new base special 15 january 2014

Copyright © 2014 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 endeavours 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 .

NewBase 15 January 2014 Khaled Al Awadi

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

Energy minister hails 'long standing' UAE-India oil and gas cooperation http://www.uaeinteract.com/docs/Energy-minister-hails-long-standing-UAE-India-oil-and-gas-cooperation/59406.htm

Asian oil markets are witnessing a significant growth that qualifies them to play an important role

in the supply-demand equilibrium, UAE Minister of Energy Suhail bin Mohammed Faraj Faris Al

Mazrouei has said.

Speaking at the11th International PETROTECH-2014 Conference, currently held in New Delhi, Al

Mazrouei said the UAE and India enjoy a historic and long standing cooperation in oil and gas,

dating back to 1975 when the first supply agreement was signed with the Indian Oil Corporation.

He also said the UAE had invested around 70 billion US dollars to increase oil production capacity

to 3.5 million barrels per day by 2017.

Al Mazrouei met at the conference's sidelines with the Dr. Veerappa Moily, Minister of Petroleum

and Natural Gas and with other Indian officials and discussed with them means to boost

cooperation in energy fields. - Emirates News Agency,




Maersk takes stake in Iraqi blocks http://www.upstreamonline.com/live/article1348956.ece

Maersk Oil, a unit of oil and shipping group A.P. Moller-Maersk, has received Kurdistan Regional

Government (KRG) approval to buy 40% stakes in two exploration blocks from Repsol Oriente Medio.

Repsol will continue to operate exploration activities and also hold 40% interests in them. The KRG will

hold the remaining 20% stakes in each block, Reuters reported. The price for the stakes was not disclosed.

The two blocks, Piramagrun and Qala Dze, are located about 150 kilometres east of Erbil, the capital of the

Kurdistan region of Iraq.

In 2012, Spanish Repsol undertook a significant 2D seismic acquisition programme which identified a

number of drilling targets, Maersk Oil reportedly said. "Being present and active in one of the world's most

promising and prolific exploration basins is a fundamental part of Maersk Oil's strategy," chief executive

Jakob Thomasen reportedly said.

Maersk Oil produced 229,000 barrels of oil equivalent per day in the third quarter of 2013 but is targeting

400,000 boepd for 2020. "We expect our position in Kurdistan region of Iraq to help us sustain the target

production level beyond 2020," Thomasen reportedly said. Maersk Oil has said it will spend $3 billion to $5

billion annually on developing projects.

Crude from Kurdistan used to be shipped to Turkey through a pipeline controlled by Baghdad, but those

exports dried up a year ago due to a row over payments for oil companies operating in the region. Iraqi

Kurdistan is confident it can soon find a compromise with Baghdad in a row over oil exports from the

autonomous region via a new pipeline to Turkey, a spokesman reportedly said on Monday.




Japan fuel oil-fired power to halve if nuclear energy comes back strong By James Topham and Osamu Tsukimori (Reuters) -

Japan's use of fuel oil to generate power is set to fall over the next fiscal year to levels not seen since before the Fukushima disaster, if enough of the country's nuclear reactors are allowed back online.

Demand for low sulphur fuel oil has already dropped as Asia's largest listed power utility Tokyo Electric Power Co (Tepco) leads a switch to coal and gas to cut costs. Further falls will push product back into an over-supplied Asia-Pacific market, hitting prices and processing margins already expected to be weak due to refinery expansions in China and the Middle East.

Japan's low sulphur fuel oil imports rose to a 39-year high of 150,600 barrels per day (bpd) in the financial year that ended last March 31, but between April and November 2013 fell about a third from the same period the previous year, according to trade ministry data. Japan is the largest importer of fuel oil for power use in Asia, taking more than twice the volumes of the next biggest user, South Korea, according to traders.

Asian countries besides Japan do not give details on the different types of fuel oil imported, so comparisons of official low sulphur fuel oil import figures are not available. "Factors including the rise in burning of LNG and coal, as well as the restart of nuclear power, will increase the pace C-type fuel oil use declines," the government-associated Institute of Energy Economics, Japan (IEEJ) said in a forecast.

Under a scenario many observers consider optimistic for assuming as many as 16 nuclear reactors come back online, the IEEJ says fuel oil burned for power will fall 53 percent to 143,000 bpd in the year through March 2015. Use of low sulphur fuel oil and direct-burn crude for power had swelled after the 2011 earthquake that triggered the Fukushima nuclear crisis. Reactors were shut for checks, driving Japanese power utilities' fuel oil use to an 18-year high of 336,000 bpd in the year ended March 2013.

Starting in April last year, though, power companies began cutting reliance on oil, ramping up coal use and continuing to burn liquefied natural gas at record rates, and that trend looks to be extended with new gas- and coal-fired units coming online. The IEEJ estimate would be Japan's lowest rate of use of fuel oil for power in four years. However, fuel oil's actual decline will depend on the nuclear restarts.

"Coal and LNG will make up a bigger share, but oil will still be the cushion for demand fluctuations until nuclear power comes back," said an official in the supply department at one Japanese refiner.




With pro-nuclear government and industry officials stepping up calls for Japan's nuclear watchdog to complete checks and begin the process of restarting the use of atomic energy, expectations are growing that at least some reactors will come back online in the financial year beginning April 1. Japan is currently nuclear free for just the third time in more than four decades, following the reactor meltdowns and radiation leaks at Tepco's Fukushima Daiichi facility.

TEPCO, OTHERS CUT FUEL OIL

Japan's power utilities are expected to bring on 14 new gas-fired plants between April 2014 and July 2015, while two new coal-fired units with a combined capacity of 1,600 megawatts started commercial operations last month.

"Power companies will back out of crude oil and fuel oil first due to the cost," said Osamu Fujisawa, an independent oil economist. Fujisawa estimates crude and fuel oil will make up 5-6 percent of total power generation in the year through March 2015, down from 9-10 percent this fiscal year.

Tepco, which accounted for more than one-third of Japan's use of low sulphur fuel oil for power in the year to March 31, 2013, cut its consumption of the high-cost product by 41 percent to 71,566 bpd over the next nine months against the same period the previous year. So far, despite the slower buying from Japan, prices have held steady as robust demand from South Korea for fuel oil due to outages of a few of its nuclear power plants last year supported premiums this winter, traders said.

Premiums for low sulphur fuel oil for delivery into Japan in January and February are about $140 a tonne to Singapore spot 180-cst FO180-SIN, steady to slightly firmer than a year ago. But further reduction in demand from the biggest regional importer of low sulphur fuel oil would weigh on prices, especially with European refiners ever ready to send surplus product to key demand centre Asia, keeping it well supplied

The Isogo Power Plant. Courtesy: J-POWER




Nakilat to Repower Q-MAX LNG Carrier with Dual Fuel ME-GI Engine B Y B Y B Y B Y R O BRO BRO BRO B A L M E I DAA LM E I DAA LM E I DAA LM E I DA O N J A N U AR Y 1 3 , 2 0 1 4 O N J A N U AR Y 1 3 , 2 0 1 4 O N J A N U AR Y 1 3 , 2 0 1 4 O N J A N U AR Y 1 3 , 2 0 1 4 H T T P : / / G C A P T A I N . COM /H TT P : / / G C A P T A I N . COM /H TT P : / / G C A P T A I N . COM /H TT P : / / G C A P T A I N . COM / NA K I L A TNA K I L A TNA K I L A TNA K I L A T ---- MANMANMANMAN ---- QAT AR GA SQAT AR GA SQAT AR GA SQAT AR GA S ---- QQQQ ---- MA XMA XMA XMA X ---- M EM EM EM E ---- G I /G I /G I /G I /

Qatari shipping company Nakilat, the world’s largest owner of LNG carriers, along with Qatari LNG producers

Qatargas, RasGas and engine manufacturer MAN Diesel and Turbo, have announced plans to re-power

a 266,000 m3 Q-Max vessel using a dual fuel LNG system.

The control of greenhouse gas and exhaust gas emissions is a high priority in today’s shipping industry. In-step

with current and future emissions regulations, MAN Diesel and Turbo has made technical advancements to the

low speed diesel engine to have flexibility in utilizing either heavy fuel oil, or liquefied natural gas (LNG) – a

much cleaner-burning fuel source, within its proprietary ME-GI (M-Type Electronically Controlled – Gas

Injection) engine. Once converted, this Q-Max vessel will feature the world’s first low-speed marine diesel

engine to be converted to use LNG as a fuel.

Q-Max LNG carrier, File Image: Nakilat

The specific engines to be converted will be a pair of MAN’s S70ME-C engines, such as the one pictured below:




MAN B&W Diesel 7S70ME-C, Image: MAN

Evaluation of the proposed ME-GI design for the Q-Flex and Q-Max vessels has concluded in a high confidence

level with regards to safety and reliability of the propulsion system.

Shipyard operator Nakilat-Keppel Offshore & Marine (N-KOM) will complete the ship’s conversion utilizing

MAN Diesel and Turbo’s ME-GI systems at its Erhama Bin Jaber Al Jalahma Shipyard facilities in Qatar’s Port

of Ras Laffan.

So far the use of LNG as a bunker fuel source in the LNG shipping industry has been applied to conventional

steam driven LNG carriers and more recently to Dual or Tri-Fuel Diesel Electric LNG ships with low pressure

injected, medium speed four-stroke diesels.

The use of ME-GI as an alternative will allow a cleaner fuel technology with a significant reduction in

environmental emissions, cleaner burning engines with potential to increase mean time between maintenance,

provide flexibility of fuel supply to react to market changes and reduced bunkering activities which in turn will

offer operations and marine risk reduction.




UK's Intelligent Energy gets deal to supply fuel cells in India http://uk.reuters.com/

Intelligent Energy, a British hydrogen fuel cell developer and manufacturer, said it had signed an $82

million contract, its biggest so far, to provide its technology for mobile phone masts in India.

Chief Executive Henri Winand said the technology, originally developed with Suzuki Motor Corp to power motor scooters, was cheaper and more reliable than diesel generators, which have provided back-up power for the towers.

The agreement with India's Ascend Telecom Infrastructure covers 4,000 towers serving some 10 million mobile phone users, said Intelligent Energy, a privately owned company named by Deloitte as one of the fastest growing UK technology companies in 2013.

"We have been generating power quietly for two years (in India), but now we are taking contracts where we are competitive and more cost-effective than the distributed diesel generation baseline," he said in an telephone interview.

"It's the first contract we have taken of this nature and this size and scope." The hydrogen fuel cell systems provide back-up power when electricity from the grid fails, which can happen for up to 12 hours of each 24, Winand said.

The contract lasts more than five years and has the potential to grow to about $200 million as Ascend's mast coverage grows, he said.




UAE's Mubadala awards contract for Thai oil field http://www.arabianbusiness.com/ By Andy Sambidge

Mubadala Petroleum said on Tuesday that it has awarded the contract to develop an oil field in Thailand.

The UAE-based company said in a statement that the platform engineering, procurement, construction, installation and commissioning (EPCIC) contract for the Nong Yao oil field has been awarded to Nippon Steel and Sumikin Engineering Co Ltd.

Work has started and completion is expected in early 2015. The value of the contract has not been disclosed.The Nong Yao oil field development was sanctioned by Mubadala Petroleum and its partner KrisEnergy in August.

The development consists of a wellhead processing platform and wellhead platform with interconnecting pipelines to a floating storage and offloading vessel and will in the initial phase involve 23 development wells. The facilities will be capable of producing up to 15,000 bpd. Production is expected to commence in mid-2015, the statement said.

Mubadala Petroleum manages assets and operations spanning 12 countries with a primary geographic focus on the Middle East, Africa, Central and Southeast Asia. In Thailand, Mubadala Petroleum has had a presence since 2004 and is the third largest petroleum concessionaire in the country. Mubadala Petroleum, holds a 75 percent interest in the concession and is the operator, while Kris Energy has the remaining 25 percent interest.




Franco-German energy firm seen focused on renewables: sources (Reuters) –

A French-German joint initiative in the energy sector announced by President Francois Hollande is

likely to focus on renewable energy but is not aimed at forging alliances between major utilities firms,

political and industrial sources said.

Hollande surprised markets on Tuesday with a reference to the creation of a Franco-German joint venture energy company modeled on European aviation group Airbus, but sources told Reuters that French state-controlled utility EDF and German energy major E.ON had not been consulted about a major cooperation initiative.

"We are very satisfied with Airbus," Hollande told a news conference. "The idea is to make a big French-German company for the energy transition." The announcement was one of an avalanche of new-sounding proposals put out by Hollande, determined to seize back the news agenda from allegations that he is having an affair with an actress.

A French government source told Reuters that Hollande wants concrete proposals for cooperation in the renewable energy sector at joint French-German cabinet meeting scheduled for a February 19. "The president wants to encourage French and German companies in the area of energy transition, and to bring together some of our industrial capacities," the source said.

No major operation is planned or imminent, he added. A French business source said the cooperation would likely involve the French-German Office for Renewable Energies (L'Office franco-allemand pour les




energies renouvelables), an initiative put in motion by former energy ministers Peter Altmaier and Delphine Batho last summer.

The sacking of Batho shortly after the meeting and the German coalition talks have delayed the initiative, but with new energy ministers in place in both countries, the initiative will get new impetus, the source said. Batho has now been replaced by Philippe Martin, while German chancellor Angela Merkel last month appointed SPD member Barbara Hendricks as environment minister. Hendricks is also in charge of nuclear safety.

Initial talks in the French-German energy initiative focused on security of supply, better interconnection of power networks and the support for renewable energies. A coordinated capacity mechanism to reward utilities for keeping power generation capacity on standby is also on the agenda. E.ON CEO Johannes Teyssen and French GDF Suez CEO Gerard Mestrallet have both called for a capacity mechanism initiative.

France and Germany are both undertaking major shifts in their electric power generation mix. Following the Fukushima disaster in 2011, Germany has decided to phase out nuclear energy, while Hollande has pledged to reduce France's reliance on nuclear power in its power mix from the current 75 percent to 50 percent by 2020.

Better network connections between the two major power markets is also crucial as both face very different peak load challenges. Germany is vulnerable to the intermittence of its massive renewable energy capacity throughout the year, each time there is a cloudy, windless day. France, which relies heavily on electricity for residential heating, is vulnerable during the coldest winter days, which generate peak demand between mid-January and mid-February

Last summer, Altmaier told a conference in Paris that both countries could lower power prices and boost security of supply by cooperating more closely in the field of energy.




Shell to sell $15 billion of assets including some North Sea fields http://uk.reuters.com/article/2014/01/14/uk-shell-divestments-idUKBREA0D0X320140114

Royal Dutch Shell could look to sell $15 billion (9.12 billion pounds) worth of assets over the next two

years including some North Sea fields, said a media report on Tuesday, expanding on its existing

guidance that divestments would accelerate this year.

Shell, whose new chief executive Ben van Beurden took over two weeks ago, will sell some of its North Sea oil fields as well as parts of its refining portfolio and some early-stage projects, reported the Financial Times, citing a person close to the company.

The oil company, the world's number-three among investor-controlled energy firms, declined to comment on the report. Shell and its peers in the industry are facing increasing investor pressure to hold down spending as costs rise and prospects for oil prices wane.

The Anglo-Dutch company said in October that it would step up divestments "significantly" in 2014 and 2015 to keep cash flowing in, after forecasting that 2013 capital expenditure would peak at about $45 billion. Analysts and bankers say that some of the company's Nigerian oil blocks plus Shell's 23.1 percent stake in Australian group Woodside Petroleum - worth over $6 billion at current prices - could be put on the block.

"It wouldn't surprise me if Shell were to sell some North Sea assets," Santander analyst Jason Kenney said. "In the North Sea, something like 80 percent of its production comes from 20 percent of its asset base so there's a long tail of smaller positions."

Since Van Beurden began working alongside outgoing boss Peter Voser at the beginning of the fourth quarter, the company has cancelled plans to build a gas-to-liquids (GTL) plant in the United States, raising investor hopes of a tighter spending regime. Kenney said he expected Shell under Van Beurden to focus on capital discipline, better returns and selling peripheral assets.

Van Beurden will face investors on January 30 as the company reports fourth-quarter results, and on March 13 at a planned investor day. Shares in Shell traded down 0.9 percent at 1422 GMT, underperforming Britain's bluechip index which was up 0.1 percent.




Safety central to Qatar energy industry: Al-Sada http://www.gulf-times.com/business/191/details/377817/safety-central-to-qatar-energy-industry%3a-al-sada HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada has said safety is central to the Qatar’s oil and gas industry business.

“Safety is a valuable attribute and a core constituent of our business. It is also an organisational commitment that is aligned with the holistic vision pursued by the government under the leadership and guidance of HH the Emir, Sheikh Tamim bin Hamad al-Thani,” al-Sada said in his speech at the opening of the 2nd Operational Safety Challenges Forum at the Four Seasons yesterday.

Al-Sada said, “It is crucial to work for and enhance a safety culture that will constitute the backbone of all our operations – be they offshore or onshore, upstream or downstream. A consistent safety and operations culture among all workers, in all organisations in this vital industry, is a precondition to success. This principle is the driving force behind Qatar’s multi-faceted approach to safety. This is why we implement and promote the strictest adherence to the highest international safety regulations and standards in all aspects of our industry.”

Organised by the Best Practice Technical Committee (BPTC) of QP’s Dukhan operations, the forum brings together many health, safety and environment professionals and representatives from all major oil and gas and petrochemical companies operating in Qatar. In his welcome address, Ahmad Saif al-Sulaiti, operations manager-Dukhan Fields and chairman of the organising committee, said: “This forum provides an excellent opportunity to exchange knowledge and experiences on a safety culture, crisis management and emergency response, personal safety, hazards and reducing risks at our facilities and it will help identify the way forward to promote the same in other organisations.”

The three-day event, which is scheduled until tomorrow, consists of plenary sessions and presentations focusing mainly on promoting a safety culture, emergency response and effective crisis management. Speakers include representatives of QP’s industrial cities directorate, gas operations, drilling department and offshore operations as well as from RasGas, Qatargas, Total E&P Qatar, and Qatar Fuel Additives Company (Qafac).

As part of the opening ceremony, al-Sada presented a token of appreciation to various QP departments as well as to oil and gas companies and organisations for their participation in the forum and for their contributions in promoting a safety culture within Qatar’s oil and gas industry. The awardees included QP’s drilling department, corporate HSE department, gas operations and Dukhan operations, RasGas, Qatargas, Qafac, ExxonMobil, Shell, Maersk Oil, Total, Occidental Petroleum, Honeywell, Qatar University, and Texas A&M University at Qatar.

HE al-Sada speaking to the media on the

sidelines of the 2nd Operational Safety

Challenges Forum




Total Spuds Exploration Well Offshore Libya http://www.offshoreenergytoday.com/total-spuds-exploration-well-offshore-libya/

After 780 miles long tow from Croatia, CROSCO’s semi-submersible drilling rig Zagreb-1 was positioned and anchored on December 14th, 2013 at the offshore location A1-16/3, 128 km northwest from Tripoli, Libya.

Spud in was successfully performed in the morning hours on December 30th, 2013.

As per signed contract with Total E&P Libye (TEPL), Zagreb-1 rig will be engaged in the Libyan offshore for 250-310 days with the option of extension to cover drilling of two additional wells.




NewBase Special Report

$5.4 Billion in Solar: California Goes All In http://www.masterresource.org/2014/01/5-4-billion-solar-california/#sthash.42oYYzw9.dpuf (by Jerry Graf)_

“The government support — which includes loan guarantees, cash grants and contracts that require electric customers to pay higher rates — largely eliminated the risk to the private investors and almost guaranteed them large profits for years to come. The beneficiaries include financial firms like Goldman Sachs and Morgan Stanley, conglomerates like General Electric, utilities like Exelon and NRG — even Google.”

- Eric Lipton and Clifford Krauss, “A Gold Rush of Subsidies in Clean Energy Search,” New York Times, November 11, 2011.

A recent article by Pete Danko, “Solar Power Hitting New Records in California” (Earthechling.com) documents the dramatic growth of solar energy generation facilities in California. Three large-scale solar PV installations recently on-line or underway are: California Valley Solar Ranch; Antelope Valley Solar 1, and Topaz Solar Farm, together representing a nameplate capacity of over 1,000 megawatts (1 gigawatt).

Because of their size and cost, it is worthwhile to take a look at these three facilities in greater detail:

Project Nameplate

capacity (MW)

Projected annual

output (MWh) CF (%) Capital Cost

$/watt

Capx. Cost

California Valley Solar Ranch 250 482,000 22.0% $1,600,000,000 $6.40

Antelope Valley Solar 1 250 482,000 22.0% $1,360,000,000 $5.44

Topaz Solar Farm 550 1,096,000 22.7% $2,400,000,000 $4.36

Combined Totals 1,050 2,060,000 22.4% $5,360,000,000 $5.10

Analysis of Economics and Performance

A simplistic but reasonable financial analysis can be conducted using the following assumptions:

· The average wholesaleprice of electricity in southern Californiain 2013 is about $36 per MWh. · Price of electricity will rise at a rate of 2.5% per year.




· PV cell output will degrade at a rate of about 0.5 % per year. · O&M costs for the systems will be about 0.5% of the original capital cost per year.

Please refer to this link to the CA Solar Projects Analysis; and note that, in an effort to simplify, the analysis ignores significant issues such as:

· The cost to operate and maintain a traditional fueled back-up system of equal or greater capacity, which is necessary to meet demand at night and when the sun is not shining adequately. · The extra cost of integrating a diffuse and inconsistent supply onto the grid. · The cost of service on any debt incurred for the capital investment or O&M costs. · The cost of taxes, lease payments, depreciation, and other costs not noted. The bottom line demonstrates, even with all these other costs ignored, that only 40% of the original $5.36

billion combined capital investment can be returned over 30 years by sale of electricity at market rates.

To be clear, the point of the simple analysis is to demonstrate that the owners and operators of the solar facilities cannot expect the sale of electricity at market rates to return their investment and cover their O&M costs; not even remotely. So, if the money is not coming from the sale of electricity at market rates,

then where is it coming from??

The answer to this question is that the money to prop up these non-viable ventures is coming from the taxpayers and from the consumers of electricity. The taxpayers are on the hook for low interest guaranteed loans, and are footing the bill for production tax credits and/or stimulus grants. The owners and operators of the solar facilities are also the recipients of special Power Purchase Agreements (PPAs) that guarantee the sale of their electricity at greater than market rates; the costs of which are, of course, absorbed by the consumers.

“As NRG’s chief executive, David W. Crane, put it to Wall Street analysts early this year, the government’s largess was a once-in-a-generation opportunity, and ‘we intend to do as much of this business as we can get




our hands on.’ NRG, along with partners, ultimately secured $5.2 billion in federal loan guarantees plus hundreds of millions in other subsidies for four large solar projects” Eric Lipton & Clifford Krauss – NY Times

Cost (Risk) vs. Benefit

I have often heard the argument that life is not all about economics, and not everything can be reduced to a cost analysis; but I contend that in a very basic sense this is not true, and that life IS all about cost and risk vs. benefit analysis. Money just happens to be the predominant way in which we measure cost and risk in modern society.

With regard to energy strategy the same principle applies; everything is a cost vs. benefit analysis. It may be popular to think that “it does not matter what it costs” (I hear this frequently), but this is simply not true. Society has limited resources, and it does matter. If your community invests in solar panels they are making a cost vs. benefit judgment.

If they do this instead of buying a fire truck, and you are the fire victim awaiting assistance, you might have a different perspective on the wisdom of the judgment. If our government promotes and subsidizes solar (or wind) energy generation we are making a cost vs. benefit judgment. If we drive up the cost and reduce the availability of electricity so that people suffer, we may have made an un-wise judgment.

The negative “externalities” associated with fossil fuels and CO2 emissions are often cited as reasons (excuses) to proceed with government subsidized solar energy projects, regardless of the reality of performance and cost. However, when we recognize the negative “externalities” associated with reliable, abundant and relatively low cost electricity, we must also recognize the huge positive “externalities.”

The overwhelming benefits gained by humanity for the past century from advances in food production, health and longevity, industrial production of necessities (and luxuries), transportation, scientific knowledge, communication, etc. have been driven in no small part by abundant, reliable, and relatively low cost electricity.

In a recent post at MasterResource, David Howden discusses the concept of subjective externalities, and writes the following with respect to CO2 emissions in particular:

Maybe instead of being a negative externality there is actually a positive aspect to these emissions, and as per standard microeconomic theory those who benefit should pay those who create the positive externality. Everyone on the planet eats food, so perhaps a tax should be imposed on every global citizen to remunerate the creators of carbon dioxide

I doubt this suggestion will find much support; I don’t even believe in it! But the reason that I don’t believe in it has nothing to do with my feelings over the goodness or badness of the externalities in question. Instead it stems from a recognition that we just don’t know what the relevant externalities are.

I understand the need to protect the future of our environment for my children and grandchildren, but I will not ignore reality and stand-by while our economy is sacrificed on the altar of climate change theology; because this will do no good for my children and grandchildren either.

There is a balance that needs to be struck. Positive change in energy policy requires scientific evaluation of fact as well as logical cost/benefit analysis of performance and economics.




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

Your partner in Energy Services

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

Energy Services & Consultants Mobile : +97150-4822502

[email protected] [email protected]

Khaled Al AwadKhaled Al AwadKhaled Al AwadKhaled Al Awadi is a UAE National with a total of 24 yearsi is a UAE National with a total of 24 yearsi is a UAE National with a total of 24 yearsi is a UAE National with a total of 24 years of experience in theof experience in theof experience in theof experience in the Oil & Gas sector. Currently working as Oil & Gas sector. Currently working as Oil & Gas sector. Currently working as Oil & Gas sector. Currently working as

Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for Technical Affairs Specialist for Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy consultation for

the GCC area via Hawk Ethe GCC area via Hawk Ethe GCC area via Hawk Ethe GCC area via Hawk Energy Service as a UAE operations base , Most of the experience were spent as the Gas Operations nergy Service as a UAE operations base , Most of the experience were spent as the Gas Operations nergy Service as a UAE operations base , Most of the experience were spent as the Gas Operations nergy Service as a UAE operations base , Most of the experience were spent as the Gas Operations

Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years , heManager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years , heManager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years , heManager in Emarat , responsible for Emarat Gas Pipeline Network Facility & gas compressor stations . Through the years , he has developed has developed has developed has developed

great experiencgreat experiencgreat experiencgreat experiences in the designing & constructinges in the designing & constructinges in the designing & constructinges in the designing & constructing of gas pipelines, gas metering & regulating stations and in the engineering of supply of gas pipelines, gas metering & regulating stations and in the engineering of supply of gas pipelines, gas metering & regulating stations and in the engineering of supply of gas pipelines, gas metering & regulating stations and in the engineering of supply

routes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with many Mroutes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with many Mroutes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with many Mroutes. Many years were spent drafting, & compiling gas transportation , operation & maintenance agreements along with many MOUs for OUs for OUs for OUs for

tttthe local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE andhe local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE andhe local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE andhe local authorities. He has become a reference for many of the Oil & Gas Conferences held in the UAE and Energy program broadcasted Energy program broadcasted Energy program broadcasted Energy program broadcasted

internationally , via GCC leading satelliteinternationally , via GCC leading satelliteinternationally , via GCC leading satelliteinternationally , via GCC leading satellite ChannelsChannelsChannelsChannels . . . .

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

NewBase 14 January 2014 K. Al Awadi

new base special 15 january 2014

Economy & Finance

unit of oil

standing uaeindia oil

barrels of oil equivalent

indian oil corporation

khaled al awadi newbase

asian oil markets

oil production capacity

uae energy minister