Francois Hollande, the president of France, greets Christophe de Margerie, the chief executive of Total, with Sultan Ahmed al-Jaber, the chief executive of Masdar, at the World Future Energy Summit 2013 in Abu Dhabi. Bertrand Langlois / AFP
Francois Hollande, the president of France, greets Christophe de Margerie, the chief executive of Total, with Sultan Ahmed al-Jaber, the chief executive of Masdar, at the World Future Energy Summit 20Show more

Total commitment to the future of Abu Dhabi's energy reserves



The computer, so noisy that earplugs must be worn to approach it and so massive that its computing capacity can only be expressed in the monumental "petaflop" unit, is the largest of its kind in the world.

Pangaea, as the French major Total has christened its latest seismic imaging machine, is a US$60 million, 100-tonne elephant capable of performing 2.3 quadrillion operations per second - enough horsepower to create an image of underground hydrocarbon layers in a matter of hours, rather than days or months.

But in a matter of months, it will no longer be the sole king of industrial computing by size - once BP installs a nearly identical model.

The majors have long been in tight competition, whether today on reservoir-mapping technology or in the 1990s on acquisitions to transform themselves into the world's biggest vertically integrated companies. And nowhere is that race tighter than in Abu Dhabi, where Total is seeking to defend its place alongside Royal Dutch Shell, BP and ExxonMobil in the emirate's oldest concession, a contract for onshore fields awarded at the onset of the Second World War that is due to expire next year.

Of all of them, Total has been the most open about its strategy in courting the emirate, including a ubiquitous advertising campaign showing an Emirati and a Frenchman with the motto "Your innovative partner since 1939". Earlier this year, François Hollande, the French president, flew in to throw the government's support behind France's flagship oil company, and Christophe de Margerie, the chief executive with the famous moustache, has also visited many times.

Back at Total's technology centre in the Pyrenees, where Pangaea the computer lives, teams of the best and brightest scientists are injecting carbon dioxide and specialised soap-like chemicals into Abu Dhabi rock samples in a quest to find the perfect technology for each of the emirate's fields. Researchers are exhorted by motivational posters to display four qualities - solidarite, transversalite, audace and ecoute - that roughly translate to being flexible and daring while still listening and working as a team.

"I think we have something different, which is humanity, which is listening and understanding," said Mr de Margerie. "We understand more than others how to live - how to live in Yemen, how to live anywhere."

But for now, the efforts have yet to yield concrete results. Last week, Shell confirmed that it had beaten Total on a tender to develop the Bab sour gasfield, an asset pursued by Total for nearly a decade. Decades pumping gas laced with sulphur, which can be dangerous in large quantities, at the company's flagship Lacq field in the south of France had proved Total had the expertise to develop Bab, executives hoped. That did not prevent Total from being underbid, an experience which recalled Areva, the French nuclear company, missing out on Abu Dhabi's nuclear contract to the rival bid of Korea Electric Power Corporation in 2009.

Mr de Margerie was philosophical about the decision.

"Now we will try to learn why they have been cheaper than we were," he told reporters in Paris. "That's important to understand, to be better the next time. But at the same time, what's important is to prove, as I did, that we are serious partners, and when we said we will make a firm offer, we did it."

Bab, however, is a minor loss in the context of Total's expansion into faraway oil frontiers. Since 2006, the company has invested on every continent except South America and Antarctica and added new countries to its portfolio such as Togo, Bulgaria and the Philippines. In terms of technology, it has branched into North American shale and Chinese tight gas, and today it estimates it has the rights to 11.4 billion barrels in reserves, with nearly half of that gas.

Between 2010 and today, it was the second among the majors in terms of net acreage signed, with 80 per cent of that offshore, and in about the same period it doubled its exploration potential from 3 billion to 6 billion barrels, according to Olivier de Langavant, the senior vice president of strategy for Total Exploration & Production.

"We have acquired more risky acreage, but with a bigger target - what we call elephants and big cats," he said.

The expansion comes as majors such as Total compete in a global playing field transformed by the rise of smaller, upstream-focused players such as Occidental and East Asian state oil companies that may lack the latest technology but represent the biggest energy demand centres.

A willingness to invest during low oil prices, not just the peaks, will keep the majors relevant, said Mr de Langavant.

In Abu Dhabi, Total has steadily invested with the emirate and is unique among the majors for holding the most state partnerships - eight, including offshore fields, a fertilizer plant, a gas pipeline and a solar array. It also is the majority shareholder in the Abu Al Bukhoosh field offshore, one of the few fields allocated to a single foreign partner.

It has also invested in sending promising Emiratis to engineering schools and posting them within the organisation, with the understanding that the nationals may return to Abu Dhabi to assume leadership roles.

"Bringing nationals to meetings in the North Sea or Africa helps to make them [have] less of the NOC country view and more [access to the vision] of the IOC," said Arnaud Breuillac, the president of Middle East exploration and production. "This does help alignment because they understand why we want to do things."

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

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. 

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
Disability on screen

Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)

Rosewood and Transparent — heart issues

24: Legacy — PTSD;

Superstore and NCIS: New Orleans — wheelchair-bound

Taken and This Is Us — cancer

Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)

Grey’s Anatomy — prosthetic leg

Scorpion — obsessive compulsive disorder and anxiety

Switched at Birth — deafness

One Mississippi, Wentworth and Transparent — double mastectomy

Dragons — double amputee

The%20specs%3A%20Panamera%20Turbo%20E-Hybrid
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The%20specs%3A%202024%20Panamera
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MATCH INFO

Manchester City 0

Wolves 2 (Traore 80', 90 4')

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

'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure' ​​​​
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse

Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

GCC-UK%20Growth
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8 traditional Jamaican dishes to try at Kingston 21

  1. Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
  2. Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
  3. Mento Oxtail: flavoured oxtail stewed for five hours with herbs
  4. Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
  5. Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
  6. Jamaican beef patty: a pastry with ground beef filling
  7. Hellshire Pon di Beach: Fresh fish with pickles
  8. Out of Many: traditional sweet potato pudding
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
The specs

Engine: 6.2-litre V8

Transmission: seven-speed auto

Power: 420 bhp

Torque: 624Nm

Price: from Dh293,200

On sale: now

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
The specs: Volvo XC40

Price: base / as tested: Dh185,000

Engine: 2.0-litre, turbocharged in-line four-cylinder

Gearbox: Eight-speed automatic

Power: 250hp @ 5,500rpm

Torque: 350Nm @ 1,500rpm

Fuel economy, combined: 10.4L / 100km

Results

5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,000m, Winner: Hazeem Al Raed, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)

5.30pm: Handicap (PA) Dh 85,000 (D) 1,000m, Winner: Ghazwan Al Khalediah, Hugo Lebouc, Helal Al Alawi

6pm: Maiden (PA) Dh 70,000 (D) 1,400m, Winner: Dinar Al Khalediah, Patrick Cosgrave, Helal Al Alawi.

6.30pm: Handicap (TB) Dh 70,000 (D) 1,600m, Winner: Faith And Fortune, Sandro Paiva, Ali Rashid Al Raihe.

7pm: Maiden (PA) Dh 70,000 (D) 1,600m, Winner: Only Smoke, Bernardo Pinheiro, Abdallah Al Hammadi.

7.30pm: Handicap (PA) Dh 70,000 (D) 1,600m, Winner: AF Ramz, Saif Al Balushi, Khalifa Al Neyadi.

8pm: Maiden (PA) Dh 70,000 (D) 2,000m, Winner: AF Mass, Tadhg O’Shea, Ernst Oertel.

WWE Super ShowDown results

Seth Rollins beat Baron Corbin to retain his WWE Universal title

Finn Balor defeated Andrade to stay WWE Intercontinental Championship

Shane McMahon defeated Roman Reigns

Lars Sullivan won by disqualification against Lucha House Party

Randy Orton beats Triple H

Braun Strowman beats Bobby Lashley

Kofi Kingston wins against Dolph Zigggler to retain the WWE World Heavyweight Championship

Mansoor Al Shehail won the 50-man Battle Royal

The Undertaker beat Goldberg

 

Liz%20Truss
%3Cp%3EMinisterial%20experience%3A%20Current%20Foreign%20Secretary.%0D%3Cbr%3E%0DWhat%20did%20she%20do%20before%20politics%3F%20Worked%20as%20an%20economist%20for%20Shell%20and%20Cable%20and%20Wireless%20and%20was%20then%20a%20deputy%20director%20for%20right-of-centre%20think%20tank%20Reform.%0D%3Cbr%3E%0DWhat%20does%20she%20say%20on%20tax%3F%20She%20has%20pledged%20to%20%22start%20cutting%20taxes%20from%20day%20one%22%2C%20reversing%20April's%20rise%20in%20National%20Insurance%20and%20promising%20to%20keep%20%22corporation%20tax%20competitive%22.%3C%2Fp%3E%0A
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

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20FinFlx%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20January%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Amr%20Yussif%20(co-founder%20and%20CEO)%2C%20Mattieu%20Capelle%20(co-founder%20and%20CTO)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%20in%3A%3C%2Fstrong%3E%20Dubai%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%241.5m%20pre-seed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Venture%20capital%20-%20Y%20Combinator%2C%20500%20Global%2C%20Dubai%20Future%20District%20Fund%2C%20Fox%20Ventures%2C%20Vector%20Fintech.%20Also%20a%20number%20of%20angel%20investors%3C%2Fp%3E%0A