Abu Dhabi National Oil Company (Adnoc) is considering greenlighting another huge gas project in the Western Region, which could meet nearly 20 per cent of the UAE’s gas demand by the end of the decade.
The state oil company’s investment committee is considering proposals for a US$20 billion development of the Hail and Ghasha, Delma, Nasr and Shuwaihat “ultra sour” gasfields, which lie in relatively shallow water south-west of Abu Dhabi city, about half way to Ruwais city.
Known collectively as the North-West Area, the sour gas prospect is estimated by analysts to contain about 5 trillion cubic feet of gas and forecast to produce 1 billion cubic feet per day (cfd), which would equate to about 18 per cent of the UAE’s current demand, or enough to provide gas and water to 400,000 homes.
“Tapping into undeveloped gas reservoirs is part of Adnoc’s focused strategy to drive a more sustainable and economic gas supply,” said Abdul Munim Saif Al Kindy, Adnoc’s director of upstream.
The country’s gas demand has been growing at a rate of about 6 per cent a year and has required increasing amounts of imports over the past few years. Abu Dhabi is addressing this by prioritising gas development, as well as the nuclear programme.
The North-West Area design concept, which was delivered by Genesis Oil and Gas, a division of France’s Technip, calls for the construction of a number of artificial islands, similar to those pioneered for Abu Dhabi’s offshore Zadco oil project. As well as the offshore complex, there would be a number of onshore processing facilities.
Adnoc is expected this month to receive tenders for the front-end engineering and design (FEED) contract. Adnoc executives have held preliminary meetings on the Feed contract with Australia’s WorleyParsons, Technip, London-based Amec Foster Wheeler (which is object of a takeover bid by Wood Group), Bechtel (London office) and Fluor (Houston office).
“This is the next huge opportunity in the Abu Dhabi oil and gas sector for engineering firms after Zakum 750 [Adnoc’s vast offshore oil development operated by Exxon Mobil],” said Terry Willis, the Dubai-based director for the Middle East, Africa and former Soviet Union for UK trade association EIC Connect.
The North-West Area’s chances of getting the go-ahead have been improved because of Abu Dhabi’s success with its giant Shah Gas Devleopment, onshore in the Western Region.
Al Hosn Gas, which is owned 60/40 per cent by Adnoc and Occidental Petroleum, respectively, last year delivered the US$10 billion Shah project on time and on budget. Shah produces a total of 1 billion cfd, of which 500 million cfd is delivered to the UAE’s gas grid, as well as producing 33,000 barrels per day of petroleum condensates and 4.4 million tonnes per day of natural gas liquids. Already, Al Hosn has laid out plans to increase output by 50 per cent.
One of the biggest stumbling blocks to developing Shah, which was discovered in the 1960s, was the extreme “sourness” of the gas, meaning it contains very high levels of hydrogen sulphide and carbon dioxide (23.5 per cent and 10 per cent, respectively). Techniques only recently developed have allowed the partners to safely and profitably separate the sulphur; indeed, the 10,000 tonnes a day of pure sulphur produced at Shah has catapulted Abu Dhabi to near the top of the world sulphur producers league table. Adding the North-West Area output would considerably increase that output, which is used for fertiliser and in other end products.
“Adnoc has capitalised on its success and experience in ultra-sour gas development to access a number of undeveloped sour gas and oil reservoirs,” said Mr Al Kindy. “The development of these reserves has turned the UAE into a global hub for expertise in sour gas development and sulphur management.”
Oxy has been working with Adnoc to evaluate the offshore North-West Area, as has Wintershall, a subsidiary of German chemicals group BASF, and Austria’s OMV, which is nearly 25 per cent owned by Abu Dhabi’s Mubadala Investment Company.
“Adnoc has really learnt their lessons from the Al Hosn project in sour gas development,” which is the largest of its kind in the world, said Mr Willis.
For the North-West Area project, Adnoc has commissioned Arcadis Vectra, a consulting company, to conduct the health, safety and environmental impact study, which it is expected to deliver in the fourth quarter of this year.
Adnoc also received bids in March for the Hail and Ghasha “island detailed design and survey” and the project management contracts and is expected to award those imminently. Industry sources say Houston-based KBR was the lowest bidder on the latter.
amcauley@thenational.ae
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
MATCH INFO
Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
Wednesday, 11pm (UAE)
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
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TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Brief scores:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
Match info
Uefa Nations League Group B:
England v Spain, Saturday, 11.45pm (UAE)
The specs: 2018 Audi R8 V10 RWS
Price: base / as tested: From Dh632,225
Engine: 5.2-litre V10
Gearbox: Seven-speed automatic
Power: 540hp @ 8,250rpm
Torque: 540Nm @ 6,500rpm
Fuel economy, combined: 12.4L / 100km
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Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
RESULTS
Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision
COMPANY%20PROFILE
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J%20Street%20Polling%20Results
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MORE ON TURKEY'S SYRIA OFFENCE
SPECS
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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