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
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
PRISCILLA
%3Cp%3EDirector%3A%20Sofia%20Coppola%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Cailee%20Spaeny%2C%20Jacob%20Elordi%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
Habib El Qalb
Assi Al Hallani
(Rotana)
Mohammed bin Zayed Majlis
BlacKkKlansman
Director: Spike Lee
Starring: John David Washington; Adam Driver
Five stars
The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
