SlideShare a Scribd company logo
1 of 16
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 22 September 2015 - Issue No. 692 Senior Editor Eng. Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Investing in research key to GCC fertilizer industry
growth: Al-Sowaidi
Gulf Times … Fertilizer capacity in the GCC region grew to 40.8mn tonnes in 2014, a 3.8%
increase over the previous year, earning revenues of $6.5bn, said Qatar Fertiliser Company
(Qafco) CEO Khalifa A al-Sowaidi.
Industry experts believe that the sector must evolve in traditional and new export markets to
realise its growth potential, he said, citing a report at the 6th Annual Gulf Petrochemical
Association (GPCA) Fertilizer Convention held in Dubai recently.
In his opening remarks at the convention, al-Sowaidi said, “The global fertilizer demand is
expected to rise in the next few years; so are the capacities across the world; so it is important
that GCC expands its product portfolio as well as invests in research in process and/or products.
w“It is vital that we focus more on innovation in product and technology to achieve optimum
production and stay ahead of our competitors.”
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
Commenting on the role of fertilizer producers in hunger alleviation, the Qafco CEO said, “Beyond
doubt, the fertilizer industry is playing a major role in overcoming the ever-alarming food security
challenge due to growing population and urbanisation by maintaining land fertility.
“Currently, 70-80% of the world’s food is produced
using fertilizers, and being a responsible fertilizer
manufacturer for more than four decades, Qafco is
aspiring to have a leadership role in producing high-
quality fertilizer, in a sustainable manner.”
Speaking on sustainability, one of the key themes of
the convention, al-Sowaidi said, “Adopting a
sustainable approach to fertilizer production is a fundamental pillar of the industry’s commitment to
sustainable agriculture and product stewardship. Efficient production of fertilizers via operational
improvements is the key towards improving fertilizer performance and efficiency, and in turn
supporting nutrient
efficiency.”
As part of Qafco’s
Corporate Social
Responsibility, the
company leverages its
influence among global
institutions to provide
opportunities for Qatari
youth to develop their
knowledge and have
firsthand experience with
the dynamics of the
fertilizer industry. Qafco
used the convention to
help Qatari students
from different universities
in Qatar gain insights
into the fertilizer industry.
The students got a
firsthand knowledge about the industry from the stalwarts of the fertilizer industry.
Al-Sowaidi said, “Our strategic Qatarisation plan enables us to support the educational sector
through partnerships and sponsorships, proactively supporting training and development of Qatari
students.”
Dr Hamed al-Marwani, Qafco chief administration officer, said, “By sponsoring some of our Qatari
students, we expect the students to have gained valuable experience by participating and
interacting with the stalwarts of the industry at the convention.”
Ibrahim A al-Jaidah, public relations manager, said, “It has been a fantastic experience to have
our students at the convention, and I hope they have had a lot to take back to their universities.”
The students represented different Qatari institutions like Qatar University, Texas A&M University
at Qatar (TAMUQ), College of North Atlantic- Qatar and Qatari graduate engineers studying in the
UK will be participating in the convention.
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
UAE: Offshore reserves to account for 50% of oil production
Gulf News
Off-shore reserves will account for approximately 50 per cent of the total oil production in Abu
Dhabi by 2018 as a result of continued investments in production capacity, experts said, as the
emirate gears up to host the Abu Dhabi International Petroleum Exhibition and Conference
(Adipec) in November.
Abu Dhabi National Oil
Company (Adnoc) is planning
$25 billion (Dh91.83 billion)
worth of investments in
offshore oil projects over the
next five years as part of the
UAE’s strategy to boost its
total oil output capacity to 3.5
million barrels per day (bpd) by
2017-18, up from the current
2.8 million bpd.
Currently, an estimated 40 per
cent of oil produced in Abu
Dhabi comes from offshore
reserves and this is expected
to rise to 50 per cent in the
next three years, Adipec
organisers said on Monday in
a statement. Globally, about 30 per cent of oil produced worldwide comes from offshore oil wells
and offshore resources are playing a greater role in supplying the rising demand for energy, with a
growing interest in the potential of deep water reserves.
According to figures from a 2014 report by Total, the deep offshore is believed to contain more
than 5 per cent — an estimated “300 billion barrels” — of the world’s liquid hydrocarbon
resources, or 12 per cent of total conventional oil resources.
In line with regional and global efforts to continue exploring and developing offshore production,
Adiepc will be launching a dedicated Offshore, Marine and Heavy Equipment Zone situated on the
waterfront at the Abu Dhabi National Exhibition Centre (Adnec), only 150 metres away from the
main exhibition floor. The new area will cover 8,000 gross square metres of space, with a jetty that
extends 500 metres long.
“Adipec is pleased to be the first oil and gas exhibition in the Mena [Middle East and North Africa]
region to dedicate an entire waterfront section to offshore, subsea and marine products and
services,” Ali Khalifa Al Shamsi, director of Strategy & Coordination at Adnoc and Adipex 2015
Chairman, said in a statement.
“The Offshore, Marine and Heavy Equipment Zone will allow exhibitors to showcase their sub-sea
and marine products and services in their native environment, a unique advantage that will offer
both participants and visitors a valuable experience,” he added. Adipec 2015 will take place from
November 9 to 12 this year, and is expected to host more than 2,000 exhibitors, 85,000 attendees
and 7,000 delegates.
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
Iraq: ShaMaran receives default notice from Atrush Block operator TAQA
Source: ShaMaran Petroleum
SHAMARAN PETROLEUM has announced that its wholly owned subsidiary, GENERAL
EXPLORATION PARTNERS (GEP), has received a Default Notice from the Operator of the
Atrush Block, TAQA ATRUSH, claiming that GEP has failed to pay its full participating interest
share of July and August cash calls pursuant to the Atrush Block Joint Operating Agreement (the
'JOA') between TAQA, GEP and MARATHON OIL KDV (MOKDV). MOKDV, the other non-
operating Atrush partner, has also received a similar Default Notice from TAQA.
GEP and TAQA are in disagreement as to the correct interpretation of participating interest share
of Atrush cash calls which are due and payable by GEP under the JOA and the Atrush Block
Production Sharing Contract (PSC). GEP has paid, and will continue to pay, all cash calls in full in
accordance with its participating interest.
GEP intends to respond to the Default Notice by providing TAQA with a written Notice of Dispute
in which GEP disputes that it is in default on the basis that it has paid in full its share of cash calls
in accordance with the terms of the JOA, and that TAQA has breached certain contractual and
equitable obligations under the JOA including implementing the terms of the PSC. GEP will seek
to recover all losses, costs, expenses, compensation and damages in law and equity caused
directly or indirectly by TAQA's breach of its contractual and equitable obligations as Operator and
will also take all available and necessary interim measures to protect its interests under the JOA
and the PSC.
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
UK: CNR announces report on the Economic Impact Assessment of Unerground coal
gasification in the UK
AIM-listed CLUFF NATURAL RESOURCES has announced the publication of an independent
report highlighting the potential economic benefits of the development of UNDERGROUND
COAL GASIFICATION ('UCG'), a proven industrial process which allows coal to be converted
into gas in-situ, in the UK.
The report has been
prepared by BIGGAR
ECONOMICS, a
leading UK
independent economic
consultancy. It sets out
the potential economic
impact and long term
benefits for the UK
economy of CLNR
DEVELOPING AN
INITIAL UCG
PROJECT AT ITS
KINCARDINE
LICENCE IN THE
FIRTH OF FORTH,
SCOTLAND, followed
by an additional seven
UCG projects across the UK. The report states that this could result in:
• Generation of £12.8 billion Gross Value Add ("GVA")¹ for the UK economy over the long
term through the direct and indirect impact of domestic projects and export sales
• Create an average of over 7,500 jobs, peaking at around 11,900 jobs
• The fuelling of a new generation of gas fired power stations with a total capacity of around
3,600 megawatts
• Safeguarding jobs in the chemicals sector, if used as feedstock for the chemicals industry
• Extensive supply chain and export opportunities for businesses across the UK
In relation to a sole UCG project at the Company's Kincardine licence, the report states that it
could generate a total benefit of around £603 million GVA and support an average of more than
350 jobs over the long term.
GVA measures the contribution to the economy of each individual producer, industry or sector in
the UK.
Algy Cluff, Chief Executive & Chairman commented:
'The findings of this report highlight the huge potential for the development of a UCG industry in
the UK. UCG has a vital role to play in the diversification of the UK's energy mix and its long term
security and this report demonstrates how the development of UCG would create significant
benefits for the UK economy.'
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
UCG Overview
The underground gasification process enables the extraction and the exploitation of energy from indigenous coal resources which
would otherwise be uneconomical or unsafe for conventional mining. The technique is best suited to coal seams deeper than 300
metres.
Underground Coal Gasification (‘UCG’) is an in-situ gasification process where underground coal seams are converted into
Synthesis Gas or ‘syngas’ through the injection of oxidants delivered via an injection well. This process, which recovers
approximately 70-95% of the coal’s energy, is controlled remotely and does not require human access or other costly infrastructure
in comparison with traditional mining methods.
In order to implement UCG a minimum of two boreholes (or wells) are drilled from the surface to intersect and pass into the coal
seam. A channel then connects the injection well which allows the gases to flow. This requires the wells to be as close together as
possible in order to create a natural link. Over the past twenty years significant technical advances have been made with respect
to in-seam drilling which has enabled the link to be established mechanically over long distances.
The coal seam is ignited and gasified, generating a syngas consisting of methane, hydrogen, carbon monoxide and carbon dioxide.
The standard, cleaned syngas can be used for power and heat generation, production of diesel fuels and jet fuels (GTL, gas to
liquids technology), fertilisers and chemical feedstock. Up to 100% of total carbon content can be removed from the raw syngas
stream, to be chemically shifted into pure hydrogen, which can be further used as a clean fuel with various applications to support
the Hydrogen economy.
The concept of UCG has existed for over 100 years and was applied on a large scale after World War II in the Soviet Union.
Development has accelerated in the last five years, particularly in Australia, South Africa and China. The major South African
company Eskom has been engineering and operating UCG pilot facilities since January 2007. Sasol is also operating commercial
surface gasifiers and has engineered UCG pilot facilities in Secunda. According to the World Coal Association, China has over 30
UCG projects in different phases of preparation.
Application of UCG technology considerably reduces the environmental impact of harnessing the energy value of coal. Disruption
to the surface is also significantly decreased in comparison to disruption caused by traditional extraction methods like opencast or
shaft mining. These factors are not only favourable to local communities but also to governments aiming to maximise a country’s
energy potential. UCG technology can also be applied to coal assets that would otherwise be unprofitable or too complicated to
extract through traditional mining methods. UCG therefore has the potential to unlock the value of Europe’s substantial
undeveloped coal resources.
UCG today is considered the safest, most environmentally friendly coal mining technique. Compared to conventional mining its
major advantages are the followings:
• No persons working underground;
• No stockpiles of coal and no coal dust;
• Minimal noise with no large trucks transporting and offloading coal;
• No ash handling on surface;
• Sulphur and other contaminant removal;
• Carbon Capture and Sequestration (CCS) ready;
• Minimal drilling as a production well lasts for several years;
• New workplaces on national resources that would otherwise be stranded.
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
India : GE chief plans India manufacturing drive
AFP + NewBase
GE chief executive Jeffrey Immelt said Monday he sees great opportunities in India as a
manufacturing destination, lending high-profile support to Prime Minister Narendra Modi’s “Make
in India” campaign. Speaking in New Delhi, Immelt said the world’s
biggest infrastructure group plans to ramp up its India manufacturing
activities with “significant” projects in the rail, power, oil and gas,
aviation and healthcare sectors.
Modi last year set out an ambitious plan to revive Indian industry by
wooing foreign companies with the promise of making it easier to do
business, to create 100 million jobs and raise the country’s global competitiveness. “In many ways
the opportunities in India are unique and give us the chance to grow our business in India maybe
more substantially than any place in the world,” Immelt said in an upbeat address. “It is a process
in India, it is never easy, (but) as time goes on we see great opportunities for a market this size.”
GE entered India in 1902 with the country’s first hydropower plant and already manufactures
goods ranging from aircraft engines and wind turbines to medical imaging machines and freight
trains. After meeting Modi the long-serving CEO, who has overseen projects in India for two
decades, said he felt confident that reforms long sought by businesses were on the right track.
“We want (India) to be easier to do business with. We believe that Prime Minister Modi’s vision is
the right vision and what we expect is just execution — better execution, more execution, faster
execution.” “But his vision for the country makes it much more investible and I think allows us to
think about the country for the long term.”
Modi’s government wants manufacturing to account for 25 percent of GDP by 2022, up from
today’s 16 percent, and so reduce reliance on agriculture which still accounts for almost half of all
employment.
“Make in India” has achieved a few notable successes including a $5 billion plan by Taiwanese
electronics firm Foxconn to build factories in the country and a pledge from GM (General Motors)
to invest $1 billion to create an auto manufacturing hub.
However the campaign still faces huge challenges including patchy and outdated infrastructure,
difficulties in acquiring land and an offputting tax and investment regime choked by red tape. GE
reported net profit of $15.2 billion in 2014, a 16 percent increase on the year before
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
Nigeria: Chevron, NNPC secure $1.2 billion for drilling of 36 wells
NNPC
The Nigerian National Petroleum Corporation (NNPC) has secured a $1.2 billion multi-
year drilling financing package for 12 offshore and 23 onshore oil wells under the
NNPC/Chevron Nigeria Limited Joint
Venture.
According to the NNPC, the funding package is
being financed by a consortium of Nigerian and
international lenders, and is an integral part of
the Accelerated Upstream Financing
Programme initiated by NNPC.
The state-run company also says that the
initiative would help in the maintenance of
current production levels in the short term as
well as replacing depleting reserves.
$1.2B FOR 23 ONSHORE AND 13 OFFSHORE WELLS
The agreement was signed with Chevron JV in London over the weekend. NNPC says that the
$1.2bn is to be transferred into the development of 23 onshore and 13 offshore wells on OML 49,
90 and 95 in two stages over 2015-2018.
NNPC explained that stage one, comprising 19 wells, would be projected to deliver 21, 000
barrels of crude oil and condensate per day alongside 120, 000million standard cubic feet of gas
per day (mmscf/d) over 2015 and 2016.
Stage two, comprising 17 wells, is projected to yield 20, 000 barrels of crude oil and condensate
per day alongside gas production of 7 mmscf/d between 2016 and 2018.
It is expected that both stages of the project would generate $2 to $5 billion of incremental
revenue to the Federation account, the NNPC says.
BOOSTING DOMESTIC GAS ASPIRATIONS
Beyond the contribution to the national treasury, the projected peak incremental gas production of
127 mmscf/d, which is the electricity equivalent of 400 megawatts, would help boost the Federal
Government’s domestic gas aspirations with expectant positive effect on power supply.
NNPC said that Dr. Ibe Kachikwu, Group Managing Director of the NNPC, described the new
alternative funding arrangement as the new contractual model in upstream financing which would
serve as a template for future initiative to supplement the Federal Government’s Joint Venture
Cash Call commitment.
Kachikwu noted that the Corporation will not relent in the renewed effort to restore probity and
transparency to the process of generation, collection and remittance of crude oil proceeds.
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
“I HAVE ALWAYS BELIEVED THAT ISSUES OF FEDERATION ACCOUNTS MUST BE LEFT
SACROSANCT AND NOT BE TOYED WITH. THE ACCELERATED UPSTREAM FINANCING
PROGRAMME IS DESIGNED TO HELP US ACHIEVE THIS OBJECTIVE,’’ he said.
Clay Neff, Managing Director of Chevron Nigeria Limited pledged the readiness of Chevron to
work assiduously with the NNPC to meet its set target in the project, the Nigerian oil company
said.
As said by the NNPC,
with the completion of its
financing, Project
Cheetah stands as the
first project under the
Accelerated Upstream
Financing Programme of
the NNPC. The project is
operated under the
NNPC/CNL JV which is
owned on a 60-40 basis
in favour of the NNPC.
The NNPC concluded its
announcement by stating
that project Cheetah was
projected to achieve a
peak incremental production of 61 million barrels of oil equivalent per day.
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
NewBase 22 September - 2015 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
OIL PRICES DROP AS MARKET TORN BETWEEN BULLS AND BEARS
Crude oil prices fell on Tuesday as traders took profit following a 3-4 percent upward swing in the
previous session as conflicting market signals continued to tear at prices.
Oil markets have seesawed since the beginning of the week, torn between data that points
towards prices bottoming out after a more than 50 percent fall over the last year and a global glut
that bearish analysts say will lead to further losses.
Traders also focused on the soon-to-expire front-month contract in the West Texas Intermediate
(WTI), which serves as the U.S. benchmark. WTI's October contract will go off the NYMEX board
after Tuesday's settlement, and November will move up as the front-month.
U.S. West Texas Intermediate (WTI) crude futures were trading at $46.11 per barrel at 2347 EDT,
down 57 cents from their last settlement. Globally traded Brent futures were at $48.40 per barrel,
down 52 cents.
The dip in prices came after oil rallied on Monday, with U.S crude surging nearly 5 percent on
signs of declining stockpiles and a fall in drilling activity, which implies lower future oil production.
Oil price special
coverage
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
A Reuters poll on Monday also forecast that U.S. crude inventories as a whole fell by 2.1 million
barrels last week. [EIA/S]
In another indicator that prices may have bottomed, hedge funds continued to pare short positions
in U.S. crude oil last week, a sign they no longer believe in further price falls.
On the demand side, China's implied oil demand rose 10.2 percent from a year earlier to 10.75
million barrels per day (bpd) in August, Reuters calculations using official data showed on
Tuesday. August demand was also up 1.2 percent from July's 10.62 million bpd.
Yet many analysts say oil prices still have space to fall, with several banks including Goldman
Sachs and ANZ revising their price forecasts downward this month. They argue that it will take
until at least 2016 or 2017 to remove a huge overhang that has been built up over the last year by
soaring production just as demand slows.
"We think that WTI will trade down to below US$40/bbl over the next six months, before supply-
side constraints start to be felt," ANZ bank said in its latest forecast revision.
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
Gulf firms under pressure from low oil price: S&P
AFP + NewBase
Companies in the six Gulf Arab states are under pressure as governments reduce spending in
response to a slump in oil revenues, Standard and Poor’s ratings services said on Monday.
“Corporate and infrastructure companies in the (Gulf Cooperation Council) GCC face a weaker
operating environment at present on the back of lower oil prices,” S&P said in a report. Low oil
income has slowed government expenditures on which these companies largely depend, it said.
World oil prices have dropped
by more than 50 percent since
June 2014. The International
Monetary Fund forecasts that
that will result in a $300 billion
drop in revenues this year for
the six GCC states. Some
infrastructure projects have
been scrapped as a result, S&P
said.
“We observe, however, that
GCC governments continue to
invest in large public sector
infrastructure projects,” said
S&P credit analyst Karim
Nassif. “Still, the longer the
oil price remains near current
low levels, the higher the
likelihood of seeing more
infrastructure projects
postponed or dropped,” he
said.
S&P said the Dubai real estate
market is also suffering with
residential prices projected to
fall by between 10 percent and
20 percent this year. But it said it expected UAE property firms to withstand the correction. Meanwhile, oil
prices rebounded Monday, mirroring sentiment across other markets, after pre-weekend losses caused by
worries over the economic outlook for the US and China, the biggest consumers of energy.
US benchmark West Texas Intermediate for delivery in October rose 83 cents to $45.51 a barrel compared
with Friday’s close. Brent North Sea crude for November grew 81 cents to stand at $48.28 a barrel in early
afternoon London trading. “Equities are trading to the positive side both in Europe and China and give a
positive back-drop to the oil market,” said SEB Markets commodities analyst Bjarne Schieldrop.
Prices had sunk Friday after the US Federal Reserve expressed doubts about the strength of the global
economy as it held off from an interest rate hike. The Federal Reserve held its key interest rate locked near
zero Thursday, citing worries about how the slowdown in China will hit the US economy. Trading in oil in
currently volatile, with prices surging in the middle of last week on easing concerns over high US supplies.
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
NEWBASE SPECIAL COVERAGE
News Agencies News Release 22 Sep. 2015
OIL DECLINES AS FOCUS SWINGS TO GLUT FROM
SHRINKING U.S. SUPPLY
Bloom berg -Winnie ZhuShare on FacebookShare on Twitter
Share on LinkedInShare on RedditShare on Google+E-mail
Oil halted its surge above $46 as investors weighed Iran’s progress toward raising output amid a market glut
against signs of shrinking U.S. supply.
Futures fell as much as 1.1 percent in New York, after rebounding 4.5 percent on Monday. Iran took another
step toward implementing a deal to curb its nuclear program in return for sanctions relief that will allow the
OPEC member to boost crude exports. U.S. crude stockpiles are forecast to have dropped for a second week
amid signs that producers are investing less in drilling.
Iran has vowed to boost output “at any cost” to reclaim market share lost because of international sanctions,
potentially adding to a global oversupply that Goldman Sachs Group Inc. predicts may keep prices low for
the next 15 years. Explorers are idling drilling rigs in the U.S. and the nation’s output has slid from the
highest level in more than three decades, while crude has slumped about 50 percent over the past year.
“Iranian supply will put downward pressure on crude, but the drop will be limited as prices have almost
reached a bottom,” Will Yun, a commodities analyst at Hyundai Futures Corp., said by phone from Seoul.
“The U.S.’s declining supply will support crude and prices are likely to move in a narrow range for a
while.”
West Texas Intermediate for October delivery, which expires Tuesday, fell as much as 53 cents to $46.15 a
barrel on the New York Mercantile Exchange and was at $46.26 at 11:08 a.m. Singapore time. The contract
gained $2 to $46.68 on Monday, the most since Sept. 16. The volume of all futures traded was about 44
percent below the 100-day average. The more-active November contract slid 46 cents to $46.50.
Nuclear Inspectors
Brent for November settlement dropped 33 cents to $48.59 a barrel on the London-based ICE Futures
Europe exchange. It rose $1.45, or 3.1 percent, to $48.92 on Monday. The European benchmark crude
traded at a premium of $2.07 to WTI for the same month.
International Atomic Energy Agency inspectors told world powers in Vienna on Monday that Iran’s
cooperation since the July 14 accord over its atomic program had advanced their investigation into past
nuclear activities that may have had a military dimension. Once the IAEA completes its assessment and Iran
complies with the terms of its agreement, sanctions against its financial and energy industries may be lifted.
Oil producers such as BP Plc and Royal Dutch Shell Plc have expressed interest in developing the country’s
reserves, the world’s fourth-biggest, once sanctions are removed. Iran pumped 2.9 million barrels a day in
August, making it the fourth-largest producer in the Organization of Petroleum Exporting Countries.
Drilling Slowdown
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
In the U.S, crude stockpiles may have dropped by 1.65 million barrels in the week ended Sept. 18, following
a decline of 2.1 million barrels in the prior period, according to the median estimate of eight economists in a
Bloomberg survey before Energy Information Administration data on Wednesday. Inventories were at
455.89 million barrels in the week ended Sept. 11, about 100 million more than the five-year average for
this time of the year.
Explorers idled drilling rigs for a third straight week in the U.S., oilfield services company Baker Hughes
Inc. said Friday. The world’s largest oil user’s crude output has fallen for six weeks as the price slump over
the past year takes its toll on the shale industry.
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 22 September 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
6th – 8th Oct.

More Related Content

What's hot

New base 528 special 28 january 2015
New base 528 special  28 january 2015New base 528 special  28 january 2015
New base 528 special 28 january 2015
Khaled Al Awadi
 
Microsoft word new base 639 special 02 july 2015
Microsoft word   new base 639 special 02 july 2015Microsoft word   new base 639 special 02 july 2015
Microsoft word new base 639 special 02 july 2015
Khaled Al Awadi
 

What's hot (20)

New base special 20 january 2014 khaled al awadi 2
New base special  20 january 2014 khaled al awadi 2New base special  20 january 2014 khaled al awadi 2
New base special 20 january 2014 khaled al awadi 2
 
New base energy news 22 june 2020 issue no. 1349 compressed
New base energy news  22 june 2020   issue no. 1349   compressedNew base energy news  22 june 2020   issue no. 1349   compressed
New base energy news 22 june 2020 issue no. 1349 compressed
 
New base 786 special 14 februaury 2016
New base 786 special 14 februaury 2016New base 786 special 14 februaury 2016
New base 786 special 14 februaury 2016
 
New base special 02 april 2014
New base special  02  april 2014New base special  02  april 2014
New base special 02 april 2014
 
New base 1049 special 06 july 2017 energy news
New base 1049 special 06 july 2017 energy newsNew base 1049 special 06 july 2017 energy news
New base 1049 special 06 july 2017 energy news
 
New base 705 special 12 october 2015
New base 705 special  12 october 2015New base 705 special  12 october 2015
New base 705 special 12 october 2015
 
New base special 07 july 2014
New base special  07 july 2014New base special  07 july 2014
New base special 07 july 2014
 
New base 31 august 2021 energy news issue 1453 by khaled al awad i
New base  31 august  2021 energy news issue   1453  by khaled al awad iNew base  31 august  2021 energy news issue   1453  by khaled al awad i
New base 31 august 2021 energy news issue 1453 by khaled al awad i
 
New base 528 special 28 january 2015
New base 528 special  28 january 2015New base 528 special  28 january 2015
New base 528 special 28 january 2015
 
New base special 22 april 2014
New base special  22  april 2014New base special  22  april 2014
New base special 22 april 2014
 
New base energy news october 25 2018 no-1209 by khaled al awadi
New base energy news october 25 2018 no-1209  by khaled al awadiNew base energy news october 25 2018 no-1209  by khaled al awadi
New base energy news october 25 2018 no-1209 by khaled al awadi
 
Microsoft word new base 639 special 02 july 2015
Microsoft word   new base 639 special 02 july 2015Microsoft word   new base 639 special 02 july 2015
Microsoft word new base 639 special 02 july 2015
 
New base special 23 september 2014
New base special  23 september   2014New base special  23 september   2014
New base special 23 september 2014
 
Ne base 12 feruary 2018 energy news issue 1140 by khaled al awadi
Ne base 12 feruary 2018 energy news issue   1140  by khaled al awadiNe base 12 feruary 2018 energy news issue   1140  by khaled al awadi
Ne base 12 feruary 2018 energy news issue 1140 by khaled al awadi
 
New base energy news 25 november 2020 issue no-1389 by senior editor khal...
New base energy news 25 november 2020   issue no-1389  by senior editor  khal...New base energy news 25 november 2020   issue no-1389  by senior editor  khal...
New base energy news 25 november 2020 issue no-1389 by senior editor khal...
 
New base special 08 january 2014 khaled al awadi part 2
New base special  08 january 2014 khaled al awadi part 2 New base special  08 january 2014 khaled al awadi part 2
New base special 08 january 2014 khaled al awadi part 2
 
NewBase 603 special 13 May 2015
NewBase 603 special 13 May 2015NewBase 603 special 13 May 2015
NewBase 603 special 13 May 2015
 
New base energy news 01 april 2019 issue no 1236 by khaled al awadi
New base energy news 01 april 2019 issue no 1236  by khaled al awadiNew base energy news 01 april 2019 issue no 1236  by khaled al awadi
New base energy news 01 april 2019 issue no 1236 by khaled al awadi
 
New base 812 special 21 march 2016
New base 812 special 21 march 2016New base 812 special 21 march 2016
New base 812 special 21 march 2016
 
New base 697 special 30 september 2015
New base 697 special  30 september 2015New base 697 special  30 september 2015
New base 697 special 30 september 2015
 

Similar to New base 692 special 22 september 2015

NewBase 607 special 19 May 2015
NewBase 607 special 19 May 2015NewBase 607 special 19 May 2015
NewBase 607 special 19 May 2015
Khaled Al Awadi
 

Similar to New base 692 special 22 september 2015 (20)

New base 02 october 2017 energy news issue 1078 by khaled al awadi
New base 02 october 2017 energy news issue   1078  by khaled al awadiNew base 02 october 2017 energy news issue   1078  by khaled al awadi
New base 02 october 2017 energy news issue 1078 by khaled al awadi
 
Energy news from new base 04 december 975
Energy news from new base  04 december 975Energy news from new base  04 december 975
Energy news from new base 04 december 975
 
New base energy news issue 922 dated 05 september 2016
New base energy news issue  922 dated 05 september 2016New base energy news issue  922 dated 05 september 2016
New base energy news issue 922 dated 05 september 2016
 
New base 06 september 2019 energy news issue 1275 by khaled al awadi
New base 06 september 2019 energy news issue   1275  by khaled al awadiNew base 06 september 2019 energy news issue   1275  by khaled al awadi
New base 06 september 2019 energy news issue 1275 by khaled al awadi
 
New base energy news issue 904 dated 10 august 2016
New base energy news issue  904 dated 10 august 2016New base energy news issue  904 dated 10 august 2016
New base energy news issue 904 dated 10 august 2016
 
New base 745 special 10 december 2015
New base 745 special  10 december 2015New base 745 special  10 december 2015
New base 745 special 10 december 2015
 
New base energy news 14 november issue 1294 by khaled al awadi
New base energy news  14  november  issue   1294  by khaled al awadiNew base energy news  14  november  issue   1294  by khaled al awadi
New base energy news 14 november issue 1294 by khaled al awadi
 
New base energy news 14 november issue 1294 by khaled al awadi
New base energy news  14  november  issue   1294  by khaled al awadiNew base energy news  14  november  issue   1294  by khaled al awadi
New base energy news 14 november issue 1294 by khaled al awadi
 
New base 509 special 31 december 2014
New base 509 special  31 december  2014New base 509 special  31 december  2014
New base 509 special 31 december 2014
 
New base energy news issue 902 dated 08 august 2016
New base energy news issue  902 dated 08 august 2016New base energy news issue  902 dated 08 august 2016
New base energy news issue 902 dated 08 august 2016
 
New base energy news 22 september 2020 issue no. 1375 senior editor eng. k...
New base energy news 22 september 2020   issue no. 1375  senior editor eng. k...New base energy news 22 september 2020   issue no. 1375  senior editor eng. k...
New base energy news 22 september 2020 issue no. 1375 senior editor eng. k...
 
Newbase 647 special 14 july 2015
Newbase 647 special 14 july 2015Newbase 647 special 14 july 2015
Newbase 647 special 14 july 2015
 
NewBase 607 special 19 May 2015
NewBase 607 special 19 May 2015NewBase 607 special 19 May 2015
NewBase 607 special 19 May 2015
 
New base energy news november 19 2018 no-1214 by khaled al awadi
New base energy news november 19 2018 no-1214  by khaled al awadiNew base energy news november 19 2018 no-1214  by khaled al awadi
New base energy news november 19 2018 no-1214 by khaled al awadi
 
New base 804 special 09 march 2016
New base 804 special 09 march 2016New base 804 special 09 march 2016
New base 804 special 09 march 2016
 
New base energy news issue 949 dated 15 november 2016
New base energy news issue  949 dated 15 november 2016New base energy news issue  949 dated 15 november 2016
New base energy news issue 949 dated 15 november 2016
 
New base 14 november 2017 energy news issue 1100 by khaled al awadi
New base 14 november 2017 energy news issue   1100  by khaled al awadiNew base 14 november 2017 energy news issue   1100  by khaled al awadi
New base 14 november 2017 energy news issue 1100 by khaled al awadi
 
New base 554 special 05 march 2015
New base 554 special 05 march  2015New base 554 special 05 march  2015
New base 554 special 05 march 2015
 
New base 31 may 2018 energy news issue 1175 by khaled al awadi
New base 31 may 2018 energy news issue   1175  by khaled al awadi New base 31 may 2018 energy news issue   1175  by khaled al awadi
New base 31 may 2018 energy news issue 1175 by khaled al awadi
 
NewBase April 28-2022 Energy News issue - 1509 by Khaled Al Awadi.pdf
NewBase April 28-2022  Energy News issue - 1509  by Khaled Al Awadi.pdfNewBase April 28-2022  Energy News issue - 1509  by Khaled Al Awadi.pdf
NewBase April 28-2022 Energy News issue - 1509 by Khaled Al Awadi.pdf
 

More from Khaled Al Awadi

NewBase 29 April 2024 Energy News issue - 1720 by Khaled Al Awadi_compress...
NewBase  29 April  2024  Energy News issue - 1720 by Khaled Al Awadi_compress...NewBase  29 April  2024  Energy News issue - 1720 by Khaled Al Awadi_compress...
NewBase 29 April 2024 Energy News issue - 1720 by Khaled Al Awadi_compress...
Khaled Al Awadi
 
NewBase 25 April 2024 Energy News issue - 1719 by Khaled Al Awadi_compress...
NewBase  25 April  2024  Energy News issue - 1719 by Khaled Al Awadi_compress...NewBase  25 April  2024  Energy News issue - 1719 by Khaled Al Awadi_compress...
NewBase 25 April 2024 Energy News issue - 1719 by Khaled Al Awadi_compress...
Khaled Al Awadi
 
NewBase 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
 

More from Khaled Al Awadi (20)

NewBase 06 May 2024 Energy News issue - 1722 by Khaled Al Awadi_compresse...
NewBase   06 May  2024  Energy News issue - 1722 by Khaled Al Awadi_compresse...NewBase   06 May  2024  Energy News issue - 1722 by Khaled Al Awadi_compresse...
NewBase 06 May 2024 Energy News issue - 1722 by Khaled Al Awadi_compresse...
 
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...
 

Recently uploaded

Structural Analysis and Design of Foundations: A Comprehensive Handbook for S...
Structural Analysis and Design of Foundations: A Comprehensive Handbook for S...Structural Analysis and Design of Foundations: A Comprehensive Handbook for S...
Structural Analysis and Design of Foundations: A Comprehensive Handbook for S...
Dr.Costas Sachpazis
 
FULL ENJOY Call Girls In Mahipalpur Delhi Contact Us 8377877756
FULL ENJOY Call Girls In Mahipalpur Delhi Contact Us 8377877756FULL ENJOY Call Girls In Mahipalpur Delhi Contact Us 8377877756
FULL ENJOY Call Girls In Mahipalpur Delhi Contact Us 8377877756
dollysharma2066
 
AKTU Computer Networks notes --- Unit 3.pdf
AKTU Computer Networks notes ---  Unit 3.pdfAKTU Computer Networks notes ---  Unit 3.pdf
AKTU Computer Networks notes --- Unit 3.pdf
ankushspencer015
 

Recently uploaded (20)

(INDIRA) Call Girl Meerut Call Now 8617697112 Meerut Escorts 24x7
(INDIRA) Call Girl Meerut Call Now 8617697112 Meerut Escorts 24x7(INDIRA) Call Girl Meerut Call Now 8617697112 Meerut Escorts 24x7
(INDIRA) Call Girl Meerut Call Now 8617697112 Meerut Escorts 24x7
 
CCS335 _ Neural Networks and Deep Learning Laboratory_Lab Complete Record
CCS335 _ Neural Networks and Deep Learning Laboratory_Lab Complete RecordCCS335 _ Neural Networks and Deep Learning Laboratory_Lab Complete Record
CCS335 _ Neural Networks and Deep Learning Laboratory_Lab Complete Record
 
Thermal Engineering -unit - III & IV.ppt
Thermal Engineering -unit - III & IV.pptThermal Engineering -unit - III & IV.ppt
Thermal Engineering -unit - III & IV.ppt
 
UNIT-III FMM. DIMENSIONAL ANALYSIS
UNIT-III FMM.        DIMENSIONAL ANALYSISUNIT-III FMM.        DIMENSIONAL ANALYSIS
UNIT-III FMM. DIMENSIONAL ANALYSIS
 
UNIT-II FMM-Flow Through Circular Conduits
UNIT-II FMM-Flow Through Circular ConduitsUNIT-II FMM-Flow Through Circular Conduits
UNIT-II FMM-Flow Through Circular Conduits
 
Unit 1 - Soil Classification and Compaction.pdf
Unit 1 - Soil Classification and Compaction.pdfUnit 1 - Soil Classification and Compaction.pdf
Unit 1 - Soil Classification and Compaction.pdf
 
Intze Overhead Water Tank Design by Working Stress - IS Method.pdf
Intze Overhead Water Tank  Design by Working Stress - IS Method.pdfIntze Overhead Water Tank  Design by Working Stress - IS Method.pdf
Intze Overhead Water Tank Design by Working Stress - IS Method.pdf
 
Call Girls Pimpri Chinchwad Call Me 7737669865 Budget Friendly No Advance Boo...
Call Girls Pimpri Chinchwad Call Me 7737669865 Budget Friendly No Advance Boo...Call Girls Pimpri Chinchwad Call Me 7737669865 Budget Friendly No Advance Boo...
Call Girls Pimpri Chinchwad Call Me 7737669865 Budget Friendly No Advance Boo...
 
Double rodded leveling 1 pdf activity 01
Double rodded leveling 1 pdf activity 01Double rodded leveling 1 pdf activity 01
Double rodded leveling 1 pdf activity 01
 
Thermal Engineering-R & A / C - unit - V
Thermal Engineering-R & A / C - unit - VThermal Engineering-R & A / C - unit - V
Thermal Engineering-R & A / C - unit - V
 
University management System project report..pdf
University management System project report..pdfUniversity management System project report..pdf
University management System project report..pdf
 
Structural Analysis and Design of Foundations: A Comprehensive Handbook for S...
Structural Analysis and Design of Foundations: A Comprehensive Handbook for S...Structural Analysis and Design of Foundations: A Comprehensive Handbook for S...
Structural Analysis and Design of Foundations: A Comprehensive Handbook for S...
 
The Most Attractive Pune Call Girls Manchar 8250192130 Will You Miss This Cha...
The Most Attractive Pune Call Girls Manchar 8250192130 Will You Miss This Cha...The Most Attractive Pune Call Girls Manchar 8250192130 Will You Miss This Cha...
The Most Attractive Pune Call Girls Manchar 8250192130 Will You Miss This Cha...
 
Thermal Engineering Unit - I & II . ppt
Thermal Engineering  Unit - I & II . pptThermal Engineering  Unit - I & II . ppt
Thermal Engineering Unit - I & II . ppt
 
FULL ENJOY Call Girls In Mahipalpur Delhi Contact Us 8377877756
FULL ENJOY Call Girls In Mahipalpur Delhi Contact Us 8377877756FULL ENJOY Call Girls In Mahipalpur Delhi Contact Us 8377877756
FULL ENJOY Call Girls In Mahipalpur Delhi Contact Us 8377877756
 
Coefficient of Thermal Expansion and their Importance.pptx
Coefficient of Thermal Expansion and their Importance.pptxCoefficient of Thermal Expansion and their Importance.pptx
Coefficient of Thermal Expansion and their Importance.pptx
 
AKTU Computer Networks notes --- Unit 3.pdf
AKTU Computer Networks notes ---  Unit 3.pdfAKTU Computer Networks notes ---  Unit 3.pdf
AKTU Computer Networks notes --- Unit 3.pdf
 
(INDIRA) Call Girl Bhosari Call Now 8617697112 Bhosari Escorts 24x7
(INDIRA) Call Girl Bhosari Call Now 8617697112 Bhosari Escorts 24x7(INDIRA) Call Girl Bhosari Call Now 8617697112 Bhosari Escorts 24x7
(INDIRA) Call Girl Bhosari Call Now 8617697112 Bhosari Escorts 24x7
 
Java Programming :Event Handling(Types of Events)
Java Programming :Event Handling(Types of Events)Java Programming :Event Handling(Types of Events)
Java Programming :Event Handling(Types of Events)
 
(INDIRA) Call Girl Aurangabad Call Now 8617697112 Aurangabad Escorts 24x7
(INDIRA) Call Girl Aurangabad Call Now 8617697112 Aurangabad Escorts 24x7(INDIRA) Call Girl Aurangabad Call Now 8617697112 Aurangabad Escorts 24x7
(INDIRA) Call Girl Aurangabad Call Now 8617697112 Aurangabad Escorts 24x7
 

New base 692 special 22 september 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 22 September 2015 - Issue No. 692 Senior Editor Eng. Khaled Al Awadi NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE Investing in research key to GCC fertilizer industry growth: Al-Sowaidi Gulf Times … Fertilizer capacity in the GCC region grew to 40.8mn tonnes in 2014, a 3.8% increase over the previous year, earning revenues of $6.5bn, said Qatar Fertiliser Company (Qafco) CEO Khalifa A al-Sowaidi. Industry experts believe that the sector must evolve in traditional and new export markets to realise its growth potential, he said, citing a report at the 6th Annual Gulf Petrochemical Association (GPCA) Fertilizer Convention held in Dubai recently. In his opening remarks at the convention, al-Sowaidi said, “The global fertilizer demand is expected to rise in the next few years; so are the capacities across the world; so it is important that GCC expands its product portfolio as well as invests in research in process and/or products. w“It is vital that we focus more on innovation in product and technology to achieve optimum production and stay ahead of our competitors.”
  • 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 Commenting on the role of fertilizer producers in hunger alleviation, the Qafco CEO said, “Beyond doubt, the fertilizer industry is playing a major role in overcoming the ever-alarming food security challenge due to growing population and urbanisation by maintaining land fertility. “Currently, 70-80% of the world’s food is produced using fertilizers, and being a responsible fertilizer manufacturer for more than four decades, Qafco is aspiring to have a leadership role in producing high- quality fertilizer, in a sustainable manner.” Speaking on sustainability, one of the key themes of the convention, al-Sowaidi said, “Adopting a sustainable approach to fertilizer production is a fundamental pillar of the industry’s commitment to sustainable agriculture and product stewardship. Efficient production of fertilizers via operational improvements is the key towards improving fertilizer performance and efficiency, and in turn supporting nutrient efficiency.” As part of Qafco’s Corporate Social Responsibility, the company leverages its influence among global institutions to provide opportunities for Qatari youth to develop their knowledge and have firsthand experience with the dynamics of the fertilizer industry. Qafco used the convention to help Qatari students from different universities in Qatar gain insights into the fertilizer industry. The students got a firsthand knowledge about the industry from the stalwarts of the fertilizer industry. Al-Sowaidi said, “Our strategic Qatarisation plan enables us to support the educational sector through partnerships and sponsorships, proactively supporting training and development of Qatari students.” Dr Hamed al-Marwani, Qafco chief administration officer, said, “By sponsoring some of our Qatari students, we expect the students to have gained valuable experience by participating and interacting with the stalwarts of the industry at the convention.” Ibrahim A al-Jaidah, public relations manager, said, “It has been a fantastic experience to have our students at the convention, and I hope they have had a lot to take back to their universities.” The students represented different Qatari institutions like Qatar University, Texas A&M University at Qatar (TAMUQ), College of North Atlantic- Qatar and Qatari graduate engineers studying in the UK will be participating in the convention.
  • 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 UAE: Offshore reserves to account for 50% of oil production Gulf News Off-shore reserves will account for approximately 50 per cent of the total oil production in Abu Dhabi by 2018 as a result of continued investments in production capacity, experts said, as the emirate gears up to host the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) in November. Abu Dhabi National Oil Company (Adnoc) is planning $25 billion (Dh91.83 billion) worth of investments in offshore oil projects over the next five years as part of the UAE’s strategy to boost its total oil output capacity to 3.5 million barrels per day (bpd) by 2017-18, up from the current 2.8 million bpd. Currently, an estimated 40 per cent of oil produced in Abu Dhabi comes from offshore reserves and this is expected to rise to 50 per cent in the next three years, Adipec organisers said on Monday in a statement. Globally, about 30 per cent of oil produced worldwide comes from offshore oil wells and offshore resources are playing a greater role in supplying the rising demand for energy, with a growing interest in the potential of deep water reserves. According to figures from a 2014 report by Total, the deep offshore is believed to contain more than 5 per cent — an estimated “300 billion barrels” — of the world’s liquid hydrocarbon resources, or 12 per cent of total conventional oil resources. In line with regional and global efforts to continue exploring and developing offshore production, Adiepc will be launching a dedicated Offshore, Marine and Heavy Equipment Zone situated on the waterfront at the Abu Dhabi National Exhibition Centre (Adnec), only 150 metres away from the main exhibition floor. The new area will cover 8,000 gross square metres of space, with a jetty that extends 500 metres long. “Adipec is pleased to be the first oil and gas exhibition in the Mena [Middle East and North Africa] region to dedicate an entire waterfront section to offshore, subsea and marine products and services,” Ali Khalifa Al Shamsi, director of Strategy & Coordination at Adnoc and Adipex 2015 Chairman, said in a statement. “The Offshore, Marine and Heavy Equipment Zone will allow exhibitors to showcase their sub-sea and marine products and services in their native environment, a unique advantage that will offer both participants and visitors a valuable experience,” he added. Adipec 2015 will take place from November 9 to 12 this year, and is expected to host more than 2,000 exhibitors, 85,000 attendees and 7,000 delegates.
  • 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 Iraq: ShaMaran receives default notice from Atrush Block operator TAQA Source: ShaMaran Petroleum SHAMARAN PETROLEUM has announced that its wholly owned subsidiary, GENERAL EXPLORATION PARTNERS (GEP), has received a Default Notice from the Operator of the Atrush Block, TAQA ATRUSH, claiming that GEP has failed to pay its full participating interest share of July and August cash calls pursuant to the Atrush Block Joint Operating Agreement (the 'JOA') between TAQA, GEP and MARATHON OIL KDV (MOKDV). MOKDV, the other non- operating Atrush partner, has also received a similar Default Notice from TAQA. GEP and TAQA are in disagreement as to the correct interpretation of participating interest share of Atrush cash calls which are due and payable by GEP under the JOA and the Atrush Block Production Sharing Contract (PSC). GEP has paid, and will continue to pay, all cash calls in full in accordance with its participating interest. GEP intends to respond to the Default Notice by providing TAQA with a written Notice of Dispute in which GEP disputes that it is in default on the basis that it has paid in full its share of cash calls in accordance with the terms of the JOA, and that TAQA has breached certain contractual and equitable obligations under the JOA including implementing the terms of the PSC. GEP will seek to recover all losses, costs, expenses, compensation and damages in law and equity caused directly or indirectly by TAQA's breach of its contractual and equitable obligations as Operator and will also take all available and necessary interim measures to protect its interests under the JOA and the PSC.
  • 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 UK: CNR announces report on the Economic Impact Assessment of Unerground coal gasification in the UK AIM-listed CLUFF NATURAL RESOURCES has announced the publication of an independent report highlighting the potential economic benefits of the development of UNDERGROUND COAL GASIFICATION ('UCG'), a proven industrial process which allows coal to be converted into gas in-situ, in the UK. The report has been prepared by BIGGAR ECONOMICS, a leading UK independent economic consultancy. It sets out the potential economic impact and long term benefits for the UK economy of CLNR DEVELOPING AN INITIAL UCG PROJECT AT ITS KINCARDINE LICENCE IN THE FIRTH OF FORTH, SCOTLAND, followed by an additional seven UCG projects across the UK. The report states that this could result in: • Generation of £12.8 billion Gross Value Add ("GVA")¹ for the UK economy over the long term through the direct and indirect impact of domestic projects and export sales • Create an average of over 7,500 jobs, peaking at around 11,900 jobs • The fuelling of a new generation of gas fired power stations with a total capacity of around 3,600 megawatts • Safeguarding jobs in the chemicals sector, if used as feedstock for the chemicals industry • Extensive supply chain and export opportunities for businesses across the UK In relation to a sole UCG project at the Company's Kincardine licence, the report states that it could generate a total benefit of around £603 million GVA and support an average of more than 350 jobs over the long term. GVA measures the contribution to the economy of each individual producer, industry or sector in the UK. Algy Cluff, Chief Executive & Chairman commented: 'The findings of this report highlight the huge potential for the development of a UCG industry in the UK. UCG has a vital role to play in the diversification of the UK's energy mix and its long term security and this report demonstrates how the development of UCG would create significant benefits for the UK economy.'
  • 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 UCG Overview The underground gasification process enables the extraction and the exploitation of energy from indigenous coal resources which would otherwise be uneconomical or unsafe for conventional mining. The technique is best suited to coal seams deeper than 300 metres. Underground Coal Gasification (‘UCG’) is an in-situ gasification process where underground coal seams are converted into Synthesis Gas or ‘syngas’ through the injection of oxidants delivered via an injection well. This process, which recovers approximately 70-95% of the coal’s energy, is controlled remotely and does not require human access or other costly infrastructure in comparison with traditional mining methods. In order to implement UCG a minimum of two boreholes (or wells) are drilled from the surface to intersect and pass into the coal seam. A channel then connects the injection well which allows the gases to flow. This requires the wells to be as close together as possible in order to create a natural link. Over the past twenty years significant technical advances have been made with respect to in-seam drilling which has enabled the link to be established mechanically over long distances. The coal seam is ignited and gasified, generating a syngas consisting of methane, hydrogen, carbon monoxide and carbon dioxide. The standard, cleaned syngas can be used for power and heat generation, production of diesel fuels and jet fuels (GTL, gas to liquids technology), fertilisers and chemical feedstock. Up to 100% of total carbon content can be removed from the raw syngas stream, to be chemically shifted into pure hydrogen, which can be further used as a clean fuel with various applications to support the Hydrogen economy. The concept of UCG has existed for over 100 years and was applied on a large scale after World War II in the Soviet Union. Development has accelerated in the last five years, particularly in Australia, South Africa and China. The major South African company Eskom has been engineering and operating UCG pilot facilities since January 2007. Sasol is also operating commercial surface gasifiers and has engineered UCG pilot facilities in Secunda. According to the World Coal Association, China has over 30 UCG projects in different phases of preparation. Application of UCG technology considerably reduces the environmental impact of harnessing the energy value of coal. Disruption to the surface is also significantly decreased in comparison to disruption caused by traditional extraction methods like opencast or shaft mining. These factors are not only favourable to local communities but also to governments aiming to maximise a country’s energy potential. UCG technology can also be applied to coal assets that would otherwise be unprofitable or too complicated to extract through traditional mining methods. UCG therefore has the potential to unlock the value of Europe’s substantial undeveloped coal resources. UCG today is considered the safest, most environmentally friendly coal mining technique. Compared to conventional mining its major advantages are the followings: • No persons working underground; • No stockpiles of coal and no coal dust; • Minimal noise with no large trucks transporting and offloading coal; • No ash handling on surface; • Sulphur and other contaminant removal; • Carbon Capture and Sequestration (CCS) ready; • Minimal drilling as a production well lasts for several years; • New workplaces on national resources that would otherwise be stranded.
  • 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 India : GE chief plans India manufacturing drive AFP + NewBase GE chief executive Jeffrey Immelt said Monday he sees great opportunities in India as a manufacturing destination, lending high-profile support to Prime Minister Narendra Modi’s “Make in India” campaign. Speaking in New Delhi, Immelt said the world’s biggest infrastructure group plans to ramp up its India manufacturing activities with “significant” projects in the rail, power, oil and gas, aviation and healthcare sectors. Modi last year set out an ambitious plan to revive Indian industry by wooing foreign companies with the promise of making it easier to do business, to create 100 million jobs and raise the country’s global competitiveness. “In many ways the opportunities in India are unique and give us the chance to grow our business in India maybe more substantially than any place in the world,” Immelt said in an upbeat address. “It is a process in India, it is never easy, (but) as time goes on we see great opportunities for a market this size.” GE entered India in 1902 with the country’s first hydropower plant and already manufactures goods ranging from aircraft engines and wind turbines to medical imaging machines and freight trains. After meeting Modi the long-serving CEO, who has overseen projects in India for two decades, said he felt confident that reforms long sought by businesses were on the right track. “We want (India) to be easier to do business with. We believe that Prime Minister Modi’s vision is the right vision and what we expect is just execution — better execution, more execution, faster execution.” “But his vision for the country makes it much more investible and I think allows us to think about the country for the long term.” Modi’s government wants manufacturing to account for 25 percent of GDP by 2022, up from today’s 16 percent, and so reduce reliance on agriculture which still accounts for almost half of all employment. “Make in India” has achieved a few notable successes including a $5 billion plan by Taiwanese electronics firm Foxconn to build factories in the country and a pledge from GM (General Motors) to invest $1 billion to create an auto manufacturing hub. However the campaign still faces huge challenges including patchy and outdated infrastructure, difficulties in acquiring land and an offputting tax and investment regime choked by red tape. GE reported net profit of $15.2 billion in 2014, a 16 percent increase on the year before
  • 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 Nigeria: Chevron, NNPC secure $1.2 billion for drilling of 36 wells NNPC The Nigerian National Petroleum Corporation (NNPC) has secured a $1.2 billion multi- year drilling financing package for 12 offshore and 23 onshore oil wells under the NNPC/Chevron Nigeria Limited Joint Venture. According to the NNPC, the funding package is being financed by a consortium of Nigerian and international lenders, and is an integral part of the Accelerated Upstream Financing Programme initiated by NNPC. The state-run company also says that the initiative would help in the maintenance of current production levels in the short term as well as replacing depleting reserves. $1.2B FOR 23 ONSHORE AND 13 OFFSHORE WELLS The agreement was signed with Chevron JV in London over the weekend. NNPC says that the $1.2bn is to be transferred into the development of 23 onshore and 13 offshore wells on OML 49, 90 and 95 in two stages over 2015-2018. NNPC explained that stage one, comprising 19 wells, would be projected to deliver 21, 000 barrels of crude oil and condensate per day alongside 120, 000million standard cubic feet of gas per day (mmscf/d) over 2015 and 2016. Stage two, comprising 17 wells, is projected to yield 20, 000 barrels of crude oil and condensate per day alongside gas production of 7 mmscf/d between 2016 and 2018. It is expected that both stages of the project would generate $2 to $5 billion of incremental revenue to the Federation account, the NNPC says. BOOSTING DOMESTIC GAS ASPIRATIONS Beyond the contribution to the national treasury, the projected peak incremental gas production of 127 mmscf/d, which is the electricity equivalent of 400 megawatts, would help boost the Federal Government’s domestic gas aspirations with expectant positive effect on power supply. NNPC said that Dr. Ibe Kachikwu, Group Managing Director of the NNPC, described the new alternative funding arrangement as the new contractual model in upstream financing which would serve as a template for future initiative to supplement the Federal Government’s Joint Venture Cash Call commitment. Kachikwu noted that the Corporation will not relent in the renewed effort to restore probity and transparency to the process of generation, collection and remittance of crude oil proceeds.
  • 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 “I HAVE ALWAYS BELIEVED THAT ISSUES OF FEDERATION ACCOUNTS MUST BE LEFT SACROSANCT AND NOT BE TOYED WITH. THE ACCELERATED UPSTREAM FINANCING PROGRAMME IS DESIGNED TO HELP US ACHIEVE THIS OBJECTIVE,’’ he said. Clay Neff, Managing Director of Chevron Nigeria Limited pledged the readiness of Chevron to work assiduously with the NNPC to meet its set target in the project, the Nigerian oil company said. As said by the NNPC, with the completion of its financing, Project Cheetah stands as the first project under the Accelerated Upstream Financing Programme of the NNPC. The project is operated under the NNPC/CNL JV which is owned on a 60-40 basis in favour of the NNPC. The NNPC concluded its announcement by stating that project Cheetah was projected to achieve a peak incremental production of 61 million barrels of oil equivalent per day.
  • 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 NewBase 22 September - 2015 Khaled Al Awadi NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE OIL PRICES DROP AS MARKET TORN BETWEEN BULLS AND BEARS Crude oil prices fell on Tuesday as traders took profit following a 3-4 percent upward swing in the previous session as conflicting market signals continued to tear at prices. Oil markets have seesawed since the beginning of the week, torn between data that points towards prices bottoming out after a more than 50 percent fall over the last year and a global glut that bearish analysts say will lead to further losses. Traders also focused on the soon-to-expire front-month contract in the West Texas Intermediate (WTI), which serves as the U.S. benchmark. WTI's October contract will go off the NYMEX board after Tuesday's settlement, and November will move up as the front-month. U.S. West Texas Intermediate (WTI) crude futures were trading at $46.11 per barrel at 2347 EDT, down 57 cents from their last settlement. Globally traded Brent futures were at $48.40 per barrel, down 52 cents. The dip in prices came after oil rallied on Monday, with U.S crude surging nearly 5 percent on signs of declining stockpiles and a fall in drilling activity, which implies lower future oil production. Oil price special coverage
  • 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 A Reuters poll on Monday also forecast that U.S. crude inventories as a whole fell by 2.1 million barrels last week. [EIA/S] In another indicator that prices may have bottomed, hedge funds continued to pare short positions in U.S. crude oil last week, a sign they no longer believe in further price falls. On the demand side, China's implied oil demand rose 10.2 percent from a year earlier to 10.75 million barrels per day (bpd) in August, Reuters calculations using official data showed on Tuesday. August demand was also up 1.2 percent from July's 10.62 million bpd. Yet many analysts say oil prices still have space to fall, with several banks including Goldman Sachs and ANZ revising their price forecasts downward this month. They argue that it will take until at least 2016 or 2017 to remove a huge overhang that has been built up over the last year by soaring production just as demand slows. "We think that WTI will trade down to below US$40/bbl over the next six months, before supply- side constraints start to be felt," ANZ bank said in its latest forecast revision.
  • 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 Gulf firms under pressure from low oil price: S&P AFP + NewBase Companies in the six Gulf Arab states are under pressure as governments reduce spending in response to a slump in oil revenues, Standard and Poor’s ratings services said on Monday. “Corporate and infrastructure companies in the (Gulf Cooperation Council) GCC face a weaker operating environment at present on the back of lower oil prices,” S&P said in a report. Low oil income has slowed government expenditures on which these companies largely depend, it said. World oil prices have dropped by more than 50 percent since June 2014. The International Monetary Fund forecasts that that will result in a $300 billion drop in revenues this year for the six GCC states. Some infrastructure projects have been scrapped as a result, S&P said. “We observe, however, that GCC governments continue to invest in large public sector infrastructure projects,” said S&P credit analyst Karim Nassif. “Still, the longer the oil price remains near current low levels, the higher the likelihood of seeing more infrastructure projects postponed or dropped,” he said. S&P said the Dubai real estate market is also suffering with residential prices projected to fall by between 10 percent and 20 percent this year. But it said it expected UAE property firms to withstand the correction. Meanwhile, oil prices rebounded Monday, mirroring sentiment across other markets, after pre-weekend losses caused by worries over the economic outlook for the US and China, the biggest consumers of energy. US benchmark West Texas Intermediate for delivery in October rose 83 cents to $45.51 a barrel compared with Friday’s close. Brent North Sea crude for November grew 81 cents to stand at $48.28 a barrel in early afternoon London trading. “Equities are trading to the positive side both in Europe and China and give a positive back-drop to the oil market,” said SEB Markets commodities analyst Bjarne Schieldrop. Prices had sunk Friday after the US Federal Reserve expressed doubts about the strength of the global economy as it held off from an interest rate hike. The Federal Reserve held its key interest rate locked near zero Thursday, citing worries about how the slowdown in China will hit the US economy. Trading in oil in currently volatile, with prices surging in the middle of last week on easing concerns over high US supplies.
  • 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 NEWBASE SPECIAL COVERAGE News Agencies News Release 22 Sep. 2015 OIL DECLINES AS FOCUS SWINGS TO GLUT FROM SHRINKING U.S. SUPPLY Bloom berg -Winnie ZhuShare on FacebookShare on Twitter Share on LinkedInShare on RedditShare on Google+E-mail Oil halted its surge above $46 as investors weighed Iran’s progress toward raising output amid a market glut against signs of shrinking U.S. supply. Futures fell as much as 1.1 percent in New York, after rebounding 4.5 percent on Monday. Iran took another step toward implementing a deal to curb its nuclear program in return for sanctions relief that will allow the OPEC member to boost crude exports. U.S. crude stockpiles are forecast to have dropped for a second week amid signs that producers are investing less in drilling. Iran has vowed to boost output “at any cost” to reclaim market share lost because of international sanctions, potentially adding to a global oversupply that Goldman Sachs Group Inc. predicts may keep prices low for the next 15 years. Explorers are idling drilling rigs in the U.S. and the nation’s output has slid from the highest level in more than three decades, while crude has slumped about 50 percent over the past year. “Iranian supply will put downward pressure on crude, but the drop will be limited as prices have almost reached a bottom,” Will Yun, a commodities analyst at Hyundai Futures Corp., said by phone from Seoul. “The U.S.’s declining supply will support crude and prices are likely to move in a narrow range for a while.” West Texas Intermediate for October delivery, which expires Tuesday, fell as much as 53 cents to $46.15 a barrel on the New York Mercantile Exchange and was at $46.26 at 11:08 a.m. Singapore time. The contract gained $2 to $46.68 on Monday, the most since Sept. 16. The volume of all futures traded was about 44 percent below the 100-day average. The more-active November contract slid 46 cents to $46.50. Nuclear Inspectors Brent for November settlement dropped 33 cents to $48.59 a barrel on the London-based ICE Futures Europe exchange. It rose $1.45, or 3.1 percent, to $48.92 on Monday. The European benchmark crude traded at a premium of $2.07 to WTI for the same month. International Atomic Energy Agency inspectors told world powers in Vienna on Monday that Iran’s cooperation since the July 14 accord over its atomic program had advanced their investigation into past nuclear activities that may have had a military dimension. Once the IAEA completes its assessment and Iran complies with the terms of its agreement, sanctions against its financial and energy industries may be lifted. Oil producers such as BP Plc and Royal Dutch Shell Plc have expressed interest in developing the country’s reserves, the world’s fourth-biggest, once sanctions are removed. Iran pumped 2.9 million barrels a day in August, making it the fourth-largest producer in the Organization of Petroleum Exporting Countries. Drilling Slowdown
  • 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 In the U.S, crude stockpiles may have dropped by 1.65 million barrels in the week ended Sept. 18, following a decline of 2.1 million barrels in the prior period, according to the median estimate of eight economists in a Bloomberg survey before Energy Information Administration data on Wednesday. Inventories were at 455.89 million barrels in the week ended Sept. 11, about 100 million more than the five-year average for this time of the year. Explorers idled drilling rigs for a third straight week in the U.S., oilfield services company Baker Hughes Inc. said Friday. The world’s largest oil user’s crude output has fallen for six weeks as the price slump over the past year takes its toll on the shale industry.
  • 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 22 September 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 6th – 8th Oct.