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Alessandro Bacci
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Energy Specialist with reference to Policy, Government and Public Affairs in the Middle East and North Africa.
Energy Specialist with reference to Policy, Government and Public Affairs in the Middle East and North Africa.

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Dear friends,

I would like to share with you the analysis “Algeria’s and Libya’s Petroleum Fiscal Frameworks,” which I wrote some days ago for the Oil and Gas Council, the leading network of energy executives in the world.

This analysis is related to Africa Assembly 2018, which is the largest African O&G finance and investment event. The Oil and Gas Council will organize Africa Assembly 2018 on June 5-6 in Paris, France.

ABSTRACT — Algeria and Libya are two of the world’s most important petroleum-producing countries. The two countries share a similar economic structure although Algeria has a more diversified G.D.P. composition than Libya has. Algeria has a preponderant role as a natural gas exporter, while Libya has an analogous role in relation to crude oil. However, similarly to many other hydrocarbons producers, Algeria and Libya are having some difficulties in attracting foreign investors at a time when these two countries need state-of-the-art petroleum technology and financial resources to develop their petroleum assets. Both countries have still large swathes of territory completely unexplored for hydrocarbons. After a presentation concerning the petroleum industry’s changing fiscal landscape, this paper develops specifically for both countries an analysis of the evolution of their petroleum fiscal frameworks with specific attention given to the present contractual terms.

Thank you.

Kind regards,
Alessandro

http://oilandgascouncil.com/articles/alessandro-bacci-algeria-libya/

Keywords: #AfricaAssembly, #Algeria, #Libya, #Africa, #MENA, #oil, #gas, #naturalgas, #petroleum, #energy, #contract, #concession, #PSC
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Dear friends,

I would like to share with you my analysis “Iraq’s Fifth Licensing Round: Some Preliminary Considerations After the Auction,” which was published on May 7, 2018, by Iraq Business News.

ABSTRACT — Iraq’s fifth licensing round was related to the offering of 11 oil and gas blocks. In specific, 10 onshore blocks located along the Iraqi borders with Kuwait and Iran, and 1 offshore block in the Persian Gulf waters. In the end, six blocks were awarded, while five of the exploration blocks did not receive any bids. One initial explanation for the mixed result might be that the Iraqi government, for political reasons linked to the upcoming national elections, had previously changed the date of the auction. So, the international oil companies (I.O.C.s) did not have sufficient time to study the dossier relating to the 11 blocks on offer. With reference to the contracts, the Ministry of Oil has introduced some amendments that have changed the structure of Iraq’s service contracts. The amended contract is different in that it sets a link between oil prices and the remuneration given to the I.O.C.s. At the same time, it introduces a 25% royalty on gross production. Thanks to the new contractual structure, the government would like to force the contractors to act in a more efficient manner.

Thank you.

Best regards,
Alessandro

http://www.iraq-businessnews.com/2018/05/07/fifth-licensing-round-some-preliminary-considerations/

Keywords: #Iraq, #MiddleEast, #MENA, #energy, #petroleum, #oil, #gas, #naturalgas, #licensing, #auction, #TSC, #contract, #IOC, #NOC
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Dear friends,

I would like to share with you the presentation that I gave at the European Chapter Event International — Petroleum Scholar Workshop, which was organized in London, United Kingdom, by the Association of International Petroleum Negotiators (A.I.P.N.) on April 26, 2018.

Thank you.

Best regards,
Alessandro

www.alessandrobacci.com/2018/04/current-trends-concerning-petroleum-service-contracts-in-the-middle-east.html

Keywords: #petroleum, #oil, #servicecontract, #contract, #amendment, #MiddleEast, #Iran, #Iraq, #Kuwait, #AIPN
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Dear friends,

I would like to share with you the analysis “Three Questions About Egypt’s Oil and Gas Sector,” which I wrote at the end of March for the Oil and Gas Council, the leading network of energy executives in the world.

This analysis is related to Africa Assembly 2018, which is the largest African O&G finance and investment event. The Oil and Gas Council will organize Africa Assembly 2018 on June 5-6 in Paris, France.

Thank you.

Kind regards,
Alessandro

http://www.alessandrobacci.com/2018/03/three-questions-about-egypts-oil-and-gas-sector.html

Keywords: #AfricaAssembly, #Egypt, #Africa, #MENA, #oil, #gas, #naturalgas, #petroleum, #energy, #LNG, #PSC, #finance, #investment
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Dear friends,

I would like to share with you the analysis “Kuwait’s Petroleum Sector: What Is the Right Strategy?,” which I have recently written on the occasion of the 5th Kuwait Oil and Gas Summit, a two-day oil and gas conference organized in Kuwait City by the C.W.C. Group on April 16-17, 2018. The C.W.C. Group is an energy and infrastructure conference, exhibition and training company.

ABSTRACT — Kuwait owns the world’s seventh largest proven oil reserves and with an oil production capacity of 3.1 million barrels per day is one of the world’s most important oil-producing countries. The country’s economy is dominated by the oil sector because more than 50% of the G.D.P, 92% of export revenues, and 90% of the government income come all from the oil sector. Because of this single-pillar economy, it would be advisable that Kuwait succeed in diversifying the economy and boosting its private-sector hiring. However, with reference to the petroleum sector, the correct strategy, despite all the present uncertainties, must be continuity with the past. Here the logic must be to understand what Kuwait can and cannot do now and in the next years. In fact, notwithstanding all the ongoing discussions, it’s impossible for Kuwait not to rely on the revenues deriving from the sale of oil, which has been for the last decades and will continue to be, at least in the near future, the country’s most important asset.

Thank you.

Kind regards,
Alessandro

http://www.alessandrobacci.com/2018/04/kuwaits-petroleum-sector-what-is-the-right-strategy.html

Keywords: #Kuwait, #petroleum, #oil, #gas, #naturalgas, #energy, #OPEC, #MENA, #ETSA, #IOC, #diversification
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Dear friends,

I would like to share with you the analysis “Lebanon’s Petroleum Sector: The Correct Expectations,” which I have recently written on the occasion of Lebanon International Investment Forum, a two-day investment forum organized in Beirut, Lebanon, by the +CWC Group on April 10-11, 2018. The C.W.C. Group is an energy and infrastructure conference, exhibition and training company.

ABSTRACT — The consortium comprising France’s Total, Italy’s E.N.I., and Russia’s Novatek has recently signed two exploration and production agreements (E.P.A.s) with the Republic of Lebanon covering Block 4 and Block 9 of Lebanon’s exclusive economic zone (E.E.Z). Now, the most critical point is setting up the correct expectations among Lebanon’s politicians and citizens. The seismic surveys conducted in the Lebanese waters have returned interesting results and present estimates stating that Lebanon’s E.E.Z. might contain about 25 Tcf of natural gas and 600 million barrels of oil—but, for the time being, these results are just estimates. So, until the operator starts drilling an exploratory well and then, hopefully an appraisal well, the hydrocarbons are just hypothetical hydrocarbons. For Lebanon, it’s necessary first, that the consortium find oil and/or gas and second, that these hydrocarbons be present in commercially exploitable quantities, i.e., quantities capable of covering all the involved capital expenditures (capex) and operating expenditures (opex) and of providing at the same time at least a minimum profit. Among the laws that the Parliament must adopt to complete the petroleum legislative framework, the most relevant is the Sovereign Wealth Fund (S.W.F.) Law, which is now at the initial stages of the Parliament approval.

Thank you.

Kind regards,
Alessandro

https://www.cwclebanoninvest.com/lebanons-petroleum-sector-the-correct-expectations-by-alessandro-bacci/

Keywords: #Lebanon, #EPA, #petroleum, #oil, #gas, #naturalgas, #PSC, #IOC, #SWF
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Dear friends,

Yesterday, I received the five photos attached to this post from the organization of the event. The photos had been taken by the official photographer at Iraq Petroleum 2018, which was held in Berlin, Germany, on Feb. 27-28.

Thank you.

Best regards,
Alessandro
PhotoPhotoPhotoPhotoPhoto
3/15/18
5 Photos - View album
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Dear friends,

“International Petroleum Fiscal Systems and Production Sharing Contracts” by Daniel Johnston is one of the most important books ever written about petroleum fiscal systems. It goes by itself that this book must find a place in the section #booksworthreading on #alessandrobaccismiddleaest.

The real forte of this book is its simplicity coupled with an uncompromising thoroughness. And, despite that its publication occurred in 1994, the book is still today explaining very well all the main components concerning how to set up a petroleum fiscal system.

Petroleum taxation is a vital aspect of the O&G industry. In fact, most of the times, for a petroleum-producing country the difference between high-profit extracting activities and low-profit extracting activities is directly linked to respectively the presence and the absence of a well-structured petroleum fiscal system. However, it's important to underline that in relation to their way of designing a fiscal system, countries are quite different from one another.

Thank you.

Best regards,
Alessandro

http://www.alessandrobacci.com/2006/02/books-worth-reading-intl-petroleum-fiscal-systems-and-PSCs-johnston.html

Keywords: #petroleum, #oil, #gas, #naturalgas, #taxation, #concession, #royalty, #PSC, #IOC, #NOC, #accounting
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Dear friends,

I would like to share with you the document that I prepared for my speech at the welcome coffee and breakfast briefing “Enhancing International Investment in Iraq’s Energy Sector” on the morning of February 28, at Iraq Petroleum 2018.

Iraq Petroleum 2018, as usual organized by +CWC Group, was held this year in Berlin, Germany, on February 27-28.

Thank you.

Best regards,
Alessandro

http://www.alessandrobacci.com/2018/02/iraq-petroleum-2018-enhancing-intl.-energy-investment-in-iraq.html

Keywords: #IraqPetroleum, #Iraq, #petroleum, #oil, #gas, #naturalgas, #energy, #FDI, #investment, #loan, #security
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Dear friends,

Below, attached to this post, there are some of the photos I took on Tuesday and Wednesday (Feb. 27 and Feb. 28) when I attended Iraq Petroleum 2018, which was organized in Berlin, Germany, by +CWC Group.

Thank you.

Best regards,
Alessandro

Keywords: #IraqPetroleum, #Iraq, #petroleum, #oil, #gas, #naturalgas, #energy, #FDI, #investment, #loan, #security
PhotoPhotoPhotoPhotoPhoto
3/2/18
14 Photos - View album
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