Mubadala Petroleum also owns a 10 per cent stake in the massive Zohr field in the Eastern Mediterranean, which was discovered by Italian energy firm Eni. Reuters
Mubadala Petroleum also owns a 10 per cent stake in the massive Zohr field in the Eastern Mediterranean, which was discovered by Italian energy firm Eni. Reuters

Mubadala Petroleum completes acquisition of stake in Egypt field



Mubadala Petroleum, a unit of Abu Dhabi strategic firm Mubadala Investment Company, has completed the acquisition of a 20 per cent stake in an offshore Egyptian concession area from Italy's Eni.

Eni, the main operator on the Egyptian Natural Gas Holding Company concession, will now hold a 40 per cent stake through its subsidiary, IEOC. BP holds a 25 per cent interest in the block, while Egyptian state-backed Tharwa Petroleum Company a 15 per cent stake.

The Abu Dhabi firm first entered North Africa’s biggest economy in June, when it acquired from Eni a 10 per cent participating interest in the Shorouk concession, which contains the large producing Zohr gas field, one of the biggest discoveries in the Eastern Mediterranean basin.

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Read more:

Exclusive: Mubadala to take investment decision on $6bn Pakistan refinery

Mubadala Petroleum snaps 20% stake from Italian Eni in Egypt's offshore block 

Exclusive: Mubadala's petroleum and petrochemicals wing eyes lower cost barrels

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"This acquisition of a 20 percent interest in the Nour concession is another step in Mubadala Petroleum’s growth strategy, marking our second investment in Egypt this year," Mubadala Petroleum chief executive Bakheet Al Katheeri said at the signing.  "At the same time, we further strengthen our partnership with Eni, the operator of both the Nour and the Shorouk concessions,"

The Nour exploration block is located approximately 50 kilometres offshore in the Eastern Mediterranean, in water ranging from 50 to 400 metres in depth, covering a total area of 739km.

Eni and Tharwa are carrying out drilling of the exploration and overseeing the first exploration period of the Nour concession.

Mubadala Petroleum manages assets and operations spanning 10 countries with a geographic focus on the Middle East, Russia and South East Asia. The Abu Dhabi company's current average production is around 360,000 barrels per day of oil equivalent.

Genesis G80 2020 5.0-litre Royal Specs

Engine: 5-litre V8

Gearbox: eight-speed automatic

Power: 420hp

Torque: 505Nm

Fuel economy, combined: 12.4L/100km

Price: Dh260,500

The specs

Engine: Twin-turbocharged 4-litre V8
Power: 542bhp
Torque: 770Nm
Transmission: Eight-speed automatic
Price: From Dh1,450,000
On sale: Now

HEADLINE HERE
  • I would recommend writing out the text in the body
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The specs

Engine: 4-litre twin-turbo V8

Transmission: nine-speed

Power: 542bhp

Torque: 700Nm

Price: Dh848,000

On sale: now

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

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Winner ES Ajeeb, Sam Hitchcock (jockey), Ibrahim Aseel (trainer).          

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Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar

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Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
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25 Days to Aden

Author: Michael Knights

Pages: 256

Available: January 26

MATCH INFO

Juventus 1 (Dybala 45')

Lazio 3 (Alberto 16', Lulic 73', Cataldi 90+4')

Red card: Rodrigo Bentancur (Juventus)

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

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Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi​​​​​​​
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Director: Nag Ashwin

Starring: Prabhas, Saswata Chatterjee, Deepika Padukone, Amitabh Bachchan, Shobhana

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The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

WHAT IS 'JUICE JACKING'?

• Juice jacking, in the simplest terms, is using a rogue USB cable to access a device and compromise its contents

• The exploit is taken advantage of by the fact that the data stream and power supply pass through the same cable. The most common example is connecting a smartphone to a PC to both transfer data and charge the former at the same time

• The term was first coined in 2011 after researchers created a compromised charging kiosk to bring awareness to the exploit; when users plugged in their devices, they received a security warning and discovered that their phones had paired to the kiosk, according to US cybersecurity company Norton

• While juice jacking is a real threat, there have been no known widespread instances. Apple and Google have also added security layers to prevent this on the iOS and Android devices, respectively

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

The Internet
Hive Mind
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The years Ramadan fell in May

1987

1954

1921

1888

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.

A semen analysis of the father showed abnormal sperm so the couple required IVF.

Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.

A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.

On day three of the process, 14 embryos were biopsied for gender selection.

The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.

Day five of the treatment saw two male embryos transferred to the patient.

The woman recorded a positive pregnancy test two weeks later. 


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