New base 794 special 24 february 2016

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NewBase 24 February 2016 - Issue No. 794 Edited & Produced by: Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
GE provides first Saudi-built gas compression trains
Arabnews + NewBase
GE Oil & Gas has completed the first six high-efficiency gas compression trains manufactured in
Saudi Arabia, which will be provided for Phase I of Saudi Aramco’s Master Gas System expansion
project in the kingdom.
These six compression trains, which have been fully manufactured locally at the GE
Manufacturing & Technology Center (Gemtec) in Dammam, are part of a multi-million dollar
contract to provide 18 high-efficiency gas compression trains, each consisting of an aeroderivative
gas turbine driving a centrifugal compressor.
This year, six more trains will be manufactured at Gemtec as part of Phase II.
The aeroderivative gas turbine
(PGT25) components have
been designed taking into
account many years of
experience gained by GE in
the field by heavy duty gas
turbines and axial/centrifugal
compression. The
aerodynamic blading was
planned with the main
objective of obtaining very
high efficiency at both design
and reduced speeds.
This is the first time that high-
efficiency compression trains
have been manufactured in Saudi Arabia at a centre where 70 percent of the workforce are Saudi
nationals. As part of this programme, GE Oil & Gas has qualified a network of Saudi-based
suppliers for Saudi and global GE markets. This is a demonstration of GE’s commitment to Saudi
Aramco’s IKTVA program (In Kingdom Total Value Add) objectives to localise 70 percent of Saudi
Aramco spending in the kingdom by 2021.
Rami Qasem, president and CEO, GE Oil & Gas, Middle East, North Africa & Turkey (Menat),
said: “GE Oil & Gas places a very strong focus on localisation. Today we’re celebrating the first
high-efficiency compression trains assembled locally, which represents a key milestone in our
initiatives addressing Saudi Aramco’s IKTVA program. How we are executing this project
underpins our commitment to developing the Saudi economy through job creation, knowledge
transfer and supporting local sourcing.”

Supporting the kingdom’s vision to boost domestic manufacturing and exports, GE Oil & Gas is
also expanding its manufacturing facility at the Modon site in Dammam Second Industrial City to
serve as a centre for the supply of ‘Made in Saudi’ pressure control equipment for Saudi and
regional markets.
The first phase of this expansion, which increased the facility to 10,500 sq m, was inaugurated in
late 2015 by GE Oil & Gas president and CEO Lorenzo Simonelli in the presence of Amin Nasser,
president and CEO, Saudi Aramco; Rami Qasem and other senior officials.
With a presence of over 80 years, three offices and seven facilities, Saudi Arabia accounts for the
largest GE workforce in the Middle East with over 1,600 employees driving the aviation,
healthcare, oil and gas, power and water and transportation businesses. GE is focused on taking
its work into the next industrial era with technological solutions that create economic and social
value to the country and its people, the company said.

Ethiopia: Africa Oil completes Ethiopia farm out deal with Maersk Oil
Source: Africa Oil Corp
Africa Oil Corp has completed the previously announced (November 9, 2015) farmout with Maersk
Oil related to the South Omo and Rift Basin Blocks in Ethiopia. At completion of the Ethiopian farmout,
Africa Oil received a payment of US$12.8 million from Maersk Oil.
The resulting interests in each of Africa Oil's Ethiopian blocks are as follows:
Ethiopia Rift Basin: Africa Oil - 25%*; Maersk Oil - 25%; Marathon - 50%
Ethiopia South Omo: Africa Oil - 15%; Maersk Oil - 15%; Tullow - 50%*; Marathon - 20%
*denotes Operator
Keith Hill, Africa Oil's CEO commented:
'We are very pleased to have completed our farmout to Maersk Oil. We feel Maersk Oil will be an
excellent partner in terms of technical and financial strength.'

Tanzania: Orca Exploration completes offshore workover and
drilling program at its Songo Songo Source: Orca Exploration
Orca Exploration has announced the successful completion of its offshore workover and drilling
program and the release of the Paragon M826 mobile drilling workover rig. The Off-Shore
Programme of the Songo Songo Main Field development programme included workovers on
three existing wells (SS-5, SS-7 and SS-9) and the drilling of one new development well,SS-12.
Phase 1 of the development programme also includes the completion of the SS-12 production
platform, flowlines and tie-in facilities connecting SS-12 to the Company's gas processing
facilities and a refrigeration system required to ensure field production stability to enable the
Company to produce wells into the newly built National Natural Gas Infrastructure Project
('NNGIP'). The total cost of Phase 1
of the development programme was
originally estimated to cost US$120
million, however, now that the Off-
Shore Programme has been
completed, the Company expects that
Phase 1 of the development
programme to have a total cost of
under US$80 million with costs
incurred to date of approx. US$68
million. The reduction in costs was a
result of being able to successfully
workover the three wells without
having to do any side-tracking,
efficiencies achieved during the work-
overs, and work scope changes
which reduced the original estimated
time required to complete Phase 1.
The full development programme
provides for additional workovers,
compression systems and additional
infrastructure to ensure all production
commitments are met through to the
end of the licence in 2026.
The Offshore Programme was
designed to: (i) put safe existing
suspended and operating production
wells; (ii) restore and increase the
current productive capacity of the
Songo Songo Main Field to ensure
the continued delivery of Protected and Additional gas into the existing Songas infrastructure;
and (iii) provide additional operational redundancy and deliverability for future additional gas
sales.
The Offshore Programme has successfully increased production capacity from approx. 83 million
standard cubic feet per day ('MMscfd') prior to the development programme to current production
capabilities of approx. 150 MMscfd. Upon completion of the platform for SS-12 and the tie-in to

production facilities, production capabilities are expected to be in excess of 185 MMscfd. The
field is now capable of both filling the existing Songas infrastructure to capacity of approx. 102
MMscfd, as well as providing additional gas volumes to the NNGIP.
The Company is currently negotiating terms for the sales agreement to the NNGIP with the
Tanzania Production and Development Company ('TPDC'). Until the agreement is signed, the
Company's production is limited by infrastructure and contractual constraints, producing an
average of 90 MMscfd for the fourth quarter of 2015 and is expected to average 94 MMscfd in
2016.
Orca currently supplies gas primarily for power
generation to the Tanzania Electric Supply
Company ('TANESCO'), Songas, and 38
industrial customers in the Dar es Salaam area.
Orca committed to the current expansion
programme to ensure that the Company is
playing its part in meeting Tanzania's urgent
need for increased power generation and
energy security.
The use of natural gas from the Songo Songo Main Field has made a significant contribution to
Tanzania's economy and is estimated to have saved Tanzania over US$6 billion in other fuel
costs since commercial operations began in 2004 according to Tanzanian government sources.
Orca's Tanzania operations are managed by the Company's wholly owned subsidiary, Pan
African Energy Tanzania ('PAET'), headquartered in Dar es Salaam. PAET has for the past 10
years been the lead private sector investor in Tanzania's gas industry.
'We are delighted with the success of the Offshore Programme and the significant cost savings
achieved, this reflects the strength of our operation’s team,' said Orca's Chairman and Chief
Executive Officer, David Lyo ns, 'The development programme has enabled the Company to
significantly increase production capacity in Tanzania and ensure the continued reliable supply of
natural gas to our customers.'
In order to complete the Off-Shore Programme, the Company's wholly owned subsidiary, PAET
has utilized the US$60 million loan facility with International Finance Corporation which was
signed on 29 October 2015.

EMozanbique:Eni closing in on Mozambique FLNG development
Eni's Chief Exploration Officer
Eni might be close to making a final investment decision on its offshore natural gas development
project in Mozambique. Luca Bertelli, Eni’s Chief Exploration Officer, said on Tuesday during the
IHS CERAWeek conference in Houston, that Eni is expecting to receive a Plan for Development
and Operation approval in Mozambique within days, or if not days, then very soon.
Following the approval, he said, Eni would
proceed with the first phase of the
development.
While Bertelli did not say the name of the
project specifically, it may very well be the
company’s planned development of the Coral
natural gas discovery in the deepwater offshore
Mozambique.
The Coral development plan calls for a
construction of a Floating LNG (FLNG) unit fed
by subsea wells.
The development plan for the gas discovery located in Mozambique’s Rovuma basin was formally
submitted to the local authorities at the end of 2014.
According to the original plan, the production of LNG was expected to start in 2019, however
considering that the final investment decision has been delayed, there is no official confirmation
on the expected date of the first production.

Norway: Europe's largest onshore wind power project to be
built in Central Norway…Source: Statkraft
Statkraft, Trønder Energi and the European investor consortium Nordic Wind Power DA will
join forces to realise Europe's largest onshore wind power project in Central Norway, comprising
six onshore wind farms, with a combined capacity of 1000MW. The total investment in the wind
farms amounts to approx. EUR 1.1bn. Construction will commence in Q2 2016 and
commissioning will be completed in 2020.
The wind farms will be built on the Fosen peni nsula, the island of Hitra and in Snillfjord,
in a coastal area providing some of the best conditions for renewable energy production from
wind in Europe. At 1000 MW the projects' capacity is more than the current total installed
capacity of wind power in Norway. Once completed and commissioned in 2020, the wind farms
will generate 3.4 TWh power annually.
The joint venture company Fosen Vind DA will be the owner of the wind farms. Statkraft will
have a 52.1 per cent ownership interest in the company, along with responsibility for the project
execution in the construction phase. TrønderEnergi will have an ownership stake of 7.9 per
cent. Nordic Wind Power DA, a European investor consortium created by Credit Suisse
Energy Infrastructure Partners and backed by the Swiss utility BKW, have acquired the
remaining 40.0 per cent from Agder Energi, TrønderEnergi and NTE.
The Fosen Vind project portfolio includes the Harbaksfjellet, Roan, Storheia and Kvenndalsfjellet
wind farms north of the Trondheim fjord (approx. 750 MW), as well as the Geitfjellet and Hitra 2
wind farms south of the Trondheim fjord (approx. 250 MW). In comparison with the original
Fosen-Snillfjord project, the estimated total generation has increased substantially while costs
have come down. The original project was terminated early last summer due to lack of
profitability. Later, the owners joined with Statnett to announce a new assessment of the options
for designing a project with improved economics under new primary assumptions.

'This is an important day. Together with our partners Statkraft has developed the largest
renewable energy project in Norway in this millennium. With a 1000MW project we become one
of the leading onshore wind players', said Christian Rynning-Tønnesen, CEO and President of
Statkraft.
'Nordic Windpower DA is pleased to invest into Fosen Vind DA alongside two strong local
partners and to contribute to building out the renewable energy production in Norway', said
Dominik Bollier, Managing Partner at Credit Suisse Energy Infrastructure Partners. He continued:
'the consortium brings the right mix of industry know-how and capital to the table to be a long-
term reliable partner for the project.'
Ståle Gjersvold, CEO of TrønderEnergi commented: 'Fosen Vind represents an exciting new
chapter for renewable energy in Norway. In a challenging economic environment, TrønderEnergi
and our partners will create value and jobs to the whole of Trøndelag.'
The first delivery of turbines is scheduled for 2018. The project will use 278 wind turbines of 3.6
MW capacity (Vestas V117-3.45 MW and V112-3.45 MW turbines with power optimised mode to
3.6 MW).
Three out of the 28 EU member states have surpassed their 2020 goals. Sweden had one of
the most ambitious goals, planning to produce 49% of its energy from renewable sources by
2020. It’s already gone further than that, with 52.1% from renewable sources in 2013.
Bulgaria and Estonia also are producing more than they had been targeting, five years
ahead of schedule.

NewBase 24 February 2016 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Oil prices fall as OPEC squabbles over output targets, crude stocks swell
Reuters + NewBase
Oil prices slid on Wednesday, extending sharp falls from the previous session after top exporter
Saudi Arabia ruled out production cuts and industry data showed a further build in U.S. crude
stockpiles.
Meanwhile, Iran made clear it has no interest in restraining its production after international
sanctions against it were lifted in January, calling a joint Russian/Saudi proposal for major
exporters to freeze output "laughable".
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $31.12 per barrel at 0354
GMT, down 2.35 percent from their last settlement. International benchmark Brent futures LCOc1
were down 1.44 percent at $32.79 a barrel. Both contracts dropped more than 5 percent the
previous day.
The falls were a result of an apparent lack in cooperation among members of the Organization of
the Petroleum Exporting Countries (OPEC) to freeze or cut production to rein in ballooning
oversupply that has pulled down prices by 70 percent since mid-2014.
Saudi Arabia's oil minister Ali Al-Naimi said on Tuesday that a coordinated production cut by
OPEC and non-OPEC exporters was "not going to happen because not many countries are going
to deliver".
Oil price special
coverage

He also said that a proposed freeze in output at January levels, which were near record highs,
would require "all the major producers to agree not to add additional barrels".
While non-OPEC giant Russia has tentatively agreed on freezing its output at January levels,
when they hit a post-Soviet record, Iran called the proposal "laughable".
"Some of our neighbors have increased their production to 10 million barrels a day in recent years
and export this amount, and now they have the nerve to say we should all freeze our production
together," Bijan Zanganeh was quoted as saying by the Iranian news agency ISNA.
"So they should freeze their production at 10 million barrels and we should freeze ours at 1 million
barrels - this is a laughable proposal," he said.
Ric Spooner, chief strategist at CMC Markets, said there was a risk oil prices could drop further as
there was "no realistic prospect of a production agreement" and because of the upcoming low
demand spring season in the northern hemisphere.
Between 1 million and 2 million barrels of crude are currently produced every day in excess of
demand, leaving storage facilities around the world brimming with unwanted supplies.
The American Petroleum Institute (API) said crude inventories rose 7.1 million barrels in the week
to Feb. 19 to 506.2 million, far exceeding expectation s of a 3.4 million barrels rise.
The U.S. Energy Information Administration will report official inventory data later on Wednesday.

IEA braces for another year of cheap oil
AFP
Oil prices will remain low at least until next year, the International Energy Agency (IEA) warned,
saying any 2017 recovery will be slow as massive oil stocks feed into the market.
“We must say that today’s oil market conditions do not suggest that prices can recover sharply in
the immediate future — unless, of course, there is a major geopolitical event,” the International
Energy Agency said in its medium-term report, which looks five years ahead.
“Only in 2017 will we finally see oil supply and demand aligned but the enormous stocks being
accumulated will act as a dampener on the pace of recovery in oil prices when the market, having
balanced, then starts to draw down those stocks,” it said. “While oil prices should start to rise
gradually once the market begins rebalancing, the availability of resources that can be easily and
quickly tapped will limit the scope of rallies,” it said.
The IEA acknowledged that predicting the oil market “is today a task of enormous complexity”,
saying experts were still grappling with the implications of a dramatic drop in the oil price from
over $100 per barrel in July 2014, to around $30 today.
A year ago, analysts predicted that oil oversupply would end by late 2015, “but that view has
proved very wide of the mark”, it admitted.
The IEA’s view is that supply will eventually be curtailed as investment cuts prompted by low
prices translate into lower output. Spending on oil exploration and equipment is projected to drop
by 17 per cent this year after a 24 per cent cut in 2015 “which would be the first time since 1986
that upstream investment has fallen for two consecutive years”, the IEA noted.
The low oil price is already squeezing profits at higher-cost producers, and the IEA said it expects
the production of US light tight oil, also known as shale, to fall back by 600,000 barrels per day
and by a further 200,000 per day next year before a gradual recovery in oil prices pushes
production up again.

Statoil Sees Oil Price Drop As 'Great Opportunity' To Improve
Reuters
Norwegian oil producer Statoil ASA sees the crude price downturn as a chance to slash costs and
become more efficient, with a senior executive calling it a "great opportunity" to improve
operations.
Torgrim Reitan, Statoil's head of United States operations, said in an interview that his goal is
to retool the company's shale and
offshore oil projects to be nimble
enough to survive across a range of oil
prices.
"A price downturn like this only
happens once every 20 years, and it's
a great opportunity," Reitan said on
the sidelines of the IHS CERAWeek
conference, the world's largest annual
gathering of oil executives. "You will
never have a sense of urgency like
you do right now."
Reitan took the reins of Statoil's U.S. operations last fall and immediately confronted a division
struggling with high costs, senior executive flight and questions about where best to allocate
capital.
Four American Statoil leaders jumped ship last year to form their own oil company, a brain drain of
talent at one of the worst times for the Norwegian state-owned company.
Already, Reitan has laid off 20 percent of his staff and slashed the cost per barrel to produce oil by
more than 40 percent.
"If you get it right these days, you can make some lasting changes that will stand for years and
years," said Reitan, who previously was Statoil's chief financial officer. "The winners of the next
decade are shaped today."
Reitan's generally upbeat outlook - effectively making lemonade from the low-price lemons -
stands in stark contrast to the dour mood permeating much of the CERAWeek conference in
Houston this week, with rival executives forecasting a lower-for-longer oil price scenario and
further industry contraction.
Reitan himself acknowledged that oil prices need to rise and that cost cuts and efficiency gains
alone will not help Statoil.
He holds a goal for his division to be profitable at oil prices of $50 per barrel by 2018, which would
be an improvement from the $90 per barrel level in 2014.
Still, oil prices hover below $30 per barrel today.
"I do see a very tight market going forward, with a big, big demand for our products over time,"
Reitan said.

NewBase Special Coverage
News Agencies News Release 24 February 2016
The Trickle of U.S. Oil Exports Is Already Shifting Global Power
Bloomberg - Joe Carroll
The sea stretched toward the horizon last New Year’s Eve as the Theo T, a red-and-white tug at
her side, slipped quietly beneath the Corpus Christi Harbor Bridge in Texas. Few Americans knew
she was sailing into history.
Inside the Panamax oil tanker was a cargo that some on Capitol Hill had dubbed “Liquid American
Freedom” -- the first U.S. crude bound for overseas markets after Congress lifted the 40-year
export ban.
It was a landmark moment for the beleaguered energy industry and one heavy with both
symbolism and economic implications. The Theo T was ushering in a new era as it left the U.S.
Gulf coast bound for France.
The implications -- both financial and political -- for energy behemoths such as Saudi Arabia and
Russia are staggering, according to Mark Mills, a senior fellow at the Manhattan Institute think
tank and a former venture capitalist. "It’s a game changer," he said.
For the Saudis and their OPEC cohorts, who collectively control 40 percent of the globe’s oil
supply, the specter of U.S. crude landing at European and Asian refineries further weakens their
grip on world petroleum prices at a time they are already suffering from lower prices and stiffened

competition. With Russia also seeing its influence over European energy buyers lessened, the two
crude superpowers last week tentatively agreed to freeze oil output at near-record levels, the first
such coordination in a decade and a half.
Geopolitical Fallout
The political effects need not wait until U.S. shipments become more plentiful, Mills said. “In
geopolitics, psychology matters as much as actual transactions,” he said.
Meanwhile, the U.S. is also poised to make its first shipments of liquefied natural gas, or LNG,
from shale onto world markets within weeks, about two months later than scheduled. Cheniere
Energy Inc. expects to have about 9 million metric tons a year of LNG available for its own
portfolio from nine liquefaction trains being developed at two complexes in Texas. That’s enough
to power Norway and Denmark combined for a year.
The immediate beneficiaries of this renewed era of U.S. exports are gas and oil companies such
as Continental Resources Inc., Chevron Corp. and Exxon Mobil Corp. that have lobbied vigorously
in recent years against the 1975 ban, which blocked all but a fraction of oil movements. It was
imposed in the aftermath of a 1973-74 OPEC oil embargo, which crippled the U.S. economy and
brought home the heavy dependence the country had developed on foreign suppliers.
U.S. Gains
Beyond corporations, the Dec. 18 lifting of the export ban by Congress and President Barack
Obama created geopolitical winners and losers, too. The U.S., awash in shale oil, has gained
while powerful exporters like Russia and Saudi Arabia, for whom oil represents not just profits but
also power, find themselves on the downswing.
The U.S. remains a net importer, but its demand for foreign oil has fallen by 32 percent since its
peak in 2005.
Meanwhile, plummeting oil and gas prices, driven in part by the U.S. shale revolution, have
already eroded OPEC and Russia’s abilities to use natural resources as foreign policy cudgels.
They are also squeezing petroleum-rich economies from Venezuela to Nigeria that rely heavily on
crude receipts to fund everything from military budgets to fuel subsidies.
"A prolonged period of low gas and oil prices will put heavy pressure on Russia in its relations with
the West and of course low energy prices puts tremendous strain on all exporters of hydrocarbons
worldwide, on their government budgets," said Ted Michael, an analyst at Genscape Inc., an
energy-market data and intelligence firm.
Second Vessel
The Theo T was joined shortly after its trailblazing journey by a second ship out of Houston
destined for the Netherlands. How many tankers have sailed since won’t be known until
comprehensive data on January’s shipments is released by the U.S. Census Bureau in the
coming weeks.

Trafigura Group Pte Ltd. also sold West Texas Intermediate oil to a refinery in Israel, Ben
Luckock, global head of crude oil at the commodity trader, said on Monday by e-mail. The 700,000
barrel cargo of U.S. benchmark crude will be delivered in March.
What’s already clear is that even with crude losing about 70 percent of its value since the middle
of 2014 amid a worldwide production glut and a slowdown in Chinese demand growth, buyers are
happy for the chance to diversify their sources of supply.
The U.S.
“If you’re a buyer in, say, South Korea, and you’re offered the same price from Saudi Arabia,
Russia and the U.S., you’re going to make the obvious choice: the U.S.,” Mills said. “It’s the one
supplier you know is never going to threaten you or cut off supplies, which is certainly not the case
with Saudi Arabia, Russia or Iran.”
A similar story is beginning to unfold in natural gas, where U.S. production also has multiplied in
recent years as a result of advances in shale extraction.
U.S. companies, led by Cheniere, have been spending billions of dollars on LNG export
complexes where the fuel is cooled to minus 256 degrees Fahrenheit (minus 160 Celsius) to
shrink it to 1/600th its volume so it can be shipped aboard ocean-going tankers. As a result, an
international gas market is emerging akin to the long-established one for the more readily
transportable crude oil.
LNG Exports
Houston-based Cheniere plans to begin LNG exports within weeks, after missing a January target
because of faulty wiring. The first tanker that will carry LNG from Cheniere’s Sabine Pass terminal
in Louisiana has arrived. Asia Vision has moored at Sabine Pass, according to ship-tracking data
compiled by Bloomberg.
U.S. LNG cargoes, in
combination with a bevy
of new gas projects in
Australia, will probably
add 15 billion cubic feet
of daily supply to global
markets in the next few
years, Genscape’s
Michael said. That would
be a 43 percent addition
to the 35 billion currently
bought and sold
internationally.
"We will definitely
replace Russia as the
lowest-cost supplier,”
Fadel Gheit, an analyst
at Oppenheimer & Co.,
said of the U.S. expansion. “All of these things will have geopolitical and economic consequences.
It’s a win-win for the U.S. and the West.”

Global oil supply growth plunging, with US taking biggest hit for now
IEA
Global oil supply growth is plunging as an extended period of low prices takes its toll, the
International Energy Agency (IEA) said in its annual Medium-Term Oil Market Report (MTOMR)
released today. While U.S. light, tight oil (LTO) output is falling steeply for now, the market will
begin rebalancing in 2017 – and by 2021 the United States and Iran are seen leading production
gains among non-OPEC and OPEC countries, respectively.
The report notes that while oil prices should start to
rise gradually once the market begins rebalancing,
the availability of resources that can be easily and
quickly tapped will limit the scope of rallies – at least
in the near term. However, the report points to the
risk of an oil price spike in the later part of the
outlook period arising from insufficient investment.
“It is easy for consumers to be lulled into
complacency by ample stocks and low prices today,
but they should heed the writing on the wall: the
historic investment cuts we are seeing raise the odds
of unpleasant oil-security surprises in the not-too-
distant-future,” said IEA Executive Director Fatih
Birol, launching the report at IHS CERAWeek.
The report sees 4.1 million barrels a day (mb/d)
being added to global oil supply between 2015 and
2021, down sharply from the total growth of 11 mb/d
in the period 2009-2015. The drop in supply growth
comes as upstream investment dries up in response
to the current glut that is pressuring prices. Global oil
exploration and production capital expenditures
(capex) are expected to fall 17% in 2016, following a 24% cut in 2015 – which would be the first
time since 1986 that upstream investment has fallen for two consecutive years.
US production is seen reaching an all-time high of 14.2 mb/d by the end of the forecast period, but
only after falling in the short term. LTO output declines by 0.6 mb/d this year and by a further 0.2

mb/d in 2017 before a gradual recovery in oil prices, combined with further improvements in
operational efficiencies and cost cutting, allows production to resume its upward climb. The United
States remains the largest contributor to supply growth during the forecast period, accounting for
more than two-thirds of the net non-OPEC increase. Freed from sanctions, Iran leads OPEC
gains: Iranian oil output rises 1 mb/d to 3.9 mb/d by 2021.
The report sees global oil demand growing at an average rate of 1.2 mb/d through 2021, crossing
the symbolic 100 mb/d mark towards the end of the decade before reaching 101.6 mb/d by 2021.
Indian consumption races ahead as more motorists take to the roads, while Chinese demand
growth cools in tandem with the economy. Global oil trade continues its pivot towards Asia.
The Medium Term Oil Market Report 2016 is on sale at the IEA bookshop. Download the
Overview here and the launch presentation here. Accredited journalists who would like more
information or who wish to receive a complimentary copy should contact press@iea.org.

NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
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For additional free subscription emails please contact Hawk Energy
Khaled Malallah Al Awadi,
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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 24 February 2016 K. Al Awadi

New base 794 special 24 february 2016

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