New base special 09 january 2014

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NewBase 09 January 2014 Khaled Al Awadi

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Tabreed's energy savings in 2013 surpass 1 billion kWh

The National Central Cooling Company PJSC, Tabreed, yesterday announced that its annual energy savings in

2013 reached 1.2 billion kilowatt hours (kWh). This significant reduction in energy consumption translates into

the elimination of approximately 570,000 tons of carbon dioxide (CO2) emissions, equivalent to the removal of

over 110,000 cars from the streets. In the UAE alone, Tabreed's 60 district cooling plants achieved a total

energy saving of approximately 1 billion kWh, with the remaining 200 million kWh savings produced in the

company's six plants located in Saudi Arabia, Qatar, Oman and Bahrain.

Jasim Husain Thabet, Tabreed's Chief Executive Officer, said, "In the GCC region, cooling accounts for

approximately 50% of total energy consumption, and approximately 70% during the peak summer months. With

an expanding population, economic growth and diversification underway, as well as continued industrialisation, it

is becoming increasingly vital that reliable, energy-efficient and environmentally-friendlier cooling solutions are

utilised in order to meet our growing cooling requirements." "As a key infrastructure partner, Tabreed is proud of

the role it plays in enabling the region's, and in particular the United Arab Emirates', economic and social

development.

By decreasing the energy consumed for cooling, we are simultaneously able to protect the environment, lower

our carbon footprint, and play a modest role in helping the UAE realise its vision of a sustainable economy."

Tabreed's district cooling services are delivered to many of the UAE's iconic projects and landmarks, including

the Sheikh Zayed Grand Mosque, Ferrari World Abu Dhabi, Yas Marina Circuit, Dubai Metro, and Etihad

Towers. In the GCC, Tabreed provides cooling to key projects such as The Pearl - Qatar, and ARAMCO

establishments in eastern Saudi Arabia. - Emirates News Agency, WAM (http://www.uaeinteract.com/docs/)




Keel lay for Petronas FLNG http://www.upstreamonline.com/live/article1348327.ece

Keel laying for the Petronas floating liquefied natural gas facility has started at the Daewoo Shipbuilding &

Marine Engineering shipyard in South Korea. The first block of the keel has been laid in the presence of

the project team made up of Petronas, Technip and DSME staff.

FLNG keel laying: Petronas' PFLNG-1 keel has been laid in Korea

Petronas vice president and venture director of LNG projects Datuk Abdullah Karim said this was a

significant achievement for the construction phase of the project. The construction of the entire facility is

expected to finish by the end of 2015, making it the world’s first to be in operation beating Shell's FLNG

maiden Prelude.

It will sit in Malaysia’s Kanowit gas field off the coast of Sarawak. The PFLNG-1 will produce about 1.2

million tonnes of LNG per year and will play a role in unlocking the potential of Petronas’ fields in

Malaysia. It is expected that gas from PFLNG-1 will be used for both domestic and export markets. The

company is developing two FLNG projects are the same time, with the second unit expected to be deployed

at Murphy Oil’s Rotan field off Sabah.




India's power plants coal imports from Indonisia rise (Reuters) –

India's coal imports rose 20 percent to 105.8 million tonnes in April-October from a year earlier as power producers turned to Indonesia to help feed new plants, according to data from mjunction services, an online market operator.

Regulatory and bureaucratic delays in adding new mines and expanding existing ones have made India the No. 3 importer of coal, even though it sits on what BP ranks as the world's fifth-largest reserves. Imports leaped 34 percent to 137.56 million tonnes in 2012/13.

April-October shipments of thermal coal, used in power generation, jumped 28 percent to 81.6 million tonnes, according to mjunction services, which is jointly owned by Tata Steel Ltd and SAIL. India's generation capacity increased in the seven months with the addition of new plants, while benchmark thermal coal prices fell, reaching their lowest levels in almost four years in September.

Imports of coking coal for making steel, the second-biggest contributor to total shipments, were nearly flat at 19.35 million tonnes. The Indian government does not regularly release data on coal imports. Its domestic production, 81 percent of which is from state-owned Coal India Ltd, could fall short of demand by 155 million tonnes this fiscal year, according to the Coal Ministry. That could lead to a 13 percent rise in imports.

Coal India has fallen short of its production target for at least the past six years due to difficulties in obtaining environmental approvals, lack of railway access and other issues. Its April-December output of 319.2 million was 4 percent less than its target for the period. The world's largest coal mining company launched its first tender in November, seeking to import 5 million tonnes of coal to supply power producers until March 2015.

The need for reform of the coal mining sector means India is expected to remain a big importer, with Coal India estimating a shortage of 350 million tonnes for 2016-17. Indonesia could be the biggest beneficiary. It already accounts for more than 50 percent of India's coal imports, ahead of Australia and South Africa.

Several coal blocks allocated to companies from 1998 to 2009 for development are yet to start production. Recent court-mandated investigations into the allocations by the Central Bureau of Investigation (CBI) have further delayed mining. The CBI said last week it had registered two cases regarding the alleged supply of low quality Indonesian coal by a private company to fuel power plants operated by National Thermal Power Corp.




75 years of oil-fuelled progress http://www.thenational.ae

At midnight on Friday an era in the modern history of the emirate of Abu Dhabi will come quietly to an end. January 10 marks the expiry of the 75-year concession that covers the oilfields run by the Abu Dhabi Company for Onshore Oil Operations (Adco).

The company will continue to operate, but for the first time the oil being pumped from its 11 fields and the reserves will belong wholly, through the Abu Dhabi National Oil Company (Adnoc), to the Government. There will no longer be any foreign shareholding. That may change later, once decisions are made about which foreign companies are invited to enter new joint-venture partnership agreements with Adnoc. For now, Abu Dhabi’s oil industry takes on a new shape.




It is an appropriate moment to cast an eye back over the developments of the past 75 years, during which Abu Dhabi and, since its formation in 1971, the UAE, have joined the ranks of the world’s major oil producers. The search for oil began in the 1920s with the first visits by geologists from the Anglo-Persian Oil Company, which later became British Petroleum and then BP.

More surveys took place in the mid-1930s, with the oil company teams accompanied around the desert by a young man who later played a crucial role in the country’s development, first as the Ruler’s Representative in the Eastern Region of Abu Dhabi, then as Ruler of Abu Dhabi and President, the late Sheikh Zayed.

The results of those surveys were promising and a consortium of foreign oil companies approached the then Ruler, Sheikh Shakhbut, to negotiate a concession agreement. Valid for 75 years, it was signed on January 11, 1939. The consortium, which included companies that after mergers and changes of name are now known as BP, Shell, ExxonMobil, Total and Partex, was already working further up the Arabian Gulf, under the name of Iraq Petroleum.

They established a subsidiary, Petroleum Concessions, which set up another subsidiary, Petroleum Development (Trucial Coast), which took on the concession. The outbreak of the Second World War a few months later delayed exploration. It was not until after the end of the war that work began to determine where the first oil well could be drilled. It was eventually spudded in 1950 at Ras Sadr, north-east of Abu Dhabi town.

It reached a depth of 13,001 feet – the deepest well that had ever been drilled in the Middle East, in the first of many technical records that were set – but was a dry hole with no trace of oil and gas. Over the next few years, more wells were drilled, some of which were dry. But the Murban-1 well on a geological structure about 100 kilometres west of Abu Dhabi, drilled in 1953, found traces of hydrocarbons. Initial hopes of quick discoveries faded.

In 1958, however, work on a second well on the Murban structure confirmed the presence of oil and gas, and in December 1959 work on the Murban-3 well began. Completed in May 1960, it produced crude oil at a rate of 3,764 barrels a day from the Thamama Formation. On October 27, 1960, Petroleum Development formally advised Sheikh Shakhbut that the discovery, renamed the Bab field, was commercially viable.

The era of oil production was about to begin. It took another three years of drilling more wells, laying a 112km pipeline across tough terrain and construction of an export terminal at Jebel Dhanna before exports could begin. The first tanker to carry a cargo of crude oil from Abu Dhabi’s onshore fields was eventually loaded on December 14, 1963.




By that time, Petroleum Development had changed its name to the Abu Dhabi Petroleum Company (ADPC) and two more fields had been found – the giant Bu Hasa, west of Bab, which commenced production in 1965, and Bida Al Qemzan, a smaller field that began production early last year.

More fields quickly followed, including Asab in 1965, Shah in 1966 and Sahil in 1967, all of which were later developed. Government revenues from oil production grew rapidly, providing the revenues that enabled Sheikh Zayed, who became Ruler of Abu Dhabi in August 1966, to set in motion the programme of rapid development that has continued ever since.

For years, though, the development company had been providing training and employment opportunities to young Emiratis in the what was the beginning of today’s Emiratisation programme. Many were sent abroad for further studies after passing through the ADPC Training School. A good number of senior Adco employees began their careers this way, with some having spent 30 or 40 years with the company.

As Abu Dhabi’s oil production grew, the time came for ownership of the oil reserves to be reviewed. Adnoc was established in 1971, and over the next few years agreements were signed with ADPC shareholders that gave Adnoc first a 25 per cent, then a 60 per cent share in ownership of the reserves. The original concession agreement covered only oil, so all gas reserves that were discovered belonged to the Government.

In early 1979, the responsibility for operating the onshore oilfields was transferred from ADPC to a new company, Adco, which was 60 per cent owned by Adnoc and 40 per cent by ADPC shareholders. It is that successful partnership, operating at first under the directions of Abu Dhabi’s Department of Petroleum, and since 1988 the Supreme Petroleum Council, that has overseen the emergence of the world-class company of today.

The council has been chaired since its inception by Sheikh Khalifa, first as Crown Prince of Abu Dhabi and then as President and the emirate’s Ruler. New fields have been brought into production, including the North-East Bab group of Dabb’iya, Rumaitha and Shanayel, while full-field development schemes have been implemented in the older fields at a cost of billions of dollars.

When Bab commenced production in 1963, ADPC was producing about 120,000 barrels a day. Now, the production capacity from Adco’s 11 fields is about 1.6 million barrels a day, with further expansion projects under way, and Adco is one of the world’s top 10 oil-producing companies.




As has been the case since that first well at Ras Sadr was drilled in 1950, technical innovation and expertise has been at the forefront of Adco’s achievements. Horizontal drilling has become common – sometimes for as much as 10,000 feet – thousands of feet underground.

The introduction of a “smart” field system allows for individual wells to be controlled by computer from head office. Groundbreaking initiatives, such as the pilot scheme for carbon-dioxide injection in the Rumaitha field, are being developed that will not only increase total production but will allow for a greater percentage of the reserves to be recovered.

The workforce has risen from a few dozen at the time the Ras Sadr well was drilled, to surpass 7,000, more than half of whom are Emirati. Among those are a growing number of Emirati women, many in head office but some of whom can be found working alongside the men in the oilfields.

As one would expect, a history that stretches back 75 years is full of achievements and impressive statistics. More than 20,000 tankers have sailed from Jebel Dhanna, with others now leaving from the Adco-operated Fujairah terminal that came into service in mid-2012. Hundreds of millions of man-hours have been expended. Billions of barrels of oil have been produced. Tens of billions of dollars have been spent, and hundreds of billions of dollars in revenues have been earned.

Emiratis and expatriates of many nationalities, government officials and their Adnoc colleagues, and foreign shareholders who first took the risk of drilling for oil in the harsh and unpromising deserts of Abu Dhabi – all of these have played their part in the Adco story over the decades. It is a crucial part, too, of the story of the development of the modern UAE.




Modest Oil discovered in Philipines Cebu close to shore By Gilbert P. Felongco Correspondent , GulfNews.com

A new oil discovery in Cebu declared by the Department of Energy is expected to augur well for the Philippines, which is heavily dependent on imported oil. Australian firm Gas2Grid formally announced the approval by the Energy Department of its application to declare the Malolos-1 oil well on the shore of Cebu as an “oil discovery.”

“The company advises (announces) that the Philippine Department of Energy has formally recognised Malolos-1 as an oil discovery and approved an extension of SC [Service Contract] 44 in order to conduct oil production with the aim of establishing a commercial oilfield,” Gas2Grid said in an announcement. Earlier Gas2Grid managing director Dennis Morton said application for declaration of an oil discovery is the first step in appraising and developing the Malolos oilfield.

Commercial production

“When approved by the DOE it will provide an additional minimum period of 12 months to flow test the well and establish commercial production. Following the completion of that work and with the DOE’s approval of commercial status, the Malolos oilfield will enter a 25 year production phase.

Morton added that available technical data also indicated the possibly that Service Contract 44 “is much larger Malolos oilfield than initially assessed.” Service Contract 44, covers 750 square kilometres in central Cebu. Gas2Grid successfully perforated and flow tested two oil bearing sandstones in Malolos-1.

“Oil was produced on short term test at indicative production rates of between 100 to 200 barrels of oil per day (bopd) ... Previously drilled wells, Malolos-1 and Malolos-4, recorded oil bearing sandstones over a 496 metre (1,627 feet) vertical interval. The recent oil test production rates (between 100 — 200 bopd) confirm Malolos-1 as an oil discovery well.

“We are confident that further testing of Malolos-1 will result in commercial oil production from a much larger Malolos oilfield than currently assessed,” Gas2Grid said.

Although measurements and testing in Malolos-1 proved that the well can produce oil at rates between 100 to 200 barrels per day, “initial assessment of the oil volume potential within the Malolos oilfield is a ‘Contingent Resource’ oil in place in the two oil productive sandstones in the range of between a ‘Low




Estimate’ (1C) of 4 million barrels and a ‘High Estimate’ (3C) of 42 million barrels, with a ‘Best Estimate’ (2C) of 12 million barrels of ‘Total Oil Initially in Place’.”

Land proximity

Another advantage of the onshore Malolos oilfield is its proximity to land which makes transporting its products and establishing a pipeline highly feasible and commercially viable. Most of the oilfields in the country are located far offshore and required relatively bigger investments in terms of infrastructure.

Little is known publicly concerning the discovery but a July 18, 2013 service contract for Malolos 1, provides the following description: “The Malolos Oil Field is located some eight kilometres by road from the Cebu’s western coast. Oil transportation options from the Malolos Oil Field include road transport by a new, all weather, concrete road from the well site to coastal port options at nearby Aloguinsan (8 kms — less than 10 minutes by road) or the larger, established port of Toledo (32 kms — 30 minutes by road). One option would be to load the oil onto marine transport for sale either to one of two oil refineries located in Batangas, Philippines (approximately 500 kms north) or in Singapore.” Although there had been gas finds in the Philippines, most of the wells are located offshore and require considerable investments to extract.

Company Profile

The Company's strategy includes conventional petroleum exploration for oil onshore Cebu in the

Philippines where it has produced oil from two separate reservoir intervals in the Malolos oil field. This oil

field requires further appraisal and development. The Company also plans to build and operate gas fired

electricity generation plants in the Philippines fuelled by any gas discovered. The Company is also active

within the Aquitaine Basin, south-west France where it has one existing exploration licence and three new

licence applications which are currently being processed by the French Government. The Board of

Directors brings extensive experience in conventional oil and gas exploration and development combined

with expertise in drilling, production and power station ownership and operations. The Directors also have

extensive experience working in the Philippines and France.




Aramco to skip diesel term imports

State oil giant Saudi Aramco will skip diesel term imports on a delivered basis, removing a huge chunk of demand from the Asian and Middle East oil markets and potentially reducing refinery margins, industry sources said on Wednesday.

The company is skipping term imports of diesel on a delivered basis this year for the first time after years of tying up contracts with sellers to import at least about 2.2 million to 3 million barrels a month of the oil product. Cargoes chartered on a delivered basis means the seller usually pays the freight charges to deliver cargoes to the buyer.

Aramco might instead focus on tying up term contracts on a free-on-board (FOB) basis with sellers like India's Reliance Industries, though this is not certain and overall term volumes will be much less than past years, the sources said. The company usually ties up term contracts on both delivered basis and on a FOB basis. The move is a further sign that top oil exporter Saudi Arabia is becoming self-sufficient in meeting its diesel needs after the start-up of the new Saudi Aramco Total Refining and Petrochemicals Co (Satorp) refinery in Jubail, a joint venture with Saudi Aramco and Total.

"Once Satorp started production, it really changed the dynamics," a Gulf-based trader said. Many refineries in Asia and the Middle East depend on Saudi Arabia's diesel imports to absorb excess cargoes in the region. With a significantly reduced demand from Saudi Arabia and even exports from its refineries, traders are worried the supply glut in Asia will pressure refinery margins.

Satorp, the first of a trio of 400,000-barrel-per-day (bpd) refineries due to open over the next four years, started diesel production in the second half of last year and has exported the fuel to Kenya. It is also expected to meet domestic diesel needs from the new refinery. Exxon Mobil Corp earlier sold gasoil cargoes through a rare term tender from its joint-venture Saudi Aramco Mobil Refinery Co (Samref) refinery in Yanbu. Gasoil from Samref, which is a joint venture between Exxon Mobil and Saudi Aramco, is usually sold within Saudi Arabia, with occasional spot cargoes offered for exports. Saudi Aramco imported on average about 7.5 million barrels of diesel each month from January to October last year, with record volumes of nearly 11 million in July, government data published from 2002 through the Joint Organisations Data Initiative showed.

Of this, the company normally buys 2 million to 3 million barrels in the off-peak period and about 5 million to 6 million in the peak summer period through its delivered term contracts, with the rest on an FOB basis or in the spot market, traders said.

IMPACT While a major term diesel buyer is removed from the market and could pressure refinery margins in the short term, the long-term impact remains to be seen, traders said. "They don't normally buy a lot of cargoes during winter, so they probably can fill their shorts from the new refineries or other existing refineries, but once it's summer or if there are any refinery issues, then we might see a buying spree by them," a Singapore-based trader said.

Saudi Arabia has historically been short of gasoline and gasoil. Its petro-dollar fuelled economy and growing population have rapidly driven up internal demand, especially when power generation surges in the hot summer months from May to August. - Reuters




Halliburton inaugurates technology center in Saudi Arabia By PennEnergy Editorial Staff

Halliburton (HAL) announced today the opening of its new Unconventional and Reservoir Productivity Technology Center at King Fahd University of Petroleum and Minerals (KFUPM) located in Dhahran Techno-Valley. The new center enables Halliburton to provide state-of-the-art research and development solutions for conventional and unconventional reservoirs addressing challenges both in the Kingdom and regionally.

The center provides a base to develop strong relationships with local universities like KFUPM to develop technology which is expected to lead to employment and training opportunities for Saudi technicians and university graduates.

The Halliburton Dhahran Unconventional and Reservoir Productivity Technology Center will support the development of unconventional reservoir productivity practices in the Kingdom. Collaboration between Saudi Aramco and Halliburton research and development scientists, together with the engagement of KFUPM researchers and Halliburton’s diverse unconventional expertise, will allow solutions to be developed locally and quickly implemented in the Kingdom’s fields.

Halliburton’s long history in the Kingdom and the establishment of this multi-million dollar technology center demonstrates Halliburton’s continued commitment to investment in the Kingdom and to the delivery of the latest technology and expertise. The center is expected to provide technology and solutions to existing and future partners in the region and around the globe, contributing to the development of local workforces and national economies.

Halliburton provides a wide range of products and services to Saudi Aramco and currently employs more than 3,000 people in the Kingdom.




Development of KSA mining sector creates jobs for Saudis http://www.saudigazette.com.sa

The construction of the Saudi mining sector serves the country and citizens over the long term and contributes to creating thousands of jobs for the people of the Kingdom, especially in the technical jobs, as well as investment opportunities for citizens and international companies, Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi said Wednesday during the inspection tour of Ma’aden Company projects in Ras Al-Khair City, Eastern Province. He said “these mega projects contribute to economic diversification, achievement of high returns for shareholders and investors, transfer and localization of technical professions with high skills. The mining industry constitutes an important basis for the diversity of the economy and the development of new industries based on their outputs.” He was accompanied by Adviser to the Ministry of Petroleum and Mineral Resources Prince Faisal Bin Turki Bin Abdul Aziz, and Adviser for Companies Affairs in the ministry Abdulrahman Muhammad Abdulkarim. During the tour, they got acquainted with the production lines, manufacturing units and vital utilities for the company that form integrated mining industries that the company is developing so as to enable the growth of its mining investments. It is also building a base for advanced industries for the transfer of technology and increasing the added value for its shareholders. The tour included the aluminum smelter, whose production capacity reaches 740,000 metric tons of aluminum annually. Production began at the end of 2012. The smelter provides big opportunities for manufacturing industries in the aluminum sector. It provides its clients with various shapes of metals like aluminum bars and blocks and smelted aluminum, among others. The minister and his delegation were acquainted with the progress of work in the rolling of aluminum sheets belonging to Ma’aden. Its test run began at the end of 2013 in preparation for the start of commercial production in the second quarter of 2014. The production capacity will reach 380,000 tons annually. It is the only factory of its kind in the region, and will be one of the most advanced technologically in the world. They also saw the ongoing construction operations in the sheets factory necessary for the automobile industry. About 56 percent of the project has been completed. Production is expected to begin at the end of 2014 with a production capacity of 100,000 tons annually. Meanwhile, the mining operations in Al-Be’aithah Mine have started as planned. About 4 million tons of bauxite will be transported annually by train from the mine to Ras Al-Khair. The tour included the alumina refinery. Over 77 percent of the project has been completed. Its production capacity will reach 1.8 million metric tons annually. Production will begin at the third quarter of 2014.

Ali Al-Naimi




Al-Naimi and his entourage visited also the phosphate complex and the support utilities. The production capacity for the phosphate project reaches three million tons annually. The tour also included Ras Al-Khair Port that has six wharves for the export of Ma’aden products. The port began work in February 2011. They also saw Ma’aden village residential project in Ras Al-Khair that comprises 2,509 housing units. Al-Naimi also met with several youths of Ma’aden. The number of employees in Ma’aden in Ras Al-Khair, including engineers, technicians and employees, have reached 4,000, with 70 percent Saudi nationals. Of these, 1,100 were trained within the Kingdom, while 300 were trained abroad .




Hyundai Wins $6bn Kerbala Refinery Deal By John Lee. http://www.iraq-businessnews.com/

A group of companies led by Hyundai Engineering & Construction has won a $6.04-billion contract to build the new 140,000-bpd Kerbala oil refinery.

The Iraqi cabinet approved the deal between the Oil Ministry’s State Company for Oil Projects (SCOP) and the consortium on Tuesday. Construction is to be completed within 54 months. In June, French company Technip won the contract for project management consultancy (PMC) services for the engineering, procurement and construction (EPC) phase of the Karbala refinery.

Gas Shortage Serious, Iranian Official

Gas shortage is serious and in the event of falling gas pressure, NIGC has no other choice but to halt natural gas delivery to CNG stations. Speaking in a televised program last night, NIGC’s managing director, Hamid Rerza Araqi, said the volume of gas consumption has gone up by 50 Mcm/d against corresponding period last year. “Gas consumption stood at 484 Mcm yesterday”, the official said adding rising gas consumption by household sector either has restricted the amount of gas delivery to power plants or has brought it to halt. He noted that gas shortage has forced Petroleum Ministry to raise the volume of diesel delivery to power plants to 120 million liters per day on average. According to Araqi, unannounced visits to some ministries showed that some state buildings don’t turn off their hitting systems after working hours ignoring a bylaw issued by vice-president. In the meantime, Iran’s Petroleum Minister Bijan Namdar Zanganeh said yesterday that the country runs short of 160 Mcm/d of gas, calling on Iranians to reduce gas consumption. “With efficient gas use, all people will be able to benefit from natural gas and industries will keep producing,” the minister said. Zanganeh said restrictions are needed to be imposed on some sections so that gas flow would not stop. He said Petroleum Ministry has delivered oil products to power plants in order to compensate for the shortage. The minister noted that six phases of South Pars gas field must have become operational, but it has not happened. Zanganeh said Petroleum Ministry is currently focusing its attention on the development of South Pars. - Shana




Brent edges up towards $108 on supply concerns; stronger dollar weighs http://uk.reuters.com/

Brent crude rose towards $108 a barrel on Thursday, supported by continued concerns over supply from the Middle East and North Africa, but gains were capped by a stronger dollar.

Brent has traded in a tight range this week as investors balanced expectations of rising supply from Libya with worries over increased tensions between government forces and armed rebels in the North African country. "Brent looks relatively stable at the moment compared to WTI," said Ric Spooner, market strategist at CMC Markets in Sydney. "Brent is hanging around its 200-day moving average at the moment, and that is creating some nausea for investors, who are looking for direction in the market."

Brent crude for February delivery was 35 cents higher at $107.50 per barrel at 0555 GMT, after settling 20 cents lower. U.S. oil was up 29 cents at $92.62. The contract shed $1.34 to end at a six-week low on Wednesday as a large build in crude stockpiles at the contract's delivery point in Cushing, Oklahoma, weighed on the market.

While the Cushing stocks rose, total U.S. crude stocks fell by 2.7 million barrels in the week to Jan. 3, data from the U.S. Energy Information Administration (EIA) showed. Overall U.S. crude inventories fell for the sixth straight week, totalling 33.5 million barrels for the period, the largest six-week drop since October 1990. Still, the commercial stocks remain near historical highs due to growing U.S. oil output.

SEE YOU IN COURT

Libya said Wednesday it will stop doing business with and take to court any foreign firms trying to buy oil from eastern ports seized by armed protesters. The statement came after tensions built this week with rebels inviting foreign firms to buy crude from them and the Libyan navy firing at a tanker it said was trying to load oil illegally. That raised new worries about the country's exports despite a return of some of its production.

Brent prices fell as much as $6 per barrel last week, after news that Libya would restart its key El Sharara oil field. The country is currently producing around 650,000 barrels per day (bpd) of oil, of which 510,000 bpd is being exported, Oil Minister Abdelbari Arusi told Reuters on Wednesday.




Brent prices have been supported by unrest and supply disruptions in Libya, South Sudan and Iraq in recent months. "As the Libyan conflict is the least violent, and given its political and economic nature, a bargain solution is not entirely off the cards yet," analysts at JBC Energy consultancy said in a note.

Gains in Brent were limited by a stronger dollar, which hit a seven-week high against a basket of major currencies. A stronger dollar makes commodities priced in the greenback more expensive to holders of other currencies.

Investors will look to U.S. non-farm payrolls on Friday for signs of continued recovery in the world's largest economy, which may bolster speculation of imminent cuts in the Federal Reserve's commodity-friendly stimulus programme.

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

Your partner in Energy Service

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] [email protected]

Khaled Al Awadi is a UAE National with a total of 24 yearsKhaled Al Awadi is a UAE National with a total of 24 yearsKhaled Al Awadi is a UAE National with a total of 24 yearsKhaled Al Awadi 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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Network Facility & gas compressor stations . Through the years , he has developed great experiences in the Network Facility & gas compressor stations . Through the years , he has developed great experiences in the Network Facility & gas compressor stations . Through the years , he has developed great experiences in the Network Facility & gas compressor stations . Through the years , he has developed great experiences in the

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routes. Many yeroutes. Many yeroutes. Many yeroutes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements ars were spent drafting, & compiling gas transportation , operation & maintenance agreements ars were spent drafting, & compiling gas transportation , operation & maintenance agreements ars 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 along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Conferences along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Conferences along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Conferences

held in the UAE andheld in the UAE andheld in the UAE andheld in the UAE and Energy program broadcasted Energy program broadcasted Energy program broadcasted Energy program broadcasted internationally , via GCC leading satelliteinternationally , via GCC leading satelliteinternationally , via GCC leading satelliteinternationally , via GCC leading satellite ChannelsChannelsChannelsChannels . . . .

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NewBase 09 January 2014 K. Al Awadi

Economy & Finance

New base special 09 january 2014