Dr Sultan said plans were underway to expand Adnoc’s carbon capture utilisation and storage programme, launched in 2018 by six-fold over the next decade.. Adnoc
Dr Sultan said plans were underway to expand Adnoc’s carbon capture utilisation and storage programme, launched in 2018 by six-fold over the next decade.. Adnoc

Adnoc awards Germany's Wintershall 10% stake in sour gas project



Abu Dhabi National Oil Company awarded Germany’s biggest energy producer Wintershall a 10 per cent stake in the Ghasha ultra sour gas concession, the second foreign player to come on board the multibillion dirham project.

Wintershall, which is a unit of the world’s biggest chemical producer BASF, will contribute to 10 per cent of the cost of the 40-year concession, Adnoc said in a statement on Monday. When the project is complete, more than 1.5 billion cubic feet of gas will be produced per day in addition to more than 120,000 barrels of condensate per day.

It is the first German company to win a Abu Dhabi concession. In an interview with The National earlier this month, Wintershall chief executive Mario Mehren said Wintershall, which had tested and appraised two wells in the Shuwaihat region, was looking at possible tie-ups with larger sour-gas fields in the Hail, Ghasha concessions. Wintershall, which is currently in the process of merging with Russian-owned DEA, has 40 years of experience working in sour-gas fields in Germany.

Sour gas contains higher sulphur that has to be stripped to produce gas suitable for consumption. While condensate is a liquid similar to oil found with gas, but fetches a higher price as it is easier to refine into by-products. Much of the gas reserves in Abu Dhabi are sour in nature.

“Development of the Ghasha concession area is a strategic priority for Adnoc,” said Dr Sultan Al Jaber, Adnoc group chief executive. “The gas, extracted from the concession area, at commercial rates, will make a significant contribution to fulfilling our commitment to ensuring a sustainable and economic gas supply and achieving our objective of gas self-sufficiency for the UAE.”

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Read more:

Adnoc seeks venture partners for 2030 growth strategy, CEO says

Exclusive: Wintershall and DEA eye $3bn in spending over five years

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Earlier this month, Adnoc awarded Eni of Italy a 25 per cent stake in the Ghasha concession and is looking for partners for the remaining stake in which it will retain a 60 per cent interest.

The UAE is increasingly pivoting to gas as it frees up more crude for exports. Abu Dhabi’s Supreme Petroleum Council approved a five-year capital expenditure plan of Dh486 billion earlier this month for the Adnoc to increase capacity, unlock its sour gas caps, and develop and acquire downstream capabilities at home and abroad.

The Ghasha concession consists of Hail, Ghasha, Dalma and other offshore sour-gas fields, including Nasr, SARB and Mubarraz.

Adnoc is also increasing output from the onshore Shah gas field to 1.5 billion cubic feet per day, and will develop the sour fields at Bab and Bu Hasa, it added.

The UAE, which accounts for 3.1 per cent of global proven reserves of natural gas, announced it had found 15 trillion cubic feet of gas in existing and untapped blocks earlier this month. The discoveries will add 7.1 per cent to existing reserves of gas, which stood at around 209.7 trillion cubic feet at the end of 2017, according to the latest BP Statistical Review of World Energy.

Earlier this month, Adnoc awarded French oil major Total a 40 per cent stake in an unconventional gas concession and has received interest from other foreign oil and gas firms to develop these reserves.

Adnoc also plans to award its first licensing round for oil and gas in the first quarter of next year, offering up to six blocks to international companies.

Adnoc announced a string of deals and agreements during the Abu Dhabi International Petroleum Exhibition and Conference that took place in the capital earlier this month. The oil and gas company signed an agreement with Saudi Aramco, the world’s biggest crude producing company, to explore investments in natural gas and liquefied natural gas as the two look to expand their revenue base.

Adnoc also joined hands with Abu Dhabi’s strategic firm Mubadala Investment Company to explore downstream investment opportunities across the globe.

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

FIVE TRENDS THAT WILL SHAPE UAE BANKING

• The digitisation of financial services will continue

• Managing and using data effectively will become a competitive advantage

• Digitisation will require continued adjustment of operating models

• Banks will expand their role in the customer life through ecosystems

• The structure of the sector will change

FIXTURES

Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)

Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)

Friday, February 1
Final, Zayed Sports City Stadium (6pm)

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

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

Australia (15-1): Israel Folau; Dane Haylett-Petty, Reece Hodge, Kurtley Beale, Marika Koroibete; Bernard Foley, Will Genia; David Pocock, Michael Hooper (capt), Lukhan Tui; Adam Coleman, Izack Rodda; Sekope Kepu, Tatafu Polota-Nau, Tom Robertson.

Replacements: Tolu Latu, Allan Alaalatoa, Taniela Tupou, Rob Simmons, Pete Samu, Nick Phipps, Matt Toomua, Jack Maddocks.

Switching sides

Mahika Gaur is the latest Dubai-raised athlete to attain top honours with another country.

Velimir Stjepanovic (Serbia, swimming)
Born in Abu Dhabi and raised in Dubai, he finished sixth in the final of the 2012 Olympic Games in London in the 200m butterfly final.

Jonny Macdonald (Scotland, rugby union)
Brought up in Abu Dhabi and represented the region in international rugby. When the Arabian Gulf team was broken up into its constituent nations, he opted to play for Scotland instead, and went to the Hong Kong Sevens.

Sophie Shams (England, rugby union)
The daughter of an English mother and Emirati father, Shams excelled at rugby in Dubai, then after attending university in the UK played for England at sevens.

Moral education needed in a 'rapidly changing world'

Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.

Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.

"Moral education touches on every aspect and subject that children engage in.

"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.

"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

The Laughing Apple

Yusuf/Cat Stevens

(Verve Decca Crossover)

RESULT

Argentina 0 Croatia 3
Croatia: 
Rebic (53'), Modric (80'), Rakitic (90'+1)


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