Rosneft considers exiting JV with Crescent in Sharjah



Russia's Rosneft may exit its joint operations in Sharjah with the UAE's Crescent Petroleum, after its two-well gas exploration programme proved unsuccessful.

The Russian energy producer issued a statement to The National that said the joint development, with two exploration wells drilled between 2011 and 2014, did not show any commercial hydrocarbon reserves. "As a result, Rosneft is considering the possibility of exiting the project," it said.

Rosneft GDRs were down yesterday to US$4.861 in afternoon London trading, a slight dip from $4.987 at the close of Friday. Alpha Bank's analyst covering Russia, Alexander Kornilov, said that Rosneft's decision follows the same logic that is driving major global oil companies to cut capital expenditure (capex) amid lower oil prices.

“And the UAE project is not an exception,” he said adding that the Sharjah onshore concession was a relatively small project for Rosneft.

Rosneft entered into a deal with Crescent Petroleum in 2010 to develop the Sharjah onshore concession. The Russian firm held a 49 per cent interest with Crescent holding the remaining 51 per cent. The companies reported that the two exploration wells would cost about Dh220 million to fully develop.

Globally, Rosneft reported drilling 100 exploration wells with an 80 per cent success rate last year, discovering five new fields and 64 new deposits on existing fields.

“The impact for the entire company isn’t that big – maybe for the UAE, it could be somewhat painful,” Mr Kornilov said.

Crescent Petroleum could not be reached for comment.

Crescent's fellow UAE-based company, Dana Gas, is getting continued production from its Sharjah offshore concession. The Zora gasfield has gas reserves with production planned to commence with an initial flow rate of 40 million standard cubic feet per day.

Brent crude prices continue to hover around US$65 per barrel, significantly lower than the highs of last June at about $115 per barrel. Many firms have slashed their budgets, or capex, which has shaken up the sector and caused companies to re-evaluate their exploration programmes.

Majors like British Petroleum, the American firm ConocoPhillips, France’s Total and China’s Sinopec have slashed capex and continue to look at ways to lower operating costs.

lgraves@thenational.ae

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EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

Company profile

Name: Homie Portal LLC

Started: End of 2021 

Founder: Abdulla Al Kamda 

Based: Dubai

Sector: FinTech 

Initial investment: Undisclosed 

Current number of staff: 14 

Investment stage: Launch 

Investors: Self-funded

Profile of RentSher

Started: October 2015 in India, November 2016 in UAE

Founders: Harsh Dhand; Vaibhav and Purvashi Doshi

Based: Bangalore, India and Dubai, UAE

Sector: Online rental marketplace

Size: 40 employees

Investment: $2 million

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Name: Lynn Davison

Profession: History teacher at Al Yasmina Academy, Abu Dhabi

Children: She has one son, Casey, 28

Hometown: Pontefract, West Yorkshire in the UK

Favourite book: The Alchemist by Paulo Coelho

Favourite Author: CJ Sansom

Favourite holiday destination: Bali

Favourite food: A Sunday roast

if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

The five pillars of Islam

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MEDIEVIL (1998)

Developer: SCE Studio Cambridge
Publisher: Sony Computer Entertainment
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UAE athletes heading to Paris 2024

Equestrian

Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).

Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

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Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

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Maryam Mohammed Al Farsi (women's 100 metres).

UAE currency: the story behind the money in your pockets
Safety 'top priority' for rival hyperloop company

The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.

He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.

“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.

“Only once the system has been certified and approved will it move people,” he said.

HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon. 

With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.

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Engine: 2.3-litre, turbo four-cylinder

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1. Fasting

2. Prayer

3. Hajj

4. Shahada

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Engine 8.0-litre quad-turbo, W16

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While you're here
Kandahar

Director: Ric Roman Waugh

Stars: Gerard Butler, Navid Negahban, Ali Fazal

Rating: 2.5/5

It's up to you to go green

Nils El Accad, chief executive and owner of Organic Foods and Café, says going green is about “lifestyle and attitude” rather than a “money change”; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.

“People always want someone else to do the work; it doesn’t work like that,” he adds. “The first step: you have to consciously make that decision and change.”

When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.

He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. “If you’re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,” he says.

“All this throwaway plastic - cups, bottles, forks - has to go first,” says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the café chain.

One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both “triple-certified - you could eat the product”.  

The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.

Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.

But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? “You have to change,” says Mr El Accad. “I can only make it available.”

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5


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