New base special 29 april 2014

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 29 April 2014 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Kuwait signs LNG import deal with Qatargas
Reuters + KUNA
Kuwait has signed a contract to import liquefied natural gas (LNG) from fellow Gulf state Qatar to
help meet its energy needs to the end of 2014, state news agency KUNA reported on Sunday.
The first shipment of LNG will arrive in Kuwait on Monday under the contract between Kuwait
Petroleum Corporation (KPC) and state-owned Qatargas, KUNA said.
There were no further details on the terms of the deal with Qatar, which is the world's largest LNG
exporter. Rising air conditioning demand in the hot Middle Eastern summer and a lack of domestic
supply means OPEC member Kuwait needs to import more gas each year to run its power plants.
The contract paves the way for greater cooperation between the two companies, KUNA quoted a
KPC official as saying. It added that major oil producer Kuwait was still looking at ways to supply
its LNG needs beyond 2019.
Kuwait began importing LNG in 2009 and signed deals with Royal Dutch Shell and Swiss-based
trader Vitol to supply it during the peak power demand period from April to October over the last
four summers.
Earlier this month KPC said Shell and BP had signed deals to supply Kuwait with LNG over the
next five to six years. The combined supply from the two companies will be around 2.5 million
tonnes a year.

Al Yasat Oil Company owned by Adnoc law issued
WAM
The UAE President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, in his capacity as Ruler of Abu
Dhabi, has issued a law setting up Al Yasat Company for Petroleum Operations Limited Liability Company.
According to the law, 60 per cent of the company is owned by the Abu Dhabi National Oil Company
(Adnoc) and CNBC International Hong Kong Ltd owns the rest.
The company will carry out the development of onshore and offshore areas in the Emirate of Abu Dhabi
approved by the Supreme Petroleum Council.
Its functions will include exploration, drilling and maintenance of wells as required for the extraction of
crude oil from reservoirs, as well as the construction, operation and maintenance of all the necessary
production facilities, conversion, processing, measurement, storage, transfer and delivery of crude oil from
production wells to delivery points, in addition to the marketing of crude oil or exporting it abroad.
For details visit www.adnoc.ae

46b-worth of projects to boost Kurdistan’s economy
http://www.saudigazette.com.sa
The Kurdistan Region of Iraq has long been considered as a business-friendly environment for foreign
companies and a gateway for doing business elsewhere in the country. But recent developments have seen
an upsurge in business activity making it one of the fastest growing economies on earth.
The region’s projects market reflects the growing demand for all types of goods and services. There are
approximately $46 billion-worth of projects currently planned or under way in the energy, construction,
tourism and basic infrastructure sectors that make the Kurdistan Region one of the most dynamic projects
markets in the world.
MEED’s Kurdistan Projects conference scheduled to take place on June 8-10 at The Rotana, Erbil, will
provide a comprehensive overview of the projects market by sector and outline where the main
opportunities lie for investors, financiers, contractors, and suppliers.
“We are delighted to work with the Kurdistan regional government and major private sector investors on
this ground breaking conference set to reveal opportunities across key sectors including: oil and gas, power,
real estate, industry, hospitality and tourism, water and agriculture and banking and finance,” said Edmund
O’ Sullivan, Chairman, MEED Events. “Being the only event catering to all major areas of the region’s
economy and attracting all the region’s leading stakeholders, this is a must attend event for any organization
looking to expand existing business in the Kurdistan Region or enter this booming market to explore new
business opportunities”.
Other healthy signs indicating Kurdistan’s steady march to progress has been the growing inflow of Foreign
Direct Investment (FDI). Kurdistan is open for business and the National Investment Law of 2006 has
attracted more than $20 billion to the region already with the government actively encouraging further
investment most notably in the Water, Agriculture, Industry, Tourism and Power sectors. As of June 2013
there are now in excess of 2,300 foreign companies registered in addition to the 15,000 local companies.
“The welcoming business environment, coupled with the rapid growth and enormous opportunities for
investment across the economy – including in the oil and gas and power and water sectors – are driving the
sense of optimism in the Kurdistan region and boosting the enthusiasm of investors,” said Leo Koot,
President, TAQA Iraq.

The cornerstone of the region’s economy is the untapped natural resources proving highly attractive for oil
companies. The region is moving rapidly from exploration to production, and with political stability and
security unrivalled elsewhere in Iraq, there are numerous openings throughout the hydrocarbons value
chain.
Erbil has also been called “the next Dubai”, thanks to the huge construction boom currently under way. Its
build-it-and-they-will-come attitude is now maturing as the Kurdistan region develops, with the Prime
Minister releasing details on a plan to improve the quality of future property developments including the
implementation of building regulations and an active building control department.
Tourism is likely to receive a major boost as Tourism Erbil has been named the Arab Tourism Capital 2014
by the Arab Council of Tourism. “Hotels are springing up in the city and further afield, and Kurdistan is
taking advantage of its safe reputation to develop attractions and leisure projects that will attract more
visitors,” O’ Sullivan further said.
MEED’s Kurdistan Projects conference 2014 is supported by the Kurdistan Regional Government and
Department of Foreign Relations, UKTI, Taqa as Strategic Event Partner, as well as US-Kurdistan Business
Council (USKBC) and Kurdish Europe Dutch Business Community (KDBC). Drake and Scull has signed
up as the event’s Conference Sponsor and Parsons is on board as the Networking Program Sponsor. With
massive interest in Kurdistan’s further development growing, organizers are encouraging early registration
at www.kurdistanprojects.com.
Kurdistan Projects 2014 is a ground breaking event detailing exclusive project opportunities across the
Kurdistan Region, taking place in the heart of Erbil. This year’s edition includes new key themes addressing
the pressing issues facing businesses in Kurdistan Region including clarity on legal frameworks, financing,
insurance, building standards and construction requirements, improving workforce capability and logistics.

Tangiers needs cash to pay for drilling offshore Morocco
Press Release, April 28, 2014
Tangiers Petroleum Limited has informed that a DWOP (Drilling Well on Paper) meeting was held
in Morocco on 22 April 2014, which was attended by Galp, ONHYM and Tangiers. At the meeting,
the Operator, Galp, confirmed the indicative budget for the drilling of TAO-1 exploration well,
offshore Morocco, to be in the order of US$75m.
The estimate provided by the
Operator, Galp, is a Class II
estimate and therefore subject
to a plus or minus 25%
variance. The Operator
estimates TAO-1 to spud mid to
late June and Tangiers expects
to be issued a final AFE
approximately 4 weeks prior to
this date. Tangiers is obligated
to pay 33% of any costs
associated with the drilling
over and above the US$33m
cap carried by Galp.
Tangiers has said that that the
indicative budget provided by
Galp is subject to a significant variance, both up and down, and to ongoing work being carried out by the
Operator, Tangiers and ONHYM under the joint venture to improve the accuracy of the budget estimate.
There is a risk that Tangiers may face a well funding commitment which is not covered by Tangiers’ current
financial resources.
Based on the current indicative budget and without taking into account requirements for working capital, the
Company’s potential financial obligation related to drilling of the TAO-1 exploration well ranges from
having ~US$6m surplus cash (-25% case) to ~US$0.06m surplus cash (base case) to a shortfall of US$6m
(+25% case). Were Tangiers unable to meet its financial obligation under the joint venture agreement for the
TAO-1 exploration well, there is a risk that it would be in default of the terms of the JV agreement, in which
case it could forfeit some or all of its interest in the Tarfaya Offshore Block.
Given the confirmed drilling budget, the proximity to the spud date of the well, and the Company’s current
funding capacity of approximately A$15m, the Tangiers Board has agreed it is prudent to undertake a
capital raising to ensure that Tangiers is well positioned to fulfil all of its obligations associated
with funding of the drilling program.
The farm-out value implied for Tangier’s 25% working interest was US$40.5m, roughly equivalent to the
Company’s current market capitalisation, and the Board is confident of being able to raise the necessary
funds to protect shareholders from any loss of interest in the asset that may arise from default.
Tangiers has requested a voluntary suspension on ASX. The Company expects that the voluntary suspension
will end when it releases an announcement to the market in relation to the proposed material capital raising,
which is currently expected to be released before the start of trading on 9 May 2014. The Company’s
securities will continue to be suspended on AIM pending further clarification.

ROC AND Horizon announce proposed merger to create a leading Asian E&P company
Source: ROC / Horizon
• All scrip merger of equals between ROC and Horizon
• Horizon shareholders to receive 0.724 ROC shares for each Horizon share
• Merger to be implemented by a Horizon Scheme of Arrangement
• Compelling rationale for combination
• Mike Harding (current Chairman of ROC) will be Chairman of the merged group and Brent Emmett
(current CEO of Horizon) will be CEO and Managing Director of the merged group. Fraser Ainsworth
(current Chairman of Horizon) will be appointed as a Non-Executive Director of the merged group and
Alan Linn (current CEO of ROC) will continue with the merged group in the role of President of ROC Oil
Malaysia until April 2015
• The proposed Merger has the unanimous support of both the ROC and Horizon Boards
Roc Oil Company (ROC) and Horizon Oil have announced that they have entered into a Merger
Implementation Deed (MID) under which they have agreed to merge via a Horizon Scheme of Arrangement
(the Merger). The transaction will bring together two highly complementary E&P companies to form a
single Asian E&P company.
Horizon shareholders will receive 0.724 ROC shares for each Horizon share they hold, being the exchange
ratio implied by the 10 day VWAP of Horizon and ROC shares ending on 23 April 2014, the last day on
which Horizon and ROC shares were traded prior to the announcement of the Merger. Following
completion of the Merger, ROC shareholders will own approx. 42% of the merged company and Horizon
shareholders will own approx. 58%.
The proposed Merger has the unanimous support of both the ROC and Horizon Boards. In the absence of a
superior proposal and subject to an Independent Expert concluding that the Merger is in the best interests of
Horizon’s shareholders, the Board of Horizon unanimously recommends that Horizon shareholders vote in
favour of the Merger, and each Horizon Director intends to vote in favour of the Merger in relation to shares
held or controlled by them.
Transaction rationale
The Merger creates a leading Asian E&P company, providing a platform for significant potential growth
and value realisation in the Asian oil and gas sector. The merged group will have:
• a pro forma market capitalisation of ~A$800m;
• net 2P reserves of 36.9mmboe (approx. 95% liquids);
• net 2C contingent resources of 120.7mmboe; and
• combined CY14 indicative working interest production estimated at 5.5 mmboe (approx. 95% liquids).
The Horizon and ROC Boards believe that the merged group will be better positioned for growth compared
to either company on a standalone basis, and is expected to deliver significant benefits to Horizon and ROC
shareholders.

The Merger:
• brings together two complementary Asian-focused portfolios with assets across China, PNG, Malaysia,
Myanmar, Australia and New Zealand;
• represents a significant increase in scale to create a leading ASX-listed E&P company withexpanded
production, resources and reserves;
• provides shareholders of the merged group with broader portfolio diversification by geography and asset,
thereby reducing their risk profile;
• will trigger a right for Horizon's bondholders to require that their convertible bonds be redeemed which, if
redeemed, would facilitate a simplification of the capital structure of the merged company;
• combines the strong cash flow of the two companies providing increased capacity to pay dividends;
• creates an attractive portfolio of growth options, including major projects in China, PNG and Malaysia and a
substantial pipeline of exploration and appraisal assets; and
• combines the talent and expertise of two experienced and proven leadership teams, with strengthened
operational and technical expertise and deep regional relationships.
Commenting on the proposed Merger, ROC Chairman Mike Harding said:
'This is a transformational and exciting transaction and something ROC has been working towards for some
time. The combination of our companies will create a high calibre operating company with the capacity to
actively progress value-adding growth through a combination of existing material development projects,
complemented by a portfolio of high impact and low risk exploration assets within our core operating
regions. Consolidation of the ASX-listed E&P sector has been well-flagged but slow to occur. This
transaction represents a unique and compelling opportunity to bring together two companies with highly
complementary assets to create a new Asian-focused mid cap E&P champion.'
Horizon Chairman Fraser Ainsworth said:
'The Merger allows all shareholders to retain exposure to the attractive assets of each company, whilst
providing greater diversification, scale and a stronger platform from which to continue to deliver future
shareholder returns. After undertaking detailed due diligence on the assets and prospects of each company,
the merger terms reflect our Boards' mutual judgment that the relative market valuations are the appropriate
basis to ensure both groups of shareholders have the appropriate level of equity ownership in the merged
group.'
Horizon CEO Brent Emmett said, 'The combination of complementary core assets and activities makes
strong strategic sense. Horizon has been focused on building a leading portfolio of Asian-focused assets and
the opportunity to merge with ROC represents a significant step towards
achieving that objective.'
Board and management
The leadership team of the merged group will reflect the nature of the transaction as a merger of equals and
will benefit from the combined talents and expertise of two experienced and proven teams.
The Board of the merged company will comprise three current Non-Executive Directors from ROC, four
current Non-Executive Directors from Horizon and Brent Emmett (current CEO of Horizon) as the CEO
and Managing Director of the merged group.

Mike Harding (current Chairman of ROC) will be Chairman and Fraser Ainsworth (current Chairman of
Horizon) will be appointed as a Non-Executive Director of the merged group. Alan Linn (current CEO of
ROC) will continue with the merged group in the role of President of ROC Oil Malaysia until April 2015.
The senior management team will be drawn from the two companies’ existing management teams.
Transaction implementation
The proposed Merger will be implemented via a Horizon Scheme of Arrangement.
Horizon and ROC have entered into a MID (appended to this announcement), which contains conditions
including the following:
• customary regulatory and court approvals;
• Horizon shareholder approval of the Scheme (75% of votes cast; 50% of shareholders voting);
• no material adverse change in Horizon or ROC;
• conclusion by an Independent Expert that the Scheme is in the best interests of Horizon Shareholders; and
• completion of the Osaka Gas Asset Sale Agreement.
The MID also includes customary deal protection for both Horizon and ROC including no shop and no talk
provisions as well as various other provisions relevant to the Merger, including the obligations of the
companies in the lead up to implementation and termination rights.
Approval of the Scheme by Horizon shareholders and the subsequent change of control in Horizon will
trigger a right for Horizon's bondholders to require that their convertible bonds be redeemed.
Timetable and next steps
A Scheme Booklet is expected to be despatched to Horizon shareholders in late June. The Scheme Booklet
will include further details of the transaction, an Independent Expert's Report, the reasons for Horizon
Directors' recommendation and other matters relevant to Horizon shareholders' vote on the Merger.
An indicative timetable of key milestones is set out below. Further details on the timing and implementation
of the transaction will be made available to shareholders upon release of the Scheme Booklet.
Advisers to the transaction
ROC has appointed J.B. North & Co as financial adviser and Herbert Smith Freehills as legal adviser to the
transaction. Horizon has appointed UBS as financial adviser and King & Wood Mallesons as legal adviser
to the transaction.

CBM Asia Updates on Operations in Indonesia
Press Release, April 29, 2014; Image: CBM Asia
CBM Asia Development announced an update on CBM production operations at the Kutai West
PSC, where the company holds 705 Bcf of net prospective recoverable resources.
The company also announced the resignation of board member Adam Clarke and the return of Keith Potter
to his former position as General Manager, Indonesia.
During the past few weeks, the KW-CBM01 well at Kutai West has been undergoing initial production
testing. Operator Newton Energy has installed a progressive cavity pump in the well and is adjusting pump
rates and position to optimize dewatering and gas production. Although the well is an isolated CBM test and
at a very early stage of dewatering, already gas rates of 16 Mcfd have been measured. This confirms earlier
testing that indicated a high degree of gas saturation. The longer term plan is to drill four new wells
surrounding the KW-CBM01 well for improved dewatering and higher gas production.
Our plan at Kutai West is similar to what VICO Indonesia has already accomplished at two CBM pilots in
the adjacent Sanga-Sanga PSC, where commercial production has been underway for three years. VICO, the
joint-venture between BP and ENI, recently announced plans to drill 20 additional CBM wells at Sanga-
Sanga to provide more gas supply for the Bontang LNG export facility.
Separately, consistent with the company’s ongoing cost cutting measures, director Adam Clarke has
resigned from all management and board positions. However, Clarke remains available to the company on a
consulting basis during the ongoing capital raise. In Jakarta, Keith Potter stepped down as the company’s
VP Operations but continues in his duties as General Manager Indonesia.

PNG: ExxonMobil starts production ahead of schedule at PNG LNG project
Source: ExxonMobil
ExxonMobil has announced the $19 billion PNG LNG project has started producing liquefied natural gas
(LNG) in Papua New Guinea ahead of schedule. Production from the first LNG train will increase over the
coming weeks and the first cargo is expected to be shipped to Asia markets before midyear. Work on the
second train is progressing and LNG production from this unit is expected to start in the next several weeks.
The project, which is operated by ExxonMobil affiliate ExxonMobil PNG Limited, is expected to produce
more than 9 trillion cubic feet of gas over an estimated 30 years of operations.
'The PNG LNG project exemplifies ExxonMobil’s leadership in project execution, advanced technologies
and marketing capabilities,' said Neil W. Duffin, president of ExxonMobil Development Company. 'Project
revenue and profitability are underpinned by long-term LNG sales contracts covering more than 95 percent
of the plant’s capacity.'
The project is an integrated development that includes gas production and processing facilities in the
Southern Highlands, Hela, Western, Gulf and Central provinces of Papua New Guinea. Approx. 435 miles
of pipeline connect the facilities, which include a gas conditioning plant and liquefaction and storage
facilities with capacity of 6.9 million tonnes of LNG per year.
Flooding, minimal pre-existing infrastructure and extremely steep slopes were among obstacles that were
overcome in constructing the project. Pipe had to be airlifted in some areas because the soil could not
support heavy machinery and lack of infrastructure required construction of supplemental roads,
communication lines and a new airfield.
'The project is optimally
located to serve growing
Asia markets where LNG
demand is expected to rise
by approx. 165 percent
between 2010 and 2025, to
370 million tonnes per
year,' said Duffin.
In addition to ExxonMobil
PNG, co-venturers include
Oil Search, National
Petroleum Company of
PNG, Santos, JX Nippon
Oil & Gas Exploration
Corp, Mineral Resources
Development Company
(representing landowners)
and Petromin PNG
Holdings. ExxonMobil continues to assess and advance new expansion and development opportunities in
Papua New Guinea.

Cooper Energy has estimate for Hammamet West field, offshore Tunisia
Source: Cooper Energy
Cooper Energy has announced that it has assessed its net 2C Contingent Resource in the Abiod Formation
of the Hammamet West Field, in the Bargou Permit offshore Tunisia to be 11.3 million boe. This estimate
will be included in Cooper Energy’s formal statement of Reserves and Resources as at 30 June 2014.
Cooper Energy is the Operator of the Bargou joint venture which includes Dragon Oil and Jacka
Resources.
The Contingent Resource (refer table below) has been determined by Cooper Energy, having considered the
results of an independent assessment by Senergy, a global integrated energy services company. The
Contingent Resource review was completed in April 2014.
Cooper Energy Managing Director David Maxwell said 'The Contingent Resource assessment confirms that
Hammamet West is a sizeable hydrocarbon accumulation with good potential for economic development.
Our calculations are that gross reserves of 8 to 10 million barrels of oil will be sufficient for the field to be
considered economic and this threshold is exceeded by the assessed gross 1C Contingent Resource'.
The assessment of Contingent Resources in the Hammamet West Field will now be included in the data
room associated with the sale of Cooper Energy’s Tunisian portfolio. Mr Maxwell said that he believed
the quantification of the Contingent Resource will reinforce the attraction of the Tunisian portfolio to buyers
focussed on the African and Mediterranean regions.
Cooper Energy is conducting the divestment process in parallel to planning and preparing to drill and
production test a second side-track from Hammamet West-3 in the period from late 2014 to early 2015. The
timing and structuring of the divestment of the portfolio will be determined so as to deliver the best value
for shareholders. Participating interests in the Bargou Permit are: Cooper Energy (30% and Operator);
Dragon Oil (55%); Jacka Resources (15%).
Background
Hammamet West is located 15 kms offshore Tunisia in water depth of approx. 60 metres. The nearest
producing field is Maamoura, 12 kms to the southwest (refer Figure 1 following). Three wells have been
drilled on the field: Hammamet West-1 in 1967, Hammamet West-2 in 1990 and Hammamet West-3 in

2013. Hammamet West is a large structure interpreted to have an areal closure of over 40 sq kms and
vertical relief of at least 455 metres at the Abiod Formation level (Figures 2 and 3 below).
Hammamet West-2 recovered 63 barrels of oil from two tests in the Abiod Formation. Hammamet West-3
drilled a 433 metre near-horizontal wellbore to target near-vertical fractures in the Abiod Formation.
Numerous hydrocarbon
indications including oil shows
and elevated gas levels were
observed while drilling and
3,000 barrels of drilling fluid
were lost into the fractures. Mud
losses were stopped by pumping
approx. 30 tons of lost
circulation material (LCM) into
the well. On production test,
flow rates averaging 1,343
barrels per day over a 1.5-hour
clean-up period were recorded
prior to the test being stopped
due to LCM plugging the
production test equipment. An
estimated 67 barrels of
formation oil was recovered
before the production test was
stopped and the well suspended due to recurring blockages.
It is planned to drill a second Hammamet West-3 side-track later in calendar year 2014 or early 2015
pending securing a suitable rig. The second side-track is intended to undertake and complete a production
test and thereby provide further critical information for assessing the resource base and development
options.

Indonesia: Ramba Energy seeking partners for Lemang Block, onshore Sumatra
Source: Ramba Energy
Ramba Energy refers to the previous announcement released on 25 May 2013 in which the Company
announced that it had appointed Rothschild Indonesia and DMG & Partners Securities as joint advisers to
conduct a strategic review of its interest in the Lemang Block, located in South Sumatra, Indonesia. The
purpose of this strategic review is to enhance value for the Company and shareholders. Currently, Ramba
holds a 51% working interest in the Lemang Block through Hexindo Gemilang Jaya, its local subsidiary.
Following a comprehensive strategic review and robust due diligence process (which are still ongoing),
Ramba has received proposals from interested bidders for the acquisition of the minority interest in the
Lemang Block. Ramba will continue to evaluate the proposals with the view of selecting the best bid which
may eventually lead to the acquisition of the
minority interest in Lemang Block. The Company
will make such further announcements to inform
shareholders of any updates or developments.
The Lemang block is located in the
northern most part of the hydrocarbon-rich
South Sumatra basin, a proven region for
oil and gas production with transportation
infrastructure already in proximity. Located
approximately 300 kilometres from
Singapore, the Lemang block is ideally
situated for oil and gas distribution to
regional markets.
Ramba’s stake in the block was recently
valued at US$193.6 million by DeGoyler and MacNaughton, a US-based petroleum
consultancy*. The Company plans to commence drilling of the block in 2012. Ramba's local
subsidiary holds a 51% working interest in the Lemang PSC. In December 2012, Ramba
announced a discovery at the Selong-1 well, the first exploration well to be drilled at the
block. The company encountered 222 gross feet of pay, with results flowing up to 790 barrels
of oil per day ("BOPD") and up to 16.8 million standard cubic feet per day ("MMSCFD").

Enterprise to build world largest ethane export terminal on US Gulf
The natural gas liquids (NGL) midstream US specialist Enterprise Products Partners LP (Enterprise or
EPP) has decided to build a giant ethane export terminal in its hub of Mont Belvieu, on the Texas Gulf
Coast in USA.
These last months, Enterprise multiplied the projects announcements of greenfield projects and expansion of
existing facilities along the US Gulf Coast in Louisiana and Texas. The over production of the shale gas in
the US had the consequence to affect the price of the natural gas on the domestic market.
The exportation of this gas through the twentieth liquefied natural gas (LNG) projects queuing for approvals
is and will remain very limited causing this gas production to be flared or sold at low prices still while
along.
Instead, the condensate associated to this natural gas have a solid market value on the domestic market and
can be easily exported from the US from regulation perspective.
This historical opportunity, born from the global market conditions and the local regulation in USA about
NGL, has been well identified by the midstream giant Enterprise with the consequence to invest in a cascade
or projects for transportation, separation, storage and export of NGL.
This series started with a propane dehydrogenation (PDH) plant in construction at Enterprise existing Mont
Belvieu facilities. For this PDH plant, Enterprise just signed an agreement with Air Products to build, own
and operate an hydrogen plant adjacent to the PDH facility.
With the off-gas supplied from Enterprise, Air Products will produce 40 million cubic feet per day (cf/d) of
hydrogen by 2015.

Enterprise continues with the Houston Ship Channel Expansion project and a new terminal for liquefied
petroleum gas (LPG) to be built in Louisiana or Texas.
Enterprise Ethane Export Terminal ready by end 2016
With these projects Enterprise will double its production capacity of LPG to 15 million barrels per month
(b/m) by 2015. In this logic, Enterprise is willing to build the world largest ethane export terminal to
optimize the monetization of all the shale gas by-products.
Ethane is the primary source of olefins and polyolefins production in beginning with the ethylene. With the
development of the petrochemical industry all over the world, the demand for ethylene is solid enough to
sustain the ethane prices as the preferred feedstock.
To be integrated in the existing Mont Belvieu facility, this ethane export terminal should have an offloading
capacity of 240,000 barrels per day (b/d). This capacity is to be compared with the ethane over production
currently estimated in the USA to 300,000 b/d.
Despite the dozen of ethylene crackers projects in the pipeline, Enterprise estimates the ethane production
surplus to bubble to 700,000 b/d by 2020. In this perspective Enterprise is boosting all export capacities for
LPG and LNG including with this Mont Belvieu Ethane Export Terminal project expected to offload the
first shipments by the end of 2016.

Asia Fuel Oil-Benchmark 380-cst at biggest discount in 16 months
By: Reuters
The discount on benchmark 380-cst fuel oil widened for a fifth straight session to its biggest in
more than 16 months on Monday, as demand for the heavy distillate continued to be in the
doldrums despite a brief improvement in sales late last week, traders said.
The 380-cst fuel oil discount stood at $3.80 a tonne to Singapore spot quotes, 5 cents wider
from Friday, Reuters data showed. "China, Korea, and Japan's demand this April have not been
good," a Singapore-based trader said. The weaker market outlook was reflected in lower
premium levels in recent tenders.
South Korea's Western Power bought 45,000 tonnes of high sulphur fuel oil with a maximum
sulphur content of 2.5 percent from Vitol at a premium of $19.80 a tonne to Singapore spot
quotes, on a cost-and-freight basis to Pyongtaek. The cargo will arrive May 21-25.
This was down more than 20 percent from the level in its previous purchase of a similar
cargo for delivery over April 16-20 from Hyundai Corp at a premium of about $26 a tonne, CFR
Pyongtaek.
CASH DEALS - Two trades; One each for 180-cst and 380-cst.
Gunvor sold to Mercuria 40,000 tonnes of 380-cst for May 22-26 at a discount of $1.50 a
tonne to the average Singapore spot quotes over first-half May.
Mercuria sold to Hin Leong 40,000 tonnes of 180-cst for May 22-26 at $600 a tonne.
TENDER NEWS
Indian Oil Corp is offering 30,000 tonnes of 180-cst for loading over May 16-18 from Kandla
in a tender that will close April 29, valid till April 30.
Fellow Indian refiner Mangalore Refinery and Petrochemicals Ltd is offering 80,000 tonnes of 380-
cst fuel oil for June 7-9 loading from New Mangalore, West Coast India, in a tender that will close
April 29, with validity until the next day.

NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Your partner in Energy Services
Brent holds above $108; Libya, U.S. inventories eyed
Brent crude held steady above $108 a barrel on Tuesday after posting its biggest daily fall in nearly a
month on an imminent rise in Libyan exports, while investors shrugged off more U.S. sanctions on Russia.
June Brent crude gained 21 cents to $108.33 a barrel by 0436 GMT after a 1.4 percent drop on Monday.
U.S. crude for June delivery
edged up 2 cents to $100.86 a
barrel after settling up 24 cents in
the previous session.
In the United States, investors
may be priming for a further drop
in crude stocks at Cushing,
Oklahoma, which have touched a
five-year low. New pipelines have
diverted oil from the delivery
point for West Texas
Intermediate contracts to the Gulf
Coast, although the total U.S.
stockpiles are set to post a fresh
high. U.S. commercial crude stockpiles were forecast to have risen 1.9 million barrels last week. Crude
inventories hit 397.7 million barrels the previous week, the highest since records began over 30 years ago.
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 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. Currently working as TechOil & Gas sector. Currently working as TechOil & Gas sector. Currently working as TechOil & Gas sector. Currently working as Technical Affairsnical Affairsnical Affairsnical Affairs
Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for the GCC area via HSpecialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for the GCC area via HSpecialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for the GCC area via HSpecialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for the GCC area via Hawk Energyawk Energyawk Energyawk Energy
Service as a UAE operations base , Most of the experience were spent as the Gas Operations Manager inService as a UAE operations base , Most of the experience were spent as the Gas Operations Manager inService as a UAE operations base , Most of the experience were spent as the Gas Operations Manager inService as a UAE operations base , Most of the experience were spent as the Gas Operations Manager in Emarat , responsible for Emarat GasEmarat , responsible for Emarat GasEmarat , responsible for Emarat GasEmarat , responsible for Emarat Gas
Pipeline Network Facility & gas compressor stations . Through the years , he has developed great experiences in the designinPipeline Network Facility & gas compressor stations . Through the years , he has developed great experiences in the designinPipeline Network Facility & gas compressor stations . Through the years , he has developed great experiences in the designinPipeline Network Facility & gas compressor stations . Through the years , he has developed great experiences in the designing & constructingg & constructingg & constructingg & constructing of gas pipelines,of gas pipelines,of gas pipelines,of gas pipelines,
gas metering & regulating stations and in the engineeringgas metering & regulating stations and in the engineeringgas metering & regulating stations and in the engineeringgas metering & regulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas transportation , operation &of supply routes. Many years were spent drafting, & compiling gas transportation , operation &of supply routes. Many years were spent drafting, & compiling gas transportation , operation &of supply routes. Many years were spent drafting, & compiling gas transportation , operation &
maintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Cmaintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Cmaintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Cmaintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAEonferences held in the UAEonferences held in the UAEonferences held in the UAE
andandandand EnerEnerEnerEnergy program broadcasted internationally , via GCC leading satellitegy program broadcasted internationally , via GCC leading satellitegy program broadcasted internationally , via GCC leading satellitegy program broadcasted internationally , via GCC leading satellite ChannelsChannelsChannelsChannels ....
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NewBase 29 April 2014 K. Al Awadi

New base special 29 april 2014

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New base special 29 april 2014