Despite OPEC working to support recovering crude prices by curbing production from the world's biggest oil exporters, some of its members have increased output of a type of crude produced from natural gas.
The extra-light crude, known as condensate, commands a premium over the internationally traded benchmark crudes but it is excluded from the formal quotas OPEC has imposed on its members.
But as condensate finds its way to oil refineries around the world, it contributes to global oil supply and affects market balance, and its production from regions east of Suez is set to surge.
"The acceleration of exploration for and development of gas reserves, both in Asia-Pacific and the Middle East Gulf, will inevitably boost condensate output through 2015," AJ Troner, the managing director of Asia Pacific Energy Consulting, based in Houston, predicts in a research report.
"Over the course of this decade, condensate has moved from a specialty niche into the mainstream of Asia-Pacific and Middle East Gulf trade. Increasingly it has impacted not only petrochemical feedstock balances, but also gasoline supply and marketing."
Because condensate is a by-product of gas production, however, OPEC has had to ignore it when it sets crude production targets, allowing its members to pursue gas development independently from oil. That economic freedom is essential to support industrial diversification so oil producers will not willingly relinquish it.
Still, it gives OPEC members with big gas reserves a significant loophole for boosting crude exports when the group as a whole is trying to cut supplies.
According to OPEC, members have already pumped up their output of natural gas liquids (NGL) and non-conventional oils by nearly 9 per cent this year from last year's average, while their production of crude subject to quotas has fallen by 9 per cent.
Thanks largely to increased NGL production, a category that includes condensate, the share of OPEC members' total hydrocarbon liquids output that is subject to quotas has slipped by 2 percentage points since last year to 86 per cent.
Condensate consists of hydrocarbon vapour produced with gas that becomes liquid shortly after leaving the wellhead. If left in the gas stream it would condense inside pipelines causing problems with gas flow, so it is removed and marketed separately.
Just as gas was once regarded as a waste product from oil production with little intrinsic value, gas condensate used to be thought of mainly as a nuisance. It complicated the production of sales gas. Worse, it tended to clog up gas reservoirs by condensing underground and blocking the flow of gas into producing wells, sometimes "killing" fields that were drained too fast.
But recently, condensate has come into its own on international markets as traders have begun to appreciate the value of a commodity that can use all the existing infrastructure for transporting and processing conventional crude and oil products, and is also an important source of petrochemical feedstock in the form of naphtha.
Another characteristic working in condensate's favour is its low sulphur content, making it equivalent to the light sweet crudes that non-specialised oil refiners prefer.
As a result, condensate has become much sought after, to such an extent that exploration companies sometimes consider it a greater prize than gas.
Nowhere is this clearer than in Saudi Arabia, where the prospect of striking "wet gas" containing condensate has been the driving force for gas exploration efforts in the kingdom's Rub al Khali desert, or Empty Quarter.
In 2003, short of gas for power generation, Saudi Arabia took the unusual step of inviting foreign oil companies to bid on five-year exploration contracts, hoping to gain 2 million cubic feet (cu ft) per day of new gas supplies from the Rub al Khali by 2011.
But under the contracts' tough terms, any oil discovered would be handed over to Saudi Aramco, the national petroleum company, for development, while Riyadh would pay only the kingdom's subsidised domestic price of US$0.75 per 1,000 cu ft, minus transport costs for gas.
That effectively left Aramco's various foreign partners, including the Anglo-Dutch Royal Dutch Shell, France's Total, Italy's Eni, Spain's Repsol, Russia's Lukoil and China's Sinopec, searching for condensate, which they would be allowed to produce and market at international prices.
After the drilling push yielded a string of disappointments, Luskar, a joint venture led by Lukoil, made a light oil discovery in February followed by a gas strike a month later.
Lukoil is reportedly in "discussions" with Aramco about whether the liquids discovery constitutes oil with associated gas, or gas with an unusually high condensate component. The venture is focusing on gas and condensate production by 2012 from its second discovery.
In April, a consortium led by Shell also struck gas but it was dry gas. The lack of condensates means further appraisal will be needed before launching a commercial venture is even considered.
In neighbouring Abu Dhabi, condensate also figures prominently in a technically challenging US$10 billion (Dh36.72bn) plan to develop the emirate's Shah sour gas field.
Abu Dhabi National Oil Company (ADNOC) and the US oil company ConocoPhillips continue to negotiate final terms of their proposed joint venture, after announcing a preliminary agreement last month.
According to industry sources, ConocoPhillips was awarded the concession for the Shah field, its first in Abu Dhabi, because it offered to hand over gas stripped of liquids to ADNOC free. It would recover its costs from sales of condensate and other NGLs.
Those are tough terms for the US partner but concluding the deal would give ConocoPhillips a long-sought entry into Abu Dhabi, an important Gulf oil exporter, just a few years before a number of major oil concessions in the emirate are due to expire.
A major uncertainty is whether ADNOC will renew the concessions with its existing foreign partners, or seek newcomers in the hope of gaining access to a wider range of advanced oil and gas technology.
As of late last month, ConocoPhillips and ADNOC seemed on course to seal their deal, with ADNOC announcing at a major gas conference in Abu Dhabi that it would soon award construction contracts for Shah.
But if the project does proceed, it will be due at least partly to a favourable outlook for global condensate demand and pricing.
Other companies have also invested heavily on profits from sales of NGLs and condensate as they strive for access to Middle East oil and gas reserves.
Crescent Oil and Dana Gas, both based in Sharjah, are supplying free gas to new power plants in Iraqi Kurdistan as they develop the region's Khor Mor gasfield. Initial revenues from the project will come from sales of the associated liquids.
Abu Dhabi's Dolphin Energy is another company that extracts and markets condensate, in this case from gas produced in Qatar.
The consortium of Mubadala Development, the investment arm of the Abu Dhabi Government, Total and Occidental Petroleum is best known for importing Qatari gas by pipeline to the UAE and Oman. But it has also been shipping condensate since 2007.
Dolphin's condensate production stands at 97,000 barrels per day.
Mr Troner notes that as high construction costs and falling oil demand recently pushed refining projects off the table, gas projects "tended to be delayed rather than shelved".
"This implies a continuing expansion of gas production in the medium term and a parallel rise in condensate output," he concludes.
As for demand, in Mr Troner's opinion this will come from the Asia-Pacific region, where fast-track expansion of petrochemicals capacity is being based on naphtha or direct-use condensate feedstock.
"This will certainly assure substantial new demand for incremental condensate output," he predicts.
Some Gulf states are also investing in naphtha-based petrochemicals expansion. One is Abu Dhabi, where three entities owned by the Government - International Petroleum Investment Company, ADNOC and the Abu Dhabi Investment Council - have formed a joint venture called Chemaweyaat to develop a $20bn naphtha-based chemicals complex that will be among the world's biggest.
The first phase of the project is due to come on stream in 2014, just in time to benefit from substantial new condensate supplies from the Shah field and other big gas developments that ADNOC and its partners are pursuing.
@Email:tcarlisle@thenational.ae
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
Diriyah%20project%20at%20a%20glance
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COMPANY%20PROFILE%20
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Company%20Profile
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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
Spider-Man%202
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SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Two-litre%20four-cylinder%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E235hp%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E350Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20Nine-speed%20automatic%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh167%2C500%20(%2445%2C000)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
COMPANY%20PROFILE
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More on Quran memorisation:
West Asia rugby, season 2017/18 - Roll of Honour
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
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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.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
THE%20SPECS
%3Cp%3EEngine%3A%203-litre%20V6%20turbo%20(standard%20model%2C%20E-hybrid)%3B%204-litre%20V8%20biturbo%20(S)%0D%3Cbr%3EPower%3A%20350hp%20(standard)%3B%20463hp%20(E-hybrid)%3B%20467hp%20(S)%0D%3Cbr%3ETorque%3A%20500Nm%20(standard)%3B%20650Nm%20(E-hybrid)%3B%20600Nm%20(S)%0D%0D%3Cbr%3EPrice%3A%20From%20Dh368%2C500%0D%3Cbr%3EOn%20sale%3A%20Now%3C%2Fp%3E%0A
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
Company%20profile
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Five expert hiking tips
- Always check the weather forecast before setting off
- Make sure you have plenty of water
- Set off early to avoid sudden weather changes in the afternoon
- Wear appropriate clothing and footwear
- Take your litter home with you
MATCH INFO
World Cup qualifier
Thailand 2 (Dangda 26', Panya 51')
UAE 1 (Mabkhout 45 2')
Tenet
Director: Christopher Nolan
Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
BAD%20BOYS%3A%20RIDE%20OR%20DIE
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Adil%20El%20Arbi%20and%20Bilall%20Fallah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EWill%20Smith%2C%20Martin%20Lawrence%2C%20Joe%20Pantoliano%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
Company%20Profile
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The major Hashd factions linked to Iran:
Badr Organisation: Seen as the most militarily capable faction in the Hashd. Iraqi Shiite exiles opposed to Saddam Hussein set up the group in Tehran in the early 1980s as the Badr Corps under the supervision of the Iran Revolutionary Guards Corps (IRGC). The militia exalts Iran’s Supreme Leader Ali Khamenei but intermittently cooperated with the US military.
Saraya Al Salam (Peace Brigade): Comprised of former members of the officially defunct Mahdi Army, a militia that was commanded by Iraqi cleric Moqtada Al Sadr and fought US and Iraqi government and other forces between 2004 and 2008. As part of a political overhaul aimed as casting Mr Al Sadr as a more nationalist and less sectarian figure, the cleric formed Saraya Al Salam in 2014. The group’s relations with Iran has been volatile.
Kataeb Hezbollah: The group, which is fighting on behalf of the Bashar Al Assad government in Syria, traces its origins to attacks on US forces in Iraq in 2004 and adopts a tough stance against Washington, calling the United States “the enemy of humanity”.
Asaeb Ahl Al Haq: An offshoot of the Mahdi Army active in Syria. Asaeb Ahl Al Haq’s leader Qais al Khazali was a student of Mr Al Moqtada’s late father Mohammed Sadeq Al Sadr, a prominent Shiite cleric who was killed during Saddam Hussein’s rule.
Harakat Hezbollah Al Nujaba: Formed in 2013 to fight alongside Mr Al Assad’s loyalists in Syria before joining the Hashd. The group is seen as among the most ideological and sectarian-driven Hashd militias in Syria and is the major recruiter of foreign fighters to Syria.
Saraya Al Khorasani: The ICRG formed Saraya Al Khorasani in the mid-1990s and the group is seen as the most ideologically attached to Iran among Tehran’s satellites in Iraq.
(Source: The Wilson Centre, the International Centre for the Study of Radicalisation)
Company%20profile
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THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
COMPANY%20PROFILE%20
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Match info
Karnataka Tuskers 110-3
J Charles 35, M Pretorius 1-19, Z Khan 0-16
Deccan Gladiators 111-5 in 8.3 overs
K Pollard 45*, S Zadran 2-18
COMPANY%20PROFILE
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
The years Ramadan fell in May
The biog
Hobbies: Salsa dancing “It's in my blood” and listening to music in different languages
Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”
Favourite food: “I'm a vegetarian, so I can't get enough of salad.”
Favourite film: “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”
Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”
Schedule:
Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four
Sept 21: Group A Winner v Group B Runner-up (Dubai)
Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)
Sept 23: Group A Winner v Group A Runner-up (Dubai)
Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)
Sept 25: Group A Winner v Group B Winner (Dubai)
Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)
Sept 28: Final (Dubai)
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
More on Quran memorisation:
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