Abu Dhabi National Oil Company awarded two offshore exploration blocks to a consortium led by Eni of Italy and PTT Exploration and Production Public Company of Thailand in its first-ever competitive bid round.
The consortium will invest at least Dh844 million to explore and appraise the two blocks that cover a combined area of about 8,000 square kilometres, Adnoc said in a statement on Saturday. Under the agreement, Eni will operate the concessions, while both firms will hold a 100 per cent stake during the exploration period.
“These historic agreements on the first blocks to be awarded, following a competitive bidding process, represent a major advancement in how Abu Dhabi and Adnoc unlocks and maximises value from its substantial hydrocarbon resources, in line with the leadership’s directives,” said Dr Sultan Al Jaber, group chief executive of Adnoc.
Adnoc launched the competitive bid in April last year for six oil and gas blocks as part of plans to seek new partners in exploring for hydrocarbon deposits.
The state-owned company was busy last year awarding stakes to international oil companies in developing concessions amid a strategy to engage with foreign players to unlock its reserves.
"The awards underline Adnoc’s 2030 smart growth strategy and our targeted approach to engage with value-add partners who can contribute the right combination of capital, technology and capabilities to accelerate the development of Abu Dhabi’s hydrocarbon resources," said Dr Al Jaber.
Eni and PTTEP will explore for oil and gas, and appraise the existing discoveries in Offshore Block 2 while the exploration and appraisal plans for the Offshore Block 1 will be finalised, Adnoc added.
If exploration leads to commercial discoveries, the two companies will be able to hold a 40 per cent stake in the concessions to develop them.
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Read more:
Adnoc awards 40 per cent stake to Total for unconventional gas field
Adnoc awards Germany's Wintershall 10% stake in sour gas project
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"Upon successful exploration – and having established the commerciality of the discovered resources – Eni and PTTEP will, together, be granted the opportunity to develop and produce any discoveries, with Adnoc retaining the option to hold a 60 per cent stake in the production phase," the statement said.
The two offshore blocks are part of a 53,000 square kilometre area that is being explored through the world’s largest continuous 3D onshore and offshore seismic survey.
Adnoc is ramping up its exploration activities as it seeks to become self-sufficient in gas and later export the fuel. Plans are also underway to boost the company's oil production to 5 million barrels of oil per day by 2030 from about 3 million bpd now.
Abu Dhabi's Supreme Petroleum Council approved last year a five-year capital expenditure plan of Dh486 billion for Adnoc to increase oil capacity and unlock its sour gas caps, among other activities.
Some of the blocks that are part of the competitive bid already have discoveries, according to Adnoc.
"In addition to the country’s conventional oil and gas accumulations, some of the offered blocks also contain significant unconventional resource potential," said Adnoc.
This is not the first time that Eni has won concessions in Abu Dhabi.
Last year Eni won a 10 per cent stake in the Umm Shaif and Nasr Offshore concession and a 5 per cent stake in the Lower Zakum concession, making it the first Italian company to clinch such deals in Abu Dhabi's oil and gas sector. Eni also won last year a 25 per cent stake in the Ghasha ultra sour gas concession.
"In addition, the award of a share of the two offshore blocks to Eni provides the Italian company with an opportunity to leverage potential synergies with the neighboring Ghasha Concession," said Adnoc on Saturday.
UAE currency: the story behind the money in your pockets
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
Fixtures:
Thursday:
Hatta v Al Jazira, 4.55pm
Al Wasl v Dibba, 7.45pm
Friday:
Al Dhafra v Al Nasr, 5.05pm
Shabab Al Ahli Dubai v Al Wahda, 7.45pm
Saturday:
Ajman v Emirates, 4.55pm
Al Ain v Sharjah, 7.45pm
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
Paris%20Agreement
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The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Gurm, Antonio Fresu (jockey), Eric Lemartinel (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m; Winner: Al Nafece, Al Muatasm Al Balushi, Mohammed Ramadan
6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m; Winner: Ashton Tourettes, Adrie de Vries, Ibrahim Aseel
6.30pm: Arabian Triple Crown – Group 3 (PA) Dh300,000 (T) 2,200m; Winner: Ottoman, Adrie de Vries, Abdallah Al Hammadi
7pm: Liwa Oasis – Group 2 (PA) 300,000 (T) 1,400m; Winner: Hakeemat Muscat, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm: Handicap (TB) Dh80,000 (T) 1,600m; Winner: Ganbaru, Antonio Fresu, Musabah Al Muhairi
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
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COMPANY%20PROFILE
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
The Saga Continues
Wu-Tang Clan
(36 Chambers / Entertainment One)
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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'Lost in Space'
Creators: Matt Sazama, Burk Sharpless, Irwin Allen
Stars: Molly Parker, Toby Stephens, Maxwell Jenkins
Rating: 4/5
The%20specs
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Company%20Profile
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The%20Killer
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Company%20profile
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COMPANY%20PROFILE
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War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
