Norwegian energy company DNO has received the approval of the Kurdish Regional Government to double its stake in the Baeshiqa concession in Iraqi Kurdistan.
The company will buy ExxonMobil's remaining 32 per cent stake in the concession, boosting its share to 64 per cent.
The Norwegian operator bought its first stake from the US energy company in 2018. DNO, which has covered ExxonMobil's exploration costs since January 2019, will pay $15 million for the stake.
"Commerciality has been declared on the licence, with plans submitted for fast-track development, including early production from previously drilled but suspended wells," the company said.
"This acquisition and plans for fast-track development underscore our belief in the potential of the Baeshiqa licence and, more broadly, our long-term commitment to Kurdistan,” said Bijan Mossavar-Rahmani, DNO's executive chairman.
“Once we get the green light from the authorities to proceed, [the] first production will be a matter of months rather than years.”
Baeshiqa-2, DNO's first discovery well, has a flow rate of more than 3,000 barrels per day of light gravity oil while the other drilled well, Zartik-1, averages 1,000 barrels of oil equivalent per day of crude with similar properties.
DNO has proved the concession is commercial, transporting 15,000 barrels of oil for export in 2019 and 2020 from the Baeshiqa-2 and Zartik-1 wells.
The remaining stakes in the Baeshiqa concession are held by the Kurdistan Regional Government and Turkey's TEC.
In July, Iraq's Cabinet approved a bid by French energy company TotalEnergies to develop the country's Ratawi natural gasfield. The company plans to capture and process about 600 million cubic feet per day of gas, the state-run Iraqi News Agency said.
Iraq's State Organisation for Marketing of Oil, better known as Somo, received $33 billion in revenue in the first half of the year from crude sales, at a rate of about $5.5bn a month.
The Iraqi state earned revenue from the sales of Basra light, medium, and heavy oil, as well as crude exported through the Turkish port of Ceyhan.
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.
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