NewBase 631 special 22 june 2015

Copyright © 2015 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. Page 1
NewBase 22 June 2015 - Issue No. 631 Senior Editor Eng. Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Kingdom, Russia to invest up to $10b in joint fund
SG/Agencies + NewBase
Saudi Arabia's government and a Russian state fund have signed a memorandum of
understanding to jointly invest as much as $10 billion, official Saudi news agency SPA said on
Sunday.
The deal between Saudi Arabia's Public Investment Fund (PIF) and the Russian Direct Investment
Fund (RDIF) was sealed last week when top Saudi officials visited Russia. The governments also
agreed to cooperate on developing
nuclear energy.
SPA did not say where or when the
joint investments would be made. The
PIF was set up to help develop the
Saudi economy, while the RDIF makes
equity investments mainly in Russia
and in the last few years has signed
similar co-investment agreements with
countries such as China, South Korea
and Kuwait.
Prince Saud K. Al Faisal, executive director for investment policy at the Saudi Arabian General
Investment Authority, told Reuters in March that Saudi Arabia was increasingly focusing on
investing to obtain technology and benefit its economy rather than just seeking monetary returns.
Last week the PIF agreed to buy a 38 percent stake in South Korean builder POSCO Engineering
& Construction Co for about $1.1 billion, in a deal that could transfer construction sector expertise
to Saudi Arabia.
POSCO E&C is one of the leading global engineering and construction companies that specializes
in engineering and building industrial and energy facilities, infrastructure and urban development,
and has several international branches in emerging markets.
The agreement includes a commitment to proceed with strategic plans in Saudi Arabia, such as
the establishment of a Saudi joint venture company in the field of engineering and construction.
The engineering and construction sector is second only to the oil sector in respect of its financial
contribution to the gross domestic product of the Kingdom of Saudi Arabia. Recent studies
suggest that the Kingdom plans to spend approximately $15 billion in the construction sector on
strategic infrastructure projects this year, which highlights the size of this sector and its importance
in creating sustainable economic development.

Saudi Arabia sees moderate business cycle in 2015, 2016
Saudi Gazette
The Kingdom of Saudi Arabia will face a moderate business cycle during 2015 and 2016, growing
around 3% in real terms, the National Commercial Bank said in its “Saudi Economic Review” this
month. “ Our assumptions centered on lesser contribution from the oil sector and moderation in the
non-oil sector,” it noted.
In 2015, the macroeconomic projections
were based on an average Arabian Light
crude oil price of $65/bbl and an average
daily crude oil production level of 9.8
MMBD. Accordingly, this projected decline
in oil prices will result in lower oil
revenues, which will weigh negatively on
the fiscal and current accounts that will
register deficits of 11.7% and 3% out of
GDP, respectively.
Real GDP growth is expected to rise by
3.4%, due mainly to an expected growth in
non-oil sector by 5.1%, driven by the
private sector that will compensate for the
insignificant contribution of oil. The key
beneficiaries in 2015 will remain to be the
trade, construction and manufacturing sectors, growing at 7%, 6% and 6%, respectively.
The projections for the three sectors are supported by the recent royal decrees, buoyant activity in
the projects’ market and resilient business confidence. Notably, the series of royal decrees
announced in January and April 2015 will provide favorable stimulus to the non-oil private sector,
especially from the bonus payment of two salaries to all public sector employees.
Ostensibly, the report said, the next five years might prove to be a challenging time for the
Kingdom on the back of rangebound oil prices and slower growth in crude production, given the
increased possibility of oversupply from OPEC and non-OPEC. The inflection toward fiscal deficits
will weigh negatively on net foreign assets going forward, a situation that have materialized with
the government drawing down around $45.5 billion in 2015 YTD. Chinese growth prospects,
Federal Reserve monetary policy direction, Iran’s nuclear deal with the West are the most notable
events that can pose risks to our crude oil prices and production forecasts whether to the upside
or downside given the inherent volatility of oil markets.
All is quiet on the monetary policy front, the report noted. Monetary policy in Saudi Arabia is
exhibiting a high degree of stability and predictability compared to most emerging markets that
suffer from structural deficiencies, which entangled their monetary policy in a balancing act
between supporting economic growth and defending currencies. SAMA is mainly concerned these
days with price stability and money supply dynamics.
On a near-term note, with the Fed expected to raise its target funds rate by the end of the year
and gradually thereafter, SAMA will follow suit by increasing the repo and reverse repo rates for
the first time since 2009. Yet, it is our opinion that raising the reverse repo and repo rate will not
tighten monetary conditions given the ample liquidity, evident from the 3- month interbank market
that fell from around 96 bps in 2014 to as low as 77bps in 2Q 2015.

Saudi Arabia, Russia sign nuclear power cooperation deal
Reuters + NewBase
Saudi Arabia and Russia have signed an agreement to cooperate on nuclear energy
development, a Saudi government body in charge of such projects said. The government
body, the King Abdullah City for Atomic and Renewable Energy, announced the
cooperation deal on its website on Thursday but gave no further details.
Saudi-owned al-Arabiya TV, citing unnamed sources, said the kingdom planned to build 16
nuclear reactors in which Russia would play a significant role in operating them.
The Saudi atomic and renewable energy body has already
signed nuclear cooperation deals with countries able to build
reactors, including the United States, France, Russia, South
Korea, China and Argentina.
It is not clear if this new deal will take cooperation with Russia
to a more advanced level. In 2012, Saudi Arabia said it aimed
to build 17 gigawatts (GW) of nuclear power by 2032 as well
as around 41 GW of solar capacity. The oil exporter currently
has no nuclear power plants.
Nuclear and solar power stations would reduce the diversion
of Saudi Arabia’s oil output for use in domestic power
generation, leaving more available for export.
The agreement envisages the formation of a coordination committee for further discussion on the
uses of nuclear energy for peaceful purposes, as well as the formation of joint working groups to
carry out specific projects and research, the exchange of experts, the organization of seminars
and workshops, assistance in education and the training of scientific and technical personnel, and
the exchange of scientific and technical information.
In March, state-owned R&D companies from Argentina
and Saudi Arabia set up a joint venture company, Invania,
to develop nuclear technology for Saudi Arabia's nuclear
power program. The foundation of Invania, between
Taqnia of Saudi Arabia and Invap of Argentina, was
announced by Argentina's federal planning ministry and
Invap during a visit by the Saudi Arabian consultative
assembly, the Shura Council. Invania was established
under a nuclear cooperation agreement signed by the two
countries in 2011.
Earlier the same month, Saudi Arabia and South Korea signed a memorandum of understanding
that could enable at least two South Korean-designed SMART reactors to be built in Saudi Arabia.
The two countries are to jointly promote the 330 MWt pressurized water reactor with integral
steam generators and advanced safety features in the global market. They signed a cooperation
agreement on the peaceful uses of nuclear energy in November 2011.
Although Saudi Arabia's nuclear program is in its infancy, the kingdom has plans to construct 16
nuclear power reactors over the next 20 years. A 2010 royal decree identified nuclear power as
essential to help meet growing energy demand for both electricity generation and water
desalination while reducing reliance on depleting hydrocarbon resources.

India:Baharat Pet. to expand own refinery expansion
Bloomberg + OmanTimes
Bharat petroleum, which holds 49 per cent stake in the project, provided the unbridged portion of
the Rs 40-billion equity in form of loan. Photo – Bloomberg NewsIndian firm ready to go ahead
with refinery expansion on its own
With Oman Oil Company (OOC) reluctant to put more money, Bharat Petroleum Corporation
Limited (BPCL) has decided to fund the Rs180-200 billion expansion of the Bina refinery in
Madhya Pradesh on its own.
Bharat Petroleum, India's
second-biggest state refiner,
plans to raise Bina refinery
capacity to 15 million tonnes
in two phases — to 7.8 million
tonnes a year from current six
million tonnes at a cost of
Rs350 billion by 2018 and
then to 15 million tonnes at an additional investment of Rs180-200 billion in 5-6 years. Oman Oil
Company (OCC), which holds 26 per cent stake in the Bharat Oman Refineries (BORL) the firm
that built the refinery, is willing to participate in the first phase expansion but not in the second
phase, a top official said.
"We are close to firming up plan to go ahead with the second phase expansion on our own. BPCL
will fund the project," he said. Oman Oil Company in 2009 paid a 50 per cent premium for a re-
entry into the Rs11,397-crore Bina refinery project. The project was originally conceived through a
joint venture company, BORL but the OCC did not contribute equity beyond the initial Rs750
million
The Omanese oil major came back to pick up 26 per cent stake in the project for an additional
Rs12.20 billion. The BORL was formed as an equal joint venture company way back in 1993.
However, following inordinate delays in the implementation of the project, OOC froze its
investment in the company at Rs750 million for a two per cent equity stake.
BPCL, which holds 49 per cent stake in the project, provided the unbridged portion of the Rs 40-
billionequity in form of loan. The state-run firm got its loan back once OOC made payments for its
26 per cent share.
The remaining 25 per cent is with financial institutions. BPCL also operates a 12 million tonnes a
year refinery at Mumbai and 9.5 million tonnes Kochi unit. It also has majority stakes in the 3
million tonnes Numaligarh refinery in Assam.
The official said BPCL is expanding and upgrading its Kochi refinery in Kerala to process high
sulphur crudes by 2016. Kochi refinery capacity is being raised to 15.5 million tonnes from current
9.5 million tonnes.
Crude grades with a high sulphur content are cheaper, and refineries that have installed speciality
secondary units to process them can lower feed costs and increase their margins. Besides boosting
margins with the upgrade and expansion, the refinery will also be able to produce fully Euro IV compatible
petrol and diesel. Also, Numaligarh refinery capacity is being planned to be raised to 9 million tonnes.

Indonesia pumping up its oil and gas industry with foreign investments
GulfTimes + NewBase
Indonesia, Southeast Asia’s largest economy, is trying to stimulate its decrepit oil and gas industry
in an aim to feed the rapidly rising demand for fuel among its 240mn-population and its growing
middle class. Latest news that the country is about to receive a whopping $7bn investment from
Oman to build oil storage facilities, a petrochemical plant and a refinery is seen as just the
beginning of a bigger drive to call for new tenders for oil and gas blocks and seek foreign
investments into oil production and related facilities and into upgrades of the poor infrastructure in
the sector.
The Oman investment is part of plans to raise national fuel output in Indonesia by state-owned oil
and gas giant Pertamina, which operates almost all of Indonesia’s refinery capacity, from the
current 1mn barrels per day (bpd), a volume far from accommodating domestic demand, to 2.3mn
bpd through upgrades and additional plants, according to the country’s energy minister Sudirman
Said. The refinery to be built in Indonesia’s Riau province will see its groundbreaking procedure in
2016 and its products will be purchased by Pertamina, Said added.
Experts reckon that Indonesia’s energy industry needs a far larger number of new investments in
both its exploration and refining sectors in order to significantly upgrade its energy capabilities. For
example, Indonesia’s fuel output has suffered from a lack of investment in its refining sector since
the construction of its last refinery was completed in 1994.
According to data collected by the US Energy Information Administration (EIA), Indonesia’s
energy consumption increased by 44% from 2002 to 2012, with petroleum accounting for the
highest proportion of this increase. Despite its sizeable oil reserves, Indonesia shifted from being
a net oil exporter to a net importer as early as in 2003 and even suspended its membership in the
Organisation of Petroleum Exporting Countries (Opec), in 2009, after joining in 1962.
This exit was prompted by growing internal demand for energy, declining production and limited
investment to increase capacity. The country’s poor infrastructure, together with its complex

geographic structure, and a difficult regulatory environment have affected these investments in the
past.
In 2012, 25 new oil and gas contracts were signed, but the number fell to 14 in 2013 and reached
a low of seven in 2014.
This year, things look a bit better. Indonesia’s Ministry of Energy and Mineral Resources in 2015
already awarded 13 new oil and gas blocks to the likes of ConocoPhilips, Shell, Total and Statoil
with combined investment commitments of $155.8mn, and another 11 should follow. Pertamina
said it plans to construct a $450mn crude oil terminal in East Kalimantan that will allow the
company to blend its domestic crude oil with other grades of imported crude oil and act as an oil
stock reserve for the country.
As of latest figures of 2013, the lion’s share (26%) of Indonesia’s crude oil imports came from
Saudi Arabia. The United Arab Emirates delivered 5% and Qatar 4%. Most of Indonesia’s own
crude is exported to Japan, Thailand and Australia. Revenues from the oil and gas sector
accounted for about one quarter of total state revenue.

NuEnergy Gas Commences CBM Drilling in Indonesia
NuEnergy Gas Limited has commenced drilling for first coal bed methane exploratory well RE-
CBM-01CE at the Rengat PSC tenement in Central Sumatra, Indonesia.
“Mobilisation of the rig commenced in early June for well RE-CBM-01CE which is located
approximately 195 km South of Pekanbaru, Indonesia. The MCQ 700 fully hydraulic automated
truck mounted rig is currently being used to drill to a depth of 495 meters.
The hydraulic rig will be mobilised to the
second well, RE-CBM-02CE located 30 km
southwest of RE-CBM-01CE upon completion
of drilling,” the company said in a statement
published Monday.
Rengat PSC covers 2,395km2 of Central
Sumatra basin and lies in between prolific oil
and gas concessions located in the Central
Sumatra basin in the vicinity of a major gas
pipeline from Jakarta to the Chevron Duri
Steam Flood project and related infrastructure.
NuEnergy has a 100% working interest in Rengat PSC and is the operator of the PSC.

Tanzania: Decision on $15 Billion LNG Project in Three Years
Bloomberg + NewBase
Tanzania, holder of East Africa’s biggest natural-gas reserves after Mozambique, will decide on a
$15 billion export plant in three years, potentially adding to a glut of supply projects from the U.S.
to Australia.
Construction of the 10 million-ton-a-year liquefied natural gas plant would probably be complete
around 2020, said Willington Hudson, a director at state-run Tanzania Petroleum Development
Corp. BG Group Plc and Statoil ASA are still drilling the fields that would feed the plant, he said.
Discoveries in East Africa this decade have established the region as the newest gas province
and raised the prospect of exports to world markets. While rival projects from North America to
Australia promise to boost global shipments, BG and its peers in Tanzania and Mozambique are
pressing ahead on the expectation demand will outstrip supply in the coming decades.
“You need to look at energy demand for the next 50 years,” Hudson, director for downstream
operations, said in an interview in London. “Demand for gas will continue going up.”
Tanzania’s first offshore gas discovery was made in 2010. Since then a series of finds has
expanded the country’s potential reserves to 55 trillion cubic feet, enough to meet about 11 years
ofdemand from U.S. homes. Almost 90 percent of the resources are far out at sea, making
extraction difficult, Hudson said.
Mozambique Plans
In Mozambique, Anadarko Petroleum Corp. and its partners are planning a 10 million-ton-a-year
LNG export project with a target start date of 2018.
The East African plants will compete with projects in the U.S., where a boom in shale-gas
production has driven down prices, and Australia, where the Queensland Curtis LNG complex
plans to ramp up exports this year. Papua New Guinea has also started shipments abroad while
projects are moving forward in Canada.

Some LNG projects around the world will face delays or even cancellation, according to the
International Energy Agency. Plants in Mozambique and Tanzania are unlikely to come on line by
2020 because of the “challenges” they face in a low oil and gas price environment, Costanza
Jacazio, senior gas analyst at the IEA, said this month.
In Tanzania, the government has chosen the location of the proposed LNG plant, Hudson said,
without giving more details pending an official announcement.
Regardless of export plans, Tanzania needs its gas to build gas-fired power stations and
petrochemical plants, according to the director. Any surplus fuel can be sent to neighbors
including Rwanda, Burundi and the Democratic Republic of Congo.
“If we have any extra gas, it will make more sense to use it locally and use it within the region,”
Hudson said.“ We need the energy to power our own economy.”

Norway approves development of giant Johan Sverdrup field
Offshore Energy Today Staff
The Norwegian parliament has approved the plan for development of one of Norway’s largest oil
discoveries in decades – the Statoil-operated Johan Sverdrup field in the North Sea.
“Johan Sverdrup is the start of a new chapter in Norwegian oil history,” said the country’s energy
minister Tord Lien. He said the development would provide jobs and income“for our grandchildren
too”.
“There is reason to be both proud and delighted,” the minister said.
Several major contracts related to the development of the Johan Sverdrup have already been
awarded to Norwegian companies. Statoil on Monday awarded $558 million contract to Odfjell
Drilling for drilling wells at the field.
Also, last week Norwegian contractor Kvaerner, together with KBR from the US, won a contract
for the construction of the topside for the utility and living quarter platform at the Johan Sverdrup
field. The contract has a value of $843 million.
Johan Sverdrup is one of the five biggest oil fields on the Norwegian continental shelf. With
expected resources of between 1.7 – 3.0 billion barrels of oil equivalent, it will also be one of the
most important industrial projects in Norway over the next 50 years. The Johan Sverdrup
licensees are Statoil, Lundin Norway, Petoro, Det norske oljeselskap and Maersk Oil.

Oil Price Drop Special Coverage
Oil prices unchanged as worries ease over Greek debt
Reuters + NewBase
Oil prices were unchanged in Asian trade on today Monday 22nd
June 2015, after initially falling on
concerns about the outcome of a eurozone meeting later in the day on the Greek debt crisis ,
although worries about oversupply still weigh on the market.
Prices rebounded from early lows after a European Commission official tweeted the latest
proposal from Greece was a "good basis for progress" in Monday's talks. "On a 24 hour basis we'll
see some volatility depending on what happens with Greece," said Ric Spooner, chief market
analyst at Sydney's CMC Markets.
Brent crude for August delivery was flat at $63.02 a barrel as of 0442 GMT (0042 EDT), after
dipping as much as 52 cents when Asian markets opened. The benchmark lost $1.24 in the
previous session. Front month U.S. crude was at $59.58 a barrel, down 3 cents after finishing the
previous session down 84 cents.
Greek Prime Minister Alexis Tsipras offered a new reforms package to foreign creditors on
Sunday in an effort to avoid default this month on 1.6 billion euros in debt repayments to the
International Monetary Fund.
Worries over high domestic U.S. oil production, which has held around 9.6 million barrels a day -
the highest level since the early 1970s, still weighed on oil prices, Spooner said.

U.S. oil producers added a rig each in the Permian and Bakken shale basins last week, fuelling
worries over high domestic oil output, even as the total number of active U.S. rigs fell last week,
data on Friday showed.
"My expectation for a price increase is fairly limited," Spooner said. "One way or another we are
likely to see some production cuts. If we did see prices go up then OPEC would increase
production and/or U.S. producers would increase theirs as well."
Other analysts also continue to point to the overhang of supply in the market.
Ten million barrels of unsold crude - mainly from Nigeria - are held in offshore storage despite
strong summer demand, Morgan Stanley said in a research note on Monday, posing a worrying
outlook for oil in the second half of the year.
"If there are this many challenged cargoes in this strong demand environment, we worry about the
outlook for physical oil this fall when crude runs and gasoline demand fall seasonally," the note
said. And considering the prospects of new supply from Libya and Iran a lower price environment
seems increasing likely, Morgan Stanley analysts said.
Iran and Iraq are Opec’s biggest wild cards
The National + NewBase
Iran and Iraq have taken over from North American shale oil as the biggest wild card facing Opec
and the world oil market in the year ahead, according to a number of leading market analysts.
New research by the Edinburgh oil
consultancy Wood Mackenzie, for
example, reckons that the
combined additional production
from the two countries could be
running as much as 500,000 to
600,000 barrels per day (bpd)
higher in the coming months.
On the other hand, the volatile
conditions the two countries face
mean output from the two could
end up little changed, the
consultancy adds. If the higher
forecasts prove correct, the
extra oil would significantly
increase the surplus already
swamping the market, according to
the International Energy Agency (IEA) based in Paris.
The dominant factor on the supply front for more than a year has been North American oil
production, as it climbed to record levels when world demand was tapering off.
The huge surge in US production – nearly doubling from 2008’s low point of 5 million bpd to the
recent levels of 9.6 million bpd – and the refusal by Saudi Arabia and its allies to bow to pressure

and cut Opec’s production, has meant supply has been outstripping demand by more than 1m bpd
for months, filling up storage tanks around the world to near capacity.
Benchmark oil prices slumped from US$115 a barrel last summer to a February low of $45, before
recovering to trade at around $65 a barrel since April as US production levelled off. Saudi oil
officials claimed at this month’s Opec meeting in Vienna that the slowdown by higher-cost
producers vindicated its policy.
Now, however, the prospect of additional Iran and Iraq oil supply looms and Opec has no policy to
accommodate it. The Iranian oil minister Bijan Zanganeh said this month that Iran could increase
production by 1m bpd within seven months of sanctions being lifted, bringing it back to its 2011
pre-sanctions level of 3.7 million bpd. Most analysts think that is way too optimistic. Wood
Mackenzie believes Iran could be pumping an additional 400,000 bpd by this time next year, with
another 200,000 bpd coming on in 2017.
Iraq, meanwhile, could add another 200,000 bpd by next year too, as the country continues to
increase production of its Basra Heavy crude grade, which started hitting the market this month,
as well as increasing exports from the Kurdish region.
But Wood Mackenzie, in common with other analysts, says the outlook has many volatile
variables. The most obvious for Iran is whether it can finalise a deal on sanctions related to its
nuclear programme after a preliminary agreement was reached with international negotiators in
April.
Wood Mackenzie’s “low case” scenario – if the nuclear deal falls through – would leave output and
exports unchanged. Another uncertainty is over the state of repair of Iran’s oilfields – whether the
period of idleness for some reservoirs will make it difficult to bring them back into production.
Either scenario is possible.
Related to that will be
how fast Iran can attract
international oil
companies’ investment –
the oil ministry has been
working for months on
the politically risky task
of improving contracts to
offer international oil
companies. Even before
sanctions closed off Iran
to most foreign
investment, its contracts
were deemed a failure,
providing only minuscule
returns for most
companies.
Wood Mackenzie’s “high
case” scenario for
Iranian oil production, with production rising from 2.7 million bpd to 3.1 million bpd next year and
3.3 million bpd in 2017, depends not only on a sanctions deal, but on everything else going right
too, says Homayoun Falakshahi, Wood Mackenzie’s Iran analyst.

Oilfield costs fall following decline in oil prices
Source: EIA, based on United States Bureau of Labor Statistics, Industry Producer Price Indexes
As oil prices declined—falling more than 50% from June 2014 to January 2015, before increasing
slightly in spring 2015—energy production companies focused efforts on increasing operating
efficiencies.
While production, rig counts, and employment statistics are good indicators of the expansion or
contraction of the oil and natural gas industry, the Bureau of Labor Statistics Producer Price Index
(PPI) tracks the rates oil and natural gas service firms are receiving for goods and services used
in producing oil and natural gas. Changes in the PPI can be used to examine how prices charged
by firms throughout the oil and natural gas industry respond to fluctuations in commodity prices.
The magnitude of PPI declines by industrial classification compared with the downturn in oil prices
reflects the idea that firms most directly exposed to commodity price fluctuations (producers) will
experience the most substantial and immediate change in the rates received for their outputs.
As companies engaged in oil and natural gas production curtail capital expenditures and seek
operating efficiencies in response to lower oil prices, these actions apply downward pressure on
the rates charged by drillers, support services, and other suppliers.
From June 2014 to May 2015, when the oil and gas prices as measured by the PPI fell by 49%,
the PPI by industry classification showed the following changes:
• Rates for drilling activities, which primarily represent service fees for contractors to drill oil
and gas wells, declined by 19.6%.
• Rates for support activities, which include the surveying, cementing, casing, and otherwise
treating wells, declined by 1.4%.
• The price of sands primarily used for hydraulic fracturing declined 12.5%.

The PPI index does not necessarily represent the slowdown in business activity, but rather
reductions in prices received for particular goods and services. The price reductions reflect both
weakened demand for the services offered and heightened industry competition to maintain
market share.
Recent quarterly data show that year-over-year changes in net income—a measure of revenue
minus operating expenses, depreciation, interest, and taxes—have declined for drilling and
extraction companies.
For the first quarter of 2015, ending March 31, a group of 14 drilling companies represented in the
OSX index (an index of oil and gas service companies) experienced a first-quarter year-over-year
decline of 91% in net income, decreasing from an aggregate net income of $4.0 billion to $352
million. In the same period, a larger group of 57 North American independent oil and gas
producers experienced a collective year-over-year decline in net income of 574% from $2.9 billion
in net income to a loss of $13.9 billion.

Offshore rig count going downhill
Baker Hughes Incorporated has posted Weekly Rig Count reports to its Investor Relations
website. According to the latest report, offshore rig count has dropped from the previous week.
BHI Rig Count: U.S. -2 to 857 rigs
U.S. Rig Count is down 2 rigs from last week to 857, with oil rigs down 4 to 631, gas rigs up 2 to
223, and miscellaneous rigs unchanged at 3.
U.S. Rig Count is down 1001 rigs from last year at 1858, with oil rigs down 914, gas rigs down 88,
and miscellaneous rigs up 1.
The U.S. Offshore rig count is 27, down 2 rigs from last week, and down 32 rigs year over year.
BHI Rig Count: Canada +9 to 136 rigs
Canadian Rig Count is up 9 rigs from last week to 136 rigs, with oil rigs up 6 to 74, and gas rigs up
3 to 62.
Canadian Rig Count is down 129 rigs from last year at 265, with oil rigs down 92, and gas rigs
down 37.

NewBase For discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Your partner in Energy Services
NewBase energy news is produced daily (Sunday to Thursday) and
sponsored by Hawk Energy Service – Dubai, UAE.
For additional free subscription emails please contact Hawk Energy
Khaled Malallah Al Awadi,
Energy Consultant
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
Mobile: +97150-4822502
khdmohd@hawkenergy.net
khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with a total of 25 years of experience in
the Oil & Gas sector. Currently working as Technical Affairs Specialist for
Emirates General Petroleum Corp. “Emarat“ with external voluntary Energy
consultation for the GCC area via Hawk Energy Service as a UAE
operations base , Most of the experience were spent as the Gas Operations
Manager in Emarat , responsible for Emarat Gas Pipeline Network Facility &
gas compressor stations . Through the years, he has developed great
experiences in the designing & constructing of gas pipelines, gas metering &
regulating stations and in the engineering of supply routes. Many years were spent drafting, &
compiling gas transportation, operation & maintenance agreements along with many MOUs for the
local authorities. He has become a reference for many of the Oil & Gas Conferences held in the
UAE and Energy program broadcasted internationally, via GCC leading satellite Channels.
NewBase : For discussion or further details on the news above you may contact us on +971504822502 , Dubai , UAE
NewBase 22 June 2015 K. Al Awadi

NewBase 631 special 22 june 2015

Recomendados

Recomendados

Más contenido relacionado

La actualidad más candente

La actualidad más candente (20)

Destacado

Destacado (17)

Similar a NewBase 631 special 22 june 2015

Similar a NewBase 631 special 22 june 2015 (20)

Más de Khaled Al Awadi

Más de Khaled Al Awadi (20)

Último

Último (20)

NewBase 631 special 22 june 2015