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NewBase Energy News 22 March 2024 No. 1709 Senior Editor Eng. Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
U.A.E’s Masdar to acquire 50% stake in US clean energy
company Terra-Gen
The National - Alkesh Sharma
Abu Dhabi clean energy company Masdar has agreed to acquire a 50 per cent stake in
US renewable energy power producer Terra-Gen from New Jersey-based Energy Capital Partners.
Established in 2007, Terra-Gen is one of the largest independent renewable energy power
producers in the US.
Energy Capital Partners will fully exit its position in the company following the transaction, while the
infrastructure investment manager Igneo Infrastructure Partners will retain its existing 50 per cent
stake in Terra-Gen, Masdar said on Tuesday.
Our investment in Terra-Gen’s impressive energy portfolio expands our existing US
footprint and reinforces Masdar’s long-term commitment across our US portfolio , said
Mohamed Al Ramahi, chief executive of Masdar
Igneo, which made its initial investment in Terra-Gen in December 2020, manages $19.5 billion
worth of assets on behalf of more than 200 investors around the world. Financials of the transaction,
which is expected to close by the end of the year, were not disclosed.
ww.linkedin.com/in/khaled-al-awadi-80201019/
US company offers end-to-end renewable project development,
financing and operating capabilities
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“Our investment in Terra-Gen’s impressive energy portfolio expands our existing US footprint and
reinforces Masdar’s long-term commitment across our US portfolio,” Mohamed Al Ramahi, chief
executive of Masdar said.
“We look forward to working alongside Igneo as
our valued partner to accelerate Terra-Gen's
growth and deliver world-class innovation at
utility scale in support of the global energy
transition.”
Terra-Gen offers end-to-end renewable project
development, financing and operating
capabilities.
It currently operates about 2.4 gigawatts of wind
and solar, and 5.1 gigawatt-hours of energy
storage compounds across 32 renewable power
sites in the US, mainly in California and Texas.
The US market will play an important role as Masdar follows its plan to build a global renewable
energy portfolio of at least 100 gigawatts of capacity by 2030.
Masdar made its first investment in the US energy market in 2019 and currently has a portfolio of
utility-scale wind, solar and storage assets in the US with a generating capacity of more than 1.4
gigawatts.
“Terra-Gen is committed to developing responsible energy projects that benefit local communities
and future generations,” said Jim Pagano, chief executive of Terra-Gen.
“We are excited to work with Masdar, a like-minded partner with a track record of commitment to
decarbonisation and clean energy projects in the US and around the world.”
Established in 2006, Masdar has developed and partnered in projects in over 40 countries.
The company is considering “transformative” acquisitions to expand its footprint in the US and
Europe, its chief operating officer Abdulaziz Alobaidli told The National in November.
“Those are very attractive markets and very well-developed markets and we certainly would like to
increase our footprint [there],” Mr Alobaidli said at the time.
Last year, Masdar closed the deal to acquire a 50 per cent stake in the California-based Big Beau
project from EDF Renewables.
Last month, the company completed the
acquisition of a 49 per cent stake in the 3-
gigawatt Dogger Bank South project, one of
the world’s largest planned offshore wind
farms in the UK.
In January, Masdar signed an initial
agreement with Germany’s Daimler Truck to
explore the feasibility of liquid green
hydrogen exports from the UAE to Europe
by 2030. It is aiming for an annual green
hydrogen production capacity of up to 1
million tonnes within the next decade.
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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
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UAE reveals details of national policy on biofuels
Staff Writer, WAM (Emirates News Agency)
The UAE has revealed the details of the National Policy on Biofuels, recently approved by the UAE
Cabinet. The policy supports the country’s shift to clean and sustainable energy sources.
The policy has been developed by the Ministry of Energy and Infrastructure (MoEI) in coordination
with its strategic partners from the public and private sectors, aiming to provide sustainable fuel
alternatives and further diversify the energy mix.
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said. “The policy will play
an important role in our decarbonisation drive. It will contribute to reducing carbon emissions through
increasing the consumption of biodiesel by 20 percent by 2050. It will lower the carbon footprint of
diesel cars by 75 percent in case of consuming biodiesel by 100 percent.”
He added, “The National Policy on Biofuels will help achieve the objectives of the UAE Energy
Strategy 2050. It will enhance the implementation of circular economy principles in various sectors,
such as infrastructure, mobility, and manufacturing, and will drive economic growth through using
waste as input for production.”
The Minister noted that MoEI works collaboratively with its partners to develop regulations and
controls to oversee the distribution of biofuels, establish standards governing the production and
utilisation of biofuels, and implement criteria and mandates for biofuel production within the country.
He highlighted that the policy supports the objectives of the National Energy and Water Demand-
side Management Programme and the UAE Net Zero by 2050 Strategic Initiative.
Saif Humaid Al Falasi, CEO of ENOC Group, said, “The announcement by His Highness Sheikh
Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to approve
the National Policy on Biofuels in the UAE, reaffirms the Government's efforts to transition the
energy sector in the country towards a diverse and flexible energy mix to meet future requirements
and implement the UAE Net Zero by 2050 Strategic Initiative.”
Al Falasi added, “Building on ENOC's leading position in the energy sector at the national level, we
launched biofuel in the UAE in 2017, which is one of the advanced alternative fuel products. We
have expanded the application of this biofuel to reach various sectors, including operating Marine
Abras and some of our assets such as ENOC Link trucks, in addition to providing it to customers
through the innovative ‘e-link’ platform for fuel delivery.”
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Yousif bin Saeed Lootah, Founder and CEO of Lootah Biofuels, said, “The UAE Cabinet's approval
of the National Policy on Biofuels is a game-changer for the energy sector. Establishing a robust
local biofuel market not only addresses the need to reduce emissions but also promotes
sustainability in other sectors, such as transportation, agriculture, and hospitality, fostering a
greener economy.
“We at Lootah Biofuels take pride in our role in developing this forward-thinking policy that
recognises the multifaceted potential of biofuels. The policy reaffirms the UAE's environmental
stewardship and supports the country’s goal of producing 700 million liters of sustainable aviation
fuel annually and reaching net zero by 2050.”
Bader Saeed Al Lamki, CEO of ADNOC Distribution, said, “The introduction of a National Policy on
Biofuels is a welcome step in the UAE’s sustainable mobility journey. Representing a milestone in
the forward-thinking ambition of this nation, today’s news reaffirms the Government's efforts to
ensure the UAE maintains a world-class and industry-leading energy sector.”
Salem Bin Ashoor, Director and Head of Country, bp UAE, said, "Biofuels play a critical role in the
global journey towards net zero emissions. It is an important component that offers decarbonisation
solutions for sectors where electrification remains a challenge.
"With growing customer demand for biofuels, a nationwide policy is indispensable to regulate the
sector, which is when approved, the UAE can secure biofuels demands and boost its production
and supply via regulations and mandates. The biofuels national policy will significantly contribute to
the UAE’s commitment to achieving its clean energy goals and Net Zero by 2050 strategic initiative.
“We, at bp, are happy to share best practices and expertise, collaborating with partners on various
projects in support of the UAE’s energy transition agenda.”
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publication. However, no warranty is given to the accuracy of its content. Page 5
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or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 6
U.S. crude oil exports reached a record
U.S. Energy Information Administration, Petroleum Supply Monthly and Petroleum Supply Annual + NewBase
U.S. crude oil exports established a record in 2023, averaging 4.1 million barrels per day (b/d), 13%
(482,000 b/d) more than the previous annual record set in 2022. Except for 2021, U.S. crude oil
exports have increased every year since 2015, when the U.S. ban on most crude oil exports was
lifted.
Growth in crude oil production in the United States has supported increases in U.S. crude oil
exports. In 2023, crude oil production reached a record-high 12.9 million b/d in the United States, a
9% (1.0 million b/d) increase from 2022. Many U.S. refineries are optimized to run heavy, sour crude
oils, but most of the crude oil produced in the United States is light, sweet crude oil, creating export
incentives for market participants.
The top regional destinations for U.S. crude oil exports since 2018 have been Europe as well as
Asia and Oceania. Europe became the top export destination in 2023 following the effects of
Russia’s full-scale invasion of Ukraine and the inclusion of West Texas Intermediate (WTI) crude oil
in Dated Brent.
In 2022, U.S. crude oil exports to Europe increased significantly following Russia’s full-scale
invasion of Ukraine and subsequent EU sanctions banning imports of seaborne crude oil from
Russia (adopted June 3, effective December 5). These effects of the sanctions contributed to
continued growth in U.S. exports to Europe in 2023.
In 2023, U.S. crude oil exports to Europe averaged 1.8 million b/d, slightly more than U.S. exports
to Asia and Oceania of 1.7 million b/d.
Another factor affecting the volume of U.S. crude oil exports to Europe is the inclusion of WTI crude
oil in Dated Brent, a European crude oil benchmark. Prior to May 2023, the price of Dated Brent was
determined based on a basket of different European crude oils.
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Starting in May 2023 (for physical delivery in June), WTI cargoes delivered to Rotterdam were
included, likely attracting additional volumes to Europe.
Data source: U.S. Energy Information Administration, Petroleum Supply Monthly and Petroleum Supply Annual
The WTI crude oil to be included in determining the Dated Brent price is delivered into Rotterdam,
a large crude oil storage and trading hub in the Netherlands. The Netherlands received more U.S.
crude oil exports than any other country in 2023, averaging 652,000 b/d.
The combination of sanctions against Russia and U.S. exports reacting to WTI’s inclusion in Brent
contributed to U.S. exports to the Netherlands increasing 82% (293,000 b/d) in 2023 compared with
2022, the largest volumetric growth for any country.
China received the second-most U.S. crude oil in 2023, averaging 452,000 b/d, more than double
2022 volumes. China’s crude oil imports in 2023, the most since at least 2005, also included
significantly more oil from Russia, according to data from China’s General Administration of
Customs.
Refinery expansions and initiatives to reopen the economy after China’s government eased COVID-
19 mobility restrictions drove the rise in China’s crude oil imports. In addition, increased crude oil
imports also helped increase commercial and government crude oil stockpiles in China, according
to trade press.
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Data source: U.S. Energy Information Administration, Petroleum Supply Monthly
In contrast to increasing U.S. crude oil exports to the Netherlands and China, U.S. crude oil exports
to India fell 47% (146,000 b/d). India increased imports from Russia following sanctions that limited
the price Russia could charge for crude oil exported using the services of sanctioning countries;
importers in India have been favoring the lower-cost crude oil from Russia over crude oil from the
United States. According to data from Vortexa Analytics, average annual crude oil exports from
Russia to India doubled from 0.9 million b/d in 2022 to 1.8 million b/d in 2023.
US raises domestic crude production growth forecast for 2024
The U.S. Energy Information Administration (EIA) on Tuesday predicted that domestic oil production
will grow by 260,000 barrels per day (bpd) in 2024, up 90,000 barrels per day (bpd) from its previous
forecast, but said estimated production cuts from OPEC+ will still slow global oil growth.
U.S. crude oil production will rise to 13.19 million barrels per day (bpd) this year, the EIA said in its
Short-Term Energy Outlook (STEO). It had previously projected that crude production would rise
this year by 170,000 bpd.
U.S. crude oil output reached a record 13.3 million bpd in December 2023, following sustained
productivity increases at new wells. Production notched an annual record of 13.21 million bpd in
2023.
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U.S. oil production is expected to rise by 460,000 bpd to 13.65 bpd in 2025, which would be a record
high. OPEC+ production cuts will help push the Brent crude oil spot price to average $87 a barrel
in 2024, up from its previous forecast of $82.42 a barrel, the EIA forecast.
The agency previously predicted that U.S. production would decrease slightly through the middle of
2024 and would not exceed the record set last December until February 2025.
However, the agency now forecasts steadily increasing production with output surpassing last year’s
record by the fourth quarter of 2024.
The U.S. EIA predicted world oil demand output would grow by 1.43 million bpd year-on-year, up
10,000 from its previous forecast and in line with the International Energy Agency. The EIA also
raised its 2025 world oil demand growth forecast by 90,000 bpd, anticipating a 1.38 million barrel
year-on-year increase.
In February this year, the IEA predicted global demand will rise by 1.22 million barrels per day (bpd)
in 2024, while in its February report OPEC expected 2.25 million bpd. The difference is about 1%
of world demand.
U.S. total petroleum consumption is expected to rise by 200,000 bpd to 20.4 million bpd in 2024,
and then by another 200,000 bpd to 20.6 million bpd in 2025 – higher than previously forecast, the
EIA said.
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NewBase March 22 -2024 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil slips on possible Gaza ceasefire, stronger dollar
Reuters + NewBase
Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease
geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand
also weighed on prices.
Brent crude futures fell 53 cents, or 0.6%, to $85.25 a barrel by 0651 GMT. U.S. crude futures shed
52 cents, or 0.6%, to $80.55 per barrel.
Both contracts are set to end the week flat or down slightly after rising more than 3% last week.
Oil was trading lower on reports of a U.N. draft resolution calling for a ceasefire in Gaza and as
another round of profit-taking kicked in, IG analyst Tony Sycamore said.
"A ceasefire would help calm fears that the situation in Gaza might spread more broadly across the
region," he said. "Additionally, it may encourage the Houthis to stand down and allow oil tankers to
Oil price special
coverage
US says talks in Qatar could reach Gaza ceasefire agreement
US gasoline product supplied slips below 9 mln bbls-EIA
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pass through the Red Sea, which would also be a positive development in terms of helping to
balance out the supply and demand dynamics."
U.S. Secretary of State Antony Blinken said on Thursday he believed talks in Qatar could reach a
Gaza ceasefire agreement between Israel and Hamas.
Blinken met Arab foreign ministers and Egypt's President Abdel Fattah El-Sisi in Cairo as
negotiators in Qatar centred on a truce of about six weeks.
In the United States, the world's top oil consumer, gasoline product supplied, a proxy for demand,
slipped below 9 million barrels for the first time in three weeks, indicating a possible slowdown in
crude demand.
However, consultancy FGE said preliminary weekly data for the first half of March that showed on-
land crude and main product stocks at major oil hubs globally falling by almost 12 million barrels,
compared with the 2015 to 2019 average draw of 6 million barrels, could be bullish for oil.
Meanwhile, the U.S. dollar, which trades inversely with oil prices, strengthened after the Swiss
National Bank's surprise interest rate cut bolstered global risk sentiment.
A stronger dollar makes oil more expensive for investors holding other currencies, dampening
demand.
The Reuters Power Up newsletter provides everything you need to know about the global energy
industry. Sign up here.
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EIA increases oil price forecast after OPEC+ production cut extension
source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), March 2024
We increased our forecast prices for crude oil and petroleum products for the remainder of 2024 in
our March Short-Term Energy Outlook (STEO) following the announcement that OPEC+ will
extend the existing voluntary production cuts through the second quarter of 2024.
We now forecast significantly less global oil production than world oil consumption through the first
half of 2024, requiring draws on world petroleum stocks (inventory). Stock draws tend to increase
oil prices.
We reduced our forecast for world oil production in the second quarter of 2024 (2Q24) to 101.3
million barrels per day (b/d) in the March STEO in response to OPEC+ extending its cuts. That
results in global oil production that is 0.9 million b/d less than our forecast of 102.2 million b/d for
world oil consumption.
Although we expected some OPEC+ countries to continue to restrict production, we expect the
March 3 announcement to result in larger cuts to production than we had previously assumed. The
announcement includes an additional voluntary production cut from Russia.
The current OPEC+ agreement includes two types of production cuts. The first type is officially
stated production targets, and the second type is additional voluntary cuts pledged by certain
OPEC+ countries.
Although our previous forecast assumed that some OPEC+ members would maintain voluntary
cuts—which had been set to expire after 1Q24—through 2Q24, this new announcement pledges
that cuts will be continued for all member countries through the first half of 2024. Because OPEC+
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did not relax production targets and because Russia added new voluntary production cuts, market
participants will have to withdraw oil from stocks to meet demand, which puts upward pressure on
oil prices.
Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), March 2024
The draw on global oil stocks during 2024 will keep Brent crude oil prices elevated, averaging $88/b
in 2Q24, $4/b higher than we had forecast in the February STEO. Prices will remain relatively flat
for the rest of the year before falling to $82/b by the end of 2025 as OPEC+ supply cuts expire and
production increases.
Several factors present uncertainties to our forecast:
 Geopolitical tensions. No crude oil or product tankers have been lost because of the ongoing
attacks on commercial shipping in the Red Sea, but many ships are rerouting to avoid the area.
Rerouting lengthens the trip and increases costs. Attacks continue to pose a threat to ships that
transit the Red Sea, which could increase prices further.
 OPEC+ compliance. If some countries do not comply with the latest round of voluntary OPEC+
production cuts, it would increase the amount of oil in the market, which would reduce prices.
 World oil consumption and economic growth. Stronger demand growth than our forecast
would reduce global stocks and raise oil prices, just as less demand growth would increase
global stocks and reduce prices.
Crude oil prices make up more than 50% of U.S. retail gasoline prices. Refining costs fluctuate
seasonally but usually determine between 10%–25% of the retail gasoline price. Distribution costs
and taxes make up the rest.
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Following large planned and unplanned refinery outages in the United States in recent weeks, we
increased our refining margin forecast, which is the difference between the wholesale gasoline price
and the Brent crude oil price.
Both higher crude oil prices and refining margins led us to increase our regular-grade retail gasoline
price forecast by 20 cents per gallon for June, July, and August from what we forecast in the
February STEO.
Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), and
company press
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NewBase Specual Coverage
The Energy world –March 22 -2024
CLEAN ENERGY
TotalEnergies publishes its Sustainability & Climate – 2024
Progress Report
Source: TotalEnergies
TotalEnergies has published its Sustainability & Climate – 2024 Progress Report, as pledged by the
Board of Directors since 2020.This report gives an account of the implementation the Company's
strategy and the progress made in 2023 with regard to the objectives for 2030, notably its
achievements in terms of emissions reductions and its contribution to a just, orderly and equitable
energy transition for all its stakeholders.
TotalEnergies thus reaffirms the relevance of its balanced multi-energy strategy combining
profitable growth and sustainable development, anchored on two pillars: oil & gas, notably LNG,
and electricity, notably renewable, the energy at the heart of the transition. In 2023, like in 2022,
TotalEnergies was the most profitable major, with a return on capital employed of 19%, while also
being the major that invests the most in the energy transition.
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In Oil & Gas, thanks to having refocused its portfolio on assets and projects with low breakeven and
low greenhouse gas emissions, TotalEnergies intends to produce oil & gas in a responsible manner,
as illustrated by its 2023 achievements in emissions reductions:
1. 34% reduction in Scope 1+2 emissions from operated oil & gas facilities compared to 2015,
2. decrease, to 18 kg CO2e/boe, of the Scope 1+2 emission intensity of upstream oil & gas
activities on an equity basis,
3. 47% reduction in methane emissions on operated facilities in 2023 vs 2020, already among
the lowest in the peer group. In order to concretely transcribe its ambition to aim for zero
methane emissions, TotalEnergies extends its objective to reduce its methane intensity to
<0.1% by 2030 to the entirety of its operated upstream oil & gas facilities – not just its gas
facilities.
In gas, energy of the transition which complements the intermittency of renewable energies in
electricity generation and represents a virtuous alternative for countries burning coal for their power
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generation needs, the Company estimates that its LNG sales contributed to avoiding about 70 Mt
of CO2e emissions worldwide in 2023.
In electricity, TotalEnergies invested more than $5 billion in 2023 in low-carbon energies, essentially
in electricity, contributing to building a profitable and differentiated Integrated Power business, which
will both become a cash engine for the
Company and reduce the emissions resulting
from the use of energy products sold to its
clients: the lifecycle carbon intensity of energy
products sold by TotalEnergies to its
customers for final use was 13% lower in 2023
compared to 2015, and is on track to meet the
objective of -25% by 2030.
Thanks to these achievements, TotalEnergies
confirms its ambition to become a major player
in the energy transition, committed to carbon
neutrality in 2050, together with society.
Moreover, with the launch of Care Together by
TotalEnergies, the Company increases its
commitments in terms of social responsibility.
In addition to commitments specific to each
affiliate, TotalEnergies guarantees compliance
with high social standards for all its employees
worldwide, regardless of the legislation in force
in any given country. This program is based on concrete measures revolving around four pillars:
social protection, health, the family sphere and working conditions.
TotalEnergies will submit the Sustainability & Climate – 2024 Progress Report to a consultative vote
at the Annual Shareholders’ Meeting on May 24, 2024
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In accordance with the resolution approved by shareholders in May 2023 concerning TotalEnergies'
ambition with respect to sustainable development
and energy transition toward carbon neutrality, the
Board of Directors is committed to report on the
progress made in implementing the ambition to the
Shareholders’ Meeting. The board will submit
the Sustainability & Climate – 2024 Progress
Report to a consultative vote of shareholders at the
meeting of May 24, 2024.
The report will be presented during an afternoon of
thematic workshops on March 21, 2024
On March 21, 2024, TotalEnergies will present
concrete examples of the implementation of its
balanced transition strategy during an afternoon of
thematic workshops, as part of the rollout of
its Sustainability & Climate – 2024 Progress Report.
Following the presentation of TotalEnergies’ results
and outlook in relation to its Climate ambition by
Aurélien Hamelle, President Strategy &
Sustainability, thematic presentations will concretely
illustrate the progress of the Company regarding
climate and sustainability.
 Scope 1&2 - Responsibly producing oil & gas on our E&P assets, by Arnaud Le Foll, Senior
Vice-President New Business – Carbon Neutrality, Exploration & Production,
 Scope 1&2 - Slashing down emissions in our refineries by Jean-Marc Durand, Senior Vice-
President Refining & Base Chemicals Europe, Refining & Chemicals,
 Customers - Supporting our customers in their decarbonization journey, by Christophe
Sassolas, Senior Vice-President OneB2B,
 People - Caring for our Employees around the world, by Namita Shah, President OneTech
and People & Social Engagement, and Pierre Bang, Senior Vice-President People & Social
Engagement,
 Our sustainable transition – Uganda zoom, by Mike Sangster, Senior Vice-President Africa,
Exploration & Production, and Jean-Philippe Torres, Senior Vice-President Africa, Marketing
& Services.
The event will be webcast live on totalenergies.com from 2:00 pm (Paris time). Presentation material
will be available on the website.
https://totalenergies.com/media/news/press-releases/totalenergies-publishes-its-sustainability-
climate-2024-progress-report
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
NewBase Energy News 22- March - Issue No. 1709 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 20

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NewBase 22 March 2024 Energy News issue - 1709 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 22 March 2024 No. 1709 Senior Editor Eng. Khaled Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE U.A.E’s Masdar to acquire 50% stake in US clean energy company Terra-Gen The National - Alkesh Sharma Abu Dhabi clean energy company Masdar has agreed to acquire a 50 per cent stake in US renewable energy power producer Terra-Gen from New Jersey-based Energy Capital Partners. Established in 2007, Terra-Gen is one of the largest independent renewable energy power producers in the US. Energy Capital Partners will fully exit its position in the company following the transaction, while the infrastructure investment manager Igneo Infrastructure Partners will retain its existing 50 per cent stake in Terra-Gen, Masdar said on Tuesday. Our investment in Terra-Gen’s impressive energy portfolio expands our existing US footprint and reinforces Masdar’s long-term commitment across our US portfolio , said Mohamed Al Ramahi, chief executive of Masdar Igneo, which made its initial investment in Terra-Gen in December 2020, manages $19.5 billion worth of assets on behalf of more than 200 investors around the world. Financials of the transaction, which is expected to close by the end of the year, were not disclosed. ww.linkedin.com/in/khaled-al-awadi-80201019/ US company offers end-to-end renewable project development, financing and operating capabilities
  • 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 “Our investment in Terra-Gen’s impressive energy portfolio expands our existing US footprint and reinforces Masdar’s long-term commitment across our US portfolio,” Mohamed Al Ramahi, chief executive of Masdar said. “We look forward to working alongside Igneo as our valued partner to accelerate Terra-Gen's growth and deliver world-class innovation at utility scale in support of the global energy transition.” Terra-Gen offers end-to-end renewable project development, financing and operating capabilities. It currently operates about 2.4 gigawatts of wind and solar, and 5.1 gigawatt-hours of energy storage compounds across 32 renewable power sites in the US, mainly in California and Texas. The US market will play an important role as Masdar follows its plan to build a global renewable energy portfolio of at least 100 gigawatts of capacity by 2030. Masdar made its first investment in the US energy market in 2019 and currently has a portfolio of utility-scale wind, solar and storage assets in the US with a generating capacity of more than 1.4 gigawatts. “Terra-Gen is committed to developing responsible energy projects that benefit local communities and future generations,” said Jim Pagano, chief executive of Terra-Gen. “We are excited to work with Masdar, a like-minded partner with a track record of commitment to decarbonisation and clean energy projects in the US and around the world.” Established in 2006, Masdar has developed and partnered in projects in over 40 countries. The company is considering “transformative” acquisitions to expand its footprint in the US and Europe, its chief operating officer Abdulaziz Alobaidli told The National in November. “Those are very attractive markets and very well-developed markets and we certainly would like to increase our footprint [there],” Mr Alobaidli said at the time. Last year, Masdar closed the deal to acquire a 50 per cent stake in the California-based Big Beau project from EDF Renewables. Last month, the company completed the acquisition of a 49 per cent stake in the 3- gigawatt Dogger Bank South project, one of the world’s largest planned offshore wind farms in the UK. In January, Masdar signed an initial agreement with Germany’s Daimler Truck to explore the feasibility of liquid green hydrogen exports from the UAE to Europe by 2030. It is aiming for an annual green hydrogen production capacity of up to 1 million tonnes within the next decade.
  • 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 reveals details of national policy on biofuels Staff Writer, WAM (Emirates News Agency) The UAE has revealed the details of the National Policy on Biofuels, recently approved by the UAE Cabinet. The policy supports the country’s shift to clean and sustainable energy sources. The policy has been developed by the Ministry of Energy and Infrastructure (MoEI) in coordination with its strategic partners from the public and private sectors, aiming to provide sustainable fuel alternatives and further diversify the energy mix. Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said. “The policy will play an important role in our decarbonisation drive. It will contribute to reducing carbon emissions through increasing the consumption of biodiesel by 20 percent by 2050. It will lower the carbon footprint of diesel cars by 75 percent in case of consuming biodiesel by 100 percent.” He added, “The National Policy on Biofuels will help achieve the objectives of the UAE Energy Strategy 2050. It will enhance the implementation of circular economy principles in various sectors, such as infrastructure, mobility, and manufacturing, and will drive economic growth through using waste as input for production.” The Minister noted that MoEI works collaboratively with its partners to develop regulations and controls to oversee the distribution of biofuels, establish standards governing the production and utilisation of biofuels, and implement criteria and mandates for biofuel production within the country. He highlighted that the policy supports the objectives of the National Energy and Water Demand- side Management Programme and the UAE Net Zero by 2050 Strategic Initiative. Saif Humaid Al Falasi, CEO of ENOC Group, said, “The announcement by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to approve the National Policy on Biofuels in the UAE, reaffirms the Government's efforts to transition the energy sector in the country towards a diverse and flexible energy mix to meet future requirements and implement the UAE Net Zero by 2050 Strategic Initiative.” Al Falasi added, “Building on ENOC's leading position in the energy sector at the national level, we launched biofuel in the UAE in 2017, which is one of the advanced alternative fuel products. We have expanded the application of this biofuel to reach various sectors, including operating Marine Abras and some of our assets such as ENOC Link trucks, in addition to providing it to customers through the innovative ‘e-link’ platform for fuel delivery.”
  • 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 Yousif bin Saeed Lootah, Founder and CEO of Lootah Biofuels, said, “The UAE Cabinet's approval of the National Policy on Biofuels is a game-changer for the energy sector. Establishing a robust local biofuel market not only addresses the need to reduce emissions but also promotes sustainability in other sectors, such as transportation, agriculture, and hospitality, fostering a greener economy. “We at Lootah Biofuels take pride in our role in developing this forward-thinking policy that recognises the multifaceted potential of biofuels. The policy reaffirms the UAE's environmental stewardship and supports the country’s goal of producing 700 million liters of sustainable aviation fuel annually and reaching net zero by 2050.” Bader Saeed Al Lamki, CEO of ADNOC Distribution, said, “The introduction of a National Policy on Biofuels is a welcome step in the UAE’s sustainable mobility journey. Representing a milestone in the forward-thinking ambition of this nation, today’s news reaffirms the Government's efforts to ensure the UAE maintains a world-class and industry-leading energy sector.” Salem Bin Ashoor, Director and Head of Country, bp UAE, said, "Biofuels play a critical role in the global journey towards net zero emissions. It is an important component that offers decarbonisation solutions for sectors where electrification remains a challenge. "With growing customer demand for biofuels, a nationwide policy is indispensable to regulate the sector, which is when approved, the UAE can secure biofuels demands and boost its production and supply via regulations and mandates. The biofuels national policy will significantly contribute to the UAE’s commitment to achieving its clean energy goals and Net Zero by 2050 strategic initiative. “We, at bp, are happy to share best practices and expertise, collaborating with partners on various projects in support of the UAE’s energy transition agenda.”
  • 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
  • 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 U.S. crude oil exports reached a record U.S. Energy Information Administration, Petroleum Supply Monthly and Petroleum Supply Annual + NewBase U.S. crude oil exports established a record in 2023, averaging 4.1 million barrels per day (b/d), 13% (482,000 b/d) more than the previous annual record set in 2022. Except for 2021, U.S. crude oil exports have increased every year since 2015, when the U.S. ban on most crude oil exports was lifted. Growth in crude oil production in the United States has supported increases in U.S. crude oil exports. In 2023, crude oil production reached a record-high 12.9 million b/d in the United States, a 9% (1.0 million b/d) increase from 2022. Many U.S. refineries are optimized to run heavy, sour crude oils, but most of the crude oil produced in the United States is light, sweet crude oil, creating export incentives for market participants. The top regional destinations for U.S. crude oil exports since 2018 have been Europe as well as Asia and Oceania. Europe became the top export destination in 2023 following the effects of Russia’s full-scale invasion of Ukraine and the inclusion of West Texas Intermediate (WTI) crude oil in Dated Brent. In 2022, U.S. crude oil exports to Europe increased significantly following Russia’s full-scale invasion of Ukraine and subsequent EU sanctions banning imports of seaborne crude oil from Russia (adopted June 3, effective December 5). These effects of the sanctions contributed to continued growth in U.S. exports to Europe in 2023. In 2023, U.S. crude oil exports to Europe averaged 1.8 million b/d, slightly more than U.S. exports to Asia and Oceania of 1.7 million b/d. Another factor affecting the volume of U.S. crude oil exports to Europe is the inclusion of WTI crude oil in Dated Brent, a European crude oil benchmark. Prior to May 2023, the price of Dated Brent was determined based on a basket of different European crude oils.
  • 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 Starting in May 2023 (for physical delivery in June), WTI cargoes delivered to Rotterdam were included, likely attracting additional volumes to Europe. Data source: U.S. Energy Information Administration, Petroleum Supply Monthly and Petroleum Supply Annual The WTI crude oil to be included in determining the Dated Brent price is delivered into Rotterdam, a large crude oil storage and trading hub in the Netherlands. The Netherlands received more U.S. crude oil exports than any other country in 2023, averaging 652,000 b/d. The combination of sanctions against Russia and U.S. exports reacting to WTI’s inclusion in Brent contributed to U.S. exports to the Netherlands increasing 82% (293,000 b/d) in 2023 compared with 2022, the largest volumetric growth for any country. China received the second-most U.S. crude oil in 2023, averaging 452,000 b/d, more than double 2022 volumes. China’s crude oil imports in 2023, the most since at least 2005, also included significantly more oil from Russia, according to data from China’s General Administration of Customs. Refinery expansions and initiatives to reopen the economy after China’s government eased COVID- 19 mobility restrictions drove the rise in China’s crude oil imports. In addition, increased crude oil imports also helped increase commercial and government crude oil stockpiles in China, according to trade press.
  • 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 Data source: U.S. Energy Information Administration, Petroleum Supply Monthly In contrast to increasing U.S. crude oil exports to the Netherlands and China, U.S. crude oil exports to India fell 47% (146,000 b/d). India increased imports from Russia following sanctions that limited the price Russia could charge for crude oil exported using the services of sanctioning countries; importers in India have been favoring the lower-cost crude oil from Russia over crude oil from the United States. According to data from Vortexa Analytics, average annual crude oil exports from Russia to India doubled from 0.9 million b/d in 2022 to 1.8 million b/d in 2023. US raises domestic crude production growth forecast for 2024 The U.S. Energy Information Administration (EIA) on Tuesday predicted that domestic oil production will grow by 260,000 barrels per day (bpd) in 2024, up 90,000 barrels per day (bpd) from its previous forecast, but said estimated production cuts from OPEC+ will still slow global oil growth. U.S. crude oil production will rise to 13.19 million barrels per day (bpd) this year, the EIA said in its Short-Term Energy Outlook (STEO). It had previously projected that crude production would rise this year by 170,000 bpd. U.S. crude oil output reached a record 13.3 million bpd in December 2023, following sustained productivity increases at new wells. Production notched an annual record of 13.21 million bpd in 2023.
  • 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 U.S. oil production is expected to rise by 460,000 bpd to 13.65 bpd in 2025, which would be a record high. OPEC+ production cuts will help push the Brent crude oil spot price to average $87 a barrel in 2024, up from its previous forecast of $82.42 a barrel, the EIA forecast. The agency previously predicted that U.S. production would decrease slightly through the middle of 2024 and would not exceed the record set last December until February 2025. However, the agency now forecasts steadily increasing production with output surpassing last year’s record by the fourth quarter of 2024. The U.S. EIA predicted world oil demand output would grow by 1.43 million bpd year-on-year, up 10,000 from its previous forecast and in line with the International Energy Agency. The EIA also raised its 2025 world oil demand growth forecast by 90,000 bpd, anticipating a 1.38 million barrel year-on-year increase. In February this year, the IEA predicted global demand will rise by 1.22 million barrels per day (bpd) in 2024, while in its February report OPEC expected 2.25 million bpd. The difference is about 1% of world demand. U.S. total petroleum consumption is expected to rise by 200,000 bpd to 20.4 million bpd in 2024, and then by another 200,000 bpd to 20.6 million bpd in 2025 – higher than previously forecast, the EIA said.
  • 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 NewBase March 22 -2024 Khaled Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE Oil slips on possible Gaza ceasefire, stronger dollar Reuters + NewBase Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices. Brent crude futures fell 53 cents, or 0.6%, to $85.25 a barrel by 0651 GMT. U.S. crude futures shed 52 cents, or 0.6%, to $80.55 per barrel. Both contracts are set to end the week flat or down slightly after rising more than 3% last week. Oil was trading lower on reports of a U.N. draft resolution calling for a ceasefire in Gaza and as another round of profit-taking kicked in, IG analyst Tony Sycamore said. "A ceasefire would help calm fears that the situation in Gaza might spread more broadly across the region," he said. "Additionally, it may encourage the Houthis to stand down and allow oil tankers to Oil price special coverage US says talks in Qatar could reach Gaza ceasefire agreement US gasoline product supplied slips below 9 mln bbls-EIA
  • 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 pass through the Red Sea, which would also be a positive development in terms of helping to balance out the supply and demand dynamics." U.S. Secretary of State Antony Blinken said on Thursday he believed talks in Qatar could reach a Gaza ceasefire agreement between Israel and Hamas. Blinken met Arab foreign ministers and Egypt's President Abdel Fattah El-Sisi in Cairo as negotiators in Qatar centred on a truce of about six weeks. In the United States, the world's top oil consumer, gasoline product supplied, a proxy for demand, slipped below 9 million barrels for the first time in three weeks, indicating a possible slowdown in crude demand. However, consultancy FGE said preliminary weekly data for the first half of March that showed on- land crude and main product stocks at major oil hubs globally falling by almost 12 million barrels, compared with the 2015 to 2019 average draw of 6 million barrels, could be bullish for oil. Meanwhile, the U.S. dollar, which trades inversely with oil prices, strengthened after the Swiss National Bank's surprise interest rate cut bolstered global risk sentiment. A stronger dollar makes oil more expensive for investors holding other currencies, dampening demand. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
  • 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 EIA increases oil price forecast after OPEC+ production cut extension source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), March 2024 We increased our forecast prices for crude oil and petroleum products for the remainder of 2024 in our March Short-Term Energy Outlook (STEO) following the announcement that OPEC+ will extend the existing voluntary production cuts through the second quarter of 2024. We now forecast significantly less global oil production than world oil consumption through the first half of 2024, requiring draws on world petroleum stocks (inventory). Stock draws tend to increase oil prices. We reduced our forecast for world oil production in the second quarter of 2024 (2Q24) to 101.3 million barrels per day (b/d) in the March STEO in response to OPEC+ extending its cuts. That results in global oil production that is 0.9 million b/d less than our forecast of 102.2 million b/d for world oil consumption. Although we expected some OPEC+ countries to continue to restrict production, we expect the March 3 announcement to result in larger cuts to production than we had previously assumed. The announcement includes an additional voluntary production cut from Russia. The current OPEC+ agreement includes two types of production cuts. The first type is officially stated production targets, and the second type is additional voluntary cuts pledged by certain OPEC+ countries. Although our previous forecast assumed that some OPEC+ members would maintain voluntary cuts—which had been set to expire after 1Q24—through 2Q24, this new announcement pledges that cuts will be continued for all member countries through the first half of 2024. Because OPEC+
  • 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 did not relax production targets and because Russia added new voluntary production cuts, market participants will have to withdraw oil from stocks to meet demand, which puts upward pressure on oil prices. Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), March 2024 The draw on global oil stocks during 2024 will keep Brent crude oil prices elevated, averaging $88/b in 2Q24, $4/b higher than we had forecast in the February STEO. Prices will remain relatively flat for the rest of the year before falling to $82/b by the end of 2025 as OPEC+ supply cuts expire and production increases. Several factors present uncertainties to our forecast:  Geopolitical tensions. No crude oil or product tankers have been lost because of the ongoing attacks on commercial shipping in the Red Sea, but many ships are rerouting to avoid the area. Rerouting lengthens the trip and increases costs. Attacks continue to pose a threat to ships that transit the Red Sea, which could increase prices further.  OPEC+ compliance. If some countries do not comply with the latest round of voluntary OPEC+ production cuts, it would increase the amount of oil in the market, which would reduce prices.  World oil consumption and economic growth. Stronger demand growth than our forecast would reduce global stocks and raise oil prices, just as less demand growth would increase global stocks and reduce prices. Crude oil prices make up more than 50% of U.S. retail gasoline prices. Refining costs fluctuate seasonally but usually determine between 10%–25% of the retail gasoline price. Distribution costs and taxes make up the rest.
  • 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 Following large planned and unplanned refinery outages in the United States in recent weeks, we increased our refining margin forecast, which is the difference between the wholesale gasoline price and the Brent crude oil price. Both higher crude oil prices and refining margins led us to increase our regular-grade retail gasoline price forecast by 20 cents per gallon for June, July, and August from what we forecast in the February STEO. Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), and company press
  • 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 NewBase Specual Coverage The Energy world –March 22 -2024 CLEAN ENERGY TotalEnergies publishes its Sustainability & Climate – 2024 Progress Report Source: TotalEnergies TotalEnergies has published its Sustainability & Climate – 2024 Progress Report, as pledged by the Board of Directors since 2020.This report gives an account of the implementation the Company's strategy and the progress made in 2023 with regard to the objectives for 2030, notably its achievements in terms of emissions reductions and its contribution to a just, orderly and equitable energy transition for all its stakeholders. TotalEnergies thus reaffirms the relevance of its balanced multi-energy strategy combining profitable growth and sustainable development, anchored on two pillars: oil & gas, notably LNG, and electricity, notably renewable, the energy at the heart of the transition. In 2023, like in 2022, TotalEnergies was the most profitable major, with a return on capital employed of 19%, while also being the major that invests the most in the energy transition.
  • 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 In Oil & Gas, thanks to having refocused its portfolio on assets and projects with low breakeven and low greenhouse gas emissions, TotalEnergies intends to produce oil & gas in a responsible manner, as illustrated by its 2023 achievements in emissions reductions: 1. 34% reduction in Scope 1+2 emissions from operated oil & gas facilities compared to 2015, 2. decrease, to 18 kg CO2e/boe, of the Scope 1+2 emission intensity of upstream oil & gas activities on an equity basis, 3. 47% reduction in methane emissions on operated facilities in 2023 vs 2020, already among the lowest in the peer group. In order to concretely transcribe its ambition to aim for zero methane emissions, TotalEnergies extends its objective to reduce its methane intensity to <0.1% by 2030 to the entirety of its operated upstream oil & gas facilities – not just its gas facilities. In gas, energy of the transition which complements the intermittency of renewable energies in electricity generation and represents a virtuous alternative for countries burning coal for their power
  • 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 generation needs, the Company estimates that its LNG sales contributed to avoiding about 70 Mt of CO2e emissions worldwide in 2023. In electricity, TotalEnergies invested more than $5 billion in 2023 in low-carbon energies, essentially in electricity, contributing to building a profitable and differentiated Integrated Power business, which will both become a cash engine for the Company and reduce the emissions resulting from the use of energy products sold to its clients: the lifecycle carbon intensity of energy products sold by TotalEnergies to its customers for final use was 13% lower in 2023 compared to 2015, and is on track to meet the objective of -25% by 2030. Thanks to these achievements, TotalEnergies confirms its ambition to become a major player in the energy transition, committed to carbon neutrality in 2050, together with society. Moreover, with the launch of Care Together by TotalEnergies, the Company increases its commitments in terms of social responsibility. In addition to commitments specific to each affiliate, TotalEnergies guarantees compliance with high social standards for all its employees worldwide, regardless of the legislation in force in any given country. This program is based on concrete measures revolving around four pillars: social protection, health, the family sphere and working conditions. TotalEnergies will submit the Sustainability & Climate – 2024 Progress Report to a consultative vote at the Annual Shareholders’ Meeting on May 24, 2024
  • 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 In accordance with the resolution approved by shareholders in May 2023 concerning TotalEnergies' ambition with respect to sustainable development and energy transition toward carbon neutrality, the Board of Directors is committed to report on the progress made in implementing the ambition to the Shareholders’ Meeting. The board will submit the Sustainability & Climate – 2024 Progress Report to a consultative vote of shareholders at the meeting of May 24, 2024. The report will be presented during an afternoon of thematic workshops on March 21, 2024 On March 21, 2024, TotalEnergies will present concrete examples of the implementation of its balanced transition strategy during an afternoon of thematic workshops, as part of the rollout of its Sustainability & Climate – 2024 Progress Report. Following the presentation of TotalEnergies’ results and outlook in relation to its Climate ambition by Aurélien Hamelle, President Strategy & Sustainability, thematic presentations will concretely illustrate the progress of the Company regarding climate and sustainability.  Scope 1&2 - Responsibly producing oil & gas on our E&P assets, by Arnaud Le Foll, Senior Vice-President New Business – Carbon Neutrality, Exploration & Production,  Scope 1&2 - Slashing down emissions in our refineries by Jean-Marc Durand, Senior Vice- President Refining & Base Chemicals Europe, Refining & Chemicals,  Customers - Supporting our customers in their decarbonization journey, by Christophe Sassolas, Senior Vice-President OneB2B,  People - Caring for our Employees around the world, by Namita Shah, President OneTech and People & Social Engagement, and Pierre Bang, Senior Vice-President People & Social Engagement,  Our sustainable transition – Uganda zoom, by Mike Sangster, Senior Vice-President Africa, Exploration & Production, and Jean-Philippe Torres, Senior Vice-President Africa, Marketing & Services. The event will be webcast live on totalenergies.com from 2:00 pm (Paris time). Presentation material will be available on the website. https://totalenergies.com/media/news/press-releases/totalenergies-publishes-its-sustainability- climate-2024-progress-report
  • 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 NewBase Energy News 22- March - Issue No. 1709 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.
  • 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