Dana Gas, one of the largest private natural gas companies in the region, and Crescent Petroleum, its affiliate, said gas production from their operations in the Kurdistan region of Iraq surged 50 per cent compared to 2018 levels to reach a record 452 million cubic feet of gas per day (MMscf/d) at the end of 2021.
The growth in production is supported by a number of process improvements at the gas plant in Iraqi Kurdistan, including a bypass project completed in 2020 as well as a de-bottlenecking programme earlier in 2018, the two companies said in a joint statement on Wednesday.
“Our continued investments since 2018, notably the Khor Mor de-bottlenecking and bypass projects, have allowed us to deliver reliable supplies of clean energy to support the KRI economy and its people, with enhanced economic and environmental benefits which will increase as we further grow production,” said Patrick Allman-Ward, chief executive of Dana Gas.
Dana Gas and Crescent Petroleum jointly operate the Khor Mor and Chemchemal gasfields on behalf of the Pearl Petroleum consortium, supplying gas that is used to generate electricity in the KRI. It also produces nearly 16,000 barrels of condensate and 1,000 tonnes of liquefied petroleum gas per day.
Global oil and gas investments are expected to increase more than 4.3 per cent annually to reach $628 billion this year as the industry recovers from the pandemic and from the hurdles posed by the Omicron variant, consultancy Rystad Energy said in a recent report.
Brent, the international benchmark under which two thirds of the world's oil trades, was up 0.7 per cent at 1.11pm UAE time trading at $84.31. West Texas Intermediate, which tracks US crude prices, was trading 0.9 per cent higher at $81.95.
Dana Gas payments from Egypt and Kurdistan jumped 107 per cent in 2021 on higher oil prices, the company said last week. Oil prices rose more than 50 per cent last year as global economies recovered from the Covid-19 pandemic and Opec+ group of countries restrained production.
The Sharjah-based company, which owns a 35 per cent interest in Pearl Petroleum, said its share of collections from sales of condensate, gas and liquefied petroleum gas in Kurdistan jumped 80 per cent to $184 million in 2021.
The process improvements at Khor Mor will be reinforced by a $630m expansion project, which is currently being executed and will increase total capacity by an additional 55 per cent by April 2023, according to the statement.
“The achievement of this production milestone underscores the progress we continue to make at Khor Mor to meet the rapidly growing demand for natural gas in the KRI,” said Majid Jafar, chief executive of Crescent Petroleum and board managing director of Dana Gas.
Major works to expand the Khor Mor project resumed in April last year after suffering a one-year delay owing to the pandemic. The project will drill up to five development wells, which are scheduled to commence production in March.
Despite the challenges the world has faced over the past two years, Dana Gas “continued delivering uninterrupted supply of clean-burning natural gas to support the KRI economy”, Mr Jafar said.
The company swung to a net profit of $279m in nine months ended September 30, 2021, on higher oil prices, improved operational performance and other income.
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.
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
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The specs
Engine: 2.0-litre 4cyl turbo
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History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
Sholto Byrnes on Myanmar politics
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
SPECS
Mini John Cooper Works Clubman and Mini John Cooper Works Countryman
Engine: two-litre 4-cylinder turbo
Transmission: nine-speed automatic
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
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The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
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The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
