Abu Dhabi plans to spend more than US$25 billion over the next five years to raise oil production capacity at its offshore fields.
The UAE is planning to boost its total output capacity to 3.5 million barrels per day (bpd) by 2017-18 from about 3 million bpd now.
The country's production was estimated by the International Energy Agency to be unchanged at 2.84 million bpd in March, although the country itself has officially reported to be producing at rates closer to 3 million bpd for several months.
Production from the Abu Dhabi National Oil Company’s (Adnoc) two biggest offshore units will rise to up to 1.6 million bpd by 2017-18, a 33 per cent increase from about 1.2 million bpd now, said Qasem Al Kayoumi, manager of offshore division, exploration and production directorate at Adnoc.
The Abu Dhabi Marine Operating Company or Adma-Opco, in which Adnoc has a 60 per cent stake, is currently producing about 650,000 bpd. The UK's BP, France's Total and Japan Oil Development Co (Jodco) are the other shareholders in the group. The Zakum Development Company or Zadco, in which Adnoc has a 60 per cent stake, is currently producing about 600,000 bpd from the Upper Zakum field, one of the world's largest.
“You always want to build capacity, but the production rate is always governed by Opec and the government,” said Mr Al Kayoumi at the Middle East Petroleum and Gas conference in Abu Dhabi.
“We have all the confidence that these projects will be delivered on these times and with good quality.”
Adnoc and its partners are planning to boost the capacity of Zadco to 750,000 bpd by 2017-18 and possibly 1 million bpd by 2024, he said.
Adnoc is also planning to boost the capacity of the Lower Zakum offshore field to 425,000 bpd by about 2016, by adding 100,000 bpd. It is also developing other offshore fields such as Umm Lulu, Al Nasr and Satah Al Razboot (Sarb).
Mr Al Kayoumi said Adnoc would "focus on gas development because of the growing demand for gas".
“We are already working with our current operator companies to do appraisal activities and also we are working with some potential partners through technical evaluation agreements to develop these fields, with a focus on gas development,” he said.
The Adma-Opco concession is due to expire in March 2018 and currently Adnoc is starting preparations for the renewal.
“We are just in the very early phase of planning for this new concession,” said Mr Al Kayoumi. “We are just focusing on appraisal and preparing the documents for tendering. We will go in steps and stages getting the right approval from the SPC [Supreme Petroleum Council].”
The Zadco concession will expire in 2041.
Adnoc is also spending about $2.5bn a year over the next five years on drilling activity, especially gas, as it boosts recovery percentages.
"Our [oil] recovery aspiration is 70 per cent recovery of recoverable reserve and that is very challenging, but you always aim very high when it comes to recovery," said Mr Al Kayoumi.
dalsaadi@thenational.ae
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CHELSEA SQUAD
Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku.
Mohammed bin Zayed Majlis
UAE currency: the story behind the money in your pockets
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Company%20profile
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Indika
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%2011%20Bit%20Studios%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Odd%20Meter%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%205%2C%20PC%20and%20Xbox%20series%20X%2FS%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Read more about the coronavirus
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)
What is THAAD?
It is considered to be the US's most superior missile defence system.
Production:
It was created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
UAE currency: the story behind the money in your pockets
The specs: 2018 Jeep Grand Cherokee Trackhawk
Price, base: Dh399,999
Engine: Supercharged 6.2-litre V8
Gearbox: Eight-speed automatic
Power: 707hp @ 6,000rpm
Torque: 875Nm @ 4,800rpm
Fuel economy, combined: 16.8L / 100km (estimate)
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Saturday's schedule at the Abu Dhabi Grand Prix
GP3 race, 12:30pm
Formula 1 final practice, 2pm
Formula 1 qualifying, 5pm
Formula 2 race, 6:40pm
Performance: Sam Smith
