Adnoc awarded a contract worth $227 million for enhanced oil recovery (EOR), a technology that will help it to recover more reserves from its largest onshore oilfield called Bab.
The company's subsidiary, Adnoc Onshore, awarded the construction contract for the project to Robt Stone Middle East, Adnoc said on Monday.
The Bab field, located 160 kilometres south-west of Abu Dhabi, has the capacity to produce more than 450,000 barrels per day of the emirate’s flagship Murban crude grade.
EOR technology, designed by Adnoc, will use advanced polymers and carbon dioxide captured from its carbon capture utilisation and storage plant, Al Reyadah, to boost recoverable reserves up to 70 per cent while unlocking additional barrels of Murban crude, Adnoc said.
In November 2019, Adnoc awarded a Dh1.8 billion ($490m) engineering, procurement and construction contract to Archirodon Construction Overseas to upgrade the Bab oilfield.
The 39-month deal included the construction of infrastructure required to sustain the oilfield's long-term crude production capacity of 485,000 bpd.
The latest project is part of Adnoc's efforts to boost oil production capacity to 5 million bpd by 2030.
The company plans to increase its national reserves of 4 billion stock-tank barrels of oil and 16 trillion standard cubic feet of natural gas, and spend $127bn in capital expenditure to bolster its upstream production capacity and downstream portfolio.
The latest construction contract will result in more than 60 per cent of the value flowing back into the UAE's economy under Adnoc's In-Country Value programme.
The award also increases Adnoc’s ability to “safely and commercially store greater amounts” of carbon dioxide, supporting its sustainability agenda, the company said.
Adnoc Onshore in December signed a five-year contract worth $3.8bn with Adnoc Drilling for the continued provision of drilling, workovers and other well services that will drive work crew efficiency, as well as improve rig move times and maintenance scheduling.
Last month, Adnoc also awarded framework agreements valued at Dh7.1bn to support drilling growth in the country.
The pacts for wireline logging and perforation services are the largest of their kind in the oil and gas industry and were awarded to Adnoc Drilling, Schlumberger Middle East, Haliburton Worldwide Limited Abu Dhabi and Weatherford Bin Hamoodah Company after a “competitive” tender process.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Pari
Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment
Director: Prosit Roy
Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani
Three stars
In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile
'Avengers: Infinity War'
Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars
How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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UAE currency: the story behind the money in your pockets
All or Nothing
Amazon Prime
Four stars
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
MATCH INFO
Chelsea 1 (Hudson-Odoi 90 1')
Manchester City 3 (Gundogan 18', Foden 21', De Bruyne 34')
Man of the match: Ilkay Gundogan (Man City)
