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February 23, 2016 - Contax Partners’ Energy Feed

Qatar plans 1,000MW Solar Power via JV | BP/Oman Oil looking at the possibility to develop Khazzan Gas field Phase 2 |  Saudi Arabia and Russia agree to freeze output | UAE to store oil in India; 2/3rds for free

 

Qatar plans 1,000MW Solar Power via JV

qatar solar power QPQatar is planning to build 1,000MW of solar power generating capacity in order to diversify its energy mix away from hydrocarbons. In December 2015, Qatar Electricity and Water Company (QEWC) said it would hold 60% of a new solar power project in a joint venture with Qatar Petroleum (QP). International Companies will be invited to bid for the remaining 40% via a tender process. Fahd al-Mohannadi, General Manager of the state utility, revealed that this decision was based on the fact that producing solar power would be cheaper than buying gas from the international market. Mr. Mohannadi also revealed that, as both coal and wind power had been ruled out and Qatar's land mass was too small to consider nuclear power, solar would be a key part of Qatar’s future energy mix. The JV between QEWC and QP is expected to be completed by Q4 2016 or early 2017.

 

BP/Oman Oil looking at the possibility to develop Khazzan Gas field Phase 2

British petroleum Oman KhazanBP and Oman Oil Company have signed an agreement to develop the second phase of the Khazzan natural gas field, estimated to be USD 16bn. The project is expected to produce a total (Phase 1 and 2) of 1.5 bn cubic feet of gas per day (40% of Oman’s current output). The new development requires final approval from Oman’s government and BP, which is expected in 2017. The reservoir is known to have tight gas which is trapped in impermeable rocks and thus requires techniques such as hydraulic fracturing in order to extract. Phase 1 of the project is scheduled to commence production in late 2017, while phase 2 is expected to commence production in 2020.

 

 

Saudi Arabia and Russia agree to freeze output

Saudi and Russia to pause oil productionThe world’s two largest crude producers, Saudi Arabia and Russia have agreed to freeze oil output at January levels. Along with these two major crude producers, Qatar, Venezuela and Nigeria have agreed to fix production at January levels as well. On the contrary, Iran is likely to continue to increase its production, having recently emerged from the removal of sanctions.

 

 

 

UAE to store oil in India; 2/3rds for free

UAE India Oil dealAbu Dhabi National Oil Company (ADNOC) is interested in storing crude oil in India's maiden strategic storage facilities and giving two-thirds of the commodity to India for free. India is building underground storage facilities in Andhra Pradesh and Karnataka to store approximately 5.33 mn tonnes of crude oil. The UAE had then committed to investing USD 75 bn in India. This includes scope for investments in refineries, petrochemical plans, LNG terminals and pipelines.

 

 

 

 

 

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