Abu Dhabi National Oil Company and Exxon Mobil's local subsidiary on Thursday signed an agreement to jointly explore research and development opportunities across the upstream sector.
The two sides will "identify areas of mutual interest for conducting R&D and co-developing technology solutions that will help increase upstream operational efficiencies," Adnoc said in a statement.
The companies have already earmarked a number of areas for joint investment into research, such as non-metallic solutions, field testing and integrity management, smart reservoir management, well monitoring systems and innovative emergency response systems.
The mutual R&D development will "complement" technical contributions that the US oil major has brought to the Upper Zakum offshore concession, in which it has been a partner since 2006, according to Christian Lenoble, president of Exxon Mobil Al Khalij and the company's UAE lead manager.
The US energy company, alongside other international stakeholders, is working with Adnoc to increase production capacity on the Upper Zakum field to 1 million barrels per day by 2024.
Adnoc holds a 60 per cent ownership in the concession, while the US major has a 28 per cent stake and the Japan Oil Development Company holds the remaining interest.
The partners are upgrading capacity through artificial island development and extended reach drilling technology.
Adnoc is looking to increase production capacity to 5m bpd by 2030. The state oil company on Wednesday awarded Occidental Petroleum exploration rights to an onshore block in a Dh514 million contract.
The 35-year concession for onshore Block 5 is the first Adnoc has awarded following the successful completion of its second bid round.
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
World Test Championship table
1 India 71 per cent
2 New Zealand 70 per cent
3 Australia 69.2 per cent
4 England 64.1 per cent
5 Pakistan 43.3 per cent
6 West Indies 33.3 per cent
7 South Africa 30 per cent
8 Sri Lanka 16.7 per cent
9 Bangladesh 0
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Killing of Qassem Suleimani
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
