China National Petroleum Corporation (CNPC) has signed a US$3 billion (Dh11bn) agreement to develop and operate Iraq's al Ahdab oil field under a 20-year service contract.
The massive deal, which was announced yesterday in Beijing, is the first major oil-development contract Iraq has signed with a foreign company since the 2003 ouster of its former dictator Saddam Hussein.
It replaces a cancelled agreement between CNPC and Hussein's regime, but under very different terms from the original contract.
Hailed by both parties as a triumph of negotiation, the deal is expected to yield 11,000 barrels per day of additional Iraqi oil production by 2011.
But analysts warn it is unlikely to prompt other oil companies to sign a series of smaller but similarly structured contracts that Iraq is offering, in the hope of rapidly increasing its oil production capacity as early as next year.
The agreement with the state-owned Chinese oil company, as well as the other proposed short-term deals, would provide foreign participants with fees for services instead of a share of profits from oil production, as stipulated in CNPC's earlier contract.
Several large US and European oil companies, which Iraq's government had invited to participate in fee-for-service arrangements, are believed to be holding out for more lucrative production-sharing contracts.
Baghdad has said it plans to offer those contracts up for bidding next year. Even Iraq's oil minister, Hussain al Shahristani, is expressing pessimism that any of the short-term deals will proceed.
"It seems more and more unlikely that these technical service contracts can be implemented now in such a short remaining time," he said.
But the new deal with China adds significant uncertainty over whether Iraq will ever be willing to offer production-sharing contracts, reducing the lure of service contracts as a means for an international oil company to get its foot in the door.
Apart from CNPC, "oil companies have proved unwilling to deploy instantly for low-margin work in such a high-risk environment", said Samuel Ciszuk, the Middle East energy analyst with the consulting firm Global Insight.
The prospect of more rewarding deals in the future has continued to diminish, with a growing political consensus in the Iraqi parliament towards continued nationalisation of the oil and gas industry, said Mr Ciszuk.
"The result could be a lower-than-expected turnout at next year's licensing round, despite Iraq's vast [energy] potential," he said.
Mr Ciszuk concluded that the deal with CNPC, which satisfies Beijing's overriding need to establish good relations with oil-producing countries to secure long-term access to oil supplies, "might damage the speed of Iraq's hoped-for production capacity increase severely".
* With Reuters
@Email:tcarlisle@thenational.ae
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Company%20profile
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY%20PROFILE
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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.
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Company%20Profile
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Sholto Byrnes on Myanmar politics
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Company%20Profile
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Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
COMPANY%20PROFILE
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The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
SPEC%20SHEET
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
WHAT%20MACRO%20FACTORS%20ARE%20IMPACTING%20META%20TECH%20MARKETS%3F
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UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5