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NewBase Energy News 08 December 2022 No. 1572 Senior Editor Eng. Khaed Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
U.A.E: ADNOC grants 'unconventional' block concession to Petronas
Petronas + NewBase
Abu Dhabi National Oil Company (Adnoc) and Petronas of Malaysia have signed an historic
concession agreement for Abu Dhabi’s Unconventional Onshore Block 1. The pioneering award to
Malaysia’s national oil and gas company launches the Middle East’s first unconventional oil
concession, said a Wam news agency report.
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the King of Malaysia His
Majesty Seri Paduka Baginda the Yang di-Pertuan Agong Al-Sultan Abdullah witnessed the signing
of the agreement.
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The award builds on the strong bilateral ties between the UAE and Malaysia and marks the first
time a Malaysian company will invest in and explore for hydrocarbons in Abu Dhabi. The award
also highlights the confidence in the potential of Abu Dhabi’s substantial unconventional recoverable
oil resources.
Under the six-year concession agreement, Petronas will hold a 100% stake and operatorship to
explore for and appraise unconventional oil in Unconventional Onshore Block 1. The block covers
an area of more than 2,000 sq km in Al Dhafra region in the Emirate of Abu Dhabi.
The concession agreement was signed by Dr Sultan bin Ahmed Al Jaber, Minister of Industry and
Advanced Technology and Managing Director and Group CEO of Adnoc, and Datuk Tengku
Muhammad Taufik, President and Group CEO of Petronas, during the Malaysian King’s visit to the
UAE.
Dr Al Jaber said: “We are delighted to partner with Petronas on this historic unconventional oil
concession. This award ushers a new chapter of strategic energy cooperation in the long-standing
relationship between the UAE and Malaysia, and it reinforces the UAE’s position as a trusted
investment destination.
“As one of the least carbon intensive oil and gas producers, Adnoc will continue to responsibly
unlock value from Abu Dhabi’s vast hydrocarbon resources in a reliable and sustainable manner, to
drive local economic growth and support global energy security, in line with the wise directives of
the UAE’s leadership. As such, we have driven the de-risking of Abu Dhabi’s unconventional oil
resources and look forward to building on this with Petronas to realise the full potential of
Unconventional Onshore Block 1.”
The concession award enables Petronas to capitalise on Adnoc’s prior exploration and de-risking
activities. Petronas brings its global experience in unconventional operations and both companies
have a strong track record and commitment to responsible operations with a focus on lower-carbon
oil and gas production.
Taufik said this development is a red-letter day for Petronas. “I am very pleased to note that the
United Arab Emirates and Malaysia’s long and fruitful bilateral ties have progressed to a partnership
between Petronas and Adnoc. Petronas is honoured to have this opportunity to explore and
appraise unconventional energy with a progressive and forward-looking partner such as Adnoc.
“This partnership bears strong testament to deep unconventional expertise in Canada and
Argentina, which we developed over the last decade, and we look forward to bringing this
experience to the world-class resources in Abu Dhabi. It will also see Petronas widen its global
unconventional energy footprint to include the United Arab Emirates in its existing portfolio.”
Following a successful appraisal phase, the parties can enter a production concession with a term
of 30 years from the first award of the concession to Petronas, with Adnoc having the option to hold
a 50% stake in the production concession. The block offers the potential to create significant in-
country value for the UAE over the lifetime of the concession.
Abu Dhabi’s unconventional recoverable oil resources are estimated at 22 billion barrels of very
light and sweet crude, comparable to Adnoc’s flagship lower-carbon Murban grade. These
independently verified resources have production potential comparable to the most prolific North
American unconventional plays, the report said.
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UAE: ADNOC accelerates delivery of low carbon growth strategy
ADNOC
Abu Dhabi National Oil Company (ADNOC) is accelerating operationalization of its board mandated
low carbon growth strategy, by establishing a new Low Carbon Solutions and International Growth
vertical that will focus on renewable energy, clean hydrogen and carbon capture and storage, as
well as international expansion in gas, liquefied natural gas (LNG) and chemicals. Musabbeh Al
Kaabi has been appointed Executive Director of the new vertical.
ADNOC accelerates delivery of low carbon growth strategy
The creation of the Low Carbon Solutions & International Growth vertical builds on the company’s
successful track record in responsibly and sustainably supplying energy to the world. It will play an
important role in advancing the company’s ongoing transformation, which has included a steadfast
• ADNOC moves rapidly to operationalize board approved expansion in new energies
and low carbon solutions
•
• ADNOC committed to Net Zero by 2050 target as it accelerates transformation and
leverages technology to continue delivering low carbon growth across its energy
value chain
•
• Strategy reinforces UAE’s focus on the energy transition and being a responsible
and reliable provider of low carbon energy ahead of COP28
•
• Musabbeh Al Kaabi appointed Executive Director of ADNOC’s new Low Carbon
Solutions and International Growth vertical
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focus on the decarbonization of its operations, energy efficiency and operational excellence,
reductions in methane emissions, advancing CCUS to cut CO2 emissions, and the use of renewable
and other zero-carbon energy sources.
His Excellency Dr. Sultan
Ahmed Al Jaber, UAE Minister
of Industry and Advanced
Technology and ADNOC
Managing Director and Group
CEO, said: 'The Low Carbon
Solutions & International Growth
vertical will accelerate delivery
of our decarbonization roadmap
and advance our Net Zero by
2050 ambition. As the UAE
prepares to host COP28 next
year, we will continue to focus
on practical and positive
solutions that drive progress for
the climate and the economy.
“With the direction and support
of our nation’s wise leadership
and the ADNOC Board, ADNOC
is embarking on a new and
exciting period of accelerated
growth, with a determined focus
on sustainability that will help
future-proof our business for
decades to come. To lead and drive the delivery of our new mandate, I am pleased to announce
the appointment of Musabbeh Al Kaabi to the role of Executive Director, Low Carbon Solutions &
International Growth, with effect from 16 January 2023.'
Since its inception ADNOC has been focused on sustainability, including eliminating routine flaring
of natural gas across its operations. Its investments in the early 1980s to gather and process flared
gas have been instrumental in mitigating the negative environmental impacts associated with flaring.
The company recently set a new upstream methane intensity target of 0.15% by 2025, which is the
lowest in the Middle East, and plans to continue to reduce methane emissions through the use of
flare gas recovery systems and regular leak detection and repair programs.
As part of its commitment to cutting emissions, ADNOC is building on the success of the region’s
first commercial-scale carbon capture, utilization and storage (CCUS) facility, to increase its CO2
capture capacity by over 500%, to approximately 5 million tons per year by 2030. This will be
achieved by capturing additional CO2 from its gas processing plants and other sources of CO2
emissions. Meanwhile, in collaboration with industry partners, academia, and research institutes,
ADNOC is exploring opportunities to advance CCUS technology development and deployment,
while driving down its costs.
As part of its decarbonization roadmap, beginning in January 2022, ADNOC was the first
hydrocarbon company to source 100% of its grid energy from clean nuclear and solar power. And,
it is expanding its use of clean grid power offshore, by building a $3.6 billion, first-of-its-kind, sub-
sea transmission network in the Middle East and North Africa (MENA) region. Once completed, it
will connect ADNOC’s offshore operations to the UAE’s electricity grid, supplying power from
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nuclear and solar energy to replace existing gas turbine generators and significantly reduce
ADNOC’s offshore greenhouse gas emissions by more than 30%.
Leveraging advanced technology, ADNOC has taken tangible steps to implement a variety of
energy efficiency projects to target both energy supply and demand. These include the introduction
of waste heat recovery, installation of more energy efficient equipment, electrification, optimized
operational solutions, and improved combustion efficiencies. In step with its broader digital
transformation, it has also established an integrated energy monitoring system in its Panorama
Digital Command Center. Through an interactive platform and dashboard, it can analyze its energy
performance, to identify optimization across the value chain and drive further reduction in its energy
footprint.
Protection of the UAE’s natural heritage for future generations, through sustainable biodiversity,
water, and waste management, continues to be a priority for ADNOC. It is committed to keeping
freshwater consumption below 0.5% of total water use and increasing the mangrove population by
planting 10 million mangroves seedlings, by 2030, to capture carbon dioxide (CO2) and greenhouse
gases (GHG), protect Abu Dhabi’s shorelines from coastal erosion, and provide a safe habitat for
marine life.
And, with an eye on the future, ADNOC is accelerating its investments in renewable energy
solutions. Together with the Abu Dhabi National Energy Company PJSC (TAQA) and Mubadala
Investment Company, it has formed a partnership, under the Abu Dhabi Future Energy Company
(Masdar) brand, which targets well over 100GW of renewable energy by 2030. The expanded
Masdar entity will become one of the largest clean energy companies of its kind in the world, as it
grows its world-class portfolio of renewable energy and green hydrogen projects.
Al Kaabi is currently Chief Executive Officer of the UAE Investments platform at Mubadala
Investment Company PJSC (Mubadala), the Abu Dhabi sovereign investor. Prior to that, he was the
CEO of the Petroleum & Petrochemicals platform from 2017 to 2020, and the CEO of Mubadala
Petroleum between 2014 and 2017. He began his career at ADNOC, where he spent 16 years in a
series of senior roles across the core of ADNOC’s business.
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Chinese Firms Ink Saudi Green Energy Pacts As Xi Visits
Bloomberg News
Chinese and Saudi companies signed investment pacts for green hydrogen and solar energy during
a a visit of Chinese President Xi Jinping to the kingdom.ill switching to an EV really save you m
Xi’s in Saudi Arabia to meet Crown Prince Mohammed bin Salman and other Arab leaders for a trip
which marks the region’s deep and growing ties with Beijing, as US ties come under pressure.
There were no further details on the energy pacts announced on Saudi state news agency SPA. It
said 34 investment agreements in total had been signed, including in other sectors such as
information technology, cloud services, transportation, logistics, medical industries, housing and
construction.
Saudi Arabia is the world’s largest oil exporter, and China its top customer, making their relationship
key to the crude market. But both are looking to gradually diversify their energy mix.
Saudi Arabia has started work on a large facility for green hydrogen in Neom, a Red Sea city under
construction. The green hydrogen, a fuel seen as crucial to the global transition to cleaner energy,
will be generated using solar and wind power.
“The Kingdom enjoys a strategic geographical location linking three continents” and overlooks some
of the most important water crossings and energy resources, Saudi Investment Minister Khalid Al-
Falih said, according to SPA.
Xi’s trip comes two months after Saudi Arabia angered the US by orchestrating a big oil-production
cut by the OPEC+ cartel and cast itself as an emerging power capable of standing up to pressure
from Washington. China praised this stance.
The two countries will strengthen collaboration at the UN, the G20 and the Shanghai Cooperation
Organization, Xi wrote in an editorial in Saudi newspaper Al Riyadh.
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U.S: Coal is the largest source of electricity generation for 15 states
source: U.S. Energy Information Administration, Electricity Data Browser
In 15 U.S. states last year, coal was used to generate electricity more than any other energy source.
Twenty years earlier, in 2001, coal was the largest source of electricity generation in 32 states. The
United States has shifted away from coal-fired generation since it peaked in 2007 and toward
natural gas and renewables.
In 2001, natural gas was the largest source of in-state electricity generation in seven states. By
2021, that number had grown to 23 states, driven by widespread retirement of coal-fired power
plants and new construction of natural gas-fired power plants. Wind and solar capacity were also
growing during that time.
Coal-fired plants have not been competitive economically with relatively lower-cost natural gas and
renewables.
Many of the country’s coal plants were built in the 1970s and 1980s. As coal plants aged and faced
price pressure from natural gas and renewables and from emissions regulations, many have been
closed.
Ohio and Pennsylvania had the largest declines in coal-fired capacity over the past 20 years; the
largest source of electricity in both states shifted from coal to natural gas over that period.
As coal plants retired, significant natural gas-fired and renewable capacity, including wind and solar,
was added. Technological advancements—namely horizontal drilling and hydraulic fracking—led to
a rise in U.S. natural gas production.
Low natural gas prices helped make natural gas-fired power plants an attractive alternative to coal.
Texas, Florida, California, Pennsylvania, and Ohio added the most natural gas-fired capacity
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between 2001 and 2021. In 2021, natural gas accounted for the largest share of in-state generation
in all five states.
In three states—Iowa, Kansas, and South Dakota—where coal-fired plants generated the most
electricity in 2001, the largest shares of electricity generation shifted to wind turbines by 2021. All
three states are located in the blustery Great Plains, where the country’s most abundant onshore
wind resources are located.
Although many states have shifted away from coal as the largest source of electricity over the past
20 years, in 2021, coal still accounted for more than 70% of in-state generation in four states: West
Virginia (91%), Missouri (75%), Wyoming (74%), and Kentucky (71%). Three of these states (West
Virginia, Wyoming, and Kentucky) are among the nation’s largest coal producers.
A state’s total electricity supply is made up of both electricity generated in the state as well
as electricity imported from other states as well as Canada and Mexico.
For example, in 2021, California imported about 30% of its total electricity supply, according to
the California Energy Commission. The fuel shares discussed in this article are only for in-state
electricity generation.
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NewBase December 08 -2022 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil Rises After 4-Day Retreat as China Edges Toward Reopening
Bloomberg + NewBase
Oil rose after a four-day drop as investors weighed the impact of China’s moves to ease virus curbs
against the risk of a slowdown in the US.
West Texas Intermediate climbed toward $73 a barrel after plunging more than 11% over the
previous four sessions as a raft of US banks sounded the alarm on a possible recession. Among
the latest, Citigroup Inc. Chief Executive Officer Jane Fraser flagged countries including the US
rolling into recessionary environments. Those concerns have been tempered by positive signals
from China, which is rolling back Covid curbs in a boost for energy consumption.
Oil has weakened this month, shedding all of the year’s once-substantial gains, as central banks
tighten monetary policy and the macroeconomic outlook sours. Fresh curbs on crude from Russia
meant to punish Moscow for the war in Ukraine have so far not disrupted trade substantially,
although there is a growing blockage of oil tankers in waters off Turkey. In addition, market liquidity
has been thinning out as the year-end approaches.
Oil price special
coverage
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“Crude has been struggling amid demand worries,” said Ravindra Rao, head of commodity research
at Kotak Securities Ltd. “But easing of curbs in China is creating hopes of demand revival.”
Until about a week ago, Chinese officials were still pledging to quash and eliminate Covid-19 from
the world’s largest crude importer. But protests against the stringent rules seem to have hastened
China’s pivot away from a policy that has been closely tied to President Xi Jinping.
Key time spreads are indicating ample near-term supply. WTI’s prompt spread — the difference
between the two nearest contracts — is slipping further into a bearish contango structure. The gap
was 25 cents a barrel in contango compared with 91 cents in the opposite backwardated structure
a month ago.
Adding to the downbeat mood, the US Energy Information Administration reported on Wednesday
that distillate and gasoline inventories expanded last week, indicating weaker demand in the world’s
largest economy. Still, the snapshot also showed another draw in nationwide crude inventories.
“Risks on the demand outlook remain a key overhang for oil prices, and the uncertainty on how far
economic conditions may moderate could keep some investors shunning” the market, said Yeap
Jun Rong, market strategist for IG Asia Pte. There’s been “some unwinding of previous bullish bets.”
The Biden Administration, meanwhile, is still weighing the impact of China’s reopening and the price
cap on Russian supplies before moving to start replenishing depleted strategic petroleum reserves,
according to Amos Hochstein, the State Department’s senior energy security adviser.
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Putin's War Budget Won't Take a Hit From Oil Price Cap
Bloomberg News
The Group of Seven’s price ceiling on Russian oil exports isn’t low enough to take a big bite out of
the Kremlin’s revenues next year and economists say even if it does lead to a drop in crude
production, Vladimir Putin still has plenty of cash for his war effort, at least for now.
At $60 per barrel, “the price cap looks very generous,” said Renaissance Capital economist Sofya
Donets. “It is close to what was priced in by the market for 2023 and to the level suggested in
Russia’s budget.”
European officials touted the cap — negotiated last week after months of haggling among the US
and its allies — as a way to starve Russia’s war machine. In fact, planners took pains to make sure
the level wasn’t so low that it led the Kremlin to significantly cut production, which would risk pushing
up global prices. Russia so far hasn’t announced its response, but officials say they plan to continue
to divert flows to countries like China and India that aren’t formally signing up to the price limit.
Even without the price cap — along with the shipping and insurance restrictions aimed at hindering
Russia’s trade — the Kremlin was expecting a nearly 25% drop in tax revenues from oil and gas as
production and some prices fall. But even with spending rising on the war, Russia has been able to
cover its budget deficit easily by tapping into its wealth fund and borrowing on the local bond market,
where sanctions leave investors few alternatives.
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A $10 dollar drop in the price of oil from the $70 a barrel in the budget to the ceiling may cut another
1 trillion rubles ($16 billion) in revenues, according to Olga Belenkaya, economist at Finam. In
reality, the difference is smaller, since the price in the budget includes costs like freight and
insurance, which aren’t counted in the price cap.
What We’ve Learned Three Days Into the Russian Oil Price Cap
“The wider deficit will be financed either through higher borrowing or increased spending from the
wealth fund,” Belenkaya said.
In fact, if the price cap reduces export earnings next year, that could weaken the ruble next year,
providing an extra boost to the budget, she said. Because the energy taxes come mainly in dollars
and euros, their ruble value — which is what matters to the Kremlin — grows when the Russian
currency weakens.
Natalia Lavrova of BCS Financial Group said the effect may be enough to allow the government to
meet its reduced energy-revenue targets for next year even if the cap keep prices below the $70 in
the budget.
To be sure, the full-court press on its fuel exports to what had been its biggest markets may be more
painful for the Kremlin.
The government’s current forecast of a nearly 9% drop in oil production next year will cost about 1
trillion rubles to 1.4 trillion rubles in lost revenue, according to Bloomberg Economics. Lower prices
dictated by the sanctions and other restrictions on exports may shave another 500 billion rubles off
Kremlin income.
What Bloomberg Economics Says....
“Overall the budget will experience a shortfall of around 1% GDP of revenue. We believe that the
revenue shortfall will press the government into fiscal austerity, if it is to keep inflation and debt
service costs stable. This would drive a deeper decline of -3% in GDP.” -Alexander Isakov, Russia
economist
Russia went into the war with strong finances after years of preparing for the sanctions the invasion
would bring. But the deficit this year is expected to reach 3.7% of gross domestic product, the widest
since the peak of the Covid pandemic in 2020, as revenues fall and spending rises for the war effort.
The Kremlin hit Gazprom with a one-time tax increase to help offset the drop in income this year as
the gas giant has benefited from surging prices even as export volumes plunged amid the war. But
the oil sector remains the biggest source of revenue.
So far, the Kremlin has been able to cover the wider deficit without much trouble, tapping its wealth
fund and boosting borrowing on the domestic market, where local investors have seen their
alternatives narrow amid sanctions.
But Oleg Vyugin, a former top official at the Finance Ministry, warns that the fiscal pressure will only
grow.
“The main problem of the Russia budget is that they want to spend far more than they can really
afford,” he said. “The fact they have to tap the wealth fund to cover the deficit is a clear sign that
problems are beginning.”
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Oil tankers queue up off Turkey as price cap on Russian crude kicks in
Oil tankers formed a traffic jam off the coast of Turkey on day one of the West's price
cap on Russian crude, with Ankara insisting on new proof of insurance for all vessels,
the Financial Times reported on Monday.
Around 19 crude oil tankers were waiting to cross Turkish waters on Monday, the
report said, citing ship brokers, oil traders and satellite tracking services.
A $60 per barrel price cap imposed by the Group of Seven nations, Australia and the
27 European Union states on Russian seaborne crude oil took effect this week, the
latest Western measure to punish Moscow over its invasion of Ukraine.
The agreement allows Russian oil to be shipped to third-party countries using tankers
from G7 and European Union member states, insurance companies and credit
institutions only if the cargo is bought at or below the cap.
Russia said on Monday that a Western price cap on its oil would destabilise global
energy markets but would not affect its ability to sustain what it calls its "special
military operation" in Ukraine.
According to the Financial Times' report, four oil industry executives said Turkey had
demanded new proof of full insurance coverage for any vessels navigating its straits
in light of the measures.
Turkey’s ministry of transport and infrastructure did not immediately respond to a
Reuters request for comment.
The vessels had dropped anchor near the Bosphorus and Dardanelles, the two straits
linking Russia’s Black Sea ports to international markets.
The first tanker arrived on Nov. 29 and has been ever waiting since, the report quoted
a ship broker who asked not to be named as saying.
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NewBase Specual Coverage
The Energy world –December -01 -2022
CLEAN ENERGY
GCC ready to take the lead in energy transition, say experts
The GCC is well positioned to lead the energy transition, said industry leaders at the16th Gulf
Petrochemicals and Chemicals Association (GPCA) Forum, which got underway today (December
6) in Saudi capital Riyadh.
The two-day forum, being held at the Hilton Riyadh Hotel & Residences, was inaugurated by Saudi
Minister of Energy Prince Abdulaziz bin Salman Al Saudi.
Hosted by global petrochemical giant Sabic, this year’s forum is being held under the theme
‘Chemistry in Action: Shaping a Sustainable Future.’
“The GCC is the land of opportunity, the land of the ambitious and the home of the determined,” he
told delegates in his inaugural address today, emphasizing the role of local talent in shaping a
sustainable future.
The forum was also attended by Saad Sherida Al-Kaabi, Minister of Energy, Qatar, and Bader Al
Mulla, Oil Minister, Kuwait.
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Speaking at the forum, industry leaders said the Arabian Gulf region was well positioned to take the
lead in the energy transition through clean hydrogen development and strong policy support.
The region is well placed to capitalize on the opportunities afforded by its vast material resources,
its modern infrastructure and technological know-how in order to lead the way on our path to a more
sustainable future, they stated.
Gulf Cooperation Council, or GCC, energy players are expected to contribute marginally to the
energy transition over the next five years, despite growing spending on sustainability, and a focus
on environmental targets, according to S&P Global.
This comes as oil, gas, and chemical firms are more shielded from energy transition risks when
compared to global peers, which results in a slower spending pace.
In addition, green and renewable projects are associated with low returns and overall profitability,
which is also affecting the pace of spending.
While some GCC countries, such as the UAE, Saudi Arabia, and Bahrain, have announced
commitments to net-zero carbon emissions, energy firms’ paths to meet those targets are less
detailed and perspective, when compared to global peers.
Larger GCC players are expected to face the business and financial impact of the energy transition
at a later stage, when compared to oil leaders in the market. This is attributed to those players’
abundant reserves, cashflow visibility, and cost-competitive profiles.
Moreover, these firms are partly owned by governments, and accordingly, are not urged to
accelerate energy transition investments by active shareholders. That said, even though green
capital expenditure is rising, asset profiles are unlikely to shift soon, according to S&P Global.
As a key enabler of this transition, the chemical industry must embrace opportunities for integration
with the upstream oil and gas industry and collaborate across the value chain to drive a new type
of economy – the Circular Economy.
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This will require new solutions and concerted action to “circularize” value chains and develop
regulations and standards that support recycling, they added.
Engineer Abdulrahman Al Fageeh, the Chairman of GPCA, and Sabic CEO, delivered the welcome
remarks.
“The chemical industry has always managed to overcome the challenges it faced. The key to our
success is by seizing every opportunity that challenges bring. Through such action, the GCC can
shape a sustainable future,” stated Al Fageeh.
In his keynote address, Saudi Aramco President & CEO Amin Nasser said “The chemical industry
needs to strengthen and accelerate its innovation efforts to develop more durable and more
sustainable materials, at scale, while reducing their cost."
"Establishing an advanced materials center, here in the Kingdom, could strengthen and complement
existing programs and push the boundaries of innovation through global collaboration," he added.
In the second keynote, Dr Martin Brudermuller, Chairman of the Board of Executive Directors, BASF
and President, CEFIC, addressed BASF’s transformation journey to a carbon neutral and circular
future.
GPCA Secretary General Dr Abdulwahab Al Sadoun said the chemical industry had set itself an
ambitious target to achieve net zero by 2050, while still delivering everything the modern world
needs.
"This will not be an easy task, but the GCC chemical industry is well placed to capitalise on the
clean energy transition and grow its investment in the circular economy and hydrogen development.
Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 17
To get on track with the Net Zero Scenario, both the private and public sectors will need to achieve
technological innovation, efficiency gains and higher recycling rates," stated Al Sadoun.
The opening day provided an excellent opportunity for senior industry leaders and government
officials to come together and
share insight into the
challenges and solutions they
both face in their common goal
to drive regional growth, while
protecting the environment.
"We look forward to the next
two days at the forum when we
will hear from leading speakers
on some of the most vital issues
impacting the industry today,"
he stated.
As part of the forum’s programme, the industry captains recognized Yousef Al Benyan, Minister of
Education, Saudi Arabia for his service as Chairman of GPCA (2016 – 2022) and for his
contributions to the association.
Another key highlight was the inaugural GPCA Youth Forum held under the theme ‘For The Youth.
By The Youth."
The two-day event will see GPCA host its inaugural symposium under the slogan “Delivering our
Plastics Circularity Ambitions” to showcase the efforts of the plastic industry in enabling a more
sustainable and circular future.’
Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 18
NewBase Energy News 08 December 2022 - Issue No. 15712 call on +971504822502, UAE
The Editor:” Khaled Al Awadi” Your partner in Energy Services
NewBase energy news is produced Twice a week and sponsored by Hawk Energy Service – Dubai, UAE.
For additional free subscriptions, please email us.
About: Khaled Malallah Al Awadi,
Energy Consultant
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
www.linkedin.com/in/khaled-al-awadi-38b995b
Mobile: +971504822502
khdmohd@hawkenergy.net or khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas
sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S.
Universities. Currently working as self leading external Energy consultant for the
GCC area via many leading Energy Services companies. Khaled is the Founder of
the NewBase Energy news articles issues, Khaled is an international consultant,
advisor, ecopreneur and journalist with expertise in Gas & Oil pipeline Networks,
waste management, waste-to-energy, renewable energy, environment protection
and sustainable development. His geographical areas of focus include Middle East,
Africa and Asia. Khaled has successfully accomplished a wide range of projects in
the areas of Gas & Oil with extensive works on Gas Pipeline Network Facilities & gas
compressor stations. Executed projects in the designing & constructing of gas pipelines, gas metering &
regulating stations and in the engineering of gas/oil supply routes.
Has drafted & finalized many contracts/agreements in products sale, transportation, operation &
maintenance agreements. Along with many MOUs & JVs for organizations & governments authorities.
Currently dealing for biomass energy, biogas, waste-to-energy, recycling and waste management. He has
participated in numerous conferences and workshops as chairman, session chair, keynote speaker and
panelist.
Khaled is the Editor-in-Chief of NewBase Energy News and is a professional environmental writer with over
1400 popular articles to his credit. He is proactively engaged in creating mass awareness on renewable
energy, waste management, plant Automation IA and environmental sustainability in different parts of the
world. Khaled has become a reference for many of the Oil & Gas Conferences and for many Energy program
broadcasted internationally, via GCC leading satellite Channels. Khaled can be reached at any time, see
contact details above.
Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 19
Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 20
Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed,
or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this
publication. However, no warranty is given to the accuracy of its content. Page 21

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NewBase 08-December-2022 Energy News issue - 1572 by Khaled Al Awadi_compressed (1).pdf

  • 1. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 1 NewBase Energy News 08 December 2022 No. 1572 Senior Editor Eng. Khaed Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE U.A.E: ADNOC grants 'unconventional' block concession to Petronas Petronas + NewBase Abu Dhabi National Oil Company (Adnoc) and Petronas of Malaysia have signed an historic concession agreement for Abu Dhabi’s Unconventional Onshore Block 1. The pioneering award to Malaysia’s national oil and gas company launches the Middle East’s first unconventional oil concession, said a Wam news agency report. UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the King of Malaysia His Majesty Seri Paduka Baginda the Yang di-Pertuan Agong Al-Sultan Abdullah witnessed the signing of the agreement.
  • 2. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 2 The award builds on the strong bilateral ties between the UAE and Malaysia and marks the first time a Malaysian company will invest in and explore for hydrocarbons in Abu Dhabi. The award also highlights the confidence in the potential of Abu Dhabi’s substantial unconventional recoverable oil resources. Under the six-year concession agreement, Petronas will hold a 100% stake and operatorship to explore for and appraise unconventional oil in Unconventional Onshore Block 1. The block covers an area of more than 2,000 sq km in Al Dhafra region in the Emirate of Abu Dhabi. The concession agreement was signed by Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of Adnoc, and Datuk Tengku Muhammad Taufik, President and Group CEO of Petronas, during the Malaysian King’s visit to the UAE. Dr Al Jaber said: “We are delighted to partner with Petronas on this historic unconventional oil concession. This award ushers a new chapter of strategic energy cooperation in the long-standing relationship between the UAE and Malaysia, and it reinforces the UAE’s position as a trusted investment destination. “As one of the least carbon intensive oil and gas producers, Adnoc will continue to responsibly unlock value from Abu Dhabi’s vast hydrocarbon resources in a reliable and sustainable manner, to drive local economic growth and support global energy security, in line with the wise directives of the UAE’s leadership. As such, we have driven the de-risking of Abu Dhabi’s unconventional oil resources and look forward to building on this with Petronas to realise the full potential of Unconventional Onshore Block 1.” The concession award enables Petronas to capitalise on Adnoc’s prior exploration and de-risking activities. Petronas brings its global experience in unconventional operations and both companies have a strong track record and commitment to responsible operations with a focus on lower-carbon oil and gas production. Taufik said this development is a red-letter day for Petronas. “I am very pleased to note that the United Arab Emirates and Malaysia’s long and fruitful bilateral ties have progressed to a partnership between Petronas and Adnoc. Petronas is honoured to have this opportunity to explore and appraise unconventional energy with a progressive and forward-looking partner such as Adnoc. “This partnership bears strong testament to deep unconventional expertise in Canada and Argentina, which we developed over the last decade, and we look forward to bringing this experience to the world-class resources in Abu Dhabi. It will also see Petronas widen its global unconventional energy footprint to include the United Arab Emirates in its existing portfolio.” Following a successful appraisal phase, the parties can enter a production concession with a term of 30 years from the first award of the concession to Petronas, with Adnoc having the option to hold a 50% stake in the production concession. The block offers the potential to create significant in- country value for the UAE over the lifetime of the concession. Abu Dhabi’s unconventional recoverable oil resources are estimated at 22 billion barrels of very light and sweet crude, comparable to Adnoc’s flagship lower-carbon Murban grade. These independently verified resources have production potential comparable to the most prolific North American unconventional plays, the report said.
  • 3. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 3 UAE: ADNOC accelerates delivery of low carbon growth strategy ADNOC Abu Dhabi National Oil Company (ADNOC) is accelerating operationalization of its board mandated low carbon growth strategy, by establishing a new Low Carbon Solutions and International Growth vertical that will focus on renewable energy, clean hydrogen and carbon capture and storage, as well as international expansion in gas, liquefied natural gas (LNG) and chemicals. Musabbeh Al Kaabi has been appointed Executive Director of the new vertical. ADNOC accelerates delivery of low carbon growth strategy The creation of the Low Carbon Solutions & International Growth vertical builds on the company’s successful track record in responsibly and sustainably supplying energy to the world. It will play an important role in advancing the company’s ongoing transformation, which has included a steadfast • ADNOC moves rapidly to operationalize board approved expansion in new energies and low carbon solutions • • ADNOC committed to Net Zero by 2050 target as it accelerates transformation and leverages technology to continue delivering low carbon growth across its energy value chain • • Strategy reinforces UAE’s focus on the energy transition and being a responsible and reliable provider of low carbon energy ahead of COP28 • • Musabbeh Al Kaabi appointed Executive Director of ADNOC’s new Low Carbon Solutions and International Growth vertical
  • 4. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 4 focus on the decarbonization of its operations, energy efficiency and operational excellence, reductions in methane emissions, advancing CCUS to cut CO2 emissions, and the use of renewable and other zero-carbon energy sources. His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said: 'The Low Carbon Solutions & International Growth vertical will accelerate delivery of our decarbonization roadmap and advance our Net Zero by 2050 ambition. As the UAE prepares to host COP28 next year, we will continue to focus on practical and positive solutions that drive progress for the climate and the economy. “With the direction and support of our nation’s wise leadership and the ADNOC Board, ADNOC is embarking on a new and exciting period of accelerated growth, with a determined focus on sustainability that will help future-proof our business for decades to come. To lead and drive the delivery of our new mandate, I am pleased to announce the appointment of Musabbeh Al Kaabi to the role of Executive Director, Low Carbon Solutions & International Growth, with effect from 16 January 2023.' Since its inception ADNOC has been focused on sustainability, including eliminating routine flaring of natural gas across its operations. Its investments in the early 1980s to gather and process flared gas have been instrumental in mitigating the negative environmental impacts associated with flaring. The company recently set a new upstream methane intensity target of 0.15% by 2025, which is the lowest in the Middle East, and plans to continue to reduce methane emissions through the use of flare gas recovery systems and regular leak detection and repair programs. As part of its commitment to cutting emissions, ADNOC is building on the success of the region’s first commercial-scale carbon capture, utilization and storage (CCUS) facility, to increase its CO2 capture capacity by over 500%, to approximately 5 million tons per year by 2030. This will be achieved by capturing additional CO2 from its gas processing plants and other sources of CO2 emissions. Meanwhile, in collaboration with industry partners, academia, and research institutes, ADNOC is exploring opportunities to advance CCUS technology development and deployment, while driving down its costs. As part of its decarbonization roadmap, beginning in January 2022, ADNOC was the first hydrocarbon company to source 100% of its grid energy from clean nuclear and solar power. And, it is expanding its use of clean grid power offshore, by building a $3.6 billion, first-of-its-kind, sub- sea transmission network in the Middle East and North Africa (MENA) region. Once completed, it will connect ADNOC’s offshore operations to the UAE’s electricity grid, supplying power from
  • 5. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 5 nuclear and solar energy to replace existing gas turbine generators and significantly reduce ADNOC’s offshore greenhouse gas emissions by more than 30%. Leveraging advanced technology, ADNOC has taken tangible steps to implement a variety of energy efficiency projects to target both energy supply and demand. These include the introduction of waste heat recovery, installation of more energy efficient equipment, electrification, optimized operational solutions, and improved combustion efficiencies. In step with its broader digital transformation, it has also established an integrated energy monitoring system in its Panorama Digital Command Center. Through an interactive platform and dashboard, it can analyze its energy performance, to identify optimization across the value chain and drive further reduction in its energy footprint. Protection of the UAE’s natural heritage for future generations, through sustainable biodiversity, water, and waste management, continues to be a priority for ADNOC. It is committed to keeping freshwater consumption below 0.5% of total water use and increasing the mangrove population by planting 10 million mangroves seedlings, by 2030, to capture carbon dioxide (CO2) and greenhouse gases (GHG), protect Abu Dhabi’s shorelines from coastal erosion, and provide a safe habitat for marine life. And, with an eye on the future, ADNOC is accelerating its investments in renewable energy solutions. Together with the Abu Dhabi National Energy Company PJSC (TAQA) and Mubadala Investment Company, it has formed a partnership, under the Abu Dhabi Future Energy Company (Masdar) brand, which targets well over 100GW of renewable energy by 2030. The expanded Masdar entity will become one of the largest clean energy companies of its kind in the world, as it grows its world-class portfolio of renewable energy and green hydrogen projects. Al Kaabi is currently Chief Executive Officer of the UAE Investments platform at Mubadala Investment Company PJSC (Mubadala), the Abu Dhabi sovereign investor. Prior to that, he was the CEO of the Petroleum & Petrochemicals platform from 2017 to 2020, and the CEO of Mubadala Petroleum between 2014 and 2017. He began his career at ADNOC, where he spent 16 years in a series of senior roles across the core of ADNOC’s business.
  • 6. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 6 Chinese Firms Ink Saudi Green Energy Pacts As Xi Visits Bloomberg News Chinese and Saudi companies signed investment pacts for green hydrogen and solar energy during a a visit of Chinese President Xi Jinping to the kingdom.ill switching to an EV really save you m Xi’s in Saudi Arabia to meet Crown Prince Mohammed bin Salman and other Arab leaders for a trip which marks the region’s deep and growing ties with Beijing, as US ties come under pressure. There were no further details on the energy pacts announced on Saudi state news agency SPA. It said 34 investment agreements in total had been signed, including in other sectors such as information technology, cloud services, transportation, logistics, medical industries, housing and construction. Saudi Arabia is the world’s largest oil exporter, and China its top customer, making their relationship key to the crude market. But both are looking to gradually diversify their energy mix. Saudi Arabia has started work on a large facility for green hydrogen in Neom, a Red Sea city under construction. The green hydrogen, a fuel seen as crucial to the global transition to cleaner energy, will be generated using solar and wind power. “The Kingdom enjoys a strategic geographical location linking three continents” and overlooks some of the most important water crossings and energy resources, Saudi Investment Minister Khalid Al- Falih said, according to SPA. Xi’s trip comes two months after Saudi Arabia angered the US by orchestrating a big oil-production cut by the OPEC+ cartel and cast itself as an emerging power capable of standing up to pressure from Washington. China praised this stance. The two countries will strengthen collaboration at the UN, the G20 and the Shanghai Cooperation Organization, Xi wrote in an editorial in Saudi newspaper Al Riyadh.
  • 7. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 7 U.S: Coal is the largest source of electricity generation for 15 states source: U.S. Energy Information Administration, Electricity Data Browser In 15 U.S. states last year, coal was used to generate electricity more than any other energy source. Twenty years earlier, in 2001, coal was the largest source of electricity generation in 32 states. The United States has shifted away from coal-fired generation since it peaked in 2007 and toward natural gas and renewables. In 2001, natural gas was the largest source of in-state electricity generation in seven states. By 2021, that number had grown to 23 states, driven by widespread retirement of coal-fired power plants and new construction of natural gas-fired power plants. Wind and solar capacity were also growing during that time. Coal-fired plants have not been competitive economically with relatively lower-cost natural gas and renewables. Many of the country’s coal plants were built in the 1970s and 1980s. As coal plants aged and faced price pressure from natural gas and renewables and from emissions regulations, many have been closed. Ohio and Pennsylvania had the largest declines in coal-fired capacity over the past 20 years; the largest source of electricity in both states shifted from coal to natural gas over that period. As coal plants retired, significant natural gas-fired and renewable capacity, including wind and solar, was added. Technological advancements—namely horizontal drilling and hydraulic fracking—led to a rise in U.S. natural gas production. Low natural gas prices helped make natural gas-fired power plants an attractive alternative to coal. Texas, Florida, California, Pennsylvania, and Ohio added the most natural gas-fired capacity
  • 8. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 8 between 2001 and 2021. In 2021, natural gas accounted for the largest share of in-state generation in all five states. In three states—Iowa, Kansas, and South Dakota—where coal-fired plants generated the most electricity in 2001, the largest shares of electricity generation shifted to wind turbines by 2021. All three states are located in the blustery Great Plains, where the country’s most abundant onshore wind resources are located. Although many states have shifted away from coal as the largest source of electricity over the past 20 years, in 2021, coal still accounted for more than 70% of in-state generation in four states: West Virginia (91%), Missouri (75%), Wyoming (74%), and Kentucky (71%). Three of these states (West Virginia, Wyoming, and Kentucky) are among the nation’s largest coal producers. A state’s total electricity supply is made up of both electricity generated in the state as well as electricity imported from other states as well as Canada and Mexico. For example, in 2021, California imported about 30% of its total electricity supply, according to the California Energy Commission. The fuel shares discussed in this article are only for in-state electricity generation.
  • 9. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 9 NewBase December 08 -2022 Khaled Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE Oil Rises After 4-Day Retreat as China Edges Toward Reopening Bloomberg + NewBase Oil rose after a four-day drop as investors weighed the impact of China’s moves to ease virus curbs against the risk of a slowdown in the US. West Texas Intermediate climbed toward $73 a barrel after plunging more than 11% over the previous four sessions as a raft of US banks sounded the alarm on a possible recession. Among the latest, Citigroup Inc. Chief Executive Officer Jane Fraser flagged countries including the US rolling into recessionary environments. Those concerns have been tempered by positive signals from China, which is rolling back Covid curbs in a boost for energy consumption. Oil has weakened this month, shedding all of the year’s once-substantial gains, as central banks tighten monetary policy and the macroeconomic outlook sours. Fresh curbs on crude from Russia meant to punish Moscow for the war in Ukraine have so far not disrupted trade substantially, although there is a growing blockage of oil tankers in waters off Turkey. In addition, market liquidity has been thinning out as the year-end approaches. Oil price special coverage
  • 10. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 10 “Crude has been struggling amid demand worries,” said Ravindra Rao, head of commodity research at Kotak Securities Ltd. “But easing of curbs in China is creating hopes of demand revival.” Until about a week ago, Chinese officials were still pledging to quash and eliminate Covid-19 from the world’s largest crude importer. But protests against the stringent rules seem to have hastened China’s pivot away from a policy that has been closely tied to President Xi Jinping. Key time spreads are indicating ample near-term supply. WTI’s prompt spread — the difference between the two nearest contracts — is slipping further into a bearish contango structure. The gap was 25 cents a barrel in contango compared with 91 cents in the opposite backwardated structure a month ago. Adding to the downbeat mood, the US Energy Information Administration reported on Wednesday that distillate and gasoline inventories expanded last week, indicating weaker demand in the world’s largest economy. Still, the snapshot also showed another draw in nationwide crude inventories. “Risks on the demand outlook remain a key overhang for oil prices, and the uncertainty on how far economic conditions may moderate could keep some investors shunning” the market, said Yeap Jun Rong, market strategist for IG Asia Pte. There’s been “some unwinding of previous bullish bets.” The Biden Administration, meanwhile, is still weighing the impact of China’s reopening and the price cap on Russian supplies before moving to start replenishing depleted strategic petroleum reserves, according to Amos Hochstein, the State Department’s senior energy security adviser.
  • 11. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 11 Putin's War Budget Won't Take a Hit From Oil Price Cap Bloomberg News The Group of Seven’s price ceiling on Russian oil exports isn’t low enough to take a big bite out of the Kremlin’s revenues next year and economists say even if it does lead to a drop in crude production, Vladimir Putin still has plenty of cash for his war effort, at least for now. At $60 per barrel, “the price cap looks very generous,” said Renaissance Capital economist Sofya Donets. “It is close to what was priced in by the market for 2023 and to the level suggested in Russia’s budget.” European officials touted the cap — negotiated last week after months of haggling among the US and its allies — as a way to starve Russia’s war machine. In fact, planners took pains to make sure the level wasn’t so low that it led the Kremlin to significantly cut production, which would risk pushing up global prices. Russia so far hasn’t announced its response, but officials say they plan to continue to divert flows to countries like China and India that aren’t formally signing up to the price limit. Even without the price cap — along with the shipping and insurance restrictions aimed at hindering Russia’s trade — the Kremlin was expecting a nearly 25% drop in tax revenues from oil and gas as production and some prices fall. But even with spending rising on the war, Russia has been able to cover its budget deficit easily by tapping into its wealth fund and borrowing on the local bond market, where sanctions leave investors few alternatives.
  • 12. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 12 A $10 dollar drop in the price of oil from the $70 a barrel in the budget to the ceiling may cut another 1 trillion rubles ($16 billion) in revenues, according to Olga Belenkaya, economist at Finam. In reality, the difference is smaller, since the price in the budget includes costs like freight and insurance, which aren’t counted in the price cap. What We’ve Learned Three Days Into the Russian Oil Price Cap “The wider deficit will be financed either through higher borrowing or increased spending from the wealth fund,” Belenkaya said. In fact, if the price cap reduces export earnings next year, that could weaken the ruble next year, providing an extra boost to the budget, she said. Because the energy taxes come mainly in dollars and euros, their ruble value — which is what matters to the Kremlin — grows when the Russian currency weakens. Natalia Lavrova of BCS Financial Group said the effect may be enough to allow the government to meet its reduced energy-revenue targets for next year even if the cap keep prices below the $70 in the budget. To be sure, the full-court press on its fuel exports to what had been its biggest markets may be more painful for the Kremlin. The government’s current forecast of a nearly 9% drop in oil production next year will cost about 1 trillion rubles to 1.4 trillion rubles in lost revenue, according to Bloomberg Economics. Lower prices dictated by the sanctions and other restrictions on exports may shave another 500 billion rubles off Kremlin income. What Bloomberg Economics Says.... “Overall the budget will experience a shortfall of around 1% GDP of revenue. We believe that the revenue shortfall will press the government into fiscal austerity, if it is to keep inflation and debt service costs stable. This would drive a deeper decline of -3% in GDP.” -Alexander Isakov, Russia economist Russia went into the war with strong finances after years of preparing for the sanctions the invasion would bring. But the deficit this year is expected to reach 3.7% of gross domestic product, the widest since the peak of the Covid pandemic in 2020, as revenues fall and spending rises for the war effort. The Kremlin hit Gazprom with a one-time tax increase to help offset the drop in income this year as the gas giant has benefited from surging prices even as export volumes plunged amid the war. But the oil sector remains the biggest source of revenue. So far, the Kremlin has been able to cover the wider deficit without much trouble, tapping its wealth fund and boosting borrowing on the domestic market, where local investors have seen their alternatives narrow amid sanctions. But Oleg Vyugin, a former top official at the Finance Ministry, warns that the fiscal pressure will only grow. “The main problem of the Russia budget is that they want to spend far more than they can really afford,” he said. “The fact they have to tap the wealth fund to cover the deficit is a clear sign that problems are beginning.”
  • 13. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 13 Oil tankers queue up off Turkey as price cap on Russian crude kicks in Oil tankers formed a traffic jam off the coast of Turkey on day one of the West's price cap on Russian crude, with Ankara insisting on new proof of insurance for all vessels, the Financial Times reported on Monday. Around 19 crude oil tankers were waiting to cross Turkish waters on Monday, the report said, citing ship brokers, oil traders and satellite tracking services. A $60 per barrel price cap imposed by the Group of Seven nations, Australia and the 27 European Union states on Russian seaborne crude oil took effect this week, the latest Western measure to punish Moscow over its invasion of Ukraine. The agreement allows Russian oil to be shipped to third-party countries using tankers from G7 and European Union member states, insurance companies and credit institutions only if the cargo is bought at or below the cap. Russia said on Monday that a Western price cap on its oil would destabilise global energy markets but would not affect its ability to sustain what it calls its "special military operation" in Ukraine. According to the Financial Times' report, four oil industry executives said Turkey had demanded new proof of full insurance coverage for any vessels navigating its straits in light of the measures. Turkey’s ministry of transport and infrastructure did not immediately respond to a Reuters request for comment. The vessels had dropped anchor near the Bosphorus and Dardanelles, the two straits linking Russia’s Black Sea ports to international markets. The first tanker arrived on Nov. 29 and has been ever waiting since, the report quoted a ship broker who asked not to be named as saying.
  • 14. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 14 NewBase Specual Coverage The Energy world –December -01 -2022 CLEAN ENERGY GCC ready to take the lead in energy transition, say experts The GCC is well positioned to lead the energy transition, said industry leaders at the16th Gulf Petrochemicals and Chemicals Association (GPCA) Forum, which got underway today (December 6) in Saudi capital Riyadh. The two-day forum, being held at the Hilton Riyadh Hotel & Residences, was inaugurated by Saudi Minister of Energy Prince Abdulaziz bin Salman Al Saudi. Hosted by global petrochemical giant Sabic, this year’s forum is being held under the theme ‘Chemistry in Action: Shaping a Sustainable Future.’ “The GCC is the land of opportunity, the land of the ambitious and the home of the determined,” he told delegates in his inaugural address today, emphasizing the role of local talent in shaping a sustainable future. The forum was also attended by Saad Sherida Al-Kaabi, Minister of Energy, Qatar, and Bader Al Mulla, Oil Minister, Kuwait.
  • 15. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 15 Speaking at the forum, industry leaders said the Arabian Gulf region was well positioned to take the lead in the energy transition through clean hydrogen development and strong policy support. The region is well placed to capitalize on the opportunities afforded by its vast material resources, its modern infrastructure and technological know-how in order to lead the way on our path to a more sustainable future, they stated. Gulf Cooperation Council, or GCC, energy players are expected to contribute marginally to the energy transition over the next five years, despite growing spending on sustainability, and a focus on environmental targets, according to S&P Global. This comes as oil, gas, and chemical firms are more shielded from energy transition risks when compared to global peers, which results in a slower spending pace. In addition, green and renewable projects are associated with low returns and overall profitability, which is also affecting the pace of spending. While some GCC countries, such as the UAE, Saudi Arabia, and Bahrain, have announced commitments to net-zero carbon emissions, energy firms’ paths to meet those targets are less detailed and perspective, when compared to global peers. Larger GCC players are expected to face the business and financial impact of the energy transition at a later stage, when compared to oil leaders in the market. This is attributed to those players’ abundant reserves, cashflow visibility, and cost-competitive profiles. Moreover, these firms are partly owned by governments, and accordingly, are not urged to accelerate energy transition investments by active shareholders. That said, even though green capital expenditure is rising, asset profiles are unlikely to shift soon, according to S&P Global. As a key enabler of this transition, the chemical industry must embrace opportunities for integration with the upstream oil and gas industry and collaborate across the value chain to drive a new type of economy – the Circular Economy.
  • 16. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 16 This will require new solutions and concerted action to “circularize” value chains and develop regulations and standards that support recycling, they added. Engineer Abdulrahman Al Fageeh, the Chairman of GPCA, and Sabic CEO, delivered the welcome remarks. “The chemical industry has always managed to overcome the challenges it faced. The key to our success is by seizing every opportunity that challenges bring. Through such action, the GCC can shape a sustainable future,” stated Al Fageeh. In his keynote address, Saudi Aramco President & CEO Amin Nasser said “The chemical industry needs to strengthen and accelerate its innovation efforts to develop more durable and more sustainable materials, at scale, while reducing their cost." "Establishing an advanced materials center, here in the Kingdom, could strengthen and complement existing programs and push the boundaries of innovation through global collaboration," he added. In the second keynote, Dr Martin Brudermuller, Chairman of the Board of Executive Directors, BASF and President, CEFIC, addressed BASF’s transformation journey to a carbon neutral and circular future. GPCA Secretary General Dr Abdulwahab Al Sadoun said the chemical industry had set itself an ambitious target to achieve net zero by 2050, while still delivering everything the modern world needs. "This will not be an easy task, but the GCC chemical industry is well placed to capitalise on the clean energy transition and grow its investment in the circular economy and hydrogen development.
  • 17. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 17 To get on track with the Net Zero Scenario, both the private and public sectors will need to achieve technological innovation, efficiency gains and higher recycling rates," stated Al Sadoun. The opening day provided an excellent opportunity for senior industry leaders and government officials to come together and share insight into the challenges and solutions they both face in their common goal to drive regional growth, while protecting the environment. "We look forward to the next two days at the forum when we will hear from leading speakers on some of the most vital issues impacting the industry today," he stated. As part of the forum’s programme, the industry captains recognized Yousef Al Benyan, Minister of Education, Saudi Arabia for his service as Chairman of GPCA (2016 – 2022) and for his contributions to the association. Another key highlight was the inaugural GPCA Youth Forum held under the theme ‘For The Youth. By The Youth." The two-day event will see GPCA host its inaugural symposium under the slogan “Delivering our Plastics Circularity Ambitions” to showcase the efforts of the plastic industry in enabling a more sustainable and circular future.’
  • 18. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 18 NewBase Energy News 08 December 2022 - Issue No. 15712 call on +971504822502, UAE The Editor:” Khaled Al Awadi” Your partner in Energy Services NewBase energy news is produced Twice a week and sponsored by Hawk Energy Service – Dubai, UAE. For additional free subscriptions, please email us. About: Khaled Malallah Al Awadi, Energy Consultant MS & BS Mechanical Engineering (HON), USA Emarat member since 1990 ASME member since 1995 Hawk Energy member 2010 www.linkedin.com/in/khaled-al-awadi-38b995b Mobile: +971504822502 khdmohd@hawkenergy.net or khdmohd@hotmail.com Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S. Universities. Currently working as self leading external Energy consultant for the GCC area via many leading Energy Services companies. Khaled is the Founder of the NewBase Energy news articles issues, Khaled is an international consultant, advisor, ecopreneur and journalist with expertise in Gas & Oil pipeline Networks, waste management, waste-to-energy, renewable energy, environment protection and sustainable development. His geographical areas of focus include Middle East, Africa and Asia. Khaled has successfully accomplished a wide range of projects in the areas of Gas & Oil with extensive works on Gas Pipeline Network Facilities & gas compressor stations. Executed projects in the designing & constructing of gas pipelines, gas metering & regulating stations and in the engineering of gas/oil supply routes. Has drafted & finalized many contracts/agreements in products sale, transportation, operation & maintenance agreements. Along with many MOUs & JVs for organizations & governments authorities. Currently dealing for biomass energy, biogas, waste-to-energy, recycling and waste management. He has participated in numerous conferences and workshops as chairman, session chair, keynote speaker and panelist. Khaled is the Editor-in-Chief of NewBase Energy News and is a professional environmental writer with over 1400 popular articles to his credit. He is proactively engaged in creating mass awareness on renewable energy, waste management, plant Automation IA and environmental sustainability in different parts of the world. Khaled has become a reference for many of the Oil & Gas Conferences and for many Energy program broadcasted internationally, via GCC leading satellite Channels. Khaled can be reached at any time, see contact details above.
  • 19. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 19
  • 20. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 20
  • 21. Copyright © 2022 NewBase www.hawkenergy.net Edited by Khaled Al Awadi – Energy Consultant All rights reserved. No part of this publication may be reproduced, redistributed, or otherwise copied without the written permission of the authors. This includes internal distribution. All reasonable endeavors have been used to ensure the accuracy of the information contained in this publication. However, no warranty is given to the accuracy of its content. Page 21