New base special 16 july 2014

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NewBase 16 July 2014 Khaled Al Awadi
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Oman: Circle Oil plans exploratory well in Block 49 this year
OEPPA Business Development Dept + NewBase
Circle Oil, an international oil & gas exploration, development and production company, says it
plans to drill an exploration well in its Block 49 concession onshore Oman in the second half of
this year.
The company, at the same time, is pressing ahead with a farm-out process aimed at securing a
partner ahead of the drilling of
a similar exploration well in its
Block 52 concession offshore
Oman. Both initiatives are part
of a wider effort to “grow the
value of the company” across
its operations spanning the
Middle East and Africa, it said
in a report. Circle Oil, through
its wholly owned subsidiaries,
has signed Exploration and
Production Sharing
Agreements (EPSA) with
Oman’s Ministry of Oil and Gas
for two blocks. Circle Oil Oman
Ltd (COOL) is the operator of
Block 49 with a 100 per cent
working interest. Likewise,
Circle Oil Oman Offshore Ltd
(COOOL) is the operator of
Block 52 with a similar 100 per
cent working interest.
Since the signing of the pacts
in 2005, the subsidiaries have
undertaken seismic surveys,
data processing and
interpretation activities aimed
at evaluating the hydrocarbon
potential of the blocks. These
efforts continued during 2013
and the first half of 2014 with
Circle Oil now outlining a broad
strategy to progress its

exploration campaign targeting its Oman licenses. “On Block 49 we will be drilling an exploration
well to be completed in H2 of 2014.
We are also awaiting the outcome of our bid to gain a new exploration block in the 2013 Oman Bid
Round,” said Stephen Jenkins, Chairman, Circle Oil plc.“We have acquired additional 2D seismic
over the inshore portion of Sawqirah Bay in Block 52 and we are continuing our efforts to obtain a
partner to join in the drilling of a well on this permit in 2015,” he added in a review of the
company’s performance across its portfolio.
Block 49, located in the Rub Al Khali Basin, covers an area of 15,439 sq km. Studies have
identified three main plays, comprising the Sahmah play which is productive to the in Saudi
Arabia, the Natih and Shuaiba plays in northern Oman, and the Lower Haima play in southern
Oman. In addition, there is evidence of a salt basin analogous to the prodigious South Oman Salt
Basin.
This new salt basin, called the Ghudun Salt Basin in the western part of the block, has been the
subject of exploration studies designed to delineate likely targets for drilling, says Circle Oil.
Block 52, which originally occupied an area of 90,760 sq km but has been reduced by around a
third following a part relinquishment in 2008, covers water depths ranging from 200-3,500m.
Three potential shallow water targets identified along with a significant undrilled basin in 800-plus
metres of water. A farm out package has been compiled to accompany invitations to farm-in to the
block prior to exploration drilling, the company said.Circle Oil is one of around 17 international and
local companies that are currently engaged in the exploration and production of oil and gas in the
Sultanate. Circle Oil’s expanding portfolio now includes assets in Morocco, Tunisia and Egypt,
besides Oman.
Block 49
Located in the Rub Al Khali Basin the block
covers an area of 15,439 sq kms. Historically
there are three main plays in the area: the
Sahmah play productive to the north in Saudi
Arabia, the Natih and Shuaiba plays in northern
Oman and the Lower Haima play in southern
Oman. In addition several billion barrels of oil
have been discovered in Proterozoic/ Cambrian
reservoirs associated with the Ara Salt in the
South Oman Basin to the southeast of the
block. There is evidence of the presence of a
similar salt basin beneath the south western
part of Block 49, this new salt basin has been
named the Ghudun Salt Basin.

Qatar’s sustainable energy drive shift to high gears
Gulf Times
Qatar’s programme to develop and monitor its use of sustainable energy is in the view of Michael
Tamvakis, professor of Commodity Economics and Finance, Cass Business School, “a
commendable initiative — because the first thing in managing any sustainability issue is to
actually start measuring it.”
Tamvakis noted that there are many ways to reduce emissions and achieve sustainable
development. These include improving the architecture of buildings and the technology of power
plants. Reducing reliance on massive ‘gas guzzling’ cars, popular throughout the Gulf, would also
have a positive impact in his view. One possible way to move drivers away from the big CO2
emitting vehicles, he suggested, could be the introduction of higher taxes on these types of cars.
He expected that the development of Doha Metro and the extensive passenger and freight rail
transport systems would also lead to a reduction
in carbon emissions. He sees the potential for
solar as promising. “Qatar has four megawatts
capacity of load for solar electricity and they are
planning to increase this to eight megawatts.
This is out of a total electricity generation
capacity of 6,000 megawatts,” he said.
He added: “Currently the use of solar is less than
1% of the electricity consumption. If they bring it
up to 5% or even 10% then that would be great.
Anything above 5% is credible.”
One of the disadvantages of solar energy, he
said, is that it is a very ‘land-hungry’ technology
compared with gas-fired power stations. “Solar
takes up a lot of space. You get a lot less
electricity from solar per square metre of area
used and land is at a premium in Qatar,” he
noted.
Another fact is that solar panels typically have
about a 25% efficiency rate. However, the
sustainability plans are clearly aimed at
maximising the potential for solar through a wide
range of applications. “If you tell your various
companies ‘you have to install some sort of capacity in your plant — on your building, in your
factory’ that’s a different story because you don’t take up additional space,” said Tamvakis.
Commercial buildings with solar panels on the roof and developments designed to optimise
insulation and flow of light to cut down energy requirements are, he observed, measures that will
have a positive effect on sustainability targets.

This integrated approach to the use of renewable energy within commercial, industrial and
residential buildings, as well as initiatives to educate people to be more responsible in their energy
consumption, are the way forward, he said.
With many countries around the world aiming to decarbonise by moving away from coal to gas,
Tamvakis said Qatar, as the largest LNG exporter in the world, was well placed to meet global
demand over the coming decades. It also made economic sense, he commented, to keep the
great natural gas resource for export and develop renewable forms of energy to meet domestic
consumption requirements.
Simon Currie, Global Head of Energy, Norton Rose Fulbright, gave his perspective on Qatar Solar
Energy’s 300 MW PV module production plant. He said: “Solar manufacturing through Qatar Solar
Energy is a very positive and forward-thinking move. But in order to get the most out of that you
will want a Qatari programme to be quite big; you would want the manufacturing hub to be
competitive for projects in the region and internationally. Looking forward, you would want to
compete with Iraq, Iran, Jordan and Egypt; in all of these places solar is going to be competitive.”
Decision on $3bn ONGC stake sale next month

Indian: Decision on $3bn ONGC stake sale next month
Reuters/New Delhi
Indian Prime Minister Narendra Modi’s government will decide next month on the sale of a $3bn
stake in state oil firm Oil and Natural Gas Corp, in a major test of whether he can follow through
on reforms outlined in his first budget.
The nationalist leader won May’s parliamentary election by a landslide with a pledge to create
jobs and revive Asia’s No 3 economy, which is suffering from weak growth and high inflation. Yet
Finance Minister Arun Jaitley’s maiden budget last week drew criticism that his fiscal arithmetic
did not add up. Capitalising on a record-breaking stock market run to complete asset sales could
help him balance the books.
The government will decide
in August whether to sell a
5% stake in ONGC, a senior
oil ministry official said, in a
deal that would be worth
$2.9bn at current market
prices. “The department of
divestment has floated a
note seeking our comments
for a 5% stake sale in
ONGC,” the official, who has
direct knowledge of the
matter, told Reuters
yesterday.
An official at the finance
ministry, home to the
divestment department,
said the government was
interested in selling stakes in ONGC and other state companies given their high market valuations.
He did not elaborate. If completed, the sale would raise more than a quarter of the $10.5bn
target for asset sales announced by Jaitley for the fiscal year to March 2015.
He will need to hit or exceed that figure to cap the budget deficit at 4.1% of gross domestic
product, a goal set by his predecessor that he has vowed to uphold. The proposal to sell a 5%
stake follows reports that the government may sell a stake of as much as 10% in ONGC, which
produces the equivalent of 1.2mn barrels per day, or two-thirds of India’s oil and gas.
The state directly owns 69% of ONGC, while further stakes are owned by the state-run Life
Insurance Corp of India (LIC) (7.8%), Indian Oil Corp (7.7%) and Gas Authority of India (2.4%).
ONGC, with a market value of $57bn, has struggled for years with stagnant production and a lack
of commercially viable discoveries. It is burdened by a subsidy regime that forces it to sell oil and
gas cheaply. Still, even without wholesale restructuring, some analysts back the stock on
expectations that the government will replace the existing, ad hoc, regime for sharing the burden
of energy subsidies with a more predictable model.

“The objective is not to privatise; just to contain the fiscal deficit,” said Dayanand Mittal, an oil
analyst at Ambit Capital in Mumbai who has a ‘buy’ rating on ONGC stock with a price target of
Rs500. “Don’t expect restructuring – what you can expect are measures to improve efficiency and
reduce India’s oil import dependence,” added Mittal. He forecasts that ONGC will receive $58 per
barrel of oil it sells in 2014/15, a 40% gain.
ONGC shares were up 2.4% yesterday afternoon, against a 0.9% rise in the benchmark Sensex
index. The shares have rallied by 43% in the current year to date, joining other state-controlled
enterprises in outperforming a 19.1% gain in the Sensex.
“They have to bring in more clarity on gas pricing and subsidies before selling a stake to
institutional investors,” said Phani Sekhar, a fund manager at Angel Broking in Mumbai. “Budget
estimates would be achieved easily if it goes through. Even if there is lack of demand there is
always LIC to support,” said Sekhar.
The state insurer’s backing was critical to the success of the sale by the previous government of a
5% stake in ONGC in 2012 that raised Rs127bn rupees ($2.1bn). Over the last two years, the
previous government also reduced its stake in Indian Oil, the country’s top oil refiner, Engineers
India Ltd and Oil India Ltd.
The Modi government’s sell-off drive is set to kick off with the offering of a 5% stake in Steel
Authority of India, worth $290mn based on market prices, say sources familiar with the
transaction.
Other deals are expected to follow a similar pattern of incremental, revenue-raising sales that do
not jeopardise state control. On the slate are Coal India, the world’s top producer, and firms
involved in power, aerospace and metallurgy, a senior government source said recently.

IHS to study Gulf of Guinea Methanol project in Nigeria
The local Junior company Gulf of Guinea Oil Exploration Limited (GGOEX) is investigating all
opportunities to monetize natural gas in Nigeria through its purposely established subsidiary Gulf of Guinea
Methanol Limited (GGML) to develop a
world-scale methanol plant in the Niger
Delta. At the end of 2012, Nigeria ranked in
the first position in Africa and the ninth
position globally by the amount of proven
reserves of natural gas estimated to 182
trillion cubic feet (tcf).
Even if Nigeria is topping Africa by the
volume of production recorded at 1.2 tcf in
2012, it only appears in 25th position among
the world natural gas producing countries. A significant part of this gas is associated gas to the development
of the crude oil and condensate gas fields yielding higher value.
This associated gas used to be flared, but since it is no longer allowed, all crude oil operating companies are
looking for monetizing this associated gas. The regulation to capture the flared gas in Nigeria came up in the
same time as US started to develop their shale gas to depress the gas market prices, rising even more the
challenges to monetize the gathered associated gas.
In this context, Nigeria encourages all initiatives to monetize this gas through fertilizer or petrochemical
products such as this GGOEX Gulf Methanol project.
Haldor to provide GGOEX Gulf Methanol technology
Established in Lagos in 2011 by local funds, GGOEX created GGML in that perspective, using cheap
natural gas glutting in the Gulf of Guinea to develop a local petrochemical industry for the most populated
country in Africa. Since methanol manages to maintain attractive and sustainable prices on the global
market, the gas conversion into methanol offers
the opportunity to supply the domestic market
if the demand is large enough or to export in
good commercial conditions. Therefore
GGOEX is planning to build the first
methanol plant of that scale in Africa with a
capacity of 5,000 tonnes per day (t/d) out of
local natural gas. The goal is to produce
Federal Grade AA Methanol in order to
propose a first quality feedstock to the local
petrochemical industry. The expectation is to use this supply of methanol to produce solvents from acetic
acid, gasoline additive like methyl tertiary butyl ether (MTBE) or formaldehyde-based resins.
With top management coming from the local Nigeria National Petroleum Company (NNPC), GGOEX is
planning to invest $1.1 billion capital expenditure in the project. The Danish methanol specialist Haldor
Topsoe will provide GGOEX with the technology while the UK-based IHS consulting company is working
on the Gulf Methanol project feasibility study to be located on the Ugborodo Community territory in the
Niger Delta.

US: Swift Energy and Saka Energi Indonesia close JV to develop
Fasken Eagle Ford acreage . Source: Swift Energy
Swift Energy has closed its previously announced agreement with Saka Energi Indonesia to fully develop
8,300 acres of Fasken area Eagle Ford shale properties owned by Swift Energy in Webb County, Texas.
Swift Energy sold a 36% full participating interest in Swift Energy’s Fasken properties to Saka for $175
million in total cash consideration, with $125 million (subject to adjustments for interim operations) to be
paid at closing and $50 million in cash to be paid by Saka over time to carry a portion of Swift Energy’s
field development costs incurred after the January 1, 2014 effective date.
At closing, Swift Energy received approx. $147 million, composed of the initial $125 million cash
consideration plus Saka’s share of capital costs, net of revenue, since the effective date of the transaction,
which capital costs include Saka’s carry of a portion of Swift Energy’s field development costs for that
same period. After closing, approx.$38 million remains of Saka’s original $50 million drilling carry
obligation, which is expected to be fulfilled during calendar year 2016.
The net proceeds received by Swift Energy in this transaction will be used initially to reduce the amount of
borrowings under the Company’s credit facility and ultimately to use a portion of the proceeds to fund
accelerated development of its Eagle Ford shale properties.
J.P. Morgan Securities acted as financial advisor to Swift Energy in this transaction.
'Both parties have worked diligently towards the conclusion of this transaction, and we look forward to
working alongside Saka to optimize this asset’s value through an advanced technology development
program,' Terry Swift, CEO of Swift Energy commented, 'This arrangement marks the beginning of a
strategic partnership to grow production in the Eagle Ford dry gas window of South Texas.'

South Africa ready to re-evaluate new oil and gas law
Source: Reuters + NewBase
South Africa may reconsider a new oil and gas law to ensure that investors can be make profits while
securing a place for the state in the sector, Mineral Resources Minister Ngoako Ramatlhodi said on
Tuesday. Parliament passed the law in March, giving the state a 20 percent free stake in new gas and oil
exploration and production ventures and alarming operators such as Total and Exxon Mobil, which are
looking to explore in South Africa.
'Having spent time listening to stakeholders ... I am ready for any eventuality,' Ramatlhodi told parliament.
'In the event the current bill is assented to in its form, I commit to rigorous and transparent engagement with
stakeholders on draft regulations,' he said.
The bill is before President Jacob Zuma who must give it his assent before it becomes law. Ramatlhodi told
reporters there was broad agreement on the 20 percent free-carry for the state and 10 percent for 'black
empowerment', but the sticking point was on where to cap these.
'Black empowerment' refers to state-mandated targets to lift black ownership in Africa's most advanced
economy, part of a government drive to rectify the racial imbalances of white apartheid rule. We want to
limit the amount that the state can actually take, even on an agreed price, so that you allow investors to get
their investment returns back,' the minister said.

US: Shell adds third major discovery to the Norphlet play in the Gulf of Mexico
Source: Shell
Shell has announced its third major discovery in the Norphlet play in the deep waters of the Gulf of Mexico
with the successful Rydberg exploration well. After more than 10 years of exploration activities in the
Eastern Gulf of Mexico, Shell continues to lead industry in exploring this Jurassic play.
'The Rydberg discovery builds upon our leadership position in the Eastern Gulf of Mexico and its proximity
to our other discoveries in the area make Rydberg particularly exciting.' said Marvin Odum, Shell Upstream
Americas Director. 'These successes represent the emergence of another hub for Shell’s deep-water
activities that should generate shareholder value.'
The Rydberg well is located 75 miles (120 kms) offshore in the Mississippi Canyon Block 525 in 7,479 feet
(2,280 metres) of water. It was drilled to a total depth of 26,371 feet (8,038 metres) and encountered more
than 400 feet (122 metres) of net oil pay. Shell is completing the full evaluation of the well results but
expects the resource base to be approx. 100 million barrels of oil equivalent. Together with the Appomattox
and Vicksburg discoveries, this brings the total potential Norphlet discoveries to over 700 million barrels of
oil equivalent.
This is the first discovery for the partnership of Shell (operator, interest 57.2%), Ecopetrol America Inc.
(28.5%) and Nexen (14.3%), a wholly-owned affiliate of CNOOC Limited. The discovery is within 10
miles (16 kms) of the planned Appomattox development and the 2013 Vicksburg discovery (Shell, operator,
75% and Nexen, 25%).
Shell and Nexen are following up the Rydberg discovery with an exploratory well at Gettysburg, located in
Desoto Canyon Block 398 which is also within 10 miles (16 kms) of the planned Appomattox
Development.
Background
• The Jurassic-period Norphlet play is a geological formation that extends from onshore to the deep waters of
the Eastern Gulf of Mexico.
• Appomattox (Shell 80%, Nexen 20%) is currently in the define phase of development and is moving forward
with engineering design for the floating production system, subsea infrastructure and wells.
• The drillship Noble Globetrotter I drilled the Rydberg well and is currently repositioning to drill the
Gettysburg exploratory well.
• The Gulf of Mexico is a major production area in the USA, accounting for almost 50% of Shell’s oil and gas
production in the country and almost 180 thousand boe per day in 2013.
•

Significant fuel economy improvement options exist for light-duty
Source: U.S. Energy Information Administration,
Although light-duty vehicle types such as diesel, full-hybrid, plug-in hybrid, and plug-in
electric have garnered significant attention in recent years as ways to reduce petroleum
consumption and lower consumer fuel costs, standard gasoline vehicles, including those that
use micro and mild hybridization, are projected to retain nearly 80% of new sales in 2025
and 78% in 2040 in EIA's Annual Energy Outlook 2014 Reference case.
Several fuel-efficient technologies that can deliver significant reductions in fuel
consumption are currently or will soon be available for standard gasoline vehicles. These
technologies can enable manufacturers to meet future greenhouse gas emissions and
Corporate Average Fuel Economy (CAFE) standards, at a relatively modest cost. These
technologies include:
• Engine technologies such as variable valve timing and lift, cylinder deactivation, turbocharging, and
downsizing
• Electrification technologies such as electric power steering, and micro or mild hybridization (turning
off the engine when the car is stopped)
• Vehicle technologies such as fuel-efficient tires and aerodynamics
• Weight-reduction technologies
• Transmission technologies such as aggressive shift logic (controlling on automatic transmission to
maximize fuel efficiency) or 8-speed transmission

The addition of these fuel-efficient technologies to standard gasoline vehicles substantially
increases fuel economy. For example, in the midsize passenger car category, the largest
share of sales among light-duty vehicles, standard gasoline vehicle compliance fuel economy
increases from around 35 miles per gallon (mpg) today to 53 mpg by 2025, an increase of
about 50%, while the vehicle price rises from about $25,000 (2012$) today to about $27,000,
an increase of less than 10%.
Given the long time frame taken in setting greenhouse gas and CAFE standards through
model year 2025, EPA and the National Highway Traffic Safety Administration plan to
conduct a comprehensive mid-term evaluation by no later than April 2018. The agencies
plan to assess fuel efficient vehicle technologies with up-to-date information as part of this
mid-term evaluation.
Source: U.S. Energy Information Administration, Annual Energy Outlook 2014
Note: Data for the technology assumptions graphed above.

Qafac to host first-ever Mideast Methanol Forum in Doha
Amid the rapidly growing demand for methanol in the region and across the globe, Qatar Fuel
Additives Company (Qafac) will be holding the first-ever Middle East Methanol Forum (MEMF) in
Doha on November 26, 2014 .
Resource speakers at the
forum will include senior
executives from some of
the region’s and the
world’s top producers of
methanol, along with strong support from the Methanol Institute. Themed ‘Miracle energy on
hand,’ the event is to held under the patronage of HE the Minister of Energy and Industry Dr
Mohamed bin Saleh al-Sada. It will be attended by some of the world’s leading experts of
Methanol.
“Methanol is a basic chemical molecule that touches our daily lives in so many various ways,” said
Qafac CEO Nasser Jeham al-Kuwari. Among the key topics to be discussed at the one-day forum
are ‘Global methanol markets overview’ and ‘Making a case for oxygenates in the GCC,’ and
‘Analysing current and future opportunities.’
“As the basic component of paints, solvents and plastics, to innovative applications in energy,
transportation fuel and fuel cells, methanol is a key commodity and an integral part of our global
economy,” al-Kuwari noted.
He explained that methanol was one of the most versatile compounds developed and the basis for
hundreds of chemicals and thousands of products. It is also the second ranked commodity in the
world in terms of amount shipped and transported around the globe every year.
Al-Kuwari said the forum aimed to provide scientific experts, producers and end-users a platform
to examine and deliberate the emerging trends in the methanol industry: methanol as a marine
fuel and the global vision of Qatar and GCC countries with regard to petrochemical industries.
“Qafac deemed it imperative to hold this forum to enable every stakeholder to find better ways of
efficiently and effectively producing and harnessing its capacity for the benefit of everyone,” he
said. Qafac is the leading producer and exporter of methanol and methyl tertiary butyl ether
(MTBE) in Qatar.

NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Your partner in Energy Services
Khaled Malallah Al Awadi,
MSc. & BSc. Mechanical Engineering (HON), USA
ASME member since 1995
Emarat member since 1990
Energy Services & Consultants
Mobile : +97150-4822502
khalid_malallah@emarat.ae
khdmohd@hotmail.com
Khaled Al Awadi is a UAE NatKhaled Al Awadi is a UAE NatKhaled Al Awadi is a UAE NatKhaled Al Awadi is a UAE National with a total of 24 yearsional with a total of 24 yearsional with a total of 24 yearsional with a total of 24 years of experience in theof experience in theof experience in theof experience in the Oil & Gas sector. CurrentlyOil & Gas sector. CurrentlyOil & Gas sector. CurrentlyOil & Gas sector. Currently
working as Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntaryworking as Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntaryworking as Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntaryworking as Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary
Energy consultation for the GCC area via Hawk Energy ServiceEnergy consultation for the GCC area via Hawk Energy ServiceEnergy consultation for the GCC area via Hawk Energy ServiceEnergy consultation for the GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spentas a UAE operations base , Most of the experience were spentas a UAE operations base , Most of the experience were spentas 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 .as the Gas Operations Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations .as the Gas Operations Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations .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 desiThrough the years , he has developed great experiences in the desiThrough the years , he has developed great experiences in the desiThrough the years , he has developed great experiences in the designing & constructinggning & constructinggning & constructinggning & constructing of gas pipelines, gas metering &of gas pipelines, gas metering &of gas pipelines, gas metering &of gas pipelines, gas metering &
regulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas transportation ,regulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas transportation ,regulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas transportation ,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 authoperation & maintenance agreements along with many MOUs for the local authoperation & maintenance agreements along with many MOUs for the local authoperation & maintenance agreements along with many MOUs for the local authorities. He has become a reference for many oforities. He has become a reference for many oforities. He has become a reference for many oforities. He has become a reference for many of
the Oil & Gas Conferences held in the UAE andthe Oil & Gas Conferences held in the UAE andthe Oil & Gas Conferences held in the UAE andthe Oil & Gas Conferences held in the UAE and Energy program broadcasted internationally , via GCC leading satelliteEnergy program broadcasted internationally , via GCC leading satelliteEnergy program broadcasted internationally , via GCC leading satelliteEnergy program broadcasted internationally , via GCC leading satellite
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NewBase 16 July 2014 K. Al Awadi
Brent crude oil fell more than $1 a barrel to a three-month low below $106 on Tuesday, extending
losses to almost 9 per cent since mid-June, as weak demand and rising Libyan supplies overshadow
renewed violence in the country. Brent futures dropped $1.20 to $105.78 a barrel by 1125 GMT,
hitting a three-month low of $105.68. The front-month August contract expires on Wednesday,
further pressuring prices as investors liquidate positions, analysts and traders US crude fell 82 cents
to $100.09 a barrel and was approaching the 200-day moving average at $99.92, a key technical
indicator closely watched by traders. Brent prices briefly spiked to a nine-month high of $115.71 in
June.

New base special 16 july 2014

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