new base special 29 april 2014

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NewBase 29 April 2014 Khaled Al Awadi

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Kuwait signs LNG import deal with Qatargas Reuters + KUNA

Kuwait has signed a contract to import liquefied natural gas (LNG) from fellow Gulf state Qatar to help meet its energy needs to the end of 2014, state news agency KUNA reported on Sunday.

The first shipment of LNG will arrive in Kuwait on Monday under the contract between Kuwait Petroleum Corporation (KPC) and state-owned Qatargas, KUNA said.

There were no further details on the terms of the deal with Qatar, which is the world's largest LNG exporter. Rising air conditioning demand in the hot Middle Eastern summer and a lack of domestic supply means OPEC member Kuwait needs to import more gas each year to run its power plants.

The contract paves the way for greater cooperation between the two companies, KUNA quoted a KPC official as saying. It added that major oil producer Kuwait was still looking at ways to supply its LNG needs beyond 2019.

Kuwait began importing LNG in 2009 and signed deals with Royal Dutch Shell and Swiss-based trader Vitol to supply it during the peak power demand period from April to October over the last four summers.

Earlier this month KPC said Shell and BP had signed deals to supply Kuwait with LNG over the next five to six years. The combined supply from the two companies will be around 2.5 million tonnes a year.




Al Yasat Oil Company owned by Adnoc law issued WAM

The UAE President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi, has issued a law setting up Al Yasat Company for Petroleum Operations Limited Liability Company.

According to the law, 60 per cent of the company is owned by the Abu Dhabi National Oil Company (Adnoc) and CNBC International Hong Kong Ltd owns the rest.

The company will carry out the development of onshore and offshore areas in the Emirate of Abu Dhabi approved by the Supreme Petroleum Council.

Its functions will include exploration, drilling and maintenance of wells as required for the extraction of crude oil from reservoirs, as well as the construction, operation and maintenance of all the necessary production facilities, conversion, processing, measurement, storage, transfer and delivery of crude oil from production wells to delivery points, in addition to the marketing of crude oil or exporting it abroad.

For details visit www.adnoc.ae




46b-worth of projects to boost Kurdistan’s economy http://www.saudigazette.com.sa

The Kurdistan Region of Iraq has long been considered as a business-friendly environment for foreign companies and a gateway for doing business elsewhere in the country. But recent developments have seen an upsurge in business activity making it one of the fastest growing economies on earth.

The region’s projects market reflects the growing demand for all types of goods and services. There are approximately $46 billion-worth of projects currently planned or under way in the energy, construction, tourism and basic infrastructure sectors that make the Kurdistan Region one of the most dynamic projects markets in the world.

MEED’s Kurdistan Projects conference scheduled to take place on June 8-10 at The Rotana, Erbil, will provide a comprehensive overview of the projects market by sector and outline where the main opportunities lie for investors, financiers, contractors, and suppliers.

“We are delighted to work with the Kurdistan regional government and major private sector investors on this ground breaking conference set to reveal opportunities across key sectors including: oil and gas, power, real estate, industry, hospitality and tourism, water and agriculture and banking and finance,” said Edmund O’ Sullivan, Chairman, MEED Events. “Being the only event catering to all major areas of the region’s economy and attracting all the region’s leading stakeholders, this is a must attend event for any organization looking to expand existing business in the Kurdistan Region or enter this booming market to explore new business opportunities”.

Other healthy signs indicating Kurdistan’s steady march to progress has been the growing inflow of Foreign Direct Investment (FDI). Kurdistan is open for business and the National Investment Law of 2006 has attracted more than $20 billion to the region already with the government actively encouraging further investment most notably in the Water, Agriculture, Industry, Tourism and Power sectors. As of June 2013 there are now in excess of 2,300 foreign companies registered in addition to the 15,000 local companies. “The welcoming business environment, coupled with the rapid growth and enormous opportunities for investment across the economy – including in the oil and gas and power and water sectors – are driving the sense of optimism in the Kurdistan region and boosting the enthusiasm of investors,” said Leo Koot, President, TAQA Iraq.




The cornerstone of the region’s economy is the untapped natural resources proving highly attractive for oil companies. The region is moving rapidly from exploration to production, and with political stability and security unrivalled elsewhere in Iraq, there are numerous openings throughout the hydrocarbons value chain.

Erbil has also been called “the next Dubai”, thanks to the huge construction boom currently under way. Its build-it-and-they-will-come attitude is now maturing as the Kurdistan region develops, with the Prime Minister releasing details on a plan to improve the quality of future property developments including the implementation of building regulations and an active building control department.

Tourism is likely to receive a major boost as Tourism Erbil has been named the Arab Tourism Capital 2014 by the Arab Council of Tourism. “Hotels are springing up in the city and further afield, and Kurdistan is taking advantage of its safe reputation to develop attractions and leisure projects that will attract more visitors,” O’ Sullivan further said.

MEED’s Kurdistan Projects conference 2014 is supported by the Kurdistan Regional Government and Department of Foreign Relations, UKTI, Taqa as Strategic Event Partner, as well as US-Kurdistan Business Council (USKBC) and Kurdish Europe Dutch Business Community (KDBC). Drake and Scull has signed up as the event’s Conference Sponsor and Parsons is on board as the Networking Program Sponsor. With massive interest in Kurdistan’s further development growing, organizers are encouraging early registration at www.kurdistanprojects.com.

Kurdistan Projects 2014 is a ground breaking event detailing exclusive project opportunities across the Kurdistan Region, taking place in the heart of Erbil. This year’s edition includes new key themes addressing the pressing issues facing businesses in Kurdistan Region including clarity on legal frameworks, financing, insurance, building standards and construction requirements, improving workforce capability and logistics.




Tangiers needs cash to pay for drilling offshore Morocco Press Release, April 28, 2014

Tangiers Petroleum Limited has informed that a DWOP (Drilling Well on Paper) meeting was held in Morocco on 22 April 2014, which was attended by Galp, ONHYM and Tangiers. At the meeting, the Operator, Galp, confirmed the indicative budget for the drilling of TAO-1 exploration well, offshore Morocco, to be in the order of US$75m.

The estimate provided by the Operator, Galp, is a Class II estimate and therefore subject to a plus or minus 25% variance. The Operator estimates TAO-1 to spud mid to late June and Tangiers expects to be issued a final AFE approximately 4 weeks prior to this date. Tangiers is obligated to pay 33% of any costs associated with the drilling over and above the US$33m cap carried by Galp.

Tangiers has said that that the indicative budget provided by

Galp is subject to a significant variance, both up and down, and to ongoing work being carried out by the Operator, Tangiers and ONHYM under the joint venture to improve the accuracy of the budget estimate. There is a risk that Tangiers may face a well funding commitment which is not covered by Tangiers’ current financial resources.

Based on the current indicative budget and without taking into account requirements for working capital, the Company’s potential financial obligation related to drilling of the TAO-1 exploration well ranges from having ~US$6m surplus cash (-25% case) to ~US$0.06m surplus cash (base case) to a shortfall of US$6m (+25% case). Were Tangiers unable to meet its financial obligation under the joint venture agreement for the TAO-1 exploration well, there is a risk that it would be in default of the terms of the JV agreement, in which case it could forfeit some or all of its interest in the Tarfaya Offshore Block.

Given the confirmed drilling budget, the proximity to the spud date of the well, and the Company’s current funding capacity of approximately A$15m, the Tangiers Board has agreed it is prudent to undertake a capital raising to ensure that Tangiers is well positioned to fulfil all of its obligations associated with funding of the drilling program.

The farm-out value implied for Tangier’s 25% working interest was US$40.5m, roughly equivalent to the Company’s current market capitalisation, and the Board is confident of being able to raise the necessary funds to protect shareholders from any loss of interest in the asset that may arise from default.

Tangiers has requested a voluntary suspension on ASX. The Company expects that the voluntary suspension will end when it releases an announcement to the market in relation to the proposed material capital raising, which is currently expected to be released before the start of trading on 9 May 2014. The Company’s securities will continue to be suspended on AIM pending further clarification.




ROC AND Horizon announce proposed merger to create a leading Asian E&P company Source: ROC / Horizon

• All scrip merger of equals between ROC and Horizon

• Horizon shareholders to receive 0.724 ROC shares for each Horizon share

• Merger to be implemented by a Horizon Scheme of Arrangement

• Compelling rationale for combination

• Mike Harding (current Chairman of ROC) will be Chairman of the merged group and Brent Emmett

(current CEO of Horizon) will be CEO and Managing Director of the merged group. Fraser Ainsworth

(current Chairman of Horizon) will be appointed as a Non-Executive Director of the merged group and

Alan Linn (current CEO of ROC) will continue with the merged group in the role of President of ROC Oil

Malaysia until April 2015

• The proposed Merger has the unanimous support of both the ROC and Horizon Boards

Roc Oil Company (ROC) and Horizon Oil have announced that they have entered into a Merger Implementation Deed (MID) under which they have agreed to merge via a Horizon Scheme of Arrangement (the Merger). The transaction will bring together two highly complementary E&P companies to form a single Asian E&P company.

Horizon shareholders will receive 0.724 ROC shares for each Horizon share they hold, being the exchange ratio implied by the 10 day VWAP of Horizon and ROC shares ending on 23 April 2014, the last day on which Horizon and ROC shares were traded prior to the announcement of the Merger. Following completion of the Merger, ROC shareholders will own approx. 42% of the merged company and Horizon shareholders will own approx. 58%.

The proposed Merger has the unanimous support of both the ROC and Horizon Boards. In the absence of a superior proposal and subject to an Independent Expert concluding that the Merger is in the best interests of Horizon’s shareholders, the Board of Horizon unanimously recommends that Horizon shareholders vote in favour of the Merger, and each Horizon Director intends to vote in favour of the Merger in relation to shares held or controlled by them.

Transaction rationale

The Merger creates a leading Asian E&P company, providing a platform for significant potential growth and value realisation in the Asian oil and gas sector. The merged group will have:

• a pro forma market capitalisation of ~A$800m;

• net 2P reserves of 36.9mmboe (approx. 95% liquids);

• net 2C contingent resources of 120.7mmboe; and

• combined CY14 indicative working interest production estimated at 5.5 mmboe (approx. 95% liquids).

The Horizon and ROC Boards believe that the merged group will be better positioned for growth compared to either company on a standalone basis, and is expected to deliver significant benefits to Horizon and ROC shareholders.




The Merger:

• brings together two complementary Asian-focused portfolios with assets across China, PNG, Malaysia,

Myanmar, Australia and New Zealand;

• represents a significant increase in scale to create a leading ASX-listed E&P company withexpanded

production, resources and reserves;

• provides shareholders of the merged group with broader portfolio diversification by geography and asset,

thereby reducing their risk profile;

• will trigger a right for Horizon's bondholders to require that their convertible bonds be redeemed which, if

redeemed, would facilitate a simplification of the capital structure of the merged company;

• combines the strong cash flow of the two companies providing increased capacity to pay dividends;

• creates an attractive portfolio of growth options, including major projects in China, PNG and Malaysia and a

substantial pipeline of exploration and appraisal assets; and

• combines the talent and expertise of two experienced and proven leadership teams, with strengthened

operational and technical expertise and deep regional relationships.

Commenting on the proposed Merger, ROC Chairman Mike Harding said:

'This is a transformational and exciting transaction and something ROC has been working towards for some time. The combination of our companies will create a high calibre operating company with the capacity to actively progress value-adding growth through a combination of existing material development projects, complemented by a portfolio of high impact and low risk exploration assets within our core operating regions. Consolidation of the ASX-listed E&P sector has been well-flagged but slow to occur. This transaction represents a unique and compelling opportunity to bring together two companies with highly complementary assets to create a new Asian-focused mid cap E&P champion.'

Horizon Chairman Fraser Ainsworth said:

'The Merger allows all shareholders to retain exposure to the attractive assets of each company, whilst providing greater diversification, scale and a stronger platform from which to continue to deliver future shareholder returns. After undertaking detailed due diligence on the assets and prospects of each company, the merger terms reflect our Boards' mutual judgment that the relative market valuations are the appropriate basis to ensure both groups of shareholders have the appropriate level of equity ownership in the merged group.' Horizon CEO Brent Emmett said, 'The combination of complementary core assets and activities makes strong strategic sense. Horizon has been focused on building a leading portfolio of Asian-focused assets and the opportunity to merge with ROC represents a significant step towards

achieving that objective.'

Board and management

The leadership team of the merged group will reflect the nature of the transaction as a merger of equals and will benefit from the combined talents and expertise of two experienced and proven teams.

The Board of the merged company will comprise three current Non-Executive Directors from ROC, four current Non-Executive Directors from Horizon and Brent Emmett (current CEO of Horizon) as the CEO and Managing Director of the merged group.




Mike Harding (current Chairman of ROC) will be Chairman and Fraser Ainsworth (current Chairman of Horizon) will be appointed as a Non-Executive Director of the merged group. Alan Linn (current CEO of ROC) will continue with the merged group in the role of President of ROC Oil Malaysia until April 2015. The senior management team will be drawn from the two companies’ existing management teams.

Transaction implementation

The proposed Merger will be implemented via a Horizon Scheme of Arrangement.

Horizon and ROC have entered into a MID (appended to this announcement), which contains conditions including the following:

• customary regulatory and court approvals;

• Horizon shareholder approval of the Scheme (75% of votes cast; 50% of shareholders voting);

• no material adverse change in Horizon or ROC;

• conclusion by an Independent Expert that the Scheme is in the best interests of Horizon Shareholders; and

• completion of the Osaka Gas Asset Sale Agreement.

The MID also includes customary deal protection for both Horizon and ROC including no shop and no talk provisions as well as various other provisions relevant to the Merger, including the obligations of the companies in the lead up to implementation and termination rights.

Approval of the Scheme by Horizon shareholders and the subsequent change of control in Horizon will trigger a right for Horizon's bondholders to require that their convertible bonds be redeemed.

Timetable and next steps

A Scheme Booklet is expected to be despatched to Horizon shareholders in late June. The Scheme Booklet will include further details of the transaction, an Independent Expert's Report, the reasons for Horizon Directors' recommendation and other matters relevant to Horizon shareholders' vote on the Merger. An indicative timetable of key milestones is set out below. Further details on the timing and implementation of the transaction will be made available to shareholders upon release of the Scheme Booklet.

Advisers to the transaction ROC has appointed J.B. North & Co as financial adviser and Herbert Smith Freehills as legal adviser to the transaction. Horizon has appointed UBS as financial adviser and King & Wood Mallesons as legal adviser to the transaction.




CBM Asia Updates on Operations in Indonesia Press Release, April 29, 2014; Image: CBM Asia

CBM Asia Development announced an update on CBM production operations at the Kutai West

PSC, where the company holds 705 Bcf of net prospective recoverable resources.

The company also announced the resignation of board member Adam Clarke and the return of Keith Potter to his former position as General Manager, Indonesia.

During the past few weeks, the KW-CBM01 well at Kutai West has been undergoing initial production testing. Operator Newton Energy has installed a progressive cavity pump in the well and is adjusting pump rates and position to optimize dewatering and gas production. Although the well is an isolated CBM test and at a very early stage of dewatering, already gas rates of 16 Mcfd have been measured. This confirms earlier testing that indicated a high degree of gas saturation. The longer term plan is to drill four new wells surrounding the KW-CBM01 well for improved dewatering and higher gas production.

Our plan at Kutai West is similar to what VICO Indonesia has already accomplished at two CBM pilots in the adjacent Sanga-Sanga PSC, where commercial production has been underway for three years. VICO, the joint-venture between BP and ENI, recently announced plans to drill 20 additional CBM wells at Sanga-Sanga to provide more gas supply for the Bontang LNG export facility.

Separately, consistent with the company’s ongoing cost cutting measures, director Adam Clarke has resigned from all management and board positions. However, Clarke remains available to the company on a consulting basis during the ongoing capital raise. In Jakarta, Keith Potter stepped down as the company’s VP Operations but continues in his duties as General Manager Indonesia.




PNG: ExxonMobil starts production ahead of schedule at PNG LNG project Source: ExxonMobil

ExxonMobil has announced the $19 billion PNG LNG project has started producing liquefied natural gas (LNG) in Papua New Guinea ahead of schedule. Production from the first LNG train will increase over the coming weeks and the first cargo is expected to be shipped to Asia markets before midyear. Work on the second train is progressing and LNG production from this unit is expected to start in the next several weeks.

The project, which is operated by ExxonMobil affiliate ExxonMobil PNG Limited, is expected to produce more than 9 trillion cubic feet of gas over an estimated 30 years of operations.

'The PNG LNG project exemplifies ExxonMobil’s leadership in project execution, advanced technologies and marketing capabilities,' said Neil W. Duffin, president of ExxonMobil Development Company. 'Project revenue and profitability are underpinned by long-term LNG sales contracts covering more than 95 percent of the plant’s capacity.'

The project is an integrated development that includes gas production and processing facilities in the Southern Highlands, Hela, Western, Gulf and Central provinces of Papua New Guinea. Approx. 435 miles of pipeline connect the facilities, which include a gas conditioning plant and liquefaction and storage facilities with capacity of 6.9 million tonnes of LNG per year.

Flooding, minimal pre-existing infrastructure and extremely steep slopes were among obstacles that were overcome in constructing the project. Pipe had to be airlifted in some areas because the soil could not support heavy machinery and lack of infrastructure required construction of supplemental roads, communication lines and a new airfield.

'The project is optimally located to serve growing Asia markets where LNG demand is expected to rise by approx. 165 percent between 2010 and 2025, to 370 million tonnes per year,' said Duffin.

In addition to ExxonMobil

PNG, co-venturers include Oil Search, National

Petroleum Company of PNG, Santos, JX Nippon

Oil & Gas Exploration Corp, Mineral Resources

Development Company (representing landowners) and Petromin PNG

Holdings. ExxonMobil continues to assess and advance new expansion and development opportunities in Papua New Guinea.




Cooper Energy has estimate for Hammamet West field, offshore Tunisia Source: Cooper Energy

Cooper Energy has announced that it has assessed its net 2C Contingent Resource in the Abiod Formation of the Hammamet West Field, in the Bargou Permit offshore Tunisia to be 11.3 million boe. This estimate will be included in Cooper Energy’s formal statement of Reserves and Resources as at 30 June 2014. Cooper Energy is the Operator of the Bargou joint venture which includes Dragon Oil and Jacka

Resources. The Contingent Resource (refer table below) has been determined by Cooper Energy, having considered the results of an independent assessment by Senergy, a global integrated energy services company. The Contingent Resource review was completed in April 2014.

Cooper Energy Managing Director David Maxwell said 'The Contingent Resource assessment confirms that Hammamet West is a sizeable hydrocarbon accumulation with good potential for economic development. Our calculations are that gross reserves of 8 to 10 million barrels of oil will be sufficient for the field to be considered economic and this threshold is exceeded by the assessed gross 1C Contingent Resource'.

The assessment of Contingent Resources in the Hammamet West Field will now be included in the data

room associated with the sale of Cooper Energy’s Tunisian portfolio. Mr Maxwell said that he believed the quantification of the Contingent Resource will reinforce the attraction of the Tunisian portfolio to buyers focussed on the African and Mediterranean regions.

Cooper Energy is conducting the divestment process in parallel to planning and preparing to drill and production test a second side-track from Hammamet West-3 in the period from late 2014 to early 2015. The timing and structuring of the divestment of the portfolio will be determined so as to deliver the best value for shareholders. Participating interests in the Bargou Permit are: Cooper Energy (30% and Operator); Dragon Oil (55%); Jacka Resources (15%).

Background

Hammamet West is located 15 kms offshore Tunisia in water depth of approx. 60 metres. The nearest producing field is Maamoura, 12 kms to the southwest (refer Figure 1 following). Three wells have been drilled on the field: Hammamet West-1 in 1967, Hammamet West-2 in 1990 and Hammamet West-3 in




2013. Hammamet West is a large structure interpreted to have an areal closure of over 40 sq kms and vertical relief of at least 455 metres at the Abiod Formation level (Figures 2 and 3 below).

Hammamet West-2 recovered 63 barrels of oil from two tests in the Abiod Formation. Hammamet West-3 drilled a 433 metre near-horizontal wellbore to target near-vertical fractures in the Abiod Formation.

Numerous hydrocarbon indications including oil shows and elevated gas levels were observed while drilling and 3,000 barrels of drilling fluid were lost into the fractures. Mud losses were stopped by pumping approx. 30 tons of lost circulation material (LCM) into the well. On production test, flow rates averaging 1,343 barrels per day over a 1.5-hour clean-up period were recorded prior to the test being stopped due to LCM plugging the production test equipment. An estimated 67 barrels of formation oil was recovered before the production test was

stopped and the well suspended due to recurring blockages.

It is planned to drill a second Hammamet West-3 side-track later in calendar year 2014 or early 2015 pending securing a suitable rig. The second side-track is intended to undertake and complete a production test and thereby provide further critical information for assessing the resource base and development options.




Indonesia: Ramba Energy seeking partners for Lemang Block, onshore Sumatra Source: Ramba Energy

Ramba Energy refers to the previous announcement released on 25 May 2013 in which the Company announced that it had appointed Rothschild Indonesia and DMG & Partners Securities as joint advisers to conduct a strategic review of its interest in the Lemang Block, located in South Sumatra, Indonesia. The purpose of this strategic review is to enhance value for the Company and shareholders. Currently, Ramba holds a 51% working interest in the Lemang Block through Hexindo Gemilang Jaya, its local subsidiary.

Following a comprehensive strategic review and robust due diligence process (which are still ongoing), Ramba has received proposals from interested bidders for the acquisition of the minority interest in the Lemang Block. Ramba will continue to evaluate the proposals with the view of selecting the best bid which

may eventually lead to the acquisition of the minority interest in Lemang Block. The Company will make such further announcements to inform shareholders of any updates or developments.

The Lemang block is located in the northern most part of the hydrocarbon-rich South Sumatra basin, a proven region for oil and gas production with transportation infrastructure already in proximity. Located approximately 300 kilometres from Singapore, the Lemang block is ideally situated for oil and gas distribution to regional markets.

Ramba’s stake in the block was recently valued at US$193.6 million by DeGoyler and MacNaughton, a US-based petroleum consultancy*. The Company plans to commence drilling of the block in 2012. Ramba's local subsidiary holds a 51% working interest in the Lemang PSC. In December 2012, Ramba announced a discovery at the Selong-1 well, the first exploration well to be drilled at the block. The company encountered 222 gross feet of pay, with results flowing up to 790 barrels of oil per day ("BOPD") and up to 16.8 million standard cubic feet per day ("MMSCFD").




Enterprise to build world largest ethane export terminal on US Gulf

The natural gas liquids (NGL) midstream US specialist Enterprise Products Partners LP (Enterprise or EPP) has decided to build a giant ethane export terminal in its hub of Mont Belvieu, on the Texas Gulf Coast in USA.

These last months, Enterprise multiplied the projects announcements of greenfield projects and expansion of existing facilities along the US Gulf Coast in Louisiana and Texas. The over production of the shale gas in the US had the consequence to affect the price of the natural gas on the domestic market.

The exportation of this gas through the twentieth liquefied natural gas (LNG) projects queuing for approvals is and will remain very limited causing this gas production to be flared or sold at low prices still while along.

Instead, the condensate associated to this natural gas have a solid market value on the domestic market and can be easily exported from the US from regulation perspective.

This historical opportunity, born from the global market conditions and the local regulation in USA about NGL, has been well identified by the midstream giant Enterprise with the consequence to invest in a cascade or projects for transportation, separation, storage and export of NGL.

This series started with a propane dehydrogenation (PDH) plant in construction at Enterprise existing Mont Belvieu facilities. For this PDH plant, Enterprise just signed an agreement with Air Products to build, own and operate an hydrogen plant adjacent to the PDH facility.

With the off-gas supplied from Enterprise, Air Products will produce 40 million cubic feet per day (cf/d) of hydrogen by 2015.




Enterprise continues with the Houston Ship Channel Expansion project and a new terminal for liquefied petroleum gas (LPG) to be built in Louisiana or Texas.

Enterprise Ethane Export Terminal ready by end 2016

With these projects Enterprise will double its production capacity of LPG to 15 million barrels per month (b/m) by 2015. In this logic, Enterprise is willing to build the world largest ethane export terminal to optimize the monetization of all the shale gas by-products.

Ethane is the primary source of olefins and polyolefins production in beginning with the ethylene. With the development of the petrochemical industry all over the world, the demand for ethylene is solid enough to sustain the ethane prices as the preferred feedstock.

To be integrated in the existing Mont Belvieu facility, this ethane export terminal should have an offloading capacity of 240,000 barrels per day (b/d). This capacity is to be compared with the ethane over production currently estimated in the USA to 300,000 b/d.

Despite the dozen of ethylene crackers projects in the pipeline, Enterprise estimates the ethane production surplus to bubble to 700,000 b/d by 2020. In this perspective Enterprise is boosting all export capacities for LPG and LNG including with this Mont Belvieu Ethane Export Terminal project expected to offload the first shipments by the end of 2016.




Asia Fuel Oil-Benchmark 380-cst at biggest discount in 16 months By: Reuters

The discount on benchmark 380-cst fuel oil widened for a fifth straight session to its biggest in more than 16 months on Monday, as demand for the heavy distillate continued to be in the doldrums despite a brief improvement in sales late last week, traders said.

The 380-cst fuel oil discount stood at $3.80 a tonne to Singapore spot quotes, 5 cents wider from Friday, Reuters data showed. "China, Korea, and Japan's demand this April have not been good," a Singapore-based trader said. The weaker market outlook was reflected in lower premium levels in recent tenders. South Korea's Western Power bought 45,000 tonnes of high sulphur fuel oil with a maximum sulphur content of 2.5 percent from Vitol at a premium of $19.80 a tonne to Singapore spot quotes, on a cost-and-freight basis to Pyongtaek. The cargo will arrive May 21-25. This was down more than 20 percent from the level in its previous purchase of a similar cargo for delivery over April 16-20 from Hyundai Corp at a premium of about $26 a tonne, CFR Pyongtaek. CASH DEALS - Two trades; One each for 180-cst and 380-cst. Gunvor sold to Mercuria 40,000 tonnes of 380-cst for May 22-26 at a discount of $1.50 a tonne to the average Singapore spot quotes over first-half May. Mercuria sold to Hin Leong 40,000 tonnes of 180-cst for May 22-26 at $600 a tonne. TENDER NEWS Indian Oil Corp is offering 30,000 tonnes of 180-cst for loading over May 16-18 from Kandla in a tender that will close April 29, valid till April 30. Fellow Indian refiner Mangalore Refinery and Petrochemicals Ltd is offering 80,000 tonnes of 380-cst fuel oil for June 7-9 loading from New Mangalore, West Coast India, in a tender that will close April 29, with validity until the next day.




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

Your partner in Energy Services

Brent holds above $108; Libya, U.S. inventories eyed Brent crude held steady above $108 a barrel on Tuesday after posting its biggest daily fall in nearly a month on an imminent rise in Libyan exports, while investors shrugged off more U.S. sanctions on Russia. June Brent crude gained 21 cents to $108.33 a barrel by 0436 GMT after a 1.4 percent drop on Monday.

U.S. crude for June delivery edged up 2 cents to $100.86 a barrel after settling up 24 cents in the previous session. In the United States, investors may be priming for a further drop in crude stocks at Cushing, Oklahoma, which have touched a five-year low. New pipelines have diverted oil from the delivery point for West Texas Intermediate contracts to the Gulf Coast, although the total U.S. stockpiles are set to post a fresh

high. U.S. commercial crude stockpiles were forecast to have risen 1.9 million barrels last week. Crude inventories hit 397.7 million barrels the previous week, the highest since records began over 30 years ago. Khaled Malallah Al Awadi, MSc. & BSc. Mechanical Engineering (HON), USA ASME member since 1995 Emarat member since 1990

Energy Services & Consultants Mobile : +97150-4822502

[email protected] [email protected]

Khaled Al Awadi is a UAE National with a total of 24 yearsKhaled Al Awadi is a UAE National with a total of 24 yearsKhaled Al Awadi is a UAE National with a total of 24 yearsKhaled Al Awadi is a UAE National with a total of 24 years of experience in theof experience in theof experience in theof experience in the Oil & Gas sector. Currently working as TechOil & Gas sector. Currently working as TechOil & Gas sector. Currently working as TechOil & Gas sector. Currently working as Technical Affairs nical Affairs nical Affairs nical Affairs

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Service as a UAE operations base , Most of the experience were spent as the Gas Operations Manager in Service as a UAE operations base , Most of the experience were spent as the Gas Operations Manager in Service as a UAE operations base , Most of the experience were spent as the Gas Operations Manager in Service as a UAE operations base , Most of the experience were spent as the Gas Operations Manager in Emarat , responsible for Emarat Gas Emarat , responsible for Emarat Gas Emarat , responsible for Emarat Gas Emarat , responsible for Emarat Gas

Pipeline Network Facility & gas compressor stations . Through the years , he has developed great experiences in the designinPipeline Network Facility & gas compressor stations . Through the years , he has developed great experiences in the designinPipeline Network Facility & gas compressor stations . Through the years , he has developed great experiences in the designinPipeline Network Facility & gas compressor stations . Through the years , he has developed great experiences in the designing & constructingg & constructingg & constructingg & constructing of gas pipelines, of gas pipelines, of gas pipelines, of gas pipelines,

gas metering & regulating stations and in the engineering gas metering & regulating stations and in the engineering gas metering & regulating stations and in the engineering gas metering & regulating stations and in the engineering of supply routes. Many years were spent drafting, & compiling gas transportation , operation & of supply routes. Many years were spent drafting, & compiling gas transportation , operation & of supply routes. Many years were spent drafting, & compiling gas transportation , operation & 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 Cmaintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Cmaintenance agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas Cmaintenance 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 onferences held in the UAE onferences held in the UAE onferences held in the UAE

andandandand EnerEnerEnerEnergy program broadcasted internationally , via GCC leading satellitegy program broadcasted internationally , via GCC leading satellitegy program broadcasted internationally , via GCC leading satellitegy program broadcasted internationally , via GCC leading satellite ChannelsChannelsChannelsChannels . . . .

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NewBase 29 April 2014 K. Al Awadi

new base special 29 april 2014

Economy & Finance

lng needs

al yasat company

al yasat oil company

khaled al awadi newbase

shipment of lng

qatargas reuters kuna

major oil producer kuwait

combined supply