New base special 12 october 2014

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NewBase 12 October 2014 Khaled Al Awadi

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

BP Oman Awards Two Major Drilling Contracts Release BP + NewBase

BP Oman today announced the award of two long term drilling contracts for the Khazzan project in Block 61.

KCA Deutag has been awarded more than $400 million contracts for the construction and operation of five new build land rigs for Khazzan. The rigs are being assembled in Nizwa to help maximise employment opportunities in Oman.

According to the second agreement, Oman’s Abraj Energy Service has been awarded more than $330 million contracts to supply three drilling rigs for the full field development of the Khazzan Project.

“We are pleased to announce these contracts which continue to progress our development of the gas resources at Block 61. Abraj Energy Service and KCA Deutag will play important roles in the massive drilling programme ahead. The selection of Abraj Energy Services demonstrates once again BP’s commitment to In Country Value,” said BP Oman General Manager Dave Campbell.

Khalid Al Kindi, Deputy General Manager for BP Oman, stated, “Building local content into our supply chain is a key focus area in BP’s procurement strategy. BP is committed to hiring and developing talented Omanis. We are also implementing a significant multi-million dollar long term social investment strategy to support education and enterprise development in Oman. All these are part of our commitment to deliver BP’s In-Country Value Plan (ICV)”

Since the approval of the Khazzan Project development, BP has been actively awarding contracts to ensure that the project meets its deadlines. In addition to the announced contracts awarding, several contracts with a value around $90 million have been awarded to local Omani companies for civil works, including well pads and in-field roads. More recently, BP awarded contracts with a value of around $16 million to several Omani companies to supply carbon steel pipes and to manufacture, supply and install a water pipeline. The water pipeline will be manufactured in Sohar.




Sanctioned in December 2013, the Khazzan Project represents the first phase in the development of one of the Middle East region’s largest unconventional tight gas plays. Khazzan has the potential to be a major new source of gas supply for Oman for many decades.

The full field development of the project will involve a drilling program of around 300 wells over 15 years to deliver plateau production of 1 Bcf/d of gas. Construction work for the project has commenced and first gas is expected in late 2017.

Ownership of Khazzan: BP (60%, operator) and Oman Oil Company for Exploration and Production (40%).

About BP in Oman

• BP is one of the largest oil and gas companies in the world and has had an upstream presence in Oman since 2007.

• In December 2013, the Government of the Sultanate of Oman and BP signed a gas sales agreement and an amended production sharing agreement for the development of the Khazzan Project in Block 61. The agreements were ratified in February 2014 in a Royal Decree issued by His Majesty Sultan Qaboos Bin Said.

• BP is the Operator of Block 61 and holds a 60% interest. The Oman Oil Company for Exploration and Production holds a 40% interest.

• The full field development of the Khazzan Project will involve a drilling programme of around 300 wells over 15 years to deliver plateau production of one billion cubic feet (28.3 million cubic metres) of gas per day. This volume is equivalent to an increase of around a third of Oman’s total daily domestic gas supply.

• Construction work for the Khazzan Project, located in the South of Block 61, has commenced and first gas is expected in late 2017.

•




Oman's First Tight Gas Project to Come Online Later This Month OOCEP + NewBase

Oman Oil Company Exploration and Production LLC (OOCEP), the upstream subsidiary of Oman Oil Company, is preparing to bring its Abu Butabul tight gas field in Block 60 into commercial production, reported Oman Daily Observer newspaper.

The project will be Oman’s first unconventional hydrocarbon project to become operational. Full commercial operations are slated around October-end, Oman Daily Observer reported. Gas output is expected to reach a plateau production of 70 million standard cubic feet per day (mmscfd) by the end of this year. Along with gas, the facility will also produce condensates averaging 6,000 barrels per day (bpd) around the same timeframe.

Block 60 is 100 percent owned and operated by OOCEP. The concession was acquired by OOCEP in December 2010 after the previous operator, relinquished the block.

“OOCEP’s success in Block 60 has whetted our appetites to accomplish more. We want to position ourselves as pioneers in the development of unconventional fields, such as tight gas, tight oil, shale gas and heavy oil," company’s Chief Corporate Officer Sulaiman al Zakwani said.

About Abu Tabul

Block 60 is a 1,500 square kilometer area that spreads across two Wilayat - Haima & lbri. The nearest organized settlement is Wadi AI Umayri, located 65 kilometers to the North. OOCEP owns and operates 100% of block 60. The Abu TabuI tight gas field in Block 60 (known as ABB) was first discovered by Petroleum Development Oman in 1998, and was appraised by BG International from April 2006 to June 2010. OOCEP recognizes the value of this tight gas reservoir and has adopted a field development plan with a target of first gas production by the second quarter of 2014. The development of the ABB tight gas field has a dedicated team focused on safely delivering gas at a competitive cost. The team is supported by reputable service providers such as Abraj, Schlumberger, Halliburton, Weatherford, and other fracturing specialist consultants. A gathering system will transport well fluids from ABB wells via multiple flow line/trunk line systems to a Gas Processing Plant (GPP). The gas will be exported from GPP via a dedicated 85 km pipeline.




GE to unveil new turbine technology at UAE show Source – GE + NewBase

General Electric (GE) is set to showcase one of the world’s largest and most efficient turbine technology and upgrade solutions at the upcoming Power-Gen Middle East show in Abu Dhabi, UAE. As the Middle East region focuses on accelerating infrastructure investment to boost its power sector, GE will be putting the spotlight on enhancing power sector efficiencies through its advanced portfolio of industry-leading technologies, said the company in a statement. A major regional event that showcases the latest technological developments in the energy industry, Power-Gen Middle East will run from October 12 to 14 at the Abu Dhabi National Exhibition Center. One of the highlights of GE’s participation at the event is the regional launch of the world’s largest and most efficient gas turbines – the 9HA and 7HA for 50 and 60 hertz applications, said the US technology giant in a statement. GE’s latest air-cooled H-class technology operates at more than 61 per cent combined cycle

efficiency and leads the industry with cleaner, reliable and cost-effective conversion of natural gas to electricity, it stated. The 9HA also leads the industry in output, exceeding 470 megawatts (MW) per unit while using less gas per MW than any other turbine on the market. The HA turbines will help power plants in the region meet the growing demand for electricity, estimated to be increasing at seven per cent per annum over the next decade, according to research by the

Economist Intelligence Unit. Also in the spotlight is GE’s new 9EMax solution, a game-changing leap forward in 9E gas turbine performance that redefines how customers in the Middle East can quickly deliver more power, at lower costs, said the company in its statement. This breakthrough technology can further elevate the output and efficiency of existing GE 9E gas turbines while empowering power providers to rapidly and cost-effectively deploy the solution. The technology harnesses advanced hardware, software and data analytics from GE’s Predictivity solutions platform, it added. Mohammed Mohaisen, the CEO of GE Power Generation Products & Services Sales, Middle East




and North Africa (Mena), said the Middle East’s power sector was witnessing a transformational shift towards cleaner resources in addition to a focus on increasing output by strengthening plant efficiency. "This two-pronged approach, which supports the regional governments’ goal for a sustainable energy future, is addressed by the advanced technologies that GE is showcasing at Power-Gen Middle East," he observed. The HA gas turbines, he stated, lead the industry in total life cycle value and underline GE’s commitment to research and development (R&D) and innovation to deliver cutting-edge solutions for its customers. "The 9EMax solution can upgrade installed 9E gas turbines to produce additional power far quicker and at significantly lower costs than building new plants. Through our participation, we are also underlining our strong presence in the region, supporting nearly two-thirds of the total power generated using our advanced gas turbines," he added




Petrofac secures $620m contract in Iraq & N. Sea Lucy Barnard – Press Release + NewBase

Petrofac has won orders worth as much US$620 million for work in Iraq and the North Sea. The London-listed oil services company that operates out of Abu Dhabi and Sharjah will provide staff to manage and coordinate construction projects to BP’s Iraqi arm at the Rumaila oilfield in southern Iraq, Petrofac said yesterday.

Petrofac said that it would provide the management and staff to coordinate a number of construction projects at what is estimated to be the world’s third-largest oilfield, which lies 32 kilometres north of the Kuwaiti border. Under the terms of the contract, which runs for three years with an option for further extension of two years, it will also supervise work undertaken by third-party contractors.

The move is part of attempts by the oil major BP and its partners in the Rumaila

Operations Organisation – China National Petroleum Company and South Oil Company – to quickly increase production at Rumaila, which is estimated to contain 17 billion barrels of oil.

“The award builds on an established track record for Petrofac in Iraq, in particular at Rumaila, dating back to 2011,” said Mani Rajapathy, Petrofac’s senior vice president for the Middle East. “We look forward to sharing in the continued success of the regeneration of Rumaila.”

At the same time, Petrofac reported that it had been selected to provide engineering and construction support worth up to $120 million for Chevron’s three platforms in the North Sea – the Captain, Alba, and Erskine.

The contract, awarded under a competitive tender, is for up to three years plus two one-year options and will create 70 new onshore and offshore jobs. Shares in Petrofac rose 2.3 per cent in early trading on the news, standing at 997.5 pence midafternoon UAE time.

The company’s shares have come under pressure in recent months as project delays, especially at its Laggan-Tormore




gas plant in Shetland, caused it to warn of lower profits. Petrofac in August reported a net profit slump of 44 per cent to $136m and an 11 per cent drop in first half revenues to $2.5bn.

“On its own this contract in Iraq is a fairly small deal for Petrofac and won’t have much of a significant effect on the company’s share price,” said Andrew Whittock, an analyst at Liberium Capital. “Petrofac is as well-placed as any other service provider to win work from the international oil companies. However, the problem is that service providers such as Petrofac aren’t getting the number of new contracts that they had originally anticipated.”

A dispute over the Rumaila oilfield was one of the key reasons behind Iraq’s decision to invade Kuwait in 1990. The Iraqi government launched its invasion of the neighbouring state after accusing Kuwait of side-drilling under Iraqi soil into the vast oilfield.




Norway: Lundin Petroleum spuds exploration well 33/2-1 in PL555

on the Storm Prospect in the Northern North Sea

Lundin Petroleum, through its wholly owned subsidiary Lundin Norway, has announced that drilling of

exploration well 33/2-1 in PL555 has commenced. The well will investigate the hydrocarbon potential of

the Storm Prospect in PL555, which is located 200 km west northwest of Florø on the Norwegian west

coast and approx. 65 km northwest of the Snorre Field.

The main objective of well 33/2-1 is to test the reservoir properties and hydrocarbon potential of the Upper

Jurassic Sandstones equivalent to the reservoir in the Magnus field on the UKCS approx. 35 km to the

south.

Lundin Petroleum estimates the Storm prospect to have the potential to contain unrisked, gross prospective

resources of 89 million barrels of oil equivalent (MMboe). The planned total depth is 4,500 metres below

mean sea level and the well will be drilled using the semi- submersible drilling unit Transocean Arctic.

Drilling is expected to take approx. 80 days. Lundin Norway is the operator and has a 60 percent working

interest in PL555. Bayerngas Norge is a partner with 40 percent working interest.




UK: Enegi Oil provides update on Phoenix oil discovery in UKCS Block 22/12b Source: Enegi Oil

Enegi Oil has provided the following update on Block 22/12b, containing the Phoenix discovery in the Central North

Sea.

In 2010 the previous operator, Apache, drilled the 22/12a-12 appraisal well. Under the well release

guidelines the results of the well remained confidential for four years. In August 2014 the details of this well

including the associated logs and reports were made available. The information contained in the well data

has confirmed that the oil bearing sands at Phoenix are contained within a simple and relatively low risk

four way dip closed structure and the advanced technical work carried out by license partner, Azinor

Petroleum, has successfully characterized and isolated these oil bearing sands from their surroundings.

Using the new information, the subsurface model has been updated, revealing that the base case STOIIP for

Phoenix is likely to be in excess of 16MMBO. This provides further confidence to the Company's view, as

previously announced on 3 July 2014, that Phoenix is a suitable candidate for development as part of the

Company's marginal field initiative.

The 22/12a-12y side-track penetrated the reservoir outside of the Phoenix structure and, although it did not

encounter hydrocarbons, the additional data obtained has added confidence and robustness to the depth

model and pre-existing knowledge of the reservoir. The Company considers that the Phoenix project is now

ready to move ahead to the next stage and that there is limited necessity for further appraisal activity.

This news encourages the Company as work continues in determining the most appropriate development

solution for Phoenix, subject to agreeing future plans with the regulator. This will include rigorous testing

and simulation work once a complete version of the static model is delivered. Initial solution screening and

economic studies suggest that Phoenix could be developed feasibly with a single horizontal producer.




Kenya: Tullow and Swala select drill target in Kenya Block 12B Source: Swala Energy

JV partner Swala Energy reports that the remaining parties on the Kenyan Block 12B licence, being Swala’s

wholly owned subsidiary Swala Energy (Kenya) Limited and Tullow Kenya (Operator), have identified a

prospect to be drilled in the second half of 2015.

Following the successful 2D seismic campaign in Block 12B during the second quarter (2Q) 2014, ten

structural leads have been identified by Swala and Tullow, also the joint venture Operator. Of these the

Ahero 'A' lead is considered as the first viable drilling candidate, as it has been covered by a number of

seismic lines. Tullow carry a mean recoverable gross oil volume of 44mmbbls for the Ahero 'A' prospect.

This is based on two Miocene reservoir targets with two to three reservoir layers. Most of the oil

discoveries that have been found in the East African Rift System basins contain more than one reservoir

layer in sediments ranging from Miocene to Pliocene age.

The Ahero 'A' prospect is clearly shown. The map also shows the interpreted basin morphology based on the

data obtained during the 2013 gravity survey with dark blue areas indicating basin lows (the possible

hydrocarbon source kitchen) and green areas as structural highs.

The locations of the 2014 seismic lines are shown in yellow. The Ahero 'A' prospect is located on the

northern margin of the Nyanza Graben and is transected by five seismic lines. It has an area of approx. 16

km² and is the first major structure that could potentially trap any migrating hydrocarbons from the basin.

Figure 2 shows the location of Ahero “A” on a Two Way Time (TWT) structure map of the upper mapped

light blue reservoir horizon where the low, basin areas are identified in dark blue and the structural highs identified in green and red.

Dr. David Mestres Ridge, Swala’s CEO said 'We are very excited at the decision by the remaining parties to

drill Ahero 'A', one of a number of prospects identified in Block 12B and which our technical teams are

continuing to investigate. With our recently announced successful 2D seismic survey over the Moshi basin

and the upcoming seismic survey in Kilombero, both in Tanzania, we are on track to develop a significant

portfolio of leads and prospects to be tested in the coming year.'




Xodus Subsea to challenge big guns by Chiyoda, Xodus Subsea

Chiyoda has, in partnership with Xodus Group and Saipem, announced the launch of a global

subsea engineering company to be named Xodus Subsea.

According to a statement by Chiyoda, Xodus Subsea plans to challenge the largest tier-one subsea engineering companies for a share of the global market. Xodus Subsea will be headquartered in London and have a presence in several cities across Europe, Africa, the Americas, Middle East and Asia Pacific including eight dedicated engineering centres in priority energy locations.

The statement further says that Xodus Subsea engineering services will take a unique approach to technical subsea challenges by bringing together Xodus Group’s front end engineering capability, Saipem’s turnkey engineering, procurement, construction and installation project experience and Chiyoda’s project management capability of large scale international projects.

Xodus Subsea engineering services will cover field development, FEED, detailed design, and lifecycle consultancy with a focus on working with partners to support the development of new technologies.

“The company provides extensive knowledge in deepwater engineering, pipeline, trunklines and export systems, riser systems, subsea processing and EOR.

Through the launch of Xodus Subsea in addition to the strategic capital alliance with Xodus Group (Holdings) Limited in July 2013, Chiyoda expects to expand its business fields and to provide integrated services covering concept study, pre-FEED, FEED, construction and installation of offshore upstream development projects to enhance the value for customers in the energy sector,” Chiyoda said in a press release.

Commenting on the establishment of the new company, Umberto Vergine, Saipem CEO, said: “We are very pleased to announce the founding of Xodus Subsea with Chiyoda, already a partner of Saipem in the LNG sector, and Xodus Group which has strong expertise in subsea engineering. We believe that the subsea sector is continuing to grow and through this partnership, Saipem will gain an early understanding on how future projects are being developed. We will then be able to anticipate market needs supporting our clients through new technology, improved operations and the whole subsea development chain of activity.”




Reliance Looking to Sell Stake in Eagle Ford Shale Asset Source Reliance Indus. ( RIL )

Reliance Industries (RIL) is scouting for buyers for its 45 percent stake in the Eagle Ford basin shale oil and gas venture in the US, according to Press Trust of India.

The Indian firm, which bought the stake in Pioneer Natural Resources's Eagle Ford asset for $1.3 billion, is looking to get about $4.5 billion from the sale. Pioneer holds 46 per cent in the Eagle Ford venture while the remaining 9 per cent is with Alpha SAB's Newpeck LLC.

Reliance Industries is also selling its investment in EFS Midstream LLC, an oil and gas gathering treatment and transportation network, sources told Press Trust. Since inception, Reliance has invested around $3.91 billion in Pioneer joint venture.

Besides Eagle Ford, RIL has two more shale ventures in US - 40 per cent stake in Chevron's Marcellus shale acreage and a 60 per cent interest in Carrizo Oil and Gas' Marcellus shale acreage.




Oil and gas industry M&A deals reach $141bn in H1 Zawya + NewBase

A total of 299 merger and acquisition (M&A) transactions were completed in the first six months of 2014 in the oil and gas industry globally, one less than in the same period a year earlier. The total value of deals in the first half of 2014 rose by nearly $40 billion globally, to $141 billion from $102 billion in the first half of 2013. This is according to Deloitte's latest report entitled "Mergers and Acquisitions Report -- Midyear 2014: The deal market may be poised for a

rebound," which delivers the insights of Deloitte mergers and acquisitions specialists on what is driving activity in the oil and gas industry.

The first half of 2014 saw a continuation of many of the oil and gas industry trends present in 2013. Companies continue to be focused on cost containment and organic growth, particularly in the upstream sector, where producers are looking to ensure they have the right mix of properties in their portfolio.

"Largely because of geopolitical unrest that has curtailed production from Libya, Iraq, and Iran, commodity prices have remained relatively high for the first half of the year, and expectations for continued upward pressure on prices for the remainder of the year may make producers less likely to part with assets," explains Kenneth McKellar, partner in charge of the energy and resources industry at Deloitte Middle East.

"Meanwhile, natural gas prices have remained stable, and the potential for increased demand from US exports of liquefied natural gas (LNG) may draw some new buyers to the market as they look to increase their exposure to gas." The United States and Canada accounted for 61 percent of all deal activity, though this percentage slipped slightly from the first half of 2013. In the first half of the year, both Asia and South America saw increases in their share of the deal count rising nearly 20 percent and 50 percent, respectively.

The uptick in deal activity in June of this year could signify a stronger deal market in the second half of the year. Upward pressure on commodity prices is likely to drive more transactions, and private equity investors, in particular, are likely to continue to show interest and be a source of capital," said Humphry Hatton, CEO of Deloitte Corporate Finance Ltd., regulated by the Dubai International Financial Center.

Deloitte's new report covers deals from the past six months by industry sector. Highlights include: North American shale plays continue to dominate the deal market in the exploration and production (E&P) sector.

The oilfield services sector saw an increase in deal value, thanks in part to three large deals, and margin pressure from the E&P sector may drive additional consolidation among middle market players. There has been a dramatic slowdown in deal activity in the midstream sector during 2014 after a flurry of transactions in 2012 and 2013.




Oil rebounds off 4-year low on short covering New York: Global oil prices rebounded on Friday, after sinking to the lowest levels in nearly four years earlier in the day, as end-of-week short-covering stalled a near four-month price rout.

Pressured by ample supply and weak economic data, Brent crude oil has dropped $25 since June and on Friday fell below $90 a barrel to its lowest level since December 2010. US prices have also fallen sharply.

But position squaring by traders late on Friday, ahead of the weekend, provided some support after sharp losses earlier this week. “It looks like we oversold the downside. A lot of people are covering shorts before the weekend,” said Carl Larry, chief executive of consultancy Oil Outlooks.

Brent crude for November delivery settled up 16 cents at $90.21 a barrel after earlier falling to $88.11, the slowest since December 2010. U.S. November crude finished up just 5 cents at $85.82 a barrel. The contract earlier hit a session low of $83.59, its lowest since July 2012.

Many remain bearish about oil prices, in part because there has been little sign that the Organisation of the Petroleum Exporting Countries (Opec) plans to cut production in the face of falling prices.

On Friday, Saudi Arabia said it had boosted its oil production by 100,000 barrels per day (bpd) in September, raising doubts the world’s top exporter would be prepared to take unilateral action to cut in the near future.

Oil output has also risen in Opec members Iraq and Libya, the group said in its monthly oil market report, despite violence and instability in both countries. Total Opec output rose by 400,000 bpd to 30.47 million bpd in September.

Venezuelan Foreign Minister Rafael Ramirez said on Friday his country wants a special Opec meeting to discuss the recent fall in crude oil prices. “ But cuts to Iran’s official selling prices for its crude have raised more doubts about OPEC’s willingness to curtail supply to try to stabilise prices, and analysts said other producers could follow suit.

Disappointing economic data from Europe and Asia, has also helped push Brent off its year high of $115.71 in June. Brent was on track to record a third straight week of losses.




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

Your partner in Energy Services

Khaled Malallah Al Awadi, Energy Consultant

MSc. & BSc. Mechanical Engineering (HON), USA ASME member since 1995 Emarat member since 1990

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

Khaled Al Awadi is a UAE National with a total Khaled Al Awadi is a UAE National with a total Khaled Al Awadi is a UAE National with a total Khaled Al Awadi is a UAE National with a total

of 24 yearsof 24 yearsof 24 yearsof 24 years of experience in theof experience in theof experience in theof experience in the Oil & Gas Oil & Gas Oil & Gas Oil & Gas

sector. Currently working as Technical Affairs Specialist for sector. Currently working as Technical Affairs Specialist for sector. Currently working as Technical Affairs Specialist for sector. Currently working as Technical Affairs Specialist for

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& gas compressor stations . Through the years , he has & gas compressor stations . Through the years , he has & gas compressor stations . Through the years , he has & gas compressor stations . Through the years , he has

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engineering of supply routes. Many years were spent drafting, & compilinengineering of supply routes. Many years were spent drafting, & compilinengineering of supply routes. Many years were spent drafting, & compilinengineering of supply routes. Many years were spent drafting, & compiling gas transportation , operation & maintenance g gas transportation , operation & maintenance g gas transportation , operation & maintenance g gas transportation , operation & maintenance

agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas agreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas 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 andConferences held in the UAE andConferences held in the UAE andConferences held in the UAE and Energy program broadcasted internationally , via GCC leading sEnergy program broadcasted internationally , via GCC leading sEnergy program broadcasted internationally , via GCC leading sEnergy program broadcasted internationally , via GCC leading satellite Channels . atellite Channels . atellite Channels . atellite Channels .

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

NewBase 12 October 2014 K. Al Awadi

Economy & Finance

New base special 12 october 2014