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NewBase 23 October 2023 Energy News issue - 1667 by Khaled Al Awadi_compressed.pdf

The document discusses several energy industry news stories: 1) Mubadala, Inpex, and Medco Energi are bidding $1.2 billion to acquire SapuraOMV, a Malaysian oil and gas company, with bids due this week. 2) Eni celebrated the sail away of the Tango FLNG vessel from Dubai to the Republic of Congo to begin the Congo LNG project, which will reach 4.5 BCMA of liquefaction capacity. 3) TotalEnergies was awarded a 25-year, 1.4 GW contract by New York to supply renewable electricity from its Attentive Energy One offshore wind project, which aims to provide electricity to over 1

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Copyright © 2023 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 endeavors 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 Energy News 23 October 2023 No. 1667 Senior Editor Eng. Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
UAE’s Mubadala, Inpex among suitors for Malaysia's
SapuraOMV in $1.2-billion deal
Reuters + NewBase
Abu Dhabi state fund Mubadala Investment (MUDEV.UL) and Japanese oil and gas explorer
Inpex (1605.T) are among firms competing to acquire SapuraOMV in a deal expected to be worth
about $1.2 billion, according to two sources with direct knowledge.
Japan's top oil and gas explorer Inpex's booth is seen at Gastech 2023 in Singapore September 7, 2023. REUTERS/Florence Tan/File
photo Acquire Licensing Rights
The sale of the Malaysian-headquartered oil and gas upstream company could help boost weak
global merger and acquisition (M&A) activity buffeted by headwinds from a slowing world economy,
higher interest rates and geopolitical tension.
ww.linkedin.com/in/khaled-al-awadi-80201019/
Copyright © 2023 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 endeavors 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
Indonesian energy company Medco Energi (MEDC.JK) is also vying for SapuraOMV, an equal joint
venture of Sapura Energy (SAEN.KL) and Austria's OMV (OMVV.VI), with bids due this week, the
sources added.
They declined to be identified named as the matter was private.
Sapura Energy declined to comment. OMV and Inpex said they had no comment. Mubadala and
Medco did not immediately respond to requests for comment.
M&A activity in the Asia Pacific region and Japan dropped 26% to a 10-year low of $624.4 billion
for the first nine months of this year, versus the year-ago period, LSEG data shows.
Deal activity in the energy and power sectors in the region fell 44.9% to almost $53 billion, LSEG
data shows.
SapuraOMV produced about 30,000 barrels of oil equivalent per day (kboepd) from its two
Malaysian assets, SK310-B15 and SK408 – Gorek, Larak and Bakong, Sapura Energy said in its
latest annual report for fiscal year 2023.
The planned stake divestment would help bring in fresh capital while paring debt, Sapura Energy
said in the report.
With exploration interests in Australia, Mexico and New Zealand, SapuraOMV targets production of
100 kboepd through organic growth and M&A activity over the next five to eight years, according to
OMV's website.
In November 2018, OMV said it was investing up to $975 million for its 50% share of the equity in
SapuraOMV in a deal the intended to springboard its Asia expansion.
Copyright © 2023 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 endeavors 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
Congo: Eni celebrates sail away of the Tango FLNG
Source: Eni
The milestone aligns with the timeline of the Congo LNG project, whose first phase will startup in
December 2023. The project will reach approximately 4.5 BCMA of gas liquefaction capacity at
plateau
In the presence of Bruno Jean Richard Itoua, Minister of Hydrocarbons of the Republic of the Congo,
Maixent Raoul Ominga, Managing Director of SNPC, and Guido Brusco, Eni’s Chief Operating
Officer Natural Resources, Eni celebrated the sail away of the Tango Floating Liquefied Natural Gas
(FLNG) and Excalibur Floating Storage Unit (FSU) vessels from Dubai to Congo’s offshore. The
milestone aligns with the timeline of the Congo LNG project, whose first phase will startup in
December 2023.
Tango FLNG, which has a liquefaction capacity of approx. 1 billion cubic meters per annum of gas
(BCMA), will be moored 3 kms offshore along with the Excalibur FSU vessel upon their arrival in
Congo.
The Congo LNG project leverages Marine XII gas resources and existing production facilities in a
new, phased approach that will allow to reach approx. 4.5 BCMA of gas liquefaction capacity at
plateau, as well as zero routine gas flaring. A second FLNG vessel with a capacity of approx. 3.5
BCMA of gas is under construction and will begin production in 2025.
The project will help the Republic of the Congo meet its energy needs while seizing the opportunity
to exploit surplus gas through LNG production, allowing the Country to join the group of global
exporters of Liquefied Natural Gas in record time. According to the agreements recently signed, all
LNG produced will be marketed by Eni.
Copyright © 2023 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 endeavors 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
US: TotalEnergies awarded a 25-year contract to supply 1.4 GW
of renewable electricity to New York … ToTal Energy
TotalEnergies and its partners, Corio Generation (Corio) and Rise Light & Power (Rise) have
announced that New York State selected their Attentive Energy One project for a 25-year contract
to supply 1.4 GW of renewable electricity.
Attentive Energy One, a joint venture between TotalEnergies (40%), Rise (35%) and Corio (25%),
received the provisional award in the State’s 2023 competitive OREC (Offshore Renewable Energy
Credits) solicitation, organized by New York State Energy and Research Development Authority
(NYSERDA). The Consortium aims
to commission this project in 2029.
NYSERDA has put a particular
emphasis on the local content of
the proposal: the Attentive Energy
One project will enable the
construction of a new General
Electric facility to manufacture
offshore wind blades and nacelles
and unlock $300 million in
investments in various community-
focused projects across New York
State. It will in addition turn the
Ravenswood gas-fueled power
plant owned by Rise, into a clean
energy hub at the heart of New
York City.
The profitability of this project is
ensured by the guaranteed level of
OREC revenue, the benefit of a
40% IRA tax credit, the secured
access to New York electricity grid
brought by Rise and the local supply
of turbines by General Electric at a competitive set price. Moreover, the contract awarded by
NYSERDA will include an inflation adjustment mechanism to compensate for changes in
construction costs until the final investment decision.
“Thanks to this project’s secured offtake price and competitive advantages such as the 40% IRA
tax credit and its very competitive interconnection, Attentive Energy One project will contribute
positively to our Integrated Power profitability target of 12% and to our ambition of more than 100
TWh of power generation by 2030.”
TotalEnergies had secured, in February 2022, 100% of maritime lease OCS-A 0538 at the New
York Bight auction. It then partnered with New York-based electricity producer Rise and global
offshore wind developer Corio to join forces in the development of the Attentive Energy offshore
wind projects.
The lease’s 3 GW capacity will serve two projects: Attentive Energy One, which is dedicated to
deliver New York State, and Attentive Energy Two, which is dedicated to supply New Jersey.
Together, these two projects aim to provide green electricity to more than a million homes across
both states.
Copyright © 2023 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 endeavors 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
Venezuela's heavy crude oil output increases are limited
following U.S. sanctions relief
Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO)
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) effectively
lifted most U.S. sanctions on Venezuela’s energy sector on October 18 for six months, paving the
way for additional exports of the heavy, sour crude oil the country produces.
That type of crude oil has been in short supply and has had significant price increases in recent
months. Still, years of underinvestment and mismanagement of Venezuela’s energy sector will likely
limit crude oil production growth to less than 200,000 barrels per day (b/d) by the end of 2024,
requiring more time and investment for additional growth.
U.S. crude oil imports from Venezuela stopped shortly after January 2019 when the United States
imposed sanctions on state oil company Petróleos de Venezuela SA (PdVSA). The United States
eased those sanctions in November 2022 when OFAC granted waivers to Chevron so it could
resume exporting crude oil from its joint venture operations in Venezuela to U.S. Gulf Coast
refineries, which restarted in January 2023.
Refineries on the U.S. Gulf Coast are well-suited to take the kind of heavy crude oil Venezuela
produces. PdVSA’s subsidiary in the United States, Citgo, has three refineries—Lemont, Lake
Charles, and Corpus Christi—which have a combined capacity of over 800,000 b/d and are
designed to process heavy oil. These assets will change ownership later this month as the result of
a scheduled October 23 sale of Citgo’s assets to satisfy creditor claims against Venezuela and
PdVSA.
Venezuela’s crude oil production has fallen from about 3.2 million b/d in 2000 to 735,000 b/d in
September 2023, making it the 10th-largest producer in OPEC despite its significant oil reserves.
Copyright © 2023 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 endeavors 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
U.S. crude oil imports from Venezuela similarly declined, falling from 1.3 million b/d in 2001 to about
510,000 b/d in 2018. Imports halted in 2019 for four years before resuming under limited sanctions
relief in January 2023 and increasing to 153,000 b/d in July 2023.
Venezuela’s crude oil production in September declined from the recent high of 790,000 b/d in July
2023. Shortages of diluent, which is necessary to process Venezuela’s heavy oil, reduced output.
The lifting of sanctions will allow for increased diluent imports, which could boost production slightly.
We expect the bulk of near-term production growth to come from Chevron’s joint ventures. The
earlier exemption for Chevron led its share of production to increase to 135,000 b/d in 2023, and
we expect Chevron’s output in Venezuela to increase to 200,000 b/d by the end of 2024.
Ventures operated by ENI, Repsol, and Maurel & Prom could increase production by an additional
50,000 b/d in the near term, according to IPD Latin America. As a result, we asses that these
ventures could raise Venezuela’s total output to about 900,000 b/d by the end of 2024.
Further increases in Venezuela’s crude oil production will take longer. Much of Venezuela’s crude
oil production capacity and infrastructure has suffered from prolonged lack of access to capital and
regular maintenance The potential for further growth remains highly uncertain at this time because
significant new investment would be required for additional production.

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  • 1. Copyright © 2023 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 endeavors 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 Energy News 23 October 2023 No. 1667 Senior Editor Eng. Khaled Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE UAE’s Mubadala, Inpex among suitors for Malaysia's SapuraOMV in $1.2-billion deal Reuters + NewBase Abu Dhabi state fund Mubadala Investment (MUDEV.UL) and Japanese oil and gas explorer Inpex (1605.T) are among firms competing to acquire SapuraOMV in a deal expected to be worth about $1.2 billion, according to two sources with direct knowledge. Japan's top oil and gas explorer Inpex's booth is seen at Gastech 2023 in Singapore September 7, 2023. REUTERS/Florence Tan/File photo Acquire Licensing Rights The sale of the Malaysian-headquartered oil and gas upstream company could help boost weak global merger and acquisition (M&A) activity buffeted by headwinds from a slowing world economy, higher interest rates and geopolitical tension. ww.linkedin.com/in/khaled-al-awadi-80201019/
  • 2. Copyright © 2023 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 endeavors 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 Indonesian energy company Medco Energi (MEDC.JK) is also vying for SapuraOMV, an equal joint venture of Sapura Energy (SAEN.KL) and Austria's OMV (OMVV.VI), with bids due this week, the sources added. They declined to be identified named as the matter was private. Sapura Energy declined to comment. OMV and Inpex said they had no comment. Mubadala and Medco did not immediately respond to requests for comment. M&A activity in the Asia Pacific region and Japan dropped 26% to a 10-year low of $624.4 billion for the first nine months of this year, versus the year-ago period, LSEG data shows. Deal activity in the energy and power sectors in the region fell 44.9% to almost $53 billion, LSEG data shows. SapuraOMV produced about 30,000 barrels of oil equivalent per day (kboepd) from its two Malaysian assets, SK310-B15 and SK408 – Gorek, Larak and Bakong, Sapura Energy said in its latest annual report for fiscal year 2023. The planned stake divestment would help bring in fresh capital while paring debt, Sapura Energy said in the report. With exploration interests in Australia, Mexico and New Zealand, SapuraOMV targets production of 100 kboepd through organic growth and M&A activity over the next five to eight years, according to OMV's website. In November 2018, OMV said it was investing up to $975 million for its 50% share of the equity in SapuraOMV in a deal the intended to springboard its Asia expansion.
  • 3. Copyright © 2023 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 endeavors 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 Congo: Eni celebrates sail away of the Tango FLNG Source: Eni The milestone aligns with the timeline of the Congo LNG project, whose first phase will startup in December 2023. The project will reach approximately 4.5 BCMA of gas liquefaction capacity at plateau In the presence of Bruno Jean Richard Itoua, Minister of Hydrocarbons of the Republic of the Congo, Maixent Raoul Ominga, Managing Director of SNPC, and Guido Brusco, Eni’s Chief Operating Officer Natural Resources, Eni celebrated the sail away of the Tango Floating Liquefied Natural Gas (FLNG) and Excalibur Floating Storage Unit (FSU) vessels from Dubai to Congo’s offshore. The milestone aligns with the timeline of the Congo LNG project, whose first phase will startup in December 2023. Tango FLNG, which has a liquefaction capacity of approx. 1 billion cubic meters per annum of gas (BCMA), will be moored 3 kms offshore along with the Excalibur FSU vessel upon their arrival in Congo. The Congo LNG project leverages Marine XII gas resources and existing production facilities in a new, phased approach that will allow to reach approx. 4.5 BCMA of gas liquefaction capacity at plateau, as well as zero routine gas flaring. A second FLNG vessel with a capacity of approx. 3.5 BCMA of gas is under construction and will begin production in 2025. The project will help the Republic of the Congo meet its energy needs while seizing the opportunity to exploit surplus gas through LNG production, allowing the Country to join the group of global exporters of Liquefied Natural Gas in record time. According to the agreements recently signed, all LNG produced will be marketed by Eni.
  • 4. Copyright © 2023 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 endeavors 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 US: TotalEnergies awarded a 25-year contract to supply 1.4 GW of renewable electricity to New York … ToTal Energy TotalEnergies and its partners, Corio Generation (Corio) and Rise Light & Power (Rise) have announced that New York State selected their Attentive Energy One project for a 25-year contract to supply 1.4 GW of renewable electricity. Attentive Energy One, a joint venture between TotalEnergies (40%), Rise (35%) and Corio (25%), received the provisional award in the State’s 2023 competitive OREC (Offshore Renewable Energy Credits) solicitation, organized by New York State Energy and Research Development Authority (NYSERDA). The Consortium aims to commission this project in 2029. NYSERDA has put a particular emphasis on the local content of the proposal: the Attentive Energy One project will enable the construction of a new General Electric facility to manufacture offshore wind blades and nacelles and unlock $300 million in investments in various community- focused projects across New York State. It will in addition turn the Ravenswood gas-fueled power plant owned by Rise, into a clean energy hub at the heart of New York City. The profitability of this project is ensured by the guaranteed level of OREC revenue, the benefit of a 40% IRA tax credit, the secured access to New York electricity grid brought by Rise and the local supply of turbines by General Electric at a competitive set price. Moreover, the contract awarded by NYSERDA will include an inflation adjustment mechanism to compensate for changes in construction costs until the final investment decision. “Thanks to this project’s secured offtake price and competitive advantages such as the 40% IRA tax credit and its very competitive interconnection, Attentive Energy One project will contribute positively to our Integrated Power profitability target of 12% and to our ambition of more than 100 TWh of power generation by 2030.” TotalEnergies had secured, in February 2022, 100% of maritime lease OCS-A 0538 at the New York Bight auction. It then partnered with New York-based electricity producer Rise and global offshore wind developer Corio to join forces in the development of the Attentive Energy offshore wind projects. The lease’s 3 GW capacity will serve two projects: Attentive Energy One, which is dedicated to deliver New York State, and Attentive Energy Two, which is dedicated to supply New Jersey. Together, these two projects aim to provide green electricity to more than a million homes across both states.
  • 5. Copyright © 2023 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 endeavors 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 Venezuela's heavy crude oil output increases are limited following U.S. sanctions relief Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO) The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) effectively lifted most U.S. sanctions on Venezuela’s energy sector on October 18 for six months, paving the way for additional exports of the heavy, sour crude oil the country produces. That type of crude oil has been in short supply and has had significant price increases in recent months. Still, years of underinvestment and mismanagement of Venezuela’s energy sector will likely limit crude oil production growth to less than 200,000 barrels per day (b/d) by the end of 2024, requiring more time and investment for additional growth. U.S. crude oil imports from Venezuela stopped shortly after January 2019 when the United States imposed sanctions on state oil company Petróleos de Venezuela SA (PdVSA). The United States eased those sanctions in November 2022 when OFAC granted waivers to Chevron so it could resume exporting crude oil from its joint venture operations in Venezuela to U.S. Gulf Coast refineries, which restarted in January 2023. Refineries on the U.S. Gulf Coast are well-suited to take the kind of heavy crude oil Venezuela produces. PdVSA’s subsidiary in the United States, Citgo, has three refineries—Lemont, Lake Charles, and Corpus Christi—which have a combined capacity of over 800,000 b/d and are designed to process heavy oil. These assets will change ownership later this month as the result of a scheduled October 23 sale of Citgo’s assets to satisfy creditor claims against Venezuela and PdVSA. Venezuela’s crude oil production has fallen from about 3.2 million b/d in 2000 to 735,000 b/d in September 2023, making it the 10th-largest producer in OPEC despite its significant oil reserves.
  • 6. Copyright © 2023 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 endeavors 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 U.S. crude oil imports from Venezuela similarly declined, falling from 1.3 million b/d in 2001 to about 510,000 b/d in 2018. Imports halted in 2019 for four years before resuming under limited sanctions relief in January 2023 and increasing to 153,000 b/d in July 2023. Venezuela’s crude oil production in September declined from the recent high of 790,000 b/d in July 2023. Shortages of diluent, which is necessary to process Venezuela’s heavy oil, reduced output. The lifting of sanctions will allow for increased diluent imports, which could boost production slightly. We expect the bulk of near-term production growth to come from Chevron’s joint ventures. The earlier exemption for Chevron led its share of production to increase to 135,000 b/d in 2023, and we expect Chevron’s output in Venezuela to increase to 200,000 b/d by the end of 2024. Ventures operated by ENI, Repsol, and Maurel & Prom could increase production by an additional 50,000 b/d in the near term, according to IPD Latin America. As a result, we asses that these ventures could raise Venezuela’s total output to about 900,000 b/d by the end of 2024. Further increases in Venezuela’s crude oil production will take longer. Much of Venezuela’s crude oil production capacity and infrastructure has suffered from prolonged lack of access to capital and regular maintenance The potential for further growth remains highly uncertain at this time because significant new investment would be required for additional production.
  • 7. Copyright © 2023 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 endeavors 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 Indonesia: bp ships first cargo from Indonesia’s expanded Tangguh LNG facility ,,, Source: bp bp, on behalf of the Tangguh production sharing contract partners, has announced that the first cargo of liquefied natural gas (LNG) produced by the new third liquefaction train at the Tangguh LNG facility, in Papua Barat, Indonesia, has safely been loaded and sailed, to be delivered to Indonesia’s state-owned power generator PT PLN (Persero). This marks the start of full commercial operation of the expanded Tangguh LNG facility. The start-up of Tangguh Train 3 will add 3.8 million tonnes per annum (mtpa) of LNG production capacity to the existing two-train facility, bringing total plant capacity to 11.4mtpa. The first cargo of LNG produced by the new train sailed from Tangguh on 18 October to be delivered to PLN’s regasification facility in Arun, Nanggroe Aceh Darussalam province, Indonesia. Dwi Soetjipto, chairman of SKK Migas, Indonesia’s oil and gas regulatory agency, said: 'With its expanded production capacity, the Tangguh facility will play a vital role in helping to meet Indonesia’s growing energy demand, total gas production at Tangguh is expected to account for over a third of national gas production. 'Tangguh is the largest LNG producer in Indonesia and the production from Tangguh's three-train operation will significantly contribute to the national gas production target of 12 bscf/d by 2030.' In addition to the new train, the Tangguh expansion project included construction of two offshore platforms, 13 new production wells, an LNG loading facility, and supporting infrastructure. At its peak, more than 13,500 workers were involved in the project’s development at the remote site, with a total of more than 155 million workhours spent to complete the project.  Major expansion of Tangguh LNG facility in Indonesia now in operation, with new third liquefaction train bringing total capacity to 11.4 million tonnes a year  First cargo produced from new train safely sailed from site on 18 October to be delivered to PLN, Tangguh Train 3’s domestic foundation customer  Tangguh expansion project at peak saw over 13,500 workers mobilized in its development and construction  The expanded Tangguh facility is expected to account for over a third of Indonesian gas production
  • 8. Copyright © 2023 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 endeavors 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 Anja-Isabel Dotzenrath, bp’s EVP, gas and low carbon energy said: 'The safe and successful start-up of Train 3 marks a new phase for Tangguh and is a proud day for bp and our Tangguh partners. I would like to thank the Government of Indonesia for our strong partnership and their continued support that has made this possible.' 'Tangguh is important both to bp and to Indonesia. It is expected to account for more than a third of the country’s gas production and make a significant contribution to meeting the country’s growing needs for reliable and affordable energy. For bp, building our gas and LNG business is central to our strategy as we transform to an integrated energy company, investing in today’s hydrocarbon energy system as well as growing new lower carbon businesses.' The Tangguh expansion is the third major project start-up for bp globally in 2023, following start of production from the Mad Dog II project in the US Gulf of Mexico and from the MJ field off the east coast of India. Since beginning operations in 2009, Tangguh has worked to create positive social and economic impacts through comprehensive community development programmes. Train 3 will further enhance this, with a portion of the gas committed for electrification in Papua Barat, and the project aims to continue to increase the proportion of Papuans in Tangguh’s workforce from 73% today to meet its commitment of 85% by 2029. Background  Tangguh LNG is located in Teluk Bintuni Regency in the Papua Barat Province of Indonesia. It has been operation since 2009 and now consists of offshore gas production facilities supplying three 3.8mtpa liquefaction trains.  Tangguh is operated by BP Berau Ltd on behalf of the other production sharing contract partners as contractor to SKK Migas. BP Berau Ltd and affiliates in Indonesia hold a 40.22% interest in the project. Other production sharing contract partners are: MI Berau B.V. (16.30%), CNOOC Muturi Limited (13.90%), Nippon Oil Exploration (Berau), Limited (12.23%), KG Berau Petroleum Ltd and KG Wiriagar Petroleum Ltd (10.00%), and Indonesia Natural Gas Resources Muturi Inc. (7.35%).  The Tangguh expansion project involved 17,500 tonnes of structural steel (more than the weight of two Eiffel Towers) and used 70,000 cubic metres of concrete (equivalent to the volume of 28 Olympic-sized swimming pools).  bp is one of the largest foreign investors in Indonesia. In addition to its interest in Tangguh LNG, bp has exploration interests off Aceh and East Java, a fuel retail partnership and its lubricants brand Castrol is active in the country.  With Train 3 completed and operational, the Tangguh partners are making progress towards next planned phase of development at Tangguh – the UCC project that includes the adoption of carbon capture utilization and storage (CCUS) technology to help reduce CO2 emissions.
  • 9. Copyright © 2023 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 endeavors 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 NewBase October 25 -2023 Khaled Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE Oil dips as economic concerns offset Middle East supply worries Reuters + NewBase Oil fell for a fourth day on Wednesday as concerns about slowing European demand offset worries about Middle East supply disruptions stemming from the Israel-Hamas conflict in Gaza. Brent crude futures dropped 34 cents, or 0.39%, to $87.73 a barrel as of 0627 GMT, while U.S. West Texas Intermediate crude futures were down 38 cents, or 0.45%, to $83.36 a barrel. Euro zone business activity data took a surprise downturn this month, suggesting the bloc may slip into recession, creating a drag on the outlook for oil demand. Overall, the region's oil refineries have been consuming less crude than a year ago amid lacklustre economic growth, Euroilstock data has shown. Countries are pushing for a pause or ceasefire in fighting between Israel and Hamas in the Gaza Strip so that humanitarian aid could be delivered to besieged Palestinian civilians and the leaders of U.S. and Saudi Arabia on Tuesday discussed efforts to prevent the conflict from widening to potentially include major producer Iran. Oil price special coverage  Euro zone data suggests bloc may slip into recession  World leaders urge Israel-Hamas ceasefire for aid to Gaza  API shows US crude, fuel stockpiles fall -market sources  Coming up: EIA data on US crude stocks at 10:30 a.m. EDT
  • 10. Copyright © 2023 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 endeavors 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 "Oil's pullback has coincided with disappointingly soft softer European PMIs, suggesting at least some softening from the demand side, rather than being wholly attributable to war-related supply disruption threats being assuaged," said Vishnu Varathan, head of economics and strategy at Mizuho Bank, in a note. "(It's) certainly not sufficiently so to declare with any confidence that geopolitical risk premium associated with the Israel-Hamas conflict has meaningfully and durably dissipated," Varathan said. Crude prices may find some support as the top parliament body in China, the world's biggest oil importer, approved a bill to issue 1 trillion yuan ($137 billion) in sovereign bonds and allow local governments to issue new debt from their 2024 quota to boost the economy. But demand for crude oil in China could be capped as Beijing put a ceiling for its oil refining capacity at 1 billion metric tons by 2025 to streamline its vast oil processing sector and curb carbon emissions. Falling crude oil stockpiles in the U.S., the world's biggest oil consumer, also supported prices. U.S. inventories declined by about 2.7 million barrels in the week ended on Oct. 20, according to market sources citing American Petroleum Institute figures on Tuesday. The decline went against the forecast by eight analysts polled by Reuters who had estimated on average that crude inventories were up by about 200,000 barrels for the week. Gasoline inventories dropped by 4.2 million barrels, while distillate inventories fell by about 2.3 million barrels, the API data showed. U.S. government data on inventories is due later on Wednesday.
  • 11. Copyright © 2023 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 endeavors 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 US drillers add oil and gas rigs for second week in a row, Baker Hughes says U.S. energy firms this week added oil and natural gas rigs for a second week in a row for the first time since mid September, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose two to 624 in the week to Oct. 20. Despite this week's rig increase, Baker Hughes said the total count was still down 147, or 19%, below this time last year. U.S. oil rigs rose by one to 502 this week, while gas rigs also gained one to 118. In the Haynesville shale in Arkansas, Louisiana and Texas, gas drillers this week added three rigs, boosting the total to 40. That was the first increase in the Haynesville since early July and the biggest increase since December 2022. A year ago, there were 70 rigs operating in the Haynesville. U.S. oil futures were up about 12% so far this year after gaining about 7% in 2022. U.S. gas futures , meanwhile, have plunged about 35% so far this year after rising about 20% last year. Despite higher prices for oil, many firms remained more focused on returning money to investors and paying down debt rather than boosting oil and gas production. The independent exploration and production companies tracked by U.S. financial services firm TD Cowen were on track to boost spending by about 18% in 2023 versus 2022 after increasing spending about 40% in 2022 and 4% in 2021. That 2023 spending increase, however, is down from an earlier expected rise of 19%.  The oil and gas rig count, an early indicator of future output, rose two to 624 in the week to Oct. 20.  Despite this week's rig increase, Baker Hughes said the total count was still down 147, or 19%, below this time last year.  U.S. oil rigs rose by one to 502 this week, while gas rigs also gained one to 118.
  • 12. Copyright © 2023 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 endeavors 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 High Permian well productivity & crude oil prices drive U.S. natural gas production growth Data source: U.S. EIA, Short-Term Energy Outlook, September 2023 We estimate that U.S. marketed natural gas production in the Lower 48 states (L48) will grow by 5% (5.0 billion cubic feet per day [Bcf/d]) in 2023 and 2% (1.8 Bcf/d) in 2024 in our latest Short- Term Energy Outlook. Most of the forecast growth comes from the Permian region, where we expect that improved well- level productivity and higher crude oil prices will spur drilling activity that will increase natural gas production. The Permian region, which spans western Texas and eastern New Mexico, currently accounts for a quarter of all marketed natural gas production in the L48. We forecast Permian region natural gas production will increase by 11% (2.2 Bcf/d) in 2023 and 6% (1.4 Bcf/d) in 2024. Most of the natural gas production in the Permian region is associated natural gas production from oil wells. As a result, producers in the Permian region typically respond to changes in the crude oil price when planning their exploration and production activities, including when deciding whether to deploy drilling rigs or take rigs out of operation. Advances in hydraulic fracturing and horizontal drilling techniques have improved U.S. oil and natural gas well productivity. The length of a well’s horizontal section, or lateral, which is a key factor in well-level productivity, has increased substantially for wells operating in the Permian region, from an average of less than 4,000 feet in 2010 to over 10,000 feet in 2022.
  • 13. Copyright © 2023 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 endeavors 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 We measure natural gas well productivity by a well’s monthly average natural gas output. In its first full month of operation, a well typically produces the most natural gas, followed by declining output in subsequent months. Permian region wells that have started operations so far in 2023 have produced on average 1,849 million cubic feet (MMcf) of natural gas during their first full month of operations. Average first month production for Permian region wells has risen in recent years, averaging 1,829 MMcf in 2022 compared with 1,301 MMcf in 2017. Data source: U.S. Energy Information Administration, Drilling Productivity Report So far in 2023, natural gas production has increased in the Permian region even as the rig count has decreased. According to Baker Hughes, 322 active rigs were operating in the Permian region as of September 15, 31 fewer than at the start of the year. We forecast the price of West Texas Intermediate crude oil will increase in 2024, averaging $83.22 per barrel compared with $79.65 per barrel in 2023, partly because of Saudi Arabia’s extended crude oil production cuts. We expect that the higher crude oil prices will incentivize operators to produce more oil and, as a result, more natural gas in the Permian region.
  • 14. Copyright © 2023 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 endeavors 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 NewBase Specual Coverage The Energy world –October 25 -2023 CLEAN ENERGY Turbine troubles have sent wind energy stocks tumbling — and a slew of issues remain CNBC - Elliot Smith@ELLIOTSMITHCNBC As the biggest players in wind energy gear up to report quarterly earnings, supply-chain reliability issues are front and center for both stock analysts and industry leaders. Siemens Energy made the headlines earlier this year when it scrapped its profit forecast and warned that costly failures at wind turbine subsidiary Siemens Gamesa could drag on for years. It sparked concerns about wider problems across the industry and thrust Europe’s wind energy giants’ earnings into the spotlight. A Siemens Gamesa blade factory on the banks of the River Humber in Hull, England on October 11, 2021. Siemens Energy is set to report its fiscal fourth-quarter results on Nov. 15. Its shares are currently down more than 35% year-to-date. Aside from the turbine problems, the German energy giant posted orders of around 14.9 billion euros ($15.7 billion) for its third quarter, a more-than 50% increase from the previous year, primarily driven by large orders at Siemens Gamesa and Grid Technologies. Yet the 2.2 billion euro charge due to Gamesa’s quality issues prompted Siemens Energy to forecast a net loss for the fiscal year of 4.5 billion euros. Ahead of its fourth-quarter earnings, analysts at Kepler Cheuvreux suggested in a research note Tuesday that despite having already warned on profits, the company “remains vulnerable to large negative cashflow swings in the next fiscal year.” KEY POINTS  Ahead of Siemens Energy’s fourth-quarter earnings, analysts at Kepler Cheuvreux suggested in a research note Tuesday that despite having already warned on profits, the company “remains vulnerable to large negative cashflow swings in the next fiscal year.”  Deutsche Bank earlier this week slashed its 12-month share price forecast for Danish energy giant Ørsted by 36%, citing supplier delays, lower tax credits and rising rates.  ONYX Insight, which monitors wind turbines and tracks over 14,000 across 30 countries, revealed in a report Tuesday that supply chains remain the greatest challenge to operations across the sector.
  • 15. Copyright © 2023 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 endeavors 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 “We expect Siemens Gamesa to suffer very weak order intake in H1, which will combine with extensive delivery delays and rising customer penalty payments. Challenges at Siemens Gamesa will continue to overshadow resilience in the group’s other divisions,” they added. Morgan Stanley cut its price target for Siemens Energy from 20 euros per share to 18 euros per share, but retains an overweight long-term strategic position on the company’s stock. “Valuation for Siemens Energy is currently factoring in a negative value for the Gamesa division, which we believe may have been over penalized,” Morgan Stanley capital goods analyst Ben Uglow said in a research note Monday. “While we acknowledge the low visibility on Gamesa margin trajectory and that rebuilding investor confidence will take time, we remain Overweight on undemanding valuation and good fundamentals of the Gas & Grid businesses.” Elsewhere, Deutsche Bank earlier this week slashed its 12-month share price forecast for Danish wind energy producer Ørsted by 36% ahead of its interim earnings report on Nov. 1. The stock has already halved in value so far this year. Deutsche had previously highlighted challenges in the wind turbine industry including supplier delays, lower tax credits and rising rates. However, Ørsted’s share price tanked further earlier this year when it raised the possibility of a 2.1-billion-euro impairment charge in its U.S. offshore wind portfolio. Meanwhile, Danish wind turbine manufacturer Vestas — despite continuing to bag significant orders — has seen its shares plunge by around 30% year-to-date as reliability concerns plague the wider industry. Vestas publishes its interim financial report for the third quarter on Nov. 8. Supply chain worries ONYX Insight, which monitors wind turbines and tracks over 14,000 across 30 countries, revealed in a report Tuesday that supply chains remain the greatest challenge to the sector, with reliability not far behind. The analytics firm, which is owned by British energy giant BP, interviewed senior personnel at over 40 owners and operators of wind turbines around the world in order to gauge the mood of industry leaders, and found that 57% cited the supply chain as the main obstacle to their operations. ONYX Chief Commercial Officer Ashley Crowther said the lingering impacts of Covid-19 on manufacturing had just begun to heal — and then Russia’s invasion of Ukraine and the subsequent surge in inflation hit. “Survey participants are now citing delays on new projects due to longer lead times for supply of new turbines and significant price increases,” Crowther said in the report. “This is in line with what OEMs have told their investors, for example Vestas noting in their 2022 annual report they ‘increased our average selling prices of our wind energy solutions by 29%’. Similarly for major components, particularly main bearings on newer turbines with large rotor diameters, long delays are leaving turbines offline for extended periods.”
  • 16. Copyright © 2023 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 endeavors 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 16 Although supply chain issues are creating problems for operators, the most direct impact has been on OEMs like Siemens Gamesa and Vestas, Crowther noted, as has been evident in recent financial results. “Major western OEMs have recently reported losses or profit warnings and announced major restructuring projects in order to address the challenges they are facing. Some are even re-thinking their approach to the aftermarket which was always seen as the most profitable part of the business,” he added. Reliability issues Those surveyed by ONYX also expressed reliability concerns, with 69% expecting more reliability issues due to aging assets and 56% seeing problems associated with new turbine technology. Just 22% expected fewer reliability issues due to new turbine technology improvements. “As the sector matures, turbines are getting older and the failure rate of electromechanical systems are increasing with age,” Crowther noted. “Likewise, the initial operating period of newer turbines are seeing a rash of failures due to shorter development cycles, new turbine designs, and a squeeze on turbine prices. This is resulting in machines that are not durable enough.” During an initial boom in the wind industry a number of years ago, OEMs faced huge market demand and, in turn, created a variety of turbine designs delivered on short cycles to a customer base seeking to generate more energy with greater efficiency at lower cost, Crowther explained. “Fast-forward to the present and between the perfect storm of supply chain issues and too many turbine designs to support, OEMs have been losing significant amounts of money, including those paid out in liquidated damages (LDs),” he said. “Manufacturers have been locked into a price competition spiral, attempting to produce larger turbines for more competitive pricing. But with bigger turbines produced in shorter production cycles, it’s no surprise that manufacturing quality has diminished.” Wind turbines are getting old. What happens to the ageing fleet? Modern wind turbines are growing taller, bigger and more powerful. They offer the potential for reliable, abundant energy. But what happens to the ageing fleet? The industry is now scrambling to avoid a waste problem, giving old turbines a second lease of life. The Down to Earth team takes a closer look. The first generation of wind farms in Europe were built in the 1990s, mostly in Germany, Denmark and Spain. Fast forward to today and many of those wind turbines are nearing the end of their working lives. While 85 percent of the total mass of a wind turbine can be recycled, blades often end up in landfill or incinerated. It's an awkward conundrum for an industry that's become a symbol of clean energy and sustainability. As wind farms reach the age of retirement, nearly 52,000 tonnes of blades will be
  • 17. Copyright © 2023 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 endeavors 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 17 decommissioned every year by 2030. Before they turn into waste, scientists and the industry itself are looking for ways to recycle or upcycle those blades. More with less: Wind turbines repowered "In Denmark we need to replace between 6,000 to 7,000 turbines within the next seven to eight years," says Joachim Steenstrup, head of public affairs for Eurowind Energy. As an early adopter of wind power, the Scandinavian country is now home to a large fleet of turbines that have become obsolete and need to be decommissioned. Many Danish energy producers are now carrying out what has been known as "repowering" in the industry: replacing old, inefficient wind turbines with modern, more powerful ones. "Re-powering will allow, with fewer turbines, to have 10 to even 15 times more power production than from old turbines," explains Joachim. The recycling challenge According to Justine Beauso, an engineer at the Technical University of Denmark, the challenge of recycling wind turbine blades lies in the materials that can't be easily separated: the glass fibres and plastic polymers. "When you try to expose this material to high temperatures in order to separate the fibres from the polymer, then the plastic parts will degrade, and the glass fibres will get damaged," she explains. Since the recycled glass fibres have much lower strength properties and cannot be reused to build new blades, Justine is looking into other alternatives. Along with the fact that the recycling process itself is very expensive, it becomes even harder to give recycled glass fibres a second life. From wind turbine blades to a noise-cancelling wall Some wind turbine blades do find a second life, thanks to Jakob W. Nielsen. He's the founder and CEO of Miljøskærm, a startup that reuses old wind turbine blades to make noise barriers. He developed a special manufacturing process to transform blades into a porous material with acoustic absorbent properties, which has become the main component in Jakob's noise barriers. The first batch was installed in Copenhagen's Vallensbæk neighbourhood and reduced noise by 30 decibels. The world's first recyclable blade Siemens Gamesa, one of the leaders in the industry, has also been rethinking the manufacturing of blades from their conception, developing the world's first fully recyclable blades. "The secret to the solution is in the material," says Jakob Mænnchen, blades manufacturing specialist at Siemens Gamesa. "We have introduced this new epoxy material allowing us to actually dissolve the blades at the end-of-life." It only takes a simple acidic solution at an elevated temperature, Jakob explains, to separate the materials. While some cannot be reused in the manufacturing of new wind turbine blades, they could be used in furniture or surfboards.
  • 18. Copyright © 2023 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 endeavors 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 18 NewBase Energy News 25-October - Issue No. 1667 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.
  • 19. Copyright © 2023 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 endeavors 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 19
  • 20. Copyright © 2023 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 endeavors 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 20