Sharjah energy company Crescent Petroleum has signed three 20-year agreements to develop oil and gas fields in Iraq, as the country seeks international collaboration to boost its energy supply.
Crescent Petroleum plans to initially produce 250 million standard cubic feet per day of natural gas from two oil and gas blocks in the country’s northern Diyala province, the company said on Tuesday.
A third exploration block, located in Iraq’s main oil-producing hub Basra, will be explored and developed to add further supplies, Crescent Petroleum said.
“Our new planned investments and operations will create thousands of new jobs and support the local and national economy,” said Abdulla Al Qadi, executive director of exploration and production at Crescent Petroleum.
“Gas and oil supplies from these operations will help improve services and local economic development for the people of Iraq.”
Gas from the Diyala operations is expected to start supplying nearby power plants within 18 months, the company said.
Crescent Petroleum will build a processing plant on site, as well as pipelines and infrastructure to supply gas, it said.
Iraq, Opec’s second-largest producer, depends on oil revenue to meet 90 per cent of government expenditure.
The country exports about 3.3 million barrels of oil per day, while production in the semi-autonomous Kurdish region amounts to more than 450,000 bpd.
Iraq’s Oil Minister Hayan Abdul Ghani on Tuesday said a new crude licensing round would be announced soon.
“The government is making efforts to ensure investing in gas and refining industries, and we are planning a new licensing round aimed at maximising national production of free and associated gas,” he told the Iraqi News Agency.
Iraq has also signed deals with two Chinese companies focusing on gas exploration, Reuters reported on Tuesday, citing an oil ministry source.
In 2018, Iraq held an auction for 11 blocks of land near its borders with Iran and Kuwait, as well as in offshore Gulf waters, but failed to attract many major companies.
Out of the exploration blocks that were up for auction, five of them did not receive any offers. Among the remaining ones, three were awarded to Crescent Petroleum, while two were awarded to China’s Geo-Jade Petroleum and one to Hong Kong-listed United Energy Group.
In 2021, Iraq signed an agreement with TotalEnergies to develop oil and gas and renewable energy projects worth $27 billion.
TotalEnergies said at the time that it would make an initial investment of $10 billion in the country.
The deal ran into problems earlier this month, but the two sides reportedly resolved the issue.
Last week, General Electric also signed an agreement with Iraq to set up new power plants in the country.
The deal also aims to maintain installed power generation and transmission infrastructure, establish new substations to relieve grid congestion and boost the connectivity between the Jordanian and Iraqi power grids.
BANGLADESH SQUAD
Mashrafe Mortaza (captain), Tamim Iqbal, Liton Das, Soumya Sarkar, Mushfiqur Rahim (wicketkeeper), Mahmudullah, Shakib Al Hasan (vice captain), Mohammad Mithun, Sabbir Rahaman, Mosaddek Hossain, Mohammad Saifuddin, Mehidy Hasan Miraz, Rubel Hossain, Mustafizur Rahman, Abu Jayed (Reporting by Rohith Nair in Bengaluru Editing by Amlan Chakraborty)
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
Asia%20Cup%202022
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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
WEST ASIA RUGBY 2017/18 SEASON 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
UAE Premiership Cup
Winners: Abu Dhabi Harlequins
Runners up: Dubai Exiles
UAE Premiership
Winners: Dubai Exiles
Runners up: Abu Dhabi Harlequins
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Company%20Profile
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NEW%20UTILITY%20POLICY%3A%20WHAT%20DOES%20IT%20REGULATE%3F
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