new base special 04 march 2014

Copyright © 2014 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

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NewBase 04 March 2014 Khaled Al Awadi

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

Dubai reveals plan to build 'smart city' for Emiratis By Andy Sambidge http://www.arabianbusiness.com

Dubai Municipality is planning to build a smart city for Emirati residents which will be powered by solar energy, it was announced on Monday. Sheikh Mohammed bin Rashid Al Maktoum, Dubai ruler and the UAE's Vice President and Prime Minister, was briefed on the project which will be built near Al Aweer Roundabout in Dubai, news agency WAM reported.

Dawood Al Hajeri, manager of planning and engineering sector department, said the smart city will be "completely sustainable" and will produce 200 megawatts from solar panels that will cover the roofs of the residential units and other buildings.

According to Sheikh Mohammed's directives, the work on the project will start immediately and is expected to finish by 2020. The smart city will accommodate about 160,000 people over a total area of 14,000 acres of land. Surrounded by a green belt, the development will be fully sustainable and self sufficient in terms of resources, transport and energy. The city will recycle over 40,000 cubic metres of water, WAM added.

Sheikh Mohammed was also shown plans for a smart-address project that will provide a digital infrastructure rather than the traditional naming system. The new system will be launched next May and will be the first of its kind in the Arab world. Plans were also revealed for a Dubai Boats Market project that is considered the first of its kind in the Middle East.

Once completed, the project will be an attraction for marine sports enthusiasts and will contribute to converting Dubai to a global hub for manufacturing and selling boats and fishing equipment, WAM said, without elaborating.

Al Aweer – water treatment plant – Dubai




UAE, India discuss strategic petroleum reserve By Wam with staff , /www.emirates247.com

The second meeting of the UAE-India High Level Joint Task Force on Investments (HLTFI) was held on Monday at the Taj Mahal Palace Hotel in Mumbai where more than 30 government and private sector representatives from India and the UAE were present.

The HLTFI, co-chaired by Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince Court, and by Anand Sharma, Union Cabinet Minister in charge of Commerce and Industry and Textiles, Government of India, was established in April 2012 as a platform to address mutual issues associated with existing investments between the two countries and to promote and facilitate cross-border investments. The first meeting of the HLTFI, held in Abu Dhabi in February 2013, resulted in a wide-

ranging discussion on matters of mutual interest, including the identification of priority sectors of engagement for possible investments in the two countries.

Since then, work conducted by the HLTFI to strengthen and develop bilateral relations in the field of investments culminated in the signing, in December, 2013, of a Bilateral Investment Promotion and Protection Agreement (BIPPA), serving as a platform for promotion and reciprocal legal protection of investments in both countries.

As a result of decisions taken during the inaugural meeting of the HLTFI, several joint working groups have been created to address issues of mutual interest in the following sectors: Infrastructure, Investment and Trade, Energy, Manufacturing and Technology, Aviation, Information and Communication Technology (ICT) and Legacy Issues. These groups have given their recommendations and the same were presented today to the two co-chairs.

Building on these solid foundations, today’s meeting of the HLTFI made progress on a number of fronts including:

Discussions were held on supporting the establishment of a strategic petroleum reserve in India in a manner serving the common strategic interests of both countries and based on the principles of long term strategic partnership and cooperation;

Wide-ranging discussions took place on priority sectors of engagement for channelling investments in the two countries;

Discussions took place on expediting the resolution of current pending issues associated with existing UAE investments in India (Etisalat, Emaar and DP World), and a plan of action was agreed for the Legacy Issues sub-working group to address and resolve these issues;

Acknowledged Taqa, the Abu Dhabi-based international energy and water company, as the largest private operator of hydroelectric plants in India, following its acquisition, signed on Saturday 1st March, 2014 in New Delhi, of two hydroelectric plants in India.




The equity invested by the Taqa-led consortium in the acquisition of the two hydroelectric plants will amount to approximately INR 3,820 crores ($616 million ; Dh2.26 billion), of which 51% is from Taqa. The consortium will also acquire the assets' non-recourse project debt. The agreement follows the signing of the UAE-India Bilateral Investment Promotion and Protection Agreement in December 2013 and the UAE’s commitment at the last HLTFI meeting to invest $2 billion in India's infrastructure sector.

The UAE and India are significant trading partners and bilateral trade between the two countries is expected to continue its important growth in years to come. Alongside trade, the HLTFI would seek to achieve a similar growth path for investment with a clear roadmap between the two countries. Commenting on the 2nd meeting of the HLTFI, Sheikh Hamed bin Zayed Al Nahyan, Co-Chair of the HLTFI and Chairman of the Abu Dhabi Crown Prince Court, said: "Today we have advanced the work of the Joint Task Force, and laid the foundation for further mutually beneficial investments and areas of common interest.

We look forward to the ratification of the Bilateral Investment Promotion and Protection Agreement, and the resolution of the outstanding issues identified at our first meeting. Together, our combined efforts will help to further strengthen bilateral trade relations and pave the way for continued strategic dialogue."

Commenting on the 2nd meeting of the HLTFI, Anand Sharma, Co-Chair of the HLTFI, underlined India’s status as a major destination for foreign investments and the opportunities that exist for the UAE, especially in infrastructure areas such as roads and highways, power and utilities, civil aviation, ports, renewable energy, urban infrastructure, etc. and participation through the Infrastructure Debt Funds.

India-UAE bilateral trade for the last five years . India-UAE trade, valued at US$ 180 million per annum in the 1970s, is today over US$75 billion making UAE, India’s largest trading partner for the year 2012-13.

He also highlighted India’s desire to participate in the hydrocarbon sector in the UAE, especially in the upstream petroleum sector. He also said that he sees greater opportunities for UAE investors as strategic partners in India’s growth story. The next meeting of the UAE – India High Level Joint Task Force on Investments will be held on a mutually agreed date and location.




Kurdistan , Qaiwan to tender Baizan refinery Expansion EPC contract TradeArabia News Service

Qaiwan Group, a leading Kurdish conglomerate with operations in oil refining and trading, power and energy, real estate and hospitality industries, is set to launch its engineering, procurement and construction (EPC) tender for its Bazian Refinery Expansion Phase 3 (BREP3) project this month. The bid will follow the completion of BREP3’s Front End Engineering Design (FEED), currently in progress by Technip (France), said a statement. The project is expected to increase the Bazian refining capacity from 34,000 barrels per stream day (bpsd) to a total capacity of 84,000 bpsd, by adding 50,000 bpsd of distillation capacity and gasoline manufacturing facilities. The EPC contract will be awarded in the third quarter of the year. The major milestones for the contract will include the completion of distillation facilities and supporting utilities by the fourth quarter 2016, and the rest of the facilities by last quarter of 2017. The project includes new processing units; including a 50,000 bpsd Crude Distillation Unit, a 33,500 bpsd Naphtha Hydrotreating Unit, a 22,500 bpsd Continuous Catalytic Reformer, a 10,500 bpsd Isomerisation Unit, and a 13,500 bpsd Kerosene Hydrotreating Unit. Amine regeneration, sulphur recovery unit and waste water treatment unit will also be included in the project, with supporting off-sites and utilities on a grass roots site adjacent to the existing refinery. Saad Hasan, CEO of Qaiwan, said: “We are pleased to announce the successful completion of the FEED stage of our Bazian Refinery Expansion Phase 3, and look forward to launching its EPC tender.”

Located 25 km from Sulimaniya, the Bazian Refinery was originally established in 2009 with two identical 10,000 bpsd crude distillation units designed for crudes in the 32 to 36 API range. The Bazian Refinery produces gasoline, kerosene and diesel for the consumer market, and naphtha and fuel oil for the industrial market. -




Oman targets big rise in gas output Reuters

Oman expects a significant increase in its natural gas output over the next five years but little improvement in oil production, its undersecretary for oil and gas said on Monday. Oman aims to raise gas output to an average of 120 million cubic meters per day (mcm/d) over the five-year period from 2014 through 2018, Salim Al Aufi told journalists on Monday, a gain of 17.65 percent over 2013. In 2013, gas production rose to an average of 102 mcm/d, up 3.7 percent from the previous year. Oman's modest gas exports have been constrained over the last few years as it has struggled to raise production quickly enough to keep pace with its own demand growth. Muscat hopes the planned start-up of BP's Khazzan tight gas project in 2017 will provide a big boost to supplies, with Khazzan alone expected to add about 28 mcm/d to gas output by 2018. Crude oil and condensate production is expected to average 950,000-960,000 bpd over the five-year period, Aufi said, an increase of less than 2 percent over last year's average level. The non-Opec oil producer averaged 942,000 barrels per day (bpd) in 2013, up 2.5 percent from 2012. Faced with a potential domestic gas supply crisis, Muscat has been trying for year to import gas from neighbouring Iran, the world's largest gas reserves holder. Those efforts have proved unsuccessful, largely because of tight Western sanctions over Iran's nuclear programme, and there are rising doubts on whether Iran too can pump enough to meet its own gas needs.




WHL Energy reaches Seychelles Farmin Agreement with Ophir Energy PLC SX/MEDIA RELEASE 04 March 2014

Highlights of the Agreement :

Agreement reached for Ophir Energy to farm-in to 75% of WHL Energy’s Seychelles Project interest

Ophir Energy to fund 1,500km2 of 3D seismic

Option to fund a further 1,000km2 of 3D seismic and 90% of first exploration well following data

evaluation

WHL Energy to initially receive US$4 million of past costs and US$2 million following take up of the

drilling option .

Australian energy company WHL Energy Limited (“WHL Energy” or “the Company”) is pleased to

announce that it has signed a farm-in agreement with Ophir Energy plc (“Ophir”) under which Ophir will

farm-in to earn a 75% interest in WHL Energy’s exploration interests offshore the Seychelles (the “Farm-In”).

Under the terms of the farm-in, Ophir will fully fund the acquisition of 1,500km2 of 3D seismic, up to a total

amount of US$17 million (the “Initial Seismic”). On meeting the conditions of the farm-in agreement,

including formal regulatory approval by the Government of the Seychelles, Ophir will pay WHL Energy

US$4 million in cash for partial recovery of back costs.

Following the acquisition and evaluation of the Initial Seismic, and on or before 31 July 2015 (or 31

December 2015 if a seismic vessel has not commenced data acquisition by 31 May 2014), Ophir may either

withdraw from the farm-in or exercise the option to both:

fully fund the acquisition of a further 1,000km2 of 3D seismic, up to a total amount of US$12 million (the

“Additional Seismic”); and

fund 90% of the costs of the first exploration well, up to a total amount of US$30 million (the

“Exploration Well”).

Upon exercising the option to retain its interests, Ophir will pay WHL Energy a further US$2 million in cash

for further partial recovery of back costs. In preparation for the farm-in agreement the joint venture has

already commenced or completed the following:

Requested the approval of the Government of the Seychelles and its regulatory representative

PetroSeychelles for the farm-in;

Lodged the formal request to the Government of the Seychelles and PetroSeychelles for an amended

and restated petroleum agreement, under which the minimum work commitments will be varied to

undertake a phased 3D seismic program in 2014 and 2015 and extending other commitments and the term

of the current exploration period to 31 July 2016; and

Completed substantial technical, commercial and legal due diligence.

Following execution of the farm-in agreement, Ophir and WHL Energy will finalise current negotiations for

the completion of a fully documented Joint Operating Agreement (“JOA”) to undertake the agreed work

program. WHL Energy has already released an “Invitation to Tender” for the Initial Seismic.

WHL Energy Managing Director, David Rowbottam, said “the Company is delighted to have secured a farm-

in partner of Ophir Energy’s standing. Having a company with the record of Ophir Energy partner together




with WHL Energy to take the ‘flagship’ Seychelles project forward is a tremendous milestone for the

Company.

Since acquiring the Seychelles interests in 2010 the Company has worked extremely diligently to put

together an exploration package that would attract a suitably qualified international oil and gas company

to join and further develop what the Company sees as a world class asset. Achieving this great result has

been most pleasing given the difficult farm out market and current business climate.”

“In Ophir Energy, which has a strong global reputation for technical excellence and exploration success –

particularly in East and West Africa – the Company believes it has found an ideal partner. The Company

looks forward to working closely with Ophir to progress the Seychelles project to the benefit of WHL

Energy’s shareholders and the people of the Republic of the Seychelles,” Mr Rowbottam said.

Nick Cooper, CEO, commented, “Ophir’s preferred exploration model is to secure large operated positions,

with significant running room, in frontier basins where the fundamental elements of a hydrocarbon system

are in evidence. We are therefore pleased to have executed this material new basin entry into the offshore

East Africa area. Our initial analysis already highlights a portfolio of structural prospects and leads and we

look forward to pursuing an active exploration programme in the area to test this thesis.”




About WHL Energy Limited

ASX-listed WHL Energy Ltd (ASX: WHN) is an oil and gas exploration Company focussed on East Africa and

Australia. WHL Energy holds a 17,345 km2 exploration area offshore Seychelles, at 25% equity following

the farmout to Ophir Energy plc. A world class exploration portfolio and new exploration concepts are

being matured in the acreage. In-depth work by WHL Energy has to date identified an initial inventory

containing ten, 200 million barrel plus potential targets, which is being expanded to quantify the potential

in emerging concept areas.

Further work to develop the leads and targets may include 3D seismic acquisition and geological studies,

followed by drilling. Most structures identified to date are in < 50 m water with drilling targets at < 2000m

depth, allowing for low cost drilling with a jack up rig. WHL Energy also holds 40% equity in Exploration

Permit VIC/P67 in the offshore Otway Basin, approximately 200 km WSW of Melbourne off the Victorian

coastline. VIC/P67 contains the undeveloped La Bella gas field in proximity to the Victorian gas market, and

several nearby exploration prospects.

The Company in addition holds 33.33% equity in exploration permit WA-460-P, in the offshore Southern

Carnarvon Basin, which contains an extension of the very large Palta Prospect. A Shell led Joint Venture

has recently drilled the Palta-1 well in the adjacent block; the data surrounding the result of this well is

expected to be made public in 2015. The Company is also actively investigating growth opportunities in

the wider East African region.

About Ophir Energy plc

Ophir Energy (OPHR.LN) is an African focused, upstream oil and gas exploration company which is listed on

the London Stock Exchange (FTSE 250). Ophir has an extensive deepwater acreage position in West and

East Africa acquired since its foundation in 2004.

The Group’s headquarters are located in London (England), with an operational office in Perth (Australia),

and regional offices in Dar es Salaam and Mtwara (Tanzania), Malabo (Equatorial Guinea), Libreville

(Gabon), Nairobi (Kenya) and Accra ( Ghana ) .




OneSubsea gains $80m Egypt deal

Houston’s OneSubsea has gained a contract worth more than $80 million to supply subsea equipment for

the BP-led East Nile Delta END-3 development off Egypt.

The subsea specialist, which is a joint venture of Cameron and Schlumberger, will supply subsea production

equipment, wet gas flow meters, HIPPS and installation and operational spares for four well systems under

the contract.

OneSubsea chief executive Scott Rowe said that the contract built on its success with the original Taurt

development, where OneSubsea supplied subsea equipment in 2006. Situated around 70 kilometres off

Egypt, END 3 development is an expansion of that development.

It is being developed by the Pharaonic Petroleum Company (PhPC), a joint venture established by the

British supermajor at the Ras el Bar concession. BP's partners in PhPC are Egyptian General Petroleum

Company (EGPC),Egypt Natural Gas Holding (Egas) and Eni subsidiary International Egyptian Oil

Company (IEOC).

NewBase Research about the END – project :-

This work plan describes the governance agreement, contract strategy and organizational staffing plan for the appraisal phase of the East Nile Delta Phase 3 project team.

Pharonic Petroleum Company (PhPC) has identified several wells and associated facilities for utilization over a three-year period. A single task force will administratively coordinate the project in order to

achieve optimum efficiency and coalescence amongst project team members and independent contractors. The unified administrative team will also produce scheduling and capex benefits. The wells identified for further study include:

• New Ha’py 13 well on existing Ha’py platform • New Ha’py 15 well on existing Ha’py platform • New Ha’py H12 subsea well (appraised in 2012, completion 2014) • New Ha’py 11 subsea well




• New Taurt North subsea well in North El Burg Concession • New Taurt 8 subsea well • Taurt 5 sidetrack (timeframe dependant on performance of T4 / T5) • H10 Recompletion

East Nile Delta Phase 3 Schematic

Development The below graph demonstrates that the existing wells within the REB concession have begun a noticeable decline in rates of production. The integration of the wells that comprise the East Nile Delta

Phase 3 project will increase overall production rates and rectify the production decline throughout West Harbour facilities through 2017.

REB Production Profile




As the scheduling timetable demonstrates the East Nile Delta Phase 3 Project is current in the definition stage. However in order to meeting scheduling and production goals, a number of long lead approvals were ordered in December. Contracting, strategy and organizational studies are ongoing.

The PhPC Project Management System (PPMS) will form administrative governance to ensure the release of funds to PhPC to facilitate the beginning of work involving well planning and

strategizing. Developments in this regard will put the project in a position to commence drilling and ordering necessary facilities and long lead items in 2012 / 2013.

After initial planning and logistical are complete, an administrative management team of shareholders, lead by PhPC, will be in place to ensure a smooth transition from conceptualization and planning to development and operational implementation. Coordination between major contractors and

management to facilitate early approval of contracting stages is necessary to ensure attainment of required engineering equipment.

Depletion plans for both developments will be completed and frozen in accordance facilities scope and final depletion plan.

East Nile Delta Phase 3 Level 1 Schedule




U.S. court rejects BP appeal over Gulf of Maxico spill losses Source: Reuters

A divided U.S. appeals court on Monday rejected BP's bid to block businesses from recovering money over the 2010 Gulf of Mexico oil spill, even if they could not trace their economic losses to the disaster. By a 2-1 vote, the 5th U.S. Circuit Court of Appeals in New Orleans upheld a Dec. 24 ruling by U.S. District Judge Carl Barbier in New Orleans, authorizing the payments on so-called business economic loss claims. It also said an injunction preventing payments should be lifted.

Monday's decision is a setback for BP's effort to limit payments over the April 20, 2010, explosion of the Deepwater Horizon

drilling rig and rupture of BP's Macondo oil well. The disaster killed 11 people and triggered the largest U.S. offshore oil spill.

Barbier had ruled that BP would have to live with its earlier interpretation of a multi-billion dollar settlement agreement over the spill, in which certain businesses claiming losses were presumed to have suffered harm. BP argued that this would allow

businesses to recover for fictitious losses, but the 5th Circuit rejected its appeal.

'The settlement agreement does not require a claimant to submit evidence that the claim arose as a result of the oil spill,' Circuit Judge Leslie Southwick wrote for the majority. Terms of the settlement 'are not as protective of BP's present concerns as might have been achievable, but they are the protections that were accepted by the parties and approved by the district court,' the judge added.

The 5th Circuit also said claims administrator Patrick Juneau retained the authority to root out bogus claims, without having to perform the 'gatekeeping' function that BP sought. Circuit Judge Edith Brown Clement dissented, saying the decision wrongly helps claimants whose losses had 'absolutely nothing to do with Deepwater Horizon or BP's conduct.'

BP spokesman Geoff Morrell said the London-based oil company disagreed with Monday's decision, believing that the claimants were not 'proper class members' under the settlement. He said BP will consider a further appeal. Steve Herman and Jim Roy, who represent the business claimants, said in a joint statement: 'Today's ruling makes clear that BP can't rewrite the deal it agreed to.' A spokesman for Juneau did not immediately respond to a request for comment.

BP originally projected that its settlement with businesses and individuals harmed by the spill would cost $7.8 billion. As of Feb. 4, it had boosted this estimate to $9.2 billion, and said this sum could grow 'significantly higher.' As of Monday, about $3.84 billion had been paid out to 42,272 claimants, according to Juneau's website.

The case is In re: Deepwater Horizon, 5th U.S. Circuit Court of Appeals, Nos. 13-30315 and 13-30329.




Morocco: Freeport-McMoRan secures rig for two wells in the Mazagan Source: Pura Vida Energy

JV partner Pura Vida Energy has announced the execution of a rig share agreement for the drilling of two wells in the Freeport-

McMoRan Oil & Gas-operated Mazagan permit by the Atwood Achiever Deepwater Drillship. The Atwood Achiever is contracted to Kosmos

Energy under a long term hire arrangement. Under the rig share agreement with Kosmos, two slots have been assigned for the drilling of wells in the Mazagan permit. The first of these slots will be used to drill the Toubkal-1 well and is expected to commence in January 2015. The second slot will be in 2H 2015. Pura Vida’s Managing Director, Mr Damon Neaves, said: 'We are now two years into the work

program for the Mazagan permit. Securing the rig for the two well drilling campaign is a major milestone which allows us to test key prospects and provides the opportunity for an early assessment of the value of the permit.'

Note: Pura Vida Energy in 2013 farmed out the Mazagan permit to a subsidiary of Freeport-McMoRan Oil & Gas (formerly Plains Exploration & Production). See: Morocco approves Freeport-McMoRan's farm-in to Pura Vida's Mazagan permit .

About Pura Vida Energy :-

Pura Vida Energy (Proposed ASX:PVD) is an African explorer with a substantial acreage position off the Atlantic coast of

Morocco, known as the Mazagan Offshore Area. Mazagan has been independently certified to contain potential resources of

greater than one billion barrels of oil. The company is progressing its exploration activities in the Mazagan Offshore Area and is

looking to acquire other projects to build a diversified portfolio of energy assets.




Vitol gets more than it wants with Shell Australia deal: Clyde Russell By Clyde Russell (Reuters) -

It's relatively easy to see Royal Dutch Shell's motivation in selling its Australian refinery and retail network, but somewhat more difficult to work out Vitol SA's reasons for buying.

Shell agreed on Feb. 21 to sell its refinery in Geelong, near Melbourne, as well as fuel terminals and 870 service stations to Swiss-based Vitol for about $2.6 billion. For Shell, the deal means it gets much-needed cash and manages to dispose of an asset it was planning to close down.

The Anglo-Dutch major had previously flagged shutting down the 60-year old, 120,000 barrels-per-day (bpd) refinery by 2015, unless a buyer could be found. Shell had already closed its 90,000 bpd

Clyde refinery in Sydney, converting what had been the nation's oldest plant into an import and storage terminal.

Shell wasn't unique in having problems in Australia, with virtually all the oil majors that used to dominate the fuel industry making moves to rationalise their businesses. Caltex Australia is closing its 124,500 bpd Sydney refinery, leaving it with one plant in Brisbane, while Exxon Mobil closed its Port Stanvac refinery in Adelaide in 2003, while still operating the 80,000 bpd Altona plant near Melbourne.

BP operates two refineries, in Brisbane and south of Perth, but they may be up for sale as well, with Vitol Chief Executive Ian Taylor not ruling out an interest in acquiring the plants. The problem for all Australia's refineries is that they are old and small, especially when compared to the giant, modern complex refineries that have been built in the past decade across Asia.

The youngest plants, both in Brisbane and both started in 1965, are coming up for their 50th birthdays, and while the have been upgraded over time, they are well short of the scope and efficiency of export-focused plants such as Reliance Industries' 1.2 million bpd complex on India's west coast.

The question is why would Vitol decide to invest in a business in Australia that an established player couldn't run profitably, and in an industry subject to enormous competitive pressures from well-resourced global players?

TERMINALS, DISTRIBUTION THE KEY The key isn't the Geelong refinery, even though Vitol has said it plans to continue operating and investing in the plant. Vitol may also be able to run the refinery a bit harder than Shell, which tends to be a conservative operator, and it may also be able to use its trading nous to source crude at more competitive prices.

But the real advantage is in the import, storage and distribution network that comes with the refinery. Australia's refining capacity stands at just over 500,000 bpd, but demand is closer to 1.1 million bpd. The country also tends to be a higher user of diesel than other countries with a similar size economy, given the reliance of mining and agriculture on the fuel.




Owning import, storage and distribution networks gives Vitol a leg up in accessing what it believes will be a growing market, especially as Australia's resource sector continues to grow even as China's demand growth for commodities slows.

New iron ore mines in Western Australia and liquefied natural gas plants in the east and northwest will lead Australian diesel demand higher, while immigration-fueled population growth means retail fuel demand should also grow at a faster pace than in many developed economies.

Up until recently Australia's refined products sector had been a comfortable market dominated by the international majors. Vitol's deal changes this, and continues a process started by rival trader Trafigura, whose Puma Energy unit bought three fuel distributors and retailers in separate deals early last year.

Macquarie Group, Australia's largest investment bank, and Glencore Xstrata were also believed to be interested in buying Shell's Australian assets. This makes it more likely that any decision by BP or Caltex Australia to exit the country will attract buying interest.

While Vitol clearly believes there is value in the storage and distribution sector in Australia, and may be able to run the Geelong refinery profitably, the challenge is likely to be the retail station network. Fuel retailing is highly competitive in Australia, with prices seldom varying between the major sellers.

Margins are seldom more than a few cents per litre, meaning that the real profits in service stations is in the attached convenience stores. This may well prove to be the hardest part of the Shell deal to get right for Vitol.




Russia: Rosneft to invest $83 billion developing Siberian oil fields Source: RIA Novosti via Moscow Times

State energy giant Rosneft said Friday that it will invest about 3 trillion rubles ($83 billion) on developing a strategic oil and gas field in eastern Siberia over the next decade. For comparison, Rosneft's revenue in 2013 was 4.7 trillion rubles, and net income was 551 billion rubles, according to the company's financial statements.

Vankor field in Siberia’s Krasnoyarsk region contains an oil and gas cluster capable of producing 55 million tons of oil annually by 2025, Rosneft vice president Svyatoslav Slavinsky said. Slavinsky said developing the cluster would create 15,000 jobs for highly skilled laborers.

Rosneft has steadily expanded drilling operations in Eastern Siberia over the last decade, acquiring a license to build up Vankor in 2003. The company paid more than $410 million for exploration and development rights for four more nearby oil and gas fields in 2005 and 2006.

Vankor, which is the largest field to be discovered and put into production in Russia in the last 25 years, is estimated by independent auditors to hold the equivalent of more than 1.6 billion barrels of oil in confirmed hydrocarbon reserves. The field, which started commercial output in July 2009, is viewed as central to Russian plans to meet sales targets to energy-hungry China.

About : The Vankor Field ('Ванкорское нефтегазовое месторождение')

is an oil and gas field in Russia, located 130 kilometres (81 mi) west of Igarka in the Turukhansk District of Krasnoyarsk Krai in Eastern Siberia, close to the border with Yamalo-Nenets Autonomous Okrug. Its estimated reserves are 520 million metric tons of oil and 95 billion cubic meters of natural gas. Production was launched in August, 2009.[ The field is operated by Russian national oil company Rosneft through its subsidiary Vankorneft.

The Vankor field has oil reserves 3,800 million barrels (600×106 m3), of which 1,500 million barrels (240×106 m3) are proved reserves, and 95 billion cubic meters of natural gas. The estimated production capacity is 510 thousand barrels per day (81×103 m3/d). Rosneft expected to produce 3 million metric tons (60 thousand barrels per day (9.5×103 m3/d)) of oil at Vankor in 2009 and 11 million metric tons (220 thousand barrels per day (35×103 m3/d)) in 2010.




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]

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routes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with manroutes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with manroutes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with manroutes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with many MOUs for y MOUs for y MOUs for y MOUs for

the local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE andthe local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE andthe local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE andthe local authorities. He has 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 satelliteinternationally , via GCC leading satelliteinternationally , via GCC leading satelliteinternationally , via GCC leading satellite ChannelsChannelsChannelsChannels . . . .

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

NewBase 04 March 2014 K. Al Awadi

new base special 04 march 2014

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