Abu Dhabi National Oil Company is eyeing further partnerships with Spanish energy firm Cepsa after awarding it a 20 per cent stake in offshore concession areas for Dh5.5bn ($1.5bn) as the state-owned firm seeks to bring in new partners.
Cepsa, which is owned by Abu Dhabi fund Mubadala Investment Company, signed a 40-year concession agreement to operate oil fields SARB and Umm Lulu ahead of the pact's expiry in March, Adnoc said on Sunday.
"We are also working with Cepsa to explore expansion opportunities in our downstream business, in the UAE and overseas, that will deliver competitive returns and long term growth opportunities for both parties," said Dr Sultan Al Jaber, UAE state minister and chief executive officer of Adnoc.
The agreement with Spanish firm Cepsa comes a week after Adnoc awarded a 10 per cent stake to an Indian consortium led by the international arm of ONGC to operate the new Lower Zakum offshore concession.
The award to Cepsa will be dated from 9 March 2018 and follows Adnoc's announcement last year to split its Adma-Opco concession - now known as Adnoc Offshore - into three smaller parts operated in partnership with international oil and gas companies, with the state firm retaining a 60 per cent stake.
Adnoc is "finalising concession agreements with other potential partners" for remaining stakes in the three offshore parts: SARB, and Umm Lulu; Lower Zakum; Umm Sharif and Nasr.
Among the stakes that are up for fresh agreements are 30 per cent of Lower Zakum, another 20 per cent of SARB and Umm Lulu as well as a 40 per cent stake in Umm Shaif and Nasr fields.
Abu Dhabi is looking to raise production capacity from the SARB and Umm Lulu oil fields to 215,00 barrels per day (bpd), Adnoc said, without providing a timeline for this target.
The Umm Shaif and Nasr fields have a targeted capacity of 460,000 bpd and 500 million cubic feet a day of gas .
Last year Adnoc signed an agreement with Exxon Mobil's Abu Dhabi subsidiary and Japan's Inpex Corporation to boost production capacity from the offshore Upper Zakum oil field to a million bpd by 2024.
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Read more:
Adnoc awards Indian firm Dh1.25bn contract to develop onshore field
Adnoc signs contracts for development of Bab and Upper Zakum fields
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As part of the state oil firm's pivot to bringing in new partners , Adnoc is engaging more Asian firms across its various concessions and has plans underway to collaborate on downstream integration as well.
In November, Cepsa said it was in talks with Adnoc to build a linear alkyl benzene complex at Ruwais in the emirate to be integrated with Adnoc's refinery facility.
Also known as detergent alkylate, LAB is the most common chemical compound used in the manufacturing of biodegradable household and industrial agents.
The facility at Ruwais is expected to have a planned annual production capacity of 150,000 tonnes and is expected to start up in 2021, with exports aimed at Indian and South East Asian markets.
The companies are expected to commence basic engineering of the proposed chemical facility this year.
The Spanish firm also operates the Hail and Mubarraz field in partnership with Japanese firm Cosmo Oil. The fields started production at around 20,000 bpd in November.
In an interview with The National last year, Cepsa chief executive officer Pedro Miro said he expected production to reach 40,000 bpd "sometime in the beginning of 2019".
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.
GOLF’S RAHMBO
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Australia squads
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T20: Aaron Finch (capt), Alex Carey (vice-capt), Ashton Agar, Travis Head, Nic Maddinson, Glenn Maxwell, Jhye Richardson, Kane Richardson, D’Arcy Short, Billy Stanlake, Marcus Stoinis, Mitchell Swepson, Andrew Tye, Jack Wildermuth.
Farasan Boat: 128km Away from Anchorage
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Rating: 4/5
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
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- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
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The specs
Engine: 3.8-litre V6
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City's slump
L - Juventus, 2-0
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How to protect yourself when air quality drops
Install an air filter in your home.
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Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
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Our family matters legal consultant
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
UAE currency: the story behind the money in your pockets
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Getting there
The flights
Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.
The stay
Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.
Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
The five pillars of Islam
