New base special 31 august 2014

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NewBase 31 August 2014 Khaled Al Awadi

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

Two energy deals in the pipeline between UAE and Mexico The National + NewBase

In a sign of deepening commercial and diplomatic ties, Mexico and the UAE expect to sign at least two major energy deals to coincide with the mid-December state visit by Enrique Peña Nieto, the first-ever visit to the UAE by a Mexican president. Mexico, which passed laws this month clearing the way for direct foreign investment in its oil sector for the first time since nationalisation in 1938, is keen to court international investment and technical expertise as it seeks to attract up to US$50 billion to the sector over the next five years to explore and develop new resources.

The country’s oil production – which provides about a third of state revenue – has been declining, as the country lacks expertise to optimise existing fields and to find new deposits in hard-to-access areas.

Mexico is at the advanced stages of a memorandum of understanding with Mubadala Petroleum and is working on one with Abu Dhabi National Oil Company, according to Mexico’s ambassador to the UAE, Francisco Alonso. He said that apart from energy, Mexico has also targeted infrastructure – DP World executives have been in talks with Mexican companies and its chairman has said the company plans to expand in Latin America. Mexico also hopes to finalise a deal to open up routes for Abu Dhabi’s Etihad Airways.

On the energy front, Mexico’s state oil company, Petróleos Mexicanos (Pemex), will make a number of presentations to companies in the UAE over the next couple of months. In the middle of next month, José Manuel Carrera Panizzo, the head of Pemex’s international arm, PMI, will hold high-level talks in Abu Dhabi about distribution deals for Pemex oil products.




Pemex will have a large presence at the Abu Dhabi International Petroleum Exhibition and Conference in mid-November for the first time, with the aim of explaining the new reforms and opportunities to oil executives. Mexico has targeted the Arabian Gulf in general and the UAE in particular as a source of growth for trade and investment, Mr Alonso said. Since the opening of Mexico’s embassy in Abu Dhabi in 2008, foreign minister-level visits have increased substantially, and in December Mr Nieto is spending a day in each of the GCC state capitals, but will finish up with two days in the UAE, a diplomatic signal of the country’s importance.

“The UAE is the perfect business partner for Mexico because of some shared experiences and philosophies and the ease of doing business here,” Mr Alonso said. Apart from investment, the energy deals will look to share technical expertise in offshore and unconventional exploration and production. Also, Mr Alonso added, Mexico looks to the UAE for its experience in formulating contracts with international oil companies and for managing its oil revenues.

Mexico’s potential to develop its oil sector is substantial, but so are its challenges. This week the United States energy information agency said that the reforms could lead to “profound” improvement for Mexico’s oil sector. In last year’s outlook, the EIA projected Mexico’s oil output would continue to decline from 3 million barrels per day in 2010 to 1.8 million bpd in 2025 and then struggle to stay at 2 million bpd through 2040. But the EIA said its forthcoming outlook would project output stabilising at 2.9 million bpd through 2020 and rising to 3.7 million bpd by 2040 – about 75 per cent higher than its previous outlook.

However, that is contingent on success with the reforms, and the EIA added: “There are many complexities to the new reforms and many details that still must be settled before the reforms can take effect.” It is not yet clear whether Pemex has the institutional capacity to make the reforms work. Last month a report on reforming national oil companies by the National Resource Governance Institute, an advocacy group, rated Pemex low for “achievement of governmen. technical/economic goals”, citing its lack of technical competence as well as its fuzzy mandate, which includes doling out money for social programmes.

The report had Norway as its gold standard for national oil company and use of funds, and Mr Alonso acknowledged this, saying: “Norway is the model we are looking for”. But Mexico will have to deliver considerable reform before that goal is reached.




Four International Firms Interested in Working in Saudi Unconventional Gas Reuters + NewBAse

Four companies are willing to bid for work on unconventional gas in Saudi Arabia, news agencyReuters reported Friday. Industry sources have told Reuters that the four companies are : South Korea's GS Engineering and Construction, Italy's Maire Tecnimont, Japan's JGC and Canada's SNC-Lavalin. State-run Saudi Aramco's project will involve building processing facilities, wellheads and pipelines for the gas in Turaif in the northern part of Saudi Arabia where the big mining project Waad al-Shamal is under development, the sources told the news agency.

Aramco plans to produce as much as 200 million cubic feet per day of unconventional natural gas by 2018 to supply the Waad al-Shamal project and a power plant.

Saudi Oil Minister Ali al-Naimi had estimated the country's unconventional gas reserves at over 600 trillion cubic feet, more than double its proven conventional reserves, Reuters said. Aramco Chief Executive Khalid al-Falih has said Riyadh will spend $3 billion on shale gas development.




Malaysia's Petronas Signs $550 mn Argentina Shale Oil Deal Press Release

Malaysian state owned energy firm Petronas and Argentina’s government owned oil and gas company YPF have signed $550 million shale oil deal, YPF said in a statement Thursday. The two companies will jointly develop a shale oil pilot project in three annual phases with a total investment of up to $550 million in the La Amarga Chica concession area, located in the province of Neuquén located in western Argentina. Petronas will contribute $475 million and YPF will contribute $75 million to the project, according

to the statement. The pilot phase will start once the final project documents are executed and certain conditions precedent are fulfilled. Upon completion of funding for each of the individual annual phases, Petronas will have the option to exit the joint development arrangement by surrendering its ownership interest in the concession. If Petronas exercises this exit right, it will be entitled to 50% of the net production value of the wells drilled up to its exercise of the exit

rights. After the total commitments by the parties has been funded, the parties will each fund 50% of the work program and budget costs in accordance with the project documents. YPF will be the operator of the concession area and will assign a 50% participation in the exploitation concession to Petronas. The Agreement provides for an exclusive period for the negotiation and execution of a series of definitive project agreements which will enter into force subject to compliance with a number of conditions precedent to be fulfilled before December 31, 2014,

Mmainly related to the ownership of the concession for the area, a 35 year term for the exploitation concession and the tax framework of the project, including promotional, tax, and royalty commitments, with the aim of initiating the pilot activity in La Amarga Chica in the first quarter of 2015, YFP said.

Both companies will further evaluate expanding the strategic partnership to other exploration areas with a potential for unconventional resources.




Statoil sells 75% of gas to Europe at spot prices Reuters + NewBAse

Norway’s Statoil, Europe’s second-biggest gas supplier, now sells around three-quarters of its gas at spot prices, its gas trading head said, in a shift from oil-linked prices that has helped it win market share but hit revenue this year.

By contrast, market leader Russia’s Gazprom has stuck with traditional pricing indexed to oil prices. Spot pricing accounts for 7 to 15% of its contract sales volumes, analysts at Thomson Reuters Point Carbon estimated.

At Statoil, oil-linked pricing currently accounts for about 15% of its sales volumes, down from around 45 to 50% a year ago and about 70% four years ago.

“About three quarters of our European portfolio is now indexed towards the gas market,” Rune Bjornson, Statoil’s head of gas sales and trading at Statoil, told Reuters in an interview. “In those markets, where you have ... liquid price quotation, we don’t have oil-indexation, even on the long-term contracts,” he added.

Since some gas volumes sold to Europe are pegged to other indexes such as coal or electricity, the share of sales linked to oil prices now accounts for only about 15% of the total, Bjornson said.

European spot gas prices have fallen sharply this year, helping Statoil sustain its share of a shrinking market but also hurting its earnings.




Some analysts expressed concerns that the pricing shift has made Statoil more vulnerable to market swings, particularly after it posted a 15% fall in second-quarter adjusted operating profit to 32.3bn crowns, below market expectations.

But Bjornson defended the strategy, citing the need for more transparent pricing in the market. “It was the right move ... We needed to make sure that gas is competitive and that consumers and buyers feel that gas is priced correctly,” he said. “We can’t sell oranges at a price of bananas.”

In Germany, its biggest market, Statoil now sells all of its gas at spot prices. Its other major markets include France, Britain, Italy, the Netherlands and Spain. In 2012, the firm benefited from the switch to spot prices as its sales rose to a record of 87.5bn cubic metres, and Norway nearly overtook Russia as the main gas supplier to the European Union.

Gazprom came back in 2013 by paying billions of dollars in rebates to European clients who had complained about its expensive prices, while spot prices on European hubs rose by 12%.




Sasol, EDM Inagurate Mozambique's First Permanent Large Scale Gas-to-Power Facility . Prress Release + NewBase

Sasol and Mozambican state power utility, Electridade de Mozambique (EDM) on Thursday inaugurated Mozambique's first permanent large-scale gas-to-power facility in Ressano Garcia, which is on the border between Mozambique and South Africa.

Central Térmica de Ressano Garcia (CTRG) power plant is a partnership between EDM (51%) and Sasol (49%). Natural gas will be supplied to the new power plant from the Sasol-operated central processing facility (CPF) in Temane in the Inhambane province, Sasol said in a statement.

Together with its partners, Sasol has made capital investments of about $3 billion, which includes development and expansion of the CPF and natural gas fields in Southern Mozambique, the construction of a cross-border pipeline,

and the completion of the CTRG gas-to-power project. The 175MW gas-fired power plant will supply electricity to more than two million Mozambicans - this equates to 23% of the country's current demand, Sasol said. Opening of the CTRG power facility comes as Sasol celebrates its 10th anniversary of developing the Temane and Pande stranded gas fields in Mozambique.

The gas-fired power plant is expected to reach beneficial operation in October this year.




$480m solar power project planned for Myanmar Reuters + NewBase

US investors will help finance a $480 million solar power project in Myanmar's northeastern Mandalay region, which will ultimately provide up to 12 per cent of the country's power generation, the US Trade Representative and an investment manager said on Thursday. Under an agreement between US-based ACO Investment Group and the Ministry of Electric Power, two 150-megawatt solar plants are due to be built by 2016, most likely in the Myingyan and Meiktila districts. ACO Investment Managing Director Hari Achuthan said the group had secured interest from institutional investors in the equity component of the deal, worth about $150 million. It was in talks with development finance institutions about debt to cover the balance, he told reporters. ACO Investment expected the project to create 400 construction jobs and 100 permanent jobs at the plants, one of which would help provide power to develop the Myotha Industrial Zone. US Trade Representative Michael Froman said the project marked one of the biggest US investments in the country also known as Burma, which have already totaled more than $600 million since sanctions were lifted.

The United States has gradually lifted sanctions to encourage political and economic reforms since the military government that ran Myanmar for five decades stepped aside in 2011. Froman said inverters, used to convert the current from solar panels into a current that can be fed into an electrical grid, and some solar panels used in the project will be made in the United States. Companies have not yet been chosen for the work, Achuthan said. The United States also signed an agreement to work with Myanmar to strengthen labor rights and improve labor conditions.




Norway: Lundin completes Luno II appraisal well 16/4-8 S in PL359 Source: Lundin Petroleum

Lundin Petroleum, through its wholly owned subsidiary Lundin Norway, has announced that drilling of

appraisal well 16/4- 8 S in the Luno II discovery has been successfully completed. The Luno II discovery is

located approx. 15 km south of the Edvard Grieg field in the North Sea sector of the Norwegian Continental

Shelf (NCS).

The well was

drilled 4 km

southeast of the

Luno II

discovery well.

The main

objectives of

well 16/4-8 S

were to confirm

the reservoir

properties and

petroleum

potential of the

Central South

segment. The

well encountered

about 500 metres

of gross

sandstone section

of

Jurassic/Triassic age. A gross oil column of 30 metres has been proven, underlying a thin gas cap. The

pressure data indicates a barrier towards the discovery well 16/4-6 S.

Extensive data acquisition and sampling was carried out in the reservoir, including conventional coring and

fluid sampling. One production test (DST) was performed in the oil zone, producing at a rate of 450 barrels

per day through a 28/64” choke. Reservoir properties were lower than expected in this part of the structure.

Following the results of 16/4-8 S the revised gross contingent resource range for Luno II is estimated at

between 27 and 71 million barrels of oil equivalents. The Luno II discovery is located wholly in PL359.

Appraisal well 16/4-8 S is the third well drilled in production license PL359 after it was awarded in 2006.

The well was drilled to a total depth of 2,700 metres below mean sea level in a water depth of 100 metres.

The well was drilled using the semi-submersible drilling rig Bredford Dolphin. The well will be

permanently plugged and abandoned before the rig proceeds to drill exploration well 33/12-10 S targeting

the Vollgrav South prospect in production license PL631 where Lundin Norway is operator.

Two interest transactions in PL359 have been announced on the 17th June 2014 and 4th of July 2014.

Following these transactions, and subject to government approval, Lundin Norway holds a 50 percent

interest in PL359, OMV Norge AS a 20 percent interest, Statoil Petroleum ASA a 15 percent interest and

Wintershall Norge AS a 15 percent interest.




Indonesia: Interra Resources spuds TMT-60 development well at the Tanjung Miring Timur field in South Sumatra. Source: Interra Resources

Interra Resources has announced that its wholly owned subsidiary, Goldwater TMT Pte. Ltd. ('GTMT'), has commenced drilling development well TMT-60 at the Tanjung Miring Timur ('TMT') field in South

Sumatra, Indonesia. GTMT has 100% operating interest in the Technical Assistance Contract of the TMT

field and the cost of drilling is funded from existing funds on hand.

TMT-60 is the first of four proposed development wells of the current 2014 drilling programme all to be

drilled back-to-back using an externally contracted rig, and is a continuation of the successful drilling

programme which began in October 2012 to test new geologic and reservoir concepts derived from the 2012

3D seismic survey. TMT-60 is a direct northern offset to producing well TMT-53 which was completed in

April 2013. To date, TMT-53 has produced more than 220,000 barrels of oil from the Talang Akar

Formation ('TAF').

TMT-60 will be drilled to a projected depth of 1,250 metres and is expected to be structurally slightly higher

at TAF than TMT-53. The primary objective is to produce oil from these producing reservoirs with the

secondary objectives being shallower reservoirs that are indicated to be very prospective from the data

recorded in TMT-53.

Interra estimates that the results of the drilling should be available in approximately eight weeks. The

Company will announce the results as soon as they may be ascertained as well as updates reflecting critical

or unexpected events during drilling.




Largest jack-up rig in the world on a 12.000-mile journey NewBase + Energy News

A jack-up rig, described by the owner and its builder as the largest of the type in the

world has set out on a 12,345 nautical miles long journey.

The XLE 2 jack-up rig, recently delivered by Singapore’s Keppel shipyard, is owned by Maersk Drilling, a

Denmark-based drilling contractor.

Boarded on a 223 meters long heavy-lift transportation vessel, the Hawk, the ultra-harsh environment rig

left the shipyard earlier this week. The Hawk needed to be ballasted 20.5 metres (67ft) below water to

accept the rig on board.

Next stop, Walvis Bay, Namibia. Once in Walvis Bay, the Hawk vessel, owned by OHT AS, a Norwegian

oil service company, will change crew and resupply and then move on to its final destination, Norway, with

some more short stops during the trip.

The rig is expected to reach Norway in October 2014, where it will be named, prior to starting its five-year

contract with Det norske in the North Sea.

The giant jack-up, with 206.8 meters long legs, and designed for year round operations in the North Sea in

water depths up to 150 meters, will be used for drilling at the Ivar Aasen development.




Looking at the map, one might ask why the rig did not take the shorter way home, through the Suez Canal in

Egypt. The reason lays in the fact that the Suez Canal bridge has the admissible maximum height of 68

metres above the waterline of ships that can pass through the Suez Canal.

Submerged heavylifter accepting the giant jack-up As mentioned before, due to the rig’s long legs, its air draft is approximately 210 meters.Worth noting, this

is the second rig of the XLE series delivered by Keppel to Maersk. The first, the Maersk Intrepid, last week

received the Acknowledgment of Compliance from Norwegian authorities, clearing the rig for work on the

Norwegian Continental Shelf. The Maersk Intrepid will work for Total oil company, drilling wells on the

Martin Linge field development in the Norwegian North Sea.




India’s Reliance plans $13b projects including new refinery Reuters + newBase

India’s Reliance Industries Ltd plans to invest about $13 billion in energy projects, including a 400,000 barrels per day (bpd) crude refinery at its Jamnagar complex, documents seen by Reuters show.

The refinery would process cheap, heavy crudes that are increasingly available to Asia as the shale boom has cut US demand for the grades. Reliance, controlled by billionaire Mukesh Ambani, operates the world’s biggest refining complex in India’s western state of Gujarat, where its two adjacent plants can process about 1.4 million bpd of oil.

The company last year sought the approval of the environment ministry to invest 773 billion rupees ($12.8 billion) to build a new refinery and some polymer units, and to switch the fuel for a 450 megawatt power plant from gas to coal, according to a copy of the proposal obtained by Reuters.

The federal environment ministry wrote back in May this year asking Reliance to meet certain conditions in order to secure a green light for the projects, the documents show. It was not immediately clear if there had been further communications between Reliance and the environment ministry.

“It makes perfect sense to go aggressive in their core business of refining,” said Jagannadham Thunuguntla, head of research and chief strategist at SMC Global Securities Ltd. “The company’s balance sheet has enough firepower to finance refining and other businesses like telecom and retail.” The company had cash and equivalents of $13.6 billion as of end-June.

FUEL HUB Expanding Jamnagar would strengthen the role of Gujarat — led by Prime Minister Narendra Modi before his landslide general election victory in May — as a global supplier of fuels in addition to meeting rising local demand.

India’s diesel and petrol output may lag demand by about 50 million tonnes by 2025, according to a government panel report, as the world’s fourth largest oil consumer aims to powers its economic expansion through a renewed focus on manufacturing.




Imports were around 320,000 tonnes in the last fiscal year. Reliance also wants to improve the ability of the Jamnagar complex to produce more value-added ‘light’ products by processing heavier grades than competitors in China and the Middle East.

“Recently the competitiveness of Jamnagar refining hub is gradually declining due to fast changing global scenario of product demand and stringent fuel quality,” said the proposal, obtained under India’s Right to Information Act.

While Reliance has not said by when the proposed projects will be in place, analysts and industry sources said the new refinery is expected to be built by the end of this decade. Through the new facility, Reliance wants to soak up discounted surplus heavy grades to produce fuels like diesel and improve its refining margins that eased to $8.1/barrel in 2013/14, the lowest level in four years.

“The new refinery will increase Reliance’s appetite for cheap opportunity grades and offer more dollars per barrel of oil processed,” said Praveen Kumar at Singapore-based consultancy FACTS Global Energy. In its proposal, Reliance said the new refinery will be supported by its five single point moorings — two for product shipments and three for crude intake.

“Reliance has an established infrastructure both locally and overseas to capitalise on opportunities and maximise refining margins. They have a strong trading desk and storage in several parts of the world,” said Ehsaan Ul Haq, senior consultant at UK-based consultancy KBC Process.

“After this recent wave of refinery expansion in Asia and the Middle East, probably we will not see the same growth in refining capacity as we see at present, and this will help them in leaving a stamp over the global fuel markets,” said Haq.




Chinese energy giants upbeat on shale gas Reuters + NewBase

China's energy heavyweights Sinopec Corp and PetroChina have upgraded their outlook on the country's shale gas industry, citing steadily declining costs, but stopped short of predicting a near-term boom. China, estimated to hold the world's largest technically recoverable shale resources, is hoping to replicate the shale boom that has transformed the energy landscape of the US. Industry experts caution that it would be much more difficult for China to monetise its shale gas reserves than the US as it faces serious challenges from water shortages to complicated

geological structure and a lack of infrastructure. But top executives at China's two biggest energy companies conveyed a bullish assessment of the country's shale gas potential this week, citing rapidly falling drilling costs and rising domestic gas prices. That's a far cry from two years ago when they overwhelmingly focused on the hurdles faced by China. "It took the US nearly four decades to achieve large-scale production. We are at the early stage, but we don't need to spend three decades. Cost will come down sharply," Sinopec Chairman Fu Chengyu told reporters at the firm's interim results briefing in Hong Kong on Monday. "We have found that there is big room for cost reduction... Also domestic gas prices are being raised, so these two factors will lead to greater investment," he said. The cost of shale gas drilling at Sinopec's Fuling field in southwestern China - the country's largest shale gas project - has been falling steadily to about 60 million yuan ($9.8 million) per well, Fu said. That is still double the average shale gas drilling cost in the US but represented a significant fall from 100 million yuan in China just several years ago, analysts say. Fu said he expected costs to decline to 50 million yuan per well within three to five years. "It is dropping fast. Because of better expertise and experience, there is a lot of room for further cost decreases," he said. But some shale gas experts say the Fuling success is hard to repeat due to its unique geological




structure. Fu's optimism was echoed by PetroChina's Vice Chairman and President Wang Dongjin, who told reporters on Thursday that China's dominant oil and gas producer had decided to kick off shale gas development this year with a 7 billion yuan budget. PetroChina is keeping its drilling cost at 55 million yuan per well and will strive to keep it under 50 million yuan, he said. He said the average time PetroChina spends on shale gas drilling - a process known as hydraulic fracturing - had fallen to 45 days per well from over 80 days. But Fu and Wang ruled out the possibility of a shale gas boom in the near future, saying costs must come down much more and gas prices must rise further to justify a substantial step-up in investment. Indeed, China early this month halved its 2020 shale gas production target after early exploration efforts to unlock the unconventional fuel proved challenging, according to an industry website and a government source. Citing Wu Xinxiong, the head of China's National Energy Administration, industry website www.cpnn.com.cn reported that China aims to pump 30 billion cubic metres (bcm) of shale gas by 2020, versus an earlier goal of 60-80 bcm mapped out in 2012. At Fuling, where Sinopec is building the first phase of the project, the company aims to put in annual production capacity of 5 bcm by end-2015, Fu said. By end-2017, Sinopec will double it to 10 bcm. PetroChina's Wang said his company will have annual shale capacity of 2.6 bcm by end-2015 and overtake Sinopec in terms of shale gas output in the next few years. "We are confident we will have a breakthrough in shale gas development in China," he said.-




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

Your partner in Energy Services

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. CuOil & Gas sector. CuOil & Gas sector. CuOil & Gas sector. Currently working as Technical Affairs Specialist for Emirates rrently working as Technical Affairs Specialist for Emirates rrently working as Technical Affairs Specialist for Emirates rrently working as Technical Affairs Specialist for Emirates

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NewBase 31 August 2014 K. Al Awadi

Economy & Finance

New base special 31 august 2014