Pakistan Oil and Gas Market Update

Main Update Highlights from entire month of June, 2013

A leading Britain firm Orion Energy and Pakistan Petroleum Limited joined hands to work
together to develop offshore oil and gas potential of Pakistan.

Pakistan, India in gas talks ‐ India is willing to export 400 million cfd of gas to Pakistan but only if
a lower tariff rate can be agreed, according to Pakistan’s petroleum and natural resources minister,
Shahid Khaqan Abbasi. A delegation from state‐run GAIL, India’s largest gas transmission and marketing
company, had met Abbasi to assess Pakistan’s willingness to import gas from India.

Pakistan‐Iran Gas Pipeline Project would be completed by the stipulated time of December
2014.

European, UK Oil and Gas Market Update

Main Update Highlights from entire month of June, 2013

Statoil and Stadtwerke Düsseldorf conclude innovative gas‐to‐power contract ‐ Statoil and
Stadtwerke Düsseldorf have signed a 15‐year arrangement for the supply of natural gas to Stadtwerke
Düsseldorf’s upcoming 600‐MW gas power plant (CCGT) in Lausward/Düsseldorf, Germany.

Base Oil Group III prices in Europe is drifting downwards due to huge inventories.

Base Oil SN 150 FOB Europe prices down by 1% June 2013.

Canada Oil and Gas Market Update

Main Update Highlights from entire month of June, 2013

Petro‐Canada Lubricants Inc. is gearing up to launch the latest in the Duron line of products.

Export Development Canada’s (EDC) trade confidence index rose to 72.6 in the first half of 2013
from 70.7 in the second half of 2012 due largely to a more positive assessment of the U.S. and European
economies.

Candax Energy Inc. Announces Sale of Working Interest in Madagascar ‐ Candax Madagascar
Limited (“CML”), has reached an agreement to sell its 10% working interest in Block 1101 in Madagascar
to Oyster Oil & Gas Limited (“Oyster”).

Sources: Magazines, Newspapers and regional websites

United States Oil and Gas Market Update

Main Update Highlights from entire month of June, 2013

Wood Group chosen for Texas coast gas pipeline ‐ Wood Group Mustang has been selected by
US natural gas exploration and production company, Williams to provide survey, engineering, design
and programme management for its Purity Pipeline projects.

Light, sweet oil may outpace US Gulf Coast refining capacity soon.

TOBS/N 70 Base Oil FOB USA price down by 1% in June 2013 as compared to last month price.

BS 150 FOB USA prices down in June 2013.

US gas boom causes methane leaks ‐ The switch from coal to natural gas as a fuel for electricity
production in the US has been previously praised as a successful way of reducing the amount of carbon
dioxide emissions the country creates. It has now arisen that although carbon dioxide emissions have
been reduced, methane leaks occurring at production sites could make the benefits of the power source
switch negligible. A new report produced by the Centre for Climate and Energy Solutions (C2ES) has
suggested that climate benefits may be outweighed by the amount of methane that is leaking into the
atmosphere. The report, entitled Levering Natural Gas to Reduce Greenhouse Gas Emissions, is an
examination of the benefits of using natural gas and the climate challenges that its use creates. Eileen
Claussen, C2ES president, said: “The natural gas boom can help grow the economy while shrinking our
carbon footprint, and there’s much greater potential on both fronts, but we need a diverse energy
supply. Natural gas is not carbon‐free and we can’t let it crowd out nuclear and renewables. It’s also
critical that we do a better job of measuring and minimising methane releases.”

Bio‐based transformer oil is being used in large number of transformers mainly in the North
American region

Source: GulfNews, KhaleejTimes, Meed, and regional US newspapers.

Egypt Oil and Gas Market Update

Main Update Highlights from entire month of June, 2013

Sea Dragon makes double‐well success in Egypt ‐ Sea Dragon Energy Inc., an independent oil and
gas exploration and production company with assets in Egypt, announced last week that its Al Amir SE
17 development well was successfully tested at a rate of 3,664 bopd.

Successful Egypt oil well test ‐Partners in the NW Gemsa concession in Egypt have said that the
Al Amir SE (AASE) 17 development well was successfully tested at 3,664 bpd of oil.

Mashreq to build Suez Canal terminal and provide bunkering ‐ Mashreq Petroleum signs deal
that will allow it to build the first independent tank terminal in Egypt.

Total buys Shell’s downstream business in Egypt
Lubricants business to be retained as part of the deal. Total SA has purchased rival Royal Dutch Shell
PLC’s fuel retail network in Egypt in a deal that bolsters Total’s efforts to ramp up exploration and
production operations in Africa.

Sources: Newspapers, Magazines, and websites.

Iraq Oil and Gas Market Update

Main Update Highlights from entire month of June, 2013

Technip wins contract for Karbala refinery ‐ Oil Projects Company has awarded a significant
contract to Technip for project management consultancy (PMC) services for the engineering,
procurement and construction (EPC) phase of the Karbala refinery. This award follows the front‐end
engineering design executed by Technip in 2010.

Gulf Keystone to drill deepest well in Kurdistan ‐ UK‐based Gulf Keystone Petroleum has
spudded the first deep well in the Shaikan Block in Kurdistan Region of Iraq as the firm looks to drill
deeper on its Shaikan discovery than ever before.

First stage of Kurdish oil pipeline complete ‐ Kurdish minister outlines pipeline plans.

Iraq tenders power station telecoms deal ‐ Contracts covers communications and security
system at Shat al‐Basra facility.

Baghdad unveils energy strategy ‐ Iraq’s priority is to ramp up its oil and gas infrastructure
before deciding on production targets

Companies invited to prequalify for Kurdistan hydropower schemes ‐ Hydropower programme
will involve building seven dams in Kurdish region of Iraq

Petronas retenders Iraq power deal ‐ July deadline set for Gharraf gas‐to‐power project

Iran Oil and Gas Market Update

Main Update Highlights from entire month of June, 2013

  • New Kish island wells could unlock 66 tcf for Iran ‐ The drilling of 12 new wells on Iran’s Kish
    island, in the Arabian Sea could unlock a significant amount of the estimated 66 trillion cubic feet of
    natural gas by the March 2014, according to the head of the project.
  • Base Oil Group I FOB Iranian origin export prices are oscillating in the price range of USD 960 ‐
    975 PMT.
  • Base Oil SN 500 FOB Iran prices reported in the range of USD 965 – 980 PMT in June 2013. Base
    Oil Report: As per the data analysis by our team, SN 500 Base Oil FOB Iran prices were hovering in the
    range of USD 960 – 975 PMT in the month of January 2013, Further price of product jumped up
    continually & reported in the range of USD 875 – 890 PMT in February, USD 915 – 930 PMT in March
    and USD 970 – 985 PMT in April 2013.While in May price remained status quo as compared to previous
    month price. In current month i.e. June 2013, prices of the product have gone down by USD 5 PMT (1%)
    compared to last month & prices reported at USD 965 ‐ 980 PMT. Compared to Jan 2013, prices have
    hiked by 17% in June 2013.

Oman Oil and Gas Market Update

Main Update Highlights from entire month of June, 2013

  • PDO signs $40m Deal with Local Contractor Al Baraka Oilfield Services.
  • Oman invites bids for electrical substation contract ‐ Work will involve building 220kV substation

in the northeastern town of Izki.

  • Petrofac wins Oman operations and maintenance contract ‐ Contractor to manage commission

of two new production assets for Oman Oil Company.

  • OOC forms JV for mega crude storage facility ‐ Oman Oil Company and its subsidiary Takamul
    Investment Company have formed a joint venture firm. Oman Tank Terminal Company (OTTCO) ‐ to
    build, own and operate upto 200 million barrel oil terminal, which is going to be the largest crude
    storage terminal in the Middle East region.
  • Terminal expansion project at Sohar ‐ Agreement signed to develop a new 70‐hectare container
    terminal. Marking an important milestone for the further recognition as cargo gateway for Oman and
    the GCC, Port of Sohar signed a development agreement with Hutchinson Whampoa, an internationally
    reputed independent container terminal operator, for establishing a new 70 hectares container terminal
    for Oman International Container Terminal.
  • Khazzan gas project moves forward ‐ BP agrees a retail gas price with the Muscat government
    for the scheme.
  • Developer agrees partial share of Sohar Power Company ‐ GDF Suez still maintains majority
    share in independent water and power project.

Qatar Oil and Gas Market Update

Main Updates from June, 2013

Qatar and Iran work together on largest joint oil field ‐ Qatar and Iran have both begun drilling in
the largest joint oil field in the Gulf, according to Musa Souri, General Manager of the Pars Oil and Gas
Company.

Qatar seeks bidders for two new power and water projects ‐ Projects include first independent
power scheme since 2008

Qatar awards $2bn of new road projects ‐ Work involves building 24 new roads

Kuwait Oil and Gas Market Update

Main Updates Highlights from entire month of June, 2013

Kuwait Energy raises output at Egypt’s East Ras Qattara concession ‐ Kuwait Energy, and its main
partner, the Egyptian General Petroleum Corp. said Sunday they have increased production at East Ras
Qattara, or ERQ, concession in Egypt’s Western Desert.

Alghanim International wins Kuwait power plant deals ‐ Germany’s Siemens will provide
turbines for expansion schemes

Another lacklustre year for Kuwait oil and gas ‐ Expected total of awards for the year is $2bn

All change in Kuwait oil sector ‐ Project delays likely following massive shake‐up in the country’s
most vital industry

PLATTS Survey announces OPEC pumps 30.57 million barrels of crude oil per day in May.

Sources: Newspapers, websites