Mubadala Oil and Gas, the state-owned Abu Dhabi energy venture, could triple production to more than 1 million barrels per day (bpd) within about six years, equivalent to more than a quarter of the current UAE output.
The company, a unit of Mubadala Development, currently pumps more than 350,000 barrels of oil equivalent per day from its shares of oil and gas projects in 10 different countries, Maurizio La Noce, the chief executive, said yesterday.
"We are structured as an independent oil and gas company, medium-sized," he told the Abu Dhabi 2009 conference. "We want to become the pre-eminent independent oil and gas company in the eastern hemisphere."
To get there, Mubadala Oil is aiming to increase its average holding in foreign oil and gas developments to 50 per cent in the next few years from 15 per cent to 20 per cent currently, Mr La Noce said. If it remains a partner in all its current projects, oil and gas production would be as much as 1.2 million bpd.
Much of the new output could come from Kazakhstan, where the company is in a joint venture with the US oil firm ConocoPhillips to seek oil and gas below the Caspian Sea. The partners hope to book as much as 3 billion barrels of reserves in the next three to four years, Mr La Noce said.
In another joint venture in Oman, Mubadala Oil and its partner Occidental Petroleum have recently raised production to 90,000 bpd from 80,000 bpd and are aiming to boost output from their oil and gas concession to 150,000 bpd within five years, Mr La Noce said.
Mubadala Oil, the US-based Occidental Petroleum and the French oil firm Total also produce more than 2 billion cubic feet per day of gas from Qatar for their Dolphin Energy joint venture, which exports the gas to the UAE and Oman. In addition, Dolphin produces significant volumes of condensate, a type of light oil often found in gas reservoirs, for international export.
Extending their relations, Mubadala Oil and Occidental announced yesterday that they had formed a joint venture with National Oil and Gas Authority of Bahrain to boost output from the only oilfield in Bahrain.
Mr La Noce said the Mubadala oil and gas operations were tightly focused on the MENA and Caspian regions and South East Asia. The geographic focus allows Mubadala Oil to avoid direct competition with other Abu Dhabi Government entities with overseas investments in the upstream oil and gas sector.
Abu Dhabi accounts for more than 90 per cent of UAE oil production, which recently stood at 2.2 million to 2.3 million bpd. The UAE total oil and gas output capacity is believed to be equivalent to about 3.8 million bpd of oil.
@Email:tcarlisle@thenational.ae
MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium, Malayisa
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia on October 10
Company profile
Company name: Xare
Started: January 18, 2021
Founders: Padmini Gupta, Milind Singh, Mandeep Singh
Based: Dubai
Sector: FinTech
Funds Raised: $10 million
Current number of staff: 28
Investment stage: undisclosed
Investors: MS&AD Ventures, Middle East Venture Partners, Astra Amco, the Dubai International Financial Centre, Fintech Fund, 500 Startups, Khwarizmi Ventures, and Phoenician Funds
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
The specs
Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
The Specs
Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
COMPANY PROFILE
Name: Kinetic 7
Started: 2018
Founder: Rick Parish
Based: Abu Dhabi, UAE
Industry: Clean cooking
Funding: $10 million
Investors: Self-funded
COMPANY PROFILE
Company name: Co Chocolat
Started: 2017
Founders: Iman and Luchie Suguitan
Based: Dubai, UAE
Industry: Food
Funding: $1 million-plus
Investors: Fahad bin Juma, self-funding, family and friends
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
How Voiss turns words to speech
The device has a screen reader or software that monitors what happens on the screen
The screen reader sends the text to the speech synthesiser
This converts to audio whatever it receives from screen reader, so the person can hear what is happening on the screen
A VOISS computer costs between $200 and $250 depending on memory card capacity that ranges from 32GB to 128GB
The speech synthesisers VOISS develops are free
Subsequent computer versions will include improvements such as wireless keyboards
Arabic voice in affordable talking computer to be added next year to English, Portuguese, and Spanish synthesiser
Partnerships planned during Expo 2020 Dubai to add more languages
At least 2.2 billion people globally have a vision impairment or blindness
More than 90 per cent live in developing countries
The Long-term aim of VOISS to reach the technology to people in poor countries with workshops that teach them to build their own device
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
The 12
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid