Abu Dhabi National Oil Company (Adnoc) awarded Indian firm Larsen & Toubro (L&T) a contract worth more than Dh1.25bn to develop a small onshore field as the emirate boosts its energy ties with India.
L&T will undertake engineering works in the Haliba asset, which is operated by Adnoc subsidiary Al Dhafra Petroleum and will start production at 20,000 barrels per day (bpd) by mid-2019. Production capacity of the field located along the south-east border of Abu Dhabi will be increased to 40,000 bpd by 2020.
"The infrastructure investment will increase our group-wide production capacity and optimise our assets by utilising our existing onshore facilities, allowing Adnoc to develop previously untapped oil reserves in an efficient way," Adnoc upstream director Abdulmunim Al Kindy said in a statement.
The award to Mumbai-based L&T, one of India's largest infrastructure and engineering companies, comes after Adnoc awarded a 10 per cent stake of an offshore field to a consortium led by the international arm of ONGC, India's state-owned explorer.
The agreement with L&T forms part of a raft of economic pacts signed between the UAE and India following the visit of its prime minister Narendra Modi on Sunday.
The agreement with the ONGC to develop the offshore Lower Zakum for 40 years, is the first hydrocarbon rights agreement between Abu Dhabi and Asia's third-largest economy. The move comes amid increasing efforts by Gulf producers to service growing Asian demand by offering investment opportunities to lock-in long-term supply.
Last year, China National Petroleum Corporation won an 8 per cent stake in Adnoc Onshore. China Energy also took a per cent stake in the Adnoc subsidiary that operates onshore concessions in the emirate, including the Bab, Asab and Bu Hasa fields.
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Read more:
Abu Dhabi awards interest in offshore oil concession to Indian consortium
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Al Dhafra is 60 per cent owned by Adnoc, with the remaining 40 per cent shared by Korea National Oil Corporation and South Korea's GS Engineering.
As part of the works, L&T will spud 32 wells and will construct a 65km pipeline to transport crude from Haliba to Adnoc's onshore Asab central degassing station for processing. The processed crude will then be transported via existing main oil lines to marine export terminals.
Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
pakistan Test squad
Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Result
Crystal Palace 0 Manchester City 2
Man City: Jesus (39), David Silva (41)
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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