New base 679 special 03 september 2015 reduced

Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this
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NewBase 03 September 2015 - Issue No. 678 Senior Editor Eng. Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
KSA, Korea sign SMART nuclear reactor deal
Saudi Gazette report + SPA
Saudi Arabia yesterday ( 02 Sep. 2015 ) Wednesday signed a cooperation agreement with South
Korea for building SMART nuclear reactors and developing human resources capability to run
them.
The agreement was signed between Ki ng Abdullah City for Atomic and Renewable Energy (KA-
CARE) and the Korea Atomic Energy Research Institute (KAERI), the designer of SMART
(System-integrated Modular Advanced Reactor).
The signing ceremony was held at the KA-CARE headquarters here in the presence of its
President Dr. Hashim Yamani, KAERI President Dr. Jong Kyung Kim and several leading nuclear
experts from both the countries, the Saudi Press Agency reported.
Dr. Waleed Abul Faraj, deputy president of KA-CARE, and Kim signed several contracts, which
aim at building partnership to establish knowledge infrastructure in SMART technology fields, such
as designing and building reactors and maintaining their mechanical and safety features,
according to a press statement.

The signing of the contracts showed the Kingdom’s keenness to harness alternative energy
sources for power generation and water desalination.
The signing of contracts come in the framework of the signing of a memorandum of understanding
(MOU) between the two countries following a meeting between Custodian of the Two Holy
Mosques King Salman and South Korean President Park Guen-hye in Riyadh in March this year.
Under the deal, the two countries will conduct a three-year preliminary study to review the
feasibility of constructing SMART reactors in Saudi Arabia. The cost of building the first SMART
unit is estimated at $1 billion. The MOU also calls for the two countries to cooperate on the
commercialization and promotion of the SMART reactor to third countries.
Korea and Saudi Arabia signed a cooperation
agreement on the peaceful use of nuclear energy in
November 2011. The agreement covers research
and development, the design, development and
operation of a nuclear power plant and nuclear
safety and security issues, as well as laying the legal
foundations for the export of nuclear technology.
SMART is a 330 MWt pressurized water reactor with
integral steam generators and advanced safety
features. The unit is designed for electricity
generation as well as thermal applications, such as seawater desalination, with a 60-year design
life and three-year refueling cycle.
SMART is an integral-type small reactor, developed in 2012 after 15 years of
research. It received the first-ever Standard Design Approval (SDA) from a
regulatory body for a 100MWe (330MWth) integral reactor. SMART generates
only a 1/10 of a large nuclear plant (over 1,000 MWe), but since it is an integral-
type reactor it has enhanced the inherent safety by containing major
components such as a pressurizer, steam generator, and reactor coolant pumps
in a single reactor pressure vessel. It was designed especially for export and can
supply a city with a population of 100,000 with 90 Mw electricity and 40
thousand tons of fresh water per day concurrently

UAE: Barakah nuclear plant reaches construction milestone
The National
The Barakah nuclear power plant programme has become the first to build four identical reactors
simultaneously at one site.The Emirates Nuclear Energy Corporation (Enec) has started work on
Unit 4, making it the fourth
reactor to be built using
international atomic energy
contruction standards, said
Suhail Al Mazrouei, Minister
of Energy.
The construction milestone
means that Barakah
surpasses nuclear
construction sites in China,
the US, the UK, Russia and
other countries to become
the largest project with
simultaneous construction
of identical nuclear
technology.
An Enec spokeswoman
said project organisers have called it the “world’s leading nuclear construction site” because of its
scope and high standards. To commemorate the construction, Mr Al Mazrouei and Enec’s board
of directors visited the site, located in the Western Region of Abu Dhabi about 50 kilometres west
of Ruwais.
The minister said he was “extremely proud” to witness the occasion. “Nuclear energy will play a
critical role in the provision of sustainable energy to power the future of the UAE,” said Mr Al
Mazrouei.
“While the pace and sophistication of this historic programme continues to grow, I am consistently
impressed to see Enec deliver its project to the highest international standards of safety, quality
and performance.”
Mohammed Al Hammadi, chief executive of Enec, said the programme was set to deliver safe,
clean and reliable nuclear electricity in 2017. The project has more than 18,000 staff working on
the four units that comprise Barakah.
“As our programme gains momentum, this is a role we take on with great pride and responsibility,
and as always, safety remains our overriding priority,” said Mr Al Hammadi. Enec’s first unit is
scheduled for completion in 2017, with the other three planned to be finished in year-long intervals
afterwards. Unit 4 is expected to start commercial operations in 2020 after regulatory reviews and
licensing.
The Federal Authority of Nuclear Regulation approved the building licences for the third and fourth
units in September last year. Unit 1 is now 75 per cent complete and all four units are more than
50 per cent complete. The plant is expected to provide up to a quarter of the nation’s electricity
needs by 2020, and save up to 12 million tonnes of carbon emissions a year.

UAE: CGG completes Hail-Shuweihat Survey for ADNOC
Source: CGG
CGG has announced that, with the support of its Seabed Geosolutions joint venture with
Fugro, it has successfully completed the acquisition of a 3D seismic survey over the Hail and
Shuweihat oil and gas fields in the Emirate of Abu Dhabi, one of the world's most
environmentally sensitive areas. The survey is part of an integrated project, including data
processing and reservoir characterization, awarded to CGG by the Abu Dhabi National Oil
Company (ADNOC).
Seismic operations
were implemented
to the highest
QHSE standards
to acquire the
two-part survey,
covering a total
area of 1200 sq
km and lasting
over 18 months.
The first part
involved acquisition
of over 600 sq km
of data for the
Hail project
located offshore
and in the
shallow waters of
the Merawah
natural reserve
which has a very
rich biodiversity
and is a marine UNESCO World Heritage site. It was immediately followed by the acquisition of
over 500 sq km of data over an offshore and onshore area of the Shuweihat field, which, due to
its location on the site of various government projects and interests of the Emirate of Abu Dhabi,
called for careful planning and coordination.
Processing of the high-quality data collected during the survey is being conducted in conjunction
with reservoir
characterization in CGG's
Abu Dhabi center. A good
understanding of the
geological targets and
integration of well
information at the outset
of processing was key to
providing reliable images
over a large geological
sequence for the
extraction of key faults
and mapping of

stratigraphic traps.
ADNOC's satisfaction with the acquisition component of the Hail-Shuweihat survey also played a
part in its recent award to CGG of a contract for a 1500 sq km shallow water seabed survey over
the Ghasha-Butini field to be acquired with the support of Seabed Geosolutions.
Jean-Georges Malcor, CEO, CGG, said: 'CGG is proud to be a key player in the high level of
seismic activity currently ongoing in Abu Dhabi, as part of ADNOC's plans to implement their
extensive mid- and long-term field development projects. The choice of CGG for this integrated
project indicates the strength of our shallow water and seabed solutions and our ability to
successfully deliver complex programs, combining acquisition and subsurface expertise. We are
particularly pleased that ADNOC wishes to benefit from our acquisition experience in
environmentally sensitive areas to support its commitment to protecting the Emirate's natural
environment.'

Saudi fertilizer industry earns $2.7b in ’14
Saudi Gazette
With sales revenues estimated at $2.7 billion, earnings from Saudi Arabia’s fertilizer industry
prove that the Kingdom is well on its way to diversifying its economy, according to the Gulf
Petrochemicals and Chemicals
Association (GPCA).
“Despite the cyclical nature of
commodity products, Saudi Arabia’s
fertilizer sector has nearly doubled in
the last decade, possessing the
largest production capability in the
Arabian Gulf,” said Dr. Abdulwahab
Al- Sadoun, Secretary General,
GPCA.
“The sector’s consistent capacity
growth, steady sales and rising
employment make valuable
contributions to the Saudi economy,
and also demonstrate that this
industry can be a key facet of the
country’s long term diversification strategies.” With 42% of capacity, Saudi Arabia accounts for the
largest share of fertilizer production in the GCC, according to the GPCA’s Fertilizers Indicators
report.
Saudi producers manufactured 17.2 million tons of fertilizers in 2014, an 87% increase from 2004.
Meanwhile, fertilizer capacity in the Arabian Gulf grew to 40.8 million tons in 2014, a 3.8%
increase from the previous year, earning revenues of $6.5 billion, the report added.
“And with the launch of Safco 5 this year, notable for possessing one of the world’s largest carbon
capture units, and Ma'aden’s Waad Al Shamal phosphates facility in 2016, Saudi fertilizers will
continue to see much dynamism in the near future,” Dr. Al- Sadoun said.
Looking ahead, the GCC’s fertilizer manufacturers can look into diversifying their product portfolio
to include specialty fertilizers, advises the GPCA. To date, only 396,000 tons of speciality
fertilizers are currently produced in the GCC.
“Specialty fertilizers have unique qualities that define them against urea or diammonium
phosphate fertilizers and have characteristics that yield a higher return in the global marketplace
and therefore result in greater returns for the producer.”
The topic of innovation will be a key focus at the upcoming GPCA Fertilizer Convention to be held
in Dubai on Sept.14- 16 under the theme “Innovating for growth: Ensuring an efficient, sustainable
future”.
The conference will shed light on how the GCC’s fertilizer industry can contribute to global food
security while embracing an environmentally sustainable future. The Fertilizer Indicators report will
be released at the convention.
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Egypt to keep ENI’s find for itself,wtiffening Mideast gas race
Bloomberg + Gulf News
Egypt plans to keep all the natural gas produced at a giant field Eni SpA found off its
Mediterranean coast to itself, heightening competition among gas producers in the Middle East
and Africa.
“This field is now in competition with the ones in Cyprus,
Israel, Mozambique, Tanzania and Iran,” Thierry Bros, an
analyst at Societe Generale SA in Paris, said Tuesday by
email. “But as we are short of growing demand, especially
in Europe, and short of money, only projects that will find a
win-win solution with buyers will go ahead.”
Eni on Sunday said the deepwater deposit in the Zohr
Prospect in the Shorouk block may hold 30 trillion cubic
feet of fuel, making it the biggest gas discovery in the
Mediterranean Sea. “All the production will go to internal
consumption,” Hamdy Abdul Aziz, director of the Egyptian
Petroleum Ministry’s information department, said by
phone from Cairo. The field’s reserves can meet Egypt’s
needs for more than 10 years, he said.
Gas output
Gas output in Egypt has been declining since 2011 as the uprising that ended Hosni Mubarak’s
rule curtailed investments in exploration and production. Local demand for electricity, most of it
generated by gas, is rising by more than 7
per cent a year, and the most populous
Arab nation, with almost 87 million people,
started buying liquefied natural gas
cargoes this year from companies
including Noble Group Ltd, BP Plc and
Vitol SA.
Before the uprising, Egypt shipped gas to
Jordan and Israel by pipeline and
processed liquefied gas at plants in Idku
and Damietta for sale overseas. Egypt is
Africa’s second-largest gas producer after
Algeria, according to the US Energy
Information Administration.
A project to build a gas link to Egypt from
a field discovered in waters off Cyprus will
be reviewed as the two countries study
data from the Zohr prospect, Cypriot Energy
Minister Georgios Lakkotrypis said Monday in
an interview with state-run RIK TV.

Eni Production + Its History in Egypt
Eni will achieve a “significant level” of production at Zohr in about 2018 or 2019, as the deposit lies
close to fields that are already in operation and can be tied into their infrastructure, London
consultant Energy Aspects Ltd. said in a report published Monday. “The region will be long natural
gas,” it said.
The Zohr discovery will affect Israel’s plans to export fuel from its own offshore Leviathan field, by
removing the option of liquefying Israeli gas for export at existing but disused facilities in Egypt,
according to Energy Aspects. Gas from Zohr could enable Egypt to restart its own LNG exports by
providing feedstock for Eni’s dormant
export facility at Damietta or freeing up
gas for export from BG Group Plc’s
facility at Idku, Energy Aspects said.
“While the production is being
earmarked for domestic consumption,
it should be seen as being the end
point for Egyptian LNG imports,” the
consultant said. “This will displace a
considerable volume of LNG demand.”
The new Egyptian field is small
compared to the vast reserves of Gulf countries such as Qatar, with over 860 trillion cubic feet,
and the UAE, with 215 trillion — both countries with tiny populations and thus large amounts
available for export.
“The gas find is a windfall, but it doesn’t take Egypt into the league of major gas producers,” said
Simon Kitchen, a strategist at Egypt’s EFG Hermes bank. “It should support a recovery in Egypt’s
industrial output, [but] the risk is that the windfall income created by the find leads Egypt to freeze
much-needed economic reforms.”

India to Auction 69 Marginal Oil, Gas Fields
Indian government on Wednesday said it will auction 69 marginal oil and gas fields surrendered
by state owned energy firms ONGC and Oil India.
These discoveries could not be monetized for many years due to various reasons such as isolated
locations, small size of reserves, high development costs, technological constraints, fiscal regime
etc. “With appropriate changes in policy, it is expected that these fields can be brought into
production,” the government said in a statement.
The government has made significant changes in the design of the proposed contracts. The
earlier contracts were based on the concept of profit sharing. Under the profit sharing
methodology, it became necessary for the government to scrutinize cost details of private
participants and this led to many delays and disputes. Under the new regime, the government will
not be concerned with the cost incurred and will receive a share of the gross revenue from the
sale of oil, gas etc.
The second change is that the licence granted to the successful bidder will cover all hydrocarbons
found in the field. Earlier, the licence was restricted to one item only (e.g. oil) and separate licence
was required if any other hydrocarbon, for example, gas was discovered and exploited.
The new policy for these marginal fields also allows the successful bidder to sell at the prevailing
market price of gas, rather than at administered price. This decision is expected to stimulate
investment as well as higher domestic oil and gas production, the government stated.

UK: Development of Culzean gas field in UK North Sea approved
Gulf Times
The development of the largest new field discovered in the UK North Sea for a decade has been
approved by the UK Oil & Gas Authority.
The Maersk Oil-operated high pressure; high temperature (HPHT) Culzean field in the UK Central
North Sea is expected to produce enough gas to meet 5% of total UK demand at peak production
in 2020/21. Culzean is also the largest gas field sanctioned since East Brae in 1990.
Discovered in 2008 by Maersk Oil and its co-venturers, the gas condensate field has resources
estimated at 250-300mn barrels of oil equivalent. Production is expected to start in 2019 and
continue for at least 13 years, with plateau production of 60,000-90,000 barrels of oil equivalent
per day.
Maersk Oil and its co-venturers, JX Nippon and BP (Britoil) are investing around £3bn ($4.5bn) in
the development, with more than 50% committed to investments in the UK. Over the projected life
of the field, it’s anticipated that £2.1bn ($3.3bn) in operating expenditure will be spent in the UK
domestic market. The Culzean field aligns with the UK’s commitment to increased gas-fired
electricity generation and is expected to support an estimated 6,000 UK jobs and create more
than 400 direct jobs.
The Culzean development has benefited from the HPHT Cluster Area Allowance introduced by
the UK Government as part of the 2015 Budget. The allowance supports the development of high
pressure, high temperature projects — which typically have considerably higher capital costs —
and encourages exploration and appraisal activity in the surrounding area or ‘cluster’.
Welcoming yesterday’s announcement, Jakob Thomasen, CEO of Maersk Oil said, “Culzean is an
important development for the UK and also for Maersk Oil and our co-venturers. We are pleased
Topsides at the Maersk Oil-operated high pressure, high temperature (HPHT) Culzean field in
the UK Central North Sea. The Culzean field is expected to produce enough gas to meet 5%
of total UK demand at peak production in 2020/21.

the field will support UK economic growth as well as extend understanding of HPHT development.
Culzean is the latest in a series of large investments by Maersk Oil in the North Sea where we are
active in Denmark, Norway and the UK — reflecting our commitment to the future of the North Sea
region.”
The Chancellor of the Exchequer, Rt Hon George Osborne MP, said: “Today’s announcement
sends a clear signal that the North Sea is open for business. Already the UK’s oil and gas industry
supports hundreds of thousands of jobs across the country and this £3bn investment comes on
the back of massive government support for the sector.
“Despite challenging times, this government has backed the oil and gas industry at every turn,
introducing a vital package of support to help it to protect and create jobs.
Andy Samuel, chief executive, Oil & Gas Authority, said: “Maersk Oil and partners’ £3bn
investment to develop the Culzean discovery is excellent news for the UK during a period when
the decline in global oil prices has created difficult operating conditions for this critical sector of our
economy.
“The Oil & Gas Authority has worked closely with Maersk Oil and HM Treasury on the
development plans for the Culzean field, which will support many new contracts in the oil and gas
supply chain across the UK.”

NewBase 03 September - 2015 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Oil prices fall on U.S. crude stocks build, but equity rally supports
REUTERS + NEWBASE
Oil fell on Thursday on an unexpected build in U.S. crude stocks and a stronger dollar, but a
recovery in Asian shares after Wall Street posted a near 2 percent gain overnight helped support
prices.
Asian investors were focused on the increase in U.S. crude inventories last week, but sentiment
had been supported by the rally on Wall Street, said Jonathan Barratt, chief investment officer at
Sydney's Ayers Alliance.
"I think any positive news will help. Maybe we'll see not as much volatility," Barratt said.
Brent crude oil for October delivery dropped 32 cents to $50.18 a barrel as of 0451 GMT,
having gained 94 cents in the previous session. Brent fell below $50 a barrel to $49.95 a
barrel before rebounding. U.S. crude for October delivery fell 30 cents to $45.95 a barrel,
after settling 84 cents higher in the previous session. The benchmark touched a low
$45.65.
Oil price special
coverage

"Although oil may have escaped this round of bearishness, it may not escape the next few weeks
with declining refinery capacity," Singapore's Phillip Futures said in a note on Thursday.
"On the flip side, we are seeing drops in U.S. oil production, which is healthy for prices in the
longer run. Thus, would again suggest that the oversupply issue is easing," the note added.
U.S. crude has see-sawed, climbing 27.5 per cent earlier this week and late last week in the
biggest three-day percentage increase since August 1990, and rebounding from a 6-1/2-year low
when West Texas Intermediate tumbled to $37.75 a barrel.
Oil would be well supported at around $42-$44 a barrel, Barrat said, but a fall below that level
could put pressure on some OPEC economies.
"(OPEC production cuts) would only come into play if there is a sustained fall in oil prices," he
said.
Instead oil producers were banking on increased demand from the coming northern winter with
refiners shifting production from gasoline to heating oil.
U.S. crude stocks saw an unexpected gain of 4.7 million barrels to 455.4 million in the week to
Aug. 28, the biggest one-week rise since April, data from the U.S. Energy Information
Administration showed on Wednesday. Analysts had expected inventories to remain unchanged.
A firmer U.S. dollar weighed on commodity prices on Thursday.
Investors are waiting for the outcome of a European Central Bank policy meeting later on
Thursday, while U.S. non-farm payroll data is due on Friday. Chinese markets are closed for a
holiday on Thursday and Friday.

ConocoPhillips to Cut 1,800 Jobs as Oil Downturn Seen Prolonged
Bloomberg - Bradley Olson
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ConocoPhillips, the fourth-largest U.S. oil company, plans to reduce its workforce by 10 percent in
the latest sign that the energy industry is preparing for a longer downturn.
Most of the 1,800 jobs being lost will come from North America, including more than 500 from
Houston, Daren Beaudo, a spokesman for the Houston-based oil and gas producer, said in an e-
mailed message Tuesday. “Our industry is undergoing a dramatic downturn, which has caused us
to look at our future workforce needs,” he said.
As oil prices have plunged by more than half since last year’s high, energy companies around the
world have laid off more than 120,000 workers and reduced spending by more than $114 billion.
The scope of ConocoPhillips job cuts was first reported by the Houston Chronicle.
ConocoPhillips’s cuts follow earlier reductions at explorers and service companies. Chevron Corp.
said in July it was eliminating 1,500 jobs as part of its efforts to reduce spending by $1 billion.
Calgary-based Penn West Petroleum Ltd. said Tuesday it plans to cut 400 positions, or 35 percent
of its workforce.
Many of the cuts have been concentrated in the ranks of oil and gas service companies, those
that are focused on drilling or contracting rigs and equipment for producers, such as Halliburton
Co. or Saipem SpA. Oil companies have also begun to put off spending on high-cost projects to
hoard cash in the slump, canceling or delaying $200 billion since mid-2014, according to
consulting firm Wood Mackenzie Ltd.
ConocoPhillips shares fell 2.9 percent Tuesday in New York trading, and are down 31 percent this
year.

NewBase Special Coverage
News Agencies News Release 25 Aug 2015
Gas Exports From Iran, Egypt Seen Threatening U.S. Ambitions
Bloomberg - Stephen Stapczynski
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A potential boost in natural gas supply from Iran and Egypt may exacerbate a worldwide glut,
reshape the global market and threaten U.S. export ambitions, according to Citigroup Inc.
Projects from North America to East Africa and Australia may be impacted as Iran progresses with
its "supergiant" South Pars gas field and after Eni SA’s discovery of massive resources offshore
Egypt, Citigroup analysts including Anthony Yuen said in a report Sept. 2. The two developments
may displace demand for liquefied natural gas in the Middle East and beyond, possibly deterring
future U.S. export projects, according to the bank.
"Iran and East Mediterranean, key regions in the next wave of global gas supply beyond the U.S.,
made major strides in late August," the banks said in the report. "These developments set the
stage for a major boost in gas production and could help remake the global gas landscape."
Developing an LNG export option for South Pars, as well as the possible boost to Egyptian
shipments from Eni’s new Zohr field, will add to the the excess supply from rising production from
the U.S., East Africa, East Mediterranean, and Qatar, the analysts wrote.

Houston-based Cheniere Energy Inc. plans to ship its first LNG cargo in December from Sabine
Pass on the U.S. Gulf Coast, marking the start of a wave of projects forecast to turn the nation into
a major gas exporter. More than 50 applications have been filed to ship gas from the U.S.
Flexible Contracts
The oversupply of LNG and drop in prices have also called into question the viability of traditional
supply contracts between buyers and sellers, spurring new types of long-term deals with more
flexibility on volume, destination and oil-linked pricing, according to the analysts.
Prices of spot LNG for delivery to Northeast Asia has slid more than 60 percent since last year,
while cargoes to Europe have fallen 37 percent, according to New York-based Energy
Intelligence’s World Gas Intelligence publication. Natural gas futures in the U.S. dropped to record
lows as stockpiles have doubled since April.
U.S. natural gas inventories will show a gain this week of 95 billion cubic feet with reclassified
supplies, based on Citi’s estimates. TransCanada Corp.’s ANR Pipeline Co. said Aug. 31 that it
had re-categorized 9 billion cubic feet of gas as so-called working gas storage, adding additional
supply to the market.

Iran intent to go it alone threatens Opec’s production cut cohesion
Bloomberg + NewBase
Any plan by Opec to trim oil production to stem falling prices faces a major obstacle: Iran wants its
market share back.
Prices fell for a second session yesterday as doubts mounted over any coordinated response by
the Organisation of Petroleum Exporting Countries after Iran reiterated its commitment to boosting
supply. The country will increase output by as much as 1mn bpd after sanctions are lifted, Oil
Minister Bijan Namdar Zanganeh said in Tehran.
Oil capped the biggest three-day increase in 25 years on Monday amid reaction to a commentary
in the group’s monthly magazine that said it’s ready to talk to other producers to achieve “fair and
reasonable prices.” The publication included the oft-repeated caveat: The group won’t reduce
output unless the burden of propping up crude is shared with non-member nations.
“There would have to be pressure from other Opec members to throttle back Iran’s goal,” Daniel
Hynes, a senior commodity strategist at Australia & New Zealand Banking Group in Sydney, said
by phone. “I don’t think this signals any shift in strategy, but highlights the ongoing pressure on the
group that these lower prices have brought.”

While smaller members call for an emergency meeting to address the price drop before their next
scheduled summit in December, the group continues to pump above its 30mn bpd quota, fuelling
the oversupply that has driven oil lower.
“Immediately after lifting sanctions, it’s our right to return to the level of production we historically
had,” Zanganeh said in an interview. “We have no other choice,” he said. Iran plans to produce
3.8mn bpd to 3.9mn bpd by March and a price slump won’t slow the nation’s return to the market,
he said.
Any move to scale back Opec production, and Iran’s ambitions, would require support from Saudi
Arabia, the group’s biggest member. The world’s largest exporter led the decision last year to
sustain output as prices tumbled, speculating that higher-cost producers would be forced out of
the market. Iran is pushing ahead with its goal to increase market share, with the nation pumping
2.9mn bpd in August, the fastest rate in three years, according to a Bloomberg survey of oil
companies, producers and analysts. That helped boost Opec production to 32.3mn bpd.
Opec “has stressed on numerous occasions, it stands ready to talk to all other producers,” the
organisation said in its magazine published on Monday on its website. The group “will protect its
own interests,” it added.
The organisation may decide to defend Brent prices at $50 a barrel if demand in emerging
economies falters, adding to the strain on members’ ability to cover government spending plans,
according to Francisco Blanch, head of commodities research at Bank of America Corp.
Algeria’s Energy Minister Salah Khebri last month suggested an emergency meeting, an idea that
drew supportive comments from Libya and Venezuela. Saudi Arabia gave no public response,
while Iraq has said it must increase production to meet the needs of its growing population.

NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
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For additional free subscription emails please contact Hawk Energy
Khaled Malallah Al Awadi,
Energy Consultant
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
Mobile: +97150-4822502
khdmohd@hawkenergy.net
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Khaled Al Awadi is a UAE National with a total of 25 years of experience in
the Oil & Gas sector. Currently working as Technical Affairs Specialist for
Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy
consultation for the GCC area via Hawk Energy Service as a UAE
operations base , Most of the experience were spent as the Gas
Operations Manager in Emarat , responsible for Emarat Gas Pipeline
Network Facility & gas compressor stations . Through the years, he has
developed great experiences in the designing & constructing of gas
pipelines, gas metering & regulating stations and in the engineering of supply routes. Many years
were spent drafting, & compiling gas transportation, operation & maintenance agreements along
with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas
Conferences held in the UAE and Energy program broadcasted internationally, via GCC leading
satellite Channels.
NewBase : For discussion or further details on the news above you may contact us on +971504822502 , Dubai , UAE
NewBase 03 September 2015 K. Al Awadi

New base 679 special 03 september 2015 reduced

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