High stakes in game of political stalemate



The allure of Kurdish crude continues to tempt western companies, who are under pressure to side with Baghdad in a prolonged political standoff over Kurdish oil rights.

The central government and the Kurdish regional government have clashed over Erbil's insistence to sign production contracts with international oil companies (IOCs). Fearful that autonomy over its energy resources would fan Kurdish separatism, Baghdad has declared them illegal, and refuses to pay companies above the cost of production.

The example of ExxonMobil, which has put its stake in the massive West Qurna-1 field up for sale, shows that the central government is also serious about threats to evict oil majors from oilfields in Iraq's south.

Total, another major that has gone in with Erbil, is hopeful it can avoid Exxon's fate and keep its stake in the Halfaya field in Maysan province, despite an ultimatum from Baghdad to cancel its Kurdish venture.

"It's true that the Iraqi government made the statement that Total will have to choose between assets in Kurdistan and [Halfaya]. But for now we have decided not to choose," said Christophe de Margerie, Total's chief executive, at the Adipec industry conference this month in Abu Dhabi.

If the French company can stall on a decision for long enough, it may keep both assets after Erbil and Baghdad have agreed on an oil law that would legalise its stake in Kurdistan.

"The two parts of this country are in the same country, so we hope that they will quickly find solutions for how they will work together and get together an oil law," said Mr de Margerie.

After years of disagreement, both sides have intensified their efforts to pass the oil law. For the Kurds, the law is crucial, as without it, production in the autonomous region will not become profitable. The central government needs to introduce a comprehensive legal framework for the smooth running of its oil sector.

IOCs are, for the time being, still tempted by Kurdistan.

"There are a lot of opportunities if you want to go for it," said Anders Hatteland, the senior representative for Norway's Statoil in the Middle East.

"One of the things that I find that's interesting with Iraqi Kurdistan is that it's one of these places where you actually have a liquid [mergers and acquisitions] market," he said. "You don't find that in many places [like that]."

After selling its stake in a southern oilfield, Statoil was evaluating its options in Kurdistan, said Mr Hatteland.

One oil major that does not claim an interest in Kurdistan is BP, whose former chief executive Tony Hayward is active in the region with his new company Genel Energy.

"We absolutely remain committed to Iraq," said Bob Dudley, BP's chief executive, at Adipec. The British producer is ramping up production at the Rumaila supermajor field in the south and does not want to risk future business by venturing north.

"We're meeting the leadership of the country about it and exploring other areas of cooperation, but its too early to talk about anything specific," said Mr Dudley.

THE LOWDOWN

Photograph

Rating: 4/5

Produced by: Poetic License Motion Pictures; RSVP Movies

Director: Ritesh Batra

Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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RESULTS

Women:

55kg brown-black belt: Amal Amjahid (BEL) bt Amanda Monteiro (BRA) via choke
62kg brown-black belt: Bianca Basilio (BRA) bt Ffion Davies (GBR) via referee’s decision (0-0, 2-2 adv)
70kg brown-black belt: Ana Carolina Vieira (BRA) bt Jessica Swanson (USA), 9-0
90kg brown-black belt: Angelica Galvao (USA) bt Marta Szarecka (POL) 8-2

Men:

62kg black belt: Joao Miyao (BRA) bt Wan Ki-chae (KOR), 7-2
69kg black belt: Paulo Miyao (BRA) bt Gianni Grippo (USA), 2-2 (1-0 adv)
77kg black belt: Espen Mathiesen (NOR) bt Jake Mackenzie (CAN)
85kg black belt: Isaque Braz (BRA) bt Faisal Al Ketbi (UAE), 2-0
94kg black belt: Felipe Pena (BRA) bt Adam Wardzinski (POL), 4-0
110kg black belt final: Erberth Santos (BRA) bt Lucio Rodrigues (GBR) via rear naked choke

COMPANY%20PROFILE
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Ad Astra

Director: James Gray

Stars: Brad Pitt, Tommy Lee Jones

Five out of five stars 

The Kites

Romain Gary

Penguin Modern Classics

THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 
Gully Boy

Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi​​​​​​​
Rating: 4/5 stars

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

ANDROID%20VERSION%20NAMES%2C%20IN%20ORDER
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Generation Start-up: Awok company profile

Started: 2013

Founder: Ulugbek Yuldashev

Sector: e-commerce

Size: 600 plus

Stage: still in talks with VCs

Principal Investors: self-financed by founder

Scorebox

Dubai Hurricanes 31 Dubai Sports City Eagles 22

Hurricanes

Tries: Finck, Powell, Jordan, Roderick, Heathcote

Cons: Tredray 2, Powell

Eagles

Tries: O’Driscoll 2, Ives

Cons: Carey 2

Pens: Carey

THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
RESULTS

1.45pm: Maiden Dh75,000 1,200m
Winner: Lady Parma, Richard Mullen (jockey), Satish Seemar (trainer).
2.15pm: Maiden Dh75,000 1,200m
Winner: Tabernas, Connor Beasley, Ahmed bin Harmash.
2.45pm: Handicap Dh95,000 1,200m
Winner: Night Castle, Connor Beasley, Satish Seemar.
3.15pm: Handicap Dh120,000 1,400m
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
3.45pm: Handicap Dh80,000 1,400m
Winner: Mutawakked, Szczepan Mazur, Musabah Al Muhairi.
4.15pm: Handicap Dh90,000 1,800m
Winner: Tafaakhor, Sandro Paiva, Ali Rashid Al Raihe.
4.45pm: Handicap Dh80,000 1,950m
Winner: Cranesbill, Fabrice Veron, Erwan Charpy.

The biog

Fast facts on Neil Armstrong’s personal life:

  • Armstrong was born on August 5, 1930, in Wapakoneta, Ohio
  • He earned his private pilot’s license when he was 16 – he could fly before he could drive
  • There was tragedy in his married life: Neil and Janet Armstrong’s daughter Karen died at the age of two in 1962 after suffering a brain tumour. She was the couple’s only daughter. Their two sons, Rick and Mark, consulted on the film
  • After Armstrong departed Nasa, he bought a farm in the town of Lebanon, Ohio, in 1971 – its airstrip allowed him to tap back into his love of flying
  • In 1994, Janet divorced Neil after 38 years of marriage. Two years earlier, Neil met Carol Knight, who became his second wife in 1994 

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

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