New base issue 1190 special 26 july 2018 energy news ilovepdf-compressed

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NewBase July 26, 2018 - Issue No. 1190 Senior Editor Eng. Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
UAE nuclear plant receives licence from Department of Energy
The National
Barakah Nuclear Energy Plant will begin operation in late 2019 or 2020, Nawah Energy Company
has said. Arun Girija / AFP
The UAE’s first nuclear plant has received an electricity generation licence from the emirate's
Department of Energy, reaching a major regulatory milestone before it can begin operations and
start producing power.
Barakah One Company, a joint venture between Emirates Nuclear Energy Corporation and the
Korea Electric Power Corporation representing the commercial and financial interests of the
project, was granted the licence recently, state news agency Wam reported on Wednesday.
The license is a first step toward starting up the first of four reactors being built in Al Dhafra region
of Abu Dhabi.
Nawah Energy Company, Enec and Kepco’s operating and maintenance subsidiary, also needs to
obtain an operating license from the UAE’s Federal Authority for Nuclear Regulation, which
regulates the industry according to international standards, to get the go-ahead for startup.
The plant will not begin generating electricity until the end of next year, or possibly even 2020,
Nawah said in May after a “comprehensive operational readiness review”.

The Barakah nuclear energy plant has reached an advanced stage, with the completion of the first
reactor announced earlier this year. Construction of the $25 billion project began in 2011.
"Barakah One Company has demonstrated its commitment to all requirements,” Awaidha Al
Marar, the DoE chairman, was quoted as saying by Wam.
"One of the strategic objectives of the DoE is to guarantee energy security and sufficient supplies
of energy, thus we look forward to strengthening our cooperation with Enec and its subsidiaries
….. to meet the economic aspirations and needs of coming generations."
The UAE is the first country in the region to have undertaken the project of generating electricity
from nuclear energy -- one of the best solutions for the production of clean and efficient power to
support UAE’s economic growth and diversification.
The UAE is boosting its power generation from renewables and clean energy sources to help free
up the usage of gas, which is also heavily consumed by the industrial and other sectors.

UAE, Indonesia review work progress at 200MW PV power plant
WAM/Tariq alfaham/Hatem Mohamed
Arcandra Tahar, Deputy Minister of Energy and
Mineral Resources of Indonesia, and Mohamed
Abdullah bin Mutlaq Al Ghafli, UAE Ambassador
to Indonesia, have reviewed the progress in
implementing the floating solar photovoltaic
(PV) power plant by Abu Dhabi Future Energy
Company (Masdar) on the Cirata Reservoir in
the West Java province of Indonesia.
The 200MW project will be the largest project of
its kind in Indonesia. The two parties also
explored prospects for joint cooperation in areas
of conventional and renewable energy. The
Indonesian minister said Jakarta is keen to
expand its cooperation ties with the UAE for the best interests of the two friendly countries.
With a capacity of 200 megawatt (MW), the plant will cover an area of 225 hectares atop the
Cirata Reservoir in the West Java province of Indonesia. The 6,000-hectare Cirata Reservoir
already powers a 1GW
hydroelectric power station.
Today’s agreement was
signed in Jakarta by Iwan
Agung Firstantara, President
Director of PLN, and Mohamed
Jameel Al Ramahi, Chief
Executive Officer of Masdar.
Also present at the signing
were Arcandra Tahar, Deputy
Minister of Indonesia’s Ministry
of Energy & Mineral Resources,
HE Mohammed Abdullah Al-
Ghafli, Ambassador of the UAE
to the Republic of Indonesia
and representatives from the
Indonesian investment agency
Badan Koordinasi Penanaman
Modal (BKPM).
“PJB is excited and looking
forward to working with
Masdar,” said Iwan Agung
Firstantara, President Director
of PT PJB. “We believe this
project development agreement
is a milestone in the development of other floating PV solar power plants; this 200MW project will
be the largest project of its kind in Indonesia and PJB-Masdar will be a pioneer of floating PV
technology. Inshallah, developing this project will be a great success and a proud achievement for
Indonesia.”

“Today’s signing marks the entry of Masdar into South East Asia and our first project in floating
solar power,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. “The
agreement with PT PJB for the world’s largest floating solar power plant demonstrates Masdar’s
ambition as a global renewable energy leader and the strength of our industry partnerships.” One
of the advantages of floating solar power in tropical countries like Indonesia is that it enables
renewable energy development in forested regions generally unsuitable for conventional solar
power. The successful deployment of the Cirata project paves the way for the installation of
floating solar power on another 60 reservoirs across Indonesia.
The planned 200MW floating PV project will be mounted on 700,000 floats moored to the bed of
the Cirata reservoir and connected by electrical cables to an onshore high-voltage substation.
Besides producing clean power, the facility will provide shading against the sun, reducing
evaporation from the reservoir and limiting the growth of algae.
Today’s PDA signing follows the agreement of an MoU between PT PJB and Masdar in July this
year to collaborate on finding sustainable solutions to Indonesia’s rapidly growing energy demand,
with a focus on projects in the Java-Bali and Sumatra regions.
With a population of more than 250 million, Indonesia is the largest country in the Association of
Southeast Asian Nations (ASEAN). Indonesia has set a renewable energy target of 31% by 2050.
According to the International Renewable Energy Agency (IRENA), the country has the potential
to produce more than 700 gigawatts (GW) of renewable energy, including 532.6 gigawatts of solar
power.
Since 2006, Masdar has
invested in renewable energy
projects with a combined value
of US$8.5 billion; the company’s
share of this investment is
US$2.7 billion. Masdar
commercialises advanced
technologies by deploying them
at scale. Examples include
Hywind Scotland, the world’s
first utility-scale offshore wind
farm; Gemasolar in Spain, the
first solar thermal power plant
producing electricity 24 hours a
day; and London Array, currently
the world’s largest offshore wind
farm in operation.
Last year, a Masdar-led consortium was appointed to build the 800MW third phase of the
Mohamed Bin Rashid Al Maktoum Solar Park in Dubai, quoting a record low price for solar power
generation. Masdar will be showcasing its global renewable energy project portfolio at Abu Dhabi
Sustainability Week, taking place from January 13-20.
Masdar’s presence in Indonesia goes beyond renewable energy project development. Past
winners of the Zayed Future Energy Prize, the leading international award recognising innovation
and outstanding achievement in sustainability and renewable energy innovation, include Bali-
based Kopernick, a winner in the non-profit category in 2016, which aims to reduce poverty in
remote communities through renewable energy access. Another prize recipient is Green School
Bali, winner of the 2017 Global High Schools (Asia) award.

Saudis Ship U.S. Oil to Taiwan as China Shuns American Crude
Bloomberg - Serene Cheong
Top OPEC member Saudi Arabia is shipping U.S. crude produced in the Gulf of Mexico to Asia at
a time when No. 1 buyer China is snubbing American cargoes.
The trading unit of state-run Saudi Aramco sold about 1 million barrels of U.S. Mars crude to
Taiwanese refiner Formosa Petrochemical Corp. for delivery in September-October, according to
traders with knowledge of the matter. That follows shipments of oil pumped at shale fields to
markets such as South Korea, as the kingdom seeks to capitalize on an American boom that’s
threatened the share of its own supply in Asia.
The latest cargo stands out from previously reported deals because Mars is a crude grade that’s
of the so-called “medium-sour” variety, which typically has a higher sulfur content than “sweet”
supply from shale fields.
Click here to read more on how oil’s chemical characteristics affect Asia’s purchases
Additionally, the cargo is headed for Taiwan when China’s crude purchases from the U.S.
are threatened by proposed tariffs as part of an escalating trade war between the Asian nation
and America.
The Middle East kingdom, the world’s biggest exporter, is attempting to take advantage of
the opportunities presented by the U.S. oil boom that has transformed the flow of cargoes in the
global market. However, the shipments tend to fluctuate depending on the price spread between
America’s benchmark West Texas Intermediate and global marker Brent.
When WTI fell to more than $10 a barrel below Brent back in May, China bought more than 13
million barrels of American oil, up from just over 4 million barrels a year earlier. As that spread has
narrowed over the past month, Sinopec -- the Asian nation’s biggest refiner -- has shunned U.S.
shipments. The gap between the markers was at about $5 on Wednesday.

Saudi Aramco has started delivering a type of oil known as condensate from the U.S. Eagle Ford
basin to markets in the east such as South Korea, and has also shipped the supply to Abu Dhabi
National Oil Co., a company official had said last month.
While shipping U.S. crude, Saudi Arabia is also boosting domestic output in the kingdom,
following a deal between OPEC and allies including Russia to ease production curbs that were
aimed at shrinking a global glut. The Middle East nation has pledged to fill potential supply gaps in
the market, as concerns over a crunch emerged after American President Donald Trump decided
to renew sanctions on Iran and curb the OPEC member’s oil exports.

Oman: Korea firms to focus on investment in Duqm
Oman Observer
Oman and Korea have signed a Memorandum of Understanding (MoU) on the development of
smart cities, including in the Duqm Special Economic Zone.
Speaking at the Oman Korea business forum, Lee Nak-yon, Prime Minister of the Republic of
Korea, “We are pleased to exchange our experiences in the use of advanced technlogies in the
field of medical care and social insurance.”
He urged the Korean companies to participate in the Oman 2040 programme and invest in the
Duqm Special Economic Zone and assured all support from the Korean government in
cooperation with the Oman counterpart.
Lee Nak-yon said since the late 20th century, economic cooperation between Oman and Korea
have been increasing with both countries seeking to develop their respective economies.
Qais Mohammed al Yusuf , president of Oman Chamber of Commerce and Industry (OCCI) said
that the trade between two countries reached over RO1 billion towards the end of 2017, with
Omani imports from Korea accounting for approximately RO225 million, and Omani exports to
Korea representing RO844 million.
He urged Omani private sector to identify closely work with the Korean companies, representing
various sectors such as engineering and construction , maritime trade, energy, heavy industries
and telecommunications among others.
Yusuf wanted the Korean delegation to identify the promising economic sectors in the Sultanate,
including tourism, manufacturing, fisheries, mining and logistics, automobile spare parts and
electronics manufacturing

Oman: Duqm SEZ to host Oman’s first Smart City
25/07/2018 Conrad Prabhu
MUSCAT, JULY 25 – Oman is tapping South Korea’s much-vaunted expertise in the development
of the Sultanate’s first ‘smart city’ at the Special Economic Zone (SEZ) in Duqm. An MoU to this
effect was signed by the two countries against the backdrop of the Oman-Korea Business Forum,
which was held at the Grand Hyatt Muscat yesterday.
Present at the event were high government
officials from Korea led by Prime Minister Lee Nak-
Yon, while the Sultanate was represented by Dr Ali
bin Masoud al Sunaidy, Minister of Commerce and
Industry, and Dr Mohammed bin Hamed al
Rumhy, Minister of Oil & Gas.
South Korea is credited with building the world’s
first ‘smart city’ — the Songdo International
Business District spread across 600 hectares
along the waterfront in Incheon Province. The 10-
year development, costing in excess of $40 billion, will feature more than 100 buildings, millions of
square feet of LEED-certified office space, along with replicas of international architectural
landmarks, schools, hospitals and cultural amenities.
As a smart city, all of the buildings, utilities and amenities will incorporate the latest information
and communication technologies (ICT) to enhance the quality and performance of urban services
such as energy, transportation and utilities in line with sustainability objectives. Further, through
the use of smart technology, smart cities promise to enhance the quality of life for its inhabitants.

According to Saleh bin Hamoud al Hasani, Director-General of Investors Services at the Special
Economic Zone Authority of Duqm (SEZAD), the MoU marks the first step in an ambitious effort to
apply the smart city concept to Duqm.
“Under the MoU, the Korean side will undertake a comprehensive study that will explore how
smart city principles can be adopted in Duqm. This is a one-year-long study, following which we
will identify sectors that be integrated into the Smart City concept. Of course, all aspects of life in
the SEZ will be covered in the study.”
Speaking to the Observer, Al Hasani said the Smart City
Initiative — once successfully implemented in Duqm —
will hopefully inspire its replication in other parts of the
Sultanate.
Earlier, in welcome remarks, Dr Ali bin Masoud al
Sunaidy hailed the strength of Oman-Korean bilateral
relations, which include a vibrant economic component as
well. “The Sultanate of Oman and South Korea have
enjoyed a long history of trade relations primarily based
on oil, gas, petrochemicals and logistics, However; we
are now witnessing new ventures like the solar energy project under development,” he said.
Dr Al Sunaidy urged Korean businesses to take advantage of the Sultanate’s modern
infrastructure, friendly business environment, and promising investment opportunities.
“Over the past years, the Sultanate of Oman has expanded its infrastructure to support the policy
of economic diversification. (Various presentations) will illustrate the diversification plans and the
vast investment opportunities in the special economic zones, free zones, industrial estates, ports,
airports and related services.” In particular, he exhorted well-established South Korean companies
to weigh opportunities for investment and cooperation in the knowledge-based economy.
“Today we sign an MoU for a smart city collaboration in the Special Economic Zone of Duqm.
This could pave the way for local and international companies including those from South Korea to
look into similar projects in Suhar, Salalah and Sur as well as in the new developments of Madinat
Al Irfan, and the Khazaen Economic City in South Al Batinah.”
Korean Prime Minister Lee Nak-Yon pledged his country’s support for Oman’s future economic
development as enshrined in the Oman 2040 Vision Strategy. Korea, he said, was committed to
sharing its formidable expertise and experience in supporting Oman’s long-term growth, citing in
particular the potential to support the Sultanate’s in its embrace of renewables, alternative energy
resources, and the 4th Industrial Revolution.
Korea is an important trading partner of the Sultanate, with bilateral trade having crossed the RO
1 billion mark in 2017. Omani exports, primarily in the form of hydrocarbons, accounted for RO
844 million of this share, while imports from South Korea — chiefly vehicles, machinery and
electronics — were valued at RO 225 million.

China’s projected energy consumption mainly depends on its
overall growth rate... Source: U.S. EIA, International Energy Outlook 2018
As the world’s top producer of energy-intensive goods, China’s energy consumption is tied to both
its rate of economic growth and the size of its energy-intensive manufacturing industries. Chinese
policy goals call for a move away from heavy industry toward a less energy-intensive economy
with a greater focus on service industries.
Two side cases from EIA’s International Energy Outlook 2018 (IEO2018) show that faster
economic growth in China means higher energy use, which is only modestly affected by how
quickly China transitions to a more personal consumption-based, service-oriented economy.
China’s 13th Five-Year Plan, adopted in March 2016, includes several objectives to prioritize the
production of goods that are less energy intensive. Another objective is to raise the service
sector’s share of China’s gross domestic product (GDP) to 56% by 2020.
The IEO2018 Reference case assumes that China gradually transitions to an economy with
greater personal consumption and a larger service sector as a share of total production. Two
IEO2018 side cases consider the energy implications of faster Chinese economic growth, but they
vary as to whether or not China’s economy transitions to a more service-oriented economy or
remains similar to its current structure.

These two side cases assume a greater rate of GDP growth than the IEO2018 Reference case:
real Chinese GDP is projected to grow by an average of 5.7% per year between 2015 and 2040,
compared with 4.5% per year projected in the IEO2018 Reference case.
The cases differ by the components of GDP responsible for this increase: one focuses on higher
investment and exports compared with the IEO2018 Reference case, and the other focuses on
higher personal consumption.
Source: U.S. Energy Information Administration, International Energy Outlook 2018
In the No Transition case, investment—purchases of structures, equipment, and software by
businesses or governments—accounts for a larger share of GDP in 2040 than in either the
IEO2018 Reference case or the Fast Transition case. The production structure of China’s
economy still shifts to services but at a slower rate than in either of the other two cases.
Delivered energy consumption increases 28 quadrillion British thermal units (Btu) higher than the
Reference case in 2040, or 23% higher than 2015 levels.
In the Fast Transition case, personal consumption—all of the goods and services purchased by
consumers—accounts for a larger share of GDP in 2040 than in either the IEO2018 Reference
case or the No Transition case. China’s shift to services is fastest in this case: by 2040, services
make up 48% of China’s gross output. China’s total energy consumption increases by 23
quadrillion Btu, or 19% higher than the 2015 level.
In both cases, the manufacturing shares of the economy are similar—40% in the No Transition
case and 38% in the Fast Transition case. Manufacturing production tends to be more energy
intensive than other sectors, and this relatively small difference between cases accounts for much
of the difference in China’s energy consumption.

Source: U.S. Energy Information Administration, International Energy Outlook 2018
In 2015, China’s industrial sector consumed 71 quadrillion Btu; by 2040, that value is projected to
be 85 quadrillion Btu in the Slow Transition case or 80 quadrillion Btu in the Fast Transition case.
Changes in all other end-use sectors (residential, commercial, transportation) are relatively
minimal. In both cases, China remains the world’s top producer of energy-intensive goods.

NewBase 26 July 2018 Khaled Al Awadi
Brent oil price up as some Saudi Red Sea shipments suspended
Reuters + Bloomberg + NewBase
Brent crude prices rose on Thursday after Saudi Arabia suspended its oil shipments through a key
Red Sea strait in response to an attack on two of its tankers and as data showed U.S. inventories
fell to a 3-1/2 year low.
Brent crude futures had risen 55 cents to $74.48 a barrel by 0832 GMT, hitting a 10-day high and
extending their rally into a third day. U.S. West Texas Intermediate crude futures were 4 cents
lower at $69.26 barrel after two days of gains.
Saudi Arabia, the world’s biggest oil exporter, said on Thursday that it was “temporarily halting” all
oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb after an attack on
two big oil tankers by Yemen’s Iran-aligned Houthi movement.
Oil price special
coverage

Saudi Arabia has a major export terminal in Ras Tanura - also home to the country’s largest
refinery - on its eastern coast. It exports most of its crude on tankers passing through the Strait of
Hormuz. From there, many ships have to pass through Bab al-Mandeb to get to the Suez Canal
towards Europe and the SUMED pipeline in Egypt.
An estimated 4.8 million barrels per day of crude oil and refined petroleum products flowed
through this waterway in 2016 toward Europe, the United States and Asia, according to the U.S.
Energy Information Administration.
Saudi Arabia also has another option in the Petroline, also known as the East-West Pipeline,
which mainly transports crude from fields clustered in the east to the Red Sea port of Yanbu for
export to Europe and North America. The 5 million barrels per day Petroline could transport
around 60 percent of total Saudi oil exports.
Prices were also supported by official data showing U.S. crude oil inventories last week tumbled
more than expected to their lowest level since 2015 as exports jumped and stocks at the Cushing
hub dropped.
Crude inventories fell 6.1 million barrels in the week to July 20, compared with analyst
expectations for a decrease of 2.3 million barrels, the EIA said on Wednesday. At 404.9 million
barrels, inventories, not including the nation’s emergency petroleum reserve, were at their lowest
level since February 2015.
The threat of a transatlantic trade war eased after U.S. President Donald Trump agreed on
Wednesday to refrain from imposing car tariffs on the European Union while the parties discuss
cutting other trade barriers.
U.S. Inventory Data Set to Show Sliding Supplies
U.S. inventories of crude, gasoline and distillates fell last week, the American Petroleum Institute
was said to report. Meanwhile, China announced a package of policies to spur domestic growth in
the face of rising trade frictions with the U.S.

U.S. crude stockpiles dropped 3.16 million barrels last week, while inventories at the Cushing
storage hub in Oklahoma fell by 808,000 barrels, the API was said to report. If the Cushing decline
is confirmed by the Energy Information Administration’s data, it would be the 10th consecutive
weekly decrease.
U.S. Crude and Fuel Stock Drop
Crude popped after an industry report showed declines in crude, gasoline, distillate and Cushing,
Oklahoma stockpiles, indicating strong seasonal demand for U.S. supplies.
Futures burst higher from the settlement in New York on Tuesday after the American Petroleum
Institute was saidto report nationwide crude stockpiles declined 3.16 million barrels last week. At
the same time, API indicated a decline in supplies at the key Cushing pipeline hub, which would
be for a 10th straight week, if Energy Information Administration data confirms it on Wednesday.
“It’s a bit of surprise that it’s across the board,” said James Williams, president of London,
Arkansas-based energy researcher WTRG Economics. “It’s clearly a bullish report. It’s the normal
summer tightening because it’s driving season.”
The U.S. oil benchmark has declined almost 8 percent this month amid escalating trade tensions
between the U.S. and China that threaten global energy demand. While prices gained briefly on
Monday amid a war of words between the U.S. and Iran over oil exports - a war that has
since appeared to soften - investors remain worried about oversupply. Producers including Saudi
Arabia have pledged to boost production to make up for losses from other nations.
West Texas Intermediate crude for September delivery traded at $68.75 a barrel at 4:36 p.m. after
settling at $68.52 on the New York Mercantile Exchange. Total volume traded was about 36
percent below the 100-day average.
Brent for September settlement added 38 cents to end the session at $73.44 on the London-
based ICE Futures Europe exchange. The global benchmark crude traded at a $4.92 premium to
WTI.

Brent contracts are signaling a short-term surplus. The September contract was trading at a 36-
cent discount to October - a condition known as contango - as higher Libyan production allayed
supply concerns after a labor dispute at North Sea platforms operated by Total SA.
In the U.S., crude inventories are currently sitting at about 411 million barrels, near the lowest
level since February 2015. A U.S. government report is forecast to show a 3 million-barrel decline
in commercial crude stockpiles, according to a Bloomberg survey.
An earlier Bloomberg forecast showed inventories at the key Cushing storage hub declined by an
estimated 900,000 barrels last week.
The API was also said to report that gasoline supplies slid 4.87 million barrels. That would be the
biggest draw since March if EIA data confirms it. Meanwhile, distillate inventories dropped 1.32
million barrels and Cushing supplies decreased 808,000 barrels.
Big Oil Is flooded with Cash
After cutting billions of dollars of costs to survive the biggest downturn in decades, Big Oil is now
riding a price rebound to generate enough cash to pay dividends and still have plenty left over.
The big question is what they’re going to do with it.
Company bosses are at a crossroads. On the one hand, investors who stuck around during the
price collapse want to see money returned through share buybacks. On the other, CEOs still have
an eye on growth -- either through investments, acquisitions, or both. On either path, they would
still have to maintain hard-earned discipline on spending.
Investors will be listening keenly as Big Oil’s second-quarter earnings roll in starting July 26,
when Royal Dutch Shell Plc, Total SA, Equinor ASA and Repsol SA report. Exxon Mobil
Corp., Chevron Corp. and Eni SpA announce the next day, and BP Plc on July 31.
These eight companies, and Galp Energia SGPS SA, will together have $8 billion of surplus cash
in the second quarter even after stock repurchases, according to Royal Bank of Canada.
Cash Cows
Cash flow at the largest nine oil companies may surge in the second quarter
Source: RBC Capital Markets analysis

Note: BP cash flows are pre-Macondo charges
The hunt for growth has already started. BP has emerged as the front-runner to buy BHP Billiton
Ltd.’s onshore oil and gas operations in the U.S., and is competing with Shell and Chevron,
according to people familiar with the sale process. BP’s offer, said to value the assets at about $9
billion, would make it the company’s biggest deal in years.
Meanwhile, BP’s stock has dropped 1.8 percent this month while its European rival Shell’s B
shares in London have increased 1.2 percent and Total is up 1.3 percent. One reason: BP
investors are worried the company will overspend and the purchase will “inhibit BP’s ability to
increase shareholder return in the near future,” said Jean-Pierre Dmirdjian, an analyst at
Raymond James Financial Inc.
Mixed Feelings
While blockbuster deals secure future reserves and production, shareholders have mixed feelings
about big spending.
The industry has often been accused of losing control over costs when oil prices are high and
profits are flowing. In the years of $100 a barrel crude, they spent billions drilling in the most
remote and expensive-to-operate areas and built mega liquefied natural gas projects that took
years to complete. Some of these LNG projects suffered cost blowouts and delays, and when they
finally started up in the last couple of years, a global gas glut was driving prices and profits down.
Shell and BP predict oil consumption may flatline in the mid-2030s, while Equinor sees a scenario
where that could happen in the late 2020s. This could be influencing decision-making, and mega
fossil-fuel projects or expensive exploration are unlikely to find favor right now, according to
Alasdair McKinnon, fund manager at Scottish Investment Trust Plc, which owns Shell shares.
“A lot of people will be out there saying oil companies are doomed on a 10-year view,” he said.
“They are dinosaurs, and there’s going to be some magical new energy in 10 years that will
replace oil and gas.”
Price Slump Pullback
The five largest oil companies slashed spending in half amid a price collapse
Source: Bloomberg Intelligence data on Exxon Mobil, Shell, BP, Chevron and Total
On the supply side, fresh flows of crude have been unleashed over the past 15 years through
technological innovations in shale, deep water and oil sands.

NewBase Special Coverage
News Agencies News Release 26 July 2018
EIA’s latest International Energy Outlook highlights analysis of
China, India, and Africa ... Source: U.S. EIA, International Energy Outlook 2018
China, India, and Africa are three of the most populated parts of the world. Their economies
collectively consume about one-third of all global energy, and their energy consumption is
projected to grow faster than the rest of the world through 2040. As a result, changes in these
economies have significant implications for global energy markets.
Today, EIA is releasing three reports in its International Energy Outlook 2018 (IEO2018) that
discuss the energy implications of potential changes in these economies. A
related webcast presentation and panel discussion will begin at 9:00 a.m. Eastern Time this
morning from the Center for Strategic and International Studies.
Key findings of the IEO2018 include
• In all IEO2018 China side cases considered, China’s economy remains by far the world’s
largest producer of energy-intensive goods in 2040. Faster economic growth in China leads
to higher energy consumption, but the amount it increases depends on how quickly China
transitions from an export, investment-led economy to a more service-oriented, personal
consumption-based economy.
• India is projected to be the most populated country with the fastest-growing economy in the
world under all three India side cases; however, Indian energy consumption levels do not
reach those in China or the United States in the next two decades in any of India's side
cases.

• Higher economic growth across Africa leads to an expanding manufacturing sector and
increasing industrial energy consumption because of possible regional competitive
advantages. Higher assumed economic growth over the projection period leads to African
energy consumption per capita that is 30% higher than in the Reference case in 2040.
China, India, and Africa collectively accounted for 32% of global energy consumption in 2015, and
in the IEO2018 Reference case, these regions are projected to account for 36% of global energy
consumption in 2040.
IEO2018 builds on the Reference case presented in last year’s outlook, IEO2017. The IEO2017
Reference case has been updated with macroeconomic information, but no modeling changes
have been made to other end-use sectors. This year’s outlook offers a macroeconomic
perspective regarding the uncertainty in economic growth in China, India, and Africa. The side
cases in IEO2018 increase annual average growth in real gross domestic product (GDP) between
2015 and 2040 to higher levels than in the IEO2018 Reference case.
To consider uncertainty related to economic structure, the composition of economic growth is also
varied in the cases for India and China. EIA also generated an economic growth case where
Africa’s economy grows faster than in the IEO2018 Reference case.
Today’s webcast includes a presentation from EIA Administrator Linda Capuano and a panel
discussion with Todd Moss from the Center for Global Development, Anvita Arora from King
Abdullah Petroleum Studies Research Center (KAPSARC), and Edward Chow from the Center for
Strategic and International Studies.

NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
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Khaled Al Awadi is a UAE National with a total of 27 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 K. Al Awadi

August 2017
Please contact; marilyn@ppc-inc.com
Please contact; marilyn@ppc-inc.com

New base issue 1190 special 26 july 2018 energy news ilovepdf-compressed

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New base issue 1190 special 26 july 2018 energy news ilovepdf-compressed