ExxonMobil has reportedly not bid for the renewal of Abu Dhabi's historic onshore concession.
The American major was alone among the legacy partners to decline to bid, according to a report published on Monday by Petroleum Intelligence Weekly, an industry news source. Exxon and partners Total, BP and Royal Dutch Shell lost their 75-year rights to the emirate's oldest producing fields in January, when the Second World War-era contract expired.
The family of oilfields, which include Bab, Asab and Bu Hasa, are together responsible for half of the emirate's almost 3 million-barrel-per-day output and hold more than 100 billion barrels of oil or oil equivalent in one of the most politically stable parts of the world open to foreign partners.
The Abu Dhabi Company for Onshore Oil Operations (Adco), which runs the fields, has been 100 per cent owned by Abu Dhabi National Oil Company (Adnoc) since January, when the western majors lost their stakes in the operators.
ExxonMobil recently negotiated a longer and more favourable deal for Upper Zakum, one of the world’s biggest offshore fields.
"ExxonMobil likes to maintain relationships, and if they were asked to bid it means they would," said Adrian Nizzola, an oil and gas lawyer at Simmons & Simmons in Abu Dhabi. "Upper Zakum means they at least maintain a presence. It means they maintain a relationship. But not to bid at all, I'd be surprised at that."
A source close to the auction said Exxon had actually placed a conditional bid stipulating that it be the sole operator of a slice of the Adco area. It has been the most vocal among the western majors in criticising Adco’s former structure, which gave the four majors equal 9.5 per cent shares but put them in a position of potentially exposing propriety technology to competitors.
Exxon was also one of the least hurt among the majors by the loss of Adco volumes. Upstream earnings in the first quarter rose US$746 million to $7.8 billion, thanks to greater gas output, and overall production fell by only 5.6 per cent.
Liquids production declined by 2.1 per cent to 2.1 million barrels per day.
In 2012, Adnoc raised eyebrows when it invited a long list of oil companies to prequalify to bid--except for BP. But BP was eventually brought back into the fold. It remains just as uncertain whether Exxon is out of the auction, said Chris Gunson, an oil and gas lawyer at Pillsbury, the American firm.
“From Iraq to Russia, Exxon is adept at re-writing the rules - without breaking them,” he said. “The same thing could happen in Abu Dhabi.”
Adnoc is expected to submit its recommendation within weeks for technical partners to the Supreme Petroleum Council, the Abu Dhabi oil policy body that includes members of the ruling family.
In October it received bids from companies including Korea National Oil Company, China National Oil Company and others for shares of either 5 or 10 per cent. Bidders could also ask to be the technical leader for a slice of the Adco concession, which is expected to be broken up.
Exxon and its Japanese partner Inpex negotiated their per-barrel fee for Upper Zakum from $1 to $2.85. That is expected to serve as a benchmark for Adco, which has long paid one of the lowest fees in the world.
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Stormy seas
Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.
We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice.
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
Film: In Syria
Dir: Philippe Van Leeuw
Starring: Hiam Abbass, Diamand Bo Abboud, Mohsen Abbas and Juliette Navis
Verdict: Four stars
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
RESULTS - ELITE MEN
1. Henri Schoeman (RSA) 57:03
2. Mario Mola (ESP) 57:09
3. Vincent Luis (FRA) 57:25
4. Leo Bergere (FRA)57:34
5. Jacob Birtwhistle (AUS) 57:40
6. Joao Silva (POR) 57:45
7. Jonathan Brownlee (GBR) 57:56
8. Adrien Briffod (SUI) 57:57
9. Gustav Iden (NOR) 57:58
10. Richard Murray (RSA) 57:59
UAE rugby season
FIXTURES
West Asia Premiership
Dubai Hurricanes v Dubai Knights Eagles
Dubai Tigers v Bahrain
Jebel Ali Dragons v Abu Dhabi Harlequins
UAE Division 1
Dubai Sharks v Dubai Hurricanes II
Al Ain Amblers v Dubai Knights Eagles II
Dubai Tigers II v Abu Dhabi Saracens
Jebel Ali Dragons II v Abu Dhabi Harlequins II
Sharjah Wanderers v Dubai Exiles II
LAST SEASON
West Asia Premiership
Winners – Bahrain
Runners-up – Dubai Exiles
UAE Premiership
Winners – Abu Dhabi Harlequins
Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens
Winners – Dubai Hurricanes
Runners-up – Abu Dhabi Harlequins
UAE Conference
Winners – Dubai Tigers
Runners-up – Al Ain Amblers
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
SPECS
Mini John Cooper Works Clubman and Mini John Cooper Works Countryman
Engine: two-litre 4-cylinder turbo
Transmission: nine-speed automatic
Power: 306hp
Torque: 450Nm
Price: JCW Clubman, Dh220,500; JCW Countryman, Dh225,500
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