Adnoc's offshore Bu Haseer oilfield. The state producer has plans for a new gas strategy, which includes ambitions to become a net gas exporter. Photo Courtesy: Adnoc
Adnoc's offshore Bu Haseer oilfield. The state producer has plans for a new gas strategy, which includes ambitions to become a net gas exporter. Photo Courtesy: Adnoc

Adnoc's Yasat awards offshore contract to Abu Dhabi's NPCC



Abu Dhabi National Oil Company awarded local firm National Petroleum Construction Company, a contract to double the production capacity of its offshore Bu Haseer field by 2020, the firm said on Monday.

Adnoc subsidiary Al Yasat Company for Petroleum Operations, which manages the Bu Haseer field, awarded the engineering, procurement and construction contract to Abu Dhabi-based NPCC to raise the output of the offshore asset from 8,000 barrels per day (bpd) to 16,000 bpd over the next two years.

“Bu Haseer, which forms part of two exploration blocks awarded to CNPC [China National Petroleum Corporation] in 2013, demonstrates the substantial exploration and production potential of Abu Dhabi’s subsurface and the commercial opportunities to maximise value from our upstream resources,” Adnoc upstream director, Abdulmunim Al Kindy said in a statement.

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The UAE accounts for around 4.5 per cent of the global crude output, according to the latest BP Statistical Review of World Energy, with much of the production coming from Adnoc-owned entities. The company has plans to increase its total production capacity to 3.5 million bpd this year. Adnoc awarded around $8bn worth of concession stakes, earlier this year, to energy majors from Europe as well as oil companies from China, India and Japan to boost offshore oil and gas production.

Al Yasat is majority owned by Adnoc, with 40 per cent interest held by China's state-owned CNPC. The company, in addition to Bu Haseer, operates another offshore block which consists of a number of fields under appraisal and development, including, Belbazem, Umm Al Dholou, and Umm Al Salsal. Al Yasat estimates around 1.5 billion barrels of oil in place in the entire offshore block, which is located to the southwest of Abu Dhabi.

The award to NPCC, which is partially-owned by Abu Dhabi's industrial holding company Senaat, is part of Adnoc's efforts to increase in-country value, it said in the statement, without revealing the value of the deal.

Last month, the first batch of crude from Bu Haseer, a 50,000 bpd shipment, loaded by CNPC, left for China.

Chinese state-backed firms have become one of the largest foreign investors in Abu Dhabi's energy sector, as Adnoc renewed its efforts to engage the biggest consumers of its crude to become co-investors across its value chain.

In May, Tayba Al Hashemi, Al Yasat's acting chief executive, told an audience in Beijing that the company had received significant interest in the ongoing Adnoc licensing round from Chinese firms.

Adnoc has offered four onshore and two offshore blocks spanning 30,000 square kilometres to international oil and gas companies as part of its first-ever competitive bidding round.

In March, CNPC picked up two stakes worth Dh4.3bn in offshore fields from Adnoc’s erstwhile Adma-Opco concessions, with the Abu Dhabi firm retaining a 60 per cent interest.

PetroChina, which is majority-owned by CNPC, was awarded a 10 per cent interest both in Umm Shaif and Nasr as well as the Lower Zakum offshore concessions. PetroChina, China’s biggest oil producer with concessions in Iraq, paid a participating fee of Dh2.1bn to enter Umm Shaif and Nasr and Dh2.2bn for offshore Lower Zakum, Adnoc said at the time.

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

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 
NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

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Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

The National's picks

4.35pm: Tilal Al Khalediah
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6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple. 
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000

- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

JOKE'S%20ON%20YOU
%3Cp%3EGoogle%20wasn't%20new%20to%20busting%20out%20April%20Fool's%20jokes%3A%20before%20the%20Gmail%20%22prank%22%2C%20it%20tricked%20users%20with%20%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Fmentalplex%2F%22%20target%3D%22_blank%22%3Emind-reading%20MentalPlex%20responses%3C%2Fa%3E%20and%20said%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Fpigeonrank%2F%22%20target%3D%22_blank%22%3E%20well-fed%20pigeons%20were%20running%20its%20search%20engine%20operations%3C%2Fa%3E%20.%3C%2Fp%3E%0A%3Cp%3EIn%20subsequent%20years%2C%20they%20announced%20home%20internet%20services%20through%20your%20toilet%20with%20its%20%22%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Ftisp%2Finstall.html%22%20target%3D%22_blank%22%3Epatented%20GFlush%20system%3C%2Fa%3E%22%2C%20made%20us%20believe%20the%20Moon's%20surface%20was%20made%20of%20cheese%20and%20unveiled%20a%20dating%20service%20in%20which%20they%20called%20founders%20Sergey%20Brin%20and%20Larry%20Page%20%22%3Ca%20href%3D%22https%3A%2F%2Farchive.google%2Fromance%2Fpress.html%22%20target%3D%22_blank%22%3EStanford%20PhD%20wannabes%3C%2Fa%3E%20%22.%3C%2Fp%3E%0A%3Cp%3EBut%20Gmail%20was%20all%20too%20real%2C%20purportedly%20inspired%20by%20one%20%E2%80%93%20a%20single%20%E2%80%93%20Google%20user%20complaining%20about%20the%20%22poor%20quality%20of%20existing%20email%20services%22%20and%20born%20%22%3Ca%20href%3D%22https%3A%2F%2Fgooglepress.blogspot.com%2F2004%2F04%2Fgoogle-gets-message-launches-gmail.html%22%20target%3D%22_blank%22%3Emillions%20of%20M%26amp%3BMs%20later%3C%2Fa%3E%22.%3C%2Fp%3E%0A
At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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.

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

Company%20profile
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