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Abu Dhabi's state-owned oil and gas company announced Thursday the discovery of between 1.5 to 2 trillion standard cubic feet of gas in an offshore area located in the emirates's northwest.
Global renewable energy capacity increased 10.3 per cent last year to 2,799 gigawatts. More than 260 gigawatts of renewable energy capacity was added, a 50 per cent increase on capacity growth in 2019, the International Renewable Energy Agency said in a report. Solar energy made up more than 48 per cent of last year's additions, accounting for 127 gigawatts.
Abu Dhabi’s de facto ruler, Crown Prince Mohammed Bin Zayed, has cemented his control over the emirate’s state energy company by becoming chairman of a newly-established board of directors. The decision comes after Abu Dhabi in December merged the Supreme Petroleum Council, which used to set the government’s energy policy, with a new Supreme Council for Financial and Economic Affairs. Other members of the executive board include Khaldoon Al Mubarak, head of Abu Dhabi sovereign wealth fund Mubadala Investment Co., and Suhail Al Mazrouei, the UAE’s energy minister.
Abu Dhabi awarded Japan’s Cosmo Energy Holdings Co. the right to explore for offshore oil and natural gas as the Middle Eastern emirate seeks to expand its output capacity. Cosmo will invest as much as $145 million in the exploration phase at Offshore Block 4, government-owned Abu Dhabi National Oil Co.
The deal is the single-largest energy infrastructure investment in the region, and the biggest in the world in 2020. It brings $10.1 billion in foreign direct investment to the UAE. According to the agreement, the consortium will acquire a 49% stake in a newly-formed subsidiary, ADNOC Gas Pipeline Assets, with lease rights to 38 pipelines. ADNOC will hold the majority stake of 51% and will retain ownership of the pipelines.
Abu Dhabi yesterday informed about selling $7 billion worth of bonds in the third major sale this month, aimed at countering declining oil prices. The transaction contained three tranches: a $2 billion five-year tranche, a $2 billion 10-year segment, and the third tranche of $3 billion aging after 30 years. Recently, Saudi Arabia raised $7 billion in a bond sale, while Qatar sold-out $10 billion worth of bonds.
ADNOC's and Borealis' JV, the Abu Dhabi Polymers Company Ltd (Borouge) has awarded a licensing contract for the Borouge 4 project to France-based Axens. The contract terms require Axens to supply process books, catalysts & adsorbents, proprietary equipment, trainings and technical services. Axens will provide Borogue with an MTBE unit coupled with1-Butene production unit and 1-Hexene unit for the Borouge 4 project in Ruwais-Abu Dhabi, UAE.
Billionaire Mukesh Ambani-led Reliance Industries has inked a framework agreement with state-run ADNOC to explore development of an Ethylene Dichloride (EDC) facility in Ruwais. RIL will utilize the proposed unit to procure EDC, a key raw material used in the manufacturing of Polyvinyl chloride (PVC). ADNOC would provide Ethylene to the proposed venture and offer access to the infrastructure at Ruwais.
ADNOC's susidiary ADNOC Drilling has announced the launch of a major rig fleet expansion program. This will support ADNOC's upstream growth plans and would support its 2030 Smart Growth Strategy. ADNOC's Upstream Executive Director said, "ADNOC Drilling’s rig fleet expansion underscores ADNOC’s drive to unlock and maximize value from Abu Dhabi’s vast hydrocarbon resources and will further improve drilling and well-completion efficiencies".
The biggest conference of the oil and gas industry, ADIPEC 2019 is currently happening in Abu Dhabi. During the conference, ADNOC's CEO Sultan Ahmed al-Jaber has addressed the industry professionals saying "Oil and gas industry will remain an essential pillar of the future diversified energy mix". He has called out on the industry to modernize in order to keep up with the fast-evolving energy landscape.
State-run Abu Dhabi National Oil Company (ADNOC) yesterday announced about awarding multi-billion-dollar contracts for the procurement of casing and tubing. The contract awards are in line with the company’s aim of maximising value for ADNOC across its drilling value chain and reinforcing its strategy to offer a more profitable upstream business. The $3.6 billion worth of contracts was awarded to Tenaris S.A., Vallourec S.A. and Marubeni Corporation.
India’s largest oil guzzler, Indian Oil Corporation (IOC) informed in a regulatory filing yesterday about winning 100% stake in Abu Dhabi Onshore Block 1 Concession with BPRL. The two oil firms will invest USD 170 million in the concession. IOC and BPRL participated in Abu Dhabi's first-ever competitive bid round through a special purpose vehicle (SPV), Urja Bharat Pte Ltd.
Japanese firm, Inpex Corporation has secured an onshore exploration concession in Abu Dhabi’s competitive block bid round. In a company statement released yesterday, state-run firm ADNOC has awarded Onshore Block 4 to Inpex Corp for 35 years. ADNOC said that the Japanese oil company will invest up to $175.89 million in the block.
UAE’s state-run oil firm, ADNOC informed on Saturday about awarding an onshore block to US oil and gas firm, Occidental Petroleum. The award will provide Occidental with a 35-year concession to the Onshore Block 3, which spans across an area of 5,782 square kilometres in al-Dhafrah region of Abu Dhabi. Occidental will put in an investment of approximately $244 million during the exploration phase of the block.
Eni SpA and PTT Exploration and Production Pcl have received rights for the exploration of oil and natural gas in Abu Dhabi. The energy majors have committed to invest at least $230 million to assess the offshore blocks. Once the production phase is reached, ADNOC will have the option to retain 60% of the fields. ADNOC’s CEO said “We are engaging with partners who actually put skin in the game”.
Spanish engineering firm, Tecnicas Reunidas has secured an engineering design contract for ADNOC and Cespa’s joint project in Ruwais. The linear alkylbenzene (LAB) plant will also be the first derivative unit developed under the $45 billion-Ruwais downstream investment programme. An ADNOC statement read that the plant will manufacture 225,000 tonnes of normal paraffins per year and 150,000 tonnes of linear alkyl benzene per year.
Petroleum Ministry of Egypt has given approval to energy major BP and UAE’s Mubadala Investment Co., enabling them to buy stakes in the Nour gas field. Mubadala will buy 20% and BP will buy 25% of the Nour concession from Eni. After this, Eni will be holding only 40% of the concession. Remaining 15% will be held by Tharwa Petroleum Company of Egypt.
Germany’s energy major, Wintershall Holding has been awarded 10% stakes in the Ghasha ultra-sour gas mega project by UAE. The energy giant, Abu Dhabi National Oil Co (ADNOC) informed about this deal on Monday. The foundation of this deal is ADNOC’s new integrated gas strategy which has been focused upon unlocking and maximizing value from Abu Dhabi’s gas reserves. Abu Dhabi wants to be gas self-sufficient in the coming future.