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NewBase Energy News 17 May 2024 No. 1725 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’sMubadala Energy announces 'substantial' offshore gas
find in Indonesia
The National + NewBase
Mubadala Energy, the oil and gas unit of Abu Dhabi’s Mubadala Investment Company, on
Monday announced a “substantial” gas discovery off Indonesia.
The discovery was made from the Tangkulo-1 exploration well, which was drilled in South
Andaman, about 65km offshore from North Sumatra, Mubadala Energy said in a statement.
Despite limitations imposed by testing facilities, the well's estimated capacity is between 80 million
to 100 million standard cubic feet a day and more than 2,000 barrels of condensate, the company
said.
Mubadala Energy’s latest find follows the company's major deep-sea gas reserve discovery in
Indonesia's South Andaman block last year.
ww.linkedin.com/in/khaled-al-awadi-80201019/
The well's estimated capacity is between 80 million to 100 million
standard cubic feet per
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At the time of the discovery, the company said that through the Layaran-1 exploration well, it had
identified the potential for more than 6 trillion cubic feet (tcf) of gas-in-place.
“When added to our recent success at Layaran-1, this game-changing discovery promises to
transform Indonesia’s and South-east Asia’s energy landscape and demonstrates that South
Andaman is one of the world’s most exciting energy plays,” said Mansoor Al Hamed, the chief
executive of Mubadala Energy.
“By working with partners and harnessing our world class technical capabilities, I am confident we
can realise the full potential of this block.”
With an 80 per cent working interest in South Andaman, Mubadala Energy is the largest net acreage
holder in the area.
The latest find adds to the significant volume of potential resources and provides a platform for the
company's “continued organic growth in the region through additional exploration and appraisal
activities”, Mubadala Energy said.
“Tangkulo-1 is an important pillar in the cluster’s development story, with the discovery unlocking
further potential in the southern part of the block and indicating an additional multi- (trillion cubic
feet) of prospective gas resource in nearby structures.”
A mangrove tree that survived the 2004 tsunami in the Ujong Pancu area, Indonesia. All photos:
EPA
Mubadala Energy, which was previously
known as Mubadala Petroleum, has been
operating in Indonesia since 2004. It has
assets and operations spanning 11
countries, primarily in the Mena region,
Russia and South-east Asia.
Several countries are looking to substitute
coal with natural gas, which is considered
a cleaner fossil fuel compared to coal.
Indonesia, one of the world's largest coal
exporters and the biggest economy in
South-east Asia, plans to generate at least
51 per cent of its total energy from
renewable sources by 2030.
The country also aims to become carbon
neutral by 2060 or sooner, with renewable
energy providing up to 85 per cent of the
energy mix.
Global coal demand is set to drop next year
and “plateau” through 2026, according to the International Energy Agency, which regards the shift
as a “historic turning point”.
Coal consumption is projected to fall by 2.3 per cent in 2026, driven by a major expansion of
renewable energy capacity in the next three years, the agency said in its annual coal market report
in December
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UAE: Adnoc return to Drilling Ras Al Sadr gas field after 75 year
Trae Arabia + NewBase
Adnoc has returned to the Ras Al Sadr field to start gas production, 75 years after the first
exploration well was drilled at the field. Back in the 1950s, as the Middle East’s oil industry was
being established, Abu Dhabi’s first ever exploratory well was drilled in Ras Al Sadr, reported WAM.
While the well was “dry” and Abu Dhabi’s first commercial discovery came from another field, Ras
Al Sadr is essentially where the oil and gas industry of Abu Dhabi started.
Fast forward to today, and through advancements in technology and Adnoc’s industry-leading 3D
mega seismic survey, oil and gas deposits were discovered that were not found in the first
exploration activity in the area 75 years ago.
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The data gathered by the survey was interpreted at Adnoc’s Thamama Excellence Centre using
advanced digitisation and artificial intelligence (AI) technologies pinpointing the location of the oil
and gas resources and accelerating its development.
Leveraging its industry-leading innovative technologies, Adnoc achieved production in seven
months from discovery, an industry record-breaking time that sets a new benchmark in the oil and
gas sector.
Abdulmunim Saif Al Kindy, Adnoc Upstream Executive Director said: “The successful restart of
operations in the Ras Al Sadr field highlights Adnoc’s commitment to setting new industry standards
as we strive to responsibly meet the demands of an ever-changing energy market.
The first well at Ras Al Sadr was the start of Abu Dhabi’s oil industry that has powered the UAE’s
economy for the over half a century. This achievement underscores our contribution to the prosperity
and sustainability of the country and reaffirms our commitment to operate in harmony with local
communities to create lasting and sustainable value for the nation.”
Ras Al Sadr gas field is set to produce up to 100 million standard cubic feet (MMSCF) per day. This
is equivalent to Sweden’s daily gas needs. Production will ramp up to full capacity by 2026, further
supporting the UAE’s gas self-sufficiency and contributing to the growing global demand for gas.
What makes this achievement even more impressive is that Ras Al Sadr was developed in close
proximity to a residential neighborhood, with the team working alongside communities and the
environment, demonstrating Adnoc’s commitment to minimising environmental impact. In-Country
Value (ICV) and the development of UAE Nationals were also key factors in the project’s success.
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Positioned along the E11 highway, about 45km northeast of Abu Dhabi City, the Ras Al Sadr
production site will produce natural gas with crude oil produced from a nearby development in the
same field.
The field is being developed jointly by Adnoc and INPEX/JODCO, Japan’s largest oil and gas
exploration and production company, underlying the strategic energy partnership between the UAE
and Japan. Ras Al Sadr is the second field discovered across the block, underlining the
attractiveness of Abu Dhabi’s world-class oil and gas resources.
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Morocco to almost double its energy capacity by 2027
Ahmed Eljechtimi, Reuters News
Morocco plans to invest $7 billion to add 9 gigawatts to its 11 GW installed energy capacity by 2027,
energy minister Leila Benali said on Wednesday.
Renewables would make up 6.5GW of the added capacity, Benali told a conference on batteries in
Rabat. Renewable capacity is currently 4.5GW, or 37.6% of total capacity, according to electricity
regulator.
Morocco has invested $6 billion in renewables since 2009, seeking to increase their share of the
country's energy mix to 52% by 2050, mostly through investments in solar and wind.
"We must invest more in areas like grids- to enhance development of renewables in our country -
storage and batteries," Benali said.
In terms of actual production, about 70% of Morocco's electricity is generated from coal, with
renewable energy accounting for 20% last year, official figures showed.
The government said in March that it will build liquefied natural gas infrastructure in the
Mediterranean port of Nador and connect it with a pipeline through which Morocco has been
importing gas from Spanish LNG
terminals.
"Natural gas plays a crucial role in our
energy transition," the minister said.
Earlier this year, the government
unveiled incentives and identified 1
million hectares as part of its green
hydrogen offer to attract investors,
targeting both the domestic market and
exports.
Green hydrogen, produced by splitting
water through electrolysis using
renewable energy, is expected to play a
key role in decarbonising industries.
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Egypt: New Land Access Agreement for 10GW mega wind project
Muhammad Aamir, WAM (Emirates News Agency)
Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, along
with Infinity Power, the largest African renewable energy developer, and Hassan Allam Utilities, a
sustainable infrastructure focused development and investment platform, have today signed a Land
Access Agreement with the Egyptian Government for the consortium’s 10GW capacity onshore
wind farm in Egypt, set to be one of the largest in the world, with a project value exceeding US$10
billion.
The agreement gives the Consortium access to a 3025 km2 area of land located in West Suhag,
and will allow the consortium to conduct the necessary development studies to progress the project.
This will include resource measurement campaigns, geotechnical and topographic surveys, in
addition to the environmental studies to ensure minimal environmental impact.
These studies represent an important step forward in the project development, and the findings will
be vital in progressing towards construction. Once under construction the wind farm will deliver
significant benefits to local communities, including job creation with commitments to hire locally,
community support initiatives, and the protection and support of the natural environment.
The landmark wind project will produce 47,790 GWh of clean energy per year and cut around 9
percent of Egypt’s annual carbon emissions by displacing 23.8 million tonnes of carbon dioxide
annually. The wind farm will also help Egypt meet its strategic objective of sourcing 42 percent of
its energy from renewables by 2030. The 10 GW wind farm will save the country an estimated US$5
billion in natural gas costs per year.
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ACWA sign power purchase for largest wind farm in Uzbekistan
Trade Arabia + NewBase
Saudi-based Acwa Power, a leading global utility project developer, has signed a power purchase
agreement (PPA) with the National Electric Grid of Uzbekistan for Aral 5GW Wind Independent
Power Producer (IPP) project in the Karakalpakstan region. Once completed, it will be the largest
wind farm in Central Asia.
As Acwa Power’s 15th project in Uzbekistan, Aral Wind IPP solidifies the company’s strong
commitment to providing the renewable energy needed to meet the Central Asian country’s
ambitious aims to have 40% of its energy mix provided by renewables by 2030.
Uzbekistan is Acwa Power’s largest market after its home country of Saudi Arabia, and this latest
project brings its total investment in the country to $13.9 billion. The agreement was signed on the
sidelines of the Tashkent International Investment Forum held under the patronage of President
Shavkat Mirziyoyev, President of the Republic of Uzbekistan.
The signing ceremony was attended by Uzbek Prime Minister Abdulla Aripov and Prince Abdulaziz
bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia.
According to Acwa Power, the Aral Wind IPP will be deployed in five phases. This flagship initiative
will generate approximately 18,500 GWh of clean electricity annually, displacing 247 billion tonnes
of CO2 over its lifetime and providing power to around four million homes, thus marking a pivotal
step in Uzbekistan's green energy transition.
It is also projected to create hundreds of direct and indirect jobs and stimulate local industry by
localising services and supplies. Also at the event, Acwa Power inaugurated two of its ongoing
projects in the country - the 1.5GW Sirdarya CCGT plant and the first 100MW phase of the Riverside
solar plant in the Tashkent region.
Mohammad Abunayyan, Founder and Chairman of the Board of Acwa Power, said: "This historic
project will provide clean power to approximately 4.5 million houses in Uzbekistan, a country which
is propelling its energy transition thanks to its ambitious and decisive leadership."
"We are proud to collaborate with Uzbekistan’s government to export our low-carbon expertise
beyond the borders of Saudi Arabia, improving the lives of millions in a country with whom we are
honoured to share close ties," he added.-
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Russia’s sea diesel trading partners shifted after Feb 2023 sanctions
Eia.com + NewBase
In 2023, Brazil and Saudi Arabia replaced France and Germany as the countries with the second-
and third-most seaborne diesel imports from Russia after sanctions related to Russia’s petroleum
product trade went into effect in February 2023. Türkiye was Russia’s largest seaborne diesel
importer in both 2022 and 2023.
Note: Shipments with no recorded destination are included in all other countries.
Diesel made up 40% of Russia’s seaborne petroleum products exports in 2023, increasing 8% from
0.9 million barrels per day (b/d) in 2022 to 1.0 million b/d in 2023. Brazil received 13% (136,000 b/d)
of these exports in 2023, and Saudi Arabia received 6% (61,000 b/d), increasing each country’s
shares from less than 1% in 2022. Türkiye, a non-EU member, received 13% (122,000 b/d) in 2022
and 31% (315,000 b/d) in 2023, and four countries in Africa—Libya, Tunisia, Morocco, and Ghana—
each increased annual seaborne diesel imports from Russia by more than 20,000 b/d. By
comparison, the rest of Europe, excluding Türkiye, received 67% (626,000 b/d) of Russia’s
seaborne diesel exports in 2022 and 5% (53,000 b/d) in 2023.
In February 2023, a coalition of G7 countries, the EU, and Australia prohibited the brokering,
financing, shipping, and insuring of petroleum products of Russian origin by maritime vessels under
their jurisdiction and set a price cap on premium-to-crude petroleum products, such as diesel, for
other importing countries. According to data from the Centre for Research on Energy and Clean Air,
the percentage of Russia’s oil product shipments owned or insured by EU or G7 countries declined
from an estimated 80% in 2022 to 58% in 2023 because of the prohibition. In addition, Russia’s
export revenues for oil products and other chemicals declined 14%, from $104 billion to $89 billion.
In February 2024, a compliance and enforcement alert released by the countries enforcing the price
cap highlighted common industry actions taken to evade the price caps, such as false documents,
intermediary or irregular shipping routes, and the shadow or gray fleet (anonymously owned or
insured vessels used to trade sanctioned oil and oil products).
Sustained price caps resulting in increased export demand to countries not imposing the sanctions and
refinery outages in early 2024 have reduced diesel and gasoline supply to Russia’s domestic market, which
has led to increased domestic fuel prices and periodic fuel export bans in Russia. Monthly refinery runs
began declining in January 2024 because of refinery outages from reported drone strikes and sanctions. An
estimated 14% of Russia’s refining capacity came offline in the first quarter of 2024, even though declines
do not usually occur until spring seasonal maintenance.
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NewBase May 17 -2024 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil set for weekly gain on hopes of firmer demand
Reuters + NeewBase
Oil prices steadied on Friday, with global benchmark Brent set for its first weekly gain in three weeks
as economic indicators from big consumers China and the United States bolstered hopes for higher
demand.
China's industrial output rose 6.7% year on year in April as recovery in its manufacturing sector
gathered pace, accelerating from 4.5% in March and pointing to possibly stronger demand to come.
Brent crude oil rose 5 cents to $83.32 a barrel by 0950 GMT. U.S. West Texas Intermediate (WTI)
crude was down 3 cents at $79.20.
Tamas Varga of oil broker PVM said that while the Chinese figures and another attack on Russian
oil infrastructure were boosting prices, oil had yet to make a convincing recovery from its recent
slump.
Oil price special
coverage
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"The lack of explicit enthusiasm is probably the function of tepid product demand depressing refining
margins," he said.
Authorities have managed to contain a fire that started at Russia's Tuapse oil refinery after a
Ukrainian drone attack, officials in the Krasnodar region said.
Brent is on track for an increase of about 0.6% over the week, with WTI on course for a 1.2% gain.
Declines in oil and refined products inventories at global trading hubs have also created optimism
over demand, reversing a trend of rising stockpiles that had weighed heavily on crude oil prices in
previous weeks.
OANDA senior market analyst Kelvin Wong cited "several encouraging factors", including two
consecutive weeks of decline in U.S. crude stockpiles and expectations of more economic stimulus
measures from China.
Recent economic indicators from the United States have fed into the optimism over global demand.
U.S. consumer prices rose less than expected in April, data showed on Wednesday, boosting
expectations of lower interest rates.
Lower U.S. interest rates could help soften the dollar, which would make oil cheaper for investors
holding other currencies.
On the supply side, investors were mostly looking for direction from the coming OPEC+ meeting on
June 1
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 Hawk Energy Sees Oil at $85-$100 This Year With Strong Demand Growth
 That’s a ‘ foreseeable & sensible range,’ Hawk Energy CEO M. Al Shihabi says
 Demand set to grow to 104 MBD up by 2.0 MBD, in 2024: Al Awadhi says
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NewBase Specual Coverage
The Energy world – May 17 -2024
CLEAN ENERGY
What is the future of ? IS Electric and hybrid car sales to rise to
new global record in 2024 Or …
The Gaurdian + EIA + NewBase
Electric and plug-in hybrid car sales will jump to a new global record in 2024 despite slowing growth
in some markets, according to forecasts from the influential International Energy Agency (IEA).
International Energy Agency says 17m vehicles will be sold this year, up more than 20% compared
with 2023
The Paris-based forecaster said that 17m battery electric vehicles and plug-in hybrid electric
vehicles will be sold in 2024, up more than 20% compared with 2023.
The IEA also said most electric cars will cost the same as petrol equivalents by 2030 as prices
drop. Tesla lowered prices over the weekend as it fights to retain its market share amid fierce
competition from Chinese rivals such as BYD, its closest contender as the world’s largest producer
of battery electric cars.
Carmakers have complained that growth in demand for electric cars is slowing, forcing them to offer
discounts to compete. While this could damage some carmakers, lower prices are also likely to
accelerate the transition, the IEA said.
Fatih Birol, the energy economist who heads the IEA, acknowledged that sales are stronger in some
countries than others, but added that there was clear momentum for the transition.
“Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of
growth,” he said.
“The wave of investment in battery manufacturing suggests the EV supply chain is advancing to
meet automakers’ ambitious plans for expansion. As a result, the share of EVs on the roads is
expected to continue to climb rapidly.”
In the first quarter of 2024 there were more sales of electric and plug-in hybrids (which combine a
petrol engine with a battery) than in the whole of 2020, the IEA said.
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Hybrids still emit large amounts of CO2 when in use, although some in the car industry argue that
– if used correctly – they are a necessary step to lower emissions until public charging infrastructure
improves.
Some countries have concentrated on
encouraging electric vehicle adoption: four-
fifths of all cars sold in Norway in 2023 were
electric. However, policies vary widely, with
China and richer European countries
generally ahead of the rest of the world,
including the US.
The UK was Europe’s biggest electric car
market over the first three months of 2023 for
the first time, according to Matthias Schmidt,
an independent analyst.
The timing of the adoption of electric cars in
Europe is heavily influenced by the
regulations, as carmakers try to eke out
profits from their petrol and diesel models
while avoiding fines for failing to sell enough electric cars.
Schmidt said he expected UK electric sales in 2024 to remain equal to or slightly higher than
Germany, which has a bigger population. Schmidt said German sales were suffering due to subsidy
cuts, and because manufacturers are
deliberately holding back sales until 2025,
when tougher rules on average CO2 emissions
come in.
“That delay will give Chinese manufacturers a
small window to manipulate, because from
2025 the traditional manufacturers will really
begin their electric vehicle push in earnest,”
Schmidt said.
In the UK the government removed subsidies
from privately bought electric cars in 2022.
The Society of Motor Manufacturers and
Traders on Tuesday raised concerns about the
separate grants for zero-emissions lorries. The
lobby group said the grants were not being
used because it takes too long to certify that
trucks produce zero emissions.
U.S. share of electric and hybrid vehicle sales decreased in the first quarter of 2024
The share of electric and hybrid vehicle sales in the United States decreased in the first quarter of
2024 as battery electric vehicle (BEV) sales declined. Hybrid vehicles, plug-in hybrid electric
vehicles, and BEVs fell to 18.0% of total new light-duty vehicle (LDV) sales in the United States in
the first quarter of 2024 (1Q24) from 18.8% in 4Q23, according to estimates from Wards
Intelligence.
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Data source: Wards Intelligence
Note: EV=electric vehicles, which include both battery electric and plug-in hybrid electric vehicles.
This slight decline in market share was driven primarily by BEV sales, which fell from 8.1% of the
total LDV market in 4Q23 to 7.0% in 1Q24. This decline represents the first BEV market share
decline since the economic effects from the COVID-19 pandemic began in 2Q20.
The U.S. LDV market is highly seasonal, and total sales usually level off in the first quarter after an
end-of-year sales increase. BEV sales grew 7% in 1Q24 compared with 1Q23 after 13 consecutive
quarters of double-digit gains. The slowdown in growth can be broken into two components:
 An uneven decline in the overall new LDV sales market, where luxury vehicle sales declined more
than mass-market sales
 A decline in mass-market BEV sales
BEVs continue to be popular in the luxury vehicle segment, maintaining about one-third of luxury
LDV sales from 1Q23 through 1Q24. Of all BEV sales in 1Q24, 8 out of 10 sales were luxury models,
in part due to the continued wide availability of luxury BEV options and favorable within-segment
pricing from Tesla, Mercedes, Rivian, Cadillac, Audi, and BMW.
U.S. luxury-vehicle sales varied between 12% and 15% of the overall LDV market between 2014
and 2020 but grew to reach 18% in 2023. Luxury-vehicle sales returned to pre-pandemic levels in
mid-2022, but mass-market vehicle sales have remained 10% below pre-pandemic levels as of this
quarter.
This uneven recovery contributed to the rise in the BEV sales share in 2022 and 2023. In 1Q24, the
trend reversed when luxury vehicles fell to 16% of the market. Further return to the pre-pandemic
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luxury and mass-market split may continue to slow BEV sales growth in the absence of new mass-
market BEV models.
Historically, BEV sales have not performed as well in the mass-market segment as they have in the
luxury segment in the United States. Total U.S. sales of mass-market LDVs declined by 1.0%, and
total mass-market BEV sales fell 17.9%, reducing the market share of BEV models from 2.2% in
4Q23 to 1.8% in 1Q24.
Manufacturers have released mass-market BEV models and increased production capacity over
the past couple of years, but the halt in Chevrolet Bolt production and the corresponding 64%
reduction in year-over-year sales for that vehicle pulled the mass-market BEV market share down
in 1Q24.
The U.S. industry average LDV transaction price decreased slightly during 1Q24 as luxury vehicles
lost market share. According to Cox Automotive, average BEV transaction prices fell 3.8%
compared with 4Q23 and 9.0% compared with 1Q23.
Average 1Q24 BEV transaction prices were $6,904 higher than the overall industry average
(combined luxury and non-luxury) and $7,290 lower than the average for luxury vehicles, before
accounting for any consumer or government incentives.
The road forward
In the recently passed Inflation Reduction Act in the US, new tax credits apply to both plug-in hybrids
and electric vehicles, provided they meet requirements on price and domestic manufacturing.
But in other major markets, policy pushes are favoring electric vehicles over plug-ins. Some
European nations, like Germany, are beginning to phase out subsidies for plug-in hybrids. In China,
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subsidies for plug-in vehicles are lower than those for electric vehicles, and they require a minimum
electric range of around 50 miles, Yang says.
The various policies reflect differences in consumer attitudes: in particular, many Americans are still
reluctant to buy EVs.
Lack of access to charging, as
well as concerns about range,
are among the leading
reasons US consumers say
they wouldn’t consider an
electric vehicle, says Mark
Singer, a researcher at the
National Renewable Energy
Laboratory. Those concerns
have made some consumers
more receptive to plug-in
hybrids than they are to
electric vehicles, he adds.
In the US, there are just
over 6,000 fast charging
stations, and about 50,000
total locations that house EV
chargers, as of the end of
2021. By comparison, there
are about 150,000 fuel
stations for gas-powered
cars. Charging access is still a
concern for many drivers,
especially along interstate
highways, where only 6% of
EV charging stations are
located.
Today, a driver could easily
go hundreds of miles between
fast charging stations,
especially in rural parts of the
country. But the picture is
changing quickly: the total
number of charging stations
has doubled in just the last
few years in the US, and new
federal funding will continue to support the network’s growth.
The transition from internal-combustion engines is well underway. EV sales continue to grow: they
hit 10% of global sales in 2022. The picture isn’t the same everywhere, though: China saw nearly
double the global average, at 19%, and the US lags behind at 5.5%.
The EU recently banned new sales of gas-powered cars, including plug-in hybrids and anything
else that can burn fossil fuels, starting in 2035. California and New York enacted similar bans that
also take effect in 2035, though sales of some plug-in hybrids will still be allowed there.
Copyright © 2024 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
Transportation’s decarbonization won’t look the same everywhere. How plug-in hybrids fit in with
this transition remains to be seen, especially in the near term, and especially in markets that haven’t
yet passed strict regulations around future vehicle sales.
Even if the relatively modest emissions cuts that hybrids contribute don’t align with aspirational
climate goals, people may still turn to those cars, at least for the near future. Toyota, for one, is
betting that plug-in hybrids, along with conventional hybrid models, will find acceptance among
consumers. And it’s hard to argue that the world’s largest automaker doesn’t know how to sell cars.
Copyright © 2024 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
NewBase Energy News 17- May - Issue No. 1725 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.
Copyright © 2024 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 21

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NewBase 17 May 2024 Energy News issue - 1725 by Khaled Al Awadi_compressed.pdf

  • 1. Copyright © 2024 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 17 May 2024 No. 1725 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’sMubadala Energy announces 'substantial' offshore gas find in Indonesia The National + NewBase Mubadala Energy, the oil and gas unit of Abu Dhabi’s Mubadala Investment Company, on Monday announced a “substantial” gas discovery off Indonesia. The discovery was made from the Tangkulo-1 exploration well, which was drilled in South Andaman, about 65km offshore from North Sumatra, Mubadala Energy said in a statement. Despite limitations imposed by testing facilities, the well's estimated capacity is between 80 million to 100 million standard cubic feet a day and more than 2,000 barrels of condensate, the company said. Mubadala Energy’s latest find follows the company's major deep-sea gas reserve discovery in Indonesia's South Andaman block last year. ww.linkedin.com/in/khaled-al-awadi-80201019/ The well's estimated capacity is between 80 million to 100 million standard cubic feet per
  • 2. Copyright © 2024 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 At the time of the discovery, the company said that through the Layaran-1 exploration well, it had identified the potential for more than 6 trillion cubic feet (tcf) of gas-in-place. “When added to our recent success at Layaran-1, this game-changing discovery promises to transform Indonesia’s and South-east Asia’s energy landscape and demonstrates that South Andaman is one of the world’s most exciting energy plays,” said Mansoor Al Hamed, the chief executive of Mubadala Energy. “By working with partners and harnessing our world class technical capabilities, I am confident we can realise the full potential of this block.” With an 80 per cent working interest in South Andaman, Mubadala Energy is the largest net acreage holder in the area. The latest find adds to the significant volume of potential resources and provides a platform for the company's “continued organic growth in the region through additional exploration and appraisal activities”, Mubadala Energy said. “Tangkulo-1 is an important pillar in the cluster’s development story, with the discovery unlocking further potential in the southern part of the block and indicating an additional multi- (trillion cubic feet) of prospective gas resource in nearby structures.” A mangrove tree that survived the 2004 tsunami in the Ujong Pancu area, Indonesia. All photos: EPA Mubadala Energy, which was previously known as Mubadala Petroleum, has been operating in Indonesia since 2004. It has assets and operations spanning 11 countries, primarily in the Mena region, Russia and South-east Asia. Several countries are looking to substitute coal with natural gas, which is considered a cleaner fossil fuel compared to coal. Indonesia, one of the world's largest coal exporters and the biggest economy in South-east Asia, plans to generate at least 51 per cent of its total energy from renewable sources by 2030. The country also aims to become carbon neutral by 2060 or sooner, with renewable energy providing up to 85 per cent of the energy mix. Global coal demand is set to drop next year and “plateau” through 2026, according to the International Energy Agency, which regards the shift as a “historic turning point”. Coal consumption is projected to fall by 2.3 per cent in 2026, driven by a major expansion of renewable energy capacity in the next three years, the agency said in its annual coal market report in December
  • 3. Copyright © 2024 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 UAE: Adnoc return to Drilling Ras Al Sadr gas field after 75 year Trae Arabia + NewBase Adnoc has returned to the Ras Al Sadr field to start gas production, 75 years after the first exploration well was drilled at the field. Back in the 1950s, as the Middle East’s oil industry was being established, Abu Dhabi’s first ever exploratory well was drilled in Ras Al Sadr, reported WAM. While the well was “dry” and Abu Dhabi’s first commercial discovery came from another field, Ras Al Sadr is essentially where the oil and gas industry of Abu Dhabi started. Fast forward to today, and through advancements in technology and Adnoc’s industry-leading 3D mega seismic survey, oil and gas deposits were discovered that were not found in the first exploration activity in the area 75 years ago.
  • 4. Copyright © 2024 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 The data gathered by the survey was interpreted at Adnoc’s Thamama Excellence Centre using advanced digitisation and artificial intelligence (AI) technologies pinpointing the location of the oil and gas resources and accelerating its development. Leveraging its industry-leading innovative technologies, Adnoc achieved production in seven months from discovery, an industry record-breaking time that sets a new benchmark in the oil and gas sector. Abdulmunim Saif Al Kindy, Adnoc Upstream Executive Director said: “The successful restart of operations in the Ras Al Sadr field highlights Adnoc’s commitment to setting new industry standards as we strive to responsibly meet the demands of an ever-changing energy market. The first well at Ras Al Sadr was the start of Abu Dhabi’s oil industry that has powered the UAE’s economy for the over half a century. This achievement underscores our contribution to the prosperity and sustainability of the country and reaffirms our commitment to operate in harmony with local communities to create lasting and sustainable value for the nation.” Ras Al Sadr gas field is set to produce up to 100 million standard cubic feet (MMSCF) per day. This is equivalent to Sweden’s daily gas needs. Production will ramp up to full capacity by 2026, further supporting the UAE’s gas self-sufficiency and contributing to the growing global demand for gas. What makes this achievement even more impressive is that Ras Al Sadr was developed in close proximity to a residential neighborhood, with the team working alongside communities and the environment, demonstrating Adnoc’s commitment to minimising environmental impact. In-Country Value (ICV) and the development of UAE Nationals were also key factors in the project’s success.
  • 5. Copyright © 2024 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 Positioned along the E11 highway, about 45km northeast of Abu Dhabi City, the Ras Al Sadr production site will produce natural gas with crude oil produced from a nearby development in the same field. The field is being developed jointly by Adnoc and INPEX/JODCO, Japan’s largest oil and gas exploration and production company, underlying the strategic energy partnership between the UAE and Japan. Ras Al Sadr is the second field discovered across the block, underlining the attractiveness of Abu Dhabi’s world-class oil and gas resources.
  • 6. Copyright © 2024 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
  • 7. Copyright © 2024 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 Morocco to almost double its energy capacity by 2027 Ahmed Eljechtimi, Reuters News Morocco plans to invest $7 billion to add 9 gigawatts to its 11 GW installed energy capacity by 2027, energy minister Leila Benali said on Wednesday. Renewables would make up 6.5GW of the added capacity, Benali told a conference on batteries in Rabat. Renewable capacity is currently 4.5GW, or 37.6% of total capacity, according to electricity regulator. Morocco has invested $6 billion in renewables since 2009, seeking to increase their share of the country's energy mix to 52% by 2050, mostly through investments in solar and wind. "We must invest more in areas like grids- to enhance development of renewables in our country - storage and batteries," Benali said. In terms of actual production, about 70% of Morocco's electricity is generated from coal, with renewable energy accounting for 20% last year, official figures showed. The government said in March that it will build liquefied natural gas infrastructure in the Mediterranean port of Nador and connect it with a pipeline through which Morocco has been importing gas from Spanish LNG terminals. "Natural gas plays a crucial role in our energy transition," the minister said. Earlier this year, the government unveiled incentives and identified 1 million hectares as part of its green hydrogen offer to attract investors, targeting both the domestic market and exports. Green hydrogen, produced by splitting water through electrolysis using renewable energy, is expected to play a key role in decarbonising industries.
  • 8. Copyright © 2024 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 Egypt: New Land Access Agreement for 10GW mega wind project Muhammad Aamir, WAM (Emirates News Agency) Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, along with Infinity Power, the largest African renewable energy developer, and Hassan Allam Utilities, a sustainable infrastructure focused development and investment platform, have today signed a Land Access Agreement with the Egyptian Government for the consortium’s 10GW capacity onshore wind farm in Egypt, set to be one of the largest in the world, with a project value exceeding US$10 billion. The agreement gives the Consortium access to a 3025 km2 area of land located in West Suhag, and will allow the consortium to conduct the necessary development studies to progress the project. This will include resource measurement campaigns, geotechnical and topographic surveys, in addition to the environmental studies to ensure minimal environmental impact. These studies represent an important step forward in the project development, and the findings will be vital in progressing towards construction. Once under construction the wind farm will deliver significant benefits to local communities, including job creation with commitments to hire locally, community support initiatives, and the protection and support of the natural environment. The landmark wind project will produce 47,790 GWh of clean energy per year and cut around 9 percent of Egypt’s annual carbon emissions by displacing 23.8 million tonnes of carbon dioxide annually. The wind farm will also help Egypt meet its strategic objective of sourcing 42 percent of its energy from renewables by 2030. The 10 GW wind farm will save the country an estimated US$5 billion in natural gas costs per year.
  • 9. Copyright © 2024 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 ACWA sign power purchase for largest wind farm in Uzbekistan Trade Arabia + NewBase Saudi-based Acwa Power, a leading global utility project developer, has signed a power purchase agreement (PPA) with the National Electric Grid of Uzbekistan for Aral 5GW Wind Independent Power Producer (IPP) project in the Karakalpakstan region. Once completed, it will be the largest wind farm in Central Asia. As Acwa Power’s 15th project in Uzbekistan, Aral Wind IPP solidifies the company’s strong commitment to providing the renewable energy needed to meet the Central Asian country’s ambitious aims to have 40% of its energy mix provided by renewables by 2030. Uzbekistan is Acwa Power’s largest market after its home country of Saudi Arabia, and this latest project brings its total investment in the country to $13.9 billion. The agreement was signed on the sidelines of the Tashkent International Investment Forum held under the patronage of President Shavkat Mirziyoyev, President of the Republic of Uzbekistan. The signing ceremony was attended by Uzbek Prime Minister Abdulla Aripov and Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia. According to Acwa Power, the Aral Wind IPP will be deployed in five phases. This flagship initiative will generate approximately 18,500 GWh of clean electricity annually, displacing 247 billion tonnes of CO2 over its lifetime and providing power to around four million homes, thus marking a pivotal step in Uzbekistan's green energy transition. It is also projected to create hundreds of direct and indirect jobs and stimulate local industry by localising services and supplies. Also at the event, Acwa Power inaugurated two of its ongoing projects in the country - the 1.5GW Sirdarya CCGT plant and the first 100MW phase of the Riverside solar plant in the Tashkent region. Mohammad Abunayyan, Founder and Chairman of the Board of Acwa Power, said: "This historic project will provide clean power to approximately 4.5 million houses in Uzbekistan, a country which is propelling its energy transition thanks to its ambitious and decisive leadership." "We are proud to collaborate with Uzbekistan’s government to export our low-carbon expertise beyond the borders of Saudi Arabia, improving the lives of millions in a country with whom we are honoured to share close ties," he added.-
  • 10. Copyright © 2024 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 Russia’s sea diesel trading partners shifted after Feb 2023 sanctions Eia.com + NewBase In 2023, Brazil and Saudi Arabia replaced France and Germany as the countries with the second- and third-most seaborne diesel imports from Russia after sanctions related to Russia’s petroleum product trade went into effect in February 2023. Türkiye was Russia’s largest seaborne diesel importer in both 2022 and 2023. Note: Shipments with no recorded destination are included in all other countries. Diesel made up 40% of Russia’s seaborne petroleum products exports in 2023, increasing 8% from 0.9 million barrels per day (b/d) in 2022 to 1.0 million b/d in 2023. Brazil received 13% (136,000 b/d) of these exports in 2023, and Saudi Arabia received 6% (61,000 b/d), increasing each country’s shares from less than 1% in 2022. Türkiye, a non-EU member, received 13% (122,000 b/d) in 2022 and 31% (315,000 b/d) in 2023, and four countries in Africa—Libya, Tunisia, Morocco, and Ghana— each increased annual seaborne diesel imports from Russia by more than 20,000 b/d. By comparison, the rest of Europe, excluding Türkiye, received 67% (626,000 b/d) of Russia’s seaborne diesel exports in 2022 and 5% (53,000 b/d) in 2023. In February 2023, a coalition of G7 countries, the EU, and Australia prohibited the brokering, financing, shipping, and insuring of petroleum products of Russian origin by maritime vessels under their jurisdiction and set a price cap on premium-to-crude petroleum products, such as diesel, for other importing countries. According to data from the Centre for Research on Energy and Clean Air, the percentage of Russia’s oil product shipments owned or insured by EU or G7 countries declined from an estimated 80% in 2022 to 58% in 2023 because of the prohibition. In addition, Russia’s export revenues for oil products and other chemicals declined 14%, from $104 billion to $89 billion. In February 2024, a compliance and enforcement alert released by the countries enforcing the price cap highlighted common industry actions taken to evade the price caps, such as false documents, intermediary or irregular shipping routes, and the shadow or gray fleet (anonymously owned or insured vessels used to trade sanctioned oil and oil products). Sustained price caps resulting in increased export demand to countries not imposing the sanctions and refinery outages in early 2024 have reduced diesel and gasoline supply to Russia’s domestic market, which has led to increased domestic fuel prices and periodic fuel export bans in Russia. Monthly refinery runs began declining in January 2024 because of refinery outages from reported drone strikes and sanctions. An estimated 14% of Russia’s refining capacity came offline in the first quarter of 2024, even though declines do not usually occur until spring seasonal maintenance.
  • 11. Copyright © 2024 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 NewBase May 17 -2024 Khaled Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE Oil set for weekly gain on hopes of firmer demand Reuters + NeewBase Oil prices steadied on Friday, with global benchmark Brent set for its first weekly gain in three weeks as economic indicators from big consumers China and the United States bolstered hopes for higher demand. China's industrial output rose 6.7% year on year in April as recovery in its manufacturing sector gathered pace, accelerating from 4.5% in March and pointing to possibly stronger demand to come. Brent crude oil rose 5 cents to $83.32 a barrel by 0950 GMT. U.S. West Texas Intermediate (WTI) crude was down 3 cents at $79.20. Tamas Varga of oil broker PVM said that while the Chinese figures and another attack on Russian oil infrastructure were boosting prices, oil had yet to make a convincing recovery from its recent slump. Oil price special coverage
  • 12. Copyright © 2024 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 "The lack of explicit enthusiasm is probably the function of tepid product demand depressing refining margins," he said. Authorities have managed to contain a fire that started at Russia's Tuapse oil refinery after a Ukrainian drone attack, officials in the Krasnodar region said. Brent is on track for an increase of about 0.6% over the week, with WTI on course for a 1.2% gain. Declines in oil and refined products inventories at global trading hubs have also created optimism over demand, reversing a trend of rising stockpiles that had weighed heavily on crude oil prices in previous weeks. OANDA senior market analyst Kelvin Wong cited "several encouraging factors", including two consecutive weeks of decline in U.S. crude stockpiles and expectations of more economic stimulus measures from China. Recent economic indicators from the United States have fed into the optimism over global demand. U.S. consumer prices rose less than expected in April, data showed on Wednesday, boosting expectations of lower interest rates. Lower U.S. interest rates could help soften the dollar, which would make oil cheaper for investors holding other currencies. On the supply side, investors were mostly looking for direction from the coming OPEC+ meeting on June 1
  • 13. Copyright © 2024 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  Hawk Energy Sees Oil at $85-$100 This Year With Strong Demand Growth  That’s a ‘ foreseeable & sensible range,’ Hawk Energy CEO M. Al Shihabi says  Demand set to grow to 104 MBD up by 2.0 MBD, in 2024: Al Awadhi says
  • 14. Copyright © 2024 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 – May 17 -2024 CLEAN ENERGY What is the future of ? IS Electric and hybrid car sales to rise to new global record in 2024 Or … The Gaurdian + EIA + NewBase Electric and plug-in hybrid car sales will jump to a new global record in 2024 despite slowing growth in some markets, according to forecasts from the influential International Energy Agency (IEA). International Energy Agency says 17m vehicles will be sold this year, up more than 20% compared with 2023 The Paris-based forecaster said that 17m battery electric vehicles and plug-in hybrid electric vehicles will be sold in 2024, up more than 20% compared with 2023. The IEA also said most electric cars will cost the same as petrol equivalents by 2030 as prices drop. Tesla lowered prices over the weekend as it fights to retain its market share amid fierce competition from Chinese rivals such as BYD, its closest contender as the world’s largest producer of battery electric cars. Carmakers have complained that growth in demand for electric cars is slowing, forcing them to offer discounts to compete. While this could damage some carmakers, lower prices are also likely to accelerate the transition, the IEA said. Fatih Birol, the energy economist who heads the IEA, acknowledged that sales are stronger in some countries than others, but added that there was clear momentum for the transition. “Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth,” he said. “The wave of investment in battery manufacturing suggests the EV supply chain is advancing to meet automakers’ ambitious plans for expansion. As a result, the share of EVs on the roads is expected to continue to climb rapidly.” In the first quarter of 2024 there were more sales of electric and plug-in hybrids (which combine a petrol engine with a battery) than in the whole of 2020, the IEA said.
  • 15. Copyright © 2024 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 Hybrids still emit large amounts of CO2 when in use, although some in the car industry argue that – if used correctly – they are a necessary step to lower emissions until public charging infrastructure improves. Some countries have concentrated on encouraging electric vehicle adoption: four- fifths of all cars sold in Norway in 2023 were electric. However, policies vary widely, with China and richer European countries generally ahead of the rest of the world, including the US. The UK was Europe’s biggest electric car market over the first three months of 2023 for the first time, according to Matthias Schmidt, an independent analyst. The timing of the adoption of electric cars in Europe is heavily influenced by the regulations, as carmakers try to eke out profits from their petrol and diesel models while avoiding fines for failing to sell enough electric cars. Schmidt said he expected UK electric sales in 2024 to remain equal to or slightly higher than Germany, which has a bigger population. Schmidt said German sales were suffering due to subsidy cuts, and because manufacturers are deliberately holding back sales until 2025, when tougher rules on average CO2 emissions come in. “That delay will give Chinese manufacturers a small window to manipulate, because from 2025 the traditional manufacturers will really begin their electric vehicle push in earnest,” Schmidt said. In the UK the government removed subsidies from privately bought electric cars in 2022. The Society of Motor Manufacturers and Traders on Tuesday raised concerns about the separate grants for zero-emissions lorries. The lobby group said the grants were not being used because it takes too long to certify that trucks produce zero emissions. U.S. share of electric and hybrid vehicle sales decreased in the first quarter of 2024 The share of electric and hybrid vehicle sales in the United States decreased in the first quarter of 2024 as battery electric vehicle (BEV) sales declined. Hybrid vehicles, plug-in hybrid electric vehicles, and BEVs fell to 18.0% of total new light-duty vehicle (LDV) sales in the United States in the first quarter of 2024 (1Q24) from 18.8% in 4Q23, according to estimates from Wards Intelligence.
  • 16. Copyright © 2024 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 Data source: Wards Intelligence Note: EV=electric vehicles, which include both battery electric and plug-in hybrid electric vehicles. This slight decline in market share was driven primarily by BEV sales, which fell from 8.1% of the total LDV market in 4Q23 to 7.0% in 1Q24. This decline represents the first BEV market share decline since the economic effects from the COVID-19 pandemic began in 2Q20. The U.S. LDV market is highly seasonal, and total sales usually level off in the first quarter after an end-of-year sales increase. BEV sales grew 7% in 1Q24 compared with 1Q23 after 13 consecutive quarters of double-digit gains. The slowdown in growth can be broken into two components:  An uneven decline in the overall new LDV sales market, where luxury vehicle sales declined more than mass-market sales  A decline in mass-market BEV sales BEVs continue to be popular in the luxury vehicle segment, maintaining about one-third of luxury LDV sales from 1Q23 through 1Q24. Of all BEV sales in 1Q24, 8 out of 10 sales were luxury models, in part due to the continued wide availability of luxury BEV options and favorable within-segment pricing from Tesla, Mercedes, Rivian, Cadillac, Audi, and BMW. U.S. luxury-vehicle sales varied between 12% and 15% of the overall LDV market between 2014 and 2020 but grew to reach 18% in 2023. Luxury-vehicle sales returned to pre-pandemic levels in mid-2022, but mass-market vehicle sales have remained 10% below pre-pandemic levels as of this quarter. This uneven recovery contributed to the rise in the BEV sales share in 2022 and 2023. In 1Q24, the trend reversed when luxury vehicles fell to 16% of the market. Further return to the pre-pandemic
  • 17. Copyright © 2024 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 luxury and mass-market split may continue to slow BEV sales growth in the absence of new mass- market BEV models. Historically, BEV sales have not performed as well in the mass-market segment as they have in the luxury segment in the United States. Total U.S. sales of mass-market LDVs declined by 1.0%, and total mass-market BEV sales fell 17.9%, reducing the market share of BEV models from 2.2% in 4Q23 to 1.8% in 1Q24. Manufacturers have released mass-market BEV models and increased production capacity over the past couple of years, but the halt in Chevrolet Bolt production and the corresponding 64% reduction in year-over-year sales for that vehicle pulled the mass-market BEV market share down in 1Q24. The U.S. industry average LDV transaction price decreased slightly during 1Q24 as luxury vehicles lost market share. According to Cox Automotive, average BEV transaction prices fell 3.8% compared with 4Q23 and 9.0% compared with 1Q23. Average 1Q24 BEV transaction prices were $6,904 higher than the overall industry average (combined luxury and non-luxury) and $7,290 lower than the average for luxury vehicles, before accounting for any consumer or government incentives. The road forward In the recently passed Inflation Reduction Act in the US, new tax credits apply to both plug-in hybrids and electric vehicles, provided they meet requirements on price and domestic manufacturing. But in other major markets, policy pushes are favoring electric vehicles over plug-ins. Some European nations, like Germany, are beginning to phase out subsidies for plug-in hybrids. In China,
  • 18. Copyright © 2024 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 subsidies for plug-in vehicles are lower than those for electric vehicles, and they require a minimum electric range of around 50 miles, Yang says. The various policies reflect differences in consumer attitudes: in particular, many Americans are still reluctant to buy EVs. Lack of access to charging, as well as concerns about range, are among the leading reasons US consumers say they wouldn’t consider an electric vehicle, says Mark Singer, a researcher at the National Renewable Energy Laboratory. Those concerns have made some consumers more receptive to plug-in hybrids than they are to electric vehicles, he adds. In the US, there are just over 6,000 fast charging stations, and about 50,000 total locations that house EV chargers, as of the end of 2021. By comparison, there are about 150,000 fuel stations for gas-powered cars. Charging access is still a concern for many drivers, especially along interstate highways, where only 6% of EV charging stations are located. Today, a driver could easily go hundreds of miles between fast charging stations, especially in rural parts of the country. But the picture is changing quickly: the total number of charging stations has doubled in just the last few years in the US, and new federal funding will continue to support the network’s growth. The transition from internal-combustion engines is well underway. EV sales continue to grow: they hit 10% of global sales in 2022. The picture isn’t the same everywhere, though: China saw nearly double the global average, at 19%, and the US lags behind at 5.5%. The EU recently banned new sales of gas-powered cars, including plug-in hybrids and anything else that can burn fossil fuels, starting in 2035. California and New York enacted similar bans that also take effect in 2035, though sales of some plug-in hybrids will still be allowed there.
  • 19. Copyright © 2024 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 Transportation’s decarbonization won’t look the same everywhere. How plug-in hybrids fit in with this transition remains to be seen, especially in the near term, and especially in markets that haven’t yet passed strict regulations around future vehicle sales. Even if the relatively modest emissions cuts that hybrids contribute don’t align with aspirational climate goals, people may still turn to those cars, at least for the near future. Toyota, for one, is betting that plug-in hybrids, along with conventional hybrid models, will find acceptance among consumers. And it’s hard to argue that the world’s largest automaker doesn’t know how to sell cars.
  • 20. Copyright © 2024 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 NewBase Energy News 17- May - Issue No. 1725 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.
  • 21. Copyright © 2024 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 21