Nov 23, 2020

UAE finds 22bn STB of unconventional onshore oil resources

Oil
resources
UAE
Dominic Ellis
1 min
Supreme Petroleum Council approves ADNOC's CAPEX plan of £91.7 billion for 2021-2025 to enable smart growth
Supreme Petroleum Council approves ADNOC's CAPEX plan of £91.7 billion for 2021-2025 to enable smart growth...

 

The UAE’s Supreme Petroleum Council (SPC) has announced the discovery of 22 billion stock tank barrels (STB) of recoverable unconventional oil resources onshore - a 2 billion increase on the emirate's conventional oil reserves.

The findings exceed some of Abu Dhabi’s major fields and the production potential ranks alongside the most prolific US shale oil facilities.

The SPC has approved Abu Dhabi National Oil Company’s (ADNOC) capital expenditure plan of £91.7 billion for 2021-2025 to enable smart growth. ADNOC aims to pump more than £32.7 billion back into the UAE’s economy in the same period. 

Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, said in parallel it is developing large-scale capital projects in Ruwais to stretch the margin from each barrel of oil further.

Two weeks ago, Intercontinental Exchange announced plans to launch ICE Futures Abu Dhabi (IFAD) - the world’s first futures contracts based on Murban crude oil - on March 29, subject to regulatory approvals (click here).  

It followed ADNOC awarding contracts worth £248.8 million to optimise onshore field operations and enhance efficiencies as it seeks to drive smart growth (click here).  

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May 6, 2021

Global Offshore rebrands Enelift and invests in global hubs

Tubulars
rebrand
Globalhubs
Dominic Ellis
2 min
Enelift plans to augment existing solutions with robotics and remote operational and training technology

Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.

The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.

The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.

Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.

Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.

The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.

Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".

"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.

Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.

"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."

 

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