newbase 628 special 17 june 2015

Copyright © 2015 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,

or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavours have been used to ensure the accuracy of the information contained in this

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NewBase 17 June 2015 - Issue No. 628 Khaled Al Awadi

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

Solar Impulse 2 pilot set to speak at Dubai summit ArabianBusiness + DMGevent + NewBase

One of the two pilots behind the flight of the first aircraft to fly around the world using only the power of the sun will be a guest speaker at the Global Solar Leaders Summit in Dubai on September 14.

Adventurer Dr Bertrand Piccard who spent 12 years preparing for the pioneering flight has confirmed he will make a special appearance at the exhibition in the World Trade Centre, Dubai.

The announcement was made as 57-year-old Piccard prepared for the final leg of the ambitious round-the-world flight in Solar Impulse 2, the revolutionary single-seater aircraft made of carbon fibre, which is the same size as a Boeing 747 but weighs less than a family saloon car.

The Swiss pilot said: "We want to show that incredible achievements can be obtained with clean technologies, like flying day and night with an airplane consuming no fuel."

GulfSol 2015 will showcase the latest solar technologies and aims to assist the UAE's sustainability vision 2021 to transform the energy-rich nation into a clean energy regional center.

The three-day exhibition will bring together key players in the solar industry across the Middle East and North Africa region. Dedicated to the solar industry, the exhibition is a platform to meet with the top global suppliers of solar products and services. The event will also focus on raw materials, components and technology within the solar industry.

Muhammed Kazi, senior project manager, GulfSol 2015 said: "We are delighted to have Dr Piccard share his visions and thoughts on the solar industry at the 2015 GulfSol exhibition.




"Working in line with UAE's sustainability vision 2021, the event will kick-start discussion around these pressing issues and seek ways in which we can work towards a sustainable nation."

Dr Bertrand, who has shared pilot duties aboard Solar Impulse 2 with Andre Borschberg, is already in the record books following a non-stop balloon flight around the world and that gave him the inspiration to begin planning the Solar Impulse challenge.

The 17,000 solar cells built into the wing supply four electric motors (17.5 CV each) with renewable energy. During the day, the solar cells recharge lithium batteries weighing 633kg (2077lbs) which allow the aircraft to fly at night and therefore to have virtually unlimited autonomy.

Dr Piccard will address a panel with a keynote speech titled "Pushing the boundaries of solar innovation" during The Global Solar Leaders' Summit. He will share his experience of his journey and talk about the potential of solar energy.

GULFSOL, A KEY EVENT IN THE MIDDLE EAST DEDICATED TO THE SOLAR

INDUSTRY

Showcasing the very latest solar thermal & photovolatic technologies available in the region.

GulfSol is brought to you by the organisers of The Big 5 – the largest building and construction event in the Middle East and ADIPEC, the world's third largest oil and gas event.

Visitors can take advantage of the workshops and also register as delegates in Global Solar Leaders’ Summit, a high level summit bringing together senior government officials and private sector stakeholders from across MENA to discuss and debate the region’s solar future.

SolarImpulse for Bad weather forces unplanned landing in Nagoya

Unfortunately the current weather window to reach Hawaii has closed. We have decided to land in Nagoya Airfield, and wait for better weather conditions. In the moment of truth - sinceBertrand Piccard had the idea of an airplane flying day and night without fuel, André Borschberg took off from Nanjing in what was the first oceanic, exploration and longest leg of the Round-the-World Solar Flight.

"We will never improve the situation if we continue to speak of climate change as a big and expensive problem, or by asking people to reduce their lifestyle to protect nature. On the contrary, we should focus on the numerous clean technology solutions that reduce energy consumption and CO2 emissions in a profitable manner. The only way to push governments to replace old polluting devices with clean and efficient technologies is to demonstrate the existence of solutions that can simultaneously save energy and natural resources, generate profit, create jobs and sustain economic growth. This is how the climate negotiations should be addressed. ”

Bertrand Piccard

"There are a lot of clean technologies that have been used to make Solar Impulse fly day andnight without fuel – it is the first

airplane with an unlimited endurance. Many of these energyefficient solutions are starting to be commercialised as they are

economically attractive and have real potential to considerably reduce worldwide energy consumption. Favoring these

technologies would surely help open new markets for the industries reducing CO2 emissions and energy costs simultaneously."

André Borschberg




Oman: Orpic inks pact with Japan Cooperation Center, Petroleum

on joint project… Times News Service

A memorandum of agreement (MoA) to cooperate on various technical topics has been signed by Orpic, Oman’s national refinery and petrochemical company, with Japan Cooperation Center, Petroleum (JCCP). Raphael De Loenen, chief operating officer of Orpic, said, “Orpic has worked with JCCP for more than 10 years, mainly on our Mina Al Fahal operation. However, this MoA extends our association for the next three years and will include Orpic’s plants in Sohar and Muscat.”

Japan Cooperation Center, Petroleum is a non-profit organisation, founded to promote friendly relations between oil-producing countries and Japan. It is a membership-based organisation, comprising 18 engineering companies, 12 oil companies and two banks. “The agreement includes technical studies to identify opportunities for enhancing operations and maintenance practices of refineries in Oman and Japan, as well as a personnel exchange programme, which will enable both parties to share the expertise, skills and experience of our people,” the official said. “The MoA will support us in meeting the ultimate goal of international cooperation in petroleum industries,” De Loenen added. Training programmes, aimed at exchanging information and access to Japanese technologies, as well as seminars in refinery operations, maintenance, instrumentations and management, will all be delivered as part of the agreement. “We appreciate this opportunity to partner with Japan Cooperation Center, Petroleum and look forward to the benefits that will be generated for both organisations, from our association,” he said




Libya may double oil output as mediation to help reopen pipes Bloomberg + NewBase

Libya may double crude output to 800,000 bpd by next month amid mediations to reopen oil and

gas pipelines feeding export terminals, on the occasion of the Muslim holy month of Ramadan that

starts this week.

“There are efforts under way and initiatives that will be proposed during the blessed month of Ramadan to reopen the oil and gas pipelines to the ports of Zueitina, Zawiya and Mellitah,” Mohamed Elharari, a Tripoli-based spokesman of state-run National Oil Corp, told the Libya news agency Lana yesterday. “If these initiatives succeed, Libya’s crude output could rise to nearly 800,000 bpd.” The North African nation is now producing between 400,000 bpd and 460,000 bpd, the Tripoli-based chairman of NOC, Mustafa Sanalla said in an interview yesterday on the sidelines of the World National Oil Companies Congress in London. The country hopes to lift output to 600,000 bpd in next few weeks, he

told the conference. The country is refining about 130,000 bpd and exporting about 300,000 bpd of crude, Sanalla said in the interview. The eastern oil fields of Mesla and Sarir and the offshore fields of Jurf and Bouri account for most of the current production, he said. Libya has been divided since last year between an internationally recognised government that operates from the east, and an administration that rules over the capital Tripoli and most of the western region, backed by moderate Islamist groups. Armed militants loyal to the Al Qaeda and Islamic State organisations control the town of Sirte, in the centre, and Derna, in the east, threatening the two administrations. While National Oil Corp’s management is also split in two, the company continues to coordinate on crude deliveries to the refineries, Sanalla said. The Hariga oil port in the east is sending crude to the Zawiya refinery in the west. The pipeline that supplies crude to Zawiya was shut by a militia last year. Sanalla said he was optimistic that UN-sponsored talks between the two administrations would allow the reopening of Es Sider and Ras Lanuf, the nation’s largest and third-largest oil ports, in four to five weeks. The two export terminals, shut in December after attacks by militias loyal to the Tripoli government, have a “good quantity” of crude in storage, Sanalla said, without indicating a specific volume. Should they reopen, NOC would only release them to the world market “gradually” so as not to drive the price of its crude lower, he said. The nation seeks to boost oil production to 1MBD by the end of the year and 2.1MBD in 2017, he said.




Congo parliament adopts new hydrocarbons code REUTERS + NEWBASE

Democratic Republic of Congo lawmakers have adopted a new hydrocarbons code that the country hopes will allow it to draw more benefits from its expanding oil sector.

The Central African mining nation pumps 25,000 barrels per day, accounting for just 11 percent of its export revenues, although exploration off the Atlantic coast and near its eastern border with Uganda could increase that significantly.

Perenco, an Anglo-French oil and gas company, is Congo's only active producer of oil, but French company Total and a company owned by Israeli billionaire Dan Gertler are exploring near Lake Albert, straddling the border with Uganda. The bill's passage was announced in a statement by the president of the National Assembly, Aubin Minaku, which was seen by Reuters on Tuesday.

"The implementation of this law will allow (Congo) to assure the security of investments and to put in place a fiscal regime that permits the Congolese state to profit from its hydrocarbon resources so that those contribute in particular to growth and the fight against poverty," Minaku said.

The code, which has not yet been made law by President Joseph Kabila, would replace a 1981 law widely considered to be obsolete. The final text of the bill was not immediately available. Previous drafts have included a 40 percent capital gains tax on all contracts, although it was not clear if this clause remained in the version adopted by parliament.

One point of controversy among lawmakers was a provision in the National Assembly version that would require oil companies to cede at least 20 percent of shares in their operations to a "national society of commercial character."

The Senate called the provision "contrary to the principle of economic liberalism" and said it risked creating conflicts of interest. Campaign groups have criticized secrecy in Congo's hydrocarbons sector.

Juvenal Munubo, a deputy from the opposition Union for the Congolese Nation (UNC) party, said the new code could help shed light on the sector. "It will allow, unlike in the current situation, to know who is acting in the hydrocarbons sector, the parties, their identities, where they are located," he said.

25,000 barrels per day,

accounting for just 11 percent

of its export revenues




Ghana:World Bank Approves $700M Loan for Ghana Gas Project

World Bank has approved a $700 million loan for exploration of oil and gas offshore Cape Three Points in the Western Region of Ghana.

In January, Eni, Vitol and Ghana National Petroleum Corporation (GNPC) signed with government of Ghana an agreement to proceed with the Offshore Cape Three Points (OCTP) integrated oil and gas project.

The partners are expected to utilise the amount for drilling and other works, Ghana’s Daily Graphic newspaper reported Tuesday.

Development of Sankofa fields and Gye Nyame field via OCTP Integrated Project will provide enough gas to power Ghana’s thermal power operations for more than 15 years, Vitol said in January.

The OCTP development comprises five fields, Sankofa East Cenomanian Oil, Sankofa East, Campanian Oil, Sankofa Main Gas, Sankofa East Gas, Gye Nyame Gas, and will access approximately 1.5 trillion cubic feet (tcf) of gas-in-place

and around 500 million barrels of oil-in-place.

Eni, through its own subsidiary Eni Ghana, is block OCTP’s operator with a 47.22 percent stake. Vitol has a 37.77 percent stake and GNPC owns 15 percent interest.




Nigeria: Lekoil receives Nigerian ministerial consent for Otakikpo Marginal Field farm-In.. Source: Lekoil Lekoil has announced that the Honourable Minister of Petroleum Resources of Nigeria has granted consent to complete the transfer of the 40 per cent. participating interest in the Otakikpo Marginal Field to Lekoil Oil and Gas Investment Limited ('LOGIL'), a wholly owned subsidiary of the Company. Lekoil now exercises the rights and benefits of its 40 per cent. economic interest in Otakikpo via the Farm-in Agreement and Joint Operating Agreement signed on 17 May 2014.

Otakikpo is sited in a coastal swamp location in oil mining lease ('OML') 11, adjacent to the shoreline in the south-eastern part of the Niger Delta. OML 11 is held by the Shell Petroleum Development Company Joint Venture which includes the Nigerian National Petroleum Corporation, the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited. Otakikpo was awarded to Green Energy International Limited ("Green Energy") by the Department of Petroleum Resources of Nigeria in 2011.

The consideration for the acquisition of LOGIL's interest in Otakikpo comprised a signature bonus of US$7 million, which was paid to GEIL in May 2014 and a production bonus of US$4 million which is payable on meeting certain production milestones. Operations are at an advanced stage to ensure that Otakikpo attains first oil around mid-year 2015 and the Company expects to provide an operational update shortly.

Lekan Akinyanmi, Lekoil's CEO, said:

'Having signed the farm-in agreement with Green Energy last year, we welcome the progress that has been made to date and are delighted to have received ministerial consent ahead of first oil which is scheduled to begin in the coming weeks. Otakikpo is an asset with tremendous potential and I am delighted that Lekoil has been able to demonstrate its ability as a strong Technical and Financial partner. We continue our hard work at site, with our partners, to deliver first oil for the benefit of our host communities, regulators and stakeholders.'




Ireland: Europa Oil & Gas reports USD1.6 billion NPV for Offshore Ireland Prospects…Source: Europa Oil & Gas

Europa Oil & Gas, the AIM quoted oil and gas company with both producing and exploration assets in Europe, recently commissioned ERC Equipoise (‘ERCE’) to complete an independent assessment of its interests in the Frontier Exploration Licence (‘FEL’) 3/13 in the Porcupine Basin, offshore West Ireland.

The results of this study estimate a mean Un-risked Net Present Value (‘NPV’) of approx. US$1.6 billion to Europa’s 15% Net interest in three prospects; Wilde, Beckett and Shaw. On a risked basis the results of this study estimate a mean Risked NPV of US$251 million to Europa’s 15% Net interest in the three prospects.

This independent assessment is in addition to the Competent Persons Report (‘CPR’) by ERCE which detailed total Gross mean Un-risked Prospective Resources of 1.49 billion barrels of oil equivalent (‘bboe’) across the three prospects in FEL 3/13 (see RNS announcement on 12 May 2015). These prospects are at the pre-drill stage and realisation of this potential value will require the drilling of exploration wells.

Overview

• ERCE’s independent assessment of NPV follows their CPR on the Prospective Resources associated with the Wilde, Beckett and Shaw prospects on FEL 3/13 based on 3-D seismic data acquired in 2013 by the operator, Kosmos Energy (‘Kosmos’)

• ERCE estimates Europa’s 15% (Net) Un-risked and Risked NPV at a 10% discount rate (NPV10) as at 1 January 2015 for the Low, Best and High estimates of Prospective

Resources as tabulated below:

Europa’s CEO, Hugh Mackay said: 'We have now published summary information on the Prospective Resources, risk and value for the prospects in FEL 3/13 from the CPR and this independent evaluation. The CPR summary issued on 18 May identified significant potential volumes of hydrocarbons: Gross mean Un-risked Prospective Resources of approximately 1.49 billion barrels of oil equivalent across three prospects in FEL 3/13 of which Europa’s Net share based on its 15% interest is approximately 224 million barrels of oil equivalent. Europa’s 15% interest has a potential Net mean Un-risked NPV10 across the three prospects in FEL 3/13 of approximately US$1.6 billion and a Net mean Risked NPV10 of US$251 million.




Newfoundland:deal on offshore oil drilling project with Statoil Reuters + NewBase

Norway's Statoil ASA is "weeks away" from reaching a deal with the government of Newfoundland and Labrador to develop the company's 600 million-barrel Bay du Nord oil discovery off the Canadian province's Atlantic coast, the province's premier said on Tuesday.

Newfoundland Premier Paul Davis said the province was close to terms with Norway's largest oil company to develop the field in the Flemish Pass, 500 kilometers (310 miles) northeast of St. John's, the provincial capital.

"Statoil wants a deal. We want a deal," the premier said after an industry speech in St. John's. "I'm optimistic that we will be successful in reaching terms." Canadian media websites carried the video of his comments, which Reuters monitored.

Statoil declined to comment on the premier's remarks but said it would do so on Wednesday. The company has scheduled media interviews with Jez Averty, senior vice president of exploration for North America after a scheduled speech to the same industry conference.

"We're not immediately commenting but we'll be commenting tomorrow," Statoil spokeswoman Alex Collins said. Statoil and Husky Energy Inc announced in 2013 that the deepwater discovery could contain as much as much as 600 million barrels of crude, making it offshore Newfoundland's third-largest discovery.

A development timetable for the field has not been announced. Husky, which has a 35 percent stake in the field, has said it expects production to begin early in the next decade. Bay du Nord would be Canada's fifth offshore oil project if it is developed and the first outside the Jeanne d' Arc Basin that lies about 350 kilometers southeast of St. John's.

The existing projects include the Hibernia field operated by Exxon Mobil Corp, Suncor Energy Inc's Terra Nova and Husky's White Rose project. Exxon is also leading the group developing the Hebron project, which will tap a 700-million barrel field in the basin and is expected to begin production by the end of 2017, with output expected to peak at 150,000 bpd.

If a Bay du Nord project is approved by Newfoundland and its owners, oil production from Canada's offshore projects may begin to reverse years of declines. Production from the three existing projects averaged over 196,000 barrels per day in 2014, down from nearly 370,000 barrels per day in 2007.

Last September, Statoil postponed development of its 40,000 barrels per day Corner oil sands project in Alberta for at least three years, citing rising costs and limited pipeline space




Shell: Go-ahead for Shelburne basin drilling (Nova Scotia)

Canada’s Environment Minister, the Honourable Leona Aglukkaq, has announced yesterday, June 15, 2015, that the proposed Shell’s Shelburne Basin Venture Exploration Drilling Project, located approximately 250 kilometres off the coast of Nova Scotia, is not likely to cause significant adverse environmental effects.

In her environmental assessment decision statement, the Minister has set out legally binding conditions, which include mitigation measures and follow-up requirements that the proponent must meet to proceed with the project.

In reaching her decision, the Minister considered the Environmental Assessment Report that includes the Canadian Environmental Assessment Agency’s conclusions and recommendations on the potential environmental effects of the project, the proposed mitigation measures, the significance of any remaining adverse environmental effects, and the follow-up program.

As part of the strengthened and modernized Canadian Environmental Assessment Act, 2012 put in place to support the government’s Responsible Resource Development Initiative, the

Agency conducted a federal environmental assessment of this project using a science-based approach.

As the project proceeds to the next phase, it will continue to be subject to Canada’s strong environmental laws, rigorous enforcement and follow-up, and fines for non-compliance.

Shell Canada Limited intends to conduct an exploratory drilling program approximately 250 kilometres off the coast of Nova Scotia, consisting of up to seven exploration wells within Exploration Licenses 2423, 2424, 2425, 2426, 2429, and 2430, over a four year period from 2015 to 2019.

Specific drilling locations will be determined using seismic data gathered as part of the Shelburne Basin 3D seismic survey conducted in summer 2013.




US:W. House secures $4 bln in investments for clean energy Reuters + NewBase

The White House has secured more than $4 billion to boost clean energy and fight climate change from foundations, institutional investors and philanthropies, doubling a goal set in February, administration officials said.

Vice President Joe Biden told a conference on clean energy at the White House on Tuesday that a "staggering" number of long-term jobs can be created in the sector "if we make the investments."

The administration issued a call to action early in the year asking them to make commitments on clean energy innovation, and "we've seen a really overwhelming response," White House senior adviser Brian Deese told reporters late Monday, previewing the announcement.

To help facilitate the commitments, the administration increased access to federal information and provided technical assistance, Deese said. However, the extent to which the White House's call to action actually increased commitments they may have been considering anyway was unclear.

In an example of these commitments, institutional investors at the University of California's office of the chief investment officer, the New Zealand Superannuation Fund, the Alaska Permanent Fund, and the Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF) mobilized more than $1 billion for clean energy innovations.

That effort will help identify and screen companies and projects for investments that help fight climate change, the White House said. The investments make moral sense, and are good for national security and the economy, Biden said.

"There's no doubt," the country will remain the top economic power of the 21st century if it invests wisely in fighting climate change, Biden said in his first public appearance since his son Beau died last month of cancer.

In addition, the Energy Department will launch a Clean Energy Impact Investment Center to help speed other financing for clean energy.

"The idea is to make the department's resources ... including of course our 17 national laboratories ... more readily available to the public, including the mission driven investors," Energy Secretary Ernest Moniz told reporters.




Oil Price Drop Special Coverage

Oil prices stable as strong fuel demand meets high production Reuters + NewBase

Crude prices were virtually unchanged in early Asian trade on Wednesday as firm demand met strong output, with the market waiting for U.S. storage figures later in the day.

Front month U.S. crude was trading at $60.05 per barrel at 2128 ET, up 8 cents from its last settlement. Brent futures edged up 2 cents to $63.72 a barrel.

JP Morgan said in its weekly oil research note that U.S. production had posted a new high this week, but that it would start to drop.

"We expect that U.S. crude production will start declining sequentially from this month, which combined with robust demand data will likely result in tighter balances in 2H2015," it said.

U.S. crude stocks are forecast to have fallen 1.7 million barrels last week, according to a Reuters poll of analysts. Gasoline stocks are expected to be down 300,000 barrels. [EIA/S]

But most analysts say there is little room for prices to rise much further as the market remains heavily oversupplied.

U.S. Energy Information Administration (EIA) data published this month shows that global petroleum oversupply has more than doubled to a record 2.6 million barrels per day (bpd) since the end of the second quarter of last year, when one of history's biggest oil price routs started.

Despite this, some analysts say they expect prices to rise going into the second half of the year as demand is strong and stocks are seen falling. "Fundamentals are at an inflection point and will improve from here with high refinery runs this summer and sequentially declining U.S. crude production. As crude stocks erode, prices will gradually strengthen," said U.S.-based Pira Energy.

PKVerleger, also from the United States, said in a note to clients that "overestimation of non-OPEC supply, when corrected, will further cut the projected glut."




A year after the crash, oil markets risk more trouble ahead Reuters + NewBase

A year on from the start of one of the biggest oil price crashes in history, the driving force behind the slide remains intact: there is still too much crude. While output continues to grow, the economic outlook has darkened in top energy consumer China, where oil demand has been one of the few bright spots in the market.

Add to the mix record output by the Organization of the Petroleum Exporting Countries (OPEC) and the possibility of a return of Iranian crude exports, and further price turbulence looks almost certain.

Oil prices began a seven-month rout this time last year that took Brent crude futures LCOc1 from $116 per barrel to around $45 by January.

While prices have crawled up since, there are few signs yet that OPEC's strategy of keeping output high in a bid to drive out competitors, such as U.S. shale oil, is doing enough yet to change market fundamentals..

"The real bearish change is OPEC production that has risen from 29.79 million barrels per day (bpd) last year to over 31 million bpd. I think this is the most significant fundamental change of the last 12 months," said PVM oil analyst Tamas Varga.




U.S. Energy Information Administration (EIA) data published this month shows that global petroleum oversupply, or production versus consumption, has more than doubled to 2.6 million bpd since the end of the second quarter last year.

"We're not in the clear as far as the supply-demand balance. In some ways, we think this whole situation is getting worse," said Vikas Dwivedi, global head of oil and gas strategy at Macquarie.

And more oil may yet come to the market.

Major powers and Iran are trying to agree on a nuclear compromise by the end of the month that could allow a lifting of sanctions that have reduced Iran's crude exports to under 1 million bpd, down from 3 million bpd in 2011.

Should Iranian oil return before the end of the year, traders said that would prevent a seasonal drawdown in stocks that usually happens in the fourth quarter, preventing a re-balancing of the market.

DON'T BET ON CHINA

How the market develops towards the end of the year and into 2016 will also depend heavily on China. Its oil imports have held near record highs for over six months as its gasoline demand soared on a surge of new cars and as the government built up its strategic oil reserves.

And while some analysts believe China's demand will remain strong, there are signs that its thirst for oil is slowing as the world's second-biggest economy grows at the slowest pace in decades.

"Don't bet on a rebound in China later this year. The government has tried a lot to spur growth but so far it's not working, and that could also retrain energy demand," said Frederic Neumann, co-head of Asian economic research at HSBC.

China's oil imports fell more than 10 percent in May from a year ago, marking the steepest drop since November 2013, while car sales also dipped. The global economic outlook has also dimmed, with the World Bank cutting its 2015 outlook from 3 percent to 2.8 percent, urging countries to "fasten their seat belts".

Fuelled by lower prices, many analysts expected production, especially of price sensitive U.S. shale drillers, to fall. Yet even after producers curbed drilling and shut some production, output has remained high as previously drilled sites started operations and producers slashed costs to stay in business.

At the same time, OPEC is producing near record levels and top exporter Saudi Arabia has even hinted it could increase output further. The group decided this month to keep its taps open in an attempt to retain market share. With production set to stay high, changes in demand have taken on greater importance.

PERMANENT GLUT?

The EIA expects oversupply to last at least until 2017, but others say that the glut could be more permanent as oil loses its share in the world's energy consumption.

"I think the overwhelming trend is that oil intensity of developed and developing economies is decreasing rapidly," said Tom O'Sullivan of energy consultancy Mathyos Japan, highlighting a




halving of China's energy intensity - the amount of energy used to generate a unit of GDP - over the past 30 years close to levels seen in fully developed economies.

BP (BP.L) said in its annual outlook this month that last year may be seen as a turning point for the energy industry.

"In years to come, it is possible that 2014 may come to be seen as something of a watershed for the energy industry.... The big picture remains one of abundant reserves, with new sources of energy being discovered more quickly than they are consumed."




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

Mobile: +97150-4822502 [email protected] [email protected]

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

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

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

NewBase 17 June 2015 K. Al Awadi

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