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Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
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NewBase 22 September 2014 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Morocco: Safi Energy seals $2.6bn for 1,386-MW coal-fired power plant
Reuters + NewBase
has secured $2.6 billion in financing to build a 1,386-megawatt coal-fired power plant in southern
Morocco, state news agency MAP reported.
Safi Energy is a joint venture between Morocco’s Nareva, France’s GDF Suez and Japan’s Mitsui.
The plant, to be built in the coastal city of Safi, would be the second-largest coal-fired power
station in Morocco and would satisfy around 25 percent of the country’s power demand.
Morocco wants to meet domestic power consumption using thermal power, clearing the way for it
to export renewable energy to the European Union. The financing secured by Safi Energy
includes $900 million from the Bank of Japan, $500 million from Moroccan banks Attijariwafa Bank
and BMCE Bank and $485 million from international banks from France and Britain, MAP said.
Other investors will provide the rest of the money, the agency said, without giving further details.
GDF Suez and Nareva won the 23 billion dirhams ($2.68 billion) tender to build and operate the
plant in 2010, and Mitsui joined the venture in 2013. The project includes the construction and
operation of two 693 MW coal-fired units.
Safi Energy awarded a construction contract, worth $1.77 billion, to South Korea’s Daewoo
Engineering last year and signed a 30-year power purchase agreement with state power utility
ONEE.
The plant which will start operating in 2018, will increase Moroccan coal imports by 3.5 million
tonnes annually. The government is investing 4.7 billion dirhams to build a coal port in Safi to
meet the plant’s needs. The port will be designed to import 7 million tonnes of coal a year, as the
government plans to build another plant of the same capacity in the area in the next few years.
About NAREVA Holding
Nareva is a Moroccan company established in 2005 and a 100% subsidiary of Sociéte
Nationaled’Investissement (SNI). Its mission is to ensure the presence of Moroccan capital in the Energy
andEnvironmental sectors – in partnership with key international players – by building a coherent and
balancedasset portfolio. Nareva focuses its development efforts on the management of the water cycle and
on powergeneration from fossil or renewable energy. Nareva is currently developing the Safi ultra-
supercritical coal-fired project with international partners. Itoperates a 200 MW portfolio including the
Akhfennir, Haouma and Foum el Oued wind farms, and has startedbuilding the 300 MW wind farm of Tarfaya
in partnership with GDF SUEZ.
Safi
Energy
Company
Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
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U.A.E. will participate in major nuclear conference in Vienna
WAM
The U.A.E. will participate in a major annual nuclear conference in Vienna next week to discuss
countries' atomic activities and plans for the future. Arab states are expected to use the event
to urge Israel to join the nuclear non-proliferation treaty and place all its facilities under safeguards
of the International Atomic Energy Agency (IAEA). "The U.A.E. exhibit will feature a showcase of
the U.A.E. nuclear programme progress as well as information on the close cooperation activities
with the agency,” said Hamad Alkaabi, the U.A.E. permanent representative to the IAEA.
"The U.A.E. delegation looks forward to the conference and we have scheduled many side
meetings with senior agency officials and other delegations to discuss nuclear cooperation and
issues of mutual interest.” Last week, Abu Dhabi was issued licences for its third and fourth
nuclear reactors at Barakah.
Countries will report on their nuclear activities, plans and cooperation with the agency, and outline
their positions on issues ranging from non-proliferation and verification to applications in medicine
and agriculture. "The 58th General Conference is the highest decision-making organ of the IAEA,”
said John Bernhard, Denmark's former ambassador to the IAEA.
"It meets once a year for a week and reviews work done during the previous year and decides on
matters for the future. Thereby, it has a decisive influence on the priorities and the political and
technical issues dealt with by the IAEA.”
Mr Bernhard said the agenda covered all major issues dealt with by the agency, including nuclear
safety and security, technical cooperation and safeguards issues, such as "the Iranian case”, as
well as the question of a nuclear weapons-free zone in the Middle East.
Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
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"This is an opportunity to focus on a whole spectrum of IAEA issues and hear from countries and
their representatives beyond the formal membership,” said Elena Sokova, executive director at the
Vienna Centre for Disarmament and Non-Proliferation.
"It is also an opportunity for countries to promote their work in the area of nuclear energy and its
peaceful applications. In this regard, the U.A.E., as a country with a recently launched and fast-
growing nuclear power programme, brings a very important experience to share with the broad
international community and member states of the IAEA.”
Member states will also be able to express their expectations and needs to the work of the agency
as well as indicate focal points and endorse the IAEA's working programme for the next cycle,
from 2016 to 2018.
"They can emphasise their view on the importance of the agency's programmes by making extra-
budgetary funds available, earmarked for specific projects,” said Dr Peter Bode, an associate
professor in nuclear science and engineering at the Delft University of Technology in The
Netherlands. "It is a moment for networking at the political level, for building alliances and getting
informed about latest developments and technologies.”
William Tobey, a senior research fellow at the Belfer Centre for Science and International Affairs
at Harvard University in the US, said the conference was "always an opportunity for member
states to compare notes on issues related to safe, secure and proliferation-resistant use of nuclear
energy, such as improving the security of fissile material”.
Lady Barbara Judge, former head of the UK Atomic Energy Agency, said it was vital for countries
to reaffirm the importance of nuclear energy as a source of clean baseload generation.
"In this time, when the change is on everyone's mind, one of the most important [issues] is that the
only [clean] source of baseload generation is nuclear,” said Lady Judge, also the deputy chairman
of the nuclear reform monitoring committee of the Tokyo Electric Power Company.
Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
in this publication. However, no warranty is given to the accuracy of its content . Page 4
New UAE law in the works to curb misuse of energy
The National + NewBase
A federal law is being planned aimed at curbing wasteful energy and water use that have resulted
from rapid economic development and population expansion.
Last week, Suhail Al Mazroui, the Minister of Energy, told a majlis that included Sheikh Hazza bin
Zayed, the National Security Adviser and Vice Chairman of Abu Dhabi Executive Council, that a
special committee at the ministry had started to prepare a law that will include measures to
prevent inefficient energy use.
It is a concrete step to address a problem that Mr Mazroui has talked about since taking office last
year. He stressed the need to slow the UAE’s growth in electricity and water consumption, which
has been running at an average of 6 per cent a year over the past decade (sometimes reaching
double digits), and with per capita use standing at between two and three times the international
average.
The country’s annual bill for electricity and water use stands at Dh35 billion, he said. In June, Mr
Mazroui talked about the need to reduce government subsidies in the energy sector, although
there have been no specific initiatives yet on that front at the federal level.
Each emirate sets its own tariff levels for energy. The latest move is part of a broader strategy
aimed at making energy use more efficient and diversifying its sources.
4 nuclear reactors each 1400 MWH capacity
( 5600 MW power plant ) cost 20 Billion $ .
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redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
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The UAE plans by 2020 to generate 25 per cent of its power from four nuclear plants that are
currently under construction. The aim is also to have renewable energy generate about 7 per cent
of Abu Dhabi’s electricity (1.5 gigawatts) by 2020, mostly from solar power, with Dubai aiming for
5 per cent (1GW) from renewables by 2030. A fully-fledged roadmap to achieve these targets has
not yet been set out publicly.
However, on the efficiency side, the ministry is working with the relevant authorities on rules that
will ensure a more rational use of energy and change patterns of energy consumption by
individual households and commercial premises, which together account for two-thirds of the
country’s electricity consumption, Mr Mazroui said.
In a report last year on wasteful energy use in the region, Chatham House, a London-based think
tank, noted that the GCC countries used as much primary energy as the whole of Africa, or as
Indonesia and Japan combined, although their populations are much smaller by comparison.
The report noted that there was a whole range of initiatives that could reduce wasteful energy use,
including “quick wins” from fairly easily achieved changes in behaviour.
“In one case of a large government office building whose management was working with the
Estidama programme in Abu Dhabi efforts of just one employee to change staff behaviour resulted
in a saving of 30 per cent of the building’s electricity demand.” the report noted..
The Dubai Supreme Council of Energy has set out regulations for government buildings including
keeping the temperature at 24°C during working hours and 27°C at other times, and switching the
lights off at the end of the day. At the regional level, the most pressing need is integrated strategic
planning.
“If the relevant authorities are not talking to one another, a government cannot formulate a realistic
strategy,” the report warned. “Furthermore, if those with the knowledge and capacity to develop
energy and water strategies lack the authority to implement their plans, no strategy will achieve its
potential at scale.”
For the UAE, the law will shed light on how the government plans to follow through at federal level
on the energy roadmap it outlined two years ago.
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in this publication. However, no warranty is given to the accuracy of its content . Page 6
Oryx GTL achieves landmark safety benchmark - zero TRIR
Source : Oryx
Oryx GTL, a joint venture of Qatar Petroleum and South Africa’s Sasol, has celebrated yet another
world-class safety milestone with a high-profile ceremony held under the patronage and in the
presence of Dr Mohammed bin Saleh Al Sada, Minister of Energy and Industry.
The ceremony was also attended by other dignitaries from Qatar in addition to a high-level
delegation from the company’s joint venture partner, Sasol Limited, and the Oryx GTL Board of
Directors and Executives.
The ceremony was held to celebrate Oryx GTL’s exceptional achievement of a zero Total
Recordable Incident Rate (TRIR) for the third consecutive year. The company, which takes an
organisation-wide, zero-compromise approach to safety, is one of very few energy companies in
the world to have ever reached this remarkable benchmark.
Speaking at the ceremony, Dr Al Sada congratulated Oryx GTL for its embodiment of the
strongest commitment to safety. Dr Al Sada said: “This exemplary effort and admirable
achievement is a result of dedicated efforts that started in 2009 when the Road to Zero Harm was
launched as an ambitious campaign for best-in-class safety practices.”
Dr Al Sada reminded everyone that the job was not yet done. “In fact, when it comes to safety, the
job is never done,” he added. He said it is important to stay ahead in “our health, safety, and
environmental protection efforts, and “to continue to set world-class safety benchmarks to
safeguard the wellbeing of our people, and the communities within which we work and operate”.
“Safety will always remain an important challenge to the oil and gas industry. But the biggest
challenge of all is to sustain our successes and to elevate our achievements to new heights,” he
concluded.
David Constable, president and chief executive officer of Sasol Limited, added: “Oryx GTL is more
than just a model of exemplary safety performance. It epitomises what a successful application of
technology, operational excellence, and a commitment to safety and the well-being of our people
all combine to form one remarkable vision.”
Oryx GTL’s latest zero TRIR milestone reflects not only its commitment to the highest safety
standards but also highlights its adherence to the principles of sustainability, a key pillar of Qatar
National Vision 2030 and the National Development Strategy 2011-2016. In practical terms, to
achieve its vision, Oryx GTL invest extensive hours of training, coaching and working with
employees and contractors to ensure safer working practices and environments.
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in this publication. However, no warranty is given to the accuracy of its content . Page 7
Occidental Petroleum in talks to sell part of Dolphin Energy stake
© Oman Daily Observer + NewBase
Occidental Petroleum is in talks to sell at least one-fifth of its 24.5 per cent stake in Dolphin
Energy to Abu Dhabi-owned Mubadala Development Co, according to a report in the Wall Street
Journal. The potential deal comes after collapse of a previous plan by the Houston-based oil
producer, known as Oxy, to sell its noncore Middle East assets to a consortium of Gulf-based
firms.
"Mubadala is quite keen to do the deal... they even want to buy Oxy's entire stake [in Dolphin] but
Qatar is unlikely to accept that because of the political situation with the United Arab Emirates,"
one person familiar with the talks said.
"The two parties are hopeful a smaller stake would get Qatar to eventually agree on the deal," the
person said. Qatar would need to approve the deal because Dolphin Energy's assets are in the
emirate. Its assets
include upstream gas
projects and a pipeline
with the capacity to
transport up to 3.2 billion
cubic feet of gas per day
from Qatar to the UAE
and Oman.
Oxy, which bought its
stake in Dolphin Energy
for $310 million in 2002,
could complete the sale before the end of the year, another person close to the deal said.
Mubadala already owns 51 per cent of the gas pipeline project, which is valued at $3.5 billion,
while France's Total SA holds a 24.5 per cent stake. The value of Oxy's stake is unclear.
Oxy is also in talks to sell as much as a 30 per cent stake in the $10 billion Shah natural gas
project in the UAE to Mubadala, officials familiar with the matter said. Shah is expected to start
production by the end of the year by which point Oxy hopes to have completed the deal, the
officials added. Oxy plans to continue to operate the field.
When operational, Shah is expected to process 1 billion cubic feet a day of sour gas into about
500 million cubic feet of fuel daily. It may also process 4,400 tonnes of natural-gas liquids a day,
35,000 barrels a day of condensates and 9,200 tonnes a day of sulfur.
If the deal is completed it will be the first time that Mubadala, which acts as an overseas upstream
vehicle for the emirate, will have teamed up with the Abu Dhabi National Oil Company, which
owns the remaining 60 per cent stake of the project.
Oxy had previously planned to sell 40 per cent of its operations in the region to a consortium of
Gulf firms to help the company raise funds to put greater focus on developing its core North
American oil and gas fields, particularly properties it owns in the Permian Basin in Texas.
The original plan -- which would have involved the Oman Oil Company, Qatar Petroleum
International and Mubadala teaming up to buy a share of Oxy's regional assets -- failed because
of political reasons.
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redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
in this publication. However, no warranty is given to the accuracy of its content . Page 8
BPCL plans to more than double Bharat Oman refinery capacity
Muscat Daily + NewBase
India's public-sector company, Bharat Petroleum Corporation Ltd (BPCL), plans to more than
double the capacity of the Bina refinery, a joint venture between BPCL and Oman Oil Co (OOC),
in Madhya Pradesh state.
BPCL is planning to expand
the refinery's capacity to 15mn
tonnes from the current 6mn,
Shivraj Singh Chauhan, Chief
Minister of Madhya Pradesh,
said on Saturday, according to
media reports.
Chauhan was talking to a
group of reporters after
meeting three federal
ministers, including Petroleum
Minister Dharmendra
Pradhan, in connection with a
global investors summit to be
held in October. "We met
today and discussed about
ushering in industrial growth in
the state, and it was
discussed to increase the Bina refinery's capacity to 15mn tonnes, from 6mn tonnes at present."
Pradhan said, "A joint group of officials from both the state government and the ministry will meet
again over this issue. We also discussed the supply of LPG gas directly to homes through
pipelines in cities including Bhopal, Gwalior and Ujjain [in Madhya Pradesh]."
OOC holds a 26 per cent stake in the Bharat Oman Refineries Ltd (BORL) joint venture, which
owns the Bina refinery.
BPCL has announced that it will invest around R450bn (RO2.85bn) in its various projects in
refining, marketing and exploration over the next four years. This would include R29bn for
expansion of Bina refinery's capacity from 6mn tonnes per annum to 8mn tonnes, BPCL chairman
and managing director S Varadarajan said recently. BPCL is also exploring the option of an initial
public offering (IPO) for the Bina refinery after kicking off the expansion in 2015.
"We are fully geared to meet future challenges and are confident of surpassing targets and market
expectations," Varadarajan said.
Earlier this year, BPCL decided to opt for a module-wise capacity expansion of the Bina refinery
on account of cash constraints and less-than-expected returns from the refinery. Under the plan,
BORL will invest smaller amounts to set up smaller modules of 2mn tonnes per annum, stabilise
the new capacity, generate sufficient returns and invest the returns in stetting up the next module.
OOC has stakes in six oil refining and marketing companies, of which three are in Oman, one in
India (BORL), one in China and another in Hungary.
Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
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Philippines: Otto Energy announces divestment of Galoc field
Source: Otto Energy
Otto Energy has executed a sale and purchase agreement (SPA) to divest 100% of the shares in
Galoc Production Company WLL (GPC), the holder of Otto's 33% interest in the Galoc oil field
located in Service Contract 14C, to Risco Energy Investments, a Singapore-based energy
investment company. Under the SPA, Risco has agreed to pay Otto US$101.4 million as at 1 July
2014. Risco has already paid a US$10.14m deposit and will assume all production rights and
liabilities associated with the Galoc Interest (including abandonment costs) with effect from 1 July
2014.
Completion of the transaction is conditional on Otto shareholder approval. Otto will issue a Notice
of Meeting seeking shareholder approval for the transaction in due course, with the shareholder
General Meeting expected to be held no later than December 2014. For reasons of good
governance, the Otto Board has decided the meeting materials will include a report from an
independent expert on the divestment of the Galoc Interest.
The Directors of Otto believe the transaction represents an outstanding opportunity to maximise
and monetise the inherent value of the Galoc Interest after the successful completion of the Galoc
Phase II expansion. The Directors of Otto unanimously recommend the transaction to Otto
shareholders, in the absence of a superior proposal.
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in this publication. However, no warranty is given to the accuracy of its content . Page 10
Otto’s Strategy Update
The divestment will allow Otto to focus on executing the highly prospective exploration program in
onshore East Africa and SC55 whilst at the same time providing the financial strength to fund an
expansion of Otto’s acreage position in onshore East Africa which is the focus of management’s
new business initiatives.
Assuming the conditions to completion of the transaction (including shareholder approval) are
satisfied, the net proceeds from completion of the divestment, will be utilised as follows:
‱ Fully fund the company's exploration, new business development and working capital
activities for two years; and
‱ Consistent with Otto’s commitment to deliver maximum value to shareholders, Otto
proposes to pay a capital return to shareholders of $0.06 per share.
It is anticipated that the proposed capital return will be paid to shareholders in Q4 2014 or early
Q1 2015, following completion of the GPC sale, receipt of a ruling from the Australian Tax Office
(ATO) and shareholder approval. Otto will request an ATO Class Ruling to confirm the tax
implications for shareholders and will release details of the tax implications once the Class Ruling
is received.
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in this publication. However, no warranty is given to the accuracy of its content . Page 11
Russia looks beyond West Siberia for future oil and natural gas growth
Source: U.S. Energy Information Administration
Russia was the world's largest producer of crude oil (including lease condensate) and the world's second-
largest producer of dry natural gas in 2013. In 2013, production of crude oil and lease condensate grew by
1.3%, and production of dry natural gas grew by 2.1%. Most of Russia's crude oil and natural gas
production occurs in West Siberia, a part of central Russia that stretches from the northern border of
Kazakhstan to the Arctic Ocean. However, new technologies, growing Asian markets, and Western
sanctions have the potential to shift the regional balance of Russian oil and natural gas production in the
long term.
In 2013, production of oil and natural gas in West Siberia totaled 6.2 million barrels per day of crude oil and
21.1 trillion cubic feet (Tcf) of natural gas, respectively, down from peak production levels in the 1980s.
Russian energy companies Rosneft and Gazprom Neft have increased the efficiency of older fields in West
Siberia by implementing technologies like multiple leg horizontal drilling and multistage hydrofracking;
however, further increasing West Siberian production will require substantial investment. Consequently,
Russia is considering developing its significant but less-accessible reserves in previously undeveloped
regions.
Offshore production. Russia recently began offshore oil production in the Arctic for the first time.
Gazprom Neft began commerical operations at its Prirazlomnoye rig in the Pechora Sea in December 2013,
and ExxonMobil-Rosneft began exploratory drilling at the Universitetskaya-1 well in the Kara Sea in
August 2014. According to Gazprom Neft and ExxonMobil-Rosneft, the two formations are estimated to
hold 600 million and 9 billion barrels of technically recoverable oil, respectively.
New export markets. Along with increasing production, Russia seeks to diversify its export market by
meeting growing energy demand in China. Russian energy exports have historically been consumed by
developed markets in Europe, but high economic growth has led to increased demand from developing
markets in Asia, particularly China. Gazprom earlier this year finalized a deal to supply China with up to 1.3
Tcf per year of natural gas starting in 2018. The natural gas will mainly come from fields in East Siberia.
Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
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US: Regional Greenhouse Gas Initiative auction prices continue to rise
Source: U.S. Energy Information Administration, based on Regional Greenhouse Gas Initiative
September 3 marked the 25th auction of carbon dioxide (CO2) emission allowances by the Regional
Greenhouse Gas Initiative (RGGI), a cap-and-trade program covering nine states primarily in the
northeastern United States. Allowance prices for this auction were $4.88, marking the third consecutive
auction that prices were at or above $4 per short ton (st) of CO2.
RGGI held its first auction in 2008 and by mid-2010, allowances were selling at or near the price floor, or
minimum allowable bid, where they remained for more than two years. This was caused in part by an
unanticipated decline in natural gas prices, starting as far back as 2007, that had led to a decrease in CO2
emissions as natural gas displaced coal as a generation fuel in the Northeast. Emissions were well below the
targets originally set by RGGI, which proved to be non-binding. In January 2013, RGGI announced its plan
to reduce its cap on CO2 emissions by 45%, starting in 2014. Since the announcement of the cap reduction,
prices have increased above the price floor, and are now trading above $4/st.
The $4/st threshold is significant because in February 2013, RGGI introduced the Cost Containment
Reserve (CCR). The CCR holds allowances in reserve that are released only when the allowance price hits a
predetermined level. The CCR trigger price is currently $4 and will rise annually in $2 increments through
2017 (when it reaches $10), then increase by 2.5% each year thereafter. A 5 million allowance withdrawal
limit was set for 2014, and a 10 million allowance withdrawal limit was set for all subsequent years.
In auction 23 (March 2014), 23.5 million allowances were sold, including 18.5 million in initial bids and all
5 million CCR allowances reserved in 2014. As designed, the CCR stabilized the price at $4 for first-quarter
2014. However, in auction 24 (June 2014), the clearing price was $5.02, and a total of 18 million allowances
were sold. Because the 2014 allowances in the CCR had all been allocated in the previous auction, the price
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redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
in this publication. However, no warranty is given to the accuracy of its content . Page 13
increased above the $4 CCR price. Similarly, the most recent auction sold 18 million allowances at the
clearing price of $4.88, again in excess of the $4 CCR trigger.
The money raised through the auctions is distributed among the participating RGGI states and spent on state
programs that are primarily energy related. Since the inception of RGGI (through 2012), current member
states have raised a total of $985 million in auction proceeds. Of that amount, $665 million (68%) has been
invested toward state programs, $93 million (9%) transferred to state general funds, and $184 million (19%)
was committed to programs in 2013 and beyond. Those amounts and the figure below do not include
proceeds associated with New Jersey, which terminated its participation with RGGI in 2011.
Source: RGGI, Regional Investment of RGGI CO2 Allowance Proceeds, 2012
Note: Figure does not include proceeds from
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Oil steady near $98, worries about oversupply weigh
London: Brent crude oil steadied below $98 a barrel on Friday, not far above 26-month lows reached at the
start of the week as Opec talk of a production cut balanced worries about ample supply at a time of fragile
demand.
Brent hit its lowest point since July 2012 on Monday as oil supply overwhelmed lacklustre demand in
Europe and Asia, with a glut of high-quality, light oil pushing North Sea crude for immediate delivery to big
discounts below futures.
Opec’s secretary-general responded to the price plunge, saying he expected the cartel, which pumps around
a third of the world’s oil, to reduce production next year.
Libya’s oil production has also been hit by conflict, curbing a sharp increase in output in recent months.
Brent was unchanged at $97.70 a barrel by 1325 GMT, while US crude was down 40 cents at $92.67. Both
contracts saw their biggest drop in more than two weeks on Thursday.
“Oil prices were not fazed by the Scottish referendum as global supply issues took precedence,” Brennock
said. A stronger dollar has also dragged on oil markets as it makes commodities denominated in the US
currency more expensive for holders of other currencies. The dollar strengthened against major currencies,
with the dollar index hitting its highest in more than four years,
underpinned by an improved US job market. Weak home prices in China added to fears of a slowdown in
the world’s second-largest economy. This week the Organisation for Economic Cooperation and
Development slashed its growth forecasts for major developed economies to 0.8 per cent this year from 1.2
per cent.
But investors remained worried by geopolitical tension in the Middle East. Jonathan Barratt, chief
investment officer at Ayers Alliance, said an escalation in the conflict with Islamist militants who have
seized large parts of Iraq and Syria could push up prices.
“All it takes is one suicide bomber in a European compound in Saudi Arabia, Bahrain or any of those
countries and people will say ‘game on’,” he said. “That to me is the biggest risk at the moment.”
Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced,
redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained
in this publication. However, no warranty is given to the accuracy of its content . Page 15
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Your partner in Energy Services
Khaled Malallah Al Awadi,
Energy Consultant
MSc. & BSc. Mechanical Engineering (HON), USA
ASME member since 1995
Emarat member since 1990
Mobile : +97150-4822502
khdmohd@hawkenergy.net
khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with a total of 24 yearsKhaled Al Awadi is a UAE National with a total of 24 yearsKhaled Al Awadi is a UAE National with a total of 24 yearsKhaled Al Awadi is a UAE National 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 Service as a UAE operations base , Most of the experience were spenEnergy consultation for the GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spenEnergy consultation for the GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spenEnergy consultation for the GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spentttt
as the Gas Operatas the Gas Operatas the Gas Operatas the Gas Operations Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations .ions Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations .ions Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations .ions Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations .
Through the years , he has developed great experiences in the designing & constructingThrough the years , he has developed great experiences in the designing & constructingThrough the years , he has developed great experiences in the designing & constructingThrough the years , he has developed great experiences in the designing & constructing of gas pipelines, gas metering &of gas pipelines, gas metering &of gas pipelines, gas metering &of gas pipelines, gas metering &
regulating stations and inregulating stations and inregulating stations and inregulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas transportation ,the engineering of supply routes. Many years were spent drafting, & compiling gas transportation ,the engineering of supply routes. Many years were spent drafting, & compiling gas transportation ,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 ofoperation & maintenance agreements along with many MOUs for the local authorities. He has become a reference for many ofoperation & maintenance agreements along with many MOUs for the local authorities. He has become a reference for many ofoperation & maintenance agreements along with many MOUs for the local authorities. He has become a reference for many of
the Oil & Gas Conferences held in tthe Oil & Gas Conferences held in tthe Oil & Gas Conferences held in tthe Oil & Gas Conferences held in the UAE andhe UAE andhe UAE andhe 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
Channels .Channels .Channels .Channels .
NewBase : For discussion or further details on the news above you may contact us on +971504822502 , Dubai , UAE
NewBase 22 September 2014 K. Al Awadi

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Morocco's Safi Energy seals $2.6bn for 1,386-MW coal plant

  • 1. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content . Page 1 NewBase 22 September 2014 Khaled Al Awadi NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE Morocco: Safi Energy seals $2.6bn for 1,386-MW coal-fired power plant Reuters + NewBase has secured $2.6 billion in financing to build a 1,386-megawatt coal-fired power plant in southern Morocco, state news agency MAP reported. Safi Energy is a joint venture between Morocco’s Nareva, France’s GDF Suez and Japan’s Mitsui. The plant, to be built in the coastal city of Safi, would be the second-largest coal-fired power station in Morocco and would satisfy around 25 percent of the country’s power demand. Morocco wants to meet domestic power consumption using thermal power, clearing the way for it to export renewable energy to the European Union. The financing secured by Safi Energy includes $900 million from the Bank of Japan, $500 million from Moroccan banks Attijariwafa Bank and BMCE Bank and $485 million from international banks from France and Britain, MAP said. Other investors will provide the rest of the money, the agency said, without giving further details. GDF Suez and Nareva won the 23 billion dirhams ($2.68 billion) tender to build and operate the plant in 2010, and Mitsui joined the venture in 2013. The project includes the construction and operation of two 693 MW coal-fired units. Safi Energy awarded a construction contract, worth $1.77 billion, to South Korea’s Daewoo Engineering last year and signed a 30-year power purchase agreement with state power utility ONEE. The plant which will start operating in 2018, will increase Moroccan coal imports by 3.5 million tonnes annually. The government is investing 4.7 billion dirhams to build a coal port in Safi to meet the plant’s needs. The port will be designed to import 7 million tonnes of coal a year, as the government plans to build another plant of the same capacity in the area in the next few years. About NAREVA Holding Nareva is a Moroccan company established in 2005 and a 100% subsidiary of SociĂ©te Nationaled’Investissement (SNI). Its mission is to ensure the presence of Moroccan capital in the Energy andEnvironmental sectors – in partnership with key international players – by building a coherent and balancedasset portfolio. Nareva focuses its development efforts on the management of the water cycle and on powergeneration from fossil or renewable energy. Nareva is currently developing the Safi ultra- supercritical coal-fired project with international partners. Itoperates a 200 MW portfolio including the Akhfennir, Haouma and Foum el Oued wind farms, and has startedbuilding the 300 MW wind farm of Tarfaya in partnership with GDF SUEZ. Safi Energy Company
  • 2. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content . Page 2 U.A.E. will participate in major nuclear conference in Vienna WAM The U.A.E. will participate in a major annual nuclear conference in Vienna next week to discuss countries' atomic activities and plans for the future. Arab states are expected to use the event to urge Israel to join the nuclear non-proliferation treaty and place all its facilities under safeguards of the International Atomic Energy Agency (IAEA). "The U.A.E. exhibit will feature a showcase of the U.A.E. nuclear programme progress as well as information on the close cooperation activities with the agency,” said Hamad Alkaabi, the U.A.E. permanent representative to the IAEA. "The U.A.E. delegation looks forward to the conference and we have scheduled many side meetings with senior agency officials and other delegations to discuss nuclear cooperation and issues of mutual interest.” Last week, Abu Dhabi was issued licences for its third and fourth nuclear reactors at Barakah. Countries will report on their nuclear activities, plans and cooperation with the agency, and outline their positions on issues ranging from non-proliferation and verification to applications in medicine and agriculture. "The 58th General Conference is the highest decision-making organ of the IAEA,” said John Bernhard, Denmark's former ambassador to the IAEA. "It meets once a year for a week and reviews work done during the previous year and decides on matters for the future. Thereby, it has a decisive influence on the priorities and the political and technical issues dealt with by the IAEA.” Mr Bernhard said the agenda covered all major issues dealt with by the agency, including nuclear safety and security, technical cooperation and safeguards issues, such as "the Iranian case”, as well as the question of a nuclear weapons-free zone in the Middle East.
  • 3. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content . Page 3 "This is an opportunity to focus on a whole spectrum of IAEA issues and hear from countries and their representatives beyond the formal membership,” said Elena Sokova, executive director at the Vienna Centre for Disarmament and Non-Proliferation. "It is also an opportunity for countries to promote their work in the area of nuclear energy and its peaceful applications. In this regard, the U.A.E., as a country with a recently launched and fast- growing nuclear power programme, brings a very important experience to share with the broad international community and member states of the IAEA.” Member states will also be able to express their expectations and needs to the work of the agency as well as indicate focal points and endorse the IAEA's working programme for the next cycle, from 2016 to 2018. "They can emphasise their view on the importance of the agency's programmes by making extra- budgetary funds available, earmarked for specific projects,” said Dr Peter Bode, an associate professor in nuclear science and engineering at the Delft University of Technology in The Netherlands. "It is a moment for networking at the political level, for building alliances and getting informed about latest developments and technologies.” William Tobey, a senior research fellow at the Belfer Centre for Science and International Affairs at Harvard University in the US, said the conference was "always an opportunity for member states to compare notes on issues related to safe, secure and proliferation-resistant use of nuclear energy, such as improving the security of fissile material”. Lady Barbara Judge, former head of the UK Atomic Energy Agency, said it was vital for countries to reaffirm the importance of nuclear energy as a source of clean baseload generation. "In this time, when the change is on everyone's mind, one of the most important [issues] is that the only [clean] source of baseload generation is nuclear,” said Lady Judge, also the deputy chairman of the nuclear reform monitoring committee of the Tokyo Electric Power Company.
  • 4. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content . Page 4 New UAE law in the works to curb misuse of energy The National + NewBase A federal law is being planned aimed at curbing wasteful energy and water use that have resulted from rapid economic development and population expansion. Last week, Suhail Al Mazroui, the Minister of Energy, told a majlis that included Sheikh Hazza bin Zayed, the National Security Adviser and Vice Chairman of Abu Dhabi Executive Council, that a special committee at the ministry had started to prepare a law that will include measures to prevent inefficient energy use. It is a concrete step to address a problem that Mr Mazroui has talked about since taking office last year. He stressed the need to slow the UAE’s growth in electricity and water consumption, which has been running at an average of 6 per cent a year over the past decade (sometimes reaching double digits), and with per capita use standing at between two and three times the international average. The country’s annual bill for electricity and water use stands at Dh35 billion, he said. In June, Mr Mazroui talked about the need to reduce government subsidies in the energy sector, although there have been no specific initiatives yet on that front at the federal level. Each emirate sets its own tariff levels for energy. The latest move is part of a broader strategy aimed at making energy use more efficient and diversifying its sources. 4 nuclear reactors each 1400 MWH capacity ( 5600 MW power plant ) cost 20 Billion $ .
  • 5. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content . Page 5 The UAE plans by 2020 to generate 25 per cent of its power from four nuclear plants that are currently under construction. The aim is also to have renewable energy generate about 7 per cent of Abu Dhabi’s electricity (1.5 gigawatts) by 2020, mostly from solar power, with Dubai aiming for 5 per cent (1GW) from renewables by 2030. A fully-fledged roadmap to achieve these targets has not yet been set out publicly. However, on the efficiency side, the ministry is working with the relevant authorities on rules that will ensure a more rational use of energy and change patterns of energy consumption by individual households and commercial premises, which together account for two-thirds of the country’s electricity consumption, Mr Mazroui said. In a report last year on wasteful energy use in the region, Chatham House, a London-based think tank, noted that the GCC countries used as much primary energy as the whole of Africa, or as Indonesia and Japan combined, although their populations are much smaller by comparison. The report noted that there was a whole range of initiatives that could reduce wasteful energy use, including “quick wins” from fairly easily achieved changes in behaviour. “In one case of a large government office building whose management was working with the Estidama programme in Abu Dhabi efforts of just one employee to change staff behaviour resulted in a saving of 30 per cent of the building’s electricity demand.” the report noted.. The Dubai Supreme Council of Energy has set out regulations for government buildings including keeping the temperature at 24°C during working hours and 27°C at other times, and switching the lights off at the end of the day. At the regional level, the most pressing need is integrated strategic planning. “If the relevant authorities are not talking to one another, a government cannot formulate a realistic strategy,” the report warned. “Furthermore, if those with the knowledge and capacity to develop energy and water strategies lack the authority to implement their plans, no strategy will achieve its potential at scale.” For the UAE, the law will shed light on how the government plans to follow through at federal level on the energy roadmap it outlined two years ago.
  • 6. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content . Page 6 Oryx GTL achieves landmark safety benchmark - zero TRIR Source : Oryx Oryx GTL, a joint venture of Qatar Petroleum and South Africa’s Sasol, has celebrated yet another world-class safety milestone with a high-profile ceremony held under the patronage and in the presence of Dr Mohammed bin Saleh Al Sada, Minister of Energy and Industry. The ceremony was also attended by other dignitaries from Qatar in addition to a high-level delegation from the company’s joint venture partner, Sasol Limited, and the Oryx GTL Board of Directors and Executives. The ceremony was held to celebrate Oryx GTL’s exceptional achievement of a zero Total Recordable Incident Rate (TRIR) for the third consecutive year. The company, which takes an organisation-wide, zero-compromise approach to safety, is one of very few energy companies in the world to have ever reached this remarkable benchmark. Speaking at the ceremony, Dr Al Sada congratulated Oryx GTL for its embodiment of the strongest commitment to safety. Dr Al Sada said: “This exemplary effort and admirable achievement is a result of dedicated efforts that started in 2009 when the Road to Zero Harm was launched as an ambitious campaign for best-in-class safety practices.” Dr Al Sada reminded everyone that the job was not yet done. “In fact, when it comes to safety, the job is never done,” he added. He said it is important to stay ahead in “our health, safety, and environmental protection efforts, and “to continue to set world-class safety benchmarks to safeguard the wellbeing of our people, and the communities within which we work and operate”. “Safety will always remain an important challenge to the oil and gas industry. But the biggest challenge of all is to sustain our successes and to elevate our achievements to new heights,” he concluded. David Constable, president and chief executive officer of Sasol Limited, added: “Oryx GTL is more than just a model of exemplary safety performance. It epitomises what a successful application of technology, operational excellence, and a commitment to safety and the well-being of our people all combine to form one remarkable vision.” Oryx GTL’s latest zero TRIR milestone reflects not only its commitment to the highest safety standards but also highlights its adherence to the principles of sustainability, a key pillar of Qatar National Vision 2030 and the National Development Strategy 2011-2016. In practical terms, to achieve its vision, Oryx GTL invest extensive hours of training, coaching and working with employees and contractors to ensure safer working practices and environments.
  • 7. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content . Page 7 Occidental Petroleum in talks to sell part of Dolphin Energy stake © Oman Daily Observer + NewBase Occidental Petroleum is in talks to sell at least one-fifth of its 24.5 per cent stake in Dolphin Energy to Abu Dhabi-owned Mubadala Development Co, according to a report in the Wall Street Journal. The potential deal comes after collapse of a previous plan by the Houston-based oil producer, known as Oxy, to sell its noncore Middle East assets to a consortium of Gulf-based firms. "Mubadala is quite keen to do the deal... they even want to buy Oxy's entire stake [in Dolphin] but Qatar is unlikely to accept that because of the political situation with the United Arab Emirates," one person familiar with the talks said. "The two parties are hopeful a smaller stake would get Qatar to eventually agree on the deal," the person said. Qatar would need to approve the deal because Dolphin Energy's assets are in the emirate. Its assets include upstream gas projects and a pipeline with the capacity to transport up to 3.2 billion cubic feet of gas per day from Qatar to the UAE and Oman. Oxy, which bought its stake in Dolphin Energy for $310 million in 2002, could complete the sale before the end of the year, another person close to the deal said. Mubadala already owns 51 per cent of the gas pipeline project, which is valued at $3.5 billion, while France's Total SA holds a 24.5 per cent stake. The value of Oxy's stake is unclear. Oxy is also in talks to sell as much as a 30 per cent stake in the $10 billion Shah natural gas project in the UAE to Mubadala, officials familiar with the matter said. Shah is expected to start production by the end of the year by which point Oxy hopes to have completed the deal, the officials added. Oxy plans to continue to operate the field. When operational, Shah is expected to process 1 billion cubic feet a day of sour gas into about 500 million cubic feet of fuel daily. It may also process 4,400 tonnes of natural-gas liquids a day, 35,000 barrels a day of condensates and 9,200 tonnes a day of sulfur. If the deal is completed it will be the first time that Mubadala, which acts as an overseas upstream vehicle for the emirate, will have teamed up with the Abu Dhabi National Oil Company, which owns the remaining 60 per cent stake of the project. Oxy had previously planned to sell 40 per cent of its operations in the region to a consortium of Gulf firms to help the company raise funds to put greater focus on developing its core North American oil and gas fields, particularly properties it owns in the Permian Basin in Texas. The original plan -- which would have involved the Oman Oil Company, Qatar Petroleum International and Mubadala teaming up to buy a share of Oxy's regional assets -- failed because of political reasons.
  • 8. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content . Page 8 BPCL plans to more than double Bharat Oman refinery capacity Muscat Daily + NewBase India's public-sector company, Bharat Petroleum Corporation Ltd (BPCL), plans to more than double the capacity of the Bina refinery, a joint venture between BPCL and Oman Oil Co (OOC), in Madhya Pradesh state. BPCL is planning to expand the refinery's capacity to 15mn tonnes from the current 6mn, Shivraj Singh Chauhan, Chief Minister of Madhya Pradesh, said on Saturday, according to media reports. Chauhan was talking to a group of reporters after meeting three federal ministers, including Petroleum Minister Dharmendra Pradhan, in connection with a global investors summit to be held in October. "We met today and discussed about ushering in industrial growth in the state, and it was discussed to increase the Bina refinery's capacity to 15mn tonnes, from 6mn tonnes at present." Pradhan said, "A joint group of officials from both the state government and the ministry will meet again over this issue. We also discussed the supply of LPG gas directly to homes through pipelines in cities including Bhopal, Gwalior and Ujjain [in Madhya Pradesh]." OOC holds a 26 per cent stake in the Bharat Oman Refineries Ltd (BORL) joint venture, which owns the Bina refinery. BPCL has announced that it will invest around R450bn (RO2.85bn) in its various projects in refining, marketing and exploration over the next four years. This would include R29bn for expansion of Bina refinery's capacity from 6mn tonnes per annum to 8mn tonnes, BPCL chairman and managing director S Varadarajan said recently. BPCL is also exploring the option of an initial public offering (IPO) for the Bina refinery after kicking off the expansion in 2015. "We are fully geared to meet future challenges and are confident of surpassing targets and market expectations," Varadarajan said. Earlier this year, BPCL decided to opt for a module-wise capacity expansion of the Bina refinery on account of cash constraints and less-than-expected returns from the refinery. Under the plan, BORL will invest smaller amounts to set up smaller modules of 2mn tonnes per annum, stabilise the new capacity, generate sufficient returns and invest the returns in stetting up the next module. OOC has stakes in six oil refining and marketing companies, of which three are in Oman, one in India (BORL), one in China and another in Hungary.
  • 9. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content . Page 9 Philippines: Otto Energy announces divestment of Galoc field Source: Otto Energy Otto Energy has executed a sale and purchase agreement (SPA) to divest 100% of the shares in Galoc Production Company WLL (GPC), the holder of Otto's 33% interest in the Galoc oil field located in Service Contract 14C, to Risco Energy Investments, a Singapore-based energy investment company. Under the SPA, Risco has agreed to pay Otto US$101.4 million as at 1 July 2014. Risco has already paid a US$10.14m deposit and will assume all production rights and liabilities associated with the Galoc Interest (including abandonment costs) with effect from 1 July 2014. Completion of the transaction is conditional on Otto shareholder approval. Otto will issue a Notice of Meeting seeking shareholder approval for the transaction in due course, with the shareholder General Meeting expected to be held no later than December 2014. For reasons of good governance, the Otto Board has decided the meeting materials will include a report from an independent expert on the divestment of the Galoc Interest. The Directors of Otto believe the transaction represents an outstanding opportunity to maximise and monetise the inherent value of the Galoc Interest after the successful completion of the Galoc Phase II expansion. The Directors of Otto unanimously recommend the transaction to Otto shareholders, in the absence of a superior proposal.
  • 10. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content . Page 10 Otto’s Strategy Update The divestment will allow Otto to focus on executing the highly prospective exploration program in onshore East Africa and SC55 whilst at the same time providing the financial strength to fund an expansion of Otto’s acreage position in onshore East Africa which is the focus of management’s new business initiatives. Assuming the conditions to completion of the transaction (including shareholder approval) are satisfied, the net proceeds from completion of the divestment, will be utilised as follows: ‱ Fully fund the company's exploration, new business development and working capital activities for two years; and ‱ Consistent with Otto’s commitment to deliver maximum value to shareholders, Otto proposes to pay a capital return to shareholders of $0.06 per share. It is anticipated that the proposed capital return will be paid to shareholders in Q4 2014 or early Q1 2015, following completion of the GPC sale, receipt of a ruling from the Australian Tax Office (ATO) and shareholder approval. Otto will request an ATO Class Ruling to confirm the tax implications for shareholders and will release details of the tax implications once the Class Ruling is received.
  • 11. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content . Page 11 Russia looks beyond West Siberia for future oil and natural gas growth Source: U.S. Energy Information Administration Russia was the world's largest producer of crude oil (including lease condensate) and the world's second- largest producer of dry natural gas in 2013. In 2013, production of crude oil and lease condensate grew by 1.3%, and production of dry natural gas grew by 2.1%. Most of Russia's crude oil and natural gas production occurs in West Siberia, a part of central Russia that stretches from the northern border of Kazakhstan to the Arctic Ocean. However, new technologies, growing Asian markets, and Western sanctions have the potential to shift the regional balance of Russian oil and natural gas production in the long term. In 2013, production of oil and natural gas in West Siberia totaled 6.2 million barrels per day of crude oil and 21.1 trillion cubic feet (Tcf) of natural gas, respectively, down from peak production levels in the 1980s. Russian energy companies Rosneft and Gazprom Neft have increased the efficiency of older fields in West Siberia by implementing technologies like multiple leg horizontal drilling and multistage hydrofracking; however, further increasing West Siberian production will require substantial investment. Consequently, Russia is considering developing its significant but less-accessible reserves in previously undeveloped regions. Offshore production. Russia recently began offshore oil production in the Arctic for the first time. Gazprom Neft began commerical operations at its Prirazlomnoye rig in the Pechora Sea in December 2013, and ExxonMobil-Rosneft began exploratory drilling at the Universitetskaya-1 well in the Kara Sea in August 2014. According to Gazprom Neft and ExxonMobil-Rosneft, the two formations are estimated to hold 600 million and 9 billion barrels of technically recoverable oil, respectively. New export markets. Along with increasing production, Russia seeks to diversify its export market by meeting growing energy demand in China. Russian energy exports have historically been consumed by developed markets in Europe, but high economic growth has led to increased demand from developing markets in Asia, particularly China. Gazprom earlier this year finalized a deal to supply China with up to 1.3 Tcf per year of natural gas starting in 2018. The natural gas will mainly come from fields in East Siberia.
  • 12. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content . Page 12 US: Regional Greenhouse Gas Initiative auction prices continue to rise Source: U.S. Energy Information Administration, based on Regional Greenhouse Gas Initiative September 3 marked the 25th auction of carbon dioxide (CO2) emission allowances by the Regional Greenhouse Gas Initiative (RGGI), a cap-and-trade program covering nine states primarily in the northeastern United States. Allowance prices for this auction were $4.88, marking the third consecutive auction that prices were at or above $4 per short ton (st) of CO2. RGGI held its first auction in 2008 and by mid-2010, allowances were selling at or near the price floor, or minimum allowable bid, where they remained for more than two years. This was caused in part by an unanticipated decline in natural gas prices, starting as far back as 2007, that had led to a decrease in CO2 emissions as natural gas displaced coal as a generation fuel in the Northeast. Emissions were well below the targets originally set by RGGI, which proved to be non-binding. In January 2013, RGGI announced its plan to reduce its cap on CO2 emissions by 45%, starting in 2014. Since the announcement of the cap reduction, prices have increased above the price floor, and are now trading above $4/st. The $4/st threshold is significant because in February 2013, RGGI introduced the Cost Containment Reserve (CCR). The CCR holds allowances in reserve that are released only when the allowance price hits a predetermined level. The CCR trigger price is currently $4 and will rise annually in $2 increments through 2017 (when it reaches $10), then increase by 2.5% each year thereafter. A 5 million allowance withdrawal limit was set for 2014, and a 10 million allowance withdrawal limit was set for all subsequent years. In auction 23 (March 2014), 23.5 million allowances were sold, including 18.5 million in initial bids and all 5 million CCR allowances reserved in 2014. As designed, the CCR stabilized the price at $4 for first-quarter 2014. However, in auction 24 (June 2014), the clearing price was $5.02, and a total of 18 million allowances were sold. Because the 2014 allowances in the CCR had all been allocated in the previous auction, the price
  • 13. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content . Page 13 increased above the $4 CCR price. Similarly, the most recent auction sold 18 million allowances at the clearing price of $4.88, again in excess of the $4 CCR trigger. The money raised through the auctions is distributed among the participating RGGI states and spent on state programs that are primarily energy related. Since the inception of RGGI (through 2012), current member states have raised a total of $985 million in auction proceeds. Of that amount, $665 million (68%) has been invested toward state programs, $93 million (9%) transferred to state general funds, and $184 million (19%) was committed to programs in 2013 and beyond. Those amounts and the figure below do not include proceeds associated with New Jersey, which terminated its participation with RGGI in 2011. Source: RGGI, Regional Investment of RGGI CO2 Allowance Proceeds, 2012 Note: Figure does not include proceeds from
  • 14. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content . Page 14 Oil steady near $98, worries about oversupply weigh London: Brent crude oil steadied below $98 a barrel on Friday, not far above 26-month lows reached at the start of the week as Opec talk of a production cut balanced worries about ample supply at a time of fragile demand. Brent hit its lowest point since July 2012 on Monday as oil supply overwhelmed lacklustre demand in Europe and Asia, with a glut of high-quality, light oil pushing North Sea crude for immediate delivery to big discounts below futures. Opec’s secretary-general responded to the price plunge, saying he expected the cartel, which pumps around a third of the world’s oil, to reduce production next year. Libya’s oil production has also been hit by conflict, curbing a sharp increase in output in recent months. Brent was unchanged at $97.70 a barrel by 1325 GMT, while US crude was down 40 cents at $92.67. Both contracts saw their biggest drop in more than two weeks on Thursday. “Oil prices were not fazed by the Scottish referendum as global supply issues took precedence,” Brennock said. A stronger dollar has also dragged on oil markets as it makes commodities denominated in the US currency more expensive for holders of other currencies. The dollar strengthened against major currencies, with the dollar index hitting its highest in more than four years, underpinned by an improved US job market. Weak home prices in China added to fears of a slowdown in the world’s second-largest economy. This week the Organisation for Economic Cooperation and Development slashed its growth forecasts for major developed economies to 0.8 per cent this year from 1.2 per cent. But investors remained worried by geopolitical tension in the Middle East. Jonathan Barratt, chief investment officer at Ayers Alliance, said an escalation in the conflict with Islamist militants who have seized large parts of Iraq and Syria could push up prices. “All it takes is one suicide bomber in a European compound in Saudi Arabia, Bahrain or any of those countries and people will say ‘game on’,” he said. “That to me is the biggest risk at the moment.”
  • 15. Copyright © 2014 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content . Page 15 NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE Your partner in Energy Services Khaled Malallah Al Awadi, Energy Consultant MSc. & BSc. Mechanical Engineering (HON), USA ASME member since 1995 Emarat member since 1990 Mobile : +97150-4822502 khdmohd@hawkenergy.net khdmohd@hotmail.com Khaled Al Awadi is a UAE National with a total of 24 yearsKhaled Al Awadi is a UAE National with a total of 24 yearsKhaled Al Awadi is a UAE National with a total of 24 yearsKhaled Al Awadi is a UAE National 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 Service as a UAE operations base , Most of the experience were spenEnergy consultation for the GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spenEnergy consultation for the GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spenEnergy consultation for the GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spentttt as the Gas Operatas the Gas Operatas the Gas Operatas the Gas Operations Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations .ions Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations .ions Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations .ions Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years , he has developed great experiences in the designing & constructingThrough the years , he has developed great experiences in the designing & constructingThrough the years , he has developed great experiences in the designing & constructingThrough the years , he has developed great experiences in the designing & constructing of gas pipelines, gas metering &of gas pipelines, gas metering &of gas pipelines, gas metering &of gas pipelines, gas metering & regulating stations and inregulating stations and inregulating stations and inregulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas transportation ,the engineering of supply routes. Many years were spent drafting, & compiling gas transportation ,the engineering of supply routes. Many years were spent drafting, & compiling gas transportation ,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 ofoperation & maintenance agreements along with many MOUs for the local authorities. He has become a reference for many ofoperation & maintenance agreements along with many MOUs for the local authorities. He has become a reference for many ofoperation & maintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Conferences held in tthe Oil & Gas Conferences held in tthe Oil & Gas Conferences held in tthe Oil & Gas Conferences held in the UAE andhe UAE andhe UAE andhe 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 Channels .Channels .Channels .Channels . NewBase : For discussion or further details on the news above you may contact us on +971504822502 , Dubai , UAE NewBase 22 September 2014 K. Al Awadi