Abu Dhabi National Oil Company is set to take on new partners for the development of its Ghasha ultra-sour gas concession after awarding Eni of Italy a 25 per cent stake to develop the reserves.
"More significant announcements are in the pipeline as we focus on maximising value from all our resources and unlocking increased and commercially viable production from our oil and gas reserves," said Dr Sultan Al Jaber, Adnoc chief executive officer in a statement on Monday.
Ghasha concession is Adnoc’s offshore ultra-sour gas mega project, consisting of Hail, Ghasha, Dalma and other offshore fields. Sour gas fields contain a high level of sulphur that needs to be extracted to produce gas for consumption. Adnoc is in talks with other potential foreign oil and gas companies to award the remaining 15 per cent stake, with the state-owned producer retaining a 60 per cent holding.
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.
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 for the state-run company to increase capacity and unlock its sour gas caps, as well as develop and acquire downstream capabilities at home and abroad.
The Emirates, 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 last week. 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.
The discoveries will help the company keep producing liquefied natural gas, or gas cooled to liquid to be transported by ships, to 2040 and allow the emirate to achieve gas self-sufficiency.
Adnoc extended its gas supply agreement with subsidiary Adnoc LNG until 2040, replacing an earlier deal expiring in the first quarter of 2019.
The Adnoc unit has signed seven agreements for the sale of over 4.2 million tonnes of LNG annually, with a growing emphasis on locking shorter-term contracts to respond to growing demand for the cleaner fuel, it said earlier this month.
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 for international companies.
The national oil company, which aims to increase oil production capacity to 4 million barrels per day by 2020 and 5 million bpd by 2030, also announced an Dh5.1bn investment plan to upgrade and expand its Bu Hasa field, which will increase crude oil production capacity by 18 per cent to 650,000 bpd.
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Adnoc announced a string of deals and agreements during the Abu Dhabi International Petroleum Exhibition and Conference that took place in the capital last week. 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 LNG 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.
It also signed a deal with the state-backed Indian Strategic Petroleum Reserves to store its crude at the firm’s underground oil storage facilities in India.
“Our Adipec announcements are only the beginning of our next phase of rapid growth,” Dr Al Jaber said.
The biog
Favourite pet: cats. She has two: Eva and Bito
Favourite city: Cape Town, South Africa
Hobby: Running. "I like to think I’m artsy but I’m not".
Favourite move: Romantic comedies, specifically Return to me. "I cry every time".
Favourite spot in Abu Dhabi: Saadiyat beach
TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.