New base 723 special 08 november 2015

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NewBase 08 November 2015 - Issue No. 723 Edited & Produced by: Khaled Al Awadi

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UAE Taqa starts selling power from India hydro project Reuters + NewBase

Abu Dhabi National Energy Company (Taqa) has begun selling electricity from its hydro power project in north India, which will provide another revenue stream for the company which has been hit by low oil prices.

The state-controlled oil exploration and power supply group swung to a net loss of Dh421 million ($114.7 million) in the second quarter as revenues from oil and gas nearly halved partly on the impact of the lower prices.

The 100 megawatt Sorang hydro power project started selling power to northern India from October 31, Taqa said in a statement. The facility can supply emissions-free electricity to 500,000 homes at full capacity, it said.

Taqa holds a minority stake in Himachal Sorang Power Private Limited, the developer of the Sorang hydro power project in the north-Indian state of Himachal Pradesh. Last month, Taqa said it began commercial operations at the expanded T2 power plant in Ghana. In April, the Abu Dhabi group announced full commercial operations at its Bergermeer gas storage facility in the Netherlands. "We are keen to participate in meeting India's growing energy needs through the completion of this project which provides cost-efficient power and helps develop renewable energy sources," Saeed Mubarak Al Hajeri, chairman of Taqa said in the statement.

Taqa, which is 75 per cent owned by the government of Abu Dhabi, said its India operations also include a 250 MW lignite power station in the Neyveli region of south India. Next week, the UAE firm will be reporting its third quarter earnings..-




Oman: Parsons to undertake FEED for PDO’s solar project Oman Observer

International engineering, construction and technical services firm Parsons has won a contract to provide the front-end engineering design (FEED) for a giant 1,021-megawatt solar thermal park being jointly developed by Petroleum Development Oman (PDO) and GlassPoint Solar Inc at the Amal oilfield in south Oman.

Parsons say it has been tapped to provide the basic engineering for the initial construction phases of the massive facility designed to harness solar energy to produce heavy and viscous oil from the Amal field.

Dubbed ‘Miraah’, the project centres on the installation of a large number of parabolic trough mirrors that will capture solar thermal energy to produce the massive quantities of steam necessary to heat the reservoir to stimulate the flow of heavy crude to production wells. PDO plans to invest an estimated $600 million in the venture which will rank among the world’s largest solar thermal plants boasting a peak energy output of one gigawatt.

“Parsons is pleased to be engaged in the front-end engineering of Miraah, which is being built in modular blocks that will be completed and commissioned in succession,” the global engineering giant said in a report.

Significantly, Parsons has been associated with Miraah’s precursor — a pilot solar thermal EOR project at PDO’s Amal oilfield — from the outset. As TJ Cross Engineers Inc, a privately owned California-based oil and gas industry professional services firm that it acquired earlier this year, Parsons worked with GlassPoint Sohar to “spearhead” PDO’s first solar EOR steam plant using enclosed trough technology at the Amal oilfield in 2012.




“We performed the conceptual engineering, front-end engineering, and detailed design for the solar steam pilot, which uses concentrating sunlight to produce an average of 50 tonnes of steam a day,” Parsons said.

“Since the solar pilot exceeded PDO’s requirements for steam delivery and system reliability, Parsons continues to work with GlassPoint to deploy its solar steam generators while building Miraah, projected to be one of the largest solar plants in the world,” the engineering firm further stated.

Last week, PDO and solar technology partner GlassPoint announced the ground-breaking on the landmark project, marking the formal start of construction work on the pioneering development. First steam from the mammoth scheme, which will cover an area of nearly three square kilometreswhen fully rolled out, is anticipated in 2017.

“Once complete, Miraah will deliver the largest peak energy output of any solar plant in the world, using 36 glasshouses to generate an average of 6,000 tonnes of solar steam daily and saving 5.6 trillion BTU of natural gas per year. That energy saving can directly benefit the region — for example, it is enough to provide residential electricity for more than 200,000 people,” said Parsons.

“Moreover, Miraah can boost productivity and economic growth for the local community by creating new opportunities in supply chain development, manufacturing capability, and employment and training. Plans to localize the supply chain are under development, including establishing a manufacturing factory in Oman,” the company added in its report.




Egypt: BP Inks Deal to Accelerate Development of Atoll Gas Discovery BP

BP on Thursday said it has signed a deal regarding the acceleration of the development of the recent Atoll gas discovery in Egypt. The energy major signed a Heads of Agreement (HoA) with the Egypt’s ministry of petroleum.

The Atoll discovery in the North Damietta offshore concession in the East Nile Delta, offshore Egypt was announced in March 2015.

The agreement is expected to enable first production to be expedited from an estimated 1.5 trillion cubic feet (tcf) of gas resources and 31 million barrels (mmbbl) of condensates in the Atoll field to the domestic market, with production anticipated to begin in 2018.

Full field development of Atoll is expected to consist of two phases. The first phase will consist of two development wells tied back to existing infrastructure, with production expected to start up in 2018. Success of this first phase is expected to trigger additional investment and further wells to increase production.

Development of Atoll will be executed and operated by Pharaonic Petroleum Co. (PhPC), BP’s joint venture with EGAS and Eni.




Malaysia: PETRONAS Celebrates First Production at Bukit Tua, Kepodang Fields by Petroliam Nasional Berhad Malaysia's national oil company Petroliam Nasional Berhad (PETRONAS) marked a milestone Wednesday, as it celebrates the success of achieving first oil and gas for Bukit Tua field and first gas for Kepodang field, two of its largest operated upstream projects in Indonesia.

Director General of Oil and Gas from the Ministry of Energy and Mineral Resources of Indonesia, IG Nyoman Wiratmaja Puja presided over the ceremony, which was held at the Onshore Receiving Facility (ORF) in Gresik, East Java, Indonesia. Also present at the event were PETRONAS Vice President of Production International, Chen Kah Seong, Chairman of SKK

Migas, Amien Sunaryadi, Country Chairman PETRONAS Indonesia and President PC Muriah Ltd. and PC Ketapang II Ltd., Hazli Sham Kassim and the local dignitaries. "Achieving first oil and first gas in Indonesia is a significant milestone for PETRONAS as it demonstrates our commitment to contribute towards Indonesia’s energy demand and potential growth of the country's energy sector," said Hazli Sham during the ceremony. "We are pleased to be part of this journey which was only possible with the continuous support from the Indonesian government and SKK Migas," he added. PETRONAS ventured into Indonesia’s oil and gas industry in 2000. The company is now involved in 10 Production Sharing Contracts (PSC) and operates four of the oil and gas blocks at various stages of development across Indonesia. Located in the Ketapang block, 22 miles (35 kilometers) north off the coast of Madura Island, East Java, the Bukit Tua field is an integrated oil and gas project and is expected to produce 20,000 barrels of oil per day (bopd) and up to 50 million standard cubic feet per day (MMscf/d) of gas. Oil from the field will be exported from a Floating Production and Storage Offloading (FPSO) facility while gas will be transported through a 68 mile (110 kilometer) export pipeline to the ORF in Gresik. Kepodang field at Muriah block is located 112 miles (180 kilometers) northeast of Semarang in Central Java and is expected to deliver 116 MMscf/d of gas. Both fields are expected to contribute towards fulfilling the energy demand of the country, particularly in East Java and Central Java. Under the Production Sharing Contracts for Ketapang block and Muriah block respectively, governed by SKK Migas; Indonesia’s oil and gas industry regulator, PETRONAS through its subsidiaries hold an 80 percent equity share for both projects with the remaining 20 percent held by PT Saka Ketapang Perdana and Saka Energi Muriah Ltd. each.




Angola: Eni, Sonangol to Cooperate in Angolan Natural Gas Space Eni

Eni and Sonangol have decided to further strengthened partnership in the Angolan natural gas sector. The two companies confirmed their commitment to using the gas extracted by Eni in Angola to provide energy for the domestic market and to support the local economy.

Chairman of Sonangol, Francisco de Lemos Maria, on Wednesday met Eni’s CEO, Claudio Descalzi, in Rome to discuss plans to undertake the evaluation of development projects of gas fields in the Angolan basin of the Lower Congo, Eni said in a statement. The gas will be used for the generation of electrical energy in the country, potentially 1.5 GW.

In addition, as part of downstream activities Eni will support Sonangol in order to define the Lobito refinery project, which will be developed in the coming months.

The Italian major believes these initiatives will benefit from Eni’s wealth of experience and technical expertise in the discovery, development and production of gas resources and from Sonangol’s oversight of the gas value chain and Angolan oil products.




Congo: Eni Makes Gas Discovery Offshore Congo Eni has announced a new gas and condensates discovery offshore Congo.

The find lies in the exploration prospect Nkala Marine, located in the Marine XII block, about 20 kms from the coast and 3 kms from the Nene Marine field, already in production, the company said Thursday.

The discovery, realised through the Nkala Marine-1 well, is expected to have a potential of 250-350 million barrels of oil equivalent in place.

“During the production test, the well provided over 300,000 standard cubic meters per day of gas and associated condensates.

The well, drilled in a water depth of 38 meters, encountered a major gas and condensates buildup in the pre-salt clastic geological sequence of lower Cretaceous age, crossing a hydrocarbon column of 240 meters,” Eni said.

The Italian major will be starting the evaluation of Nkala Marine through new delineation wells.

Eni, through its subsidiary Eni Congo, is the operator of Marine XII block with a 65 percent stake. The other partners are New Age, with 25 percent stake, and the Congolese state company Societé Nationale des Pétroles du Congo (SNPC), with 10 percent stake.




US: Keystone rejected, Exxon investigated—this doesn’t end well for oil. Bloomberg - Tom Randall tsrandall

There were two huge developments today, both for the oil industry and the earth's climate. New York’s top lawyer issued a subpoena to Exxon, seeking information on whether the world’s biggest oil explorer deceived the public for almost 40 years about climate change. Hours later, President Obama announced that the U.S. would reject the Keystone pipeline.

The rejection of Keystone is more symbolic than substantive. The pipeline would have added $3.4 billion in economic growth but contributed to climate change by speeding up production of oil-sands crude, which is about 17 percent more carbon-intensive than the conventional barrel. Rejection will neither halt oil-sands production nor damage the broader economy. Perhaps anticipating rejection, TransCanada had asked to postpone the final review earlier this week.

QUICKTAKEBurning Bitumen

The investigation of Exxon could have more far-reaching implications. Alleged disinformation by oil companies has long been compared to the actions of big tobacco, which eventually agreed to pay hundreds of billions of dollars in settlements. The New York probe follows investigative articles by Inside Climate News and the Los Angeles Times alleging that Exxon’s scientists

had evidence that carbon dioxide emissions were damaging the environment as far back as 1977. At a minimum, the probe could put a chill on anti-climate change funding during a critical U.S. election year.

Both actions come as more than 80 world leaders prepare to meet in Paris this month to hammer out final details on the most ambitious global pact yet to curb the future course of climate change. The

biggest current and future polluters—including the U.S., China, and India—have already made aggressive long-term pledges ahead of the meeting.

The world will depend on oil for decades to come. But 2015 may very well be remembered as the beginning of the end, with the rejection of Keystone and the investigation of Exxon as key markers on the timeline. Here’s a chart of oil forecasts from the International Energy Agency since 1994, from a Bloomberg New Energy Finance keynote presentation this week in Shanghai. Forecasts have been dropping, and the transformation of oil markets may be coming sooner than we think.




NewBase 08 November - 2015 Khaled Al Awadi

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

US oil settles down 91 cents, or 2%, at $44.29 a barrel Reuters + NewBase

Oil closed down for a third straight day on Friday, logging their third weekly decline in four, as the dollar rallied on expectations of a rate hike before the year-end after strong U.S. jobs growth for October.

U.S. crude futures settled down 91 cents, or 2 percent, at $44.29 a barrel. Brent crude, the global benchmark for oil, was down about 50 cents at $47.50 a barrel. Prices remained steady after Baker Hughes reported the number of oil rigs operating in U.S. fields fell by 6 in the previous week to a total of 572, compared with 1,568 at the same time last year.

U.S. oil drillers have now cut rigs for 10 consecutive weeks, a sign that low crude prices were keeping energy firms away from new production. Brent and U.S. crude futures headed for a weekly loss of about 4 percent as the dollar strength added to the bearish sentiment in oil since Wednesday's government data showing another weekly build in U.S. crude stockpiles.

Up 5 percent since early October, the dollar hit 6½-month highs against a basket of currencies after U.S. nonfarm payrolls rose by 271,000 last month, the largest growth in almost a year. The spike in employment makes it more likely the Federal Reserve will hike interest rates in December, further bolstering the dollar and making commodities denominated in the greenback less affordable to holders of other currencies.

"The jobs number may be strength for the U.S. economy but it's being interpreted as weakness for oil," said Pete Donovan, broker at New York's Liquidity Energy. "The thing to watch will be calendar spreads in crude. If they keep widening, I don't imagine we will get much upside retracement."

The discount between spot U.S. crude and its nearest forward month was at more than $1 a barrel, its widest since mid-May. The discount, also known as "contango," widens for oil slated for delivery in the future as traders store crude with the hope of selling it later for a better price.

Oil price special

coverage




Baker Hughes: US Oil Drillers Cut Rigs For 10th Week On Low Crude Prices

by Reuters

U.S. energy firms cut oil rigs for a tenth week in a row this week, decreasing the pace of declines from recent weeks, data showed on Friday, a sign low prices continued to keep drillers away from the well pad.

Drillers removed six oil rigs in the week ended Nov. 6, bringing the total rig count down to 572, the least since June 2010, oil services company Baker Hughes Inc said in its closely followed report. That is around a third of the 1,568 oil rigs operating in same week a year ago. Over the 10 weeks, drillers cut 103 oil rigs.

Although U.S. oil futures have averaged $46 a barrel so far this week, up from $45 last week, the front-month December contract was on track to post its third weekly decline in four as an oversupply of physical oil and a strong dollar bedeviled the market. U.S. oil futures were down on Friday as the dollar rallied on expectations of a rate hike before the year-end after strong U.S. jobs growth for October.Energy traders noted the rate of oil rig reductions over the past two months - about 11 on average - was much lower than the 19 rigs cut on average over the past year since the number of rigs peaked at 1,609 in October 2014, due in part to expectations of slightly higher prices in the future.

U.S. crude futures for next year were trading around on average almost $49 a barrel, according to the full year 2016 calendar strip on the New York Mercantile Exchange. Higher prices encourage drillers to add rigs. The most recent time crude prices were much higher than they are now was in May and June when U.S. futures averaged $60 a barrel.

In response to those higher prices, drillers added 47 rigs over the summer even though crude prices had declined to an average of $47 a barrel by the time July and August rolled around.The rig count is one of several indicators traders look at in trying to figure out whether production will rise or fall over the next several months. Other factors include how fast energy firms complete previously drilled but unfinished wells and recent rises in well efficiency and productivity.

U.S. oil production eased to 9.3 million barrels per day (bpd) in August from 9.4 million bpd in July, according to the latest U.S. Energy Information Administration's (EIA) 914 production report.On a weekly basis, U.S. oil output edged up to 9.2 million bpd last week after holding at 9.1 million bpd since the start of September, according to EIA's weekly field production report. That is still well below the 9.6 million bpd peak seen in April.




Rosneft offers Japan oil deals as rivalry with Opec heats up Bloomberg

Rosneft chief executive officer Igor Sechin offered Japanese investors a raft of Siberian oil deals as Russia increases energy supplies to Asian markets traditionally supplied by the Middle East.

Russia’s largest oil producer offered stakes in projects ranging from exploration to development and production, including East Siberia’s Verkhnechonsk, Taas-Yuriakh Neftegazodobycha, Tagul and Suzun projects, which could be used to supply Japan, according to a copy of Sechin’s speech delivered in Tokyo on Friday that was obtained by Bloomberg News.

“It is surprising that even with modern geography allowing for a wide range of imports, 83% of supplies come from the Gulf, far away from Japan, and with high logistical risks,” Sechin said, while showing a slide describing the logistical advantages of Russia as a supplier to Japan.

“At the same time only about 13% come from closer suppliers in the Asia Pacific region.” Saudi Arabia led the Organisation of Petroleum Exporting Countries last year to defend market share rather than cut production to support prices amid a supply glut. Competition for global market share has intensified this year, including Saudi shipments to Russia’s traditional customers such as refineries in Poland and Sweden, and increased Russian deliveries to China.




“The addition of Japanese investors makes sense as it would ensure a market for oil from Rosneft projects as Japan is still a large importer of crude,” said Alexander Kornilov, a Moscow- based oil analyst at Alfa Bank.

Separate from the deals on offer, Rosneft plans to make crude deliveries to Japan of 4.2mn tonnes this year and oil product deliveries of 1.2mn tonnes, Russian newswire Interfax cited Sechin as saying today in an interview on Russian state television. The company supplied 3.2mn tonnes of crude to Japan three years ago, Interfax said. Rosneft needs alternative sources of funding for its East Siberian projects because it remains highly indebted and subject to international sanctions, Kornilov said. The projects themselves, barely profitable at current oil prices, could offer higher returns for partners when crude markets recover, he said.

Russian investments would offer higher potential returns than Japanese investments into oil sands or shale oil in the US and Canada, Sechin said. The ability to export energy from North American projects is also doubtful, he said.

Natural gas projects are also on offer to Japan such as Kharampur and exploration off the coast of Sakhalin, Sechin said. Stakes in a far-eastern shipbuilding complex and petrochemicals plant are also available, according to Sechin’s speech and presentation slides. Rosneft this year agreed to sell a 15% stake in producer Vankorneft to India’s Oil & Natur al Gas Corp for $1.27bn, and 20% of Taas-Yuriakh Neftegazodobycha to BP for $750mn.




NewBase Special Coverage

News Agencies News Release 08 Nov.. 2015

IEA hails launch of new Canadian CO2 storage project, first to cut emissions from oil sands

Alberta’s Quest project provides further proof of value of CCS in reducing greenhouse gas emissions . The International Energy Agency (IEA) today welcomed the launch of the world’s first large-scale carbon capture and storage (CCS) project that will reduce emissions from oil sands processing.

“The launch of the Quest CCS project in Alberta, Canada, is remarkable, as it provides another excellent example of the fact that CCS is about so much more than just coal-fired power,” IEA Executive Director Fatih Birol said. “It can be used in many industrial sectors where no other solutions exist to significantly reduce the CO2 footprint.”

Shell's Scotford upgrader in Alberta, Canada, where the new Quest CCS project was inaugurated.

The IEA also pointed to the timeliness of the launch of the project, as momentum builds ahead of the UN climate negotiations (COP-21) that start in three weeks. Dr. Birol added: “The launch of a new CCS project is particularly significant ahead of the Paris climate negotiations, as world leaders will be looking to strike a deal for deep emission reductions. Quest provides further proof that CCS is emerging as a real option to reduce greenhouse gas emissions.”




The IEA Executive Director also congratulated Canada and the Province of Alberta for their role in making the project a reality: “Getting the Quest project up and running is another great example of how Canada is a leader in CCS,” he said. Canada last year launched the world’s first large-scale power station equipped with CCS technology.

The IEA believes that CCS plays a key role in an ambitious, climate-friendly future energy scenario, accounting for one-sixth of required emissions reductions by 2050. IEA analysis also shows that without significant deployment of CCS, more than two-thirds of current proven fossil-fuel reserves cannot be commercialised before 2050 if the increase in global temperatures is to remain below 2 degrees Celsius.

The Shell Quest project, inaugurated on Friday near Edmonton, captures more than 1 million tonnes per year of CO2 at Shell's Scotford upgrader. The CO2 is transported via a 60-kilometer pipeline to where it will be injected and permanently stored in the Basal Cambrian Sand, a geological formation more than 2 000 meters underground. The Scotford upgrader and the Quest project are part of the 255 000-barrel-per-day Athabasca Oil Sands Project.

The world’s first CCS project, Sleipner, started in Norway in 1996 and continues to operate today, storing nearly 1 million tonnes of CO2 yearly in the North Sea. CCS projects are entering operation, under construction or in advanced stages of planning in Australia, Canada, Saudi Arabia, the United Arab Emirates and the United States, bringing the world towards the threshold of 10 million tonnes of CO2 captured and verified as stored every year.




Full steam ahead as energy sources come in abundance Syed Rashid Husain – Energy Outlook

THIS is a long way – from the Peak Oil era. The energy world has traversed a long, long distance from the gone by days, when people like the late Matthew Simmons, were in plenty all around – occupying the center stage – and howling at their full voice the oil era is about to end.

No – not at all – it now seems. The earth is not running out of oil and gas – any time soon. The world is no longer at risk of running out of oil or gas, with existing technology capable of unlocking so much that global reserves would almost double by 2050 despite booming consumption, oil major BP is now saying.

Taking into account all accessible forms of energy, including nuclear, wind and solar, there are enough resources to meet 20 times what the world will need over that period, David Eyton, BP Group head of technology was quoted as saying by The Telegraph.

“Energy resources are plentiful. Concerns over running out of oil and gas have disappeared,” Eyton said at the launch of BP’s inaugural Technology Outlook. Oil and gas companies have invested heavily in squeezing the maximum from existing reservoirs by using chemicals, super computers and robotics.

By applying these technologies, the global proved fossil fuel resources could increase from 2.9 trillion barrels of oil equivalent (boe) to 4.8 trillion boe by 2050, nearly double the projected 2.5 trillion boe required to meet global demand until 2050, BP said.

And with new exploration and technology, the resources could leap to a staggering 7.5 trillion boe, Eyton emphasized.

And this is despite the fact that the halving of oil prices since last June has in the meantime, dampened the appetite of the energy world to go for new resources, with more than $200 billion-worth of projects scrapped in recent months only.

There are a number of indicators, in recent weeks and months, to the drastic change in the fortunes of the global energy industry. Russia is already producing at the post-Soviet high, emerging as the world’s top producer.

Russian oil production rose to a post-Soviet record of 10.78 million barrels a day last month. This rise in Russian output has withstood a collapse in oil prices amidst a global supply glut.

And despite gloom in the US shale industry, on account of the collapsing oil market prices, four companies involved in shale oil exploration are lifting their output projections for the coming months and year, underlining efficiency gains from drilling in prime rock, as helping them eke out more crude in the middle of the worst price crash in six years.

The outlooks this week from Oasis Petroleum Inc, Devon Energy Corp, Pioneer Natural Resources Co and Diamondback Energy Inc underline, in rather bold terms, that the US shale boom is yet to be fully tempered with, despite the more than 50 percent drop in oil prices since last year.




“Over time, we continue to think we’ll need less rigs than we’re even saying now,” Reuters quoted Pioneer Chief Executive Officer Scott Sheffield as telling investors last week. Sheffield said Pioneer, which is adding rigs, expects to grow production 11 percent this year, up from a previous view of 10 percent.

The company also confirmed it would grow 15 percent per year through 2018, thanks in part to cost cuts and tweaked technology. It produced 211,000 barrels of oil equivalent per day (boepd) in the third quarter.

Pioneer said some of its well performance in the Eagle Ford shale of Texas was hurt recently when it tried to complete wells with lower fluid concentrations. In future, it said wells would be fracked with more fluid and more sand so as to boost production.

At Oasis, executives now expect the company to produce 49,700 to 50,100 boepd, up from a previous estimate of 49,000 to 50,000 boepd. Oasis Chief Executive Thomas Nusz cited the company’s use of ceramics and other techniques to boost production, and touted a drop of more than 50 percent in capital spending and other costs.

And at Devon, Chief Executive Dave Hager raised the company’s full-year production growth outlook for the second time this year. “We are delivering this incremental production growth with significantly lower costs,” Hager said in a statement, adding he expects Devon to cut about $1 billion from its budget by yearend.

Diamondback too raised the lower end of the range for its production guidance to 31,000 boepd from 30,000 boepd while saying it would come in at the low end of its expected capital spending of $400 million to $450 million. The top end for production stayed at 32,000 boepd.

“We continue to deliver robust well results … while lowering both well costs and total expenses,” said Diamondback CEO Travis Stice.

And despite concerns and hesitation to move ahead due to the low oil prices, DuPont last week formally opened the world’s largest cellulosic ethanol plant – producing, advanced biofuel made from agricultural waste, often cited as the “second generation” biofuels.

DuPont’s new $225 million Iowa plant will, after some delay, begin making cellulosic ethanol next year, and the fuel is expected to result in 90 per cent fewer greenhouse gas emissions than conventional petrol, Ed Crooks of Financial Times reported.

At the plant DuPont will take corn waste left over from the harvest – leaves, husks, cobs and stalks, collectively known as “stover” – and turn its cellulose into ethanol. Other sources for cellulosic ethanol include bagasse, the waste cane left from sugar production, and specialist energy crops such as switchgrass.

Using waste as a feedstock in this way avoids many of the concerns raised by first-generation biofuels, particularly the worry that food production was being sacrificed to create fuel additives.

And in the meantime, Iran is about to enter the fray too. It will officially notify OPEC in December of its plans to raise crude oil output by 500,000 barrels per day (bpd), the Iranian oil minister was quoted as saying.




“We…ask them to respect the 30-million-barrel ceiling which they have agreed,” Bijan Zanganeh was quoted as saying by Shana, the ministry’s news agency. “Iran is prepared to supply at least 500,000 bpd of crude oil to global markets,” he added.

Despite question marks in many minds about its capacity to do so in the immediate aftermath of the lifting of sanctions, Tehran continues to insist, it planned to raise oil output by 500,000 bpd as soon as sanctions are lifted in early 2016 and by one million bpd in March.

Oil is often found in the minds of people – pundits have been stressing for long. With the issue of Peak Oil buried deep for now – the old saying has proven itself correct – one more time. Let’s be contented with that – for the time being.




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Khaled Malallah Al Awadi, Energy Consultant MS & BS Mechanical Engineering (HON), USA Emarat member since 1990 ASME member since 1995 Hawk Energy member 2010

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Khaled Al Awadi is a UAE National with a total of 25 years of experience in the Oil & Gas sector. Currently working as Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for the GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spent as the Gas Operations Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years, he has developed great experiences in the designing & constructing of gas pipelines, gas metering &

regulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas transportation, operation & maintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE and Energy program broadcasted internationally, via GCC leading satellite Channels.

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New base 723 special 08 november 2015