Abu Dhabi National Oil Company is eyeing further partnerships with Spanish energy firm Cepsa after awarding it a 20 per cent stake in offshore concession areas for Dh5.5bn ($1.5bn) as the state-owned firm seeks to bring in new partners.
Cepsa, which is owned by Abu Dhabi fund Mubadala Investment Company, signed a 40-year concession agreement to operate oil fields SARB and Umm Lulu ahead of the pact's expiry in March, Adnoc said on Sunday.
"We are also working with Cepsa to explore expansion opportunities in our downstream business, in the UAE and overseas, that will deliver competitive returns and long term growth opportunities for both parties," said Dr Sultan Al Jaber, UAE state minister and chief executive officer of Adnoc.
The agreement with Spanish firm Cepsa comes a week after Adnoc awarded a 10 per cent stake to an Indian consortium led by the international arm of ONGC to operate the new Lower Zakum offshore concession.
The award to Cepsa will be dated from 9 March 2018 and follows Adnoc's announcement last year to split its Adma-Opco concession - now known as Adnoc Offshore - into three smaller parts operated in partnership with international oil and gas companies, with the state firm retaining a 60 per cent stake.
Adnoc is "finalising concession agreements with other potential partners" for remaining stakes in the three offshore parts: SARB, and Umm Lulu; Lower Zakum; Umm Sharif and Nasr.
Among the stakes that are up for fresh agreements are 30 per cent of Lower Zakum, another 20 per cent of SARB and Umm Lulu as well as a 40 per cent stake in Umm Shaif and Nasr fields.
Abu Dhabi is looking to raise production capacity from the SARB and Umm Lulu oil fields to 215,00 barrels per day (bpd), Adnoc said, without providing a timeline for this target.
The Umm Shaif and Nasr fields have a targeted capacity of 460,000 bpd and 500 million cubic feet a day of gas .
Last year Adnoc signed an agreement with Exxon Mobil's Abu Dhabi subsidiary and Japan's Inpex Corporation to boost production capacity from the offshore Upper Zakum oil field to a million bpd by 2024.
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Adnoc awards Indian firm Dh1.25bn contract to develop onshore field
Adnoc signs contracts for development of Bab and Upper Zakum fields
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As part of the state oil firm's pivot to bringing in new partners , Adnoc is engaging more Asian firms across its various concessions and has plans underway to collaborate on downstream integration as well.
In November, Cepsa said it was in talks with Adnoc to build a linear alkyl benzene complex at Ruwais in the emirate to be integrated with Adnoc's refinery facility.
Also known as detergent alkylate, LAB is the most common chemical compound used in the manufacturing of biodegradable household and industrial agents.
The facility at Ruwais is expected to have a planned annual production capacity of 150,000 tonnes and is expected to start up in 2021, with exports aimed at Indian and South East Asian markets.
The companies are expected to commence basic engineering of the proposed chemical facility this year.
The Spanish firm also operates the Hail and Mubarraz field in partnership with Japanese firm Cosmo Oil. The fields started production at around 20,000 bpd in November.
In an interview with The National last year, Cepsa chief executive officer Pedro Miro said he expected production to reach 40,000 bpd "sometime in the beginning of 2019".
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
Tom Fletcher on 'soft power'
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Plan to boost public schools
A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.
It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.
Aspects of the school model will be extended to international private schools, the education minister has previously suggested.
Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.
Key findings
- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
- Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
- But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
Brief scoreline:
Al Wahda 2
Al Menhali 27', Tagliabue 79'
Al Nassr 3
Hamdallah 41', Giuliano 45 1', 62'
COMPANY%20PROFILE
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Inside%20Out%202
%3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EKelsey%20Mann%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%C2%A0Amy%20Poehler%2C%20Maya%20Hawke%2C%20Ayo%20Edebiri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4.5%2F5%3C%2Fp%3E%0A
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Understand What Black Is
The Last Poets
(Studio Rockers)
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
MATCH INFO
League Cup, last 16
Manchester City v Southampton, Tuesday, 11.45pm (UAE)