New base 994 special 31 january 2017 energy news

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,
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NewBase 31 January 2017 - Issue No. 994 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 petrol prices to rise in February;Special 95 by 5%, Dh2 a litre
The National + NewsAgency + NewBase
The Ministry of Energy announced on Sunday that consumers will pay Dh2 per litre for Super 98,
up 4.7 per cent from January; Special 95 will cost Dh1.89, up 5 per cent; and E Plus will cost
Dh1.82, up 5.2 per cent. Diesel will cost Dh2, up 3 per cent.
In January motorists paid Dh1.91 for a litre of Super 98, Dh1.80 for Special 95 and Dh1.73 for E
Plus. Diesel cost Dh1.94 a litre. Petrol prices in the UAE rose last year, but less sharply than
international oil benchmarks did.
At the start of 2016 Super 98 was priced at Dh1.69 per litre, Special 95 at Dh1.58 and E Plus at
Dh1.51. Diesel was Dh1.61. For the full year Super 98 averaged Dh1.73 a litre; Special 95
Dh1.62; E Plus 1.55 and diesel Dh1.67.
Meanwhile Brent crude rose 52.4 per cent last year. Brent crude closed last week at US$55.52
per barrel. That put it down 2.3 per cent for the year to date.
Fuel prices are set by a Ministry of Energy-led committee using "benchmark prices" that have not
been publicly specified.

UE: Etihad ESCO tenders for major Dubai rooftop solar project
DEWA unit says it will design and install solar panels on a total of 640 villas in Hatta region of Dubai
DEWA unit says it will design and install solar panels on a total of 640 villas in Hatta region of
Dubai
Etihad ESCO, an energy management services provider established by Dubai's state utility firm,
has submitted a tender for the largest rooftop solar PV project in the region.
Etihad ESCO, a unit of Dubai Electricity
and Water Authority (DEWA), will design
and install rooftop solar PV panels for a
total of 640 villas in Hatta, a statement
said.
The housing projects are being
developed under the Hatta
Comprehensive Development Plan,
which was launched by Sheikh
Mohammed bin Rashid Al Maktoum,
Vice President and Prime Minister of the
UAE and Ruler of Dubai.
According to Etihad ESCO, the project
will be completed by end of 2018, and is
expected to yield highest energy savings. The rooftop solar PVs will be connected to DEWA’s
main grid through the Shams Dubai programme, which will save cost for residents living in these
villas, once the project is completed.
Ali Al Jassim, CEO of Etihad ESCO, said: "For Hatta, it will be the largest rooftop solar PV project
in the region, and will be implemented by Etihad Solar. Under this landmark tender, we will be
installing rooftop solar PVs at villas in Hatta, and provide maintenance services for two years
thereafter."
Etihad Solar is a dedicated division under Etihad ESCO established to distribute innovative solar
power generation solutions across the energy sector in the UAE.
The statement said the Hatta project will also create technical, administrative and operational
jobs.The plan is part of the Dubai Clean Energy Strategy 2050, which aims to reach clean energy
supply targets of 25 percent by 2030, and 75 percent by 2050.
The AED1.3 billion ($353.9 million) Hatta Comprehensive Development Plan aims to boost the area’s
social and economic attractiveness as a world-class environmental tourist destination.It covers three key
areas including the economic and service sector, tourism and sports, and culture and education.

South Sudan aims to more than double oil output in 2017/18
Source: Reuters
South Sudan plans to more than double oil production to 290,000 barrels per day (bpd) in fiscal
2017/2018, the finance minister said on Friday, indicating a target higher than the level recorded
shortly before conflict erupted in late 2013.
The nation, which seceded from Sudan in 2011 but plunged into civil war just over two years later,
aimed to add 160,000 bpd to
existing output of 130,000 bpd in
the financial year starting in
July, Minister Stephen Dheiu
Dau told Reuters.
'The resumption is underway,'
he said in an interview in the
South Sudanese capital Juba,
referring to the plan to increase
output. 'The conflict has affected
the facilities, including the
power.'
Increased output would provide
desperately needed revenues
for a government which since
independence has relied on oil
for almost all income, which has
plummeted as production
plunged and international crude
prices slid.

Oman’s Khazzan gas project eyes production by Q4
MUSCAT, 23 hours, 31 minutes ago
Oman’s Khazzan tight gas project is on schedule to begin first natural gas production on
commercial basis in the fourth quarter of this year, a top government official said.
“All wells are being drilled. Hopefully by June, we will start commissioning of the plant and in
August, one of the gas processing trains will start operation and the second one will follow suit,”
said Salim Al Aufi, undersecretary at the Ministry of Oil and Gas, was quoted as saying in a Times
of Oman report.
While 50 wells will be drilled initially to start commercial production, the overall plan is to drill more
than 300 wells, the report said.
Work on the Khazzan
tight gas project began in
2014 and the completed
development will
eventually contribute
roughly a third of Oman’s
natural gas supply.
BP Oman is lead partner
in the project with a 60
per cent interest in
Khazzan project, while
Oman Oil Company
Exploration & Production holds 40 per cent, according to the project.

India: AG&P signs MoU with Hindustan LNG to build a new
LNG import terminal in Andhra Pradesh… Source: AG&P
AG&P (Atlantic, Gulf and Pacific Company), the leading global integrator of LNG infrastructure
solutions including LNG terminals and the supply chains that emanate from them, and Hindustan
LNG (HLNG), a Hyderabad-based LNG import terminal development company, have signed a
Memorandum of Understanding (MoU) to supply tolled gas to power stations in the East Godavari
region of Andhra Pradesh, India. Under the agreement, AG&P will provide an integrated solution
to deliver regasified LNG through a new LNG import terminal that AG&P will also design and build
at the port in Andhra Pradesh.
The MoU was signed at the
Partnership Summit 2017
organized by Confederation of
Indian Industry (CII), and the
signing was graced by Chief
Minister Shri N. Chandrababu
Naidu. The MoU has launched
a fully integrated solution for
delivering tolled gas in India,
including design, construction,
financing, operations and
maintenance of the new
terminal, which will ensure a
reliable and low-cost supply to
power producers, fertilizer
plants, cold storage and other
industries in Andhra Pradesh
and other markets along the
east coast.
Speaking at the signing
ceremony in Andhra Pradesh on 28th January, 2017, Dr. C.R. Prasad, Chairman of HLNG said:
'Andhra Pradesh is the ideal place for developing an LNG import facility to serve the growing
energy demands of the east coast of India where existing gas-fired power projects urgently need a
reliable supply of LNG. The partnership with AG&P will provide a strong platform to develop a fast-
track and low-cost LNG import solution that enables the region to continue on its growth
trajectory.'
AG&P will be responsible for designing and building all the required facilities for the import
terminal, including a floating storage and mooring system, regasification terminal, related utilities
and the provision of tolled gas to power plants and other users. AG&P will also carry out any
necessary conversion works and, upon commissioning, ongoing operations and maintenance
activities.
'It is a great privilege for AG&P to help implement India’s vision for clean, low-cost, flexible and
reliable power. Andhra Pradesh is playing a critical role in manufacturing and trade. The state and
its people are on a strong, upward trajectory. We see the provision of tolled gas to supply power
and fuel to factories, homes and even transport in an environmentally clean way as crucial
elements of Andhra Pradesh’s future. We are honoured to be a part of this exciting phase of the
state’s development,' said Dr. Jose P. Leviste, Jr., Chairman of AG&P.

Bangladesh to bid for Chevron gas fields after assessing reserves
By Ruma Paul | DHAKA
Bangladesh is hiring an international firm to assess reserves at Chevron Corp's natural gas fields
in the country before placing a formal
bid to buy the assets, its energy minister
told Reuters on Monday.
Energy-starved Dhaka meets half of
its gas needs through the three
Chevron-operated fields at Bibiyana,
Jalalabad and Moulavi Bazar in the
northeast of Bangladesh, highlighting
their importance for the poor country.
Bangladesh will make Chevron an offer
once the reserves and other details
have been assessed, Nasrul Hamid,
state minister for power, energy and
mineral resources, said.
Chevron, the second-largest United
States-based oil producer, said in 2015
it planned to sell about $10 billion of
assets by 2017 amid a prolonged slump
in energy prices.
Last year, Chevron said it was in
discussions about the potential sale of
the three fields with an estimated value
of $2 billion.
Bangladesh Gas Fields Co Ltd will next
month select the company that will
assess the reserves, Hamid said,
adding that it might need the help of an
international oil firm to further develop
the fields.
Chevron sells its entire output from
these fields to state oil company Petrobangla under a production-sharing contract. Under the
terms of the contract, the Bangladesh government has the right of first refusal in any asset sale.
Denmark: Siemens largest 8 MW wind turbine up and running

Siemens
Siemens Wind Power has installed the latest version of its offshore direct drive wind turbine at the
national test center in Østerild, Denmark, according to plan.
The SWT-8.0-154 is rated at 8 megawatts (MW) and equipped with the proven 154 m rotor. The
prototype was certified by DNV GL in January, confirming all relevant safety features for test
operation.
The new offshore turbine was
installed on a steel tower at a hub
height of 120 m. The prototype will
be used for both mechanical and
electrical testing. The final type
certificate is expected for 2018.
With the full commissioning of the
prototype, Siemens will enter the
final development phase for the new
turbine that allows for up to 10 per
cent higher annual energy
production (AEP) under offshore
wind conditions than the 7-MW
model.
The upgrade to 8 MW enables a
rated power increase of more than
14 per cent from 7.0 to 8.0 MW.
Similar to the previous upgrade from
6.0 MW to 7.0 MW, the 8-MW
turbine will benefit from the
established supply chain and proven
offshore direct drive technology components. Since the higher rating will be achieved with only a
few component upgrades including a new cooling concept and a new control system, customers
will again benefit from key value drivers including fast time-to-market and low risk.
"The installation of the SWT-8.0-154 prototype in Østerild is an important milestone in the success
story of our offshore direct drive wind turbines," states Michael Hannibal, CEO Offshore at
Siemens Wind Power. "The evolution based on our platform strategy demonstrates that innovation
to lower the cost of wind energy can work without compromising the proven reliability of a
technically mature product."
The offshore direct drive is the youngest Siemens wind turbine platform. It has already made an
impact: Recently 100 years of combined operation were reached with 2.5 terawatt-hours (TWh) of
electricity produced.
The total energy yield harvested by Siemens offshore direct drive generators installed by the end
of 2016, corresponds to the energy demand of all households in the city of Munich for an entire
year. This amount of electricity has been produced in less than six years, starting with the first
SWT-6.0-120 prototype to large offshore projects now in operation like Westermost Rough in the
UK and Gode Wind in German waters.

At the same time Siemens’ Offshore Direct Drive platform helped to avoid 1,250,000 metric tons of
CO2 emissions. This corresponds to the emission of all cars in a city the size of Munich over a
period of four months. The latest model SWT-8.0-154 is expected to enter serial production in
2019, the company said.
Currently approximately 150 Siemens offshore direct drive wind turbines have been handed over
to customers. More than 600 units of Siemens’ offshore direct drive wind turbines have been sold
since the launch of the large gearless turbine in 2011. `
The innovative product platform incorporates the unique technical experience from more than
2,300 installed offshore turbines and nearly 1,300 onshore direct-drive wind turbines, it said.
-

US Natural gas-fired generating capacity likely to increase
over next two yearsU.S. EIA, Electric Power Annual and Preliminary Monthly Electric Generator Inventory
The electricity industry is planning to increase natural gas-fired generating capacity by 11.2
gigawatts (GW) in 2017 and 25.4 GW in 2018, based on information reported to EIA. If these
plants come online as planned, annual net additions in natural gas capacity would be at their
highest levels since 2005.
On a combined basis, these 2017–18 additions would increase natural gas capacity by 8% from
the capacity existing at the end of 2016. Depending on the timing and utilization of these plants,
the new additions could help natural gas maintain its status as the primary energy source for
power generation, even if natural gas prices rise moderately.
The upcoming expansion of natural gas-fired electricity generating capacity follows five years of
net reductions of total coal-fired electricity generating capacity. Available coal-fired capacity fell by
an estimated 47.2 GW between the end of 2011 and the end of 2016, equivalent to a 15%
reduction in the coal fleet over the five-year period.
The electricity industry has been retiring some coal-fired generators and converting others to run
on natural gas in response to the implementation of environmental regulations and to the
sustained low cost of natural gas. The cost of natural gas delivered to power generators fell from
an average price of $5.00 per million Btu (MMBtu) in 2014 to $3.23/MMBtu in 2015 and averaged
$2.78/MMBtu from January through October 2016, the latest available data.
Expanded production from shale formations is one of the main reasons that natural gas prices
have remained low in recent years. Many of the natural gas-fired power plants currently under
construction are located in Mid-Atlantic states and Texas, where the nation’s major natural gas
shale plays are located. Expanding natural gas pipeline networks also help support the growth in
natural gas-fired electric generating capacity.

Based on projections in EIA’s January 2017 Short-Term Energy Outlook (STEO), natural gas
prices are expected to increase in both 2017 and 2018. Rising natural gas prices could lead
developers to postpone or cancel some of the upcoming power plant additions.
Construction timelines for these plants are relatively short: more than half of the natural gas-fired
generating capacity scheduled to come online in 2017 and 2018 was not yet under construction as
of October 2016.
Rising natural gas prices could also encourage power generators to lower their use of natural gas-
fired capacity. Despite the additions to capacity in 2017, the STEO forecast share of total U.S.
generation supplied by natural gas falls from 34% in 2016 to 32% in 2017. In contrast, coal’s
share of generation is projected to rise from 30% to 32%.
By 2018, however, the scheduled expansion of overall capacity fueled by natural gas is expected
to more than offset the effect of higher natural gas prices and potentially reduced utilization,
resulting in a slight increase in natural gas’s share of total U.S. electricity generation.

US:EIA’s weekly natural gas storage data now include
measures of sampling variability
Source: U.S. EIA, Weekly Natural Gas Storage Report
Starting with the release of data for the week ending January 20, 2017, EIA’s Weekly Natural Gas
Storage Report (WNGSR) now provides information about the statistical properties of published
estimates of weekly working natural gas levels and their net changes. The methodology for the
storage data itself, however, is unchanged.
The WNGSR provides estimates of working gas in storage—the amount of natural gas that can be
withdrawn to satisfy market demand—based on a sample of storage operators in the Lower 48
states.
Like other sample surveys, the WNGSR is subject to sampling error. To help users better
understand sampling variability in WNGSR values, a new table provides
The standard error for estimates of weekly net changes in working gas levels. Standard error is a
measure of the sampling variability of an estimate based on all possible samples that could have
been selected using the chosen sample design.
The coefficient of variation for estimates of weekly working gas storage levels. The coefficient of
variation, or relative standard error, presents the standard error as a percentage of the published
working gas storage estimate.

Source: U.S. Energy Information Administration, Weekly Natural Gas Storage Report
EIA has also estimated these measures of sampling variability for all weeks since April 2015.
Since that time, the standard errors for estimates of weekly net change have averaged about 2
billion cubic feet (Bcf) for the Lower 48 states and about 1 Bcf for each region. The coefficients of
variation for stocks are typically about 1% for the Lower 48 states, and they
range between 1% and 5% for the regions. For example, the larger coefficients of variation for the
working gas estimates at the salt facilities in the South Central region likely resulted from the
variable activity at these high-deliverability natural gas storage facilities. In contrast, the
comparatively regular activity at aquifer storage sites in the Midwest contributes to the lower
coefficients of variation for the Midwest region.
The standard error can be used to construct a confidence interval centered about the estimate.
For example, the published weekly estimate of the net withdrawal for January 20, 2017, is 119
Bcf, and the standard error of the net withdrawal is 2.9 Bcf. The 95% confidence interval ranges
from 113 Bcf to 125 Bcf.
For the Lower 48 states, the standard errors tend to be slightly larger during weeks when net
changes in natural gas inventories are relatively large in absolute value, such as those weeks
when changes exceeded 100 Bcf.

For the 53 report weeks ending in 2016, none had net injections that exceeded 100 Bcf, but in 10
of those weeks, net withdrawals exceeded 100 Bcf. For those 10 weeks, the standard error
ranged from 2.2 Bcf to 5.5 Bcf, while the standard error ranged from 1.0 Bcf to 3.2 Bcf for the
other 43 weeks.
Estimates of working gas storage reported in the WNGSR for the last week of each month
precede the estimates of working gas that are reported in the Natural Gas Monthly by roughly two
months.
Because the estimates reported in the Natural Gas Monthly come from a census of all known
storage operators, the monthly values have no sampling errors. Since April 2015, all working gas
levels reported in the Natural Gas Monthly did not deviate noticeably from the 95% confidence
band constructed from the WNGSR weekly estimates and their standard errors.

NewBase 31 January 2017 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Oil prices dip as rising US output offsets OPEC-led cuts
Reuters + newBase
Oil prices dipped on Tuesday as rising U.S. drilling activity offset efforts by OPEC and other
producers to cut output in a move to prop up the market.
Brent crude futures, the international benchmark for oil prices, were trading at $55.16 per barrel at
0421 GMT, down 7 cents from their last close. Since their January peak, Brent has lost over 5.5
percent in value.
U.S. West Texas Intermediate (WTI) crude futures were at $52.44 a barrel, down 19 cents from
their previous settlement, and WTI is down 2.85 percent since its January peak.
The falls reflect a sentiment that efforts led by the Organization of the Petroleum Exporting
Countries (OPEC) to cut output by almost 1.8 barrel per day (bpd) in order to end overproduction
were so far not big enough to offset rising U.S. drilling.
"Crude oil prices continued to struggle as traders remained concerned about increasing drilling
activity in the U.S.," ANZ bank said on Tuesday.
Following months of rising drilling activity, U.S. oil production has risen by 6.3 percent since July
last year to almost 9 million bpd, according to data from the U.S. Energy Information
Administration.
U.S. bank Goldman Sachs estimates that year-on-year U.S. oil "production will rise by 290,000
bpd in 2017" if a backlog on rigs that are still to become operational is accounted for.
Oil price special
coverage

With the differing outlook between global oil markets and that in the United States, traders said a
renewed focus on the spread between Brent and WTI futures has emerged.
The Brent premium over WTI for March delivery is currently over $2.7 per barrel, reflecting a
tighter global market as OPEC's cuts bite and a more oversupplied U.S. as drilling continues to
rise.
Yet by November this year, this Brent premium is down to just over $1 a barrel.
"You've already seen U.S. crude coming into Asia and Europe, a straders take advantage of
arbitrage between the U.S. and the restof the world," one crude trader in Singapore said. "But at
somestage, that exported U.S. crude will get priced into the global market and out of the American
one, bringing down the spread between Brent and WTI."
OPEC Convinces Investors That Its Oil Output Cuts Are Real
by Mark Shenk
PEC appears to have persuaded investors that it’s making good on promised production cuts.
Money managers are the most optimistic on West Texas Intermediate oil prices in at least a
decade as the Organization of Petroleum Exporting Countries and other producers reduce crude
output. Saudi Arabia has said more than 80 percent of the targeted reduction of 1.8 million barrels
a day has been implemented. Oil shipments from OPEC are plunging this month, according to
tanker-tracker Petro-Logistics SA.
“All the signs are pointing to a pretty significant OPEC cut,” Mike Wittner, head of commodities
research at Societe Generale SA in New York, said by telephone. “Until this week we were only
getting data from the producers, now the tanker traffic seems to be supporting this view.”
OPEC will reduce supply by 900,000 barrels a day in January, the first month of the accord’s
implementation, said the Geneva-based Petro-Logistics. That’s about 75 percent of the cut that

the producer group agreed to make. Eleven non-members led by Russia are to curb their output in
support.
Hedge funds boosted their net-long position, or the difference between bets on a price increase
and wagers on a decline, by 6.1 percent in the week ended Jan. 24, U.S. Commodity Futures
Trading Commission data show. WTI rose 1.3 percent to $53.18 a barrel in the report week. The
U.S. benchmark slipped 1.1 percent to $52.57 at 10:52 a.m.
OPEC members Saudi Arabia, Kuwait and Algeria have said they’ve cut output this month by
even more than was required, while Russia said it’s also curbing production faster than was
agreed. Saudi Energy Minister Khalid Al-Falih said Jan. 22 that adherence has been so good that
OPEC probably won’t need to extend the accord when it expires in the middle of the year.
Shale Headwind
The OPEC-engineered price rally has spurred a surge in drilling in the U.S. shale patch. Rigs
targeting crude in the U.S. rose by 15 to 566 last week, the highest since November 2015,
according to Baker Hughes Inc.
“There’s one headwind in the oil market: increased U.S. shale production,” Jay Hatfield, a New
York-based portfolio manager of the InfraCap MLP exchange-traded fund with $175 million in
assets, said by telephone. “U.S. output in 2017 will be 1 million barrels a day higher than last
year.”
U.S. crude production climbed to 8.96 million barrels a day in the week ended Jan. 20, the highest
since April, according to the Energy Information Administration. That’s already closing in on the
EIA’s latest 2017 output forecast of 9 million barrels a day that was issued Jan. 10.
The net-long position in WTI rose by 21,429 futures and options to 370,939, the most in data
going back to 2006. Longs rose 3.7 percent to a record high, while shorts slipped 11 percent.
In the Brent market, money managers reduced the net-long position by 3.1 percent to 448,352
during the week, according to data from ICE Futures Europe. Longs slipped, while shorts rose.
In fuel markets, net-bullish bets on gasoline fell 3.4 percent to 61,511 contracts as futures
decreased 1.5 percent in the report
week. Money managers increased
wagers on higher ultra low sulfur
diesel prices by 1.3 percent to
34,978 contracts, while futures slid
0.4 percent.
“For the time being the market is
more focused on the OPEC cuts
than about how fast U.S. shale
drillers are returning,” Wittner said.
“There may come a point soon when
the support provided by OPEC will
be outweighed by the prospect of
rising U.S. production. When that
happens there will be a big shift in
investor sentiment.”

NewBase Special Coverage
News Agencies News Release 31 Jan. 2017
U.S. is benifiting from OPEC oil control and reduction
Julian Lee
OPEC's oil-market management and in particular its repeated attempts to raise prices have done
more than any other single factor to boost U.S. oil production and set America on the road to
some sort of energy independence, whatever that might be.
Far from vilifying OPEC, U.S. senators should be erecting statues to the 13 men who
are helping to "make America great again."
In a written question for the record, Senator Ed Markey asked secretary of state nominee Rex
Tillerson whether he agreed "that the United States should unequivocally reject any efforts by
OPEC to collaborate to manipulate oil markets and take all measures within our power to reduce
OPEC's ability to artificially limit production or increase prices."
Tillerson's response:
Yes. While it is very important for the United States to engage with other oil producing nations, I
do not believe that we should collaborate with OPEC to manipulate oil markets.
He said nothing about taking measures against OPEC.
Some may see that as a reflection of Tillerson's long oil industry career, but I think it runs deeper.
Slippery Slope
WTI was already falling heavily before OPEC abandoned output restraints

The U.S. shale industry wouldn't have taken off as it did, creating all those jobs along the way, if
OPEC hadn't cut oil supplies after the 2008 price crash and then managed things to keep costs
above $100 a barrel. Entrepreneurship, ingenuity and mineral rights all played their part in the
shale boom, but the take-up of technology wouldn't have been anywhere near as fast or extensive
if somebody else hadn't given up their own market share. Besides, it's much easier to make
mistakes and learn what works and what doesn't in a $100 oil world than in a $50 one.
If you're not convinced, then take a look at what happened when OPEC stopped manipulating oil
markets.
In June 2014, the group decided to roll over its official output target of 30 million barrels a day for
another six months. Before it next met in November, actual production had risen by about 1 million
barrels and oil had dropped by 30 percent, pushing WTI down to $73.69. And that was before
Saudi Arabia persuaded other members to abandon restraint. Once the restrictions were lifted and
volumes rose further, prices collapsed, sending WTI to a 13-year low of $26.21 a barrel.
Was that in America's interest? Well it certainly cut gasoline prices, which was a bonus for drivers,
and it put money back in consumers' pockets. But it had a delayed negative effect on U.S. GDP
growth, which fell from around 3 percent as oil prices started to weaken to close to 1.5 percent
amid $50 oil. Oh, and it decimated the U.S. oil patch, with a loss of about 14 percent of the
workforce.
Now, if like Ed Markey, you're an "environmental hero", that might seem like a good thing. But I'm
not so sure.
Rigged
U.S. oil drilling has closely followed moves in WTI, with a four-month time lag
Note: Indexed for easier comparison. Week ending Jan. 6, 2012 = 100.
Yes, high prices increase the rewards for exploitation of the black stuff and make it profitable to produce oil
that might otherwise stay in the ground. But they also make it much easier for frontier renewable-energy
technologies to break in. Just as $100 oil supported the birth of U.S. shale oil, it's done the same for wind
and solar power, too. That's one of the reasons there was so little outcry from European governments over
rising oil prices in the early 2000s -- they made it much easier to pursue green-energy policies.
The short-term benefits to oil of high prices, underwritten by OPEC output cuts, may ultimately serve to
hasten its demise.Tillerson's response should warm the hearts of oil fans and detractors alike. No, the U.S.
won't join OPEC's market management. It's quite happy to let others bear the burden of supporting prices.
But it won't condemn the practice either. OPEC's market machinations will boost the U.S. oil sector in the
immediate future, but hasten crude's demise as the world's primary fuel source longer term.

NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
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Khaled Malallah Al Awadi,
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MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
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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
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