New base special 17 july 2014

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NewBase 17 July 2014 Khaled Al Awadi

NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE

Oil production in Oman rises by 1.3 per cent BYTIMES NEWS SERVICE +NewBase

Oil production grew a healthy 1.3 per cent by the end of May 2014 recording 142.1 million barrels compared with 140.3 million barrels recorded during the same period in 2013. Daily average crude oil production increased by the end of May 2014, recording 941,100 barrels per day compared with 929,000 barrels per day during the same period in 2013.

On the other hand, the average oil price per barrel registered a decline of 2.0 per cent from $107.56 per barrel at the end of May 2013 to $105.46 per barrel during the same period in 2014.

A report on crude oil and gas production issued by the National Centre for Statistics and Information (NCSI) attributed the increased oil production to the increase in crude oil produced; which registered 130 million barrels by the end of May 2014 when compared to the end of May 2013 figure of 126 million. Meanwhile, condensate production declined to 12 million barrels when compared with the end of May 2013 figures representing a decline of 15.3 per cent.




The report also reveals a decline in the total volume of oil exports to major countries by 5.1 per cent registering 120 million barrels by the end of May 2014 as compared to 126.6 million barrels during the same period in 2013. China topped the list of the countries importing crude oil from Oman with 85.4 million barrels representing an increase of 21.4 per cent as compared to 70.3 million barrels imported during the same period in 2013.

In second place was Taiwan which imported 12.2 million barrels representing a decline of 23.6 per cent as compared to 16 million barrels imported during the same period in 2013; followed by Japan which imported 8.2 million barrels representing a decline of 32.4 per cent as compared to 12.1 million barrels imported during the same period in 2013.

Meanwhile, natural gas, taking into account imports and local production, declined by 6.2 per cent by the end of May 2014 registering 14,845 million cubic metres when compared with 15,824 million cubic metres. The fall is a result of the reduced production of non-associated gas by 7.5 per cent registering 12,012 million cubic metres as compared to 12,979 million cubic metres registered during the same period in 2013. Associated gas production also declined marginally by 0.4 per cent registering 2,833 million cubic metres by the end of May 2014 as compared to 2,846 million cubic metres during the same period in 2013.

Omani Sohar Refinery To Restart Units After Maintenance

Oman Oil Refineries and Petroleum Industries Co (Orpic) has completed scheduled maintenance at some refining units at Sohar refinery with a planned start-up this week, the operator said.

The refinery has capacity to process 116,000 barrels per day of Omani crude. Orpic said last month it planned scheduled maintenance at some refinery units from June 25 for about a month.

“Following the successful completion of planned maintenance works within some of our

refinery units in Sohar, start-up of those units is expected to be initiated during the course of 15-16 July,” Orpic said in a post on its Facebook page.

“As is standard with refinery start-ups, the first week or so after initiation will focus on balancing the complex process systems to normal operational levels. It is possible that flaring levels will vary during this period.”

Oman pumps around 950,000 bpd of crude and aims to maintain this level for the next two to three years.

The refinery has capacity to process 116,000 barrels

per day of Omani crude.




Egypt needs $120 billion inflow over next 4 years Reuters Western consultants helping Egypt compile an economic reform plan say it needs at least $60 billion of investment to reach average GDP growth of 5 percent by 2018 and the same amount again to bolster its foreign reserves, senior officials said.

The Egyptian officials said the country would seek dollar-denominated investments and loans from local and foreign investors, foreign governments and international lenders to fill the gap at a donor conference slated for the end of the year in Egypt. The International Monetary Fund is expected to attend the conference and has discussed the possibility of extending a loan to Egypt, one official said. “The prescription which Lazard put forward is not very different from the prescriptions of the IMF”, said another official, which would suggest a deal could be reached quickly.

The officials, who requested anonymity due to the confidential nature of the plan, spoke to Aswat Masriya, a news website run by the Reuters Foundation which promotes independent journalism in Egypt. Reuters reported last month that international investment bank Lazard and US consultancy Strategy& were drawing up plans to reshape Egypt’s economy that could be used as the basis for reopening talks on a loan agreement with the IMF. Such a deal could help kindle confidence among foreign investors who have been unnerved by three years of turmoil and a host of other problems including costly energy subsidies and a lack of transparency in economic management. The IMF was not available for comment. It has previously said it was open and eager to restart loan negotiations which ousted Islamist President Mohamed Morsi, who was unwilling to impose unpopular reforms, had failed to conclude. Just a month into office, President Abdel Fattah Al-Sisi’s government has enacted a series of subsidy cuts and tax hikes resembling IMF-type austerity measures which the officials said were part of the consultants’ plan. The IMF has discussed the loan with officials from the United Arab Emirates, a top Egyptian businessman familiar with the situation said. He said the UAE - the driving force behind the consulting project - had also sought advice on the economic reform plan from former PIMCO chief executive officer Mohamed El-Erian, who have made recent trips to both countries. El-Erian declined to comment. Asked about Al-Erian, a source in the UAE familiar with the matter said: “He is one among many experts and organizations who are advising on a number of ideas and best practices under discussion.” Prior to the 2011 revolt that ousted former president Hosni Mubarak, direct investment in Egypt came to $8 billion a year. In fiscal 2012-2013 the country drew in just $3 billion of foreign investment. Egypt’s GDP stood at $272 billion in 2013, according to the World Bank.




OMV Petrom announces oil discovery in the Black Sea - Romania Source: OMV Petrom + NewBase

• Marina 1 exploration well identified a new oil reservoir in Istria XVIII offshore Perimeter (shallow water)

• Production potential, according to the tests, is 1,500 - 2,000 boe/day

• Exploration drilling cost for Marina 1 amounted to approx. EUR 19 mn

OMV Petrom, the largest oil and gas producer in South-Eastern Europe, has announced the success of an exploration well drilled in Istria XVIII offshore Perimeter (shallow water). The Marina 1 well encountered a new oil reservoir on the continental shelf of the Black Sea.

'The Black Sea is an important area for OMV Petrom, an area which continues to have potential for new discoveries. Currently, production from shallow waters accounts for 18% of the company’s hydrocarbons production in Romania. We have over 40 years of experience in exploration and production in the shallow waters of the Black Sea and we will continue to invest in the development of the offshore segment', says Gabriel Selischi, member of the OMV Petrom Executive Board, responsible for Exploration and Production.

The exploration well Marina 1 was drilled 60 km from shore, in Istria

XVIII Perimeter, to a depth of about 2,150 meters below the seabed. Water depth in the area is about 50 meters. First estimates from production tests show a potential production per well of 1,500 – 2,000 boe/day. Cost of drilling the exploration well amounted to approx. EUR 19 mn. After the completion of tests, the Marina 1 well will be plugged with cement and abandoned.

In the following months, OMV Petrom will evaluate the results of the Marina 1 well and assess its commercial viability in order to develop and start production from the new reservoir. In order to exploit the reservoir, it is necessary to develop required infrastructure, including drilling of the production wells. Production from the Marina discovery – depending on the decision on its commercial viability – could start over the next 3-4 years. Investments necessary for reservoir development are estimated to above EUR 100 mn.

OMV Petrom activities in the Romanian Black Sea

Exploration in the continental shelf of the Black Sea started in 1969. The first hydrocarbon discovery was made in 1980 and the offshore production started in 1987. Currently, OMV Petrom is engaged both in shallow water and in deep water activities, described below:

• Istria Perimeter – shallow water (100% OMV Petrom): exploration and production activities




o OMV Petrom is currently exploiting five reservoirs: Pescarus, Lebada East, Lebada West, Sinoe and

Delta. These have a total production of about 31,000 boe/day.

o Over the last 10 years, OMV Petrom has undertaken three 3D seismic acquisition campaigns in the

Istria field, ensuring complete coverage of the perimeter. Following these campaigns, in 2007, the

Delta reservoir was discovered, with production starting two years later.

• The Neptun Shallow Perimeter – shallow water (100% OMV Petrom): exploration operations

• The Neptun Deep Perimeter – deep water (50% OMV Petrom, 50% ExxonMobil): exploration operations

o Between December 2011and March 2012, ExxonMobil and OMV Petrom drilled the Domino-1 well,

the first deep water exploration well in Romania, which confirmed the existence of natural gas.

Domino-1 hit a total depth of more than 3,000 meters below sea level.

• Midia Deep Perimeter – deep water (42.5% OMV Petrom, 42.5% ExxonMobil, 15% GasPlus): exploration

operations




China studies floating LNG gas plants for South China Sea Source: Reuters

Chinese energy giant CNOOC Group is studying the possibility of building a multi-billion-dollar floating liquefied natural gas (FLNG) vessel, as-yet untried technology that would likely be used to produce gas from the deep waters of the South China Sea. While the state-run company has made no public announcement, a pre-feasibility study was well under way, CNOOC and other industry officials said. CNOOC was already talking to global engineering firms about possible joint design of the vessel, two industry officials added.

FLNG ships are ocean-based liquefaction plants that can be positioned above reserves to chill extracted gas and load it into LNG tankers for delivery. That could make fields too remote or too small to develop using undersea pipelines viable for production.

About 10 FLNG facilities are being planned globally with a handful under construction, among them the biggest, Prelude, owned by Royal Dutch Shell and due to be producing from an offshore Australian field by 2017. Shell has shied away from offering estimates of Prelude's likely cost, but analysts say it could be more than $12 billion.

While a Chinese FLNG plant might be some years away, industry officials said such vessels could become an important component of Beijing's strategy in the South China Sea - including in disputed waters - as the country looks to boost its offshore energy output.




CNPC reports oil and gas shows at well in disputed waters in South China Sea Source: CNPC / NewBase

A Chinese oil rig has finished drilling near the disputed Paracel islands in the South China Sea after finding signs of oil and gas, China National Petroleum Corp (CNPC) said on Wednesday. CNPC reports that the petroleum drilling and exploration operation at the Zhongjiannan Project was smoothly completed on

schedule on July 15th with oil & gas shows found. In accordance with the work procedures of deep-sea petroleum exploration and development, a comprehensive assessment of hydrocarbon horizons is to be implemented based on the geological and analytical data collected through the drilling and exploration operation. Next phase arrangements are subject to the aforesaid comprehensive assessment.

Since 2004, China National Petroleum Corporation (CNPC) has been conducting geophysical prospecting activities mainly for seismic data acquisition in this sea area based on intensive and comprehensive geological study. As a result, the exploration targets were locked, and the well locations were identified. In 2013, well site survey was conducted. CNPC started

the drilling of two exploratory wells of Zhongjiannan Project on May 2nd this year, and finished the drilling of No.1 exploratory well on May 27th. We started drilling No.2 well on May 28th, and the drilling of this

well completed today (July 15). The operation is undertaken by the drilling platform HYSY-

981 run by China Oilfield Services Limited ( COSL).




Indonisia: EMP kicks off commercial gas production at Kuat field Press Release, EMP + NewBase

PT Energi Mega Persada Tbk. (EMP) reported that its 60.49% owned and operated

Malacca Strait PSC block, just started its first commercial gas volume of 8.5 million

cubic feet per day to the BOB PT Bumi Siak Pusako – PT Pertamina Hulu Energi (“BOB”).

The gas output is produced from the block’s Kuat gas field and is sold at $8.00/mmbtu with an escalation term of 3% per annum from July 2014 to August 2020. BOB uses the gas output as fuel for its power generator to lift oil.

In the first quarter of 2014, the Malacca Strait PSC produced around 3,288 barrels oil per day (based on EMP’s 60.49% stake). Imam Agustino, EMP’s CEO, said: “The additional gas output is expected

to have positive impact on the Company’s financial results in the second half of 2014.”

EMP is an upstream oil and gas company, operating some 12 oil & gas assets in Indonesia and Mozambique (Africa). In the first quarter 2014, the Company produced around 12,700 barrels oil per day and 231 million cubic feet gas per day, equivalent to 51,290 boepd. EMP also operates proved and probable reserves of 21 million barrels oil and 1.1 trillion cubic feet gas as per 31 March 2014.




SBI Offshore wrapping up EPCC project in Malaysia Press Release,

SBI Offshore Limited has announced today that it expects to complete a

major Engineering, Procurement, Construction and Commissioning (“EPCC”) project for

a Malaysian client worth approximately US$30 million on 23 July 2014 for final

delivery at the end of the month.

The SGX Catalist-listed O&M player said that the EPCC project – involving a Derrick Equipment Set secured in 2012 – marks a significant milestone in its strategic shift towards becoming a value-added Offshore and Marine player focused on providing integrated engineering solutions for drilling equipment and services.

The Group has recognised US$28.8 million in revenue from the EPCC project in the financial year ended 31 December 2013. Other than the balance contracted revenue and any other additional revenue claimable on this project, the completion of this EPCC

project is not expected to have any other material impact on the Company’s financials for the financial year ending 31 December 2014.

On the completion and delivery, Executive Chairman of SBI Offshore, Chan Lai Thong, said: “The

successful completion of the EPCC is a strong testament to our capabilities and track record even as we

embark on the twin engines of future growth - to pursue larger-scale offshore or land-based oil gas and

projects as well as to provide integrated solutions for drilling equipment and systems.”

In line with this strategy, it announced on 2 July 2014 that it would form a 70%-held joint venture with U.S.-based Axon Energy Products Inc. – a global oilfield equipment manufacturing company – to market, install, commission and provide after- sales services for oil and gas drilling equipment and systems in Asia.

Related: SBI Offshore, Axxon form JV

This joint venture, which will allow the Group to recognise top-line revenue as well as bottom-line profit, marks a major shift from its legacy business of agency commission revenue. SBI Offshore said on 3 July 2014 that it would not proceed with its sales representative agreement with Norway’s Aker MH AS.

Chan said: “We have proven that we can deliver the sizeable projects from design to commissioning. We

will leverage on our track record and experience to pursue other value-added projects, with particular

emphasis on drilling solutions which we can offer via our joint venture with Axon.”




RWE: Leiv Eiriksson approved for Titan drilling Press Release, + NewBase

RWE-DEA Norge AS has received consent to carry out exploration drilling of well 35/9-

X S Atlas in Titan production licence 420 in the North Sea using the Leiv Eiriksson

mobile drilling rig.

Water depth at the site is around 358 metres and it is around 81 kilometres south-west of Florø. Drilling is planned to begin in mid-August 2014, with a duration of approximately 66 days, depending on whether a discovery is made.

Leiv Eiriksson is a semi-submersible drilling rig of the SS Trosvik Bingo 9000 type. The rig is owned by Ocean Rig and will be operated by Rig Management Norway. Leiv Eiriksson received the PSA’s Acknowledgement of Compliance (AoC) in July 2008.




Total to conduct manned underwater operations on Martin Linge Press Release,

Total E&P Norge AS has received consent to conduct manned underwater operations on

the Martin Linge Project.

The Martin Linge field is close to the boundary with the UK sector, around 42 kilometres west of Oseberg. Water depth at the site is 100-120 metres.

Scheduled start-up is 10 August 2014.

The underwater operations will be carried out by diving support vessels DSV Seven Falcon and DSV Seven Pelican.

The Seven Falcon is one of the most advanced diving vessels in the world featuring a 24-man twin bell saturation diving system rated to 400m and a heave compensated 250t crane.

The vessel is 120m long and accommodates 120 persons.

The Seven Pelican is a diving vessel featuring an 18-man twin bell saturation diving system rated to 370m, three chambers and two 16-man hyperbaric lifeboats. Port and starboard moonpools for diving operations are provided.

The vessel is 94m long and accommodates 105 persons. It is fitted with one observation class ROV as standard with the option for one workclass ROV.




US must decide on crude export ban: IEA chief - Reuters

The United States must decide soon whether to overturn its nearly 40-year ban on oil exports or it risks inhibiting output from the domestic drilling boom, the executive director of the International Energy Agency said on Tuesday.

"Do you want to be an energy island that is fenced in or do you want to be a huge (oil) producer at the same time as

being a huge consumer?" Maria van der Hoeven told Reuters in a wide-ranging interview about energy policy.

"As far as I know, the United States was always in favour of an open market," said van der Hoeven, whose 29-member agency produces energy statistics and advises developed and emerging economies on energy security issues.

Washington took a step toward opening up oil exports last month when the Commerce Department told two Texas energy companies they could export a light crude called condensate if it has been minimally processed. The IEA had anticipated the Commerce Department's move in a recent energy outlook report, as a glut of the light crude oil has built up in the US Gulf due to the domestic energy boom.

Van der Hoeven, who is based in Paris, wrote in a 2013 Financial Times opinion piece that the US would have to find export outlets to reach its full oil revolution potential. IEA oil market analyst Antoine Halff, who was with van der Hoeven in Washington, said the Commerce Department's move confirmed her 2013 piece. "What is happening is that condensate production is so high ... it's putting some pressure on the system to let some liquids out," said Halff. Van der Hoeven said Asia and Latin America are so thirsty for condensates for production of both petrochemical products and motor fuel that it could be 20 or 30 years before there is too much in the global market.

US oil production could be hindered if Washington does not take more steps to reverse the decades-old ban, she added. But it is not the IEA's role to dictate policy. "It's our work to raise issues. And ask questions and also urge countries to think about these issues because they have to find an answer," she said. "What I do think is important is we flag issues on energy security and (the U.S. crude ban) is one," she added. Van der Hoeven praised an agreement last week between the US and China to cooperate on strategic petroleum reserves, the first such effort between the world's top energy consumers. "Our statisticians were quite excited about this arrangement because it could be a decisive step in the right direction," she said.

The IEA has been working with China and other non-IEA members like India and Brazil to improve transparency on how much energy they are using and producing. "There is clearly an awareness in China that providing data is something that not only the market at large needs, but that they stand to gain by being more transparent," Halff said.




EIA projects modest needs for new electric generation capacity Source: U.S. Energy Information Administration,

The Annual Energy Outlook 2014 (AEO2014) Reference case projects 351 gigawatts (GW) of new electric generating additions between 2013 and 2040, in both the electric power sector and end-use sectors. Projected future capacity additions are well below the average annual levels observed in recent history, and natural gas is the primary fuel source of the projected added capacity. Near-term additions (through 2016) average 16 GW per year, followed by additions of less than 9 GW per year through 2022, as the existing generating fleet will be sufficient to meet expected demand growth in most regions. From 2025 to 2040, annual additions increase to an average 14 GW per year, but remain below recent levels.

A boom in construction of new natural gas-fired plants began in 2000, largely driven by independent power producers in response to deregulation in the electric power sector. U.S. electric generating capacity additions averaged 35 GW annually from 2000 through 2005. Almost all of the capacity added during those years was natural gas-fired and about two-thirds uses efficient combined-cycle technology. From 2006 through 2012, annual average capacity additions dropped to 19 GW, with 42% of the additions representing renewable technologies and 45% representing natural gas-fired technologies. The renewable additions were primarily wind plants built to take advantage of federal tax incentives and to help meet state renewable portfolio standards. The high levels of recent capacity additions, combined with relatively low electricity demand, have resulted in surplus capacity relative to required reserve margins for many regions of the country.

In the AEO2014 Reference case, natural gas-fired plants account for 73% of capacity additions (255 GW) from 2013 to 2040, compared with 24% for renewables, 3% for nuclear, and 1% for coal. Of the 83 GW of renewable capacity additions, 39 GW are solar photovoltaic (PV) systems (60% of which are rooftop installations) and 28 GW are wind (60% of which occur by 2015 to take advantage of production tax credits), as federal tax incentives, state energy programs, and rising fossil fuel prices increase the competitiveness of renewable electricity technologies. Nuclear additions total about 10 GW, including 6 GW of plants currently under construction and 4 GW projected after 2027. New coal plants total less than 3 GW, with more than 80% of that total currently under construction, as federal and state environmental regulations and uncertainty about future limits on greenhouse gas emissions reduce the attractiveness of coal-fired plants.




Different assumptions for economic growth rates, fuel resources, demand expectations, and tax policies can have a considerable effect on projected capacity additions. Given the uncertainty surrounding these conditions, the AEO2014 examines a variety of cases with different assumptions, including:

• The Low and High Economic Growth cases, which project total capacity additions from 2013 through 2040 of

263 GW and 482 GW, respectively

• The Low Oil and Gas Resource case, in which natural gas prices are higher than in the Reference case, and

new natural gas-fired capacity added from 2013 to 2040 totals 181 GW

• The High Oil and Gas Resource case, in which delivered natural gas prices are lower than in the Reference

case, resulting in 323 GW of new natural gas-fired capacity additions from 2013 to 2040

• The Low Electricity Demand Growth case, in which total electricity demand in 2040 is 17% below the

Reference case, and total electricity capacity additions are half (174 GW) that of the Reference case

• The No Sunset case, which assumes the extension of existing federal energy policies such as the production

and investment tax credits for certain renewable electricity generation technologies, and results in 265 GW

of new renewable capacity additions from 2013 to 2040

•






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Khaled Malallah Al Awadi, MSc. & BSc. Mechanical Engineering (HON), USA ASME member since 1995 Emarat member since 1990

Energy Services & Consultants Mobile : +97150-4822502

[email protected]

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Khaled Al AKhaled Al AKhaled Al AKhaled Al Awadi is a UAE National with a total of 24 yearswadi is a UAE National with a total of 24 yearswadi is a UAE National with a total of 24 yearswadi is a UAE National with a total of 24 years of experience in theof experience in theof experience in theof experience in the Oil & Gas sector. Oil & Gas sector. Oil & Gas sector. Oil & Gas sector.

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NewBase 17 July 2014 K. Al Awadi

New base special 17 july 2014

Economy & Finance

Transcript of New base special 17 july 2014