No go area: Gulf nations are delining to boost oil production because the global financial crisis has led to a slowdown in demand.
No go area: Gulf nations are delining to boost oil production because the global financial crisis has led to a slowdown in demand.

Gulf states throttle back on oil and step on gas



Gulf states are easing back on oil projects but pushing forward on gas as domestic demand upstages crude exports as the focus for energy investment. While oil export projects continue to fall victim to the global economic slowdown and subsequent weakening demand forecasts, the need for natural gas is surging due to rising populations and industrialisation. Already, Saudi Arabia and Kuwait have pushed back plans to boost production capacity from the Khafji oilfield in the Neutral Zone between the two countries. Late last month, the project operator Kuwaiti-Saudi Khafji Joint Operations said work to increase the field's output by 65,000 barrels per day (bpd) to 350,000 bpd would be completed in 2013, five years behind original plans.

Delays are also expected at projects to raise the production capacity of Abu Dhabi's Upper Zakum oilfield and Saudi Arabia's Berri and Qatif fields. Last week, the US oil firm ExxonMobil said in a study that a surge in costs, rig shortages and geological problems were likely to delay completion of the development plan for the Upper Zakum field - one of the world's biggest crude deposits - by about four years to 2015.

Upper Zakum is the only large oil project the UAE has opened up to foreign participation in recent years. In 2006, Abu Dhabi National Oil Company (ADNOC) and ExxonMobil formed a venture to develop the field. The publication of ExxonMobil's official study of Upper Zakum followed statements by the Minister of Energy, Mohammed bin Dha'en al Hamli, suggesting the UAE's long-term plan to boost production capacity by about one third to 3.5 million bpd had been extended to 2018 from the original target of 2011.

Meanwhile, Global Industries, a US oilfield contractor working on the Berri and Qatif fields, said both projects were losing money due to "continued productivity and logistical issues" that threatened their scheduled completion in next year's third quarter. On Saturday, Saudi Aramco, the world's biggest state-owned oil company, said falling crude prices might curtail investment needed to offset production declines from ageing Saudi fields. A senior company official said earlier in the week that Aramco might re-tender a contract to boost production from the Manifa oilfield, to take advantage of falling costs of steel and other building materials.

Any such action would delay the US$15 billion (Dh55bn) Manifa project, which was set to add 900,000 bpd of heavy crude from onshore and offshore Gulf fields from mid-2011. It would also anger contractors, who warned on Sunday that trying to force down contract prices could cause supply bottlenecks and even bankruptcies for some providers. During times of falling oil prices, most input costs for projects follow the drop in crude by several months, partly because orders for raw materials are based on earlier prices. That can leave both oil producers and oilfield services companies financially squeezed.

Crude prices have fallen about 56 per cent from their record peak of $147 a barrel in July. Nonetheless, Aramco still plans to complete several projects that would expand Saudi production capacity to 12.5 million bpd by next year, Khalid al Falih, the chief executive of the company, said on Sunday. On the other hand, Aramco's entire downstream oil development plan is under review. "The market in general is slowing at a fast pace. Therefore all refinery projects will be reviewed by investing companies," Mr Falih said. "It was difficult to get suitable offers for several projects by the end of this year."

Aramco and ConocoPhillips, a US oil company, said last week they would halt the bidding process for a 400,000 bpd export refinery planned for Saudi Arabia's Yanbu Industrial City. The companies said the project would be re-tendered in the second quarter of next year. There have been unconfirmed reports of delays to other refinery projects in Saudi Arabia, Kuwait and the UAE. But most Gulf gas projects seem to be moving ahead as planned, and some new projects have recently been announced.

The exception is Saudi Arabia's $10bn Karan offshore gas project, which Mr Falih said would be reviewed, along with the Manifa oil project. Still, some analysts viewed Mr Falih's appointment last week as Aramco's chief executive as a sign that the Supreme Council of Saudi Arabia planned a long-term strategic emphasis on gas development to help the kingdom resolve its worsening gas crunch. From 2000, Mr Falih served sequentially as the vice chairman of Aramco's gas ventures study team, its vice president of gas ventures development and its senior vice president of gas operations.

During a major oil industry exhibition and conference in Abu Dhabi last week, Adnoc signed a preliminary agreement with the Anglo-Dutch company Royal Dutch Shell to explore for deep gas deposits in the Gulf. At the same event, ConocoPhillips said it was moving ahead with its joint venture with Adnoc to develop Abu Dhabi's big Shah gasfield - a technically challenging project involving the production of deeply buried gas containing a high concentration of toxic hydrogen sulphide - and Shell said it was reviewing opportunities to deploy floating gas liquefaction technology in the UAE, Iraq and Egypt.

Shell recently signed a framework agreement for a project to capture and market about 700,000 cubic feet per day of gas that is now being burned at southern Iraqi oilfields. Like Saudi Arabia and most other Gulf states, the UAE is short of gas for power plants and industrial developments. Iraq, which is struggling to rebuild its ravaged energy infrastructure, has a desperate need for gas for electricity generation and oil refining.

@Email:tcarlisle@thenational.ae

The specs: 2017 Lotus Evora Sport 410

Price, base / as tested Dh395,000 / Dh420,000

Engine 3.5L V6

Transmission Six-speed manual

Power 410hp @ 7,000rpm

Torque 420Nm @ 3,500rpm

Fuel economy, combined 9.7L / 100km

Fifa Club World Cup quarter-final

Esperance de Tunis 0
Al Ain 3
(Ahmed 02’, El Shahat 17’, Al Ahbabi 60’)

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

Company%20Profile
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The specs

Engine: 3.5-litre V6

Power: 272hp at 6,400rpm

Torque: 331Nm from 5,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.7L/100km

On sale: now

Price: Dh149,000

 

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.
Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

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

Best Academy: Ajax and Benfica

Best Agent: Jorge Mendes

Best Club : Liverpool   

 Best Coach: Jurgen Klopp (Liverpool)  

 Best Goalkeeper: Alisson Becker

 Best Men’s Player: Cristiano Ronaldo

 Best Partnership of the Year Award by SportBusiness: Manchester City and SAP

 Best Referee: Stephanie Frappart

Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)

Best Sporting Director: Andrea Berta (Atletico Madrid)

Best Women's Player:  Lucy Bronze

Best Young Arab Player: Achraf Hakimi

 Kooora – Best Arab Club: Al Hilal (Saudi Arabia)

 Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)

 Player Career Award: Miralem Pjanic and Ryan Giggs

COMPANY%20PROFILE
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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

MOTHER%20OF%20STRANGERS
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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.

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Schedule for Asia Cup

Sept 15: Bangladesh v Sri Lanka (Dubai)

Sept 16: Pakistan v Qualifier (Dubai)

Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)

Sept 18: India v Qualifier (Dubai)

Sept 19: India v Pakistan (Dubai)

Sept 20: Bangladesh v Afghanistan (Abu Dhabi) Super Four

Sept 21: Group A Winner v Group B Runner-up (Dubai) 

Sept 21: Group B Winner v Group A Runner-up (Abu Dhabi)

Sept 23: Group A Winner v Group A Runner-up (Dubai)

Sept 23: Group B Winner v Group B Runner-up (Abu Dhabi)

Sept 25: Group A Winner v Group B Winner (Dubai)

Sept 26: Group A Runner-up v Group B Runner-up (Abu Dhabi)

Sept 28: Final (Dubai)

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

No more lice

Defining head lice

Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.

Identifying lice

Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.

Treating lice at home

Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.

Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital

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What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

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Company%20Profile
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In The Heights

Directed by: Jon M. Chu

Stars: Anthony Ramos, Lin-Manual Miranda

Rating: ****

Company%20profile
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A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases. 

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

Motori Profile

Date started: March 2020

Co-founder/CEO: Ahmed Eissa

Based: UAE, Abu Dhabi

Sector: Insurance Sector

Size: 50 full-time employees (Inside and Outside UAE)

Stage: Seed stage and seeking Series A round of financing 

Investors: Safe City Group

Brief scoreline:

Liverpool 2

Mane 51', Salah 53'

Chelsea 0

Man of the Match: Mohamed Salah (Liverpool)

England ODI squad

Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood.

Fire and Fury
By Michael Wolff,
Henry Holt

COMPANY%20PROFILE
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COMPANY%20PROFILE
%3Cp%3EFounder%3A%20Hani%20Abu%20Ghazaleh%3Cbr%3EBased%3A%20Abu%20Dhabi%2C%20with%20an%20office%20in%20Montreal%3Cbr%3EFounded%3A%202018%3Cbr%3ESector%3A%20Virtual%20Reality%3Cbr%3EInvestment%20raised%3A%20%241.2%20million%2C%20and%20nearing%20close%20of%20%245%20million%20new%20funding%20round%3Cbr%3ENumber%20of%20employees%3A%2012%3C%2Fp%3E%0A
Stormy seas

Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.

We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice. 

If you go

The flights 

Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.

The trip

The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore  offers an eight-day levada trails tour from Dh3,050, not including flights.

The hotel

There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.

 

 

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