New base special 06 may 2014

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NewBase 06 May 2014 Khaled Al Awadi

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ExxonMobil will not renew bid for Abu Dhabi’s historic onshore concession

Source : The National

ExxonMobil has reportedly not bid for the renewal of Abu Dhabi’s historic onshore concession. The American major was alone among the legacy partners to decline to bid, according to a report published on Monday by Petroleum Intelligence Weekly, an industry news source. Exxon and partners Total, BP and Royal Dutch Shell lost their 75-year rights to the emirate’s oldest producing fields in January, when the Second World War-era contract expired.

The family of oilfields, which include Bab, Asab and Bu Hasa, are together responsible for half of the emirate’s almost 3 million-barrel-per-day output and hold more than 100 billion barrels of oil or oil equivalent in one of the most politically stable parts of the world open to foreign partners.

The Abu Dhabi Company for Onshore Oil Operations (Adco), which runs the fields, has been 100 per cent owned by Abu Dhabi National Oil Company (Adnoc) since January, when the western majors lost their stakes in the operators. ExxonMobil recently negotiated a longer and more favourable deal for Upper Zakum, one of the world’s biggest offshore fields.

“ExxonMobil likes to maintain relationships, and if they were asked to bid it means they would,” said Adrian Nizzola, an oil and gas lawyer at Simmons & Simmons in Abu Dhabi. “Upper Zakum means they at least maintain a presence. It means they maintain a relationship. But not to bid at all, I’d be surprised at that.”

A source close to the auction said Exxon had actually placed a conditional bid stipulating that it be the sole operator of a slice of the Adco area. It has been the most vocal among the western majors in criticising Adco’s former structure, which gave the four majors equal 9.5 per cent shares but put them in a position of potentially exposing propriety technology to competitors.




Exxon was also one of the least hurt among the majors by the loss of Adco volumes. Upstream earnings in the first quarter rose US$746 million to $7.8 billion, thanks to greater gas output, and overall production fell by only 5.6 per cent.

Liquids production declined by 2.1 per cent to 2.1 million barrels per day.

In 2012, Adnoc raised eyebrows when it invited a long list of oil companies to prequalify to bid--except for BP. But BP was eventually brought back into the fold. It remains just as uncertain whether Exxon is out of the auction, said Chris Gunson, an oil and gas lawyer at Pillsbury, the American firm.

“From Iraq to Russia, Exxon is adept at re-writing the rules - without breaking them,” he said. “The same thing could happen in Abu Dhabi.”

Adnoc is expected to submit its recommendation within weeks for technical partners to the Supreme Petroleum Council, the Abu Dhabi oil policy body that includes members of the ruling family.

In October it received bids from companies including Korea National Oil Company, China National Oil Company and others for shares of either 5 or 10 per cent. Bidders could also ask to be the technical leader for a slice of the Adco concession, which is expected to be broken up.

Exxon and its Japanese partner Inpex negotiated their per-barrel fee for Upper Zakum from $1 to $2.85. That is expected to serve as a benchmark for Adco, which has long paid one of the lowest fees in the world.




Gulf states gift Egypt free fuel lifeline worth $6bn By Reuters

Gulf oil producers have given Egypt a free fuel lifeline totalling $6 billion in value to help fend off unrest on its streets in the summer when consumption soars, the head of its national oil company said.

Tarek El-Molla, head of the Egyptian General Petroleum Corporation (EGPC), told financial newspaper Al-Malthat the aid consisted of "huge quantities" of benzene, diesel, heavy fuel oil mazut, butane and crude oil, since last July.

The aid helps reduce the heavy costs of government fuel subsidies and the drain on foreign exchange reserves. It came after Saudi Arabia, the United Arab Emirates (UAE) and Kuwait promised Egypt more than $12 billion in loans and donations days after the army deposed Islamist President Mohamed Mursi.




El-Molla said the Arab Gulf countries had agreed to rotate management of the support, with the UAE in charge for the first quarter of 2014 and Saudi Arabia taking over in the second quarter. Aid in the form of refined oil products will continue until at least September, Finance Minister Hany Kadry Dimian has said.

Last year, Saudi Arabia pledged $2 billion in energy products with Kuwait and the UAE promising an additional $1 billion each. Fuel subsidies cost Egypt's government $15 billion a year, a fifth of the state budget. The money keeps pump prices well below market values, giving Egyptians no incentive to curb their consumption.

Egyptians rioted over long lines at gas pumps just before Mursi's ousting following mass protests against his rule. Foreign currency reserves reached $17.414 billion in March but are still nearly half the level seen before the 2011 uprising against Hosni Mubarak as political turmoil has hit tourism and foreign investment.

Egypt also requires liquefied natural gas (LNG) for power generation, in short supply due to declining domestic gas production, even as it cut into exports of LNG previously promised to foreign firms. El-Molla said EGPC was owed 110 billion Egyptian pounds ($15.7 billion) from other government entities, including 35 billion Egyptian pounds each from the finance and petroleum ministries.

He said the petroleum ministry had not yet signed an agreement for gas imports but said it would select from among Russian Gazprom, Gaz de France and Sonatrach of Algeria. He said EGPC was in negotiations with Royal Dutch Shell and Apache Corp for new drilling projects without providing further details.




Alstom battle to upstage Siemens chief’s strategy By: Reuters + Oman Obvserver

WHEN Joe Kaeser took the reins of German engineering giant Siemens last summer after a boardroom coup, he made clear his priority was closing a yawning profitability gap with rivals such as General Electric. The 56-year-old Bavarian presents his grand strategy tomorrow, but it is likely to be overshadowed by something that investors and even some Siemens executives fear could

undermine his profit drive: a politically-charged battle with the US group for France’s Alstom. Kaeser is expected to unveil a major streamlining of the Munich-based company’s structure involving thousands of job cuts plus a series of smaller acquisitions and disposals. Siemens announced last week that it would make a formal offer for Alstom — most likely in the form of a swap of power and rail assets — after being encouraged by the French and German governments to step in. Hours later, Alstom’s board chose to accept a $16.9 billion GE bid for the French firm’s energy unit.

How Kaeser reacts — and the signals he sends about his true interest in Alstom — will be as closely watched as the strategic overhaul that he is to present at the firm’s historic Siemensstadt complex in Berlin. Siemens already tried to snap up the energy assets of Alstom — chiefly the manufacture of turbines for power stations and electricity transmission equipment — when the French firm required a state bailout a decade ago. But Kaeser has yet to attempt a big deal since he replaced Peter Loescher as chief executive following a string of profit warnings. “It is his first major act, his first big acquisition,” said Christoph Niesel, a fund manager at Union Investment. “If it goes wrong, he won’t be able to blame his

predecessor anymore. He will be responsible.” Siemens shares have risen nearly 17 per cent since Kaeser’s arrival. Earlier this year, they poked above 100 euros for the first time in six years, a sign of confidence in the no-nonsense pragmatist and 34-year veteran of Siemens who had previously been finance chief. Hoping to keep the momentum going, Kaeser is expected to unveil a leaner, flatter structure that will put an end to the firm’s four big divisions — industry, energy, healthcare and infrastructure/cities.

In their place, according to German media, will come roughly 10 smaller divisions, including new ones focused on industrial software and digital production processes. The change could result in an additional 5,000 to 10,000 job cuts. Kaeser, who changed his first name from Josef during a stint in the United States, may also confirm the purchase of Rolls-Royce’s energy business for just under 1 billion euros, and the sale of a majority stake in Austrian unit VAI Metals Technologies to Japan’s Mitsubishi Heavy Industries .




For its fiscal second quarter, Siemens is expected to post a 27 per cent increase in pre-tax profit to 1.7 billion euros, with revenues flat at just over 18 billion. But the focus will be on Alstom, a deal that would come with big risks for Siemens. Kaeser first approached Alstom CEO Patrick Kron about a deal in February when rumours surfaced that GE was interested in the French firm, but

got the brush-off. Less than a year after Kron became CEO in 2003, Siemens tried to thwart the state bailout of Alstom in the hope of snapping up some of its best assets. Some executives worry how the two bitter rivals could ever work harmoniously together. There are also competition concerns, notably around the proposed transfer of Siemens’ rail assets to Alstom in exchange for its energy business. The French government has said this swap would

create two European champions, one supplying the energy industry and the other making rail equipment including high-speed trains. But authorities in Brussels could thwart the creation of a rail group which commands two thirds of the European market. Because of problems like these, some analysts suspect Kaeser may have thrown his hat into the ring merely to bid up the price for GE, and to avoid antagonising the French and German governments, both big clients. Kaeser has already infuriated some in the Berlin government by meeting President Vladimir Putin at his residence near Moscow in the midst of the Ukraine crisis. German weekly Der Spiegel reported at the weekend that even members of the Siemens board had deep doubts about a deal with Alstom and were secretly hoping GE would emerge the winner. “The world won’t end for us if we don’t get it,” one board member was quoted as saying. “The future of Siemens does not depend on this.” On the contrary, some investors fear an Alstom deal would turn into a major distraction. They say Siemens concentrate on catching up with more profitable rivals such as GE and Philips , paring back its vast, complex portfolio and getting a grip on the costly delays that have plagued off-shore wind and high-speed train projects. Tim Albrecht, a fund manager at DWS Investment, said he would prefer a low-risk strategy in which the company emphasises organic growth over big acquisitions such as Alstom. “We had hoped the company would focus on its profitable businesses, sell off those with poor margins and use the proceeds to give something back to shareholders, either through a share buyback or dividend payout,” he said.




Noble Energy to sell Tamar field gas to Union Fenosa Gas Press Release, NE.

Noble Energy, Inc. today announced the execution of a non-binding Letter of Intent (LOI)

between the Tamar field partners and Union Fenosa Gas SA (UFG) for the supply of natural gas

from Tamar, offshore Israel, to UFG’s existing natural gas liquefaction facilities in Egypt.

The LOI contemplates a contract term of 15 years and a total gross sales quantity of up to 2.5 trillion cubic feet (Tcf) of natural gas, or approximately 440 million cubic feet per day over the period.

Keith Elliott, Noble Energy’s Senior Vice President, Eastern Mediterranean, said: “This LOI with Union

Fenosa Gas represents a major milestone for our Tamar asset and is indicative of the strong regional

demand for natural gas. The associated expansion of the Tamar field facilities, subject to final investment

decision of the Tamar partners, will not only enable substantial regional exports, but it will also increase

the capacity for natural gas deliveries to Israel’s domestic market. Building on the recent agreements with

the Palestinian Power Generation Company, as well as the Arab Potash and Jordan Bromine Companies,

this agreement continues to demonstrate our ability to accelerate value and strengthen economic growth for

stakeholders across the Eastern Mediterranean region.”

The price for the natural gas sold will be similar to the contract price in other natural gas sales and purchase agreements for regional export sales from Israel and is based mainly on a linkage to Brent oil prices. All parties are targeting to finalize a binding agreement within a period of six months, which will be subject to the receipt of regulatory approvals in Israel and Egypt.

Noble Energy operates Tamar with a 36 percent working interest. Other interest owners are Isramco Negev 2 with 28.75 percent, Delek Drilling with 15.625 percent, Avner Oil Exploration with 15.625 percent, and Dor Gas Exploration with the remaining four percent. The Tamar field has an estimated 10 Tcf of discovered natural gas resources.




Union Fenosa Gas - Company profile One of the three largest gas operators in Spain and with an important international presence

Founded in 1998 in Spain, UFG is active in all the links that make up the natural gas value chain, from the

supply at source to the market, through to supply, liquefaction, shipping, regasification and

distribution.

Similarly, UFG’s gas supplies allow it to maintain a good competitive position in the gas business in Spain. In 2012

it was the third placed operator in the Spanish market, with total sales of nearly 56,000 million kWh and an estimated total market share of 15%.

Internationally, UFG is an outstanding global player in the gas market thanks to its long-term supply contracts,

liquefaction infrastructure in Damietta (Egypt) and Qalhat (Oman) and its fleet of LNG carriers (its own under a ' time charter’ regime).

Its active participation in the international LNG market in 2012 resulted in a total volume of sales operations equivalent to 28,200 million kWh, which positions UFG as a major operator in the international market.

UFG is also present in the regasification activity in Spain through its interest in the SAGGAS plant in Sagunto (Valencian Community) and REGANOSA, in Mugardos (Galicia).

Through Nueva Electricidad del Gas (NUELGAS) it owns 100% of the concessions for hydrocarbon gas operations

known as " El Ruedo 1-2-3" and " Las Barreras ", located in the Guadalquivir basin (Andalusia). The year 2008 saw the recognition of the conversion of these deposits into underground gas storage facilities.

Gas Direct (60% UFG - 40% CEPSA) is the company through which UFG is present in the natural gas distribution

activity in Spain. Its activity is concentrated on the construction, operation and maintenance of distribution

facilities designed to bring gas to consumer endpoints. Gas Direct is present in several municipalities of Madrid, Castilla-La Mancha and Galicia.

Regarding the exploratory activity in Spain, UFG participates with 58.8% in the Viura Project, within the Cameros-2 and Ebro-A (La Rioja) Exploration Permits.




ABS to class Petronas’ FLNG unit & Petronas makes FID for second FLNG project Press Release .

ABS, a leading provider of classification and technical services to the global offshore industry,

has been awarded the classification contract from PETRONAS, Malaysia’s national oil company,

for the company’s second floating LNG facility (PFLNG 2). The vessel will be built at the

Samsung Heavy Industries yard in Geoje, Korea.

“This is a very significant award for us,” says ABS Chairman and CEO Christopher J. Wiernicki. “It also

is the natural next step for an organization that is widely recognized as the leader in the classification of

offshore production units and LNG ships.”

ABS has a long history working with floating gas concepts, classing the first offshore LPG storage unit in the world in 1997 and the first LPG FPSO in 2005. ABS has awarded approval in principle (AIP) for ten floating LNG concepts and has performed pre-front-end engineering and design (FEED) and FEED work on a number of others.

As the selected class society for the PFLNG 2 unit, ABS will provide a comprehensive suite of technical services, including classification.

PFLNG 2, which is scheduled to see first gas production in early 2018, will be moored via an external turret on the deepwater Rotan gas field offshore Sabah, Malaysia. Designed to produce 1.5 million metric tons of LNG per year, the vessel is expected to operate on site for a minimum of 20 years without dry docking.

ABS Vice President for Global Gas Solutions Patrick Janssens views this as the first of many potential awards.

“The search for new energy reserves is seeing exploration activities shift to the type of remote offshore

fields on which facilities like the PFLNG 2 are perfectly suited to operate,” Janssens says. “With the

growing demand for gas around the world, there will be a continued emphasis on FLNG-related

technology, and ABS will continue to play a leading role.”

The award to class this FLNG newbuild comes just months after the unveiling of the ABS Global Gas Solutions team, a multidisciplinary group of engineers formed to respond to the rapidly escalating number of gas-related projects, including LNG and LPG transportation, the use of LNG and LPG as fuel and the growing number of FLNG projects. There currently are more than 150 floating oil and gas facilities in the ABS-classed fleet, the largest single market share of any classification society.




Morocco: Kosmos Energy confirms FA-1 well offshore Morocco is non-commercial

Source: Kosmos Energy

Kosmos Energy has announced financial and operating results for the first quarter of 2014, which included net income of $75 million, or $0.20 per basic share and $0.19 per diluted share as compared with $20 million, or $0.05 per basic and diluted share in the same quarter last year. The current quarter’s results include a benefit to income of $24 million related to the farm-down of a portion of the company’s interest in three exploration licences in Morocco’s Agadir Basin. In addition, first quarter results benefited from lower

costs that more than offset a decrease in oil sales revenue primarily associated with lower oil prices.

Andrew G. Inglis, chairman and chief executive officer, commented: 'We had a strong first quarter largely due to consistent production from the Jubilee field and lower costs overall. Looking to the future, we are encouraged by the quality of our exploration portfolio as we mature the prospects to the drilling stage from recently acquired 3D seismic. We plan to drill a series of potentially play-opening exploration wells, with the next spud targeted for late 2014. With our cash flow from Ghana and existing liquidity, we remain extremely well-positioned to deliver this program as a self-funded explorer.'

Reporting its first quarter 2014 results, Kosmos provided an uodate on the FA-1 well in the Foum Assaka Offshore block. The well has reached a total depth of 3,830 meters and will be plugged and abandoned after failing to

encounter commercial hydrocarbons. The well, which is the first in a series of play-opening wells designed to unlock the Agadir Basin, was drilled to test the salt diapir play concept targeting the Cretaceous interval in a combined structural-stratigraphic trap. This is one of several independent play types and fairways present in the Agadir Basin.

Importantly, FA-1 encountered oil and gas shows while drilling and in sidewall cores suggesting the presence of a working petroleum system. The well has also provided key seismic calibration information and the well results will now be integrated into Kosmos’ ongoing petroleum system analysis; in particular,




the assessment of charge and reservoir play risks, as well as the evaluation and ranking of trap types ahead of the next tests of this petroleum system in 2015 and beyond.

Additionally, a 4,300 sq km 3D seismic program in the Essaouira Offshore and Tarhazoute Offshore

blocks in Morocco commenced during March and is expected to be completed late in the second quarter. Furthermore, seismic acquisition, seismic interpretation work and prospect maturation studies are progressing well in the Company's exploration blocks offshore Ireland, Mauritania, Suriname and Western Sahara in advance of the continued exploration drilling program commencing end of 2014.

Gross production from the Jubilee field averaged approx. 102,000 barrels of oil per day (bopd) in the first quarter of 2014, an increase from 93,000 bopd in the fourth quarter of last year. Collectively with the Jubilee field partners and the Government of Ghana, Kosmos is continuing work to address gas-related constraints which currently limit oil production from the field.

Appraisal of the Mahogany, Teak and Akasa (MTA) discoveries within the Greater Jubilee area continued in the first quarter as a Jubilee development well was successfully deepened to evaluate the Mahogany interval.

Government approval was received for the farm-out of a non-operating interest to BP for the Essaouira

Offshore, Foum Assaka Offshore and Tarhazoute Offshore blocks in the Agadir Basin, and for the farm-

out of a non-operated interest to Capricorn Exploration and Development Company, a wholly-owned subsidiary of Cairn Energy in the Cap Boujdour Offshore block in the Aaiun Basin.




Petrogas Kahil Acquires 100% Interest in Oman Block 55 by Petrogas E&P LLC Press Release

Petrogas Kahil LLC, a wholly owned subsidiary of Oman's Petrogas Exploration and Production LLC, has signed an Exploration and Production Sharing Agreement (EPSA) with the Government of the Sultanate of Oman for a 100 percent interest in Oman's onshore Block 55, called the Kahil Block.

The EPSA is a six year agreement comprising two phases. The first phase will be four years followed by the second phase whic

h will be two years

Block 55 was originally part of the Block 6, a PDO (Petroleum Development Oman) Concession. It comprises an area of 2,920 square miles (7,564 square kilometers) and is located in the Al Wusta region of Oman on the eastern flank of the prolific South Oman Salt Basin. Block 55 has some 2,609 miles (4,200 kilometers) of vintage seismic, on which only four wells were drilled, the last in 1995. In the interim, an increase in geological understanding has resulted in the opening up of new hydrocarbon plays in Oman. Improvements in geophysical technologies coupled with the integration of the historic data, will allow for a speedy implementation of the Petrogas work program.

On behalf of the shareholders of Petrogas & MB Holding Company, Usama Al Barwani, director, MB Holding Company LLC, thanked His Majesty the Sultan and the Government of Oman for awarding Petrogas with the contract for Block 55. He said, “We are deeply honored that the Government of Oman has entrusted Petrogas E&P with this prestigious contract. I am confident that Petrogas will fulfill its commitment in a timely and efficient manner.

Based on the evaluation of vintage seismic, well data and regional geologic studies, Petrogas envisages that it will be able to test a range of hydrocarbon plays. The conventional play targets will include the Cretaceous and the Permian units. The latter is expected to be similar to that in the adjacent Petrogas Operated “Rima Small Fields” area (part of a Petroleum Development Oman service contract). Frontier plays include the carbonate stringers embedded in Ara Group, and the Nafun play, which has proven to be productive elsewhere in Oman




Jean Denis Bouvier, CEO, Petrogas E&P, said, “I wish to express my gratitude to His Majesty the Sultan, the Government of Oman and the Ministry of Oil & Gas for entrusting in Petrogas in realizing the full value lying in the subsurface of this large concession.

He further added, “I am very excited by the oil & gas potential of this block which has not seen any activity since 1995. With the help of additional seismic coverage and by targeting plays proven since then, I am confident in the prospect of a commercial discovery in Block 55”

Petrogas will evaluate a series of geophysical studies to delineate the location and plan new seismic to be shot. The seismic will be shot as early as studies are complete in 2014 followed with a number of exploration wells.

The Company plans to immediately start the reprocessing of older seismic data and aero gravity and magnetic surveys early in 2014 in preparation for the seismic plan

Petrogas E&P LLC is a privately owned exploration and production company, based in the Sultanate of Oman, and part of the MB Holding Company. Petrogas is engaged in the full range of petroleum activities - from exploration to development and production - through its subsidiaries, with its head office in Muscat, Oman. Petrogas produces oil and gas in Egypt & Oman.




Nigeria: CAMAC Energy to drill Oyo field development Source: CAMAC Energy

CAMAC Energy announced Monday that the Energy Searcher drillship, owned by Northern Offshore, has arrived in Nigeria. After taking on personnel, equipment and supplies, the rig will move to the Oyo field, where it is expected to commence drilling operations on the Oyo-8 well in mid-May.

The rig, which is capable of drilling to total depths of up to 25,000 feet, and in water depths of up to 2,500 feet, is under contract for an initial term of one year, which may be extended for an additional one year, to carry out the Company's development program for the Oyo Field and to drill one or more high-impact exploration wells on OMLs 120 and 121 offshore Nigeria.




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

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

Energy Services & Consultants Mobile : +97150-4822502

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Khaled Al Awadi is a UAE National with a totKhaled Al Awadi is a UAE National with a totKhaled Al Awadi is a UAE National with a totKhaled Al Awadi is a UAE National with a total of 24 yearsal of 24 yearsal of 24 yearsal of 24 years of experience in theof experience in theof experience in theof experience in the Oil & Gas sector. Currently working as Oil & Gas sector. Currently working as Oil & Gas sector. Currently working as Oil & Gas sector. Currently working as

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the GCC area via Hawk Energy Service as a UAE operathe GCC area via Hawk Energy Service as a UAE operathe GCC area via Hawk Energy Service as a UAE operathe GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spent as the Gas Operations tions base , Most of the experience were spent as the Gas Operations tions base , Most of the experience were spent as the Gas Operations tions 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 , heManager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years , heManager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years , heManager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years , he has developed has developed has developed has developed

great experiences in the designing & construcgreat experiences in the designing & construcgreat experiences in the designing & construcgreat experiences in the designing & constructingtingtingting of gas pipelines, gas metering & regulating stations and in the engineering of supply of gas pipelines, gas metering & regulating stations and in the engineering of supply of gas pipelines, gas metering & regulating stations and in the engineering of supply 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 Mroutes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with many Mroutes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with many Mroutes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with many MOUs for OUs for OUs for OUs for

the local authorities. He has the local authorities. He has the local authorities. He has the local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE andbecome a reference for many of the Oil & Gas Conferences held in the UAE andbecome a reference for many of the Oil & Gas Conferences held in the UAE andbecome a reference for many of the Oil & Gas Conferences held in the UAE and Energy program broadcasted Energy program broadcasted Energy program broadcasted Energy program broadcasted

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NewBase 06 May 2014 K. Al Awadi

Economy & Finance

New base special 06 may 2014