The state-owned operator Abu Dhabi National Oil Company (Adnoc) will allocate Dh400 billion in investments that will see the addition of international downstream projects and advance exploration for unconventional gas resources, according to its statement to the state news agency Wam.
The oil company’s capital expenditure programme was approved by the Supreme Council of Energy (SPC), which oversees the UAE’s energy strategy and programmes.
“We convened the SPC today and approved Adnoc’s expanded growth strategy supported by a capex program of over Dh400b,” Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, who also heads up the SPC, tweeted late on Monday.
“Adnoc will expand its portfolio through strategic international downstream investments and develop Abu Dhabi’s unconventional gas resources,” he added.
Abu Dhabi’s pursuance of international downstream projects mirror recent attempts by Arabian Gulf-based oil companies such as Kuwait Petroleum Corporation, which has invested in Vietnam’s 200,000 barrel per day (bpd) Nghi Son refinery as well as the upcoming 230,000 bpd Duqm Refinery in Oman.
_____________
Read more:
Adnoc unit's IPO a trailblazer for region's energy privatisation
Adnoc Distribution eyes ambitious growth strategy amid IPO plans
_____________
The green light to pursue gas projects will see the realisation of projects such as the offshore Hail and Ghasha field developments - one of the largest in Adnoc’s portfolio - with an estimated production of 1 billion cubic feet per day (cf/d) of sour gas.
Also likely to see acceleration is the $10bn onshore Bab gas project, exited by the Anglo-Dutch oil major Shell last year, which contains sulphur-heavy sour gas. Shell had initially planned to develop sulphur-recovery systems able to process around a billion cf/d of sour gas.
Adnoc’s capex outlay comes as part of an ongoing strategy to pursue an expanded partnership approach towards investments across its portfolio, that was announced in July.
The Abu Dhabi company recently announced plans to list one of its subsidiaries - Adnoc Distribution - on the Abu Dhabi Securities Exchange and has plans to set up an oil trading unit and float other entities under its umbrella.
It has also increased foreign stakes across its concessions. In February, China National Petroleum Corporation (CNPC) took an 8 per cent stake in Adnoc Onshore, formerly known as Adco, while China Energy took a 4 per cent stake in the Adnoc subsidiary that operates onshore concessions in the emirate.
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.
The oil major had been holding discussions with Japanese and Chinese companies to renew existing concession agreements and form new partnerships.
Last month, Adnoc signed an agreement with Japan’s Inpex and ExxonMobil to increase production from its offshore Upper Zakum oilfield to 1 million bpd by 2024 and 450,000 bpd for the onshore Bab field. It also concurrently awarded the expansion of facilities to produce crude from Bab to a CNPC subsidiary.
Across its downstream value chain, Adnoc announced plans in July to build a new petrochemicals facility as part of its Borouge joint venture with Austrian firm Borealis. The new facility will have a total capacity of 6 million tonnes a year and will produce polyolefins and non-polyolefin products.
MATCH INFO
Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')
Celta Vigo 1 (Olaza 42')
Killing of Qassem Suleimani
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
It's Monty Python's Crashing Rocket Circus
To the theme tune of the famous zany British comedy TV show, SpaceX has shown exactly what can go wrong when you try to land a rocket.
The two minute video posted on YouTube is a compilation of crashes and explosion as the company, created by billionaire Elon Musk, refined the technique of reusable space flight.
SpaceX is able to land its rockets on land once they have completed the first stage of their mission, and is able to resuse them multiple times - a first for space flight.
But as the video, How Not to Land an Orbital Rocket Booster, demonstrates, it was a case if you fail, try and try again.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Zayed Sustainability Prize
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
The biog:
From: Wimbledon, London, UK
Education: Medical doctor
Hobbies: Travelling, meeting new people and cultures
Favourite animals: All of them
UAE currency: the story behind the money in your pockets
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
UAE currency: the story behind the money in your pockets
Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EXare%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJanuary%2018%2C%202021%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EPadmini%20Gupta%2C%20Milind%20Singh%2C%20Mandeep%20Singh%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunds%20Raised%3A%20%3C%2Fstrong%3E%2410%20million%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E28%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eundisclosed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EMS%26amp%3BAD%20Ventures%2C%20Middle%20East%20Venture%20Partners%2C%20Astra%20Amco%2C%20the%20Dubai%20International%20Financial%20Centre%2C%20Fintech%20Fund%2C%20500%20Startups%2C%20Khwarizmi%20Ventures%2C%20and%20Phoenician%20Funds%3C%2Fp%3E%0A
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY%20PROFILE
%3Cp%3EFounder%3A%20Hani%20Abu%20Ghazaleh%3Cbr%3EBased%3A%20Abu%20Dhabi%2C%20with%20an%20office%20in%20Montreal%3Cbr%3EFounded%3A%202018%3Cbr%3ESector%3A%20Virtual%20Reality%3Cbr%3EInvestment%20raised%3A%20%241.2%20million%2C%20and%20nearing%20close%20of%20%245%20million%20new%20funding%20round%3Cbr%3ENumber%20of%20employees%3A%2012%3C%2Fp%3E%0A