Dolphin Energy, the strategic natural gas joint venture, is expanding its facilities to boost gas exports from Qatar to the UAE.
Faced with a gas crunch in the UAE, Mubadala Petroleum and joint venture partners Total and Occidental are keen to increase the supplies that come to Abu Dhabi and are distributed to Dubai and Oman by 1 billion cubic feet. The Dolphin pipeline, which runs under the sea from Qatar to Abu Dhabi, can accommodate 3.2 billion cubic feet today, but compression facilities in Qatar and existing long-term sales contracts allow for only 2.2 billion to actually pass through it. The gas comes at a substantial discount to international liquefied natural gas (LNG) prices.
"We're working hard in cooperation with Qatar to increase the capacity of the pipeline, and hopefully bring even more natural gas to Abu Dhabi," said Maurizio La Noce, Mubadala Petroleum's chief executive.
The extra gas could come from LNG trains undergoing maintenance, said Arnaud Breuillac, Total's president of Middle East exploration and production.
Although the pipeline would not transport 3 billion cu/ft every day of the year, there should be enough gas to make expanding the compression units economic, he said. The pipeline has transported gas above its contracted capacity for short periods in the past. The compression facilities expansion is scheduled for completion in 2015.
"We are thinking maybe by then a new contract will be signed for the supply of more gas," said Mr Breuillac. The main stumbling block to further imports is gas pricing. Dolphin reportedly pays only US$1.30 (per million British thermal units for its gas, far below the price fetched for Qatari gas in the international markets - as high as $17/mmbtu in Japan. A new deal is unlikely without a considerable mark-up on the current price.
Dolphin is also building more pipelines to bring additional gas to the Northern Emirates.
"We are continuing to develop the transportation network in the UAE by adding new pipelines, in particular to feed the northern emirates," said Mr Breuillac. "This is really important to address the gas balance and the energy balance of the UAE."
Dolphin is not the only gas import project involving Mubadala Petroleum, and the company has teamed up with the International Petroleum Investment Company (Ipic), another Abu Dhabi investor, for an import terminal in Fujairah. The floating terminal will be able to receive 9 million tonnes of LNG by 2016.
The project will further help to diminish the gap between supply and demand that is widening in the UAE, a consequence of economic development and population growth, coupled with wasteful consumption of electricity.
Mubadala Petroleum, the oil and gas subsidiary of its parent company, also aims to broaden its upstream portfolio in the Arabian Gulf and in South-East Asia, where it was awarded a gas block in Indonesia last month.
Recent oil and gas finds in Africa have caught the company's attention. Tanzania and Mozambique are on the brink of a gas boom, while significant oil reserves have been discovered in Kenya.
"We are investing heavily in exploration," said Mr La Noce. "We have identified East and West Africa as an area for growth."
The chief executive also believes that risk premium in the aftermath of the Arab Spring has made upstream assets in North Africa more lucrative.
"We see many [opportunities], in particular in North Africa, in parts of the Gulf, and in many other areas that have suffered from a fall in investments," said Mr La Noce.
[ fneuhof@thenational.ae ]
'Hocus Pocus 2'
Director: Anne Fletcher
Stars: Bette Midler, Sarah Jessica Parker, Kathy Najimy
Rating: 3.5/5
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
From Europe to the Middle East, economic success brings wealth - and lifestyle diseases
A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.
One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait, Qatar and Oman – and second on the list in Bahrain.
In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.
The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.
And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Specs: 2024 McLaren Artura Spider
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1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
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5. Achieve gender equality and empower all women and girls
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UAE currency: the story behind the money in your pockets
Sly Cooper and the Thievius Raccoonus
Developer: Sucker Punch Productions
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Console: PlayStation 2 to 5
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Transmission: Eight-speed dual-clutch auto
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Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
The specs
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RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
The First Monday in May
Director: Andrew Rossi
Starring: Anna Wintour, Karl Lagerfeld, John Paul Gaultier, Rihanna
Three stars
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
The five pillars of Islam
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
Kandahar
Director: Ric Roman Waugh
Stars: Gerard Butler, Navid Negahban, Ali Fazal
Rating: 2.5/5
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
South Africa squad
Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wicketkeeper), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wicketkeeper), Keshav Maharaj, Aiden Markram, Morne Morkel, Wiaan Mulder, Lungi Ngidi, Vernon Philander and Kagiso Rabada.
The Genius of Their Age
Author: S Frederick Starr
Publisher: Oxford University Press
Pages: 290
Available: January 24
Honeymoonish
Director: Elie El Samaan
Starring: Nour Al Ghandour, Mahmoud Boushahri
Rating: 3/5
A QUIET PLACE
Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou
Director: Michael Sarnoski
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Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
COMPANY PROFILE
Company name: Bedu
Started: 2021
Founders: Khaled Al Huraimel, Matti Zinder, Amin Al Zarouni
Based: Dubai, UAE
Industry: AI, metaverse, Web3 and blockchain
Funding: Currently in pre-seed round to raise $5 million to $7 million
Investors: Privately funded