OMV, the Austrian oil and gas company in which Mubadala Investment Company is the second-biggest shareholder, will pay $1.5 billion to acquire stakes in Abu Dhabi oil fields, the company said on Thursday.
"OMV and Abu Dhabi National Oil Company agreed that OMV will acquire a 20 percent interest in the concession for the offshore oil fields Satah Al Razboot (with the satellite fields Bin Nasher and Al Bateel) and Umm Lulu as well as the associated infrastructure for a purchase price of $1.5bn," the company said.
"The signing of the transaction documents is expected by the end of April 2018."
Mubadala Investment Company, the Abu Dhabi strategic firm with about $127bn in assets, owns around 25 per cent of OMV.
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Read more:
Adnoc awards CNPC twin offshore concessions worth Dh4.3bn
Adnoc to partner with Spanish firm Cepsa after awarding it 20% stake in offshore oil concessions
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The Austrian company is also a partner with Mubadala in petrochemical company Borealis.
Adnoc awarded in February another Mubadala company, Spain's Cepsa a 20 per cent stake in offshore concession areas for Dh5.5bn.
Adnoc is granting stakes in oil concessions up for renewal to new partners as it seeks to expand its oil production capacity to 3.5 million barrels a day.
Abu Dhabi’s recent partners on the various offshore concessions have so far been from Asia, reflecting the company’s pivot to secure market access in the East.
Last month, China National Petroleum Corporation picked up two stakes worth Dh4.3bn in offshore fields in Abu Dhabi, making China one of the largest foreign energy partners in the UAE.
The French oil major Total also won two stakes worth $1.45bn in offshore concessions in the emirate last month. European oil company Eni, Japan’s Inpex as well as an Indian consortium led by ONGC Videsh have also clinched stakes in concessions.
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Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
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Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
ICC T20 Rankings
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10. Afghanistan - 226 points
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Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.