Abu Dhabi National Oil Company awarded offshore block exploration rights to Japan's Cosmo Energy as part of its second upstream licensing round.
Cosmo E&P Albahriya, the Japanese firm's wholly owned subsidiary, paid Dh532 million ($145m) towards exploration and appraisal drilling, including a participation fee for Block 4, which covers an offshore area of 4,865 square kilometres northwest of Abu Dhabi.
The award follows allotment of concessions to US energy firm Occidental as well as a consortium of Italy's Eni and Thai explorer PTTEP. Adnoc launched its second licensing round in May 2019, offering five blocks, spanning an area of around 34,000 square kilometres.
Offshore Blocks 3, 4 and 5, as well as onshore Blocks 5 and 2 were part of the bid round, with the latter offering two separate licensing opportunities for conventional and unconventional hydrocarbons.
"Cosmo was selected after a very competitive bid round. They bring expertise and understanding of our offshore environment, technology, and market access," said Dr Sultan Al Jaber, group chief executive at Adnoc and minister of industry and advanced technology.
The agreement with Cosmo, a longstanding player in Abu Dhabi's oil and gas industry, is built on the strategic bilateral relationship between the UAE and its biggest importer of energy products.
Japan first imported oil from the UAE in the early sixties, when crude from the Umm Shaif offshore field was delivered to the country. The world's third-largest economy imports 30 per cent of its crude from the UAE.
Cosmo will have the rights to hold a 100 per cent stake in Block 4 in the exploration phase, with Adnoc reserving the option to take a 60 per cent interest during the production phase. Cosmo will have a 35-year lease for the block from the start of exploration, Adnoc said.
Cosmo group chief executive Hiroshi Kiriyama said the company was optimistic about the potential value of Block 4.
"We are also certain that our success in this block can be crystallised by creating the synergies with Cosmo group’s existing oilfields and Mubarraz island which are operated by our affiliate, Abu Dhabi Oil Company," he said.
Cosmo, in which Abu Dhabi's Mubadala Investment Company holds a 20.8 per cent stake, also has an interest in the Bunduq Company, which operates an offshore concession.
As part of its latest investment, Cosmo will "leverage and contribute financially and technically" to Adnoc's mega seismic survey.
Data already acquired from the 3D survey over a large part of the block combined with its proximity to existing oil and gas fields, suggests the concession area has "promising potential."
Blocks offered under Adnoc's second licensing round hold "multiple billion barrels of oil and multiple trillion cubic feet of natural gas", according to seismic survey as well as exploration and appraisal well data.
The award to Cosmo is the first be approved by Abu Dhabi's newly-formed Supreme Council for Financial and Economic Affairs.
Adnoc has other upstream agreements with Japanese firms, including Inpex, which holds an interest in onshore Block 4.
The Abu Dhabi firm also stores around 8 million barrels of crude at facilities in Japan following the renewal of an agreement with the country's Agency for Natural Resources and Energy.
Cosmo is also exploring the potential to price oil under the newly-set-up ICE Murban Crude Oil Futures.
Killing of Qassem Suleimani
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
THREE
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Zayed Sustainability Prize
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Asia Cup 2018 final
Who: India v Bangladesh
When: Friday, 3.30pm, Dubai International Stadium
Watch: Live on OSN Cricket HD
Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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
Mohammed bin Zayed Majlis
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Jawan
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Venue: Sharjah Cricket Stadium
Date: Sunday, November 25
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Employment lawyer Meriel Schindler of Withers Worldwide shares her tips on achieving equal pay
Do your homework
Make sure that you are being offered a fair salary. There is lots of industry data available, and you can always talk to people who have come out of the organisation. Where I see people coming a cropper is where they haven’t done their homework.
Don’t be afraid to negotiate
It’s quite standard to negotiate if you think an offer is on the low side. The job is unlikely to be withdrawn if you ask for money, and if that did happen I’d question whether you want to work for an employer who is so hypersensitive.
Know your worth
Women tend to be a bit more reticent to talk about their achievements. In my experience they need to have more confidence in their own abilities – men will big up what they’ve done to get a pay rise, and to compete women need to turn up the volume.
Work together
If you suspect men in your organisation are being paid more, look your boss in the eye and say, “I want you to assure me that I’m paid equivalent to my peers”. If you’re not getting a straight answer, talk to your peer group and consider taking direct action to fix inequality.
