Dubai 30% carbon cut

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NewBase Energy News 07 February 2022 No. 1485 Senior Editor Eng. Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
U.A.E: Dubai approves plans to cut carbon emissions 30%, 2030
Khleej Times - Issac John
Dubai unveiled on Sunday a plan to cut carbon emissions by 30 per cent by the end of 2030, a
move seen to provide a major fillip to the national drive to achieve net-zero goal by 2050. The Dubai
Carbon Abatement Strategy 2030, approved by The Supreme Council of Energy, aligns with the
UAE Net Zero Goal by 2050, a strategic initiative announced in October 2021.
While further cementing the UAE’s leadership on climate change, the drive seeks to comply with
the Paris Agreement, which calls on countries to prepare long-term strategies to reduce greenhouse
gas emissions and limit the rise in global temperature to 1.5C compared to pre-industrial levels.
The UAE has committed an investment of over Dh600 billion in renewable energy as it pivots its
economy to a clean future path and aims to emerge as the first Middle East and North Africa nation
to do so.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy (DSCE),
chaired the Council’s 68th meeting, which took place online. Saeed Mohammed Al Tayer, vice-
chairman of the DSCE; Ahmed Buti Al Muhairbi, secretary-general of the DSCE, and other top
executives attended the meeting to finalise the Dubai Carbon Abatement Strategy 2030.
“In line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President
and Prime Minister of the UAE and Ruler of Dubai, to increase the share of clean and renewable

energy sources as well as achieve the Dubai Net Zero Carbon Emissions by 2050, the meeting
reviewed the plans and roadmap to implement the strategy, using the latest technologies,” said
Saeed Mohammed Al Tayer.
“The council has started evaluating carbon emissions for the next 10 years, in collaboration with the
relevant organisations in Dubai to come up with the required measures to reduce emissions. A
roadmap will then define the way to achieve carbon neutrality by 2050,” said Al Tayer.
Satellites launch
The meeting discussed several topics including the successful launch of Dewa-SAT 1, part of
Dewa’s Space-D programme launched in January 2021. Dewa is the first utility in the world to use
satellites in its operations.
The council reviewed the mechanisms and programmes implemented by the relative bodies under
the umbrella of the council in electricity and water production, industries, waste management, and
land transport to reduce carbon emissions. These resulted in significant reductions in 2019 and
2020.
The meeting approved the updated
plans and objectives to reduce carbon
emissions by 30 percent by the end of
2030 to support the UAE’s efforts to
achieve carbon neutrality by 2050.
The meeting also discussed the
implementation stage for Resolution
Number 6 of 2021 issued by the
Executive Council of Dubai to regulate
district cooling services in Dubai. The
council approved the regulatory
framework for cooling service providers
and customers to ensure the
effectiveness of permit issuance and
billing.
Dewa’s Space-D programme aims to
improve the operations, maintenance, and planning of Dewa’s networks with the support of nano
satellite technology, Internet of Things (IoT), and remote sensing technologies.
The programme also aims to train Emirati professionals to use space technologies to enhance its
electricity and water networks. The programme shows how Dubai’s leadership is taking advantage
of Fourth Industrial Revolution technologies such as IoT, Artificial Intelligence (AI), and blockchain
to exchange information with the help of satellite communications and earth observation
technologies, said Al Tayer.
The Dubai Supreme Council of Energy board members Dawood Al Hajiri, director-general of Dubai
Municipality; Abdulla bin Kalban, managing director of Emirates Global Aluminium; Saif Humaid Al
Falasi, CEO of Emirates National Oil Company; Juan-Pablo Freile, general manager of Dubai
Petroleum; and Nasser Abu Shehab, CEO of the Strategy & Corporate Governance Sector at the
Roads & Transport Authority, also attended the meeting.
“We reviewed participation in the fourth edition of the Emirates Energy Award, which highlights the
best existing practices in the areas of clean energy, energy efficiency and sustainability in the
region,” said Al Muhairbi.

U.A.E: Dubai’s Hassyan power plant to be fuelled by natural gas
The National - Fareed Rahman
Dubai’s Hassyan power complex will be converted into a natural gas plant as the emirate seeks to
reduce emissions and become carbon neutral in the next three decades.
Sheikh Ahmed bin Saeed, chairman of the Dubai Supreme Council of Energy, approved the
conversion of the 2,400-megawatt plant, which used clean coal, said the Dubai Electricity and
Water Authority on Thursday.
Dubai Supreme Council approves the conversion of the 2,400MW plant
that currently uses clean coal
The UAE aims to become carbon neutral by 2050, with clean and renewable energy investment
worth Dh600 billion planned over the next three decades.
“This step supports Dubai's energy supply security by diversifying the energy mix through the Dubai
Clean Energy Strategy 2050,” Sheikh Ahmed said. It also aligns with Dubai’s carbon neutrality
strategy 2050, which aims to ensure that 100 per cent of the emirate's energy production capacity
is from clean energy sources by 2050.
“The initiative is consistent with the pivotal role that gas is expected to play in enabling economic
growth in the UAE over the next 50 years.” The decision will also support the Emirates' net zero by
2050 strategy, said the UAE's special envoy for climate change, Dr Sultan Al Jaber, who is also the
country's Minister of Industry and Advanced Technology.

"This move will reduce the UAE’s carbon footprint of power generation in support of the
UAE Net Zero by 2050 Strategic Initiative," a statement from his office on Twitter said.
The UAE, the Arab world’s second-largest economy, has planned renewable energy investment
worth Dh600 billion over the next three decades.
“Dubai has a clear strategy and specific goals to increase the share of renewable and clean energy
in the energy mix,” said Dewa managing director and chief executive Saeed Al Tayer.
“Natural gas is considered a safe and environmentally friendly source of energy. The Hassyan
natural gas power complex will be an addition to the Jebel Ali power and water desalination complex,
which is one of the main pillars for providing Dubai with reliable, efficient and high-quality electricity
and water services.”
Dubai is also building other clean energy projects, including the 5,000MW Mohammed bin Rashid
Al Maktoum Solar Park, which is the world’s largest single-site solar park. The fifth phase, with a
total investment of Dh2.05bn, is 60 per cent complete, said Dewa.
The project is part of Dubai's strategy to increase the share of clean power in its energy mix to 13.3
per cent in the first quarter of this year, from the existing 11.38 per cent.
About Hesyan Power Plant:-
The project was designed to meet the increasing demand for power and water in Dubai. It was
planned to be carried out in six phases, with each phase involving the construction of a power island
with 1,500MW capacity and desalination island with 120MIGD capacity. The cost of each phase
was estimated to be between $2bn and $3bn.
The first power station, P1, was expected to become operational in 2014, followed by the remaining
five.
Bids for the project were received from multiple interested consortia in December 2011. The
consortium of Marubeni, Abu Dhabi National Energy Company and SK E&S emerged as the lowest
bidder.
DEWA selected Mott MacDonald (MMD) as the owner’s engineer for the P1 station, seawater intake
and outfall system. MMD carried out the feasibility study for the development of the 9,000MW power

plant and 720MIGD desalination plant. It was also involved in the work related to site layout and
provided co-ordination for the entire Hassyan complex.
The Hassyan PP was planned to be housed on a 4km² site located 60km south-west of Dubai. The
P1 power island was proposed to incorporate a combined-cycle gas turbine (CCGT) system
comprising four F-class gas turbines, four heat recovery steam generators and two backpressure
steam turbines.
The power island was to use natural gas as the primary fuel and diesel oil as the secondary fuel in
case of a disruption in the natural gas supply. The Dubai Supply Authority (DUSUP) was selected
to supply the required fuel. A service corridor was proposed to be built along the southern length of
the site to supply natural gas and diesel to each power island.
The plan for the Dubai power station included four fuel storage tankers with a capacity equivalent
to operating the P1 station for ten days.
The project was planned to include a seawater intake canal to provide water for desalination and
cooling to all six islands of the project. The canal was proposed to be built along the northern length
of the site and designed to carry 90,000gal of water per second.

U.A.E: Adnoc announces gas discovery offshore Abu Dhabi, 2TCF
ADNOC + NewBase
The Abu Dhabi National Oil Company (Adnoc) announced today (February 3) the discovery of
natural gas resources offshore of the UAE capital. Interim results from the first exploration well in
Abu Dhabi’s Offshore Block 2 Exploration Concession operated by Eni, indicate between 1.5 – 2
trillion standard cubic feet (TSCF) of raw gas in place.
Offshore Block 2 covers an area of 4,033 square kilometers northwest of Abu Dhabi. The discovery
in the block was enabled by new insights from the world’s largest combined onshore and offshore
three-dimensional (3D) mega seismic survey currently underway in Abu Dhabi.
This discovery marks the first from Abu Dhabi’s offshore exploration concessions, highlighting the
continued success of Adnoc’s block bid rounds and its expanded approach to strategic
partnerships.
A consortium led by Eni and PTT Exploration and Production Public Company Limited (PTTEP) was
awarded the exploration rights for Offshore Block 2 in 2019 as part of Adnoc’s debut competitive
block bid round.
Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing
Director and ADNOC Group CEO, said: "The discovery of material natural gas resources in Offshore

Block 2 underscores how ADNOC’s expanded approach to strategic partnerships is enabling us to
accelerate the exploration and development of Abu Dhabi’s untapped hydrocarbon resources and
create long-term value for the UAE, in line with the Leadership’s wise directives."
"We congratulate our valued partners, Eni and PTTEP, on this achievement and we look forward to
continuing to work with all our strategic partners to sustainably unlock Abu Dhabi’s hydrocarbon
resources and stay ahead of the world’s growing demand for lower-carbon energy," he added.
Yaser Saeed Almazrouei, Adnoc Upstream Executive Director, said, "The positive interim results
recorded by our partners, Eni and PTTEP, in the exploration of Offshore Block 2 follows the recent
significant discovery in Onshore Block 4, highlighting the continued success of ADNOC’s
accelerated exploration and development program."
"Both discoveries leveraged insights from Adnoc’s ongoing 3D mega seismic survey, underpinning
the important role the survey is playing for us and our strategic partners as it utilises state-of-the-art
technologies to help identify new hydrocarbon resources across Abu Dhabi," he added.

Russia and China sign major energy deal
RT + NewBase
Russia’s Gazprom and the China National Petroleum Corporation (CNPC) signed a second long-
term contract on Friday for the supply of 10 billion cubic meters (bcm) of natural gas from the
Russian Far East. The agreement comes as Russian President Vladimir Putin is in China on an
official visit.
According to Gazprom, the agreement
is “an important step in further
strengthening mutually beneficial
cooperation between Russia and
China in the gas sector.” After the
project reaches its full capacity, the
volume of Russian pipeline gas
supplies to China via the Far East route
will reach 48 billion cubic meters per
year (including deliveries via the Power
of Siberia gas pipeline).
Gazprom’s largest natural gas deposit
in the Far East is the Yuzhno-
Kirinskoye field, where production is due to begin in 2023.
“The signing of the second contract for the supply of Russian gas to China testifies to the highest
level of mutual trust and partnership between our countries and companies. Our Chinese partners
from CNPC confirm that Gazprom is a reliable gas supplier,” the head of Gazprom, Alexey Miller,
said.
Russian energy supplies to China have reached record highs, according to Kremlin aide Yury
Ushakov.
Gazprom and the CNPC signed their first 30-year contract on gas supplies via the Power of Siberia
pipeline in 2014. The 3,000km (1,864 mile) cross-border pipeline, the first natural gas pipeline
between Russia and China, started deliveries three years ago.
In 2015, the sides agreed on gas supplies via the western route, or the Power of Siberia 2, which
will deliver gas from Siberia’s Yamal Peninsula, where Russia’s biggest gas reserves are. The new
pipeline will be able to transfer up to 50 bcm more gas through Mongolia to China annually.
In January, Gazprom completed an analysis of the project to build the Soyuz Vostok gas pipeline
through Mongolia to China, which will make it possible to supply up to 50 billion cubic meters of gas
per year to China.
Analysts say Moscow’s ‘gas pivot’ to China poses a challenge for Europe, which has been struggling
with skyrocketing energy prices in recent months. Russia remains Europe’s main gas supplier, but
the changes it is currently making to its energy transport infrastructure should be taken seriously,
analysts note.
Europe’s 541 bcm of annual gas consumption is more than China’s 331 bcm, but the latter is
expected to rise to 526 bcm by 2030 as Beijing reduces its dependence on coal. Consulting firm
McKinsey estimates that China’s demand for gas will double by 2035.
Its annual gas consumption is expected to reach 620 bcm by 2040 and overtake oil as the leading
fuel source by 2050, according to data made public in September by Chinese energy giant Sinopec.
The 30-year agreement will boost gas supplies
by 10 BCM/Y

U.S Utilities’ carbon-reduction goals will have little impact on
U.S. CO2 emissions. U.S. EIA, Annual Energy Outlook 2021, Reference case and Corporate Goal case
Executing several plans announced by U.S. power utilities to reduce carbon dioxide (CO2)
emissions would have a minor effect on U.S. energy-related CO2 reductions, according to the
analysis we published earlier this week.
As part of the Annual Energy Outlook 2021 (AEO2021), we created a Corporate Goal case that
incorporates assumptions based on carbon-reduction goals outlined in utilities' integrated resource
plans and on the carbon-reduction goals stated in press releases and other utility plans.
We collected utility carbon-reduction goals through a comprehensive review of filed integrated
resource plans and announced commitments from investor-owned utilities as of October 2020,
when we finalized assumptions for the AEO2021.
We project that CO2 emissions across the U.S. energy system would be 3% lower by 2050 under
the Corporate Goal case compared with our Reference case. The Reference case includes
assumptions based on current laws and regulations, and we use it as a baseline for policy or other
side case analysis, such as this one.
Within the electric power sector, we project that U.S. CO2 emissions are 12% lower in the Corporate
Goal case than in the Reference case. Meeting announced utility goals would lead to more electricity
generation from carbon-neutral generation resources. In particular, fewer existing nuclear plants
retire in the Corporate Goal case, which reduces the need for new capacity from renewable
technologies.
This outcome occurs in part because our model identifies existing nuclear generation as being
among the lowest-cost options for meeting clean energy or carbon-reduction goals. Existing nuclear
plants typically have operation and maintenance costs that are less than the cost of building new
low-carbon capacity.
The full report, Corporate Goal Case: Using the Annual Energy Outlook 2021, includes more
information on these assumptions and their effects on the U.S. electricity generation mix and
resulting CO2 emissions.

NewBase February 07-2022 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil falls on positive signals from U.S.-Iran talks, Caution Ukrain
Reuters + NewBase
Oil prices fell on Monday as signs of a progress in the U.S.-Iran nuclear talks that could lead to
removal of U.S. sanctions on Iranian oil sales offset concerns about the tight supplies.
Brent crude was down 31 cents, or 0.3%, at $92.96 by 1153 GMT, after earlier touching $94.00, its
highest level since October 2014. U.S. West Texas Intermediate crude fell 78 cents, or 0.8%, to
$91.53 a barrel. It had risen to $92.73 earlier in the session.
U.S. President Joe Biden's administration on Friday restored sanctions waivers to Iran to allow
international nuclear cooperation projects, as the talks on the 2015 international nuclear deal enter
the final stretch. read more
Although the sanctions relief will have limited impacts on Iran's struggling economy, they were
perceived by the markets as positive signal that both sides are determined to reach a deal.
Oil price special
coverage

Iran could quickly export millions of barrels of crude and help drive down red-hot oil prices if U.S.
sanctions are lifted. It seems Iran has been moving oil into place to prepare for the eventual
resumption of its exports.
"Investors expect more twists and turns in the U.S.-Iranian talks and no agreement to be reached
anytime soon," said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.
Commerzbank analyst Carsten Fritsch said: "If the oil sanctions were also to be relaxed, this could
help ease the oil market."
Crude prices, which have already rallied about 20% this year, are likely to surpass $100 per barrel
because of strong global demand, analysts have said. read more
The Organization of the Petroleum Exporting Countries and allies led by Russia, together known as
OPEC+, are struggling to meet targets despite pressure from top consumers to raise production
more quickly. read more
Fuelling supply concerns, tensions remain high in Eastern Europe, with White House national
security adviser Jake Sullivan saying on Sunday that Russia could invade Ukraine within days or
weeks but might still opt for a diplomatic path.

NewBase Special Coverage
The Energy world –Feb -04 -2022
Shell Is Betting Big On Namibia’s Oil BoomExplore the topics
mentioned in this article
While all recent oil exploration attention has been on Exxon’s (NYSE:XOM) massive string of
discoveries in Guyana, another giant player and a junior explorer are shifting to focus toward what
may be the next up-and-coming oil hotspot …
It’s Namibia–a country that’s never produced a barrel of oil.
We don’t hear much about new oil discoveries these days. Onshore discoveries are almost unheard
of because nearly everything except the African final frontier has been explored. Offshore
discoveries are few and far between.
That makes all the exploration activity in Namibia the foundation for another Guyana story–but this
time we think there could be a lot more room for investor reward.
Shell (RDS.A) Makes Oil & Gas Discovery Off Namibia's Coast
Oil supermajor, Shell (RDS.A), has made a huge oil and gas discovery at a closely watched offshore
well in the southern African nation of Namibia, an event that could lead to a series of investments
in the country, per Reuters.
Resources estimated to be worth
between 250 and 300 million
barrels of oil and gas equivalent
have been found at the Graff-1
well after Shell started drilling in
the southern African country’s
waters in December and the
government of Namibia is
expected to make an official
announc ement on this soon,
sources told Reuters.
It is unclear if the discoveries are
substantial enough for RDS.A to
go ahead with the development
of the country's first deepwater
field, as further reported.
Namibia stood as one of Africa's exploration hot spots, motivated Long wait
by the belief that subsalt prospects off the country's coastal shelf mirror geologically Brazil's giant
subsalt fields. But the southern African nation has suffered many setbacks in its decades-old hunt
for oil and gas.
TotalEnergies is currently drilling at the Venus high-impact well in Block 2913B, in the Orange Basin
offshore Namibia near the dividing line with South Africa. Despite a string of unsuccessful drilling
campaigns off Namibia since the 1990s, interest in oil exploration has remained strong for the most
part.

ExxonMobil, QatarEnergy, TotalEnergies, Tullow, India's ONGC Videsh, and independents Lekoil,
AziNam, BW Energy and Impact Oil and Gas are currently present in the country. Oil and gas
exploration in Africa slowed because of the coronavirus pandemic, though drilling activity has
increased in the past 12 months.
A challenging quest
A former German colony in the southwest corner of Southern Africa that only gained independence
from South Africa in 1990, the vast but sparsely populated country is well known for its diamonds,
uranium, copper, zinc and gold. Since the 1974 discovery of the giant Kudu gas field, oil has eluded
the country.
The Kudu gas field contains an estimated 1.3 Tcf of gas.
Namibia has been attempting to monetize reserves from the offshore field from years, but concerns
over the project's viability along with wrangling between oil companies and the government on
export agreements have repeatedly delayed the development.
Although Namibia is not a fossil fuel producer, its northern neighbor, Angola, has significant offshore
developments and is also a member of the Organization of the Petroleum Exporting Countries cartel.
Upstream, an Industry trade magazine, reported on the discovery at the Graff-1 well earlier this
month, which said that results have so far shown at least two reservoirs containing what one of the
sources described as a significant amount of oil and gas.
The discovery was reportedly made on the Petroleum Exploration Licence 39, owned 45 % by Shell,
Qatar Petroleum having another 45% interest, with the remaining 10% owned by the National
Petroleum Corporation of Namibia.

"We continue to safely execute Graff-1 operations", a Shell spokesperson said.
A statement by The Ministry of Energy and Mines of Namibia said it was in the final leg of a process
to collect quality data for the Graff-1 well, enabling a "thorough assessment of the prospect
potential". "As soon as all the data have been analyzed, the Ministry will issue a full results
announcement," the government body added.
This particular finding comes as Shell starts to bring down its oil output as part of a plan to shift to
renewable energy and low-carbon fuels. However, the company could still go for new field
developments, which could act as an alternative to declining reserves and production elsewhere.
Namibia has tried to develop oil and gas fields for decades now but it has barely seen success. This
is primarily due to the time-consuming and costly nature of such projects in countries with no existing
energy infrastructure or regulation.
IHS Markit analyst, Hugh Ewan, said in a note after RDS.A started drilling Graff-1 back in December,
"If successful, Graff-1 could spark significant international investment to a region which has had
minimal E&P exploration and production activity over the last 25 years."
Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy
multinationals with operations spanning worldwide. The company is fully integrated as it participates
in every aspect related to energy from oil production to refining and marketing.
Shell currently holds a Zacks Rank #2 (Buy). Apart from Shell, investors interested in the energy
space might look at the following companies. Schlumberger SLB carries a Zacks Rank #2, while
both Murphy USA MUSA and Ranger Oil ROCC sport a Zacks Rank #1 (Strong Buy). You can
see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Schlumberger’s 2022 earnings is projected at $1.98 per share,
up about 54.7% from the projected year-ago earnings of $1.28.

Schlumberger stock has gone up 71% in a year. SLB beat the Zacks Consensus Estimate for
earnings in three of the trailing four quarters, the average being 7.8%. Murphy USA is valued at
around $5 billion. The Zacks Consensus Estimate for Murphy USA’s 2022 earnings per share has
been revised 17.2% upward over the past 60 days from $9.45 to $11.08.
Murphy USA beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters,
the average being 20.9%. MUSA stock has rallied around 54.7% in a year.
Ranger Oil’s stock has increased 200.8% in a year. The Zacks Consensus Estimate for Ranger
Oil’s 2022 earnings is projected at $9.02 per share, which is an increase of a massive 152.7% from
the projected year-ago earnings of $3.57.
ROCC beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the
average being around 25%.
Suddenly, Namibia is a growing source of exploration news, with a significant discovery by Shell
(NYSE:RDS) offshore and maiden drills by Recon Africa (TSXV:RECO, OTC:RECAF) onshore in
the giant Kavango Basin already providing clear evidence of a working petroleum system.
Namibia’s Oil Explosion
Namibia is already turning heads in the oil world. It may have even caught the eye of some of the
largest oil exploration companies in the world—and for good reason. With geological similarities to
Brazil and Guyana—the latter having seen astounding oil exploration success—explorers are
sinking tons of money into finding and tapping these potential resources.
Namibia’s northern neighbor, Angola, already has a successful oil industry and is a long-time
member of OPEC, producing an average of more than one million barrels per day.
Namibia may have the potential to rival this northern neighbor, and with oil prices approaching $90
per barrel, we think it is even more likely that Namibia could become the next big oil and gas player
on the global scene.
Shell Namibia
Shell Plc. (NYSE:RDS.A) just stunned us with a discovery announcement at its offshore Graff-1
well in Namibia.
The Graff-1 well results showed at least two reservoirs containing what Reuters sources have called
“a significant amount of oil and gas”, which we estimate could be worth up to $29 billion at $88 oil.

Shell’s Namibia discovery is on the Petroleum Exploration License 39, 45% owned by Shell, and
45% owned by Qatar Petroleum. The National Petroleum Corporation of Namibia (NAMCOR) owns
the final 10%.
The government of Namibia is expected to make an announcement on the details of Graff-1 next
week, while Namibia’s Minister of Energy and Mines said it was in the final stages of data collection
to thoroughly assess the find’s potential.
Shell’s success could trigger an increased interest in further exploring the country’s oil resources.
“If successful, Graff-1 could spark significant international investment to a region which has had
minimal E&P exploration and production activity over the last 25 years,” IHS Markit analyst Hugh
Ewan said in December when Shell began drilling Graff-1, according to Reuters.
Indeed, even more of the world’s best oil finders have taken an interest in Namibia’s offshore oil
prospects, including ExxonMobil (NYSE:XOM) and TotalEnergies.
Like Shell, Total began drilling in its Venus-1 exploration block—close to Shell’s discovery—in
December. Venus-1 is Namibia’s deepest water exploration well to date, and according to IHS
Markit, is “one of the most anticipated wells worldwide.”
An analysis of Venus suggests a minimum economic field size of around 120MMbbls at $70 crude.
IHS Markit has also referenced the “favourable fiscal regime in the region” which “suggests that a
discovery equal to 300 Mbbls could have an NPV of around 1 billion MMUSD with a break-even
below 50$/bbl”.
Exxon, on a wildly successful drilling and production spree in Guyana, and with a presence in
neighboring Angola, increased its Namibia acreage in 2019, adding 7 million net acres after signing
an agreement with Namibia and NAMCOR for blocks 1710 and 1810, along with farm-in agreements
with NAMCOR for 1711 and 1811A.

With Shell’s latest find offshore, the investment into Namibia exploration could increase, and
onshore is perhaps where the biggest potential gains may be made because this is where NAMCOR
is partnering with a small-cap explorer for whom a discovery could create incredible upside, unlike
for a supermajor.
Recon Africa
Along with some of the largest names in oil exploration—Shell, Exxon, and Total—Reconnaissance
Energy Africa (TSXV:RECO, OTC:RECAF) is also poised to take part in Namibia’s oil future, with
RECO and NAMCOR definitely confirming in August the evidence of an active petroleum system in
the giant Kavango Basin.
The results were indicative of a play with “world-class potential,” according to Horizon Well Logging
Inc’s Dough Milham, who conducted the sample logging data and analysis for RECO.
The company’s first Namibia well is due to be spudded this quarter.
RECO is expected to publish its drilling schedule for H1 this year as soon as all permitting is
approved by the government.
For RECO, we anticipate things moving pretty quickly now, with seismic interpretations expected to
more precisely pinpoint exact drilling locations for what RECO hopes to be a major onshore oil
discovery.
RECO has rights to almost as much acreage as Exxon, with 6.3 million acres located in Namibia’s
Kavango Basin, which Wood MacKenzie has identified as an analogous basin to the Permian Basin
in the United States.
There’s clear reason for our excitement here …
Dan Jarvie, one of the world’s most famous geochemist wildcatters known for the Texas Barnett
play calling Namibia the final frontier for potential oil discoveries, notes that this is “a very strong
independent junior explorer here sitting on a sedimentary basin that rivals South Texas in a
massively under-explored region”.
So, with Shell clocking a “significant” find already offshore and Recon Africa gearing up to continue
drilling its massive 6.3-million-acre play onshore that some experts think could contain up to a
potential 120 billion barrels, Namibia has every reason to start celebrating its exciting entrance onto
the global oil exploration scene.

NewBase Energy News 07 February 2022 - Issue No. 1485 call on +971504822502, UAE
The Editor:” Khaled Al Awadi” Your partner in Energy Services
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About: Khaled Malallah Al Awadi,
Energy Consultant
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
www.linkedin.com/in/khaled-al-awadi-38b995b
Mobile: +971504822502
khdmohd@hawkenergy.net or khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas
sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S.
Universities. Currently working as Technical Affairs Specialist for Emirates General
Petroleum Corp. “Emarat “with external voluntary Energy consultation for the GCC
area via Hawk Energy Service, as the UAE operations base. Khaled is the Founder
of NewBase Energy news articles issues, an international consultant, advisor,
ecopreneur and journalist with expertise in Gas & Oil pipeline Networks, waste
management, waste-to-energy, renewable energy, environment protection and
sustainable development. His geographical areas of focus include Middle East,
Africa and Asia. Khaled has successfully accomplished a wide range of projects in
the areas of Gas & Oil with extensive works on Gas Pipeline Network Facilities &
gas compressor stations. Executed projects in the designing & constructing of gas
pipelines, gas metering & regulating stations and in the engineering of gas/oil supply routes. Has drafted &
finalized many contracts/agreements in products sale, transportation, operation & maintenance agreements.
Along with many MOUs & JVs for organizations & governments authorities. Currently dealing for biomass
energy, biogas, waste-to-energy, recycling and waste management. He has participated in numerous
conferences and workshops as chairman, session chair, keynote speaker and panelist. Khaled is the Editor-
in-Chief of NewBase Energy News and is a professional environmental writer with more than 1400 popular
articles to his credit. He is proactively engaged in creating mass awareness on renewable energy, waste
management and environmental sustainability in different parts of the world. Khaled has become a reference
for many of the Oil & Gas Conferences and for many Energy program broadcasted internationally, via GCC
leading satellite Channels. Khaled can be reached at any time, see contact details above.

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Dubai 30% carbon cut

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