Abu Dhabi National Oil Company (Adnoc) has appointed Japan’s Inpex Corporation as the leader of an offshore asset in which it was awarded a stake in February, the companies said on Monday.
Inpex, through the newly-established Jodco Lower Zakum entity, will oversee the ramp up in production capacity at the offshore Lower Zakum field from 300,000 barrels per day to 450,000 bpd over the next 10 years. It will operate the concession along with France’s Total, China National Petroleum Corporation and an Indian consortium led by ONGC Videsh.
“As a long-standing shareholder in both Lower Zakum and Upper Zakum, Inpex is in a unique position to leverage synergies between both concessions, including the utilisation and optimisation of infrastructure, to enhance operational efficiencies, enable substantial cost savings, and create greater value for the benefit of both partners,” said Dr Sultan Al Jaber, Adnoc group chief executive and UAE Minister of State.
The UAE accounts for around 6 per cent of the global oil production, much of it from Abu Dhabi, and supplies more than a quarter of Japan’s crude imports. Adnoc, under a new partnership model this year has invited companies from its main oil importing nations including Japan, China and India besides European majors to jointly develop offshore concessions, with the Abu Dhabi firm retaining 60 per cent interest.
In February, Inpex paid a total of $850 million for its 40-year interest in Lower Zakum as well as for an extension by 25 years of its interests in the Salah and Umm Al Dalkh fields. Its interest in Umm Al Dalkh was increased to 40 per cent from 12 per cent, under the deal.
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Adnoc awards $850m concession agreements to Japan's Inpex
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The Japanese firm last year also entered into an agreement with ExxonMobil to boost production from Upper Zakum to a million bpd by 2024.
The announcement of Inpex taking the lead on Lower Zakum follows the visit of Japanese prime minister Shinzo Abe to the UAE capital on Monday.
Japan, the world's fourth-largest oil consuming nation after the US, China and India, according to the BP Statistical Review of World Energy, has been an early stakeholder in the development of Abu Dhabi's oilfields.
Adnoc first partnered with Japan Oil Development Company (Jodco), wholly-owned by Inpex, to develop Upper Zakum in 1977. The offshore field, discovered the same year, is the second-largest in Abu Dhabi and the fourth-largest in the world. The US oil major ExxonMobil joined Adnoc and Jodco to develop the field in 2006, when plans were drawn up to boost production capacity to 750,000 bpd from 500,000 bpd.
On Sunday, Adnoc signed the last of the offshore pacts with Austria’s OMV, which paid $1.5 billion in participating fees for stakes in two offshore concessions.
The UAE and Japan also deepened their longstanding ties on Monday with a number of commitments, especially in areas that can help the UAE diversify its economy away from oil revenues.
The Japan External Trade Organisation arranged a morning of presentations by senior executives from some of the biggest Japanese industrial companies, including Koji Kakigi, the president and chief executive officer of JFE Steel, and Shunichi Miyanaga, the chief executive of Mitsubishi Heavy Industries.
“Both sides highly praised the increased volume of trade between the two countries and stressed the importance of further enhancing trade, investments and business such as renewable energy, sustainable water desalination, advanced robotics, artificial intelligence, health care and medical equipment, aerospace and advanced vehicles,” the governments of Japan and the UAE said in a joint statement, following the trade summit.
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
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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.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
UAE currency: the story behind the money in your pockets
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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
if you go
hall of shame
SUNDERLAND 2002-03
No one has ended a Premier League season quite like Sunderland. They lost each of their final 15 games, taking no points after January. They ended up with 19 in total, sacking managers Peter Reid and Howard Wilkinson and losing 3-1 to Charlton when they scored three own goals in eight minutes.
SUNDERLAND 2005-06
Until Derby came along, Sunderland’s total of 15 points was the Premier League’s record low. They made it until May and their final home game before winning at the Stadium of Light while they lost a joint record 29 of their 38 league games.
HUDDERSFIELD 2018-19
Joined Derby as the only team to be relegated in March. No striker scored until January, while only two players got more assists than goalkeeper Jonas Lossl. The mid-season appointment Jan Siewert was to end his time as Huddersfield manager with a 5.3 per cent win rate.
ASTON VILLA 2015-16
Perhaps the most inexplicably bad season, considering they signed Idrissa Gueye and Adama Traore and still only got 17 points. Villa won their first league game, but none of the next 19. They ended an abominable campaign by taking one point from the last 39 available.
FULHAM 2018-19
Terrible in different ways. Fulham’s total of 26 points is not among the lowest ever but they contrived to get relegated after spending over £100 million (Dh457m) in the transfer market. Much of it went on defenders but they only kept two clean sheets in their first 33 games.
LA LIGA: Sporting Gijon, 13 points in 1997-98.
BUNDESLIGA: Tasmania Berlin, 10 points in 1965-66
The specs: 2018 Jaguar F-Type Convertible
Price, base / as tested: Dh283,080 / Dh318,465
Engine: 2.0-litre inline four-cylinder
Transmission: Eight-speed automatic
Power: 295hp @ 5,500rpm
Torque: 400Nm @ 1,500rpm
Fuel economy, combined: 7.2L / 100km
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
COMPANY%20PROFILE
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U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
- Saturday 15 January: UAE beat Canada by 49 runs
- Thursday 20 January: v England
- Saturday 22 January: v Bangladesh
UAE squad:
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith
Where to Find Me by Alba Arikha
Alma Books
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends