New base 813 special 22 march 2016

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NewBase 22 March 2016 - Issue No. 813 Edited & Produced by: Khaled Al Awadi

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

GCC integration to fuel economy by $36 billion Saudi Gazette

If the GCC were to become one single market instead of six separate ones today, it would be the ninth largest economy in the world today – similar in size to Canada and Russia and not far from India, EY’s latest Growth Drivers report “Strength in unity” said. If it is able to keep growing at an annual average of 3.2% for the next 15 years, it could become the sixth largest economy in the world by 2030, hovering just below Japan.

Gerard Gallagher, MENA Advisory Leader, EY, said:

“GCC governments are facing a decisive moment. With oil price falling, they have to accelerate the creation of growth drivers that do not rely on oil revenues. They are now exploring options and taking decisions such as opening up to foreign investors, ending subsidies, introducing taxation, optimizing costs and cutting jobs in the public sector. There are signs that serious change has begun. However, these reforms could be less disruptive and more effective as part of a wider push towards rekindling and modernizing the drive towards a




single GCC market. That would bring the benefits of scale and efficiency to the diversification drive, and strengthen the most productive parts of the private sector by introducing more competition and more jobs.” EY developed an integration model to measure the economic impact of removing the remaining non-tariff barriers that hold back trade, investment and productivity. The analysis illustrated that removing obstacles to trade and investment would boost the GCC GDP by 3.4% or $36 billion, with 96% of the gain coming from the removal of bureaucratic barriers to efficiency.

The benefits would be spread across all six economies, with the strongest gains in the UAE, Saudi Arabia, Bahrain and Oman, with increases in GDP between 3.5 % and 4.1% in the four countries.

The report highlighted that the next phase of GCC integration needs to address and facilitate change in three key areas:

• Trade: transform the customs union into a modern, technology-enabled single market that addresses the bottlenecks to cross-border business and optimize costs in the long run

• Foreign investment: Streamline and align approaches to foreign investment and company ownership regulations to increase the size and competitiveness of the entire private sector

• Institutions: Build GCC institutions that have the capacity to sustain momentum and push against vested interests.

A fully functioning single market would reduce overall trade costs in the GCC, boost productivity and encourage higher levels of intra-regional trade. The far greater effect, however, would be to boost long-term productivity levels by increasing competition in the private sector, attracting significantly higher levels of foreign investment and creating more streamlined and effective institutions to enable world-class business.

Phil Gandier, MENA Transactions Leader, EY, said:

“There are immediate steps that the GCC could take that would optimize the existing levels of cooperation, bringing significant economic gains to each of the member countries, while allowing them to focus separately on creating the incentives that will make them most attractive as investment locations.

Pinpointing and resolving these barriers might not sound like integration – but it would be a major step forward to leveraging the GCC’s common strengths to the benefits of each country. A first step would be to work with the private sector to identify the top ten barriers to doing business across the GCC.

These would include specific obstacles at borders that slow the free movement of goods, outdated laws that don’t reflect the realities of the digital world and the multiplicity of regulations relating to business in each country that make compliance so hard for cross-border investors.”

The most significant impact of GCC integration comes not from boosting intra-GCC trade, but from making the region’s trade and investment relations with the rest of the world easier. Creating a single market with foreign investment regulations that are both streamlined and aligned would make it more attractive for global companies to invest heavily in the GCC market as a whole, the report noted.




Oman: CC Energy Development to invest $340 m in Blocks 3 & 4 Oman Observer - Conrad Prabhu

Independent oil and gas exploration and production company CC Energy Development (CCED) plans to invest around $340 million in augmenting exploration and production facilities in its Block 3 and 4 acreage in central Oman.

This is in addition to an estimated $1.3 billion already invested in the two adjoining concessions since CCED acquired operatorship of the blocks in 2009, David Wohlschlegel (pictured), Deputy Managing Director, said.

Addressing the media at the annual briefing hosted by the Ministry of Oil & Gas on Sunday, Wohlschlegel said the latest investment has been earmarked towards the drilling of up to 75 wells, as well as the installation of additional production facilities.

Production from the two blocks has ramped to over 40,000 barrels per day (bpd) in 2015 from zero in 2009, underscoring CCED’s success in turning around acreage that previous operators had turned their backs on as having limited commercial potential.

“Over the last 40 years, several major oil companies had drilled numerous wells on our blocks without success,” said Wohlschlegel. “There were others that did not pursue the opportunities there because they believed these blocks were limited potential, consisting of semi




unconventional heavy oil prospects which would require the use of expensive advanced technology to develop. CCED took a different view and our success in exploration, appraisal and development has been the result of challenging the convention wisdom of other operators.”

As a result of these efforts, CCED has since unearthed in excess of 150 million barrels of reserves and continues to explore the two blocks, the Deputy MD said. “Since we became operators of Blocks 3 and 4, CCED has acquired more than 45 sq km of 3D and 850 km of 2D seismic,” he stated.

Through the implementation of fast track developments of near discoveries, CCED managed to achieve a current output of 40,000 bpd over a short period of time. Gross production from the blocks has aggregated over 35 million barrels since 2009, he said. “This success has been achieved on the back of investment and technology, infrastructure and people,” the Deputy Managing Director said.

“We have drilled more than 179 wells of which 167 have been successful. Due to our fast internal processes, we have been able to modify well plans to take advantage of lessons learned and prioritise our development programme.

As a result we now using horizontal wells with the latest stimulation technology to improve production from these complex reservoirs.” Investments in Block 3 and 4 include two permanent facilities, as well as 120 kilometres of pipeline network that carries oil to PDO Qarn Alam facilities.




Gas begins flowing from Oxy Oman’s Block 62 Oman Observer - Conrad Prabhu

Occidental of Oman Inc, the largest independent producer in the Sultanate, has announced the successful start-up of gas production from its Block 62 in north Oman. Robert Swain (pictured), Senior Vice President & General Manager, Occidental Petroleum Corporation (Oxy) Oman, described the production start-up as a “significant mile stone” in the company’s 30-year operational history in the Sultanate.

“This is a culmination of a collaborative effort to accelerate additional gas production to meet the near-term needs of Oman,” said Swain. “The Fushaigah field is the first to start production, where we interacted closely with Petroleum Development Oman (PDO) to deliver wet gas to the Kauther gas plant.

In the next phase we will soon be commissioning a gas plant to process gas and condensate from the Maradi Hurayma field,” the official stated in an overview of the company’s 2015 at the Annual Media Briefing hosted by the Ministry of Oil & Gas on Sunday.

Block 62 — also known as Habiba Block — was acquired by Occidental of Oman (Oxy) as part of an Exploration and Production Sharing Agreement signed jointly with Mubadala Development Company of Abu Dhabi in 2008. Oxy is the operator under the EPSA holding a 48-per-cent interest, with Mubadala holding a 32-per-cent interest and the Oman Oil Company holding the remaining 20 per cent.




China’s Saudi crude imports near record high in February Reuters

China’s monthly oil imports from Saudi Arabia hit their second highest level on record in February, while arrivals from Russia also surged, as weak crude prices prompted the world’s top energy consumer to bring in record high volumes last month.

China’s total oil imports rose about 20% on year to the highest ever on a daily basis in February, when near 10-year low global oil prices drove buying from a group of new importers and for state and commercial stockpiling.

Saudi Arabia was China’s top supplier in February with shipments of 1.38mn barrels per day (bpd), customs data showed yesterday, slightly below a record 1.39mn bpd in February 2012. Russia came in third, behind Angola, with shipments of 1.03mn bpd, up almost 48% on a daily basis from a year ago.

While historically Saudi Arabia has been China’s top supplier, its position has increasingly been challenged by Russia. Monthly Russian imports have surpassed those from Saudi Arabia six times since November 2014, most recently in December.

Russia could further narrow the gap with the Saudis in 2016 if it is able to tap into a growing demand from teapot refineries in China, which have together applied for crude import quotas of 1.8mn bpd, equivalent to roughly 20% of the country’s total imports.

Meanwhile, shipments from Iran, which has emerged from years of economic isolation over its nuclear programme, were up about 1% on a daily basis from the same month last year, reaching 538,000 bpd in February.

Iran’s total crude oil and gas condensate sales will reach 2mn bpd “in the coming days”, Iranian President Hassan Rouhani said last week, according to Iranian media. One regular Chinese buyer of Iranian condensate, Dragon Aromatics, was forced to shut its plant after a fire last April, contributing to a small decline in imports from Iran last year.

China’s Sinopec, Asia’s top refiner, and Chinese state trader Zhuhai Zhenrong are together contracted to lift around 505,000 bpd of Iranian crude in 2016. Meanwhile, China’s liquefied natural gas (LNG) imports were 1.85mn tonnes in February, up 12.1% compared to the same month last year, data from the General Administration of Customs showed yesterday.

China exported 790,000 tonnes of diesel fuel in February, the country’s General Administration of Customs said yesterday, up 587% compared to the same month last year. Exports grew substantially in the second half of 2015, peaking at 1.11mn tonnes in September.




Turkey:Valeura Energy Achieves First Gas Sales from Bati Gurgen-1 OilVoince + NewBase

Valeura Energy has achieved first gas sales from its maiden exploration well Bati Gurgen-1 on the 100 percent owned and operated Banarli licences in the Thrace Basin of Turkey. The well has been on on-stream for nine days and over this period has produced conventional natural gas from the Osmancik formation at an average restricted rate of approximately 3 million cubic feet per day, the company said.

"We are delighted to reach the important milestone of first gas from Banarli, which has boosted our current sales in Turkey by more than 60%," said Jim McFarland, President and Chief Executive Officer. "We plan to produce the well at restricted rates in the near term and perforate additional pay as pressure and deliverability decline naturally."

"Natural gas prices continue to be strong in Turkey and we expect Banarli to attract sales price realizations of approximately $8.85 per Mcf and an operating netback of more than $40 per boe at current reference prices and exchange rates."

Gas sales commenced from the Bati Gurgen-1 well on March 12, 2016. The gas is being sold to the TBNG-PTI JV, net of a transportation and marketing fee, and is being distributed to existing TBNG-PTI JV customers located north of Banarli.




Rissia: PetroNeft Agrees 2016/2017 Work Program with Oil India by Rigzone Staff

Russia-focused oil and gas exploration and production company PetroNeft Resources plc announced Friday that it has reached an agreement with Oil India for a budget and work program in 2016 and 2017 within license 61. The work program, which is expected to require gross funding of at least $35 million, will be financed by Oil India through a shareholder loan. Under the agreement, up to five wells will be drilled within the South Arbuzovskoye and Sibkrayevskoye regions in 2016 and up to 13 wells will be drilled in Sibkrayevskoye in 2017.

PetroNeft Chief Executive Officer Dennis Francis commented in a company statement: “The agreement of a work program and budget is a major step forward for the development of license 61. Given the challenges currently being experienced in the market, the ability to secure this funding is a major positive for the company. We are delighted to be continuing our partnership with Oil India. “Our most recent drilling campaign has laid the groundwork for this, potentially transformative 2016/2017 drilling schedule. At Sibkrayevskoye, the S-373 well and extensive new seismic data acquired at Sibkrayevskoye in 2015 indicate that the field could ultimately be in the 100 million barrel range which would be one of the largest oil fields discovered in the Tomsk Region in the last 25 years.” PetroNeft is a 50 percent owner and operator of Licences 61 and 67. Licence 61 is currently producing around 2,400 barrels of oil per day.




UK: Statoil launches Batwind: Battery storage for offshore wind Statoil

A new battery storage solution for offshore wind energy will be piloted in the world’s first floating wind farm, the Hywind pilot park off the coast of Peterhead in Aberdeenshire, Scotland. Batwind will be developed in co-operation with Scottish universities and suppliers, under a new Memorandum of Understanding (MoU) signed in Edinburgh on 18 March between Statoil, the Scottish Government, the Offshore Renewable Energy (ORE) Catapult and Scottish Enterprise.

Battery storage has the potential to mitigate intermittency and optimise output. This can improve efficiency and lower costs for offshore wind. The pilot in Scotland will provide a technological and commercial foundation for the implementation of Batwind in full-scale offshore wind farms, opening new commercial opportunities in a growing market.

Stephen Bull, Statoil’s senior vice president for offshore wind, said:

'Statoil has a strong position in offshore wind. By developing innovative battery storage solutions, we can improve the value of wind energy for both Statoil and customers. With Batwind, we can optimise the energy system from wind park to grid. Battery storage represents a new application in our offshore wind portfolio, contributing to realising our ambition of profitable growth in this area.'

Statoil will install a 1MWh Lithium battery based storage pilot system in late 2018. This equals the battery capacity of more than 2 million iPhones. The pilot will be part of Hywind Scotland, an innovative offshore wind park with five floating wind turbines located 25 km offshore Peterhead. The wind park is currently under construction and start of electricity production is expected in late 2017.

A structured programme is now being established under the MoU to support and fund innovation in the battery storage area between Statoil and Scottish industry and academia. This programme will be managed by ORE Catapult and Scottish Enterprise.

Bull said: 'We are very pleased to develop and demonstrate this concept in Scotland, which has a huge wind resource, strong academic institutions and an experienced supply chain. The agreement between Statoil, the Scottish Government, ORE Catapult and Scottish Enterprise represents a unique opportunity for government, researchers and industry to work together to develop new energy solutions for the global market.'




US: Dreaded 'stealth' supply becomes reality as drillers turn on 'ducks' Reuters + NewBase

A dreaded scenario for U.S. oil bulls might just be becoming a reality.

Some U.S. shale oil producers, including Oasis Petroleum and Pioneer Natural Resources Co, are activating drilled but uncompleted wells (DUCs) in a reversal in strategy that threatens to bring more crude to a saturated market and dampen any sustained rebound in prices.

When oil prices started their long slide in mid-2014, many producers kept drilling wells, but halted expensive fracking work that brings them online, waiting for prices to bounce back.

But now, with crude futures hovering near multi-year lows and many doubting recent modest gains that brought oil prices near $40 a barrel can hold, the backlog of DUCs is already shrinking in some areas. In key shale areas such as Eagle Ford or Wolfcamp and Bone Spring in Texas such backlog has fallen by as much as a third over the past six months, according to data compiled by Alex Beeker, a researcher at Wood Mackenzie.

"If the number of DUCs brought online is surprising to the upside, that means U.S. production won't decline as quickly as people expect," said Michael Wittner, global head of oil research at Societe Generale. "More output is bearish.”

In the Wolfcamp, Bone Spring and Eagle Ford, the combined backlog of excessive wells remains around 600, Beeker estimates.

About 660 wells could be the equivalent of between 100,000 and 300,000 barrels per day of potential new supply, according to Ed Longanecker, president of Texas Independent Producers

and Royalty Owners Association (TIPRO). For now, most of the wells are activated in Texas, where proximity to refiners allows producers to sell their crude closer to benchmark prices, and by well-hedged companies that have locked in higher prices.

Still, the pace of fracking of the uncompleted wells may quicken if cash-strapped producers facing debt repayments can no longer afford to store their oil in the ground.

While the potential additional supply is a fraction of total U.S. production of around 9 million bpd, the fresh flow would reinforce concerns about a growing global glut just as Iran ramps up output




and inventories in domestic storage tanks from the Gulf to Cushing, Oklahoma, test new highs on a weekly basis.

DISAPPEARING BACKLOG

Wood Mackenzie reckons that the backlog of excess DUCs will decline over the next two years, and return to normal levels by the end of 2017. It is expected to fall 35 percent from current levels in the Bakken and 85 percent in the Eagle Ford by the end of 2016.

With service costs down, now is a good time to bring a well online if a company has hedged its production and covered its costs, said Jonathan Garrett, an analyst with Wood Mackenzie. The U.S. crude breakeven for such wells is one-third lower than for new ones, according to Wood Mackenzie.

Typically, average DUC inventory is around 550 in the Wolfcamp/Bone Spring formations and around 300 in the Eagle Ford, Beeker estimates.

In each of those formations, the excess has fallen by about 150-175 over the past six months, bringing the surplus to around 300 wells in each. "We're just going to be continuously completing the wells there (in the Permian) with our fleets and so you will not see any DUCs in Midland

basin," Pioneer Chief Operating Officer, Tim Dove, told a recent earnings conference.

Rival Oasis is also focusing on drawing down its backlog this year, executives said during the company's last earnings call. Both companies have locked in future sales at prices well above current levels. Oasis has 70 percent of its oil production for 2016 hedged above $50 a barrel and roughly 20 percent of its 2017 production hedged at about $47 a barrel. Similarly, Pioneer has locked in a minimum price for 85 percent of this year's production.

Not everyone can do it.

In North Dakota, the second-largest oil-producing state where producers like Whiting Petroleum Corp sell their oil at steep discounts, it might not be economic. There, the number of DUCs climbed above 1,000 in September before falling to 945 in December, according to the latest data from the state's energy regulator.

Bakken producer Continental Resources Inc, which made waves when it unwound its hedges in late 2014, has said it would continue to defer completions until prices rise. Bakken discounts were just too steep, said Garrison Allen, a research associate at Raymond James. "It doesn't make sense to do anything up there."




NewBase 22 March 2016 Khaled Al Awadi

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

Oil futures prices slightly dip as commodity rally gathers breath Reuters + NewBase

Oil prices dipped in Asian trade on Tuesday, giving up gains from the previous session after data showed U.S. crude inventories fell for the first time since January and as commodity prices paused from their recent rally.

U.S. crude futures for May LCOK6, the front month from Tuesday, were down 6 cents at $41.46 a barrel at 0245 GMT, after settling up 0.8 percent at $41.52 on Monday. The previous front month settled at $39.91 before expiring on Monday.

Brent crude futures for May delivery LCOc1 were 12 cents lower at $41.42 a barrel after rising 0.8 percent on Monday. Brent has risen more than 50 percent from 12-year lows in January. "The current risk-on environment remains conducive for commodity prices to consolidate after a strong rebound in the last six weeks," ANZ said in a morning note. Stockpiles at the Cushing, Oklahoma delivery hub for U.S. crude fell 570,574 barrels to 69.05 million in the week to March 18, traders said on Monday, citing data from market intelligence firm Genscape. Cushing inventories had previously risen toward 70 million barrels, causing market participants to fear they could hit capacity.

Oil price special

coverage




Iran may join other oil producers planning to freeze production to support prices at a later date, OPEC's secretary general said on Monday, as the country is seeking to raise its exports after Western sanctions were lifted on Tehran in January.

Producers from the Organization of the Petroleum Exporting Countries and non-members are due to meet on April 17 in Qatar discuss the output freeze.

Iran is keen to increase its oil exports, which fell by more than half during the sanctions over Tehran's disputed nuclear program, and has said it should not be bound by a production freeze until it can recover its market share.




NewBase Special Coverage

News Agencies News Release 22 March 2016

North Sea operators come together to drive costs down

Five oil and gas companies operating on the UK Continental Shelf have joined Oil & Gas UK’s Efficiency Task Force (ETF) in a new online trading platform that should help drive the costs down.

The trial, launched on Monday, March 21, will see five operators share 200,000 inventory items online. Oil & Gas UK explained that with the access to a greater ‘virtual’ pool of resources, companies can reduce individual stock holdings and cut lead times for access to vital equipment.

Operator companies Apache North Sea, Centrica, EnQuest, Shell Upstream International and Talisman Sinopec Energy UK Limited have come together to trade their inventories in the hope of reducing the cost associated with the storage and maintenance of materials, the announcement said.

Following a tender process, the task force began work with Ampelius Trading on an online trading platform. Companies have been preparing details of their inventories since autumn 2015 to launch some 200,000 items of varying value on

the trading platform.

Stephen Marcos Jones, Oil & Gas UK’s business development director, commented: “Improving efficiency through inventory management is potentially a real source of cost saving on the UKCS, as well as providing an opportunity to reduce the loss of offshore production that comes from required equipment not being immediately available when it’s needed.”

“In practice, if an operator doesn’t have a specific valve in stock, they’ll be able to access exactly what they need from a company down the road with surplus – rather than ordering a new part to be manufactured. That seems like a more efficient way to operate.”

Andy Taylor, Managing Director, Ampelius Trading commented on the project: “It has been estimated that power companies could save 15–20 per cent of their annual non-fuel procurement costs by adopting innovative procurement and inventory trading initiatives, we are confident that Ampelius is well placed to deliver similar efficiencies and cost savings for the offshore oil and gas industry.”

“The initiative is initially being run on a trial basis with five operators but further industry participation is encouraged”, Oil & Gas UK said.




Like the Oil Markets, Drillers Are Playing a Game of Wait and See Rigzone - Delia Morris

The oil market and energy investors alike show signs of optimism that the industry is emerging from the downturn. The oil market and energy investors alike have been showing signs of optimism that the industry is potentially emerging from a downturn that commenced in July 2014, when crude prices started to fall from highs of $112/bbl to eventual lows of $26/bbl (seen in January 2016).

Since the last week of February, however, oil prices have traded up at the end of each successive week, approaching or exceeding $40/bbl, which has led many to believe we are finally turning the corner.

Talk of a possible oil output freeze among major OPEC and non-OPEC producers, plus data points that U.S. onshore production growth is slowing down, and signals that Iranian crude volumes will be lower than anticipated since sanctions were lifted, have helped propel some relatively bullish market sentiment.

Given this apparent change in the macro environment for the oil industry, what are the prospects for drilling and oilfield service companies over the next 12 to 18 months? The short answer is that it is still not clear whether or not more positive sentiment in the market will usher in a new phase of the cycle, wherein operators are willing to start dipping their toes back in the water and sanction new projects or begin to curtail the pattern of deferring major capital investments.

Too much uncertainty still lingers, though. Despite market anticipation that a freeze is a step in the right direction to possibly coordinate a future output cut, which would be a surefire way to stabilize global oil prices, there are too many downside risks to a deal coming to fruition in the short-term.

Also, the fact remains that there are approximately 1 billion barrels of crude oil in storage globally. With the current supply/demand imbalance estimated by some to be between 1-2 billion barrels, and demand growth forecast by the International Energy Agency (IEA) predicted at around 1.2 million b/d, consensus is that the glut might only start clearing in mid-to late 2017.

It appears that the market will have to wait until the next meeting of OPEC - currently set for June 2, 2016 - to receive the most concrete evidence of the willingness of its members to participate in a coordinated output cut, which would also include a major non-OPEC producer, Russia.

Until that point, oil and gas companies will continue to focus on cost-cutting and reaping further operational efficiencies. Companies now, across the board, are rewarded by investors for squeezing supply chains and embracing cost deflation, which has had a disproportionate effect on drillers and oilfield service companies.

Energy investors are paying for the adherence to these measures and are deviating from the traditional E&P investment model that sought value from reserves and production growth.

Although in 2015, it should be noted, that despite this shifting paradigm, the increase in U.S. onshore production (over 2014 levels) was partially driven by the way company executives had been incentivized – to increase production and reserves growth.

In 2016, management targets look more clearly defined by cost reduction - judging from company guidance provided during recent earnings calls.




As we have seen since the oil price slide began in July 2014, the offshore drilling sector has seen dramatic drops in day rates and utilization rates for all rig types (drillships, semisubmersibles, and jackups).

Apart from a few bright spots around the globe, namely the Middle East, the global drilling market is oversupplied. As a result, day rates and utilization will continue to suffer until there is a clear and decisive signal from the oil markets that prices are on the upswing.

Data taken from RigLogix shows the drop in average day rates and utilization for the global rig fleet (all types) for the period of July 2014 to the present.




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

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

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

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

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

NewBase 22 March 2016 K. Al Awadi




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New base 813 special 22 march 2016