UAE energy companies are teaming up with oil and gas giants to form ventures, capitalise on investing opportunities and gain a larger presence in overseas energy markets.
Shell, for example, in April was chosen by the Abu Dhabi National Oil Company (Adnoc) to participate in a 30-year joint venture to develop the major Bab sour gas reservoirs in the emirate of Abu Dhabi.
Shell will hold a 40 per cent interest, with Adnoc holding 60 per cent.
The Bab sour gas reservoirs are 150km south-west of Abu Dhabi city.
"Shell is honoured to have been selected by Adnoc to develop the Bab sour gas reservoirs," says Peter Voser, the chief executive of Shell.
"We have more than 60 years' experience of safe and successful sour gasfield development globally and we will apply this experience, along with our leading research and development, and technology expertise, to the development of the Bab resource."
The gas is expected to supply the local market in the UAE.
"We value our long and successful partnership with Adnoc, and look forward to continuing to play a role in helping the United Arab Emirates meet its energy needs," Mr Voser says.
Shell plans to work closely with Adnoc to enhance the technical expertise of its workforce through effective knowledge transfer.
Meanwhile, Abu Dhabi National Energy Company, known as Taqa, completed the acquisition of UK North Sea oil and gas assets from the oil giant BP on June 1.
Taqa purchased stakes in three fields in UK waters from BP for $1bn in November.
The price does not include future payments dependent on oil prices and production. BP expects this to reach about US$250 million in additional payments in the future.
The move is expected to add 20,000 barrels of oil equivalent per day to Taqa's North Sea production, a 50 per cent increase. This nearly doubles the company's reserves in the region.
"We are delighted [with] this acquisition, which extends the average life of our UK reserves and opens up a bright future for our North Sea business," says Carl Sheldon, the chief executive at Taqa.
"This investment is a great strategic fit for Taqa."
Taqa now has interests in the Harding, Morrone and Maclure fields. The transaction has also increased Taqa's interests in the Brae area, the Sage gas pipeline and Forties-Brae and Forties-Braemar oil pipelines.
The sale has value for BP as well, particularly as it scales back its balance sheet in preparation next year to face a trial over civil fines in the United States relating to the Macondo oil well blow-out in the Gulf of Mexico in 2010.
"This transaction is in line with BP's strategy to focus on a smaller number of higher-value assets with long-term growth potential," says Bob Dudley, the chief executive of the British energy giant.
"It will also continue the simplification of our portfolio with a further reduction of operated infrastructure and wells."
Elsewhere in the Middle East, Shell has reportedly been in negotiations with Saudi Arabian officials for a natural gas project in the Kidan field of the Rub Al Khali desert.
Shell is the lead operator of the Majnoon oilfield in Iraq, with a 45 per cent interest. Malaysia's Petronas holds a 30 per cent share, with the Iraqi government holding the remaining interest.
Majnoon, one of Iraq's largest oilfields, could potentially reach production of 175,000 barrels per day by the end of this year.
Shell also embarked on a $17 billion joint venture with Mitsubishi and Iraq's South Gas Company in May. The venture is capturing about 400 cubic feet of associated gas per day, with the potential of 2 billion cubic feet per day, according to a Shell press release.
Shell has a 44 per cent interest, with Mitsubishi taking a 5 per cent interest and South Gas having a 51 per cent interest.
business@thenational.ae
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The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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COMPANY%20PROFILE%20
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
Company%20Profile
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COMPANY%20PROFILE
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
Scoreline
Abu Dhabi Harlequins 17
Jebel Ali Dragons 20
Harlequins Tries: Kinivilliame, Stevenson; Cons: Stevenson 2; Pen: Stevenson
Dragons Tries: Naisau, Fourie; Cons: Love 2; Pens: Love 2
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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