 again, and worse could follow. The notion that lower prices would put the skids on supply, especially from US shale rigs, has been discredited. Shale technology is coming on in leaps and bounds, driving constant cost savings for drillers. US frackers continue to add an extra million barrels of oil a day to global supply, even before Iran floods the market with its stockpiles. Pump It Up Talk that oil could hit $100 a barrel for the first time since September last year has proved to be idle. China continues to slow, with exports and imports both down more than 8% in July. US data has been underwhelming, even as the Federal Reserve edges towards a rate hike, while Europe continues to struggle. So as global supply gushes, growth remains tongue-tied. Need I go on? Even former Fed chief Alan
  • 13. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 13 Greenspan reckons oil has further to fall, as shale rig count climbs again. The question is what this means for the FTSE 100's dominant oil giants. Pay As You Earn As large vertically integrated companies, they have some in-built protection against oil price swings. But BP is still down 15% in the last three months, and Shell is down 8%. Long-term investors have been losing money on the stocks for years, particularly on BP, as Deepwater after-shocks rumble on. Both are still making money, only less than before. BP's underlying replacement cost profits fell to $1.3 in the second quarter, just one third of the $3.6bn it earned in the same quarter last year. Shell's Q2 earnings were $3.4bn on a current cost of supplies basis, down one third from $5.1bn one year ago. Strong downstream earnings helped to offset a sharp fall upstream caused by falling oil and gas prices, and reduced production. Reversal Ahead? I don't see much scope for share price recovery while oil is cheap and global growth is stuck in first gear. The big question is how long their dividends can survive. Both yields are quite spectacular now, with BP on 6.44% and Shell offering 6.26%. Who needs growth when you have that kind of income stream? Both companies remain committed to the dividends, Bob Dudley at BP names this as his priority, and won't want the embarrassment of going back on his pledge. Shell has never cut its dividend since the war, but history shows us that nothing lasts forever. To keep the cash flowing, both are cutting capital expenditure, but there is only so much you can cut before you damage production. Shell's reserve replacement ratio looks low at just 47% for 2014, BP is better at 63% (but down from 129% in 2013). The pressure on both dividends can only build. Investors can't expect much dividend growth over the next year or two, and given current high yields, they can't complain too much either. But with $100 oil increasingly a mirage, and some analysts talking it down to $30 a barrel, the pressure for a dividend cut may eventually prove irresistible. Juicy dividend stocks like BP and Royal Dutch Shell remain a great way to fund your income in retirement. And there are plenty more to choose from on the FTSE 100. The stocks listed in this special wealth creation report, top FTSE 100 stocks that could help you retire in comfort, are all ideally placed to deliver long-term wealth over the years ahead.
  • 14. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 14 IEA sees oil glut persisting despite soaring demand Reuters World oil demand is expanding at its fastest pace in five years thanks to rebounding economic growth and low prices, but global oversupply will last through 2016, the West’s energy watchdog said yesterday. The International Energy Agency said in a monthly report that it was steeply raising its demand growth outlook for this year and 2016, and expected non-Opec supply growth to decline next year, with US producers hardest hit. “While a rebalancing has clearly begun, the process is likely to be prolonged as a supply overhang is expected to persist through 2016 — suggesting global inventories will pile up further,” the Paris- based IEA said. The view from the IEA chimes with that of the US government, which on Tuesday lowered US production forecasts, signalling that a 60% rout in benchmark prices since last summer may finally be weighing on shale output. Oil prices have fallen to below $50 per barrel, pressured by an abundance of supply and a strong dollar. The views from the IEA are more bullish than those of Opec, which on Tuesday raised its forecast of oil supplies from non- member countries. The IEA said it saw global oil demand rising by 1.6mn barrels per day (bpd) in 2015, up 260,000 bpd from its forecast last month, citing solid economic growth and consumers responding to lower prices. “That’s the biggest growth spurt in five years and a dramatic uptick on a demand increase of just 0.7mn bpd in 2014,” it said. It added that persistent macroeconomic strength will support above-trend growth at 1.4mn bpd in 2016, up 410,000 bpd from its previous forecast. The decline in crude prices has prompted oil companies to cut their investment plans. “While a drop in costs and efficiency improvements will help to offset some of the spending cuts, output is likely to take a hit soon,” the IEA said. The IEA said it saw non-Opec supply growth slowing sharply from a 2014 record of 2.4mn bpd to 1.1mn bpd this year and then contracting by 200,000 in 2016 — with the US hardest hit. The prediction signals that Opec’s strategy of not cutting output, and hurting rival producers instead with lower prices, might be finally working. However, the strategy, introduced in November last year, has created such global oversupply that it will take another year and a half to absorb the glut.
  • 15. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 15 “Our latest balances show that while the overhang will ease from a staggering 3.0mn bpd in the second quarter of 2015, its highest since 1998, the projected oversupply persists through the first half of 2016,” the IEA said. Assuming Opec production continues at around 31.7mn bpd — its recent three-month average — through 2016, the second half of 2015 will see supply exceeding demand by 1.4mn bpd, testing storage limits worldwide, the IEA said. The surplus will drain down to about 850,000 in 2016, with the final three months of 2016 marking the first quarter of a potential stock draw. “This outlook does not include potentially higher Iranian output in the case of sanctions being lifted,” the IEA said. It said a stronger demand outlook and slower non-Opec growth have raised the call on Opec crude for 2016 to 30.8mn bpd, 1.4mn bpd higher year-on-year and up 600,000 bpd from the IEA’s forecasts in its previous report. But the new, higher call on Opec is still far below the group’s current production volumes, which are holding steady near a three-year high due to robust pumping from Saudi Arabia and record- high Iraqi production. As a result of huge global oversupply, OECD inventories increased counter-seasonally by 9.9mn barrels to an all-time high of 2.916bn barrels in June, the IEA said. Oil prices rose yesterday after the IEA’s upbeat report outweighed the bearish impact of a further weakening of China’s currency and disappointing Chinese industrial data, with Brent crude up 18¢ at $49.36 a barrel by 1317 GMT.
  • 16. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 16 NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE Your partner in Energy Services NewBase energy news is produced daily (Sunday to Thursday) and sponsored by Hawk Energy Service – Dubai, UAE. For additional free subscription emails please contact Hawk Energy Khaled Malallah Al Awadi, Energy Consultant MS & BS Mechanical Engineering (HON), USA Emarat member since 1990 ASME member since 1995 Hawk Energy member 2010 Mobile: +97150-4822502 khdmohd@hawkenergy.net khdmohd@hotmail.com Khaled Al Awadi is a UAE National with a total of 25 years of experience in the Oil & Gas sector. Currently working as Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for the GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spent as the Gas Operations Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years, he has developed great experiences in the designing & constructing of gas pipelines, gas metering & regulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas transportation, operation & maintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE and Energy program broadcasted internationally, via GCC leading satellite Channels. NewBase : For discussion or further details on the news above you may contact us on +971504822502 , Dubai , UAE NewBase 13 August 2015 K. Al Awadi
  • 17. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 17
  • 18. Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 18