The state-owned operator Abu Dhabi National Oil Company (Adnoc) will allocate Dh400 billion in investments that will see the addition of international downstream projects and advance exploration for unconventional gas resources, according to its statement to the state news agency Wam.
The oil company’s capital expenditure programme was approved by the Supreme Council of Energy (SPC), which oversees the UAE’s energy strategy and programmes.
“We convened the SPC today and approved Adnoc’s expanded growth strategy supported by a capex program of over Dh400b,” Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, who also heads up the SPC, tweeted late on Monday.
“Adnoc will expand its portfolio through strategic international downstream investments and develop Abu Dhabi’s unconventional gas resources,” he added.
Abu Dhabi’s pursuance of international downstream projects mirror recent attempts by Arabian Gulf-based oil companies such as Kuwait Petroleum Corporation, which has invested in Vietnam’s 200,000 barrel per day (bpd) Nghi Son refinery as well as the upcoming 230,000 bpd Duqm Refinery in Oman.
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The green light to pursue gas projects will see the realisation of projects such as the offshore Hail and Ghasha field developments - one of the largest in Adnoc’s portfolio - with an estimated production of 1 billion cubic feet per day (cf/d) of sour gas.
Also likely to see acceleration is the $10bn onshore Bab gas project, exited by the Anglo-Dutch oil major Shell last year, which contains sulphur-heavy sour gas. Shell had initially planned to develop sulphur-recovery systems able to process around a billion cf/d of sour gas.
Adnoc’s capex outlay comes as part of an ongoing strategy to pursue an expanded partnership approach towards investments across its portfolio, that was announced in July.
The Abu Dhabi company recently announced plans to list one of its subsidiaries - Adnoc Distribution - on the Abu Dhabi Securities Exchange and has plans to set up an oil trading unit and float other entities under its umbrella.
It has also increased foreign stakes across its concessions. In February, China National Petroleum Corporation (CNPC) took an 8 per cent stake in Adnoc Onshore, formerly known as Adco, while China Energy took a 4 per cent stake in the Adnoc subsidiary that operates onshore concessions in the emirate.
Chinese interests combined account for the largest foreign holdings in the concession, which also includes France’s Total, BP, Inpex and South Korea’s GS Energy with Adnoc the major shareholder.
The oil major had been holding discussions with Japanese and Chinese companies to renew existing concession agreements and form new partnerships.
Last month, Adnoc signed an agreement with Japan’s Inpex and ExxonMobil to increase production from its offshore Upper Zakum oilfield to 1 million bpd by 2024 and 450,000 bpd for the onshore Bab field. It also concurrently awarded the expansion of facilities to produce crude from Bab to a CNPC subsidiary.
Across its downstream value chain, Adnoc announced plans in July to build a new petrochemicals facility as part of its Borouge joint venture with Austrian firm Borealis. The new facility will have a total capacity of 6 million tonnes a year and will produce polyolefins and non-polyolefin products.
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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What: DP World Tour Championship
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Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
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Directed by: Joe and Anthony Russo
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Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
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What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
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Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
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