Iraq oil ambitions not viable


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LONDON // Iraq will be a game changer for world oil supply but not any time soon, energy experts told the Oil and Money conference in the British capital. The panel cast doubt on the agenda set by the Iraqi oil minister Hussein al Shahristani for foreign oil companies to boost production from Iraq's biggest oilfields by huge amounts, raising the country's output capacity almost fivefold to about 12 million barrels per day (bpd) by 2017 from about 2.4 million bpd currently.

"It's easy to throw big numbers out there but these are very challenging production targets," said Sadad al Husseini, the founder and president of Husseini Energy, based in Manama, and a former head of exploration and production for Saudi Aramco. "To reach even 6 million bpd will mean going to smaller fields, tighter reservoirs, enhanced oil recovery. It requires planning and co-ordination. It's a major job."

Mr Husseini criticised Iraq's oil ministry for requiring oil companies to compete for licences on the basis of "plateau" production targets. Excessively high production levels were likely to damage Iraq's oil reservoirs, leading to sharp declines later and reducing their productive life, he said. "This bid for plateau was an error. It is not the way you should go about developing a major field. It was done and now it has to be undone," he told the conference, which ended yesterday. "You need to study the fields and determine the optimum sustainable production in each case." Mr Husseini said he had calculated a "best case scenario" for Iraq of 6.3 million bpd of oil output maintained for 12 to 14 years.

Issam al Chalabi, a former Iraqi oil minister, agreed that the current government target of almost twice that was not sustainable, adding it would be counterproductive to try to achieve it. "I would go for optimisation in a phased manner," he said. "Maximisation [of oil output] is not really rewarding for the country. It will damage the industry. It will damage the reservoirs." Mr al Chalabi also pointed to the vast challenges Iraq faced on issues such as political stability, maintaining security and its lack of infrastructure and export pipelines.

"I will cut my hands off if Iraq can provide 12 million bpd of export facilities," he said. "Yes, Iraq is a game changer but, short-term, definitely not; medium-term, very unlikely; long-term, maybe," he said. Peter Wells, the non-executive director of Neftex Petroleum, a consultancy based in the UK, said it would be impossible for contractors to drill the number of wells required by Iraq's current oil development plan.

He agreed Iraq might realistically be able to raise its oil output to 4 million bpd within five years - a level that would be unlikely to cause waves within OPEC. But he said there was huge potential in the country, adding Iraq was "the last place on the planet where you will find this much oil in such big fields that hasn't been produced. "There is nowhere like Iraq." tcarlisle@thentional.ae

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Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

COMPANY PROFILE

Name: Qyubic
Started: October 2023
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Sector: E-commerce
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Investment stage: Pre-seed
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The biog

Name: Younis Al Balooshi

Nationality: Emirati

Education: Doctorate degree in forensic medicine at the University of Bonn

Hobbies: Drawing and reading books about graphic design

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Recipe

Garlicky shrimp in olive oil
Gambas Al Ajillo

Preparation time: 5 to 10 minutes

Cooking time: 5 minutes

Serves 4

Ingredients

180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped

Method

Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.

Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.

Once the prawns turn pink, after 1 or 2 minutes of cooking,  remove from the heat and season with sea salt flakes.

Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.

 

UAE currency: the story behind the money in your pockets
The specs

Engine: 2.0-litre 4cyl turbo

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Torque: 405Nm at 1,750-3,500rpm

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UAE currency: the story behind the money in your pockets
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Dominic Rubin, Oxford

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

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  • 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
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  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
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Timeline

1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company

1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
First automatic Ferrari, the 400 Automatic, is made

1987
F40 launched

1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent

2002
The Enzo model is announced

2010
Ferrari World opens in Abu Dhabi

2011
First four-wheel drive Ferrari, the FF, is unveiled

2013
LaFerrari, the first Ferrari hybrid, arrives

2014
Fiat Chrysler announces the split of Ferrari from the parent company

2015
Ferrari launches on Wall Street

2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary

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Transmission: Single-speed automatic
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Know before you go
  • Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
  • If you’re driving, make sure your insurance covers Oman.
  • By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
  • Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
  • Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.

 

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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
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Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

Was a middle distance state athletics champion in school

Enjoys driving to Fujairah and Ras Al Khaimah with family

His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

Keeps the diaries in his car to remember his journey in the Emirates

House-hunting

Top 10 locations for inquiries from US house hunters, according to Rightmove

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THE CLOWN OF GAZA

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