SlideShare a Scribd company logo
1 of 17
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 15 April 2015 - Issue No. 583 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Yemen LNG Halts Production as Total pulls out
News age + NewBase
Yemen LNG has stopped all production and exports amid deteriorating security situation in the
region, news agency Bloomberg reported Tuesday. “Due to further degradation of the security
situation in the vicinity of
Balhaf, Yemen LNG has
decided to stop all LNG
producing and exporting
operations and start
evacuation of the site personnel,” the news agency quoted from a statement released by the
company. “The plant will remain in a preservation mode.”
Fighters seized posts outside the city of Balhaf in southeastern Yemen near the plant after
soldiers fled, Bloomberg quoted Abu Bakr al-Awlaki, a local resident, as saying. The plant has a
capacity of 6.7 million metric tons a year. The reserves within the Marib area which are currently
dedicated to the LNG project include 9.15 trillion cubic feet (TCF) of proven reserves.
The project has three long-term sales contracts with GDF Suez SA, Korea Gas Corp. and Total
SA. France’s Total, the last foreign oil company operating in Yemen, said on Tuesday that it had
halted operations at its gas exporting plant because of the worsening security situation.
The liquefied natural gas plant at Balhaf, located on the coast 400 kilometres east of Aden, will go
into “preservation mode” until the situation improves sufficiently to allow normal operations to
resume, Total said.
On Tuesday, three weeks into an offensive by a Saudi Arabian-led coalition against Iran-backed
Houthi rebels, Saudi Arabia moved additional tanks, artillery units and troops to its border with
Yemen, according to newswire reports.
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
The coalition action has so far involved air strikes against the rebels, who have taken control of
large parts of the country and forced the president Abdrabu Mansur Hadi to flee. The LNG plant
has a capacity to process nearly 7
million tonnes a year of gas sourced
from the Marib area. The operator Total
has a share of just under 40 per cent in
the Yemen LNG Company. Total’s
Dubai-based Middle East spokesman
said: “We have been informed by
Yemen LNG that, due to the further
deterioration in the security situation
around Balhaf, Yemen LNG has
decided to further reduce its staff and
put the plant into preservation mode.
Consequently production has been
stopped.”
The plant will, for the time being, be looked after only by local staff. The statement added: “Only
essential staff required to maintain the assets at Balhaf in this mode are remaining on site. No
expatriate personnel remain on site.”
Other shareholders include Hunt Oil, with about 17 per cent, four Korean companies – Samwhan,
Korea National Oil, Kogas and Hyundai – collectively own just over 20 per cent, with Yemen Gas
and a Yemeni civil service pension fund holding about 17 per cent and 5 per cent, respectively.
Yemen recently began producing natural gas at a rate of about 300 billion cubic feet a year, with
90 per cent of that exported via the Balhaf LNG terminal. Yemeni LNG gas exports account for
less than 3 per cent of the global seaborne gas trade and the disruption comes at a time of LNG
glut, so is unlikely to have any price effect on the market.
Although oil exports have declined by nearly two-thirds since the turn of the century, oil and gas
exports remain important to the country, making up almost 90 per cent of export revenues and
two-thirds of government revenues.
Other foreign companies that had been operating in Yemen before recent evacuations include
DNO, which is 42.8 per cent owned by RAK Petroleum, OMV, part-owned by Ipic, as well as
Occidental Petroleum, China’s Nexen and Korea National Oil.
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
India: Swiber Holdings secure EPIC contract in India
Singapore’s Swiber Holdings Limited has secured a US$133 million contract, the third major
award in India in the last three months, for Engineering, Procurement, Installation and
Construction (EPIC) services in India.
The project by the same national oil company which awarded Swiber two major contracts in
February and March, involves surveys (pre-engineering, pre-construction/pre-installation and post-
installation) design, engineering, procurement, fabrication, installation, and commissioning of six
pipelines totaling to 60km, connecting it to existing pipelines, modification and repair of platforms
and jackets. This fast track project is scheduled for completion by second quarter of 2016.
With the latest contract, the Group’s order book stands at close to US$2 billion
including US$435.6 million new contracts announced last month, a US$710 million offshore
field development project in West Africa last December and a US$310 million contract from the
same client in February.
Group Chief Executive Officer and President Francis Wong said: “To have the same client come
back to us repeatedly demonstrates Swiber’s understanding of our client and the market, and our
ability to bring the Group’s resources to bear to meet our client’s needs.
“We are optimistic about prospects in our target markets despite the fall in oil price and
the cutbacks in capital expenditure by some of the oil majors. We believe that our strategy
of establishing long-term relationships with clients and suppliers has put us in good stead for
a time like this.”
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
Thailand: KrisEnergy Strikes Oil, Gas in Gulf of Thailand
KrisEnergy + NewBase
KrisEnergy has struck oil and gas at the Rossukon-3 exploration well in G6/48 in the
Gulf of Thailand. Rossukon-3 was drilled to a total depth of 7,497 feet (2,285 metres).
Preliminary interpretation of well logs indicates that the well intersected approx. 75 feet true
vertical depth (TVD) of net oil-bearing sandstones and 49 feet TVD of net gas-bearing sandstones
over several reservoir intervals, KrisEnergy said.
Water depth at the Rossukon-3 location is 208 feet. The well lies 1.9 km west of the Rossukon-2
surface location and 1.8 km northwest of the original Rossukon-1 discovery well, drilled in 2009.
Rossukon-3 will be plugged back and the G6/48 partners have agreed to immediately begin
drilling the Rossukon-3ST sidetrack exploration well. G6/48 covers 566 sq km over the Karawake
Basin and lies to the north of the G10/48 licence, where KrisEnergy is developing the Wassana oil
field.
KrisEnergy took over operatorship of G6/48 in May 2014. The company holds a 30 percent
working interest in the concession and is partnered by Northern Gulf Petroleum with 40 percent
and Mubadala Petroleum with 30 percent.
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
Malaysia: Lundin First oil flows from Bertam field
Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary
Lundin Malaysia BV (Lundin Malaysia) has achieved first oil from the Bertam field on April 5, 2015.
The Bertam field has begun production from four pre-drilled development wells. The
remaining production wells will be drilled sequentially and put on-stream through the remainder of
2015, with the field’s gross plateau rate of 15,000 barrels of oil per day expected to be achieved
by late 2015.
The Bertam field is located on Block PM307, offshore the eastern side of Peninsular Malaysia.
Lundin Malaysia is the operator with a 75 percent working interest and PETRONAS Carigali is
partner with a 25 percent working interest.
The Bertam field has been developed with a wellhead platform adjacent to a spread-moored
FPSO in a water depth of 75 metres. The Plan of Development for the Bertam field was approved
by PETRONAS in September 2013, with first oil having been achieved within 18 months from
approval of the Plan of Development.
This is Lundin Petroleum’s third project to
be put into production over the last four
months and with the Edvard Grieg field
coming on-stream during the fourth
quarter 2015, the Company remains on
track to achieve a 2015 exit production
rate of in excess of 75,000 barrels of oil
equivalent per day, the company said in a
statement.
Ashley Heppenstall, President and CEO
of Lundin Petroleum said: “Bertam is our
first development project in Malaysia and
as such we are very pleased to have
achieved first oil safely, on schedule and
within budget. The Bertam project is an
excellent example of how fast-track
projects can be developed through close
collaboration between ourselves,
PETRONAS Carigali, PETRONAS and
our contractors”
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
Oil Price Drop Special Coverage
Oil Rises for 5th Day as Iran Joins Call for OPEC Production Cut
& over US production dip
Oil prices rose today Wednesday April 2015 15th after signs of a dip in US production, but gains
were capped by Chinese quarterly growth slowing to a six-year low. Front-month Brent crude
futures were trading up 47 cents at $58.90 a barrel by 0310 GMT, while US crude was up 28
cents at $53.57.
In the United States, North Dakota's February oil production fell 15,000 barrels per day (bpd)
versus January, although the number of producing wells hit a record high. This followed a US
Energy Information Administration (EIA) report forecasting US shale production would fall by
45,000 bpd to 4.98 million bpd in May, which would be the first monthly decline in four years.
Analysts said the US figures were pushing prices up. "We expect Brent Jun'15 and WTI Jun'15 to
end today breaking resistance of $60.3 and $55.34 (per barrel)," Phillip Futures said. But the
slowing Chinese economy prevented prices from rising further.
On a quarterly basis, China's economic growth slowed to 1.3 per cent between January and
March after seasonal adjustments, the National Bureau of Statistics said on Wednesday,
compared with growth of 1.5 per cent in the previous three months.
March factory output rose 5.6 per cent from a year earlier, below the 6.9 per cent seen in a
Reuter’s poll and its lowest level since the global financial crisis in 2008. Despite its slowing
growth, China's implied oil demand in March rose 7.6 per cent from a year earlier to 10.53 million
barrels per day (bpd), according to Reuters' calculations based on government data.
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
Oil advanced for a fifth day as Iran joined Libya in calling for the Organization of Petroleum
Exporting Countries to reduce production.
Futures climbed as much as 0.9 percent in New York in the longest rising streak in three weeks.
OPEC should cut “at least 5 percent” of its output quota, Iranian Oil Minister Bijan Namdar
Zanganeh said Tuesday. U.S. President Barack Obama agreed to accept compromise legislation
after it became clear that Democratic lawmakers would join with Republicans in demanding a say
on the nuclear deal with the government in Tehran.
Oil is gaining amid speculation that OPEC members are splitting with Saudi Arabia in maintaining
supply as a global glut that drove prices down by almost half in 2014 shows no signs of easing.
U.S. crude inventories are forecast to have expanded further from a record last week, according to
a Bloomberg survey before a government report Wednesday.
“It’s really which direction the Saudis want the organization to go that will be the key,” David
Lennox, a resource analyst at Fat Prophets in Sydney, said by phone. “We need to see a good cut
to production for prices to surge and the only
entity that has the ability to do that in one hit
is OPEC.”
West Texas Intermediate for May delivery
increased as much as 47 cents to $53.76 a
barrel in electronic trading on the New York
Mercantile Exchange and was at $53.62 at
2:15 p.m. Singapore time. The contract
advanced $1.38 to $53.29 on Tuesday, the
highest close in a week. Total volume was
about 39 percent below the 100-day average. Prices are up 0.7 percent this year.
Oil Drillers
Brent for May settlement, which expires Wednesday, climbed as much as 57 cents, or 1 percent,
to $59 a barrel on the London-based ICE Futures Europe exchange. It rose 50 cents to $58.43 on
Tuesday. The more active June contract was 46 cents higher at $60.27.
Prices are also rising after the U.S.
Energy Information Administration
predicted output from shale formations
such as North Dakota’s Bakken will
fall 57,000 barrels a day in May, the
first time a decline has been forecast
since it began reporting monthly data
in 2013.
“The question on everyone’s mind
was would we see it in the second or
third quarter, and I’m not surprised it’s
happening in the earlier part of that
range,” said David Pitts, the chief
financial officer at Carrizo Oil & Gas
Inc., a Houston-based producer.
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
Rig operators Ensco Plc and Diamond Offshore Drilling Inc. led oilfield stocks to the top five spots
in the Standard & Poor’s 500 Index on Tuesday amid speculation that the expected drop in
production hints at an eventual price rally.
OPEC Output
Zanganeh’s comments at a briefing in Tehran, reported by the ministry’s news agency Shana,
indicated that Iran is seeking a minimum output cut of 1.5 million barrels a day. Samir Kamal,
Libya’s representative to OPEC, on April 9 said OPEC should reduce by 800,000 barrels a day to
accommodate a potential rebound in Iranian exports.
Saudi Arabia, the world’s biggest crude exporter, in November led a group decision to maintain
collective quotas at 30 million
a day, ignoring calls to cut
supply even as U.S.
production surged to a
record. OPEC’s 12
members, which pump about
40 percent of the world’s oil,
are scheduled to meet June
5 in Vienna.
The Obama administration
Tuesday signaled it would
give lawmakers a chance to
review a nuclear
agreement with Iran before
deciding whether to lift
sanctions. A framework
accord announced April 2 with world powers could offer the Persian Gulf nation relief from
penalties that have cut its oil exports by half since mid-2012.
U.S. Stockpiles
Crude stockpiles probably expanded by 3.6 million barrels in the week ended April 10, according
to the median estimate in the Bloomberg survey of 10 analysts before the EIA report. Supplies
have increased for 13 weeks to 482.4 million, the highest level in records compiled by the Energy
Department’s statistical arm since August 1982.
Inventories gained by 2.6 million barrels, the industry-funded American Petroleum Institute in
Washington reported Tuesday, according to a person familiar with the data. The U.S. is the
world’s largest oil consumer and will account for about a fifth of global demand this year,
according to projections from the Paris-based International Energy Agency.
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
Oil price could recover to $70 per barrel by year end - Fitch
Reuters + NewBase
Crude oil prices could rise quickly in the second half of the year and may reach $70 per
barrel by the end of 2015 as U.S. shale production tapers and seasonal variations increase
demand, a top analyst at ratings agency Fitch said on Tuesday.
Alex Griffiths, the head of oil and gas research at Fitch, said it might take several years for oil
to reach $80 -- the price level where supply and demand is seen as
balanced based on current production costs.
"We see U.S. shale oil as reacting most quickly to balancing the
supply with demand," Griffiths told Reuters on the sidelines of a
conference in Oslo. "You essentially need shale to slow down, not
drop, because demand for oil, like all commodities, is growing.
Production got slightly ahead of where it needs to be, so it's not a
huge correction you need."
Brent crude was trading at some $58 a barrel on Tuesday, off lows
registered earlier in the year, but still down by around a half from
last June, making many new oil developments unprofitable and
forcing producers, particularly in the U.S. shale market, to slash
capital spending.
"Whichever way the price goes, there will certainly be multiple bounces and overshoots in both
directions," Griffiths said. "We think fundamentals justify $80, because that's the marginal cost, but
markets can move away from the marginal costs for a period.
"We're talking about relatively rapid recovery later this year as shale production flattens out.
There's also a traditional seasonal demand pick up of about 1.5 million barrels per day from Q2 to
Q3," Griffiths said.
The U.S. Energy Information Administration said on Monday that it expected U.S. shale
production to fall by 45,000 barrels per day (bpd) to 4.98 million bpd in May -- the first such
monthly decline in more than four years.
Oil prices have fallen sharply as both OPEC and U.S. production has exceeded forecasts while
consumption has failed to meet projections, particularly due to slower Chinese growth.
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
US shale oil rolling ball, turns to output fall
BLOOMBERG + NEWBASE
The shale oil boom that pushed US crude production to the highest level in four decades is
grinding to a halt.
Output from the prolific tight-rock formations such as North Dakota’s Bakken shale will decline
57,000 barrels a day in May, the Energy Information Administration said Monday. It’s the first time
the agency has forecast a drop in output since it began issuing a monthly drilling productivity
report in 2013.
Deutsche Bank AG,
Goldman Sachs Group Inc.
and IHS Inc. have projected
that US oil production growth
will end, at least temporarily,
with futures near a six-year
low. The plunge in prices has
already forced half the
country’s drilling rigs offline
and wiped out thousands of
jobs. The retreat in
America’s oil boom is
necessary to correct a
supply glut and rebalance
global oil markets, according
to Goldman.
“We’re going off an inevitable
cliff” because of the shrinking
rig counts, Carl Larry, head
of oil and gas for Frost &
Sullivan LP, said by phone from Houston on Monday. “The question is how fast the decline is
going to go. If it’s fast, if it’s steep, there could be a big jump in the market.”
West Texas Intermediate crude for May delivery climbed 27 cents Monday to settle at $51.91 a
barrel on the New York Mercantile Exchange. Prices are down 50 per cent from a year ago.
The decline in domestic production will come just as US refineries start processing more oil
following seasonal maintenance, easing the biggest glut since 1930. The withdrawal from US oil
stockpiles is expected to bring relief to a market that’s seen prices drop by more than $50 a barrel
since June.
Temporary Relief
The relief may prove temporary as US drillers are building a backlog of drilled wells that they plan
to hydraulically fracture and place into service as soon as prices rebound. Analysts including
Wood Mackenzie Ltd. have estimated that the inventory has grown to more than 3,000
uncompleted wells.
“US production can return quickly with any price recovery,” Adam Longson, an analyst at Morgan
Stanley in New York, said in an April 13 research note. “A backlog of uncompleted wells, falling
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
service costs, hedging opportunities and plenty of capital on the sidelines should all support
investment, perhaps more than the market expects.”
The EIA’s May production forecasts cover the yield from major plays that together accounted for
90 per cent of domestic output growth from 2011 to 2012.
Regional Output
Output from the Eagle Ford in Texas, the second-largest oilfield in the US, is expected to fall
33,000 barrels a day in May to 1.69 million. Production in the Bakken region of North Dakota will
decline 23,000 to 1.3 million, the EIA said.
Yield from the Permian Basin in West Texas and New Mexico, the largest US oilfield, will continue
to rise, by 11,000 barrels a day to 1.99 million.
The EIA’s oil-production estimates are based on the number of rigs drilling in each play and
estimates on how productive they are. The numbers of oil rigs in service across the country slid 42
last week to 760, the fewest since December 2010, Houston-based field Services Company Baker
Hughes Inc. said.
Deutsche Bank forecast in a research note last week that production in May will mark “an
important inflection point for the US oil market.”
Advances in oil-drilling technologies are no longer enough to offset the rigs being idled by US
producers, Paul Horsnell, global head of commodities research at Standard Chartered Plc in
London, said in an April 13 research note. Shale production is probably already falling, with total
US output set to shrink by 70,000 barrels a day from May to June, he said.
“The deceleration in US output has been greater than the market is currently pricing in,” Horsnell
said in the report. “Global rebalancing is in full swing.”
Shale drillers will see production drop sooner than expected under a U.S. government forecast, a
momentum change that hints at an eventual price rally.
Just five months after Saudi Arabia put the market into a tailspin by refusing to cut supply despite
a global glut, the shale oil industry will record its first monthly dip since U.S. officials began
weighing output in 2013.
The projected production drop is small, just 1 percent. Yet investors took note, pushing oilfield
stocks to the top five spots in the Standard & Poor’s 500 Index on Tuesday, led by rig operators
Ensco Plc and Diamond Offshore Drilling Inc. The decline lags the idling of rigs because of a
backlog of already-drilled wells that have gradually been coming online.
“OPEC’s plan is playing out and price is correcting the oversupply,” said Michael Scialla, an
analyst at Stifel Nicolaus & Co. in Denver, in a telephone interview.
West Texas Intermediate crude, the U.S. benchmark, climbed 3 percent to $53.47 a barrel at 2:03
p.m. in New York, extending the rising streak to a fourth trading session.
Shale fields make up about half of total U.S. production, which will continue growing this year and
next, rising to 10.3 million barrels a day in 2025, according to a new longterm forecast by the
Energy Department Tuesday.
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
Crude lost almost 60 percent of its value since late June, making some shale fields unprofitable to
develop and forcing companies to cut back exploration prospects. Oil explorers were forced to
shut down more than half the rigs drilling for crude in the U.S. since the Saudi statement in
November, and canceled expansion plans to conserve cash.
‘Hyperbolic Decline’
“The question on everyone’s mind was would we see it in the second or third quarter, and I’m not
surprised it’s happening in the earlier part of that range,” said David Pitts, chief financial officer at
Houston-based producer Carrizo Oil & Gas Inc.
Wells extracting oil from dense shale rock experience “hyperbolic decline rates,” Pitts said by
telephone.
Comstock Resources Inc. halted all crude drilling at the start of the year and expects the oil
production decline to begin in its third-and fourth-quarter results, said Gary Guyton, the Frisco,
Texas-based company’s director of planning.
“Shale is a treadmill, so if you’re not drilling, you’re not producing,” Guyton said in a telephone
interview. Overall, the production decline “might not be hugely significant but at least it won’t be
growing.”
The flexibility to ramp operations up and down quickly makes shale fields especially attractive to
oil companies coping with volatile fluctuations in world oil markets, said ConocoPhillips CEO Ryan
Lance last week in an interview at Bloomberg headquarters in New York.
Resilience Matters
“We think we’re going into a world that’s going to be characterized by lower, gradually rising
prices, but a lot of volatility,” Lance said. “When you have that volatility, what you want is the
ability to be flexible and resilient and be able to flex your programs up and down.”
Shale producers such as EOG Resources Inc. have been predicting U.S. output would decline by
the end of the year. In February, the Houston-based company said its own production would reach
a nadir during the second and third quarters.
Lance said he expected U.S. output to fall in the second half of the year, helping prices to recover
to as high as $80 a barrel in the next three years.
“There is a supply response happening. You don’t see it in the first half of the year because of the
investments that we made over the last two years,” he said. “The reductions in capital that the
industry has made are substantial. That’s going to start to materialize in the back half of this year.”
OPEC Role
Saudi Arabia, the dominant member of the Organization of Petroleum Exporting Countries,
squelched efforts by some in the cartel to curb output in November, accelerating a fall in oil prices
prompted by oversupplies. Saudi crude has been displaced from some U.S. markets as the flood
of domestic shale oil offered refiners a cheaper alternative.
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
The five major U.S. shale oil regions will pump an average of 5.561 million barrels a day in May,
down from this month’s estimated 5.618 million, the Energy Department said in a report released
Monday.
The Niobrara formation northeast of Denver will lead the decline with a 3.3 percent drop,
according to the Energy Department in Washington.
In the Niobrara formation, which lies beneath northeast Colorado and the edges of Kansas and
Wyoming, the production fall-off will be sharper than in other regions because explorers were
quicker to idle rigs, said Andrew Cosgrove, an analyst at Bloomberg Intelligence. Compared to
other shale-oil areas, individual wells in the Niobrara don’t produce as much crude, reducing
profitability, he said.
Hedge Help
The two biggest operators in the Niobrara -- Anadarko Petroleum Corp. and Noble Energy Inc. --
have been slowing activity and deferring work, according to Scialla, the Stifel Nicolaus analyst.
Only one of the primary producers in the formation -- Denver-based PDC Energy Inc. -- hasn’t
slowed down, and that’s because they locked in cash flow prior to the oil market’s crash with
financial instruments called hedges, Scialla said in a telephone interview.
“The Niobrara wells are cheaper and shallower than in the other shale plays but they’re not as
prolific either,” he said. “They cost about half as much as a typical well in the Eagle Ford or the
Bakken but they also only produce about half as much.”
Permian Rising
After the Niobrara, the Eagle Ford shale in Texas and the Bakken formation in North Dakota will
register the next biggest month-over-month production declines in May, with 1.9 percent and 1.7
percent, respectively.
In the other two major U.S. shale oil regions -- the Permian in Texas and the Utica in Ohio --
output is expected to rise in May, the Energy Department said.
Explorers will be cautious about resuming their old pace of drilling out of fear that rising production
would deflate prices again, Carrizo’s Pitts said.
“There would have to be a pretty significant bump up in prices for people to start picking up rigs
again,” Pitts said.
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
Oil & Gas Security Summit to address issues in Dubai 18-19 May
Senior security officers from the oil and gas sector will gather in order to address various security
issues faced by the industry at a summit next month in Dubai, UAE. The 4th Gulf and Middle East
Oil & Gas Security 2015 Summit organised by the International Research Networks, a leading
business intelligence group, will take place on May 18 and 19, at the Raffles Hotel.
Risk, security and HSE leaders from Qatar Petroleum, Premier Oil, Kuwait Oil Company, Petrofac-
Saudi Aramco, ADCO, Total, Lukoil, GE Levant-Turkey, Baker Hughes, DNO, Schneider Electric,
Maersk Oil, the Ministry of Defense of Pakistan and Petroleb amongst others will share vital
information based on their vast experience in the field with industry peers at this discreet forum,
said a statement.
Following Operation Decisive Storm which commenced in Yemen on March 25, a new case study
has been added to the two-day agenda, on how to maintain business activities under the shadow
of the military intervention presented by Petrofac-Saudi Aramco’s country security manager.
He will address the challenges in getting an accurate picture of the situation, managing priorities
of stakeholders, clients and contractors, sharing security information without the causing panic
and establishment of trigger points to increase security measures.
With the Islamic State activities in the region taking a toll on local operations, two very topical
sessions will cover case studies on how ABB managed to have uninterrupted operations in Iraq
during the current insurgency and best methods for oil pipelines protection presented by ABB’s
regional security manager and ADCO’s Fire/Tactical Response team leader respectively.
The IT security provider for companies in the Middle East, Global Security Network (GSN); the
worldwide provider of critical communications solutions,
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
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 15 April 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 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 17

More Related Content

What's hot

New base 05 october 2017 energy news issue 1080 by khaled al awadi
New base 05 october 2017 energy news issue   1080  by khaled al awadiNew base 05 october 2017 energy news issue   1080  by khaled al awadi
New base 05 october 2017 energy news issue 1080 by khaled al awadiKhaled Al Awadi
 
New base energy news issue 895 dated 28 july 2016
New base energy news issue  895 dated 28 july 2016New base energy news issue  895 dated 28 july 2016
New base energy news issue 895 dated 28 july 2016Khaled Al Awadi
 
New base special 02 january 2014 khaled al awadi
New base special  02 january 2014 khaled al awadiNew base special  02 january 2014 khaled al awadi
New base special 02 january 2014 khaled al awadiKhaled Al Awadi
 
New base special 02 january 2014
New base special  02 january 2014New base special  02 january 2014
New base special 02 january 2014Khaled Al Awadi
 
New base 1051 special 12 july 2017 energy news
New base 1051 special 12 july 2017 energy newsNew base 1051 special 12 july 2017 energy news
New base 1051 special 12 july 2017 energy newsKhaled Al Awadi
 
Microsoft word ne base 20 march 2018 energy news issue - 1151 by khaled al...
Microsoft word   ne base 20 march 2018 energy news issue - 1151  by khaled al...Microsoft word   ne base 20 march 2018 energy news issue - 1151  by khaled al...
Microsoft word ne base 20 march 2018 energy news issue - 1151 by khaled al...Khaled Al Awadi
 
New base special 21 july 2014
New base special  21 july 2014New base special  21 july 2014
New base special 21 july 2014Khaled Al Awadi
 
New base special 09 september 2014
New base special  09 september   2014New base special  09 september   2014
New base special 09 september 2014Khaled Al Awadi
 
New base 828 special 12 april 2016
New base 828 special 12 april  2016New base 828 special 12 april  2016
New base 828 special 12 april 2016Khaled Al Awadi
 
New base 1038 special 04 june 2017 energy news
New base 1038 special 04 june 2017 energy newsNew base 1038 special 04 june 2017 energy news
New base 1038 special 04 june 2017 energy newsKhaled Al Awadi
 
New base energy news 28 january 2019 issue no 1227 by khaled al awadi
New base energy news 28 january 2019 issue no 1227  by khaled al awadiNew base energy news 28 january 2019 issue no 1227  by khaled al awadi
New base energy news 28 january 2019 issue no 1227 by khaled al awadiKhaled Al Awadi
 
New base 985 special 10 january 2017 energy news
New base 985 special 10 january 2017 energy newsNew base 985 special 10 january 2017 energy news
New base 985 special 10 january 2017 energy newsKhaled Al Awadi
 
New base special 20 august 2014
New base special  20 august 2014New base special  20 august 2014
New base special 20 august 2014Khaled Al Awadi
 
New base special 09 october 2014
New base special  09 october  2014New base special  09 october  2014
New base special 09 october 2014Khaled Al Awadi
 
New base special 13 august 2014
New base special  13 august 2014New base special  13 august 2014
New base special 13 august 2014Khaled Al Awadi
 
NewBase 627 special 16 June 2015
NewBase 627 special 16 June 2015NewBase 627 special 16 June 2015
NewBase 627 special 16 June 2015Khaled Al Awadi
 
New base 580 special 12 april 2015
New base 580 special  12 april  2015New base 580 special  12 april  2015
New base 580 special 12 april 2015Khaled Al Awadi
 
New base energy news issue 924 dated 07 september 2016
New base energy news issue  924 dated 07 september 2016New base energy news issue  924 dated 07 september 2016
New base energy news issue 924 dated 07 september 2016Khaled Al Awadi
 
New base 03 september energy news issue 1067 by khaled al awadi
New base 03 september energy news issue   1067 by khaled al awadiNew base 03 september energy news issue   1067 by khaled al awadi
New base 03 september energy news issue 1067 by khaled al awadiKhaled Al Awadi
 
New base special 04 august 2014
New base special  04 august 2014New base special  04 august 2014
New base special 04 august 2014Khaled Al Awadi
 

What's hot (20)

New base 05 october 2017 energy news issue 1080 by khaled al awadi
New base 05 october 2017 energy news issue   1080  by khaled al awadiNew base 05 october 2017 energy news issue   1080  by khaled al awadi
New base 05 october 2017 energy news issue 1080 by khaled al awadi
 
New base energy news issue 895 dated 28 july 2016
New base energy news issue  895 dated 28 july 2016New base energy news issue  895 dated 28 july 2016
New base energy news issue 895 dated 28 july 2016
 
New base special 02 january 2014 khaled al awadi
New base special  02 january 2014 khaled al awadiNew base special  02 january 2014 khaled al awadi
New base special 02 january 2014 khaled al awadi
 
New base special 02 january 2014
New base special  02 january 2014New base special  02 january 2014
New base special 02 january 2014
 
New base 1051 special 12 july 2017 energy news
New base 1051 special 12 july 2017 energy newsNew base 1051 special 12 july 2017 energy news
New base 1051 special 12 july 2017 energy news
 
Microsoft word ne base 20 march 2018 energy news issue - 1151 by khaled al...
Microsoft word   ne base 20 march 2018 energy news issue - 1151  by khaled al...Microsoft word   ne base 20 march 2018 energy news issue - 1151  by khaled al...
Microsoft word ne base 20 march 2018 energy news issue - 1151 by khaled al...
 
New base special 21 july 2014
New base special  21 july 2014New base special  21 july 2014
New base special 21 july 2014
 
New base special 09 september 2014
New base special  09 september   2014New base special  09 september   2014
New base special 09 september 2014
 
New base 828 special 12 april 2016
New base 828 special 12 april  2016New base 828 special 12 april  2016
New base 828 special 12 april 2016
 
New base 1038 special 04 june 2017 energy news
New base 1038 special 04 june 2017 energy newsNew base 1038 special 04 june 2017 energy news
New base 1038 special 04 june 2017 energy news
 
New base energy news 28 january 2019 issue no 1227 by khaled al awadi
New base energy news 28 january 2019 issue no 1227  by khaled al awadiNew base energy news 28 january 2019 issue no 1227  by khaled al awadi
New base energy news 28 january 2019 issue no 1227 by khaled al awadi
 
New base 985 special 10 january 2017 energy news
New base 985 special 10 january 2017 energy newsNew base 985 special 10 january 2017 energy news
New base 985 special 10 january 2017 energy news
 
New base special 20 august 2014
New base special  20 august 2014New base special  20 august 2014
New base special 20 august 2014
 
New base special 09 october 2014
New base special  09 october  2014New base special  09 october  2014
New base special 09 october 2014
 
New base special 13 august 2014
New base special  13 august 2014New base special  13 august 2014
New base special 13 august 2014
 
NewBase 627 special 16 June 2015
NewBase 627 special 16 June 2015NewBase 627 special 16 June 2015
NewBase 627 special 16 June 2015
 
New base 580 special 12 april 2015
New base 580 special  12 april  2015New base 580 special  12 april  2015
New base 580 special 12 april 2015
 
New base energy news issue 924 dated 07 september 2016
New base energy news issue  924 dated 07 september 2016New base energy news issue  924 dated 07 september 2016
New base energy news issue 924 dated 07 september 2016
 
New base 03 september energy news issue 1067 by khaled al awadi
New base 03 september energy news issue   1067 by khaled al awadiNew base 03 september energy news issue   1067 by khaled al awadi
New base 03 september energy news issue 1067 by khaled al awadi
 
New base special 04 august 2014
New base special  04 august 2014New base special  04 august 2014
New base special 04 august 2014
 

Viewers also liked

Viewers also liked (20)

עסקת חייך
עסקת חייךעסקת חייך
עסקת חייך
 
The Body Workout
The Body WorkoutThe Body Workout
The Body Workout
 
DCIM_Linkedin
DCIM_LinkedinDCIM_Linkedin
DCIM_Linkedin
 
Pp of business communication
Pp of business communicationPp of business communication
Pp of business communication
 
The Buffalo
The BuffaloThe Buffalo
The Buffalo
 
What are seams
What are seamsWhat are seams
What are seams
 
Bi silabus 2
Bi silabus 2Bi silabus 2
Bi silabus 2
 
Ensayo del Reglamento del Aprendiz
Ensayo del Reglamento del AprendizEnsayo del Reglamento del Aprendiz
Ensayo del Reglamento del Aprendiz
 
Instalación sistema operativo
Instalación sistema operativoInstalación sistema operativo
Instalación sistema operativo
 
Tarea III
Tarea III Tarea III
Tarea III
 
TOP 5 sustainable materials:
TOP 5 sustainable materials:TOP 5 sustainable materials:
TOP 5 sustainable materials:
 
Money Guys
Money GuysMoney Guys
Money Guys
 
Herpes Can You Get Rid Of It
Herpes Can You Get Rid Of ItHerpes Can You Get Rid Of It
Herpes Can You Get Rid Of It
 
Presentation1
Presentation1Presentation1
Presentation1
 
Scan2
Scan2Scan2
Scan2
 
план
планплан
план
 
PMC vision statement
PMC vision statementPMC vision statement
PMC vision statement
 
Nice Women
Nice WomenNice Women
Nice Women
 
Tercer tarea tecnologia de la educación
Tercer tarea tecnologia de la educaciónTercer tarea tecnologia de la educación
Tercer tarea tecnologia de la educación
 
Intoxicacion por plomo
Intoxicacion por plomo Intoxicacion por plomo
Intoxicacion por plomo
 

Similar to New base 583 special 15 april 2015

New base 731 special 18 november 2015
New base 731 special  18 november 2015New base 731 special  18 november 2015
New base 731 special 18 november 2015Khaled Al Awadi
 
New base special 14 january 2014 p art 1
New base special  14 january 2014 p art 1New base special  14 january 2014 p art 1
New base special 14 january 2014 p art 1Khaled Al Awadi
 
New base special 14 january 2014
New base special  14 january 2014New base special  14 january 2014
New base special 14 january 2014Khaled Al Awadi
 
New base 780 special 04 februaury 2016
New base 780 special 04 februaury 2016New base 780 special 04 februaury 2016
New base 780 special 04 februaury 2016Khaled Al Awadi
 
New base energy news issue 855 dated 22 may 2016
New base energy news issue  855 dated 22 may 2016New base energy news issue  855 dated 22 may 2016
New base energy news issue 855 dated 22 may 2016Khaled Al Awadi
 
New base 534 special 05 february 2015
New base 534 special 05 february  2015New base 534 special 05 february  2015
New base 534 special 05 february 2015Khaled Al Awadi
 
New base 789 special 17 february 2016
New base 789 special 17 february 2016New base 789 special 17 february 2016
New base 789 special 17 february 2016Khaled Al Awadi
 
New base 778 special 02 februaury 2016 r2
New base 778 special 02 februaury 2016 r2New base 778 special 02 februaury 2016 r2
New base 778 special 02 februaury 2016 r2Khaled Al Awadi
 
Microsoft word new base 672 special 25 august 2015
Microsoft word   new base 672 special  25 august 2015Microsoft word   new base 672 special  25 august 2015
Microsoft word new base 672 special 25 august 2015Khaled Al Awadi
 
New base 827 special 11 april 2016
New base 827 special 11 april  2016New base 827 special 11 april  2016
New base 827 special 11 april 2016Khaled Al Awadi
 
New base energy news issue 947 dated 13 november 2016
New base energy news issue  947 dated 13 november 2016New base energy news issue  947 dated 13 november 2016
New base energy news issue 947 dated 13 november 2016Khaled Al Awadi
 
New base 784 special 10 februaury 2016
New base 784 special 10 februaury 2016New base 784 special 10 februaury 2016
New base 784 special 10 februaury 2016Khaled Al Awadi
 
New base 508 special 30 december 2014
New base 508 special  30 december  2014New base 508 special  30 december  2014
New base 508 special 30 december 2014Khaled Al Awadi
 
New base special 15 july 2014
New base special  15 july 2014New base special  15 july 2014
New base special 15 july 2014Khaled Al Awadi
 
New base 488 special 27 november 2014
New base 488 special  27 november  2014New base 488 special  27 november  2014
New base 488 special 27 november 2014Khaled Al Awadi
 
New base 05 june 2019 energy news issue 1250 by khaled al awadi
New base  05 june  2019  energy news issue   1250 by khaled al awadiNew base  05 june  2019  energy news issue   1250 by khaled al awadi
New base 05 june 2019 energy news issue 1250 by khaled al awadiKhaled Al Awadi
 
New base special 14 may 2014
New base special  14 may  2014New base special  14 may  2014
New base special 14 may 2014Khaled Al Awadi
 
New base 28 august 2021 energy news issue 1452 by khaled al awad i
New base  28 august  2021 energy news issue   1452  by khaled al awad iNew base  28 august  2021 energy news issue   1452  by khaled al awad i
New base 28 august 2021 energy news issue 1452 by khaled al awad iKhaled Al Awadi
 
New base 1058 special 04 august 2017 energy news
New base 1058 special 04 august 2017 energy newsNew base 1058 special 04 august 2017 energy news
New base 1058 special 04 august 2017 energy newsKhaled Al Awadi
 
NewBase 608 special 20 may 2015
NewBase 608 special 20 may 2015NewBase 608 special 20 may 2015
NewBase 608 special 20 may 2015Khaled Al Awadi
 

Similar to New base 583 special 15 april 2015 (20)

New base 731 special 18 november 2015
New base 731 special  18 november 2015New base 731 special  18 november 2015
New base 731 special 18 november 2015
 
New base special 14 january 2014 p art 1
New base special  14 january 2014 p art 1New base special  14 january 2014 p art 1
New base special 14 january 2014 p art 1
 
New base special 14 january 2014
New base special  14 january 2014New base special  14 january 2014
New base special 14 january 2014
 
New base 780 special 04 februaury 2016
New base 780 special 04 februaury 2016New base 780 special 04 februaury 2016
New base 780 special 04 februaury 2016
 
New base energy news issue 855 dated 22 may 2016
New base energy news issue  855 dated 22 may 2016New base energy news issue  855 dated 22 may 2016
New base energy news issue 855 dated 22 may 2016
 
New base 534 special 05 february 2015
New base 534 special 05 february  2015New base 534 special 05 february  2015
New base 534 special 05 february 2015
 
New base 789 special 17 february 2016
New base 789 special 17 february 2016New base 789 special 17 february 2016
New base 789 special 17 february 2016
 
New base 778 special 02 februaury 2016 r2
New base 778 special 02 februaury 2016 r2New base 778 special 02 februaury 2016 r2
New base 778 special 02 februaury 2016 r2
 
Microsoft word new base 672 special 25 august 2015
Microsoft word   new base 672 special  25 august 2015Microsoft word   new base 672 special  25 august 2015
Microsoft word new base 672 special 25 august 2015
 
New base 827 special 11 april 2016
New base 827 special 11 april  2016New base 827 special 11 april  2016
New base 827 special 11 april 2016
 
New base energy news issue 947 dated 13 november 2016
New base energy news issue  947 dated 13 november 2016New base energy news issue  947 dated 13 november 2016
New base energy news issue 947 dated 13 november 2016
 
New base 784 special 10 februaury 2016
New base 784 special 10 februaury 2016New base 784 special 10 februaury 2016
New base 784 special 10 februaury 2016
 
New base 508 special 30 december 2014
New base 508 special  30 december  2014New base 508 special  30 december  2014
New base 508 special 30 december 2014
 
New base special 15 july 2014
New base special  15 july 2014New base special  15 july 2014
New base special 15 july 2014
 
New base 488 special 27 november 2014
New base 488 special  27 november  2014New base 488 special  27 november  2014
New base 488 special 27 november 2014
 
New base 05 june 2019 energy news issue 1250 by khaled al awadi
New base  05 june  2019  energy news issue   1250 by khaled al awadiNew base  05 june  2019  energy news issue   1250 by khaled al awadi
New base 05 june 2019 energy news issue 1250 by khaled al awadi
 
New base special 14 may 2014
New base special  14 may  2014New base special  14 may  2014
New base special 14 may 2014
 
New base 28 august 2021 energy news issue 1452 by khaled al awad i
New base  28 august  2021 energy news issue   1452  by khaled al awad iNew base  28 august  2021 energy news issue   1452  by khaled al awad i
New base 28 august 2021 energy news issue 1452 by khaled al awad i
 
New base 1058 special 04 august 2017 energy news
New base 1058 special 04 august 2017 energy newsNew base 1058 special 04 august 2017 energy news
New base 1058 special 04 august 2017 energy news
 
NewBase 608 special 20 may 2015
NewBase 608 special 20 may 2015NewBase 608 special 20 may 2015
NewBase 608 special 20 may 2015
 

More from Khaled Al Awadi

NewBase 02 May 2024 Energy News issue - 1721 by Khaled Al Awadi.pdf
NewBase   02 May  2024  Energy News issue - 1721 by Khaled Al Awadi.pdfNewBase   02 May  2024  Energy News issue - 1721 by Khaled Al Awadi.pdf
NewBase 02 May 2024 Energy News issue - 1721 by Khaled Al Awadi.pdfKhaled 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
 

More from Khaled Al Awadi (20)

NewBase 02 May 2024 Energy News issue - 1721 by Khaled Al Awadi.pdf
NewBase   02 May  2024  Energy News issue - 1721 by Khaled Al Awadi.pdfNewBase   02 May  2024  Energy News issue - 1721 by Khaled Al Awadi.pdf
NewBase 02 May 2024 Energy News issue - 1721 by Khaled Al Awadi.pdf
 
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...
 

Recently uploaded

Lundin Gold April 2024 Corporate Presentation v4.pdf
Lundin Gold April 2024 Corporate Presentation v4.pdfLundin Gold April 2024 Corporate Presentation v4.pdf
Lundin Gold April 2024 Corporate Presentation v4.pdfAdnet Communications
 
Interimreport1 January–31 March2024 Elo Mutual Pension Insurance Company
Interimreport1 January–31 March2024 Elo Mutual Pension Insurance CompanyInterimreport1 January–31 March2024 Elo Mutual Pension Insurance Company
Interimreport1 January–31 March2024 Elo Mutual Pension Insurance CompanyTyöeläkeyhtiö Elo
 
(DIYA) Bhumkar Chowk Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...
(DIYA) Bhumkar Chowk Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...(DIYA) Bhumkar Chowk Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...
(DIYA) Bhumkar Chowk Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...ranjana rawat
 
The Economic History of the U.S. Lecture 19.pdf
The Economic History of the U.S. Lecture 19.pdfThe Economic History of the U.S. Lecture 19.pdf
The Economic History of the U.S. Lecture 19.pdfGale Pooley
 
VVIP Pune Call Girls Katraj (7001035870) Pune Escorts Nearby with Complete Sa...
VVIP Pune Call Girls Katraj (7001035870) Pune Escorts Nearby with Complete Sa...VVIP Pune Call Girls Katraj (7001035870) Pune Escorts Nearby with Complete Sa...
VVIP Pune Call Girls Katraj (7001035870) Pune Escorts Nearby with Complete Sa...Call Girls in Nagpur High Profile
 
The Economic History of the U.S. Lecture 18.pdf
The Economic History of the U.S. Lecture 18.pdfThe Economic History of the U.S. Lecture 18.pdf
The Economic History of the U.S. Lecture 18.pdfGale Pooley
 
The Economic History of the U.S. Lecture 17.pdf
The Economic History of the U.S. Lecture 17.pdfThe Economic History of the U.S. Lecture 17.pdf
The Economic History of the U.S. Lecture 17.pdfGale Pooley
 
VIP Call Girls Service Dilsukhnagar Hyderabad Call +91-8250192130
VIP Call Girls Service Dilsukhnagar Hyderabad Call +91-8250192130VIP Call Girls Service Dilsukhnagar Hyderabad Call +91-8250192130
VIP Call Girls Service Dilsukhnagar Hyderabad Call +91-8250192130Suhani Kapoor
 
Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...
Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...
Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...ssifa0344
 
call girls in Nand Nagri (DELHI) 🔝 >༒9953330565🔝 genuine Escort Service 🔝✔️✔️
call girls in  Nand Nagri (DELHI) 🔝 >༒9953330565🔝 genuine Escort Service 🔝✔️✔️call girls in  Nand Nagri (DELHI) 🔝 >༒9953330565🔝 genuine Escort Service 🔝✔️✔️
call girls in Nand Nagri (DELHI) 🔝 >༒9953330565🔝 genuine Escort Service 🔝✔️✔️9953056974 Low Rate Call Girls In Saket, Delhi NCR
 
Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...
Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...
Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...Pooja Nehwal
 
Russian Call Girls In Gtb Nagar (Delhi) 9711199012 💋✔💕😘 Naughty Call Girls Se...
Russian Call Girls In Gtb Nagar (Delhi) 9711199012 💋✔💕😘 Naughty Call Girls Se...Russian Call Girls In Gtb Nagar (Delhi) 9711199012 💋✔💕😘 Naughty Call Girls Se...
Russian Call Girls In Gtb Nagar (Delhi) 9711199012 💋✔💕😘 Naughty Call Girls Se...shivangimorya083
 
VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...
VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...
VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...Suhani Kapoor
 
Dividend Policy and Dividend Decision Theories.pptx
Dividend Policy and Dividend Decision Theories.pptxDividend Policy and Dividend Decision Theories.pptx
Dividend Policy and Dividend Decision Theories.pptxanshikagoel52
 
Call Girls In Yusuf Sarai Women Seeking Men 9654467111
Call Girls In Yusuf Sarai Women Seeking Men 9654467111Call Girls In Yusuf Sarai Women Seeking Men 9654467111
Call Girls In Yusuf Sarai Women Seeking Men 9654467111Sapana Sha
 
Q3 2024 Earnings Conference Call and Webcast Slides
Q3 2024 Earnings Conference Call and Webcast SlidesQ3 2024 Earnings Conference Call and Webcast Slides
Q3 2024 Earnings Conference Call and Webcast SlidesMarketing847413
 
letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...
letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...
letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...Henry Tapper
 
Independent Lucknow Call Girls 8923113531WhatsApp Lucknow Call Girls make you...
Independent Lucknow Call Girls 8923113531WhatsApp Lucknow Call Girls make you...Independent Lucknow Call Girls 8923113531WhatsApp Lucknow Call Girls make you...
Independent Lucknow Call Girls 8923113531WhatsApp Lucknow Call Girls make you...makika9823
 
Stock Market Brief Deck for 4/24/24 .pdf
Stock Market Brief Deck for 4/24/24 .pdfStock Market Brief Deck for 4/24/24 .pdf
Stock Market Brief Deck for 4/24/24 .pdfMichael Silva
 

Recently uploaded (20)

Lundin Gold April 2024 Corporate Presentation v4.pdf
Lundin Gold April 2024 Corporate Presentation v4.pdfLundin Gold April 2024 Corporate Presentation v4.pdf
Lundin Gold April 2024 Corporate Presentation v4.pdf
 
Interimreport1 January–31 March2024 Elo Mutual Pension Insurance Company
Interimreport1 January–31 March2024 Elo Mutual Pension Insurance CompanyInterimreport1 January–31 March2024 Elo Mutual Pension Insurance Company
Interimreport1 January–31 March2024 Elo Mutual Pension Insurance Company
 
(DIYA) Bhumkar Chowk Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...
(DIYA) Bhumkar Chowk Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...(DIYA) Bhumkar Chowk Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...
(DIYA) Bhumkar Chowk Call Girls Just Call 7001035870 [ Cash on Delivery ] Pun...
 
The Economic History of the U.S. Lecture 19.pdf
The Economic History of the U.S. Lecture 19.pdfThe Economic History of the U.S. Lecture 19.pdf
The Economic History of the U.S. Lecture 19.pdf
 
VVIP Pune Call Girls Katraj (7001035870) Pune Escorts Nearby with Complete Sa...
VVIP Pune Call Girls Katraj (7001035870) Pune Escorts Nearby with Complete Sa...VVIP Pune Call Girls Katraj (7001035870) Pune Escorts Nearby with Complete Sa...
VVIP Pune Call Girls Katraj (7001035870) Pune Escorts Nearby with Complete Sa...
 
The Economic History of the U.S. Lecture 18.pdf
The Economic History of the U.S. Lecture 18.pdfThe Economic History of the U.S. Lecture 18.pdf
The Economic History of the U.S. Lecture 18.pdf
 
The Economic History of the U.S. Lecture 17.pdf
The Economic History of the U.S. Lecture 17.pdfThe Economic History of the U.S. Lecture 17.pdf
The Economic History of the U.S. Lecture 17.pdf
 
VIP Call Girls Service Dilsukhnagar Hyderabad Call +91-8250192130
VIP Call Girls Service Dilsukhnagar Hyderabad Call +91-8250192130VIP Call Girls Service Dilsukhnagar Hyderabad Call +91-8250192130
VIP Call Girls Service Dilsukhnagar Hyderabad Call +91-8250192130
 
Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...
Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...
Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...
 
call girls in Nand Nagri (DELHI) 🔝 >༒9953330565🔝 genuine Escort Service 🔝✔️✔️
call girls in  Nand Nagri (DELHI) 🔝 >༒9953330565🔝 genuine Escort Service 🔝✔️✔️call girls in  Nand Nagri (DELHI) 🔝 >༒9953330565🔝 genuine Escort Service 🔝✔️✔️
call girls in Nand Nagri (DELHI) 🔝 >༒9953330565🔝 genuine Escort Service 🔝✔️✔️
 
Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...
Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...
Independent Call Girl Number in Kurla Mumbai📲 Pooja Nehwal 9892124323 💞 Full ...
 
Russian Call Girls In Gtb Nagar (Delhi) 9711199012 💋✔💕😘 Naughty Call Girls Se...
Russian Call Girls In Gtb Nagar (Delhi) 9711199012 💋✔💕😘 Naughty Call Girls Se...Russian Call Girls In Gtb Nagar (Delhi) 9711199012 💋✔💕😘 Naughty Call Girls Se...
Russian Call Girls In Gtb Nagar (Delhi) 9711199012 💋✔💕😘 Naughty Call Girls Se...
 
VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...
VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...
VIP Call Girls LB Nagar ( Hyderabad ) Phone 8250192130 | ₹5k To 25k With Room...
 
Dividend Policy and Dividend Decision Theories.pptx
Dividend Policy and Dividend Decision Theories.pptxDividend Policy and Dividend Decision Theories.pptx
Dividend Policy and Dividend Decision Theories.pptx
 
Call Girls In Yusuf Sarai Women Seeking Men 9654467111
Call Girls In Yusuf Sarai Women Seeking Men 9654467111Call Girls In Yusuf Sarai Women Seeking Men 9654467111
Call Girls In Yusuf Sarai Women Seeking Men 9654467111
 
Q3 2024 Earnings Conference Call and Webcast Slides
Q3 2024 Earnings Conference Call and Webcast SlidesQ3 2024 Earnings Conference Call and Webcast Slides
Q3 2024 Earnings Conference Call and Webcast Slides
 
letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...
letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...
letter-from-the-chair-to-the-fca-relating-to-british-steel-pensions-scheme-15...
 
Independent Lucknow Call Girls 8923113531WhatsApp Lucknow Call Girls make you...
Independent Lucknow Call Girls 8923113531WhatsApp Lucknow Call Girls make you...Independent Lucknow Call Girls 8923113531WhatsApp Lucknow Call Girls make you...
Independent Lucknow Call Girls 8923113531WhatsApp Lucknow Call Girls make you...
 
Stock Market Brief Deck for 4/24/24 .pdf
Stock Market Brief Deck for 4/24/24 .pdfStock Market Brief Deck for 4/24/24 .pdf
Stock Market Brief Deck for 4/24/24 .pdf
 
Veritas Interim Report 1 January–31 March 2024
Veritas Interim Report 1 January–31 March 2024Veritas Interim Report 1 January–31 March 2024
Veritas Interim Report 1 January–31 March 2024
 

New base 583 special 15 april 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 15 April 2015 - Issue No. 583 Khaled Al Awadi NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE Yemen LNG Halts Production as Total pulls out News age + NewBase Yemen LNG has stopped all production and exports amid deteriorating security situation in the region, news agency Bloomberg reported Tuesday. “Due to further degradation of the security situation in the vicinity of Balhaf, Yemen LNG has decided to stop all LNG producing and exporting operations and start evacuation of the site personnel,” the news agency quoted from a statement released by the company. “The plant will remain in a preservation mode.” Fighters seized posts outside the city of Balhaf in southeastern Yemen near the plant after soldiers fled, Bloomberg quoted Abu Bakr al-Awlaki, a local resident, as saying. The plant has a capacity of 6.7 million metric tons a year. The reserves within the Marib area which are currently dedicated to the LNG project include 9.15 trillion cubic feet (TCF) of proven reserves. The project has three long-term sales contracts with GDF Suez SA, Korea Gas Corp. and Total SA. France’s Total, the last foreign oil company operating in Yemen, said on Tuesday that it had halted operations at its gas exporting plant because of the worsening security situation. The liquefied natural gas plant at Balhaf, located on the coast 400 kilometres east of Aden, will go into “preservation mode” until the situation improves sufficiently to allow normal operations to resume, Total said. On Tuesday, three weeks into an offensive by a Saudi Arabian-led coalition against Iran-backed Houthi rebels, Saudi Arabia moved additional tanks, artillery units and troops to its border with Yemen, according to newswire reports.
  • 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 The coalition action has so far involved air strikes against the rebels, who have taken control of large parts of the country and forced the president Abdrabu Mansur Hadi to flee. The LNG plant has a capacity to process nearly 7 million tonnes a year of gas sourced from the Marib area. The operator Total has a share of just under 40 per cent in the Yemen LNG Company. Total’s Dubai-based Middle East spokesman said: “We have been informed by Yemen LNG that, due to the further deterioration in the security situation around Balhaf, Yemen LNG has decided to further reduce its staff and put the plant into preservation mode. Consequently production has been stopped.” The plant will, for the time being, be looked after only by local staff. The statement added: “Only essential staff required to maintain the assets at Balhaf in this mode are remaining on site. No expatriate personnel remain on site.” Other shareholders include Hunt Oil, with about 17 per cent, four Korean companies – Samwhan, Korea National Oil, Kogas and Hyundai – collectively own just over 20 per cent, with Yemen Gas and a Yemeni civil service pension fund holding about 17 per cent and 5 per cent, respectively. Yemen recently began producing natural gas at a rate of about 300 billion cubic feet a year, with 90 per cent of that exported via the Balhaf LNG terminal. Yemeni LNG gas exports account for less than 3 per cent of the global seaborne gas trade and the disruption comes at a time of LNG glut, so is unlikely to have any price effect on the market. Although oil exports have declined by nearly two-thirds since the turn of the century, oil and gas exports remain important to the country, making up almost 90 per cent of export revenues and two-thirds of government revenues. Other foreign companies that had been operating in Yemen before recent evacuations include DNO, which is 42.8 per cent owned by RAK Petroleum, OMV, part-owned by Ipic, as well as Occidental Petroleum, China’s Nexen and Korea National Oil.
  • 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 India: Swiber Holdings secure EPIC contract in India Singapore’s Swiber Holdings Limited has secured a US$133 million contract, the third major award in India in the last three months, for Engineering, Procurement, Installation and Construction (EPIC) services in India. The project by the same national oil company which awarded Swiber two major contracts in February and March, involves surveys (pre-engineering, pre-construction/pre-installation and post- installation) design, engineering, procurement, fabrication, installation, and commissioning of six pipelines totaling to 60km, connecting it to existing pipelines, modification and repair of platforms and jackets. This fast track project is scheduled for completion by second quarter of 2016. With the latest contract, the Group’s order book stands at close to US$2 billion including US$435.6 million new contracts announced last month, a US$710 million offshore field development project in West Africa last December and a US$310 million contract from the same client in February. Group Chief Executive Officer and President Francis Wong said: “To have the same client come back to us repeatedly demonstrates Swiber’s understanding of our client and the market, and our ability to bring the Group’s resources to bear to meet our client’s needs. “We are optimistic about prospects in our target markets despite the fall in oil price and the cutbacks in capital expenditure by some of the oil majors. We believe that our strategy of establishing long-term relationships with clients and suppliers has put us in good stead for a time like this.”
  • 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 Thailand: KrisEnergy Strikes Oil, Gas in Gulf of Thailand KrisEnergy + NewBase KrisEnergy has struck oil and gas at the Rossukon-3 exploration well in G6/48 in the Gulf of Thailand. Rossukon-3 was drilled to a total depth of 7,497 feet (2,285 metres). Preliminary interpretation of well logs indicates that the well intersected approx. 75 feet true vertical depth (TVD) of net oil-bearing sandstones and 49 feet TVD of net gas-bearing sandstones over several reservoir intervals, KrisEnergy said. Water depth at the Rossukon-3 location is 208 feet. The well lies 1.9 km west of the Rossukon-2 surface location and 1.8 km northwest of the original Rossukon-1 discovery well, drilled in 2009. Rossukon-3 will be plugged back and the G6/48 partners have agreed to immediately begin drilling the Rossukon-3ST sidetrack exploration well. G6/48 covers 566 sq km over the Karawake Basin and lies to the north of the G10/48 licence, where KrisEnergy is developing the Wassana oil field. KrisEnergy took over operatorship of G6/48 in May 2014. The company holds a 30 percent working interest in the concession and is partnered by Northern Gulf Petroleum with 40 percent and Mubadala Petroleum with 30 percent.
  • 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 Malaysia: Lundin First oil flows from Bertam field Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Malaysia BV (Lundin Malaysia) has achieved first oil from the Bertam field on April 5, 2015. The Bertam field has begun production from four pre-drilled development wells. The remaining production wells will be drilled sequentially and put on-stream through the remainder of 2015, with the field’s gross plateau rate of 15,000 barrels of oil per day expected to be achieved by late 2015. The Bertam field is located on Block PM307, offshore the eastern side of Peninsular Malaysia. Lundin Malaysia is the operator with a 75 percent working interest and PETRONAS Carigali is partner with a 25 percent working interest. The Bertam field has been developed with a wellhead platform adjacent to a spread-moored FPSO in a water depth of 75 metres. The Plan of Development for the Bertam field was approved by PETRONAS in September 2013, with first oil having been achieved within 18 months from approval of the Plan of Development. This is Lundin Petroleum’s third project to be put into production over the last four months and with the Edvard Grieg field coming on-stream during the fourth quarter 2015, the Company remains on track to achieve a 2015 exit production rate of in excess of 75,000 barrels of oil equivalent per day, the company said in a statement. Ashley Heppenstall, President and CEO of Lundin Petroleum said: “Bertam is our first development project in Malaysia and as such we are very pleased to have achieved first oil safely, on schedule and within budget. The Bertam project is an excellent example of how fast-track projects can be developed through close collaboration between ourselves, PETRONAS Carigali, PETRONAS and our contractors”
  • 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 Oil Price Drop Special Coverage Oil Rises for 5th Day as Iran Joins Call for OPEC Production Cut & over US production dip Oil prices rose today Wednesday April 2015 15th after signs of a dip in US production, but gains were capped by Chinese quarterly growth slowing to a six-year low. Front-month Brent crude futures were trading up 47 cents at $58.90 a barrel by 0310 GMT, while US crude was up 28 cents at $53.57. In the United States, North Dakota's February oil production fell 15,000 barrels per day (bpd) versus January, although the number of producing wells hit a record high. This followed a US Energy Information Administration (EIA) report forecasting US shale production would fall by 45,000 bpd to 4.98 million bpd in May, which would be the first monthly decline in four years. Analysts said the US figures were pushing prices up. "We expect Brent Jun'15 and WTI Jun'15 to end today breaking resistance of $60.3 and $55.34 (per barrel)," Phillip Futures said. But the slowing Chinese economy prevented prices from rising further. On a quarterly basis, China's economic growth slowed to 1.3 per cent between January and March after seasonal adjustments, the National Bureau of Statistics said on Wednesday, compared with growth of 1.5 per cent in the previous three months. March factory output rose 5.6 per cent from a year earlier, below the 6.9 per cent seen in a Reuter’s poll and its lowest level since the global financial crisis in 2008. Despite its slowing growth, China's implied oil demand in March rose 7.6 per cent from a year earlier to 10.53 million barrels per day (bpd), according to Reuters' calculations based on government data.
  • 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 Oil advanced for a fifth day as Iran joined Libya in calling for the Organization of Petroleum Exporting Countries to reduce production. Futures climbed as much as 0.9 percent in New York in the longest rising streak in three weeks. OPEC should cut “at least 5 percent” of its output quota, Iranian Oil Minister Bijan Namdar Zanganeh said Tuesday. U.S. President Barack Obama agreed to accept compromise legislation after it became clear that Democratic lawmakers would join with Republicans in demanding a say on the nuclear deal with the government in Tehran. Oil is gaining amid speculation that OPEC members are splitting with Saudi Arabia in maintaining supply as a global glut that drove prices down by almost half in 2014 shows no signs of easing. U.S. crude inventories are forecast to have expanded further from a record last week, according to a Bloomberg survey before a government report Wednesday. “It’s really which direction the Saudis want the organization to go that will be the key,” David Lennox, a resource analyst at Fat Prophets in Sydney, said by phone. “We need to see a good cut to production for prices to surge and the only entity that has the ability to do that in one hit is OPEC.” West Texas Intermediate for May delivery increased as much as 47 cents to $53.76 a barrel in electronic trading on the New York Mercantile Exchange and was at $53.62 at 2:15 p.m. Singapore time. The contract advanced $1.38 to $53.29 on Tuesday, the highest close in a week. Total volume was about 39 percent below the 100-day average. Prices are up 0.7 percent this year. Oil Drillers Brent for May settlement, which expires Wednesday, climbed as much as 57 cents, or 1 percent, to $59 a barrel on the London-based ICE Futures Europe exchange. It rose 50 cents to $58.43 on Tuesday. The more active June contract was 46 cents higher at $60.27. Prices are also rising after the U.S. Energy Information Administration predicted output from shale formations such as North Dakota’s Bakken will fall 57,000 barrels a day in May, the first time a decline has been forecast since it began reporting monthly data in 2013. “The question on everyone’s mind was would we see it in the second or third quarter, and I’m not surprised it’s happening in the earlier part of that range,” said David Pitts, the chief financial officer at Carrizo Oil & Gas Inc., a Houston-based producer.
  • 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 Rig operators Ensco Plc and Diamond Offshore Drilling Inc. led oilfield stocks to the top five spots in the Standard & Poor’s 500 Index on Tuesday amid speculation that the expected drop in production hints at an eventual price rally. OPEC Output Zanganeh’s comments at a briefing in Tehran, reported by the ministry’s news agency Shana, indicated that Iran is seeking a minimum output cut of 1.5 million barrels a day. Samir Kamal, Libya’s representative to OPEC, on April 9 said OPEC should reduce by 800,000 barrels a day to accommodate a potential rebound in Iranian exports. Saudi Arabia, the world’s biggest crude exporter, in November led a group decision to maintain collective quotas at 30 million a day, ignoring calls to cut supply even as U.S. production surged to a record. OPEC’s 12 members, which pump about 40 percent of the world’s oil, are scheduled to meet June 5 in Vienna. The Obama administration Tuesday signaled it would give lawmakers a chance to review a nuclear agreement with Iran before deciding whether to lift sanctions. A framework accord announced April 2 with world powers could offer the Persian Gulf nation relief from penalties that have cut its oil exports by half since mid-2012. U.S. Stockpiles Crude stockpiles probably expanded by 3.6 million barrels in the week ended April 10, according to the median estimate in the Bloomberg survey of 10 analysts before the EIA report. Supplies have increased for 13 weeks to 482.4 million, the highest level in records compiled by the Energy Department’s statistical arm since August 1982. Inventories gained by 2.6 million barrels, the industry-funded American Petroleum Institute in Washington reported Tuesday, according to a person familiar with the data. The U.S. is the world’s largest oil consumer and will account for about a fifth of global demand this year, according to projections from the Paris-based International Energy Agency.
  • 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 Oil price could recover to $70 per barrel by year end - Fitch Reuters + NewBase Crude oil prices could rise quickly in the second half of the year and may reach $70 per barrel by the end of 2015 as U.S. shale production tapers and seasonal variations increase demand, a top analyst at ratings agency Fitch said on Tuesday. Alex Griffiths, the head of oil and gas research at Fitch, said it might take several years for oil to reach $80 -- the price level where supply and demand is seen as balanced based on current production costs. "We see U.S. shale oil as reacting most quickly to balancing the supply with demand," Griffiths told Reuters on the sidelines of a conference in Oslo. "You essentially need shale to slow down, not drop, because demand for oil, like all commodities, is growing. Production got slightly ahead of where it needs to be, so it's not a huge correction you need." Brent crude was trading at some $58 a barrel on Tuesday, off lows registered earlier in the year, but still down by around a half from last June, making many new oil developments unprofitable and forcing producers, particularly in the U.S. shale market, to slash capital spending. "Whichever way the price goes, there will certainly be multiple bounces and overshoots in both directions," Griffiths said. "We think fundamentals justify $80, because that's the marginal cost, but markets can move away from the marginal costs for a period. "We're talking about relatively rapid recovery later this year as shale production flattens out. There's also a traditional seasonal demand pick up of about 1.5 million barrels per day from Q2 to Q3," Griffiths said. The U.S. Energy Information Administration said on Monday that it expected U.S. shale production to fall by 45,000 barrels per day (bpd) to 4.98 million bpd in May -- the first such monthly decline in more than four years. Oil prices have fallen sharply as both OPEC and U.S. production has exceeded forecasts while consumption has failed to meet projections, particularly due to slower Chinese growth.
  • 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 US shale oil rolling ball, turns to output fall BLOOMBERG + NEWBASE The shale oil boom that pushed US crude production to the highest level in four decades is grinding to a halt. Output from the prolific tight-rock formations such as North Dakota’s Bakken shale will decline 57,000 barrels a day in May, the Energy Information Administration said Monday. It’s the first time the agency has forecast a drop in output since it began issuing a monthly drilling productivity report in 2013. Deutsche Bank AG, Goldman Sachs Group Inc. and IHS Inc. have projected that US oil production growth will end, at least temporarily, with futures near a six-year low. The plunge in prices has already forced half the country’s drilling rigs offline and wiped out thousands of jobs. The retreat in America’s oil boom is necessary to correct a supply glut and rebalance global oil markets, according to Goldman. “We’re going off an inevitable cliff” because of the shrinking rig counts, Carl Larry, head of oil and gas for Frost & Sullivan LP, said by phone from Houston on Monday. “The question is how fast the decline is going to go. If it’s fast, if it’s steep, there could be a big jump in the market.” West Texas Intermediate crude for May delivery climbed 27 cents Monday to settle at $51.91 a barrel on the New York Mercantile Exchange. Prices are down 50 per cent from a year ago. The decline in domestic production will come just as US refineries start processing more oil following seasonal maintenance, easing the biggest glut since 1930. The withdrawal from US oil stockpiles is expected to bring relief to a market that’s seen prices drop by more than $50 a barrel since June. Temporary Relief The relief may prove temporary as US drillers are building a backlog of drilled wells that they plan to hydraulically fracture and place into service as soon as prices rebound. Analysts including Wood Mackenzie Ltd. have estimated that the inventory has grown to more than 3,000 uncompleted wells. “US production can return quickly with any price recovery,” Adam Longson, an analyst at Morgan Stanley in New York, said in an April 13 research note. “A backlog of uncompleted wells, falling
  • 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 service costs, hedging opportunities and plenty of capital on the sidelines should all support investment, perhaps more than the market expects.” The EIA’s May production forecasts cover the yield from major plays that together accounted for 90 per cent of domestic output growth from 2011 to 2012. Regional Output Output from the Eagle Ford in Texas, the second-largest oilfield in the US, is expected to fall 33,000 barrels a day in May to 1.69 million. Production in the Bakken region of North Dakota will decline 23,000 to 1.3 million, the EIA said. Yield from the Permian Basin in West Texas and New Mexico, the largest US oilfield, will continue to rise, by 11,000 barrels a day to 1.99 million. The EIA’s oil-production estimates are based on the number of rigs drilling in each play and estimates on how productive they are. The numbers of oil rigs in service across the country slid 42 last week to 760, the fewest since December 2010, Houston-based field Services Company Baker Hughes Inc. said. Deutsche Bank forecast in a research note last week that production in May will mark “an important inflection point for the US oil market.” Advances in oil-drilling technologies are no longer enough to offset the rigs being idled by US producers, Paul Horsnell, global head of commodities research at Standard Chartered Plc in London, said in an April 13 research note. Shale production is probably already falling, with total US output set to shrink by 70,000 barrels a day from May to June, he said. “The deceleration in US output has been greater than the market is currently pricing in,” Horsnell said in the report. “Global rebalancing is in full swing.” Shale drillers will see production drop sooner than expected under a U.S. government forecast, a momentum change that hints at an eventual price rally. Just five months after Saudi Arabia put the market into a tailspin by refusing to cut supply despite a global glut, the shale oil industry will record its first monthly dip since U.S. officials began weighing output in 2013. The projected production drop is small, just 1 percent. Yet investors took note, pushing oilfield stocks to the top five spots in the Standard & Poor’s 500 Index on Tuesday, led by rig operators Ensco Plc and Diamond Offshore Drilling Inc. The decline lags the idling of rigs because of a backlog of already-drilled wells that have gradually been coming online. “OPEC’s plan is playing out and price is correcting the oversupply,” said Michael Scialla, an analyst at Stifel Nicolaus & Co. in Denver, in a telephone interview. West Texas Intermediate crude, the U.S. benchmark, climbed 3 percent to $53.47 a barrel at 2:03 p.m. in New York, extending the rising streak to a fourth trading session. Shale fields make up about half of total U.S. production, which will continue growing this year and next, rising to 10.3 million barrels a day in 2025, according to a new longterm forecast by the Energy Department Tuesday.
  • 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 Crude lost almost 60 percent of its value since late June, making some shale fields unprofitable to develop and forcing companies to cut back exploration prospects. Oil explorers were forced to shut down more than half the rigs drilling for crude in the U.S. since the Saudi statement in November, and canceled expansion plans to conserve cash. ‘Hyperbolic Decline’ “The question on everyone’s mind was would we see it in the second or third quarter, and I’m not surprised it’s happening in the earlier part of that range,” said David Pitts, chief financial officer at Houston-based producer Carrizo Oil & Gas Inc. Wells extracting oil from dense shale rock experience “hyperbolic decline rates,” Pitts said by telephone. Comstock Resources Inc. halted all crude drilling at the start of the year and expects the oil production decline to begin in its third-and fourth-quarter results, said Gary Guyton, the Frisco, Texas-based company’s director of planning. “Shale is a treadmill, so if you’re not drilling, you’re not producing,” Guyton said in a telephone interview. Overall, the production decline “might not be hugely significant but at least it won’t be growing.” The flexibility to ramp operations up and down quickly makes shale fields especially attractive to oil companies coping with volatile fluctuations in world oil markets, said ConocoPhillips CEO Ryan Lance last week in an interview at Bloomberg headquarters in New York. Resilience Matters “We think we’re going into a world that’s going to be characterized by lower, gradually rising prices, but a lot of volatility,” Lance said. “When you have that volatility, what you want is the ability to be flexible and resilient and be able to flex your programs up and down.” Shale producers such as EOG Resources Inc. have been predicting U.S. output would decline by the end of the year. In February, the Houston-based company said its own production would reach a nadir during the second and third quarters. Lance said he expected U.S. output to fall in the second half of the year, helping prices to recover to as high as $80 a barrel in the next three years. “There is a supply response happening. You don’t see it in the first half of the year because of the investments that we made over the last two years,” he said. “The reductions in capital that the industry has made are substantial. That’s going to start to materialize in the back half of this year.” OPEC Role Saudi Arabia, the dominant member of the Organization of Petroleum Exporting Countries, squelched efforts by some in the cartel to curb output in November, accelerating a fall in oil prices prompted by oversupplies. Saudi crude has been displaced from some U.S. markets as the flood of domestic shale oil offered refiners a cheaper alternative.
  • 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 The five major U.S. shale oil regions will pump an average of 5.561 million barrels a day in May, down from this month’s estimated 5.618 million, the Energy Department said in a report released Monday. The Niobrara formation northeast of Denver will lead the decline with a 3.3 percent drop, according to the Energy Department in Washington. In the Niobrara formation, which lies beneath northeast Colorado and the edges of Kansas and Wyoming, the production fall-off will be sharper than in other regions because explorers were quicker to idle rigs, said Andrew Cosgrove, an analyst at Bloomberg Intelligence. Compared to other shale-oil areas, individual wells in the Niobrara don’t produce as much crude, reducing profitability, he said. Hedge Help The two biggest operators in the Niobrara -- Anadarko Petroleum Corp. and Noble Energy Inc. -- have been slowing activity and deferring work, according to Scialla, the Stifel Nicolaus analyst. Only one of the primary producers in the formation -- Denver-based PDC Energy Inc. -- hasn’t slowed down, and that’s because they locked in cash flow prior to the oil market’s crash with financial instruments called hedges, Scialla said in a telephone interview. “The Niobrara wells are cheaper and shallower than in the other shale plays but they’re not as prolific either,” he said. “They cost about half as much as a typical well in the Eagle Ford or the Bakken but they also only produce about half as much.” Permian Rising After the Niobrara, the Eagle Ford shale in Texas and the Bakken formation in North Dakota will register the next biggest month-over-month production declines in May, with 1.9 percent and 1.7 percent, respectively. In the other two major U.S. shale oil regions -- the Permian in Texas and the Utica in Ohio -- output is expected to rise in May, the Energy Department said. Explorers will be cautious about resuming their old pace of drilling out of fear that rising production would deflate prices again, Carrizo’s Pitts said. “There would have to be a pretty significant bump up in prices for people to start picking up rigs again,” Pitts said.
  • 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 Oil & Gas Security Summit to address issues in Dubai 18-19 May Senior security officers from the oil and gas sector will gather in order to address various security issues faced by the industry at a summit next month in Dubai, UAE. The 4th Gulf and Middle East Oil & Gas Security 2015 Summit organised by the International Research Networks, a leading business intelligence group, will take place on May 18 and 19, at the Raffles Hotel. Risk, security and HSE leaders from Qatar Petroleum, Premier Oil, Kuwait Oil Company, Petrofac- Saudi Aramco, ADCO, Total, Lukoil, GE Levant-Turkey, Baker Hughes, DNO, Schneider Electric, Maersk Oil, the Ministry of Defense of Pakistan and Petroleb amongst others will share vital information based on their vast experience in the field with industry peers at this discreet forum, said a statement. Following Operation Decisive Storm which commenced in Yemen on March 25, a new case study has been added to the two-day agenda, on how to maintain business activities under the shadow of the military intervention presented by Petrofac-Saudi Aramco’s country security manager. He will address the challenges in getting an accurate picture of the situation, managing priorities of stakeholders, clients and contractors, sharing security information without the causing panic and establishment of trigger points to increase security measures. With the Islamic State activities in the region taking a toll on local operations, two very topical sessions will cover case studies on how ABB managed to have uninterrupted operations in Iraq during the current insurgency and best methods for oil pipelines protection presented by ABB’s regional security manager and ADCO’s Fire/Tactical Response team leader respectively. The IT security provider for companies in the Middle East, Global Security Network (GSN); the worldwide provider of critical communications solutions,
  • 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 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 15 April 2015 K. Al Awadi
  • 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
  • 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