The UK's energy regulator has identified 33 new North Sea projects with a potential output of 1.3 million barrels of oil and gas.
The North Sea Transition Authority (NSTA), which is responsible for licensing and regulating the exploration and development of the UK's energy, said the initiatives will bolster the nation's energy security.
During its annual performance review of the nation's performance, it said 890 million barrels identified in the projects could be approved as early as next year.
It said exploration and appraisal activity is expected to return to pre-coronavirus levels, with 20 wells per year forecast from 2022 to 2024.
“The appetite for exploration remains, and bodes well for NSTA plans to hold a new licensing round later this year,” it said.
The meeting gathers the managing directors of the sector’s 22 largest operators to review the performance of the basin.
Dr Andy Samuel, NSTA chief executive, said the new projects identified will “strengthen” energy security.
“This meeting once again provided a good platform for positive action, supported by our suite of benchmarks and data insights,” he said.
“I am encouraged by the open, frank and productive dialogue. Many best practices and learnings were shared across the different operators.
“Companies are now progressing new projects that will strengthen energy security, while generating tax revenues, and creating and safeguarding thousands of UK jobs as part of an orderly transition to net zero.
“Importantly the industry reconfirmed commitment to halve production emissions by 2030 with progress well under way. The growing momentum on clean power to offshore installations, carbon capture storage and hydrogen was also very evident.”
It was also revealed that carbon dioxide emissions for the UK oil and gas industry fell by 14 per cent last year.
The has NSTA challenged industry chiefs to sustain these lower levels in 2022, when gas production is expected to rise.
The meeting was told that 80 per cent of operators have forward plans covering asset upgrades, emissions reduction and platform electrification, which will be crucial to meeting, and exceeding, targets.
“The sector already has well-developed proposals for electrification projects and a number of operators are involved in government-backed industrial decarbonisation clusters focused on carbon capture and storage [CCS] and hydrogen, currently being progressed,” it said.
“One of the areas highlighted in last year’s meeting was the need for a step change in well decommissioning and highly positive signs are now evident, with campaign contracting models gaining traction and the NSTA Energy Pathfinder portal listing 470 wells awaiting decommissioning.
“The discussion this year also covered excellent opportunities to repurpose infrastructure for decarbonisation projects, such as CCS and H2, which are now a key area of focus. The NSTA will be launching a carbon storage licensing round shortly.”
The North Sea Transition Deal commits industry to reduce emissions from production operations by at least 50 per cent by 2030, against a 2018 baseline, on the path to net zero by 2050.
The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
'C'mon C'mon'
Director:Mike Mills
Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman
Rating: 4/5
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
The Dictionary of Animal Languages
Heidi Sopinka
Scribe
Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
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The specs
Price, base / as tested Dh100,000 (estimate)
Engine 2.4L four-cylinder
Gearbox Nine-speed automatic
Power 184bhp at 6,400rpm
Torque 237Nm at 3,900rpm
Fuel economy, combined 9.4L/100km
The%20specs
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How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
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Company%20profile
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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.”
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The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The Sky Is Pink
Director: Shonali Bose
Cast: Priyanka Chopra Jonas, Farhan Akhtar, Zaira Wasim, Rohit Saraf
Three stars
RESULT
Huddersfield Town 2 Manchester United 1
Huddersfield: Mooy (28'), Depoitre (33')
Manchester United: Rashford (78')
Man of the Match: Aaron Mooy (Huddersfield Town)
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
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
UAE currency: the story behind the money in your pockets
