SEOUL // The South Korean joint venture exploring for oil in Abu Dhabi aims to start drilling within months, the first stage of a US$500 million spending plan for the next five years.
Korea National Oil Corporation (Knoc) and GS Energy - companies that last year made South Korea the first new country to partner in an Abu Dhabi oil concession in four decades - are securing rigs for three appraisal wells planned at the Haliba field on the Omani border.
If the drilling is successful, the Korean partners and Abu Dhabi National Oil Company (Adnoc) hope to start producing a few thousand barrels of oil per day to start generating a modest income while they proceed with full-field development, a five-to-six-year process.
"We have high hopes that the organisation will be as successful as other Adnoc joint ventures such as Adco [Abu Dhabi Company for Onshore Oil Operations] and Adma-Opco," said Eugene Synn, Knoc's executive vice president of exploration, in an interview at the company's headquarters.
"Abu Dhabi is the most stable in politics and most developed in economics in the Middle East and has a very friendly environment for foreign investment," he added.
Knoc is among the companies vying for a slice of a far larger concession, a family of onshore fields responsible for 1.4 million barrels per day, or half the emirate's output. Bids for the Adco concession, as it is known, are due in October.
Haliba's oil is believed to be a close chemical match to Abu Dhabi's flagship Murban crude. Also called Area 1, Haliba is one of three exploration blocks in which the Korean partners hold a 40 per cent joint interest. Adnoc holds the remainder.
The partners completed seismic imaging of the field last year.
"Area 1 is the promising area," said JWEun, the leader of GS Energy's Middle East & Africa team. "This one is onshore and easier to access. We think inside it are big volumes."
Development of the other two blocks will proceed more slowly as the partners gather data and experience. Area 3, located offshore and believed to have oil and gas, will be the site of one exploration well to be drilled next year.
Area 2, although onshore, is currently not included in the five-year development plan since it is thought to contain shale.
Although the technique of fracturing underground shale rock formations has taken off in North America, serious shale development has not started in the Arabian Gulf because of the large quantities of conventional oil and gas that are simpler and cheaper to pump.
Given the relatively high cost of shale and risks including rapid reductions in flow rates, Knoc is not planning to jump head-first into shale acquisitions around the globe, said Mr Synn.
"It's strategically very important how we make a balance between conventional and unconventional," he added. "We should be careful how we increase our share of unconventional."
The company is slowly building up expertise, both at a technical institute in Calgary, Canada, and through a partnership with Anadarko at the Eagle Ford Shale formation in Texas.
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KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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The biog
Fatima Al Darmaki is an Emirati widow with three children
She has received 46 certificates of appreciation and excellence throughout her career
She won the 'ideal mother' category at the Minister of Interior Awards for Excellence
Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken
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.
Company%20profile
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Results:
5pm: Maiden (PA) Dh80,000 2,200m | Winner: AF Al Montaqem, Bernardo Pinheiro (jockey), Ernst Oertel (trainer)
5.30pm: Maiden (PA) Dh80,000 1,200m | Winner: Daber W’Rsan, Connor Beasley, Jaci Wickham
6pm: Handicap (PA) Dh85,000 1,600m | Winner: Bainoona, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: AF Makerah, Antonio Fresu, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 | Winner: AF Motaghatres, Antonio Fresu, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 1,600m | Winner: Tafakhor, Ronan Whelan, Ali Rashid Al Raihe
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COMPANY%20PROFILE
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MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
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Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
Rashid & Rajab
Director: Mohammed Saeed Harib
Stars: Shadi Alfons, Marwan Abdullah, Doaa Mostafa Ragab
Two stars out of five
The specs: 2018 Range Rover Velar R-Dynamic HSE
Price, base / as tested: Dh263,235 / Dh420,000
Engine: 3.0-litre supercharged V6
Power 375hp @ 6,500rpm
Torque: 450Nm @ 3,500rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 9.4L / 100kms
Scoreline
Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
UAE currency: the story behind the money in your pockets
Breaking News: The Remaking of Journalism and Why It Matters Now
Alan Rushbridger, Canongate
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
COMPANY%20PROFILE%20
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
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