NewBase 10 April-2023 Energy News issue - 1609 by Khaled Al Awadi.pdf

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NewBase Energy News 10 April 2023 No. 1609 Senior Editor Eng. Khaed Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
U.A.E Ministry of Climate Change and Environment leads
national efforts with ‘Green Retreat’ ahead of COP28 UAE
WAM
The UAE Ministry of Climate Change and Environment, a leading force in global climate initiatives,
recently hosted ministers and over 150 high-ranking officials from 50 government and private
entities at the ‘Green Retreat’. This collaborative event showcased the UAE's dedication to
addressing climate change and served as a strategic precursor to the nation's much-anticipated
hosting of the Conference of Parties (COP28) later this year.
Held in Expo City Dubai, the Green Retreat unfolded under the inspiring theme 'United for Climate'.
The event harnessed the collective power of various stakeholders, building on their
accomplishments in climate change action, environmental preservation, and sustainability
promotion across the nation. By fostering innovative ideas and projects, the retreat facilitated a
collaborative approach to showcase the UAE's most impactful initiatives in the lead-up to hosting
COP28 in Dubai, set to take place from November 30 to December 12, 2023.
The Green Retreat was attended by H.H. Sheikha Shamma bint Sultan bin Khalifa Al Nahyan,
President and Chief Executive Officer of the UAE Independent Climate Change Accelerators
(UICCA); Mariam bint Mohammed Saeed Hareb Almheiri, UAE Minister of Climate Change and
Environment; Abdulla Bin Touq Al Marri, Minister of Economy; Suhail Mohamed Al Mazrouei,
Minister of Energy and Infrastructure; Dr. Ahmad Abdulla Humaid Abdulla Belhoul Al Falasi, Minister
of Education; and Salem bin Khalid Al Qassimi, Minister of Culture and Youth.
The Green Retreat attracted a diverse and influential group of attendees, including senior officials
from relevant federal and local government ministries and agencies, accelerator representatives,
ww.linkedin.com/in/khaled-al-awadi-80201019/

government media offices of the seven emirates, major private sector companies, and numerous
prominent business leaders.
In line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice
President and Prime Minister of the UAE and Ruler of Dubai, the Ministry of Climate Change and
Environment will take the lead in coordinating the collaborative efforts of all government and private
institutions in preparation for the highly anticipated COP28 summit.
In her address, Mariam Almheiri underscored the ambitious mission of the Green Retreat, which
brought together national experts and strategic partners from various sectors to advance climate
action in the UAE. The goal is to present a model that reflects the country's status and climate efforts
during COP28 UAE and to enhance the nation’s role in offering innovative and inspiring solutions
to global climate challenges while fostering a climate-resilient world.
She said: "The UAE's hosting of COP28 this year, along with naming 2023 as the Year of
Sustainability, is tangible evidence of our wise leadership's vision and commitment to playing a
leading role in the fight against climate change, which impacts humanity as a whole. UAE
President His Highness Sheikh Mohamed bin Zayed Al Nahyan has demonstrated the UAE's
commitment to uniting global efforts in line with the approach of our late founding leader, the late
Sheikh Zayed bin Sultan Al Nahyan."
She added: "The Green Retreat serves as an invaluable opportunity for participants to learn about
the UAE's outstanding climate action record and contribute their ambitious ideas to drive tangible
progress in national efforts towards sustainable economic growth. We aim to develop a
comprehensive climate action plan through the particpation of all government and private
institutions, which will create significant opportunities for economic growth and diversification,
generate employment for youth, foster inclusive and cohesive communities, harness the potential
of clean energy, and safeguard natural habitats and preserve the environment."
In her speech, Almheiri highlighted the severe climate challenges the world is facing, such as
escalating food waste, carbon emissions, waste management issues, biodiversity loss, and the

imminent threat to living organisms. She emphasized the urgent need for the world to take swift
action, and promoting sustainability across various sectors to secure a better future for upcoming
generations.
Almheiri expressed her gratitude to the participants of the "Green Retreat" and reaffirmed her
confidence in their collective ability to make a positive impact. She emphasized the importance of
enhancing the quality and effectiveness of the UAE's climate efforts moving forward, ensuring
continuity and achieving meaningful short- and long-term results.
On his part, Abdullah bin Touq Al Marri said: "Coordinating all government efforts in the country in
preparation for hosting COP28 is a national priority, given the importance of this vital issue and its
direct impact on the comprehensive development process at both state and global levels. This is
especially true in light of the unprecedented challenges facing the world today due to climate
change, which will continue to make this issue a top priority on the global dialogue agenda in the
coming years."
He added, "As the world needs collective and rapid action to combat climate change, developing a
new economic model that can respond to its challenges is an integral part of those efforts. Under
the guidance of its wise leadership, the UAE has both the political will and the resources to invest
in green transformation and sustainable development. The country has adopted this approach early
on, as reflected in its strategic initiative to achieve climate neutrality by 2050."
Bin Touq explained that the Ministry of Economy is working closely with its partners in the public
and private sectors to enhance efforts toward a more diverse and sustainable economy aligned with
the country's priorities in addressing the global climate crisis. This is achieved through four primary
focus areas: promoting green growth opportunities, adopting the circular economy concept,
developing new growth opportunities based on nature investment through blue economy initiatives,
and supporting the energy transformation agenda through investment in renewable energy. Over
the next three decades, the country will invest over AED 600 billion in clean and renewable energy.
He emphasized that the country's economic vision for the next 50 years is based on transitioning to
a low-carbon and more diverse economic model capable of meeting the requirements of sustainable
development.
Suhail bin Mohammed Al Mazrouei said: “With COP28 approaching fast, all stakeholders should
ensure their efforts are aligned to facilitate an adequate representation of the UAE and the success
of the highly anticipated event. Since the country’s establishment by the founding father, the late
Sheikh Zayed bin Sultan Al Nahyan, the UAE’s environmental stewardship has been nothing short
of inspirational, rendering it a leader of climate action, sustainability, and environmental protection.
Its holistic approach to integrate sustainability across all sectors and invest in clean energy sources
is paving the way for the UAE to become climate neutral by 2050, in line with the UAE Net Zero by
2050 Strategic Initiative.”
He added: “In this context, the Ministry of Energy and Infrastructure (MoEI) has launched multiple
projects and initiatives to sustain the energy, infrastructure, housing, and transport sectors. We work
relentlessly with our partners to reduce the energy and water footprints and drive the shift to green
economy that enables sustainable development across all sectors. To that end, we run demand
side management (DSM) programs in the built environment, agriculture, industry, and transportation
that can save up to 40 percent of energy consumption and 50 percent of water use by 2050. We
also implement a unified building code that contributes to achieving the objectives of the UAE
Energy Strategy 2050, the UAE Water Security Strategy 2036, and the National Energy and Water
DSM Program. To cut down the carbon footprint of the transport sector - one of the highest carbon
emitters, we seek to enhance green mobility.”

Al Mazrouei pointed out that MoEI makes sure that its policies and strategies are dynamic to
accommodate the changes in the energy space. It is currently updating the UAE Energy Strategy
2050 to increase the share of clean energy in the country’s energy mix.
Dr. Ahmad Belhoul Al Falasi, said: “The Green Retreat provides as an ideal platform to coordinate
the climate efforts made by the public and private sector as the UAE is preparing to host COP28
this year. Entities gathered to preview their numerous cutting-edge initiatives and solutions to
climate change and learn about the country’s achievements in this field. The retreat inspired them
to propose further ideas that help in further cementing the UAE’s position as a global hub for
confronting climate change, today and in the future.
“Education plays a pivotal role in spreading awareness and enhancing the ability of societies to
withstand, adapt and confront climate change, thus contributing to sustaining the planet. As such,
the Ministry of Education is committed to achieving the objectives of the ‘Greening Education
Partnership’ that was established by the United Nations in cooperation with the UNESCO. Through
this partnership, we are focusing on four main action areas, namely: greening schools, greening
learning, greening communities, and greening capacity and readiness. We are also working with
more than 30 local and international partners to adopt a comprehensive and integrated approach
that addresses these areas and serves as an educational model that benefits the region and the
world,” he added.
Salem bin Khaled Al Qassimi said, “While culture is regarded as a key resource for mitigating and
adapting to climate change, it is also a resource that is threatened by its negative impacts. Climate
change driven natural hazards can have a tremendous impact on our cultural and natural heritage
resulting in the loss of crucial cultural elements of communities tied to the environment. Tapping
into traditional cultural practices and knowledge can help build resilience in societies and guide us
to make sustainable lifestyle choices.”
“Despite our future-focused approach, the UAE as a nation, has often borrowed from the past and
put its traditional sustainable practices to good use. Discussions on the role of culture in mitigating
the risks of climate change have secured significant gains and we shall continue to build momentum
to scale up culture-based climate action at the upcoming COP28. The UAE’s youth will have a major
role to play in these discussions as key changemakers and the world will witness how the next
generation takes accountability for their future,'' he added.
A plan for government collaboration
The Green Retreat featured seven Thematic Councils addressing critical topics in the sustainability
value chain. These included Water Resource Management and Conservation; Biodiversity and Blue
Carbon Ecosystem Protection; Private Sector Engagement and Industry Transformation; Waste
Management and Circular Economy; Sustainable Transportation; Renewable Energy and Energy
Efficiency; and Sustainable Agriculture and Food Security.
The Councils consisted of experts from federal and local government entities as well as the private
sector, who discussed various ideas and challenges related to each topic. They proposed solutions
in the form of initiatives and projects to be implemented by individual entities or through coordinated
efforts.
Each Council presented 8 to 10 projects and initiative ideas supporting the respective topics. The
most feasible and impactful ideas were chosen as part of the preliminary plan for national climate
activities through January 2024. Representatives from the government media office also discussed
ideas that could be added to the national climate action agenda.

Cote d'Ivoire: Eni celebrates sail away of FPSO Firenze to
Baleine field offshore Cote d'Ivoire. Source: Eni
The FPSO Firenze will allow production start-up of the Baleine field, which is the largest
hydrocarbon discovery in Côte d'Ivoire.
Eni, in partnership with PetroCi, celebrated the sail away of the FPSO Firenze to the Baleine field
offshore Côte d'Ivoire in Dubai. The event was attended by Mamadou Sangafowa-Coulibaly,
Minister of Mines, Petroleum and Energy Côte of d'Ivoire, and other dignitaries.
The FPSO Firenze will allow production start-up of the Baleine field, which is the largest
hydrocarbon discovery in Côte d'Ivoire to date, with an estimated oil in place of 2.5 billion barrels
and 3.3 trillion cubic feet of associated gas. The development of Baleine will also be Africa's first
net-zero emission project (Scope 1 and 2).
The FPSO Firenze, that will be renamed Baleine after its arrival in Cote d’Ivoire, has been
refurbished and upgraded in order to allow it to treat up to 15,000 bbl/d of oil and around 25 Mcfd/d
of associated gas. The entire gas production will be delivered onshore via a newly built export
pipeline. The installation of the subsea production system and well completion campaign are
underway and will ensure an accelerated start-up of production by June 2023.
Eni's phased development model and fast track have proven to be effective, as the project is set to
start production less than 2 years from the Baleine 1X discovery well and one and a half years after
the FID. Eni is already progressing swiftly on the second phase of the project forecasting a start-up
of production by December 2024 after having taken the FID in December 2022.
Eni is committed to sustainable development, and the Baleine field's net-zero emission project is a
significant step towards achieving this goal. The company looks forward to contributing to the
development of Côte d'Ivoire's hydrocarbon industry with the Baleine field and its other projects in
the Ivorian deep water.
The Baleine field extends over blocks CI-101 and CI-802. Eni also owns interests in four other blocks in the
Ivorian deep water: CI-205, CI-501, CI-401, and CI-801, all with the same partner, PetroCi Holding.

U.S: EPA reportedly planning to announce significant limits on
tailpipe emissions , Ashley Capoot@ASHLEYCAPOOT
The Environmental Protection Agency is preparing to announce significant limits on tailpipe
emissions this week that would require as much as 67% of new vehicles sold in the U.S. by 2032
to be all-electric cars, according to a report by The New York Times Saturday.
KEY POINTS
 The Environmental Protection Agency is reportedly preparing to announce significant limits
on tailpipe emissions this week.
 The new limits would require as much as 67% of new vehicles sold in the U.S. by 2032 to be
all-electric cars.
 EPA Administrator Michael Regan is expected to make the announcement in Detroit on
Wednesday.
 The proposed limits would be the U.S.′ most aggressive climate regulations to date, and they
would create a host of challenges for automakers.
EPA Administrator Michael Regan is expected to make the announcement in Detroit on Wednesday.
The proposed limits would be the U.S.′ most aggressive climate regulations to date, and they would
create a host of challenges for automakers.
Under the proposed limits, electric cars will represent between 54% and 60% of new cars sold in
the U.S. by 2030, and between 64% to 67% of new cars by 2032, the Times report said. These
figures are ambitious, as just 5.8% of cars sold in 2022 were electric, up from 3.2% in 2021,
according to a report by Cox Automotive.

These limits would also surpass President Joe Biden’s previous goal to have all-electric cars make
up around 50% of cars sold by 2030.
“As directed by the President in an executive order, the EPA is developing new standards that will
seize on this historic progress to accelerate the transition to a zero-emissions transportation future,
protecting people and the planet,” an EPA spokesperson told CNBC in a statement. “Once the
interagency review process is completed, the proposals will be signed, published in the Federal
Register, and made available for public review and comment.”
The spokesperson declined to provide specific details about the regulations.
Many automakers have already begun to make significant investments in electric vehicles, but
forcing such rapid adoption of the technology will present challenges. Large numbers of all-electric
cars will require expansive charging infrastructure, for instance.
In February, the Biden administration
said it wants to see at least 500,000
electric vehicle chargers on U.S.
roads by 2030, and announced a
slate of initiatives to help make that a
reality, including commitments from
companies that build and operate
charging networks like:
Tesla, General
Motors, Ford, ChargePoint and
others.
Even if the infrastructure is in place,
consumers ultimately have to be
willing to adopt electric vehicles, which means companies will also have to be able to maintain
reasonable vehicle costs.

NewBase April 10 -2023 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil stable as investors assess tighter supply vs. growth outlook
Reuters + NewBase
Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies
from OPEC+ producers from May against concerns about weakening global growth that may
dampen fuel demand.
Brent crude futures slipped 6 cents to $85.06 a barrel by 0830 GMT, while U.S. West Texas
Intermediate crude was at $80.71 a barrel, Up 1 cents.
Both contracts rose for a third straight week last week, returning to levels last seen in November,
after the Organization of the Petroleum Exporting Countries and their allies surprised investors by
announcing more production cuts that will start in May.
The group known as OPEC+ will be cutting mostly sour crude supplies from Middle East producers
led by Saudi Arabia.
Oil price special
coverage

Following the announcement, the world's top oil exporter raised its May crude prices to term
customers in Asia and the United States. State oil giant Saudi Aramco has also notified several
Asian customers that they will receive full contract volumes in May despite the production cut.
"Those who were bearish are questioning the demand outlook in light of the cuts, whilst clearly those
who were bullish are now seeing even a tighter market over the second half," ING's head of
commodities research Warren Patterson said.
"I am in the latter camp and still see prices moving higher from here as we go through the year."
Separately, investors are watching the progress of talks between Iraq and Kurdistan to
restart northern oil exports which could bring more sour crude to the global market.
Further supporting prices, the number of U.S. oil rigs fell by two to 590 last week, while gas rigs
dropped by two to 158, according to a Baker Hughes Co (BKR.O) report on Thursday, a sign that
U.S. production won't be rising in the near term.
In global financial markets, the closely watched U.S. inflation report to be released this week could
help investors gauge the near-term trajectory for interest rates.
Despite expectations that the Federal Reserve could slow down rate hikes because of the recent
banking crisis, borrowing costs could still climb if inflation remains strong, analysts said.
"This week's U.S. data could be a drag on sentiment if strong numbers reinforce expectations of the
Fed continuing on its tightening path, while weak numbers point to economic pain, which means
either way, risk-aversion grows," said Vandana Hari, founder of oil market analysis provider Vanda
Insights.
Sharp rate hikes have boosted the greenback, making dollar-denominated commodities such as oil
more expensive for investors holding other currencies.
OPEC+ Shock Revives Oil Bulls Even as Demand Warnings Flash
Bloomberg
OPEC+’s surprise oil-production cut sent shock waves through financial markets and pushed crude
prices up by the most in a year. Now that the dust has started to settle, one question looms large:
Will that price rally stick, or fade away?
Banks from Goldman Sachs Group Inc. to RBC Capital Markets LLC raised their oil-price forecasts
immediately after the OPEC+ cut. Yet, many traders still believe a souring economic outlook will
block the group’s actions from pushing prices higher. Demand indicators are also starting to flash
warning signs.
It could end up being the ultimate test of what matters more to the market: tighter supplies, or the
lackluster demand picture. That will likely bring more uncertainty over the direction of prices — a
complicated development for the Federal Reserve and the world’s central bankers in their ongoing
battle against inflation.
“It’s a very hard market to trade right now,” said Livia Gallarati, a senior analyst at Energy Aspects.
“If you’re a trader, you are pulled between what’s happening at a macroeconomic level and what’s
happening fundamentally. It’s two different directions.”

One thing that is certain: A major shift of market control into the hands of Saudi Arabia and its allies
has now been cemented, with huge implications for geopolitics and the world’s economy.
Investors have continued to reward US drillers for production discipline, making it unlikely that shale
companies will ever again undertake the kind of disruptive growth that helped to keep energy
inflation tame last decade. That leaves the oil market under the purview of OPEC+ at a time when
some experts have predicted that demand is heading to a record.
“The surprise OPEC cuts have already triggered fears of a resurgence in inflation,” said Ryan
Fitzmaurice, a lead index trader at commodities brokerages Marex Group Plc. “These renewed
inflation concerns should only increase” in the months ahead, he said.
Here is an overview of what traders will be watching in the oil market.
Summer Demand
The timing of OPEC’s decision has struck an odd chord for many oil experts.
The production cuts don’t take effect until May, and much of the repercussions are likely to be felt
in the second half of the year. That’s a time when oil demand typically reaches its seasonal peak,
partly thanks to the busy summer driving season in the US. It’s also the point when China’s
economic reopening is expected to start swinging into full gear, further underpinning demand.
Typically, OPEC would want to take advantage of that consumption burst by selling into the market
as much as possible. Instead, the cut means the cartel is holding back. That’s sparking debate
about whether the move will end up driving oil prices to $100 a barrel as demand surges, or whether,
instead, the cartel and its allies are preparing for a recession-marked summer of tepid consumption.

“While OPEC+ cuts on the surface are generally seen as bullish, it does also raise concerns over
the demand outlook,” said Warren Patterson, head of commodities strategy at ING. “If OPEC+ were
confident in a strong demand outlook this year, would they really feel the need to cut supply?”
Moves in global fuel markets underscore the demand skepticism. While oil prices rallied, moves for
refined products were less pronounced, shrinking margins for refiners across Europe and the US.
In Asia, prices of diesel, a key refinery product, are signaling heightened slowdown concerns as
timespreads shrink to their lowest since November.
Elevated Stockpiles
While US inventories have been declining, global inventories are still high.
In the first quarter, commercial oil stockpiles held in OECD countries were sitting about 8% above
last year’s levels, according to estimates from the US Energy Information Administration. That’s a
fairly sizeable buffer and a sign of the weakness in consumption that’s plagued the market in the
past few months.
“You do need to chew through that overhang first before we can see we upside,” said Gallarati of
Energy Aspects.
Russian Flows
Oil bulls have waited in vain for a Russian output cut promised for March to show up. The Kremlin
said it would slash production by 500,000 barrels a day in March in retaliation for import bans and
price caps imposed by “unfriendly countries.” But there’s been no sign of lower Russian output
showing up in the one measure that matters to global crude markets — the number of barrels leaving
the country.
Crude shipments from Russia’s ports hit a new high in the final week of March, topping 4 million
barrels a day. That’s 45% higher than the average seen in the eight weeks before Moscow’s troops
invaded Ukraine and has been boosted by the diversion since January of about 500,000 barrels a
day delivered by pipeline directly to Poland and Germany.
Shale’s Production Discipline
It wasn’t long ago that there were two major players that oil traders turned to for direction over
supplies: the Organization of the Petroleum Exporting Countries and the US shale industry.
At the time, OPEC and shale were locked in a battle for market share. It was a feud that helped to
keep global oil prices — and energy-driven inflation — at bay for the better part of decade.
Then the pandemic hit, and with it an oil price rout that suffocated the shale industry. For the last
three years, even as the market recovered and cash flow surged, companies have prioritized
dividends and share buybacks over new drilling. It’s been a winning strategy. Since March 2020,
the S&P 500 Energy Sector Index has surged almost 200%, outpacing the S&P 500’s nearly 60%
gain.
Now, as calls for peak shale output gather pace, OPEC has one less factor to consider when making
supply decisions.
That’s a sore spot for President Joe Biden, who was quick to downplay the impact of the decision
by the cartel and its allies to cut output by more than 1 million barrels per day. Biden vowed after an
initial production cut last year that there would be “consequences” for Saudi Arabia, but the
administration has yet to follow through.

Futures Curve
Talk of $100 oil has been buzzing since the end of last year, but it seems like the can keeps getting
kicked down the road. First, some analysts had predicted prices would reach that threshold in the
second quarter of 2023. The view got pushed into the second half of the year, and now even some
of the bigger bulls aren’t expecting the magic number to come into play until 2024.
The oil futures curve is reflecting those expectations. Prices for contracts tied to deliveries as far out
as December 2024 and 2025 have rallied, even as benchmark front-month futures are starting to
ease.
“The OPEC+ output cut certainly raises the possibility of $100 a barrel this year, although it is by no
means a certainty,” said Harry Altham, an analyst at brokerage StoneX. “Demand-side weakness
stemming from growth considerations is clearly taking a more prominent role.”

NewBase Specual Coverage
The Energy world –April -01 -2023
CLEAN ENERGY
Energy this past week: Opec+, Iraq, the East Med & climate
By: Robin Mills - CEO at Qamar Energy U.A.E + NewBase ( added images for illustrations)
Opec+ wrong-foots the market with unexpected cut
Opec+ members unveiled a surprise on Sunday, with Saudi Arabia, the UAE, Iraq, Kuwait, Oman,
Algeria and others announcing a voluntary production cut of more than one million barrels per day.
Russia will extend its own cut of 500,000 barrels per day from its Opec+ target from June until the
end of the year. The UAE’s share of the reduction is 144,000 barrels per day from May until year's
end. Iraq’s own cut of 211,000 barrels per day will be easy to achieve if the closure of the Turkey
pipeline continues.
The Meeting noted the following voluntarily production adjustment
announced on 2 April 2023 by Saudi Arabia (500 thousand b/d); Iraq (211
thousand b/d); United Arab Emirates (144 thousand b/d); Kuwait (128
thousand b/d); Kazakhstan (78 thousand b/d); Algeria (48 thousand b/d);
Oman (40 thousand b/d); and Gabon (8 thousand b/d) starting May until the
end of 2023. These will be in addition to the production adjustments decided
at the 33rd OPEC and non-OPEC Ministerial Meeting.
The above will be in addition to the announced voluntary adjustment by the
Russian Federation of 500 thousand barrels per day until the end of 2023,
which will be from the average production levels as assessed by the secondary
sources for the month of February 2023.
Total Cuts = 1,660,000 MBPD

The reductions are unexpected, given the loss of Iraqi exports, last week’s recovery in oil prices on
greater economic optimism and an apparent easing of trouble in the banking sector. Many analysts
still expect a tightening of the market later in the year, as Chinese demand rebounds.
So why did Opec move now? Saudi Oil Minister Prince Abdulaziz bin Salman has spoken before of
his desire to have speculators “ouching like hell”. Prices are now again above a perceived price
floor of $80 per barrel, but such floors are more like trampolines, stretching elastically as prices rise.
This reduction pre-empts possible market weakness, but if forecasts for a deficit in the second half
of the year materialise, the organisation needs to be ready to jump in the opposite direction.
Crude prices jumped on the news when trading reopened on Monday, rising about 6 per cent with
Brent closing slightly below $85 per barrel. Oil had already gained almost $2 per barrel last week,
finishing up on Friday with Brent crude a little short of $80, as the Iraqi cut-off and recovering
demand in China supported sentiment. They rose a bit further on Tuesday, after the cuts cleared
out short positions.
The market was already set to tighten later this year with the continuing rebound of Chinese demand
and further potential losses from sanctions-hit Russia. Goldman Sachs boosted its year-end
forecast for Brent from $90 to $95 per barrel, while consultant Rystad said it would reach $110 this
summer. Analysts suggested an implied price floor above $80 per barrel, and pointed to the lack of
supply competition outside the Opec+ group, as US shale output slows.
However, official UAE pump prices will fall in April following lower oil prices last month.
Key Iraq-Turkey oil pipeline could restart after Baghdad talks
Iraqi and Kurdish officials continued crucial talks in Baghdad in an attempt to reopen the Iraq-Turkey
oil pipeline, which was closed following an arbitration judgment against Ankara. About 450,000
barrels per day, or 0.4 per cent of global production, has been interrupted. Following
announcements by the Baghdad and Erbil governments that they were close to reaching a deal,
Iraqi authorities announced on Tuesday that exports could restart under a temporary arrangement,
until the 2023 federal budget is approved. The Ministry of Oil in Baghdad will likely handle oil
marketing and have oversight of a Kurdistan bank account where the revenue is deposited.
Jordan and Lebanon have picked up stalled discussions on supplying electricity to the crisis-hit
Mediterranean state. But World Bank objections to corruption in Beirut and international sanctions
on transit state Syria remain obstacles.
The Zaporizhzhia nuclear plant in Ukraine, the largest in Europe, is again in danger after military
activity nearby intensified, the head of the International Atomic Energy Agency said following a visit.
The oil services sector is expected to see a boost this year as upstream spending rises 10 per cent
to 15 per cent, though still not reaching pre-pandemic levels. Gulf-based national oil companies are
some of the biggest spenders, and Adnoc subsidiaries Adnoc Logistics & Services and Adnoc
Offshore are signing a $2.6 billion contract for logistics services.
Dubai-based Empower, described as the world’s largest provider of eco-friendly district cooling,
will pay $116 million in dividends for the second half of last year. The Dubai Supreme Council for
Energy has approved laws regulating the district cooling sector.
Adnoc’s big move in east Mediterranean gas could build a platform for more
The EU is seeking legal methods to block the import of Russian liquefied natural gas. Most gas
deliveries by pipeline from Russia have already been cut off. The east Mediterranean could be an
important alternative gas supplier to Europe — but only if it can disentangle its complex political and

corporate interests. The acquisition of half of Israeli gas company NewMed Energy by Adnoc and
BP could be a catalyst.
Iran’s ambassador to Iraq told Iraqi media on Saturday that Baghdad owes it $11 billion for gas
imports. Payment has been difficult because of US sanctions. Iraq relies on Iranian gas and
electricity despite its own output, flaring about half of the gas it produces due to lack of processing
capacity. An on-off $27 billion deal with TotalEnergies to capture gas and develop oil and solar
power now seems to be back on, after the French major reportedly agreed to give Iraq a 30 per cent
stake.
'Small window of opportunity' to change climate course
The world has “a small window of opportunity” to change course on climate change, Cop28
president-designate Dr Sultan Al Jaber told the Berlin Energy Transition Dialogue. He pointed to the
need to modernise 80-year-old international financial institutions to meet the need for climate
financing. Dr Al Jaber also met with 11-year-old climate campaigner Licpyriya Kangujam, from India,
who stressed the importance of children’s voices.
Last Wednesday, the UN General Assembly passed a resolution, spearheaded by the Pacific island
state of Vanuatu, asking the International Court of Justice to define the legal obligations of nations
to tackle climate change. Limiting warming to no more than 2°C could prevent more than 80 per
cent of heat-related deaths in the Mena region by 2100. Iran is predicted to suffer worst, followed
by Palestine, Iraq and Israel.
Energy access is essential to humanitarian action. Only 10 per cent of displaced people have
reliable access to electricity. Azraq in Jordan has become the world’s first refugee camp powered
by renewables. The Zayed Sustainability Prize has added a new category, Climate Action, for which
entries close on May 23. And the UAE Independent Climate Change Accelerators, led by Sheikha
Shamma bint Sultan, has completed a US roadshow.

As Tunisia enters a fourth consecutive year of drought, the country has rationed drinking water as
well as banning various wasteful uses. Turkey has agreed to release more water into the Tigris
River to alleviate drought in Iraq. In a very different climate, the Arctic is heating up four times faster
than the rest of the planet — and the Ice Memory Foundation is collecting ice cores, which carry
crucial climate records, before they melt.
First gas-fired power plant with carbon capture in UK moving ahead
The UK's first gas-fired power plant equipped with carbon capture and storage is finally on its way
to deliver near-zero emissions. The Keadby 3 plant in the eastern county of Lincolnshire will store
its carbon dioxide deep under the bed of the North Sea.
The Montreal Protocol of 1987 successfully banned the use of chlorofluorocarbons, chemicals that
deplete the ozone layer. But CFCs continue to be made as intermediates, and are leaking in growing
amounts. They do not only deplete ozone, but also contribute to the separate problem of global
warming. The protocol may need to be tightened to close this loophole.
Holding the world’s largest reserves of nickel, a key metal for many batteries, Indonesia has sought
to boost its share of value from the sector. Now Jakarta is wooing Tesla chief executive Elon Musk
to invest in battery and car making. But the country needs to regulate the environmental impact of
mines better, and reduce the carbon footprint of its coal-heavy power supply.

NewBase Energy News 10 April 2023 - Issue No. 1609 call on +971504822502, UAE
The Editor:” Khaled Al Awadi” Your partner in Energy Services
NewBase energy news is produced Twice a week and sponsored by Hawk Energy Service – Dubai, UAE.
For additional free subscriptions, please email us.
About: Khaled Malallah Al Awadi,
Energy Consultant
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
www.linkedin.com/in/khaled-al-awadi-38b995b
Mobile: +971504822502
khdmohd@hawkenergy.net or khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas
sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S.
Universities. Currently working as self leading external Energy consultant for the
GCC area via many leading Energy Services companies. Khaled is the Founder of
the NewBase Energy news articles issues, Khaled is an international consultant,
advisor, ecopreneur and journalist with expertise in Gas & Oil pipeline Networks,
waste management, waste-to-energy, renewable energy, environment protection
and sustainable development. His geographical areas of focus include Middle East,
Africa and Asia. Khaled has successfully accomplished a wide range of projects in
the areas of Gas & Oil with extensive works on Gas Pipeline Network Facilities & gas
compressor stations. Executed projects in the designing & constructing of gas pipelines, gas metering &
regulating stations and in the engineering of gas/oil supply routes.
Has drafted & finalized many contracts/agreements in products sale, transportation, operation &
maintenance agreements. Along with many MOUs & JVs for organizations & governments authorities.
Currently dealing for biomass energy, biogas, waste-to-energy, recycling and waste management. He has
participated in numerous conferences and workshops as chairman, session chair, keynote speaker and
panelist.
Khaled is the Editor-in-Chief of NewBase Energy News and is a professional environmental writer with over
1400 popular articles to his credit. He is proactively engaged in creating mass awareness on renewable
energy, waste management, plant Automation IA and environmental sustainability in different parts of the
world. Khaled has become a reference for many of the Oil & Gas Conferences and for many Energy program
broadcasted internationally, via GCC leading satellite Channels. Khaled can be reached at any time, see
contact details above.

NewBase 10 April-2023 Energy News issue - 1609 by Khaled Al Awadi.pdf

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