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NewBase Energy News 28 April 2021 - Issue No. 1427 Senior Editor Eng. Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
UAE and UK set to sign multibillion-pound clean energy and
tech investment deals
The National - Sarmad Khan
The United Kingdom expects to sign multibillion-pound investment deals with the UAE in clean
energy and infrastructure as it looks to deepen its trade and investment ties with the Arab world’s
second-largest economy, its trade commissioner for the Middle East said.
The UK is also looking to finalise details of investments into its technology sector that may also
reach £1 billion ($1.38bn), Simon Penney told The National in an interview.
Britain’s Office for Investments, an agency set up this year to promote and channel investments into
the UK, expects to get more clarity on the size and scope of potential deals and how they will be
structured by the end of June. Deal announcements “most definitely” will take place in the second
half of the year, Mr Penney, a former banker who was also appointed the UK's consul general in
Dubai in January, said.
"We haven’t put a number on it because we’re deliberately not boxing ourselves in on numbers ...
the size will be determined by the need," Mr Penney said. “It could be bigger than £1bn.”
The potential deals follow the UK and UAE’s agreement for £1bn worth of joint investments in
Britain’s life sciences industry under the Sovereign Investment Partnership signed in March. Abu
Dhabi's Mubadala Investment Company will pump £800 million into the industry over the next five
years while £200m will come from the UK’s Life Sciences Investment Programme unveiled last year.
"We haven’t yet developed the other operating models. When you look at infrastructure that is
intuitively more likely to be project-based rather than fund-based just because of the scale and
complexity of infrastructure," he said.
However, nothing is "binary" and investments could be channelled through an infrastructure fund or
might be split into funds and direct investments, he added.
"There’s no one-size-fits-all answer. It’s going to be tailored and designed to the need of the sector."
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The two nations are also finalising details on how to use the capital committed to the life sciences
industry, which generates £80bn in sales a year and employs more than 250,000 people in the UK.
A lot of funds in the UK provide early stage financing to start-ups in the sector, but there is a clear
gap in the ecosystem when it comes to growth stage funding, he said.
"We have a £1bn war chest to deploy between our two governments … and we are looking to work
with Mubadala to plug that gap and create a funding ecosystem that doesn’t exist today," he said.
The life sciences investment vehicle could also provide financing through fund managers or direct
investments.
Mubadala is already a long-term strategic investor in the UK and the partnership provides a
"platform to allocate stable capital” to priority sectors as part of a future-focused investment
relationship, Khaldoon Al Mubarak, group chief executive of Mubadala said in March. The sovereign
fund, which has an asset base of $232bn, is one of the largest investors in the UK’s clean energy
sector and has stakes in offshore wind farms in North Norfolk, East Anglia, off the coast of
Aberdeenshire in Scotland, and in the Thames Estuary.
Mr Penney said investments by Masdar, the clean energy subsidiary of Mubadala, into Britain’s
renewable energy projects are in excess of £1.4bn.
In terms of technology investments, Mr Penney expects funds to flow into Britain’s FinTech industry
as it "resonates quite significantly".
The overall size of investments in the technology sector has yet to be determined and will be driven
by the market, which is "significant". It has not yet been decided if investments will be channelled
directly into companies or through an investment vehicle, he added.
The Sovereign Investment Partnership and further potential deals come after Sheikh Mohamed bin
Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and
UK Prime Minister Boris Johnson met in December to discuss strengthening relations, which
includes boosting trade ties.
The UAE is the UK’s sixth-largest trading partner outside the European Union and its largest in the
GCC. Trade between the two countries totalled £18.4bn in 2019, a 6.3 per cent rise from a year
earlier. The number declined in 2020 largely due a drop of energy-related exports from the UAE to
the UK on the back of the pandemic and extended lockdowns.
Bilateral exports are expected to bounce back strongly this year and there is significant potential to
boost the flow of trade between the two countries.
"It’s an ambition that is set by the leadership of our two nations to take this relationship to the next
level. This relationship is at a very strong and ambitious phase," Mr Penney said.
Since leaving the EU last year, the UK is looking to deepen ties with long standing partners in other
parts of the world and is laying the groundwork for a free trade agreement with the GCC. Last week,
Britain’s International Trade Secretary Liz Truss met officials in the UAE and Riyadh to discuss
"what the shape of our future trading arrangement should be", Mr Penney said.
The GCC is the UK’s third-largest export market outside the EU, after the US and China. Total trade
in goods and services between the UK and the bloc stood at £44.5bn in 2019.
"This is already a very, very big export market for the UK and that was done while we were within
the EU," he said. "Since we have left the EU, we now have the independent ability to put in place
our own bilateral trade arrangements with countries and unions around the world."
Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
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Saudi Aramco could sell a '1%' stake to global energy giant: MBS
GulfNews
A $19 billion windfall from a 1% sale could come in real handy for Saudi Arabia as it continues an
ambitious diversification programme. Those proceeds will also help trim budget deficits.Image
Credit: AFP
Riyadh: Saudi Arabia's Crown Prince said the kingdom is in talks to sell off a 1 per cent stake in oil
giant Saudi Aramco to a "leading global energy company" as he forecast a rebounding economy in
the aftermath of the pandemic.
The kingdom is looking at the potential sale
- which could be worth about $19 billion - as
a way to lock in customer demand for the
country's crude, Crown Prince Mohammed
Bin Salman said in an interview on a Saudi
television channel. He said the sale could
take place in the next two years.
"I don't want to give any promises about
deals finalizing, but there are discussions
happening right now about a 1 per cent
acquisition by one of the leading energy
companies in the world," Prince
Mohammed said. "This deal could be very
important in strengthening Aramco's sales in
the country where this company resides."
Funding source
Prince Mohammed is increasingly leaning on Aramco, the world's biggest oil exporter, to help
finance his plan to transform and diversify the Saudi economy. A 2019 initial public offering in
Aramco raised almost $30 billion that was transferred to the kingdom's sovereign wealth fund. The
revenue was meant to support investments to help shift the biggest Arab economy away from a
reliance on oil sales.
Since then, Aramco has also taken on debt and started selling off some of its non-core assets in
order to raise money to fund a $75 billion dividend, most of which goes to the state.
Shrink the deficit
Battered by the pandemic, the kingdom last year saw its economy shrink the most in more than
three decades, according to estimates from the International Monetary Fund. But the outlook has
since improved. The country's budget shortfall is projected to be 4 per cent of gross domestic
product by the end of this year, narrower than last year's 12 per cent gap.
Speaking on the fifth anniversary of the launch of Vision 2030, Prince Mohammed said the nation's
unemployment rate will fall below 11 per cent this year as the economy goes through a "V-shaped"
recovery. "Unemployment will fall to less than 11 per cent this year, then it will reach around 10 per
cent, then 7 per cent in 2030," he said in the interview on the Rotana Khalejia television station.
Unemployment among Saudi nationals fell to 12.6 per cent at the end of last year, after peaking at
14.9 per cent in the quarter ending in September.
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Egypt: bp, gas production from 3rd stage of WND development
Source: bp
bp has announced gas production from the Raven field, the third stage of its major West Nile Delta
(WND) development off the Mediterranean coast in Egypt.
The approx. $9 billion WND development includes five gas fields across the North Alexandria and
West Mediterranean Deepwater offshore concession blocks in the Mediterranean Sea. bp and its
partners, working with the Ministry of Petroleum, have developed the WND in three stages.
bp announces gas production from third stage of West Nile Delta development
Raven follows the Taurus/Libra and Giza/Fayoum projects, which started production in 2017 and
2019 respectively. It produces gas to a new onshore processing facility, alongside the existing West
Nile Delta onshore processing plant.
Bernard Looney, bp chief executive, said: 'Completing this major multi-stage development in the
face of many challenges is testament to bp’s long-term commitment to Egypt and our excellent
working relationships with partners and the Government. West Nile Delta will make an important
contribution to meeting Egypt’s growing energy needs, by providing a cost-competitive and resilient
gas supply from the country’s own resources.'
Raven is currently producing approx. 600 million standard cubic feet of gas per day (mmscf/d). At
its peak, Raven field has the potential to produce 900 mmscf/d and 30,000 barrels per day of
condensate.
Karim Alaa, bp regional president for North Africa, added: 'The safe start-up of Raven in an
extremely difficult period would not have been possible without commitment and close co-operation
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from the team. Working together with the Ministry of Petroleum and our partners we can now explore
the potential use of the West Nile Delta facilities for developing future infill and nearby exploration
opportunities.'
In total, the WND development includes 25 wells producing gas to the onshore processing plant via
three long-distance subsea tie-backs. The onshore facilities – including the new Raven facility –
now have a total gas processing capacity of around 1.4 billion standard cubic feet of gas per day .
All gas produced is fed into Egypt’s national grid.
Throughout the different phases of the project, bp has invested in sustainable local community
development projects, maximized local content, and created thousands of jobs, direct and indirect,
for Egyptian nationals.bp is the operator and has an 82.75% stake in the West Nile Delta
development, with Wintershal Dea holding the remaining 17.25% interest.
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or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 6
Iraq:Dana Gas and Crescent Petroleum resume Khor Mor expansion project
GulfNews + Arabian Business
Dana Gas and its partner Crescent Petroleum have announced the full resumption of the expansion
project at the Khor Mor field in the Kurdistan Region of Iraq (KRI), which the companies jointly
operate on behalf of the Pearl Petroleum consortium.
The KM250 expansion involves further investment of $600 million to add 250 million cubic feet per
day of much-needed additional gas production to supply the local power stations.
The project construction work had
been put on hold due to the Covid
pandemic but is now on track for a
new target start date of April 2023,
after agreement to lift the force
majeure with both the Kurdistan
Regional Government (KRG) and the
contractor.
Under a Gas Sales agreement
signed in March 2019 with the KRG
Ministry of Natural Resources, Pearl
Petroleum will sell the additional
quantities of gas to supply the power
stations with affordable and
environmentally cleaner fuel, and
further enhance electricity supplies.
Today over 80% of the KRI’s
electricity generation is enabled by the gas produced by the companies.
Current production at the Khor Mor field is 440 million cubic feet per day of natural gas as well as
15,700 barrels per day of condensate and 1,020 tonnes of liquified petroleum gas (LPG), or a total
of 110,400 barrels of oil equivalent (boe) per day, making it the largest overall producer in the KRI
and the largest private sector upstream gas operation in Iraq. After the KM250 train, there are plans
to add a further KM500 train which would take production to almost 1 billion cubic feet per day by
2024.
Total investment to date exceeds $2 billion with total cumulative production of over 332 million
barrels of oil equivalent (boe), which has resulted in significant fuel cost savings and economic
benefits for the Kurdistan Region and Iraq as a whole. In addition 43 million tonnes of CO2
emissions have been eliminated by displacing liquid fuels, which in turn has made a positive
contribution to tackling global climate change as well as reducing local air pollution.
Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, commented:
“After a year of delay due to the Covid pandemic, we are pleased to fully resume the KM250
expansion project to invest $600 million and grow the gas production almost 60% within 2 years
from now, supporting the local electricity provision even further.
Despite the challenges the whole world has faced over the past year we have kept our operations
safe and managed to grow production and we are grateful to all our staff and to the KRG for its
support.”
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Dr Patrick Allman-Ward, CEO of Dana Gas, added: “With our partners in Pearl Petroleum we are
proud to be investing further in the gas sector of the Kurdistan Region of Iraq, delivering a reliable
source of cleaner energy, and supporting local economic development.
The continuing receipt of payments in a timely manner gives confidence for our continued
investment commitment as we enter the next exciting phase of growth with the Khor Mor expansion,
which will be carried out under strict health protocols to ensure the safety of our staff and service
providers.”
The Kurdistan Gas Project was established in 2007 as Dana Gas and Crescent Petroleum entered
into agreement with the KRG for exclusive rights to appraise, develop, produce, market, and sell
petroleum from the Khor Mor and Chemchemal fields in the KRI.
Production from the newly built plant in Khor Mor began 15 months later, in October 2008, an
industry record. In 2009, Pearl Petroleum was formed as a consortium with Dana Gas and Crescent
Petroleum as shareholders, and with OMV, MOL, and RWE joining the consortium subsequently
with a 10% share each.
Operation full-time staff numbers are over 500 with now over 85% local staff, including in senior
management positions. And the companies have also implemented a corporate social responsibility
program to support local communities with supplies to deal with the Covid pandemic such as
ventilators, sanitisers and protection equipment.
This is in addition to support with local education, health and power supply and other humanitarian
aid for displaced persons and orphans. These initiatives are assisting the local communities in
improving their standard of living, health, well-being, security and stability and the development of
human capital. --
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or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 8
Indonesia: Eni starts gas production from Merakes Project deep
Source: Eni
Eni has started gas production from the Merakes Project, located in the East Sepinggan block in
the Makassar Strait, deep offshore East Kalimantan, Indonesia.
The Project is a deep-water gas field development at offshore Kutei Basin, with approx. 1,500
meters water depth. The five deep-water subsea wells will guarantee a production capacity of 450
million standard cubic feet per day (MMSCFD), equivalent to 85,000 barrels of oil equivalent per
day (BOED).
The field has been connected to the Jangkrik Floating Production Unit (FPU), operated by Eni, at a
distance of 45 km from Merakes field, taking advantage of the synergy and optimizing its producing
capacity up to 750 MMSCFD together with the gas flowing from the Jangkrik gas field.
The gas produced from Merakes is exported through subsea pipelines to the Jangkrik FPU. After
being processed the gas is exported to the Onshore Receiving Facility (ORF) in Senipah via the
existing Jangkrik export pipelines.
Merakes gas will be partially sold to the domestic market and will also contribute to the extension
of the life of the Bontang LNG facility, one of the most reliable LNG processing plants in the world,
that supplies LNG to both the domestic and export markets.
Eni’s CEO Claudio Descalzi commented:
'We are really proud of the start-up of Merakes, a project which is synergetic with existing operated
facilities and is the result of the fruitful collaboration with our partners and with the Indonesian
authorities. Merakes is one of Eni key projects in 2021. It will support the growth of gas production,
in line with Eni strategic goals.'
Eni is the operator of East Sepinggan block with an 65% share ownership through its affiliate, Eni
East Sepinggan; the other partners are Neptune Energy East Sepinggan with 20% share and PT
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or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
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Pertamina Hulu Energi with the remaining 15% share. On 11 December 2018, the production
sharing contract scheme for the East Sepinggan block was changed into Gross Split PSC to support
the efficiency of oil and gas investment in Indonesia.
East Sepinggan PSC
In 2019, Neptune acquired a 20% interest in the East Sepinggan PSC from Eni. The company also has a
30% stake in the West Ganal block. The Jangkrik FPU is positioned as a key Hub in the Kutei Basin, providing
future growth opportunities through lower-cost tie-back developments for several existing discoveries in our
acreage including Maha and Merakes East. An appraisal well at Maha is currently drilling.
Merakes is Neptune Energy’s largest project development in 2021, adding approximately 11,000 barrels of
oil equivalent per day (kboepd), and its second major development to be successfully delivered this year,
following start-up of its operated Gjøa P1 development offshore Norway. The development marks an
important milestone in the company’s progress towards achieving Group production of around 200 kboepd
in 2023 and underlines the importance of Neptune’s Asia Pacific portfolio.
Eni, with 65% participating interest, will continue to be the Operator of the area, which is located in the East
Sepinggan area, offshore East Kalimantan in Indonesia, and includes the Merakes development and
Merakes East discovery.
The Merakes development project, in the East Sepinggan area, consists in the drilling and construction of
subsea wells with a dedicated transportation system in 1500m water depth and connected to the Jangkrik
Floating Production Unit (FPU), located 35 km North East.
The gas production will be shipped to the Bontang LNG plant using also all the other existing facilities of
Jangkrik field as well as the East Kalimantan transportation network. This new production will also contribute
to the life extension of the plant.
Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
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NewBase April 28-2021 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil Climbs With OPEC+ Betting Market Can Absorb Returning Supply
Bloomberg - Elizabeth Low + NewBAse
Oil climbed after OPEC+ confirmed it would proceed with plans to add more barrels to the market,
despite a virus resurgence in some regions including India clouding the demand outlook.
West Texas Intermediate for June delivery rose 0.5% to $63.23 a barrel on the New York Mercantile
Exchange at 7:45 a.m. London time after climbing 1.7% on Tuesday.
Brent for June settlement gained 0.5% to $66.76 on the ICE Futures Europe exchange after adding
1.2% in the previous session.
Futures in New York traded above $63 a barrel after advancing the most in almost two weeks on
Tuesday. An OPEC+ committee agreed that the alliance should press ahead with its road map for
increasing supply over the next three months. The coalition raised its estimates for demand
growth this year on Monday, while BP Plc also pointed to signs of a robust recovery.
Oil demand is expected to post the biggest ever jump over the next six months as vaccination rates
surge in Europe, according to Goldman Sachs Group Inc., which reiterated its forecast for global
benchmark Brent crude to reach $80 a barrel during the third quarter of this year.
Oil price special
coverage
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The global oil market recovery is being driven by China and the U.S., with positive signs emerging
from parts of Europe. An accelerating vaccination program is expected to increase mobility and
consumption further, although crude prices have whipsawed near $60 a barrel recently as Covid-
19 flare-ups in India and Brazil raised concerns about near-term demand.
OPEC+ will skip its scheduled ministerial meeting on Wednesday after sticking with its plan to hike
supply by 2 million barrels a day over the next three months, according to delegates. The next
gathering will be in early June, a delegate said, asking not to be identified as the information isn’t
public.
“Oil demand has yet to recover to pre-virus levels and we see room for further tightening of the oil
supply balance in the second half,” said Howie Lee, an economist at Oversea-Chinese Banking
Corp. “The biggest swing driver for oil right now is the state of coronavirus outbreak in India.”
The prompt timespread for Brent was 58 cents a barrel in backwardation -- a bullish market structure
where near-dated contracts are more expensive than later-dated ones. That’s down from 69 cents
at the end of last week.
Oil demand is expected to expand by 5.2 million barrels a day over the next six months, which would
be 50% more than the next largest increase over the same time frame since 2000, Goldman Sachs
said in a note. Commodity markets have looked through a sharp rise in Covid-19 cases in India, the
bank added.
The American Petroleum Institute, meanwhile, reported U.S. crude stockpiles expanded by 4.32
million barrels last week, according to people familiar with the data. If confirmed by government
figures Wednesday, it would be a second straight weekly gain. The API reported a drop in gasoline
inventories.
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NewBase Special Coverage
The Energy world – April- 28- -2021
OPEC and non-OPEC Ministerial Meeting highlights
importance of ongoing rebalancing efforts
OPEC.org
The 16th OPEC and non-OPEC Ministerial Meeting of the Declaration of Cooperation (DoC) took
place via teleconference on Tuesday, 27 April 2021, under the Chairmanship of HRH Prince Abdul
Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-Chair HE Alexander Novak, Deputy
Prime Minister of the Russian Federation.
The Meeting emphasized the ongoing positive contributions of the Declaration of Cooperation in
supporting a rebalancing of the global oil market in line with the historic decisions taken at the 10th
(Extraordinary) OPEC and non-OPEC Ministerial Meeting (ONOMM) on 12 April 2020 to adjust
downwards overall crude oil production, and subsequent decisions.
The Meeting highlighted the continuing recovery in the global economy, supported by
unprecedented levels of monetary and fiscal support, while noting that the recovery is expected to
pick up speed in the second half of the year. The Ministerial Meeting emphasized, however, that
COVID-19 cases are rising in a number of countries, despite the ongoing vaccination campaigns,
and that the resurgence could hamper the economic and oil demand recovery.
The Meeting reviewed the monthly report prepared by the Joint Ministerial Monitoring Committee
(JMMC), including the crude oil production data for March 2021, and welcomed the positive
performance of the Participating Countries. Overall conformity to the production adjustments was
115% in March 2021, reinforcing the trend of high conformity by the Participating Countries.
The Meeting expressed its appreciation to the Participating Countries that performed beyond
expectation in March 2021, with total overconformed volumes of 1.23 mb/d. However, some
Participating Countries have yet to achieve the minimum expectation of 100% conformity and to
compensate for overproduced volumes.
The Meeting further noted that DoC Participating Countries pledged to achieve full conformity and
make up for previous adjustment shortfalls during the extended compensation period, which runs
through the end of September 2021, and stressed the importance of accelerating the market
rebalancing efforts without delay. It reminded all Participating Countries to remain vigilant and
flexible given the uncertain market conditions.
The Meeting noted, with gratitude, the significant additional voluntary supply adjustment of 1 mb/d
made by Saudi Arabia in April 2021 and a gradual return of these volumes in May, June and July
2021, given the prevailing uncertainties surrounding the pace of the oil demand recovery.
The Meeting observed the destocking trend of commercial OECD inventories, but noted that they
increased by 14.4 mb in March 2021 and were 77.4 mb above the 2015-2019 average.
Under the referred circumstances, the Ministerial Meeting decided on the continued implementation
of the production adjustment decision of the 15th OPEC and non-OPEC Ministerial Meeting (in the
months of June and July as per the attached table).
It was decided that the 30th JMMC Meeting and the 17th OPEC and non-OPEC Ministerial Meeting
will take place on 1 June 2021.
The Meeting thanked the JMMC, Joint Technical Committee (JTC) and the OPEC Secretariat for
their contributions to the meeting.
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NewBase Energy News 28 April 2021 - Issue No. 1427 call on +971504822502, UAE
The Editor:” Khaled Al Awadi” Your partner in Energy Services
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About: Khaled Malallah Al Awadi,
Energy Consultant
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
www.linkedin.com/in/khaled-al-awadi-38b995b
Mobile: +971504822502
khdmohd@hawkenergy.net or khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas
sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S.
Universities. Currently working as Technical Affairs Specialist for Emirates General
Petroleum Corp. “Emarat “with external voluntary Energy consultation for the GCC
area via Hawk Energy Service, as the UAE operations base. Khaled is the Founder
of NewBase Energy news articles issues, an international consultant, advisor,
ecopreneur and journalist with expertise in Gas & Oil pipeline Networks, waste
management, waste-to-energy, renewable energy, environment protection and
sustainable development. His geographical areas of focus include Middle East,
Africa and Asia. Khaled has successfully accomplished a wide range of projects in
the areas of Gas & Oil with extensive works on Gas Pipeline Network Facilities &
gas compressor stations. Executed projects in the designing & constructing of gas
pipelines, gas metering & regulating stations and in the engineering of gas/oil supply routes. Has drafted &
finalized many contracts/agreements in products sale, transportation, operation & maintenance agreements.
Along with many MOUs & JVs for organizations & governments authorities. Currently dealing for biomass
energy, biogas, waste-to-energy, recycling and waste management. He has participated in numerous
conferences and workshops as chairman, session chair, keynote speaker and panelist. Khaled is the Editor-
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leading satellite Channels. Khaled can be reached at any time, see contact details above.
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Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 15
Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
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Ne base 28 april 2021 energy news issue 1427 by khaled al awadi

  • 1. Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 1 NewBase Energy News 28 April 2021 - Issue No. 1427 Senior Editor Eng. Khaled Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE UAE and UK set to sign multibillion-pound clean energy and tech investment deals The National - Sarmad Khan The United Kingdom expects to sign multibillion-pound investment deals with the UAE in clean energy and infrastructure as it looks to deepen its trade and investment ties with the Arab world’s second-largest economy, its trade commissioner for the Middle East said. The UK is also looking to finalise details of investments into its technology sector that may also reach £1 billion ($1.38bn), Simon Penney told The National in an interview. Britain’s Office for Investments, an agency set up this year to promote and channel investments into the UK, expects to get more clarity on the size and scope of potential deals and how they will be structured by the end of June. Deal announcements “most definitely” will take place in the second half of the year, Mr Penney, a former banker who was also appointed the UK's consul general in Dubai in January, said. "We haven’t put a number on it because we’re deliberately not boxing ourselves in on numbers ... the size will be determined by the need," Mr Penney said. “It could be bigger than £1bn.” The potential deals follow the UK and UAE’s agreement for £1bn worth of joint investments in Britain’s life sciences industry under the Sovereign Investment Partnership signed in March. Abu Dhabi's Mubadala Investment Company will pump £800 million into the industry over the next five years while £200m will come from the UK’s Life Sciences Investment Programme unveiled last year. "We haven’t yet developed the other operating models. When you look at infrastructure that is intuitively more likely to be project-based rather than fund-based just because of the scale and complexity of infrastructure," he said. However, nothing is "binary" and investments could be channelled through an infrastructure fund or might be split into funds and direct investments, he added. "There’s no one-size-fits-all answer. It’s going to be tailored and designed to the need of the sector."
  • 2. Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 2 The two nations are also finalising details on how to use the capital committed to the life sciences industry, which generates £80bn in sales a year and employs more than 250,000 people in the UK. A lot of funds in the UK provide early stage financing to start-ups in the sector, but there is a clear gap in the ecosystem when it comes to growth stage funding, he said. "We have a £1bn war chest to deploy between our two governments … and we are looking to work with Mubadala to plug that gap and create a funding ecosystem that doesn’t exist today," he said. The life sciences investment vehicle could also provide financing through fund managers or direct investments. Mubadala is already a long-term strategic investor in the UK and the partnership provides a "platform to allocate stable capital” to priority sectors as part of a future-focused investment relationship, Khaldoon Al Mubarak, group chief executive of Mubadala said in March. The sovereign fund, which has an asset base of $232bn, is one of the largest investors in the UK’s clean energy sector and has stakes in offshore wind farms in North Norfolk, East Anglia, off the coast of Aberdeenshire in Scotland, and in the Thames Estuary. Mr Penney said investments by Masdar, the clean energy subsidiary of Mubadala, into Britain’s renewable energy projects are in excess of £1.4bn. In terms of technology investments, Mr Penney expects funds to flow into Britain’s FinTech industry as it "resonates quite significantly". The overall size of investments in the technology sector has yet to be determined and will be driven by the market, which is "significant". It has not yet been decided if investments will be channelled directly into companies or through an investment vehicle, he added. The Sovereign Investment Partnership and further potential deals come after Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and UK Prime Minister Boris Johnson met in December to discuss strengthening relations, which includes boosting trade ties. The UAE is the UK’s sixth-largest trading partner outside the European Union and its largest in the GCC. Trade between the two countries totalled £18.4bn in 2019, a 6.3 per cent rise from a year earlier. The number declined in 2020 largely due a drop of energy-related exports from the UAE to the UK on the back of the pandemic and extended lockdowns. Bilateral exports are expected to bounce back strongly this year and there is significant potential to boost the flow of trade between the two countries. "It’s an ambition that is set by the leadership of our two nations to take this relationship to the next level. This relationship is at a very strong and ambitious phase," Mr Penney said. Since leaving the EU last year, the UK is looking to deepen ties with long standing partners in other parts of the world and is laying the groundwork for a free trade agreement with the GCC. Last week, Britain’s International Trade Secretary Liz Truss met officials in the UAE and Riyadh to discuss "what the shape of our future trading arrangement should be", Mr Penney said. The GCC is the UK’s third-largest export market outside the EU, after the US and China. Total trade in goods and services between the UK and the bloc stood at £44.5bn in 2019. "This is already a very, very big export market for the UK and that was done while we were within the EU," he said. "Since we have left the EU, we now have the independent ability to put in place our own bilateral trade arrangements with countries and unions around the world."
  • 3. Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 3 Saudi Aramco could sell a '1%' stake to global energy giant: MBS GulfNews A $19 billion windfall from a 1% sale could come in real handy for Saudi Arabia as it continues an ambitious diversification programme. Those proceeds will also help trim budget deficits.Image Credit: AFP Riyadh: Saudi Arabia's Crown Prince said the kingdom is in talks to sell off a 1 per cent stake in oil giant Saudi Aramco to a "leading global energy company" as he forecast a rebounding economy in the aftermath of the pandemic. The kingdom is looking at the potential sale - which could be worth about $19 billion - as a way to lock in customer demand for the country's crude, Crown Prince Mohammed Bin Salman said in an interview on a Saudi television channel. He said the sale could take place in the next two years. "I don't want to give any promises about deals finalizing, but there are discussions happening right now about a 1 per cent acquisition by one of the leading energy companies in the world," Prince Mohammed said. "This deal could be very important in strengthening Aramco's sales in the country where this company resides." Funding source Prince Mohammed is increasingly leaning on Aramco, the world's biggest oil exporter, to help finance his plan to transform and diversify the Saudi economy. A 2019 initial public offering in Aramco raised almost $30 billion that was transferred to the kingdom's sovereign wealth fund. The revenue was meant to support investments to help shift the biggest Arab economy away from a reliance on oil sales. Since then, Aramco has also taken on debt and started selling off some of its non-core assets in order to raise money to fund a $75 billion dividend, most of which goes to the state. Shrink the deficit Battered by the pandemic, the kingdom last year saw its economy shrink the most in more than three decades, according to estimates from the International Monetary Fund. But the outlook has since improved. The country's budget shortfall is projected to be 4 per cent of gross domestic product by the end of this year, narrower than last year's 12 per cent gap. Speaking on the fifth anniversary of the launch of Vision 2030, Prince Mohammed said the nation's unemployment rate will fall below 11 per cent this year as the economy goes through a "V-shaped" recovery. "Unemployment will fall to less than 11 per cent this year, then it will reach around 10 per cent, then 7 per cent in 2030," he said in the interview on the Rotana Khalejia television station. Unemployment among Saudi nationals fell to 12.6 per cent at the end of last year, after peaking at 14.9 per cent in the quarter ending in September.
  • 4. Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 4 Egypt: bp, gas production from 3rd stage of WND development Source: bp bp has announced gas production from the Raven field, the third stage of its major West Nile Delta (WND) development off the Mediterranean coast in Egypt. The approx. $9 billion WND development includes five gas fields across the North Alexandria and West Mediterranean Deepwater offshore concession blocks in the Mediterranean Sea. bp and its partners, working with the Ministry of Petroleum, have developed the WND in three stages. bp announces gas production from third stage of West Nile Delta development Raven follows the Taurus/Libra and Giza/Fayoum projects, which started production in 2017 and 2019 respectively. It produces gas to a new onshore processing facility, alongside the existing West Nile Delta onshore processing plant. Bernard Looney, bp chief executive, said: 'Completing this major multi-stage development in the face of many challenges is testament to bp’s long-term commitment to Egypt and our excellent working relationships with partners and the Government. West Nile Delta will make an important contribution to meeting Egypt’s growing energy needs, by providing a cost-competitive and resilient gas supply from the country’s own resources.' Raven is currently producing approx. 600 million standard cubic feet of gas per day (mmscf/d). At its peak, Raven field has the potential to produce 900 mmscf/d and 30,000 barrels per day of condensate. Karim Alaa, bp regional president for North Africa, added: 'The safe start-up of Raven in an extremely difficult period would not have been possible without commitment and close co-operation
  • 5. Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 5 from the team. Working together with the Ministry of Petroleum and our partners we can now explore the potential use of the West Nile Delta facilities for developing future infill and nearby exploration opportunities.' In total, the WND development includes 25 wells producing gas to the onshore processing plant via three long-distance subsea tie-backs. The onshore facilities – including the new Raven facility – now have a total gas processing capacity of around 1.4 billion standard cubic feet of gas per day . All gas produced is fed into Egypt’s national grid. Throughout the different phases of the project, bp has invested in sustainable local community development projects, maximized local content, and created thousands of jobs, direct and indirect, for Egyptian nationals.bp is the operator and has an 82.75% stake in the West Nile Delta development, with Wintershal Dea holding the remaining 17.25% interest.
  • 6. Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 6 Iraq:Dana Gas and Crescent Petroleum resume Khor Mor expansion project GulfNews + Arabian Business Dana Gas and its partner Crescent Petroleum have announced the full resumption of the expansion project at the Khor Mor field in the Kurdistan Region of Iraq (KRI), which the companies jointly operate on behalf of the Pearl Petroleum consortium. The KM250 expansion involves further investment of $600 million to add 250 million cubic feet per day of much-needed additional gas production to supply the local power stations. The project construction work had been put on hold due to the Covid pandemic but is now on track for a new target start date of April 2023, after agreement to lift the force majeure with both the Kurdistan Regional Government (KRG) and the contractor. Under a Gas Sales agreement signed in March 2019 with the KRG Ministry of Natural Resources, Pearl Petroleum will sell the additional quantities of gas to supply the power stations with affordable and environmentally cleaner fuel, and further enhance electricity supplies. Today over 80% of the KRI’s electricity generation is enabled by the gas produced by the companies. Current production at the Khor Mor field is 440 million cubic feet per day of natural gas as well as 15,700 barrels per day of condensate and 1,020 tonnes of liquified petroleum gas (LPG), or a total of 110,400 barrels of oil equivalent (boe) per day, making it the largest overall producer in the KRI and the largest private sector upstream gas operation in Iraq. After the KM250 train, there are plans to add a further KM500 train which would take production to almost 1 billion cubic feet per day by 2024. Total investment to date exceeds $2 billion with total cumulative production of over 332 million barrels of oil equivalent (boe), which has resulted in significant fuel cost savings and economic benefits for the Kurdistan Region and Iraq as a whole. In addition 43 million tonnes of CO2 emissions have been eliminated by displacing liquid fuels, which in turn has made a positive contribution to tackling global climate change as well as reducing local air pollution. Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, commented: “After a year of delay due to the Covid pandemic, we are pleased to fully resume the KM250 expansion project to invest $600 million and grow the gas production almost 60% within 2 years from now, supporting the local electricity provision even further. Despite the challenges the whole world has faced over the past year we have kept our operations safe and managed to grow production and we are grateful to all our staff and to the KRG for its support.”
  • 7. Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 7 Dr Patrick Allman-Ward, CEO of Dana Gas, added: “With our partners in Pearl Petroleum we are proud to be investing further in the gas sector of the Kurdistan Region of Iraq, delivering a reliable source of cleaner energy, and supporting local economic development. The continuing receipt of payments in a timely manner gives confidence for our continued investment commitment as we enter the next exciting phase of growth with the Khor Mor expansion, which will be carried out under strict health protocols to ensure the safety of our staff and service providers.” The Kurdistan Gas Project was established in 2007 as Dana Gas and Crescent Petroleum entered into agreement with the KRG for exclusive rights to appraise, develop, produce, market, and sell petroleum from the Khor Mor and Chemchemal fields in the KRI. Production from the newly built plant in Khor Mor began 15 months later, in October 2008, an industry record. In 2009, Pearl Petroleum was formed as a consortium with Dana Gas and Crescent Petroleum as shareholders, and with OMV, MOL, and RWE joining the consortium subsequently with a 10% share each. Operation full-time staff numbers are over 500 with now over 85% local staff, including in senior management positions. And the companies have also implemented a corporate social responsibility program to support local communities with supplies to deal with the Covid pandemic such as ventilators, sanitisers and protection equipment. This is in addition to support with local education, health and power supply and other humanitarian aid for displaced persons and orphans. These initiatives are assisting the local communities in improving their standard of living, health, well-being, security and stability and the development of human capital. --
  • 8. Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 8 Indonesia: Eni starts gas production from Merakes Project deep Source: Eni Eni has started gas production from the Merakes Project, located in the East Sepinggan block in the Makassar Strait, deep offshore East Kalimantan, Indonesia. The Project is a deep-water gas field development at offshore Kutei Basin, with approx. 1,500 meters water depth. The five deep-water subsea wells will guarantee a production capacity of 450 million standard cubic feet per day (MMSCFD), equivalent to 85,000 barrels of oil equivalent per day (BOED). The field has been connected to the Jangkrik Floating Production Unit (FPU), operated by Eni, at a distance of 45 km from Merakes field, taking advantage of the synergy and optimizing its producing capacity up to 750 MMSCFD together with the gas flowing from the Jangkrik gas field. The gas produced from Merakes is exported through subsea pipelines to the Jangkrik FPU. After being processed the gas is exported to the Onshore Receiving Facility (ORF) in Senipah via the existing Jangkrik export pipelines. Merakes gas will be partially sold to the domestic market and will also contribute to the extension of the life of the Bontang LNG facility, one of the most reliable LNG processing plants in the world, that supplies LNG to both the domestic and export markets. Eni’s CEO Claudio Descalzi commented: 'We are really proud of the start-up of Merakes, a project which is synergetic with existing operated facilities and is the result of the fruitful collaboration with our partners and with the Indonesian authorities. Merakes is one of Eni key projects in 2021. It will support the growth of gas production, in line with Eni strategic goals.' Eni is the operator of East Sepinggan block with an 65% share ownership through its affiliate, Eni East Sepinggan; the other partners are Neptune Energy East Sepinggan with 20% share and PT
  • 9. Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 9 Pertamina Hulu Energi with the remaining 15% share. On 11 December 2018, the production sharing contract scheme for the East Sepinggan block was changed into Gross Split PSC to support the efficiency of oil and gas investment in Indonesia. East Sepinggan PSC In 2019, Neptune acquired a 20% interest in the East Sepinggan PSC from Eni. The company also has a 30% stake in the West Ganal block. The Jangkrik FPU is positioned as a key Hub in the Kutei Basin, providing future growth opportunities through lower-cost tie-back developments for several existing discoveries in our acreage including Maha and Merakes East. An appraisal well at Maha is currently drilling. Merakes is Neptune Energy’s largest project development in 2021, adding approximately 11,000 barrels of oil equivalent per day (kboepd), and its second major development to be successfully delivered this year, following start-up of its operated Gjøa P1 development offshore Norway. The development marks an important milestone in the company’s progress towards achieving Group production of around 200 kboepd in 2023 and underlines the importance of Neptune’s Asia Pacific portfolio. Eni, with 65% participating interest, will continue to be the Operator of the area, which is located in the East Sepinggan area, offshore East Kalimantan in Indonesia, and includes the Merakes development and Merakes East discovery. The Merakes development project, in the East Sepinggan area, consists in the drilling and construction of subsea wells with a dedicated transportation system in 1500m water depth and connected to the Jangkrik Floating Production Unit (FPU), located 35 km North East. The gas production will be shipped to the Bontang LNG plant using also all the other existing facilities of Jangkrik field as well as the East Kalimantan transportation network. This new production will also contribute to the life extension of the plant.
  • 10. Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 10 NewBase April 28-2021 Khaled Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE Oil Climbs With OPEC+ Betting Market Can Absorb Returning Supply Bloomberg - Elizabeth Low + NewBAse Oil climbed after OPEC+ confirmed it would proceed with plans to add more barrels to the market, despite a virus resurgence in some regions including India clouding the demand outlook. West Texas Intermediate for June delivery rose 0.5% to $63.23 a barrel on the New York Mercantile Exchange at 7:45 a.m. London time after climbing 1.7% on Tuesday. Brent for June settlement gained 0.5% to $66.76 on the ICE Futures Europe exchange after adding 1.2% in the previous session. Futures in New York traded above $63 a barrel after advancing the most in almost two weeks on Tuesday. An OPEC+ committee agreed that the alliance should press ahead with its road map for increasing supply over the next three months. The coalition raised its estimates for demand growth this year on Monday, while BP Plc also pointed to signs of a robust recovery. Oil demand is expected to post the biggest ever jump over the next six months as vaccination rates surge in Europe, according to Goldman Sachs Group Inc., which reiterated its forecast for global benchmark Brent crude to reach $80 a barrel during the third quarter of this year. Oil price special coverage
  • 11. Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 11 The global oil market recovery is being driven by China and the U.S., with positive signs emerging from parts of Europe. An accelerating vaccination program is expected to increase mobility and consumption further, although crude prices have whipsawed near $60 a barrel recently as Covid- 19 flare-ups in India and Brazil raised concerns about near-term demand. OPEC+ will skip its scheduled ministerial meeting on Wednesday after sticking with its plan to hike supply by 2 million barrels a day over the next three months, according to delegates. The next gathering will be in early June, a delegate said, asking not to be identified as the information isn’t public. “Oil demand has yet to recover to pre-virus levels and we see room for further tightening of the oil supply balance in the second half,” said Howie Lee, an economist at Oversea-Chinese Banking Corp. “The biggest swing driver for oil right now is the state of coronavirus outbreak in India.” The prompt timespread for Brent was 58 cents a barrel in backwardation -- a bullish market structure where near-dated contracts are more expensive than later-dated ones. That’s down from 69 cents at the end of last week. Oil demand is expected to expand by 5.2 million barrels a day over the next six months, which would be 50% more than the next largest increase over the same time frame since 2000, Goldman Sachs said in a note. Commodity markets have looked through a sharp rise in Covid-19 cases in India, the bank added. The American Petroleum Institute, meanwhile, reported U.S. crude stockpiles expanded by 4.32 million barrels last week, according to people familiar with the data. If confirmed by government figures Wednesday, it would be a second straight weekly gain. The API reported a drop in gasoline inventories.
  • 12. Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 12 NewBase Special Coverage The Energy world – April- 28- -2021 OPEC and non-OPEC Ministerial Meeting highlights importance of ongoing rebalancing efforts OPEC.org The 16th OPEC and non-OPEC Ministerial Meeting of the Declaration of Cooperation (DoC) took place via teleconference on Tuesday, 27 April 2021, under the Chairmanship of HRH Prince Abdul Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-Chair HE Alexander Novak, Deputy Prime Minister of the Russian Federation. The Meeting emphasized the ongoing positive contributions of the Declaration of Cooperation in supporting a rebalancing of the global oil market in line with the historic decisions taken at the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting (ONOMM) on 12 April 2020 to adjust downwards overall crude oil production, and subsequent decisions. The Meeting highlighted the continuing recovery in the global economy, supported by unprecedented levels of monetary and fiscal support, while noting that the recovery is expected to pick up speed in the second half of the year. The Ministerial Meeting emphasized, however, that COVID-19 cases are rising in a number of countries, despite the ongoing vaccination campaigns, and that the resurgence could hamper the economic and oil demand recovery. The Meeting reviewed the monthly report prepared by the Joint Ministerial Monitoring Committee (JMMC), including the crude oil production data for March 2021, and welcomed the positive performance of the Participating Countries. Overall conformity to the production adjustments was 115% in March 2021, reinforcing the trend of high conformity by the Participating Countries. The Meeting expressed its appreciation to the Participating Countries that performed beyond expectation in March 2021, with total overconformed volumes of 1.23 mb/d. However, some Participating Countries have yet to achieve the minimum expectation of 100% conformity and to compensate for overproduced volumes. The Meeting further noted that DoC Participating Countries pledged to achieve full conformity and make up for previous adjustment shortfalls during the extended compensation period, which runs through the end of September 2021, and stressed the importance of accelerating the market rebalancing efforts without delay. It reminded all Participating Countries to remain vigilant and flexible given the uncertain market conditions. The Meeting noted, with gratitude, the significant additional voluntary supply adjustment of 1 mb/d made by Saudi Arabia in April 2021 and a gradual return of these volumes in May, June and July 2021, given the prevailing uncertainties surrounding the pace of the oil demand recovery. The Meeting observed the destocking trend of commercial OECD inventories, but noted that they increased by 14.4 mb in March 2021 and were 77.4 mb above the 2015-2019 average. Under the referred circumstances, the Ministerial Meeting decided on the continued implementation of the production adjustment decision of the 15th OPEC and non-OPEC Ministerial Meeting (in the months of June and July as per the attached table). It was decided that the 30th JMMC Meeting and the 17th OPEC and non-OPEC Ministerial Meeting will take place on 1 June 2021. The Meeting thanked the JMMC, Joint Technical Committee (JTC) and the OPEC Secretariat for their contributions to the meeting.
  • 13. Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 13 NewBase Energy News 28 April 2021 - Issue No. 1427 call on +971504822502, UAE The Editor:” Khaled Al Awadi” Your partner in Energy Services NewBase energy news is produced Twice a week and sponsored by Hawk Energy Service – Dubai, UAE. For additional free subscriptions, please email us. About: Khaled Malallah Al Awadi, Energy Consultant MS & BS Mechanical Engineering (HON), USA Emarat member since 1990 ASME member since 1995 Hawk Energy member 2010 www.linkedin.com/in/khaled-al-awadi-38b995b Mobile: +971504822502 khdmohd@hawkenergy.net or khdmohd@hotmail.com Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S. Universities. Currently working as Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat “with external voluntary Energy consultation for the GCC area via Hawk Energy Service, as the UAE operations base. Khaled is the Founder of NewBase Energy news articles issues, an international consultant, advisor, ecopreneur and journalist with expertise in Gas & Oil pipeline Networks, waste management, waste-to-energy, renewable energy, environment protection and sustainable development. His geographical areas of focus include Middle East, Africa and Asia. Khaled has successfully accomplished a wide range of projects in the areas of Gas & Oil with extensive works on Gas Pipeline Network Facilities & gas compressor stations. Executed projects in the designing & constructing of gas pipelines, gas metering & regulating stations and in the engineering of gas/oil supply routes. Has drafted & finalized many contracts/agreements in products sale, transportation, operation & maintenance agreements. Along with many MOUs & JVs for organizations & governments authorities. Currently dealing for biomass energy, biogas, waste-to-energy, recycling and waste management. He has participated in numerous conferences and workshops as chairman, session chair, keynote speaker and panelist. Khaled is the Editor- in-Chief of NewBase Energy News and is a professional environmental writer with more than 1400 popular articles to his credit. He is proactively engaged in creating mass awareness on renewable energy, waste management and environmental sustainability in different parts of the world. Khaled has become a reference for many of the Oil & Gas Conferences and for many Energy program broadcasted internationally, via GCC leading satellite Channels. Khaled can be reached at any time, see contact details above. NewBase: For discussion or further details on the news above you may contact us on +971504822502, Dubai, UAE NewBase 2021 K. Al Awadi
  • 14. Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 14
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  • 16. Copyright © 2021 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 16 For Your Recruitments needs and Top Talents, please seek our approved agents below