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NewBase 17 September 2014 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
UAE Nuclear Enec, Abu Dhabi Polytechnic sign training deal Zawya + NewBase
The Emirates Nuclear Energy Corporation (Enec) has signed an deal with the Abu Dhabi Polytechnic on a joint vocational training programme that will be instrumental in developing a
skilled Emirati workforce to support UAE’s nuclear energy industry. Under the new MoU, Enec and AD Polytechnic will collaborate on a customised nuclear energy curriculum for students of Enec’s Energy Pioneers scholarship programme, said a statement. The programme aims at addressing the specific knowledge areas required to meet the needs of the UAE’s peaceful nuclear energy programme, while creating opportunities for talented Emiratis to
play a critical role in the delivery of the project, it said. Mohammed Al Hammadi, chief executive officer of Enec, said: “We have been working with AD Polytechnic since 2012 and we will continue our close cooperation. Nurturing the next generation of nuclear energy leaders in the UAE is one of ENEC’s top priorities, and this MoU consolidates our relationship with AD Polytechnic, helping us to achieve this goal. ENEC will require more than 2,500 employees by 2020, with a target to have 60 percent of this made up of Emiratis. “Together with Abu Dhabi Polytechnic, we aim to provide the best and brightest UAE nationals with the training and opportunities needed to become part of an industry that is crucial to the country’s continued growth.” Dr Ahmed Alawar, director of AD Polytechnic, said: “The co-operation between Enec and AD Polytechnic started with the development of the Higher Diploma in Nuclear Technology (HDNT) programme three years ago. “Since that time, both entities have achieved several accomplishments; with 17 students already graduated from the programme and a total number of 270 enrolled in the programme. This programme offers students a combination of theoretical education and practical experience to prepare them for technical careers at the UAE’s nuclear energy plants.”
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“A new programme called Applied Bachelor’s in Information Security Engineering Technology (Abiset), is now launched for students This programme will enable students to become IT professionals guiding Enec on cyber security and secure information and communication systems,” he added. “Enec will also provide students from the programme with specialist on-the-job training at its facilities in Barakah. Upon completion of their studies, graduates will also go on to join the team at Enec, working to deliver safe, clean and efficient nuclear energy to the UAE by 2017”. Enec’s Human Capacity Development programme, Energy Pioneers, aims at attracting and training the country’s most talented science students, engineering graduates and experienced professionals and provide them with an opportunity to become pioneers of the UAE’s emerging nuclear energy sector. It will offer a range of scholarship programs, specialist training, ongoing professional development and career opportunities. –
ADPoly is a governmental entity managed by the Institute of Applied Technology. ADPoly is an exciting new venture that is bringing the internationally recognized Applied Bachelor / Higher Diplomas of advanced careers and majors in collaboration with various partners and a talented team of administrators and instructors. Abu Dhabi Polytechnic was established by the Institute of Applied Technology in 2010 to offer a dual educational-professional training system with multiple high-tech disciplines (specializations) to produce technologists and engineers to serve the
UAE industrial manpower required for Abu Dhabi Economic Vision 2030.
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Shell Lubricants launches Qatar-produced motor oil Source Shell
Shell Lubricants in the Middle East, Central Asia and Pakistan, has launched the ‘next generation’ motor oil – Shell Helix Ultra with Shell PurePlus Technology – the company’s most advanced
motor oil ever, featuring base oil developed from natural gas. Shell PurePlus Technology base oils are produced at the Pearl Gas-to-Liquids (GTL) plant in Qatar; a partnership between Shell and Qatar Petroleum. This is the world’s largest gas-to-liquids facility, and can produce approximately 1mn tonnes of base oils per year.
A launch event took place where VIP guests and industry leaders were hosted by Amr Adel, regional general manager (Commercial Fuels and Lubricants, Middle East, Central Asia and Pakistan) and Romi Arman, cluster marketing manager.
Adel spoke how Shell was pioneering an entirely new way to produce premium motor oils through a revolutionary gas-to-liquid (GTL) process to design a pure, synthetic base oil, which delivers higher levels of cleansing and protection.
Shell PurePlus Technology converts natural gas into a crystal-clear base oil with virtually none of the impurities found in crude oil for use in premium, synthetic lubricants. Base oils are the main component of finished motor oils, making up on average 75-90% of the end product. This next generation base oil is then enhanced with Shell’s unique additive ingredients to create the company’s most advanced fully synthetic motor oil ever; Shell Helix Ultra with PurePlus Technology.
In hot climates as experienced in Qatar, oil is prone to exceeding its normal operating temperature. As a premium synthetic oil, Shell Helix Ultra with PurePlus Technology is less prone to thinning at high temperatures, which is good for drivers in the region. The ability of the oil to function well in different climate conditions ensures that the engine is well protected and is constantly being cleansed.
Arman said, “This is our most advanced motor oil ever. The unique combination of Shell PurePlus Technology with Active Cleansing Technology enables Shell Helix Ultra to deliver even higher levels of cleansing and protection. Shell Helix Ultra is already being used as a factory fill-oil by a number of leading manufacturers and those including Ferrari. This gives drivers confidence in the quality of the motor oil and its ability to provide the best performance.”
The Shell Helix Ultra range also combines Shell PurePlus Technology with Active Cleansing Technology to deliver higher levels of protection against build-up of engine deposits and unsurpassed sludge protection. The product provides superior wear and corrosion protection, which can help to extend engine life and reduce maintenance costs.
Fuel economy benefits vary with viscosity grade, but certain products within the Shell Helix Ultra with PurePlus Technology range can deliver an improvement of up to 3% in fuel economy. The new Shell Helix Ultra with PurePlus Technology range is currently being rolled out across the region.
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Qatar: Gulf Drilling International orders another Keppel rig Source GDI
Qatari drilling contractor GDI has ordered another jack-up drilling rig from Singapore’s Keppel FELS. Keppel FELS Limited (Keppel FELS), a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M), has secured a contract from Gulf Drilling International Ltd. (q.s.c.) (GDI) of Qatar to build a repeat high-specification KFELS B Class jackup rig worth US$227 million.
As part of the contract, GDI has options for two more KFELS B Class rigs for deliveries in
2017.On the new jack-up, to be
named Halul, Keppel FELS has
already begun preparations for
its scheduled delivery in 1Q
2016 during the course of
discussions with GDI. Upon
delivery, Halul will be
chartered to Qatar Petroleum
for five years. Halul is GDI’s fifth KFELS B Class jackup rig ordered from Keppel. The fourth rig, Dukhan, was
recently delivered last month. Les Hat, a similar jack-up, was delivered last year and has been successfully operating for GDI in the Middle East, following in the footsteps of sister rigs, AL Khor and AL Zubarah.
Wong Kok Seng, Managing Director of Keppel O&M (Offshore) and Keppel FELS said, “We are pleased
to have been chosen by GDI to build another benchmark jack-up rig for them. The KFELS B Class has
established itself as a reliable high specification jackup rig for the Middle East with more than 10 such rigs
successfully operating there.
“Besides the newbuild jack-ups, our shipyard in Qatar, Nakilat-Keppel O&M, is also supporting GDI with
the construction of a liftboat and the repair and maintenance of their rig fleet. Our strong partnership has
been built on a number of successful projects delivered to them over the years and we look forward to
continue supporting GDI as they grow in the Middle East.”
Customised to GDI’s requirements, the new jackup rig will be designed to operate in the higher ambient temperature of the Middle East. The KFELS B Class is equipped with larger spud cans for reduced bearing pressure and expands its operational coverage in more places, especially in sea beds where soft soil is predominant. The rig can drill wells through 30,000 feet with a cantilever that can skid out 70 feet from the edge of the hull to drill wells. It features offline stand building capabilities and 7,500 PSI mud pumps, with accommodation for 150 persons.
Ibrahim J. Al Othman, CEO of GDI said, “GDI is pleased to be signing a contract with Keppel FELS
once again for this new requirement. We have built a solid relationship with Keppel FELS, who have a
reputation for reliability and dependability. The majority of our rigs are of the newer, high spec variety that
have been customised to meet the needs of our clients. We make it a point to work closely with our clients in
order to satisfy their requirements in a cost effective manner.”
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Egypt raises $8.5bn to expand Suez Canal Reuters + NewBase
Egypt has raised the $8.5bn it needs to fund a project to expand the Suez Canal in just eight days, the central bank governor told Reuters on Monday.
Hisham Ramez said in a telephone interview late on Monday that 61bn Egyptian pounds had been raised after banks issued investment certificates to finance the project, which is aimed at expanding trade along what is the fastest shipping route between Europe and Asia.
Fund-raising has closed and Egyptians will no longer be able to buy the investment certificates now that the initial goal of 60bn pounds has been exceeded, the governor said. The Suez Canal project includes the development of 76,000 sq km (29,000 sq miles) around the canal into an international industrial and logistics hub to attract more ships and generate income.
Officials have said the new development would boost annual revenues from the Suez Canal, which is operated by the state-owned Suez Canal Authority, to $13.5bn by 2023 from $5bn currently. Canal revenues are a vital source of hard currency for the country, which has suffered a slump in tourism and foreign investment since the 2011 uprising that toppled long-time ruler Hosni Mubarak.
The five-year investment certificates have a 12% interest rate and pay quarterly dividends and came in 10, 100 and 1,000 Egyptian pound ($1.40-$140) denominations.
National Bank of Egypt, Banque Misr, Banque Du Caire, and Suez Canal Bank issued the certificates. The banks also issued certificates in US dollars with a 5.3% interest rate and quarterly dividends, in US$1,000 denominations.
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Norway: August oil production beats prognosis Press Release, September 16, 2014
The Norwegian Petroleum Directorate has informed that preliminary production figures for August 2014 indicate an average daily production of about 1 842 000 barrels of oil, NGL and condensate.
This is 79 000 barrels per day (about 4 percent) less than in July 2014. Total gas sales were about 7.3 billion Sm3, which is 0.7 GSm3 less than the previous month.
The average daily liquid production in August was: 1 485 000 barrels of oil, 301 000 barrels of NGL and 56 000 barrels of condensate. The oil production is 10 percent above the NPD’s prognosis for August and 1.0 percent above the oil production in August last year.
The Fram, Skuld and Troll fields had reduced production in August due to maintenance and technical problems. So far this year the oil production is about 2 percent above the NPD’s prognosis.
The total petroleum production for the first eight months in 2014 is about 141.7 million standard cubic meters oil equivalents. (MSm3 o.e.), broken down as follows: about 57.2 MSm3 o.e. of oil, about 15.2 MSm3 o.e. of NGL and condensate and about 69.3 MSm3 o.e. of gas for sale. The total oil volume is 0.4 MSm3 o.e., about 1.0 percent higher than for the same period in 2013.
Final production figures from July 2014 show an average daily production of about
1.508 million barrels of oil, 0.412 million barrels of NGL and condensate and a total of 8.0 billion Sm3 saleable gas production.
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Turkey to Spend $1.5 bn on Unconventional Oil, Gas Exploration AlAnadolu News Agency + NewBase
Turkey will spend around $1.5 billion in unconventional oil and gas exploration projects in two years, according to the head of Turkey's directorate general for petroleum affairs.
"Sixteen energy companies
applied for 116 licences for new
hydrocarbon fields since June 16 and now we will evaluate the
applications,” Selami Incedalci, head of
directorate general for petroleum affairs,
told Anadolu Agency on
Monday.
The news agency added that Turkey could also ink a contract
with Halliburton for gas exploration. An agreement is expected to be signed in September or October, Turkish Petroleum's deputy director general Besim Şişman said on Monday.
"Signing a deal is important, but what is really significant is proving that natural gas can be extracted and produced by
unconventional means (fracking) in Turkey,"
Şişman said. Search for natural gas and oil by
unconventional means is currently concentrated in Diyarbakır in Eastern Turkey and the Thrace region, said Anadolu Agency.
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Scottish independence movement goes beyond the economics of oil The National + NewBase
Since my fellow columnist Robin Mills did such an eloquent job of demolishing the economic case for Scottish independence a couple of days ago, especially with regard to the crucial oil sector, I think it’s time somebody put the business case for a “Yes” vote in tomorrow’s referendum. So here goes.
I come to this important subject not as a Scot, but with an Irish background and citizenship that has coloured my view on the matter irrevocably. Some commentators have used the Irish economic experience since 1922 as a stick to beat the Scottish nationalists, and it’s true that for most of the 20th century the Irish economy performed so miserably that many of the country’s citizens chose to emigrate to Britain (like my parents) or elsewhere.
It is the ultimate failure of an economic administration when it cannot provide the basic means of livelihood for your people, and on this measure – until the Celtic Tiger began to roar in the 1990s – Irish independence was largely an economic failure. The Tiger years ended in collapse and bailout by EU and global “friends”, of course, but Ireland is now a modern economy, attracting investment from some of the biggest names in global business and exporting for all it is worth. I’m convinced, and most of the economists agree, that the
recovery will be sustained, if painfully gradual.
But how much different would Ireland’s economy have been in the 20th century if the state had not been born in such chaotic and violent circumstances? A war against the British was followed by civil war, the great global depression then the Second World War, all of which retarded the Irish economy.
Irish economic policymakers were simply not up to dealing with those enormous problems. Scotland’s situation now is vastly different. The referendum is a voluntary and democratic process, and the British have agreed to abide by its decision (as they failed to do in Ireland). So there is no likelihood of conflict – military or economic – handicapping an independent Scotland from the start. If they go for it, Scotland has a much better chance than Ireland of making an independent economy work.
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Although UK business has largely come out against independence, there are many good reasons why an independent country, as explained by the lobbying group Business for Scotland, would have a vibrant, wealthy economy: it is already diverse and expanding, and generates huge wealth for the UK in taxes; its public finances, as you’d expect from the canny Scottish Nationalist administration, are in better shape than those of the UK as a whole.
Scotland has strong exports, especially in food and drink, most of which goes outside the UK; it could be a focus for foreign investment (like Ireland); and it already has in place a corps of economically astute policymakers to oversee the transition to independence. On the oil issue, I bow to Robin Mills, but make this point: much of Scotland’s energy resources has been squandered over the decades by Westminster politicians to maintain English standards of social services, and on costly foreign military ventures.
If Scotland had control of its own oil from the start, it might be in a similar position to Norway (with roughly the same size population, although smaller energy reserves), with a sovereign wealth fund running into the hundreds of billions.
International comparisons, in my view, make the case for independence even stronger. I fail to understand the EU, which welcomed with open arms, for example, the Baltic states, but says Scotland cannot join.
The population of Estonia, Latvia and Lithuania combined is only a tiny bit bigger than Scotland’s, and combined GDP is less than half Scotland’s estimated US$250 billion.
On the independent currency and the refusal of Westminster to allow an independent Scotland to use the pound, I can only believe it is a gigantic bluff by London, and one which they will quickly rescind. If they don’t, there are plenty of alternatives for a nimble-thinking and financial astute people such as the Scots.
In the end, though, the economics and finances are secondary. Will the majority of Scots vote to take back responsibility for the running of their country and the lives of future generations? If they say yes, I believe they will have earned their freedom.
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Nigeria: Total resumes $2.5 billion Nigerian deepwater oil field sale Source: Reuters via Yahoo! Finance
France's Total, Europe's second largest oil company, has put one of its offshore Nigerian oil fields up for sale again, the company said, after a 2012 deal with Sinopec Corp failed. Total has hired BNP Paribas to find buyers for its Usan deepwater oil field located in the Nigeria Oil Prospecting Lease (OML) 138, which could be worth about $2.5 billion (1.54 billion pounds),
according to sources familiar with the matter.
'We have selected an advisor to pursue the sale process of Usan,' a spokeswoman for Total said. BNP Paribas declined to comment.
Usan is not expected to be an easy sale for Total because deepwater exploration requires significant investment and the new owner's returns could be limited if Nigeria rises taxes on foreign investor profits as part of a long expected sector reform called the Petroleum Industry Bill (PIB). Before deciding to sell the asset, which is about 100 km off the coast, Total was planning to drill several horizontal
deepwater wells and build a deep offshore drilling rig.
'Anything in Nigeria is a tough sell,' said a London-based sector banker. 'And anything with capex is even tougher these days. Very few players would be willing to acquire assets that have big investment commitments attached.'
Total said in November 2012 it had sold its 20 percent interest in the field to China's Sinopec for about $2.5 billion in cash. It is not known why the sale failed.
The Nigerian National Petroleum Corporation (NNPC) is theOML 138 concession holder. Other partners include Chevron,ExxonMobil and Nexen, which is owned by Chinese state company CNOOC Ltd.
Total is working on several asset disposals to meet a $10 billion 2015 cash flow generation target. The French group is seeking to raise about $2.5 billion through the sale of its Super Glu maker Bostik, Reuters reported.
A deal for the Usan field may have to involve a local company because Nigeria, Africa's top oil producer, is renewing efforts to recoup the benefits from its oil and gas sector. But few Nigerian players would have the money and ability to complete the necessary drilling and building works, several sector bankers said. This means Total's hopes may lie again in the hands of Asian buyers like China's CNOOC, which already has an interest in the USAN field, or India's ONGCand Indian Oil.
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Equatorial Guinea: Ophir Energy announces new gas discovery at Silenus East-1 well Source: Ophir Energy
Ophir Energy has announced that theSilenus East-1 well in Block R, Equatorial Guinea has resulted in a new gas discovery. The Silenus East-1 well was drilled by the Vantage Titanium Explorer drillship within the thrust belt area of Block R. A 67m gross gas column was encountered in the primary target with high quality reservoir in line with pre-drill expectations. The well was deepened to test a secondary high risk oil target and encountered high quality, but water-wet, reservoirs with weak oil shows. This play remains of interest to Ophir and will be further evaluated on the Block.
The drillship has now moved to complete the Fortuna-2 appraisal well, where Ophir will conduct the first flow test in Block R. The Silenus East-1 well has discovered an estimated mean recoverable 405bcf of gas from the upper and deeper reservoirs and has significantly de-risked a family of similar surrounding prospects such that the total mean recoverable gas in the broader Silenus area including this discovery is now estimated at c.1.2TCF. Following the Silenus East-1 and Tonel North-1 well results, the total estimated mean recoverable resources for Block R, including the discoveries and adjacent derisked volumes, are now 3.4TCF, comprising 1.3TCF from the Fortuna Complex, 1.2TCF from the Silenus Complex, 0.5TCF from Tonel and 0.4TCF from the other smaller discoveries.
Nick Cooper, CEO, commented:
'The Silenus East well result has confirmed sufficient incremental volumes for Ophir to be able to expand the Block R FLNG project from a 2.5mmTPA to a 3.0mmTPA project. This is important in that it provides economies of scale that increase the value of this already economic project. First gas from the FLNG project is expected to be in early 2019 and this timetable is expected to be confirmed when we achieve the milestones of signing the Block R gas terms and confirming the midstream partners during Q4 2014. At current equity levels the EG FLNG project represents a potential net 2.4mmTPA to Ophir from early 2019. In comparison Tanzania represents a net 2.0-3.0 mmTPA from late 2021.'
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Kenya: Africa Oil announces significant increase in resource estimates of Kenya oil fields. Source: Africa Oi
Africa Oil Corp has announced that an independent assessment of the Company's Contingent Resources in theSouth Lokichar Basin located in Blocks 10BB and 13T in Kenya has been completed by Gaffney, Cline & Associates (GCA).
Total 2C gross contingent resources increased 67% to 616 million barrels of oil and total 3C gross contingent resources increased 52% to 1.29 billion barrels of oil in the oil fields discovered to date in the South Lokichar basin. The Prospective Resource estimates outside of the field areas in the South Lokichar Basin have not been updated and it is planned to do a comprehensive update of all resources on all properties at year end.
Given the number of discoveries in the South Lokichar Basin, the following two tables have been prepared for the convenience of readers by Africa Oil. Readers should refer to the tables
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attached to the Original News Release, which have been prepared by GCA, detailing the low (1C), best (2C) and high (3C) Contingent Resources estimates in greater detail. The independent assessment was carried out in accordance with the standards established by the Canadian Securities Administrators in National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The effective date of the report is July 31, 2014. In addition, the Company is pleased to announce that two key exploration wells have commenced drilling, the Kodos-1well which is a basin opening well in the Central Kerio Basin and the Ekosowan-1 well, which is a large prospect on the 'string of pearls' trend on the western basin bounding fault in the South Lokichar Basin directly south of the Amosing and Ngamia significant discoveries. These wells are expected to be completed by year end.
Keith Hill, Africa Oil's President and Chief Executive Officer, commented: 'Gaffney Cline's independent assessment confirms a significant increase in Contingent Resources for the South Lokichar Basin in Northern Kenya. Based on the drilling and testing program over the past year our best estimate is now that the Company's discoveries in the South Lokichar Basin contain gross Contingent Resources of 616 million barrels of oil (2C estimate), an increase of 67% on previous estimates, and may contain as much as 1291 million barrels of gross oil Contingent Resources (3C estimate), an increase of 52%. This level of resources exceeds the threshold for development and we are targeting development sanction at the end of 2015/early 2016. We continue to aggressively explore and appraise the basin with three rigs operating and are currently acquiring a large 3D seismic survey in the west and north of the basin. The key factors to address to increase these resources over the next year will be related to recovery factors and reservoir connectivity and the early appraisal results at Ngamia and Amosing provide encouragement on the lateral continuity of the Auwerwer sands. The upcoming extended well tests at Ngamia and Amosing and the ongoing appraisal and core analysis programs will provide additional data to support this understanding. We also have an exciting exploration portfolio on trend with the South Lokichar Basin and will have drilled six new basins by the end of 2015. We are confident that our early successes will be repeated in at least one additional new basin.'
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Oil tanker sizes range from general purpose to ultra-large crude
carriers on AFRA scale. Source: T. Mason Hamilton, U.S. Energy Information Administration
The global crude oil and refined product tanker fleet uses a classification system to standardize contract terms, establish shipping costs, and determine the ability of ships to travel into ports or through certain straits and channels. This system, known as the Average Freight Rate Assessment (AFRA) system, was established by Royal Dutch Shell six decades ago, and is overseen by the London Tanker Brokers' Panel (LTBP), an independent group of shipping brokers.
AFRA uses a scale that classifies tanker vessels according to deadweight tons, a measure of a ship's capacity to carry cargo. The approximate capacity of a ship in barrels is determined by using an estimated 90% of a ship's deadweight tonnage, and multiplying that by a barrel per metric ton conversion factor specific to each type of petroleum product and crude oil, as liquid fuel densities vary by type and grade.
The smaller vessels on the AFRA scale, the General Purpose (GP) and Medium Range (MR) tankers, are commonly used to transport cargos of refined petroleum products over relatively shorter distances, such as from Europe to the U.S. East Coast. Their smaller size allows them to access most ports across the globe. A GP tanker can carry between 70,000 barrels and 190,000 barrels of motor gasoline (3.2-8 million gallons) and an MR tanker can carry between 190,000 barrels and 345,000 barrels (8-14.5 million gallons).
Long Range (LR) class ships are the most common in the global tanker fleet, as they are used to carry both refined products and crude oil. These ships can access most large ports that ship crude oil and petroleum products. An LR1 tanker can carry between 345,000 barrels and 615,000 barrels of gasoline (14.5-25.8 million gallons) or between 310,000 barrels and 550,000 barrels of light sweet crude oil.
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A classification used to describe a large portion of the global tanker fleet is AFRAMAX. AFRAMAX vessels refer to ships between 80,000 and 120,000 deadweight tons. This ship size is popular with oil companies for logistical purposes, and, therefore, many ships have been built within these specifications. Because the AFRAMAX range exists somewhere between the LR1 and LR2 AFRA scales, the LTBP does not publish a freight assessment specifically for AFRAMAX vessels.
Over the history of AFRA, vessels grew in size and newer classifications were added. The Very Large Crude Carrier (VLCC) and Ultra-Large Crude Carrier (ULCC) were added as the global oil trade expanded and larger vessels provided better economics for crude shipments. VLCCs are responsible for most crude oil
shipments around the globe, including in the North Sea, home of the crude oil price benchmark Brent. A VLCC can carry between 1.9 million and 2.2 million barrels of a WTI type crude oil. With current WTI prices near $92 per barrel, a fully loaded VLCC could carry about $100 million dollars' worth of crude oil.
There are a small number of ULCC vessels currently in use, as their size requires special facilities limiting the number of places where these vessels can load and offload. These massive vessels can carry around 2 million barrels to 3.7 million barrels of crude oil. The only U.S. port that can handle such large vessels while fully loaded is the Louisiana Offshore Oil Port (LOOP)
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Oil Below 97above $98 woris Russian, but not OPEC Reuters + NewBase
London: Brent crude oil still falling below $97 per barrel today, as the prospect of a likely supply cut from Opec outweighed the impact of weak demand from the world’s biggest energy consumers.Opec Secretary General Abdullah Al Badri told reporters he expected the group to lower its oil output target to 29.5 million barrels per day (bpd) from 30 million bpd when it meets
next in late November. Russia's energy
minister to meet
Opec as oil price
falls more
Russian Energy Minister Alexander Novak will meet the Organization of the
Petroleum Exporting Countries (Opec) officials in Vienna, his
spokeswoman said, as oil's price fall piled pressure on Moscow's budget. The annual meeting had been planned long before oil fell below the $ 97 per barrel level critical for Russia's oil sales which account for 40 per cent of state budget revenues. Russia suffered from a decline of oil production and prices this year and has cut its outlook for oil output as core Western Siberian fields become more depleted. The spokeswoman said that Novak and the officials from Opec had not planned to discuss the prices of oil, which hit 26-month low for Brent crude. However, a government source said that the measures to prop up the prices have long been discussed at the ministry. "The talk of closer cooperation with Opec on prices have long been there," he said. So far, Russia, the world's top producer of conventional oil, has ruled out coordinated action with Opec to halt the price decline. Opec oil ministers have not expressed pressing concern about the drop in prices, seeing it as a temporary dip and predicting prices will rise as higher seasonal demand arrives with colder weather. Russia has had a bumpy relationship with Opec, with pronouncements of interest in acting together not resulting in significant action, even after the price slump of 2001-2002. Oil ministers from the Middle East Gulf said last week the oil price drop was unlikely to spur action by the Opec unless crude fell below $85 a barrel. This is less than the $104 per barrel on average written into the 2014 Russian budget. Most analysts expect oil prices to fall in the coming years as new production, including from unconventional sources in North America, applies downward pressure to markets, with some forecasts going as low as $70 per barrel for Brent crude oil in 2020 from $96.6 currently.
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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, Energy Consultant
MSc. & BSc. Mechanical Engineering (HON), USA ASME member since 1995 Emarat member since 1990
Mobile : +97150-4822502 [email protected][email protected] Khaled Al Awadi is a UAE National with Khaled Al Awadi is a UAE National with Khaled Al Awadi is a UAE National with Khaled Al Awadi is a UAE National with a total of 24 yearsa total of 24 yearsa total of 24 yearsa total of 24 years of experience in theof experience in theof experience in theof experience in the Oil & Gas sector. Currently working as Oil & Gas sector. Currently working as Oil & Gas sector. Currently working as Oil & Gas sector. Currently working as
Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for 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 the GCC area via Hawk Energy Service as a UAE the GCC area via Hawk Energy Service as a UAE the GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spent as the Gas Operations operations base , Most of the experience were spent as the Gas Operations operations base , Most of the experience were spent as the Gas Operations 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 , heManager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years , heManager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years , heManager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years , he has developed has developed has developed has developed
great experiences in the designing & congreat experiences in the designing & congreat experiences in the designing & congreat experiences in the designing & constructingstructingstructingstructing of gas pipelines, gas metering & regulating stations and in the engineering of supply of gas pipelines, gas metering & regulating stations and in the engineering of supply of gas pipelines, gas metering & regulating stations and in the engineering of supply of gas pipelines, gas metering & regulating stations and in the engineering of supply
routes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with many Mroutes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with many Mroutes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with many Mroutes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with many MOUs for OUs for OUs for OUs for
the local authorities. Hethe local authorities. Hethe local authorities. Hethe local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE andhas become a reference for many of the Oil & Gas Conferences held in the UAE andhas become a reference for many of the Oil & Gas Conferences held in the UAE andhas become a reference for many of the Oil & Gas Conferences held in the UAE and Energy program broadcasted Energy program broadcasted Energy program broadcasted Energy program broadcasted
internationally , via GCC leading satellite Channels . internationally , via GCC leading satellite Channels . internationally , via GCC leading satellite Channels . internationally , via GCC leading satellite Channels .
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