Subcsription for Adnoc Distribution shares opened on Sunday. Courtesy Adnoc
Subcsription for Adnoc Distribution shares opened on Sunday. Courtesy Adnoc

Adnoc signs contracts for development of Bab and Upper Zakum fields



The Abu Dhabi National Oil Company (Adnoc) is set to significantly increase its production capacity with the expansion of its offshore Upper Zakum and onshore Bab oil fields, after signing two contracts to meet planned output targets.

The company closed an agreement on Tuesday with Exxon Mobil’s Abu Dhabi subsidiary and Japan’s Inpex Corporation to increase production capacity from its offshore Upper Zakum oil field to a million barrels a day by 2024.

"ExxonMobil and Inpex, alongside our other partners, have played an important role in the development of our oil and gas assets," said Dr Sultan Al Jaber, Minister of State and Adnoc group chief executive.

"This agreement is another milestone in our efforts to forge partnerships that bring technology, expertise and capital aimed at delivering greater economic value and levels of recovery from our resources.”

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Adnoc first partnered with Japan Oil Development Company (Jodco), which is wholly owned by Inpex, to develop Upper Zakum in 1977. The offshore field, discovered the same year, is the second largest in Abu Dhabi and the fourth largest in the world. US oil major Exxon Mobil joined Adnoc and Jodco to develop the field in 2006, when plans were drawn up to boost production capacity to 750,000 bpd from 500,000 bpd.

The Upper Zakum project will involve construction of 450 wells and 90 platforms over its lifetime on four artificial islands in shallow water.

Adnoc announced in October it was holding advanced discussions with Japanese firms to renew offshore concessions that are set to expire next March. Apart from Upper Zakum, Jodco holds stakes in the offshore Satah and Umm Al Dalkh fields, which began production in the eighties. The Japanese firm holds a 12 per cent stake in the three offshore fields, as well as the offshore Nasr, which began production in 2015.

The Abu Dhabi firm also agreed an engineering, procurement and construction (EPC) contract with China Petroleum Engineering & Construction Corporation (CPECC), a subsidiary of China National Petroleum Corporation, to expand production capacity at the onshore Bab field to 450,000 bpd from its present capacity of 420,000 bpd.

While the value of the deal was not disclosed, market sources have placed it at $1.5 billion. The Chinese company won the contract after submitting the lowest bid to develop the integrated oil facilities operated by Adnoc Onshore in September.

“The decision to modernise our production infrastructure at the large Bab field is another clear signal that Adnoc is making smart investments to increase production capacity, enhance the long-term productivity and maximise the profitability of Abu Dhabi’s oil reserves, as we create a more profitable upstream business, in line with our Supreme Petroleum Council approved 2030 growth strategy,” said Dr Al Jaber.

As part of its asset upgrade at Bab, Adnoc is set to deploy cluster drilling, in which multiple oil wells will be "co-located in one place", the firm said.

The agreement with CPECC follows Adnoc’s pivot to the east, following the oil prices downturn that prompted the national oil company’s revaluation of strategy.

In February, CNPC took an eight per cent stake in Adnoc Onshore, formerly known as Adco, while China Energy took a four per cent stake in the Adnoc subsidiary that operates onshore concessions in the emirate.

As a result, Chinese interests combined account for the largest foreign holdings in the concession, which also includes France’s Total, BP, Inpex and South Korea’s GS Energy with Adnoc the major shareholder.

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RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
If you go

The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.

10 tips for entry-level job seekers
  • Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
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  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
  • Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
  • Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
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Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

Dunki
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Second Test

In Dubai

Pakistan 418-5 (declared)
New Zealand 90 and 131-2 (follow on)

Day 3: New Zealand trail by 197 runs with 8 wickets remaining

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports