Mazen Alami, MD for Black & Veatch GCC discusses UAE’s energy sector.
What is your professional background?
I graduated in electrical engineering, and started my career working for Saudi Aramco as an operation and maintenance engineer for power generation plants. After five years I moved to the Saudi Cable Company. Five years later I was asked to join the Saudi Electricity Company as manager for the Mecca region and later promoted to vice-president of general services for where I worked for 16 years. I then joined General Electric, serving as CEO of its energy company in Saudi Arabia for seven years. I spent two years as CEO of a local contractor called Al Toukhi Trading, before joining Black & Veatch as its managing director for the Middle East.
PacificLight Energy discusses their recent entrance into the Singaporean market.
In March 2013 PacificLight Energy, a joint venture between Hong Kong-based First Pacific and Manila-based Meralco, acquired a 70% stake in GMR Energy (Singapore) Pte Ltd. Why was the asset on Jurong Island an attractive investment?
AD: Any investment decision Meralco makes has to be taken in the context of our strategy and vision in other areas as well. Most of our projects are in the Philippines and are predominantly green field developments. Thus we wanted to front-load the cash flow of the company by acquiring operational or near operational assets. The asset we purchased in Singapore fits this profile as it is scheduled to come online at the end of 2013. Singapore was an attractive market
Corey Ruttan of Petrominerales discusses operating in Colombia’s Llanos Basin.
We recently met with John Wright at Petrobank. Can you tell us about the relationship between Petrobank, Petrobakken (Lightstream) and Petrominerales?
In the late 1990s John and I worked at Pac’alta Resources Ltd. İn Ecuador. The company grew from no production to over 4,000 bepd in a very short period of time. Unfortunately, Pac’alta was subject to a hostile takeover. In 2000 we recapitalized Petrobank, we went back to the acquirer of Pac’alta and repurchased our old Colombian subsidiary which became Petrobanks Latin American business unit and ultimately Pretrominerales. In 2006, we did an IPO of Petrominerales: at that point I was CFO for all three companies. In 2010, I became 100% dedicated to Petrominerales.
Large-scale exploration in resource rich Colombia delayed by bureaucracy.
BOGOTÁ, COLOMBIA – On May 2nd, the Colombian Ministry for Mines and Energy announced that the country’s oil reserves at December-end reached 2.38 billion barrels. While the increase (up 5.22% year on year) highlights the growing stature of Colombia in South America’s oil and gas game, it brushes over many of the on-going operational issues. This increase in reserves has almost entirely been the result of re-evaluations of existing deposits, accounting for 90% of this upward trend. The remainder, a mere 10%, comes as a result of the efforts of industry players to explore for new discoveries. Colombia has largely overcome country-wide insecurity and regulatory impediments to development, but is still hampered by meager results in exploratory yield within the oil and gas sector.
Singapore’s power generators have invested to innovatively meet new demand.
SINGAPORE, SINGAPORE – Over the last two decades, the rise of Singapore’s industrial sector has intrinsically been linked to the global petrochemical-refining hub of Jurong Island. Part of the allure of Jurong Island for these leading companies is the innovative way in which the statutory Economic Development Board (EDB), JTC Corporation, and key stakeholders developed an innovative “plug and play” environment, which enables shared usage of integrated third party utilities and creation of synergies in an effort to cut down on operational costs. These ideas resonated with executives worldwide: over S$42 billion has been invested on the island to date.
GBR Connect Series
Can you provide us with a brief introduction to Sirius Resources and the background to the Nova nickel discovery?
Sirius Resources was formed with the strategy to conduct high-risk exploration in previously underexplored areas. The strategy was put together in conjunction with Mark Creasy, one of the largest mineral title landowners in Australia, who is still a major shareholder. We initially gave ourselves a three-year window in which to find something or die trying, which our shareholders backed; it was this certainty that allowed us to pursue risky exploration. Sirius had been exploring the area around