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NewBase Energy News 15 November 2022 No. 1566 Senior Editor Eng. Khaed Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Analysis: In final week of COP27 climate talks, success hinges
on 'loss and damage'
Reuters + NewBase
This year's COP27 climate summit in Egypt headed into its final week on Monday 14/11/2022 with
nearly 200 countries racing to strike a deal to steer the world towards cutting planet-warming
emissions and scale up finance for countries being ravaged by climate impacts.
Some negotiators and observers warn that failure to agree on such "loss and damage" funding could
sour the U.N. talks and thwart other deals. The issue has leapt to the top of political priorities at
COP27 after more than 130 developing counties successfully demanded it was added to the agenda
for the first time.
Following a first week of talks that left much unresolved – and featured speeches from dozens of
world leaders, but scant announcements of new funding or pledges to cut emissions faster –
negotiators now face a mammoth list of items on which to clinch deals by Friday.
"It's all constructive, but I don't think it's come through as responding with the transformational
urgency that people expect," said Tom Evans, a policy analyst for the E3G non-profit think tank, of
commitments announced at COP27 so far.
Announcements so far include a few hundred million dollars of funding for poorer nations pledged
by Germany, Austria, the United States and others, far off the hundreds of billions that vulnerable
countries need to cope with escalating droughts, floods and rising seas each year.
NO BACKSLIDING
Government ministers take over the negotiations in Sharm El-Sheikh, Egypt, on Monday to hunt for
a deal that attempts to avoid any weakening of ambition to address climate change, even as
governments firefight multiple crises, from rampant inflation to Russia’s invasion of Ukraine – which
some officials expect European delegates to bring up during negotiations this week.
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At last year's U.N. climate summit all countries agreed to set tougher climate targets this year to
keep average global temperature rises to the 1.5C limit that scientists say would avoid global
warming’s worst impacts.
Faced with a global energy crisis and looming economic downturn, only around 30 have done so.
Many delegates also have one eye on Bali, where on Monday U.S. President Joe Biden and
Chinese leader Xi Jinping – leaders of the world’s two biggest polluters – were meeting ahead of
the Group of 20 summit. A relaunch of U.S.-China collaboration on climate change, which China
halted earlier this year, could help boost negotiations at COP27.
Some negotiators said progress towards deals had stuttered in recent days, after the summit's early
breakthrough in agreeing to discuss funding to help vulnerable countries cope with damage from
floods, drought and other climate impacts - the politically contentious issue known as loss and
damage.
"Discussions on loss and damage have been weak, with not much progress made," said Omar
Alcock, a negotiator for Jamaica, one of more than 130 developing and climate-vulnerable countries
who demand that countries agree at COP27 to launch a new loss and damage fund.
The issue risks souring the talks and slowing progress on other potential deals.
The 27-country European Union has said it is now open to discussing such a fund, but along with
the United States, refuses any outcome that could make rich nations legally liable to pay for climate-
related damage, based on their high historical greenhouse gas emissions.
"It's a well known fact that the United States and many other countries will not establish ... some
sort of legal structure that is tied to compensation or liability. That's just not happening," U.S. climate
envoy John Kerry told the conference on Saturday.
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Mohamed Adow, director of Nairobi-based think-tank Power Shift Africa and an observer in the
COP27 negotiations, said the lack of progress so far amounted to "a betrayal of vulnerable
communities and countries".
INDIA'S FOSSIL PHASE DOWN PUSH
Rifts are emerging in other negotiation rooms over the so-called cover texts that will form the core
political deal from the summit.India surprised some countries last week by pushing for a deal
to phase down all fossil fuels – rather than just coal, as countries agreed at last year's U.N. summit.
That would put oil and gas consumer and producers in the spotlight, somewhat easing the focus on
nations that, like India, rely heavily on burning coal for energy. Observers in the negotiations said
India's proposal is likely to hit resistance from major oil and gas producers like Saudi Arabia.
"That is definitely going to flare up," one observer said.
Meanwhile, the EU wants all countries to agree to hike their emissions-cutting targets in 2023, a
move being blocked by China, which is also resisting attempts by the EU to establish regular
international meetings for countries to swap knowledge and track progress on emissions-cutting
goals, to make sure they are met.
"We ran out of time this week, but I am confident that an ambitious outcoming will be forthcoming
next week," said Belize negotiator Carlos Fuller, of the plan to launch these progress-tracking
meetings.
Egypt's most prominent prisoner Alaa Abd el-Fattah’s escalation of his hunger strike at the start of
the summit has also put the host country’s human rights record in focus, threatening to overshadow
any deals struck at the two-week event.
Some countries are also seeking deals outside of the formal talks, not least because of the failure
of past COP agreements to translate into real-world action. Germany and a group of climate-
vulnerable countries launched a "Global Shield" scheme on Monday to attempt to improve insurance
for climate disaster-prone countries.
Research published last week during COP27 showed global CO2 emissions are set to rise this year
- laying bare the yawning gap between countries’ promises to cut emissions in future years, and
their actions today which, if continued, would heat the planet to far beyond the 1.5C goal.
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
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Morocco: SDX Energy announces results of SAK-1 and KSR-20 wells
Source: SDX Energy
AIM-listed SDX Energy has announced a successful two well drilling campaign in Morocco that
opens up a new producing area. Further wells are planned in Morocco for 2023 to drive production
and revenue growth.
In Morocco, the Company announces two discoveries from the recently completed SAK-1 and KSR-
20 wells. The SAK-1 well has already been connected to the Company's infrastructure and testing
results indicate that in place volumes will be on the higher side of the pre-drill P50 estimate of 0.44
bcf. Crucially, the well opens a new production area to the north-west of the Company's historical
producing area, with several other follow-on prospects identified within the SAK cluster.
The KSR-20 well has also discovered gas in this well-known area and is currently undergoing a
pressure build up test. The well will be put on production as soon as permitting and tie in are
completed and an announcement on anticipated in place volumes will be made in due course.
Following these successes, and the identification of further similar drillable prospects, the Company
plans to expand its drilling operations in 2023. To date, over 70 prospects have been identified on
the portion of Moroccan acreage that is covered by high-quality 3D seismic, of which 25 have been
high-graded and total around 20 bcf P50 EUR unrisked.
Mark Reid, CEO of SDX, commented:
'We are pleased with the results of both the SAK-1 and KSR-20 wells. In addition to opening a new play fairway with
numerous follow-on drillable targets, the wells will contribute immediately to production and revenue growth in an area
where demand and gas pricing is robust. Morocco remains a key area of potential growth for SDX and we look forward
to planning further drilling in 2023. I would also like to add my thanks to our partner ONHYM for the provision of the
excellent drilling team and the ONHYM 525 rig which was used to great effect during the campaign.'
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Mozambique’s first LNG cargo departs from Coral Sul FLNG,
offshore the Rovuma basin
Source: Eni
Eni, as Delegated Operator of the Coral South project on behalf of its Area 4 Partners (ExxonMobil,
CNPC, GALP, KOGAS and ENH), has informed that the first shipment of liquefied natural gas (LNG)
produced from the Coral gas field, in the ultra-deep waters of the Rovuma Basin, has just departed
from Coral Sul Floating Liquefied Natural Gas (FLNG) facility.
Eni CEO Claudio Descalzi commented that 'The first shipment of LNG from Coral South project,
and from Mozambique, is a new and significant step forward in Eni’s strategy to leverage gas as a
source that can contribute in a significant way to Europe’s energy security, also through the
increasing diversification of supplies, while also supporting a just and sustainable transition.
We will continue to work with our partners to ensure timely valorization of Mozambique’s vast gas
resources'.
Coral South is a landmark project for the industry and firmly places Mozambique onto the global
LNG stage. The project, sanctioned in 2017, comes on stream after just 5 years, in line with the
initial budget and schedule, despite the disruptions caused by the Covid pandemic.
This result was made possible thanks to Eni’s distinctive phased and parallelized approach, a very
effective execution planning, and the strong commitment by all partners and the unwavering support
of the Government of Mozambique.
Coral Sul FLNG has a gas liquefaction capacity of 3.4 million tons per year and will produce LNG
from the 450 billion cubic meters of gas of the Coral reservoir.
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Egyptian LNG awards zero flaring study to Bechtel-led coalition
TradeArabia News Service
Egyptian LNG has awarded a feasibility study contract to a Bechtel-led coalition for decarbonisation
that includes Enppi, Petrojet, Baker Hughes, GE Digital, HSBC and NBE. The feasibility study will
be completed on a fast-track basis aiming to move into the Front-End Engineering Design (FEED)
phase by early 2023.
The study will assess implementation of a zero-flaring system at the Egyptian LNG export terminal
(ELNG) in Idku, east of Alexandria. Tarek El-Molla, Egyptian Minister of Petroleum and Mineral
Resources, hosted the signing ceremony during the Decarbonisation Day events at COP 27 in
Sharm El Sheikh, Egypt.
Feasibility study
The feasibility study will assess options for total routine flaring recovery through modifications to the
existing flare and compression systems at the ELNG facility, reducing methane emissions from this
strategic regional facility.
The project fully supports the Methane Global Pledge signed by Abdel Fattah Al Sisi, President of
Egypt, in June 2022. LNG will play a key role in the supply of reliable, responsible, and sustainable
energy to Europe following the tri-lateral agreement signed between Egypt, the European Union,
and Israel earlier this year.
The project is part of a wider program between the Coalition and the Egyptian Ministry of Petroleum
and Mineral Resources aiming to decarbonise existing oil and gas facilities across the country and
deliver on Egypt's climate change strategy.
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The Coalition for Decarbonisation was formed earlier this year between Bechtel, Enppi, Petrojet,
Baker Hughes, GE Digital, HSBC and National Bank of Egypt, under the auspices of El Molla.
Strategic goals
"I am so proud that Egypt's oil and gas sector is contributing significantly to achieving top strategic
goals and priorities: accelerating decarbonisation and applying state-of-the-art technologies and
solutions in this domain" His Excellency Minister of Petroleum and Mineral Resources El-Molla said.
''This initiative is an important part of ELNG's continuing efforts to deliver operational improvements
for our two LNG trains,'' said ELNG's CEO, Eng Mohamed Elbahnasy. Flare reduction and recovery
will reduce our greenhouse gas emissions and optimise fuel consumption and running hours of our
rotating equipment, to enhance production and reduce operating costs.''
"This project is a demonstration of our commitment to powering progress by providing more and
cleaner energy," Eng Khaled Kacem, vice president and country chair of Shell Egypt, said. "As
partners in Egypt's journey to become a regional energy hub, we are also mobilising our efforts and
expertise to support the country's energy efficiency ambitions. This is also a significant step towards
full implementation of the decarbonisation Memorandum of Understanding between Shell and the
Ministry that was signed earlier this year."
PPP project
"This project is an excellent example of private and public sector partnership to support Egypt's
decarbonisation strategy that will strengthen energy security in the region," Paul Marsden, President
of Bechtel Energy said. "We bring world-class expertise in execution, technology and financing
necessary to enable Egypt to reach its decarbonisation goals. We are looking forward to continuing
our partnership with the people of Egypt."
"At Baker Hughes we believe collaboration and partnerships are necessary to achieving a net-zero
emissions future. This project is another step to show our continued commitment to supporting
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Egypt's decarbonisation journey and climate change strategy," said Lorenzo Simonelli, Chairman
and CEO of Baker Hughes.
"As an energy technology company, we are keen on providing technology-based solutions that can
help drive the security and sustainability of energy in Egypt and beyond, and the Coalition for
Decarbonisation is essential to help accelerate the deployment of such technologies effectively."
GE Digital CEO Scott Reese said, "As the world gathers in Egypt for COP27, solutions that can help
to decarbonise the industry will be at the forefront of the conversation. Software plays a key role
and is essential to accelerating the energy transition. Along with our partners, it's our hope that the
findings of this feasibility study will have far-reaching impact for the LNG industry in Egypt and
beyond."
Energy transition
"Energy transition is a journey that requires a clear vision with an efficient strategic tool to achieve
its goals, the vision, and sustainable energy efficiency strategy that has been set by the Egyptian
Ministry of Petroleum and Mineral Resources in full compliance with Egypt's vision reflected in
hosting the COP27 at Sharm El Sheikh," Eng Mohamed Abdelaziz, Enppi Chairman said.
"Enppi with its leadership in the engineering field is committed to efficiently contribute in the
implementation of this strategy, and is proud to continue the successful coalition we started with the
top-notch affiliates in the energy sector. I'm looking forward for more of our fruitful cooperation and
teamwork spirit, that makes me confident that we can together achieve with full commitment to
decarbonise our sector."
"Once again our coalition proves itself as an effective vehicle supporting the Egyptian Ministry of
Petroleum and Mineral Resources to decarbonise existing oil and gas facilities across the country,"
Eng Waleed Lotfy, Chairman and Managing Director of Petrojet, said. "As we are featuring now an
exceptionally successful round of COP27 in Egypt's Sharm El Sheikh, I am looking forward with
great enthusiasm for the coalition to embark onto more challenges".
The project is a testimony to the operational excellence of the ELNG plant. Reducing greenhouse
gas emissions and optimising fuel consumption and running hours of the rotating equipment will
enhance production and reduce operating cost.
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Saudi Arabia to build largest CCS hub in Jubail
Saudi Arabia’s Minister of Energy has announced the signing of a Joint Development Agreement
with Saudi Aramco and its partners for the largest planned Carbon Capture and Storage (CCS) hub
in the world.
The centre in Jubail Industrial City will start operating by 2027 and be able to extract and store 9
million mtpa of CO2 in its first phase, supporting Saudi Arabia’s aim to extract, use and store 44
mtpa of CO2 by 2035, said Prince Abdulaziz bin Salman at the Saudi Green Initiative (SGI) in Sharm
El Sheikh, Egypt.
Prince Abdulaziz also witnessed the launch of two pilot projects for carbon capture and utilization
led by KAUST, NEOM and SEC; Alsafwa Cement Company, and Abdullah Hashim Industrial Gases
& Equipment. Ma’aden and Gulf Cryo also announced an agreement to enhance the implementation
of the circular carbon economy framework and reduce emissions.
Meanwhile, Saudi Arabia has accelerated the pace of its climate action and hopes to achieve the
Saudi Green Initiative (SGI) target of placing 30% of its land and sea under protection by 2030, and
plant over 600 million trees within the same timeframe, an increase of over 150 million trees from
the initial goal to plant 450 million by 2030.
This was revealed during the first day of the SGI Forum. Inaugurated in October 2021 by His Royal
Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime
Minister, SGI is a roadmap for Saudi Arabia’s climate action, paving the way for the Kingdom’s plan
to reach net zero emissions by 2060.
The country’s pledge to reduce emissions by 278 mtpa by 2030 through the Circular Carbon
Economy (CCE) approach is on track. In line with the Kingdom’s ambition to achieve 50% power
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generation capacity from renewables by 2030, 13 new renewable energy projects with a total
capacity of 11.4GW, at an estimated investment value of $9 billion (SR34 billion), are under
development. The projects, once operational, are set to reduce around 20 million tons of CO2e per
year.
Supporting delivery of the SGI emissions reduction target and the Kingdom’s ambition to become
the world’s foremost low-cost producer and exporter of clean hydrogen, the world’s largest green
hydrogen plant is under construction and set to start producing up to 600 tons per day in 2026.
Aramco, Sabic and Ma’aden have received the world’s first independent certifications recognizing
blue hydrogen and ammonia production, further enabling Saudi Arabia’s export infrastructure for
clean fuels.
In his keynote speech, Prince Abdulaziz said: “The entire government is working in unison to deliver
the Saudi Green Initiative. Next year, we will be finalising the plans for developing 10 more
renewable energy projects and connecting an additional 840 MW of solar PV power to our grid.
Today, we are announcing that we will launch a GHG crediting and offsetting scheme at the
beginning of 2023 to support and incentivise efforts and investments in emission reduction and
removal projects in all sectors in the Kingdom.”
Also speaking on the opening morning of the SGI Forum, Abdulrahman AlFadley, Saudi Arabia’s
Minister of Environment, Water and Agriculture, said: “Saudi Arabia is taking environmental action
on a national, regional and international level. As a global community, we have to work
comprehensively and take multiple actions in parallel. In Saudi Arabia, we have a clear strategy that
identifies the gaps we have in our environmental policy and works to find nature-based solutions.”
Since the launch of the Saudi Green Initiative, over 18 million trees have been planted, and 17 new
initiatives launched across the country to restore natural greenery and protect against the impacts
of climate change. Out of the total, 13 million trees planted in the Kingdom this year have been
mangroves. The regeneration of Saudi Arabia’s natural wetland forests is a living barrier against
shoreline erosion and a natural
defense against climate change,
with the trees sequestering five
times more carbon than tropical
forests. In contribution to the 10
billion trees target, this year
NEOM has announced that 1.5
million hectares of land will be
rehabilitated, and 100 million
native trees, shrubs and
grasses planted by 2030.
To protect marine biodiversity,
an institution has been
established to preserve coral
reefs and protect the habitats of
sea turtles in the Red Sea. Saudi Arabia also announced that 60 thousand hectares of degraded
land in the country have been rehabilitated. Approximately 100 carefully chosen species of native
and adaptive trees are being cultivated in dedicated nurseries before being planted in 62 approved
sites around the country to restore natural vegetation cover, protect biodiversity and bind the soil to
protect against dust storms. These coordinated national measures have enabled the Kingdom to
increase the size of areas under protection fourfold from what it was 2016.
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NewBase November 15 -2022 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil Holds Losses With Demand Fears Overshadowing Tight Supply
Bloomberg + NewBase
Oil held losses as concerns over the near-term demand outlook overshadowed signs of tightening
supply heading into winter.
 WTI for December delivery was steady at $85.81 a barrel at 11:10 a.m. in Singapore.
 Brent for January settlement rose 0.2% to $93.32 a barrel.
West Texas Intermediate futures traded near $86 a barrel after closing 3.5% lower in the previous
session. OPEC cut its forecasts for global demand in the fourth quarter again, while US companies
fracked fewer wells than they drilled for the first time in two years, indicating a possible slowdown
in production.
China’s economy slowed in October as virus outbreaks hurt consumer sentiment and disrupted
business activity. While the government has since eased some of its Covid Zero
measures, infections continue to climb across the country.
 China’s economy slowed in October as Covid outbreaks flared
 WTI crude trades near $86 a barrel after losing 3.5% Monday
Oil price special
coverage
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“Weak China data will only serve to reinforce the view that the country’s oil demand will remain in
the doldrums as long as its strict Covid control policies remain in place,” said Vandana Hari, founder
of Vanda Insights in Singapore.
Crude has lost about a third of its value since early June as a deepening economic slowdown
weighed on demand. Still, the Organization of Petroleum Exporting Countries and its allies have
started trimming output and European Union sanctions on Russia will curb flows from December,
clouding the supply outlook. Time spreads are also signaling near-term tightness.
The International Energy Agency will provide a snapshot of the market including China later
Tuesday.
Chinese President Xi Jinping and his US counterpart Joe Biden on Monday called for reduced
tensions between the world’s two biggest economies during a face-to-face meeting in Bali,
Indonesia.
Federal Reserve Vice Chair Lael Brainard said the US central bank could “soon” slow its pace of
interest-rate hikes, although she said there’s still “additional work to be done” to bring inflation down,
keeping markets on edge. Aggressive monetary tightening from major central banks has also
weighed on demand.
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NewBase Specual Coverage
The Energy world –November -15 -2022
CLEAN ENERGY
How clean energy could conquer
Sources. Lazard, Rystad Energy, International Energy Agency, Climate Policy Initiative
By Prinz Magtulis and Sumanta Sen
As rampant inflation and fears of recession roiled the global economy over the past year, one sector
appears to have emerged in relatively good shape: renewable energy.
Costs for wind, solar and other clean energy sources have risen slower than those for fossil fuels,
while the amount of investor money flowing into these sectors is for the first time set to exceed funds
moving into oil and gas this year, according to research firms.
That is the good news for policymakers and climate advocates meeting this week at the COP27
climate summit in Egypt. The bad news: much of the progress in the transition to cleaner energy is
happening in the developed world rather than in poorer nations where the impact of climate change
is most severe.
Despite capital outflows elsewhere, investors are projected to funnel nearly $500 billion into wind
and solar projects this year, up 35% from last year, according to data from Rystad Energy, an
independent research company. That would top the $447 billion in investments seen for oil and gas
this year.
First time ever
Global wind and solar investments are poised to surpass those in oil and gas this year
Meanwhile, clean energy is becoming relatively cheap.
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As supply disruptions linked to Russia’s invasion of Ukraine pushed natural gas prices up in Europe
and across the world, the costs of building and maintaining clean energy facilities likely went up
much less dramatically this year after a decade of decline, according to Lazard, which tracks this
based on “levelized cost of energy.”
The metric considers factors like construction costs, fuel prices and the number of years a facility
can produce output, to gauge how cheap– or expensive– a technology is.
Clean energy is now also cheaper than coal
Chart shows comparable levelized energy costs between coal and different renewable energy
sources. Coal is more expensive than all forms of clean energy other than nuclear.
Note: Based on levelized cost of energy that gauges the cost of building and operating a power
plant.
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Still, much of the progress in clean energy is happening in advanced economies and not in poorer
nations hit hardest by climate change.
Poor countries have the least carbon footprint, but suffer most
Past climate meetings have focused on devising strategies for rich nations to assist developing
countries transition to clean energy, including by funnelling funding to them.
Participants of last year’s meetings pledged to “at least double” climate provisions to developing
nations by 2025, following calls for rich nations to do more to fight climate change.
However, the goal is far from being realized. While developing nations prone to climate disasters in
East Asia and the Pacific have seen public and private funding for climate adaptation and mitigation
soar over the past two years, Africa and other emerging nations continue to lag behind.
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Africa loses out on climate finance
U.S. and Canada secured three times as much while East Asia secured 10 times more funding than
poorer regions
Note: Between 2019-2020. Includes both public and private sources.
As it stands, the global climate agenda is “gaining ground,” according to the International Energy
Agency, but still needs greater actions to succeed.
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NewBase Energy News 15 November 2022 - Issue No. 1566 call on +971504822502, UAE
The Editor:” Khaled Al Awadi” Your partner in Energy Services
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About: Khaled Malallah Al Awadi,
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MS & BS Mechanical Engineering (HON), USA
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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
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 22

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NewBase 15-November -2022 Energy News issue - 1566 by Khaled Al Awadi.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 15 November 2022 No. 1566 Senior Editor Eng. Khaed Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE Analysis: In final week of COP27 climate talks, success hinges on 'loss and damage' Reuters + NewBase This year's COP27 climate summit in Egypt headed into its final week on Monday 14/11/2022 with nearly 200 countries racing to strike a deal to steer the world towards cutting planet-warming emissions and scale up finance for countries being ravaged by climate impacts. Some negotiators and observers warn that failure to agree on such "loss and damage" funding could sour the U.N. talks and thwart other deals. The issue has leapt to the top of political priorities at COP27 after more than 130 developing counties successfully demanded it was added to the agenda for the first time. Following a first week of talks that left much unresolved – and featured speeches from dozens of world leaders, but scant announcements of new funding or pledges to cut emissions faster – negotiators now face a mammoth list of items on which to clinch deals by Friday. "It's all constructive, but I don't think it's come through as responding with the transformational urgency that people expect," said Tom Evans, a policy analyst for the E3G non-profit think tank, of commitments announced at COP27 so far. Announcements so far include a few hundred million dollars of funding for poorer nations pledged by Germany, Austria, the United States and others, far off the hundreds of billions that vulnerable countries need to cope with escalating droughts, floods and rising seas each year. NO BACKSLIDING Government ministers take over the negotiations in Sharm El-Sheikh, Egypt, on Monday to hunt for a deal that attempts to avoid any weakening of ambition to address climate change, even as governments firefight multiple crises, from rampant inflation to Russia’s invasion of Ukraine – which some officials expect European delegates to bring up during negotiations this week.
  • 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 At last year's U.N. climate summit all countries agreed to set tougher climate targets this year to keep average global temperature rises to the 1.5C limit that scientists say would avoid global warming’s worst impacts. Faced with a global energy crisis and looming economic downturn, only around 30 have done so. Many delegates also have one eye on Bali, where on Monday U.S. President Joe Biden and Chinese leader Xi Jinping – leaders of the world’s two biggest polluters – were meeting ahead of the Group of 20 summit. A relaunch of U.S.-China collaboration on climate change, which China halted earlier this year, could help boost negotiations at COP27. Some negotiators said progress towards deals had stuttered in recent days, after the summit's early breakthrough in agreeing to discuss funding to help vulnerable countries cope with damage from floods, drought and other climate impacts - the politically contentious issue known as loss and damage. "Discussions on loss and damage have been weak, with not much progress made," said Omar Alcock, a negotiator for Jamaica, one of more than 130 developing and climate-vulnerable countries who demand that countries agree at COP27 to launch a new loss and damage fund. The issue risks souring the talks and slowing progress on other potential deals. The 27-country European Union has said it is now open to discussing such a fund, but along with the United States, refuses any outcome that could make rich nations legally liable to pay for climate- related damage, based on their high historical greenhouse gas emissions. "It's a well known fact that the United States and many other countries will not establish ... some sort of legal structure that is tied to compensation or liability. That's just not happening," U.S. climate envoy John Kerry told the conference on Saturday.
  • 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 Mohamed Adow, director of Nairobi-based think-tank Power Shift Africa and an observer in the COP27 negotiations, said the lack of progress so far amounted to "a betrayal of vulnerable communities and countries". INDIA'S FOSSIL PHASE DOWN PUSH Rifts are emerging in other negotiation rooms over the so-called cover texts that will form the core political deal from the summit.India surprised some countries last week by pushing for a deal to phase down all fossil fuels – rather than just coal, as countries agreed at last year's U.N. summit. That would put oil and gas consumer and producers in the spotlight, somewhat easing the focus on nations that, like India, rely heavily on burning coal for energy. Observers in the negotiations said India's proposal is likely to hit resistance from major oil and gas producers like Saudi Arabia. "That is definitely going to flare up," one observer said. Meanwhile, the EU wants all countries to agree to hike their emissions-cutting targets in 2023, a move being blocked by China, which is also resisting attempts by the EU to establish regular international meetings for countries to swap knowledge and track progress on emissions-cutting goals, to make sure they are met. "We ran out of time this week, but I am confident that an ambitious outcoming will be forthcoming next week," said Belize negotiator Carlos Fuller, of the plan to launch these progress-tracking meetings. Egypt's most prominent prisoner Alaa Abd el-Fattah’s escalation of his hunger strike at the start of the summit has also put the host country’s human rights record in focus, threatening to overshadow any deals struck at the two-week event. Some countries are also seeking deals outside of the formal talks, not least because of the failure of past COP agreements to translate into real-world action. Germany and a group of climate- vulnerable countries launched a "Global Shield" scheme on Monday to attempt to improve insurance for climate disaster-prone countries. Research published last week during COP27 showed global CO2 emissions are set to rise this year - laying bare the yawning gap between countries’ promises to cut emissions in future years, and their actions today which, if continued, would heat the planet to far beyond the 1.5C goal.
  • 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 Morocco: SDX Energy announces results of SAK-1 and KSR-20 wells Source: SDX Energy AIM-listed SDX Energy has announced a successful two well drilling campaign in Morocco that opens up a new producing area. Further wells are planned in Morocco for 2023 to drive production and revenue growth. In Morocco, the Company announces two discoveries from the recently completed SAK-1 and KSR- 20 wells. The SAK-1 well has already been connected to the Company's infrastructure and testing results indicate that in place volumes will be on the higher side of the pre-drill P50 estimate of 0.44 bcf. Crucially, the well opens a new production area to the north-west of the Company's historical producing area, with several other follow-on prospects identified within the SAK cluster. The KSR-20 well has also discovered gas in this well-known area and is currently undergoing a pressure build up test. The well will be put on production as soon as permitting and tie in are completed and an announcement on anticipated in place volumes will be made in due course. Following these successes, and the identification of further similar drillable prospects, the Company plans to expand its drilling operations in 2023. To date, over 70 prospects have been identified on the portion of Moroccan acreage that is covered by high-quality 3D seismic, of which 25 have been high-graded and total around 20 bcf P50 EUR unrisked. Mark Reid, CEO of SDX, commented: 'We are pleased with the results of both the SAK-1 and KSR-20 wells. In addition to opening a new play fairway with numerous follow-on drillable targets, the wells will contribute immediately to production and revenue growth in an area where demand and gas pricing is robust. Morocco remains a key area of potential growth for SDX and we look forward to planning further drilling in 2023. I would also like to add my thanks to our partner ONHYM for the provision of the excellent drilling team and the ONHYM 525 rig which was used to great effect during the campaign.'
  • 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 Mozambique’s first LNG cargo departs from Coral Sul FLNG, offshore the Rovuma basin Source: Eni Eni, as Delegated Operator of the Coral South project on behalf of its Area 4 Partners (ExxonMobil, CNPC, GALP, KOGAS and ENH), has informed that the first shipment of liquefied natural gas (LNG) produced from the Coral gas field, in the ultra-deep waters of the Rovuma Basin, has just departed from Coral Sul Floating Liquefied Natural Gas (FLNG) facility. Eni CEO Claudio Descalzi commented that 'The first shipment of LNG from Coral South project, and from Mozambique, is a new and significant step forward in Eni’s strategy to leverage gas as a source that can contribute in a significant way to Europe’s energy security, also through the increasing diversification of supplies, while also supporting a just and sustainable transition. We will continue to work with our partners to ensure timely valorization of Mozambique’s vast gas resources'. Coral South is a landmark project for the industry and firmly places Mozambique onto the global LNG stage. The project, sanctioned in 2017, comes on stream after just 5 years, in line with the initial budget and schedule, despite the disruptions caused by the Covid pandemic. This result was made possible thanks to Eni’s distinctive phased and parallelized approach, a very effective execution planning, and the strong commitment by all partners and the unwavering support of the Government of Mozambique. Coral Sul FLNG has a gas liquefaction capacity of 3.4 million tons per year and will produce LNG from the 450 billion cubic meters of gas of the Coral reservoir.
  • 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 Egyptian LNG awards zero flaring study to Bechtel-led coalition TradeArabia News Service Egyptian LNG has awarded a feasibility study contract to a Bechtel-led coalition for decarbonisation that includes Enppi, Petrojet, Baker Hughes, GE Digital, HSBC and NBE. The feasibility study will be completed on a fast-track basis aiming to move into the Front-End Engineering Design (FEED) phase by early 2023. The study will assess implementation of a zero-flaring system at the Egyptian LNG export terminal (ELNG) in Idku, east of Alexandria. Tarek El-Molla, Egyptian Minister of Petroleum and Mineral Resources, hosted the signing ceremony during the Decarbonisation Day events at COP 27 in Sharm El Sheikh, Egypt. Feasibility study The feasibility study will assess options for total routine flaring recovery through modifications to the existing flare and compression systems at the ELNG facility, reducing methane emissions from this strategic regional facility. The project fully supports the Methane Global Pledge signed by Abdel Fattah Al Sisi, President of Egypt, in June 2022. LNG will play a key role in the supply of reliable, responsible, and sustainable energy to Europe following the tri-lateral agreement signed between Egypt, the European Union, and Israel earlier this year. The project is part of a wider program between the Coalition and the Egyptian Ministry of Petroleum and Mineral Resources aiming to decarbonise existing oil and gas facilities across the country and deliver on Egypt's climate change strategy.
  • 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 The Coalition for Decarbonisation was formed earlier this year between Bechtel, Enppi, Petrojet, Baker Hughes, GE Digital, HSBC and National Bank of Egypt, under the auspices of El Molla. Strategic goals "I am so proud that Egypt's oil and gas sector is contributing significantly to achieving top strategic goals and priorities: accelerating decarbonisation and applying state-of-the-art technologies and solutions in this domain" His Excellency Minister of Petroleum and Mineral Resources El-Molla said. ''This initiative is an important part of ELNG's continuing efforts to deliver operational improvements for our two LNG trains,'' said ELNG's CEO, Eng Mohamed Elbahnasy. Flare reduction and recovery will reduce our greenhouse gas emissions and optimise fuel consumption and running hours of our rotating equipment, to enhance production and reduce operating costs.'' "This project is a demonstration of our commitment to powering progress by providing more and cleaner energy," Eng Khaled Kacem, vice president and country chair of Shell Egypt, said. "As partners in Egypt's journey to become a regional energy hub, we are also mobilising our efforts and expertise to support the country's energy efficiency ambitions. This is also a significant step towards full implementation of the decarbonisation Memorandum of Understanding between Shell and the Ministry that was signed earlier this year." PPP project "This project is an excellent example of private and public sector partnership to support Egypt's decarbonisation strategy that will strengthen energy security in the region," Paul Marsden, President of Bechtel Energy said. "We bring world-class expertise in execution, technology and financing necessary to enable Egypt to reach its decarbonisation goals. We are looking forward to continuing our partnership with the people of Egypt." "At Baker Hughes we believe collaboration and partnerships are necessary to achieving a net-zero emissions future. This project is another step to show our continued commitment to supporting
  • 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 Egypt's decarbonisation journey and climate change strategy," said Lorenzo Simonelli, Chairman and CEO of Baker Hughes. "As an energy technology company, we are keen on providing technology-based solutions that can help drive the security and sustainability of energy in Egypt and beyond, and the Coalition for Decarbonisation is essential to help accelerate the deployment of such technologies effectively." GE Digital CEO Scott Reese said, "As the world gathers in Egypt for COP27, solutions that can help to decarbonise the industry will be at the forefront of the conversation. Software plays a key role and is essential to accelerating the energy transition. Along with our partners, it's our hope that the findings of this feasibility study will have far-reaching impact for the LNG industry in Egypt and beyond." Energy transition "Energy transition is a journey that requires a clear vision with an efficient strategic tool to achieve its goals, the vision, and sustainable energy efficiency strategy that has been set by the Egyptian Ministry of Petroleum and Mineral Resources in full compliance with Egypt's vision reflected in hosting the COP27 at Sharm El Sheikh," Eng Mohamed Abdelaziz, Enppi Chairman said. "Enppi with its leadership in the engineering field is committed to efficiently contribute in the implementation of this strategy, and is proud to continue the successful coalition we started with the top-notch affiliates in the energy sector. I'm looking forward for more of our fruitful cooperation and teamwork spirit, that makes me confident that we can together achieve with full commitment to decarbonise our sector." "Once again our coalition proves itself as an effective vehicle supporting the Egyptian Ministry of Petroleum and Mineral Resources to decarbonise existing oil and gas facilities across the country," Eng Waleed Lotfy, Chairman and Managing Director of Petrojet, said. "As we are featuring now an exceptionally successful round of COP27 in Egypt's Sharm El Sheikh, I am looking forward with great enthusiasm for the coalition to embark onto more challenges". The project is a testimony to the operational excellence of the ELNG plant. Reducing greenhouse gas emissions and optimising fuel consumption and running hours of the rotating equipment will enhance production and reduce operating cost.
  • 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 Saudi Arabia to build largest CCS hub in Jubail Saudi Arabia’s Minister of Energy has announced the signing of a Joint Development Agreement with Saudi Aramco and its partners for the largest planned Carbon Capture and Storage (CCS) hub in the world. The centre in Jubail Industrial City will start operating by 2027 and be able to extract and store 9 million mtpa of CO2 in its first phase, supporting Saudi Arabia’s aim to extract, use and store 44 mtpa of CO2 by 2035, said Prince Abdulaziz bin Salman at the Saudi Green Initiative (SGI) in Sharm El Sheikh, Egypt. Prince Abdulaziz also witnessed the launch of two pilot projects for carbon capture and utilization led by KAUST, NEOM and SEC; Alsafwa Cement Company, and Abdullah Hashim Industrial Gases & Equipment. Ma’aden and Gulf Cryo also announced an agreement to enhance the implementation of the circular carbon economy framework and reduce emissions. Meanwhile, Saudi Arabia has accelerated the pace of its climate action and hopes to achieve the Saudi Green Initiative (SGI) target of placing 30% of its land and sea under protection by 2030, and plant over 600 million trees within the same timeframe, an increase of over 150 million trees from the initial goal to plant 450 million by 2030. This was revealed during the first day of the SGI Forum. Inaugurated in October 2021 by His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, SGI is a roadmap for Saudi Arabia’s climate action, paving the way for the Kingdom’s plan to reach net zero emissions by 2060. The country’s pledge to reduce emissions by 278 mtpa by 2030 through the Circular Carbon Economy (CCE) approach is on track. In line with the Kingdom’s ambition to achieve 50% power
  • 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 generation capacity from renewables by 2030, 13 new renewable energy projects with a total capacity of 11.4GW, at an estimated investment value of $9 billion (SR34 billion), are under development. The projects, once operational, are set to reduce around 20 million tons of CO2e per year. Supporting delivery of the SGI emissions reduction target and the Kingdom’s ambition to become the world’s foremost low-cost producer and exporter of clean hydrogen, the world’s largest green hydrogen plant is under construction and set to start producing up to 600 tons per day in 2026. Aramco, Sabic and Ma’aden have received the world’s first independent certifications recognizing blue hydrogen and ammonia production, further enabling Saudi Arabia’s export infrastructure for clean fuels. In his keynote speech, Prince Abdulaziz said: “The entire government is working in unison to deliver the Saudi Green Initiative. Next year, we will be finalising the plans for developing 10 more renewable energy projects and connecting an additional 840 MW of solar PV power to our grid. Today, we are announcing that we will launch a GHG crediting and offsetting scheme at the beginning of 2023 to support and incentivise efforts and investments in emission reduction and removal projects in all sectors in the Kingdom.” Also speaking on the opening morning of the SGI Forum, Abdulrahman AlFadley, Saudi Arabia’s Minister of Environment, Water and Agriculture, said: “Saudi Arabia is taking environmental action on a national, regional and international level. As a global community, we have to work comprehensively and take multiple actions in parallel. In Saudi Arabia, we have a clear strategy that identifies the gaps we have in our environmental policy and works to find nature-based solutions.” Since the launch of the Saudi Green Initiative, over 18 million trees have been planted, and 17 new initiatives launched across the country to restore natural greenery and protect against the impacts of climate change. Out of the total, 13 million trees planted in the Kingdom this year have been mangroves. The regeneration of Saudi Arabia’s natural wetland forests is a living barrier against shoreline erosion and a natural defense against climate change, with the trees sequestering five times more carbon than tropical forests. In contribution to the 10 billion trees target, this year NEOM has announced that 1.5 million hectares of land will be rehabilitated, and 100 million native trees, shrubs and grasses planted by 2030. To protect marine biodiversity, an institution has been established to preserve coral reefs and protect the habitats of sea turtles in the Red Sea. Saudi Arabia also announced that 60 thousand hectares of degraded land in the country have been rehabilitated. Approximately 100 carefully chosen species of native and adaptive trees are being cultivated in dedicated nurseries before being planted in 62 approved sites around the country to restore natural vegetation cover, protect biodiversity and bind the soil to protect against dust storms. These coordinated national measures have enabled the Kingdom to increase the size of areas under protection fourfold from what it was 2016.
  • 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 NewBase November 15 -2022 Khaled Al Awadi NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE Oil Holds Losses With Demand Fears Overshadowing Tight Supply Bloomberg + NewBase Oil held losses as concerns over the near-term demand outlook overshadowed signs of tightening supply heading into winter.  WTI for December delivery was steady at $85.81 a barrel at 11:10 a.m. in Singapore.  Brent for January settlement rose 0.2% to $93.32 a barrel. West Texas Intermediate futures traded near $86 a barrel after closing 3.5% lower in the previous session. OPEC cut its forecasts for global demand in the fourth quarter again, while US companies fracked fewer wells than they drilled for the first time in two years, indicating a possible slowdown in production. China’s economy slowed in October as virus outbreaks hurt consumer sentiment and disrupted business activity. While the government has since eased some of its Covid Zero measures, infections continue to climb across the country.  China’s economy slowed in October as Covid outbreaks flared  WTI crude trades near $86 a barrel after losing 3.5% Monday Oil price special coverage
  • 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 “Weak China data will only serve to reinforce the view that the country’s oil demand will remain in the doldrums as long as its strict Covid control policies remain in place,” said Vandana Hari, founder of Vanda Insights in Singapore. Crude has lost about a third of its value since early June as a deepening economic slowdown weighed on demand. Still, the Organization of Petroleum Exporting Countries and its allies have started trimming output and European Union sanctions on Russia will curb flows from December, clouding the supply outlook. Time spreads are also signaling near-term tightness. The International Energy Agency will provide a snapshot of the market including China later Tuesday. Chinese President Xi Jinping and his US counterpart Joe Biden on Monday called for reduced tensions between the world’s two biggest economies during a face-to-face meeting in Bali, Indonesia. Federal Reserve Vice Chair Lael Brainard said the US central bank could “soon” slow its pace of interest-rate hikes, although she said there’s still “additional work to be done” to bring inflation down, keeping markets on edge. Aggressive monetary tightening from major central banks has also weighed on demand.
  • 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
  • 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 –November -15 -2022 CLEAN ENERGY How clean energy could conquer Sources. Lazard, Rystad Energy, International Energy Agency, Climate Policy Initiative By Prinz Magtulis and Sumanta Sen As rampant inflation and fears of recession roiled the global economy over the past year, one sector appears to have emerged in relatively good shape: renewable energy. Costs for wind, solar and other clean energy sources have risen slower than those for fossil fuels, while the amount of investor money flowing into these sectors is for the first time set to exceed funds moving into oil and gas this year, according to research firms. That is the good news for policymakers and climate advocates meeting this week at the COP27 climate summit in Egypt. The bad news: much of the progress in the transition to cleaner energy is happening in the developed world rather than in poorer nations where the impact of climate change is most severe. Despite capital outflows elsewhere, investors are projected to funnel nearly $500 billion into wind and solar projects this year, up 35% from last year, according to data from Rystad Energy, an independent research company. That would top the $447 billion in investments seen for oil and gas this year. First time ever Global wind and solar investments are poised to surpass those in oil and gas this year Meanwhile, clean energy is becoming relatively cheap.
  • 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 As supply disruptions linked to Russia’s invasion of Ukraine pushed natural gas prices up in Europe and across the world, the costs of building and maintaining clean energy facilities likely went up much less dramatically this year after a decade of decline, according to Lazard, which tracks this based on “levelized cost of energy.” The metric considers factors like construction costs, fuel prices and the number of years a facility can produce output, to gauge how cheap– or expensive– a technology is. Clean energy is now also cheaper than coal Chart shows comparable levelized energy costs between coal and different renewable energy sources. Coal is more expensive than all forms of clean energy other than nuclear. Note: Based on levelized cost of energy that gauges the cost of building and operating a power plant.
  • 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 Still, much of the progress in clean energy is happening in advanced economies and not in poorer nations hit hardest by climate change. Poor countries have the least carbon footprint, but suffer most Past climate meetings have focused on devising strategies for rich nations to assist developing countries transition to clean energy, including by funnelling funding to them. Participants of last year’s meetings pledged to “at least double” climate provisions to developing nations by 2025, following calls for rich nations to do more to fight climate change. However, the goal is far from being realized. While developing nations prone to climate disasters in East Asia and the Pacific have seen public and private funding for climate adaptation and mitigation soar over the past two years, Africa and other emerging nations continue to lag behind.
  • 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 Africa loses out on climate finance U.S. and Canada secured three times as much while East Asia secured 10 times more funding than poorer regions Note: Between 2019-2020. Includes both public and private sources. As it stands, the global climate agenda is “gaining ground,” according to the International Energy Agency, but still needs greater actions to succeed.
  • 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 15 November 2022 - Issue No. 1566 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
  • 22. 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 22