The UAE has slipped by one place to sixth in an influential ranking of world oil reserves, after BP increased its estimate of Venezuelan reserves in its annual Statistical Review of World Energy.
The UAE's proved oil reserves stood at 97.8 billion barrels at the end of last year, unchanged from a year earlier, accounting for 7.8 per cent of global reserves, according to the 2009 edition of the review published yesterday.
Venezuela's reserves were unchanged from revised 2007 figures. Those levels were adjusted from 87 billion barrels to 99.4 billion, or 7.9 per cent of the world total.
The revision was related to the inclusion of some extra-heavy crude from Venezuela's Orinoco belt in reserves data provided by the OPEC secretariat, BP said.
OPEC is one of a number of sources of energy data the company uses. Previously, the oil exporters' group classed all Orinoco crude as "non-conventional" oil, which it excludes from its estimates of members' crude reserves and output.
According to BP, the UAE pumped 2.98 million barrels per day (bpd) of oil last year, a 2 per cent increase from 2007. Venezuela's oil output fell by 1.9 per cent last year to 2.56 million bpd.
The world's top oil producer last year was Saudi Arabia, which pumped 10.846 million bpd, followed by Russia with output of 9.886 million bpd.
Saudi Arabia easily held on to its well established position as the holder of the world's biggest oil reserves. BP estimated the kingdom's proved reserves at 264.1 billion barrels at the end of last year, nearly unchanged from 264.2 billion barrels a year earlier.
But globally, oil reserves fell by 3 billion barrels last year to 1.258 trillion barrels, led by declines in Russia, Norway and China. At the same time, oil production from outside OPEC fell by 1.4 per cent, or 610,000 bpd, representing the biggest decline since 1992.
In his preface to the review, Tony Hayward, the BP group chief executive, blamed the shrinkage on "human, not geological" factors, and said the world was not running out of energy.
"Our data confirms that the world has enough proved reserves of oil, natural gas and coal to meet the world's needs for decades to come. The challenges the world faces in growing supplies to meet future demand are not below ground, they are above ground."
International oil companies, including BP, have been struggling to replace reserves in the face of tough restrictions on access to the world's biggest remaining deposits of crude that can be produced at reasonably low cost.
Most of the world's biggest oil producers restrict private sector participation in oil production, either by banning it outright or imposing tough contract terms.
Last year, Russia passed a law limiting foreign ownership of some of its biggest energy and metals deposits. Libya recently renegotiated the terms of some of its oil concessions to give a bigger share of production to the state oil company and less to foreign partners.
Other barriers to oil development last year included inflated construction costs - which caused companies and governments to baulk at investing in major projects - and increasingly onerous environmental regulations in developed countries.
Even so, global oil output increased last year by 0.4 per cent or 380,000 bpd, as OPEC pumped up exports. Meanwhile, consumption fell for the first time since 1993, led by a 6.4 per cent drop in US oil demand.
But overall, energy consumption continued to rise worldwide, due largely to economic growth in developing nations.
For the first time, total energy use in emerging economies outstripped that of the developed world, with 75 per cent of the global increase concentrated in China, BP reported. Due mainly to China's heavy reliance on coal for power generation, coal was the world's fastest-growing fuel for the sixth consecutive year, driving up global carbon dioxide emissions.
In the US, improved production technology drove a record increase in domestic gas supply in the world's biggest energy consumer.
The use of renewable energy rose sharply last year, with global wind and solar generation capacity increasing by 29.9 per cent and 69 per cent respectively.
"Although renewable energy continues to play only a small role in the world's energy mix, the share is rising rapidly in some countries and there are the beginnings of a material impact," Mr Hayward said.
tcarlisle@thenational.ae
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
About Krews
Founder: Ahmed Al Qubaisi
Based: Abu Dhabi
Founded: January 2019
Number of employees: 10
Sector: Technology/Social media
Funding to date: Estimated $300,000 from Hub71 in-kind support
Scoreline
Syria 1-1 Australia
Syria Al Somah 85'
Australia Kruse 40'
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
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UAE currency: the story behind the money in your pockets
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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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
RACE CARD
5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m
The specs: 2017 Maserati Quattroporte
Price, base / as tested Dh389,000 / Dh559,000
Engine 3.0L twin-turbo V8
Transmission Eight-speed automatic
Power 530hp @ 6,800rpm
Torque 650Nm @ 2,000 rpm
Fuel economy, combined 10.7L / 100km
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The%20specs
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Profile
Company: Libra Project
Based: Masdar City, ADGM, London and Delaware
Launch year: 2017
Size: A team of 12 with six employed full-time
Sector: Renewable energy
Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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
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.
World Sevens Series standing after Dubai
1. South Africa
2. New Zealand
3. England
4. Fiji
5. Australia
6. Samoa
7. Kenya
8. Scotland
9. France
10. Spain
11. Argentina
12. Canada
13. Wales
14. Uganda
15. United States
16. Russia
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
Killing of Qassem Suleimani
Honeymoonish
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Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
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