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ADNOC announces three new oil discoveries

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Abu Dhabi, May 19, 2022 (WAM) – Abu Dhabi National Oil Company (Adnoc) on Thursday announced three oil discoveries that will add more than 650 million barrels of oil to the country’s hydrocarbon reserves.In a statement, the Abu Dhabi-based group said the 500 million barrels of oil were discovered at Bu Hasa, Abu Dhabi’s biggest onshore field, with a crude oil production capacity of 650,000 barrels per day (bpd). The second oil find was in Abu Dhabi’s Onshore Block 3, operated by Occidental, with around 100 million barrels of oil in place.“In the third discovery, around 50 million barrels of light and sweet Murban-quality crude were found in Al Dhafra Petroleum Concession,” according to the Adnoc statement.

Adnoc produces almost all of the UAE’s oil and is spending billions of dollars on multiple development projects as it aims to expand its crude output capacity to five million barrels per day (bpd) by 2030, up from the existing four million bpd.

Energy analysts and market experts said these additional reserves will be ‘a sizeable boost’ to the UAE’s hydrocarbon reserves base standing well above 111 billion barrels of oil and 289 trillion standard cf of natural gas.

Earlier this year, Adnoc had announced a sizeable gas discovery in the Offshore Block 2 exploration concession operated by Italy’s Eni. Adnoc had said that the interim results from the block’s first exploration well indicated between 1.5 trillion and 2 trillion cubic feet of raw gas in place in multiple good quality reservoirs of the Jurassic exploration targets.

In December last, there was confirmation of a discovery of up to one billion barrels of oil equivalent (BBOE) at Onshore Block 4 Exploration Concession, which is operated by the Japanese combine INPEX/JODCO (Japan Oil Development Company). The oil discoveries were disclosed at the Adnoc board of directors meeting chaired by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office.

During the meeting, held at Adnoc headquarters in Abu Dhabi, Sheikh Khaled reviewed Adnoc’s performance and strategic targets and commended the company’s expanded approach to strategic partnerships, which have helped lead to new discoveries of oil, including a new find at Bu Hasa, Abu Dhabi’s biggest onshore field with a crude oil production capacity of 650,000 barrels per day (mbpd).

“The 500 million barrels of oil discovered from an exploration well in the Bu Hasa field has unlocked a new formation within the field, offering substantial additional premium-grade Murban oil resources. Bu Hasa is part of the Adnoc Onshore Concession and is operated by Adnoc Onshore,” according to the statement issued by Adnoc.

In Abu Dhabi’s Onshore Block 3, operated by Occidental, around 100 million barrels of oil in place were discovered, marking the second oil find in this concession. Occidental was awarded the exploration rights for Onshore Block 3 in early 2019.

“Around 50 million barrels of light and sweet Murban-quality crude was also discovered in the Al Dhafra Petroleum Concession, operated by Al Dhafra Petroleum, a joint venture between Adnoc, the Korea National Oil Company (KNOC) and GS Energy,” the statement said.

With 20 years of experience across print, TV, and digital journalism, Sudhashree is a seasoned media professional with a keen eye for news. A true news bug, she thrives on curating stories that capture the pulse of fashion, film, and all things trending. Deeply immersed in the fast-evolving media landscape, she swears by the power of social media to shape narratives and spark conversations.

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India’s BCKIC 2025 Conclave to unlock $10–50 billion green market access for UAE and GCC leaders

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The stage is set for one of the most significant India–Middle East business dialogues of the decade, as the Bhubaneswar City Knowledge Innovation Cluster (BCKIC) 2025 Conclave prepares to open in India this November, offering, according to organisers, a $10–50 billion sustainability and investment opportunity for Gulf-based leaders.

Scheduled for November 21 and 22 in Bhubaneswar, Odisha, the two-day conclave will bring together senior representatives from government entities, sovereign funds, and the private sector across the UAE, Saudi Arabia, and the wider GCC region. 

The event is organised by the BCKIC Foundation, supported by the Government of Odisha’s Department of Energy, under the aegis of the Office of the Principal Scientific Adviser to the Government of India.

Themed around The Next Wave of Sustainability Policy and Investment Flows”, the summit seeks to bridge India’s rapidly expanding green economy, valued at over $165 billion, with the Middle East’s capital, innovation and policy frameworks under Vision 2030 and UAE Centennial 2071.

“This is not just another global summit, it’s a strategic inflection point for India–Middle East collaboration,” said Dr Mrutyunjay Suar, Chairman of the BCKIC Foundation.

“From green hydrogen and water security to circular economy and AI-driven sustainability, the synergies between India’s innovation scale and the Gulf’s execution capacity are unparalleled. Missing this window could mean losing the first-mover advantage in shaping global sustainability frameworks.”

A New Era of India–Middle East Sustainability Partnership

The conclave comes at a pivotal moment for both regions. Following India’s G20 presidency in 2023 and the UAE’s hosting of COP28, both nations have emerged as global voices in sustainability transition and climate finance.

Dr. Suar noted that the conclave will act as a strategic platform for Gulf leaders to consolidate their role within the India–Middle East–Europe Economic Corridor (IMEC), while also gaining access to India’s technology, research, and policy innovation ecosystem.

“Gulf sovereign funds now control over $2 trillion in assets and are increasingly looking for sustainable, high-return projects,” he said. 

“India’s innovation and affordability, combined with the Middle East’s capital and implementation speed, make this partnership an unprecedented opportunity to move from commitment to concrete outcomes.”

Access to Proven Technologies and MoU-Ready Projects

Middle Eastern delegates will gain direct access to Indian policymakers and experts from NITI Aayog, DST, and the Principal Scientific Adviser’s Office, with discussions focused on green hydrogen, renewable energy, waste-to-energy, and climate-resilient infrastructure.

The event will also unveil a pipeline of over 50 proven Indian technologies relevant to Gulf market needs, ranging from water management systems to digital smart-city solutions, many of which have demonstrated cost efficiencies of 30–50% compared to Western alternatives.

The BCKIC Foundation confirmed that the conclave is structured to deliver tangible outcomes, with more than 20 Memorandums of Understanding (MoUs) already in advanced stages of preparation. The targeted projects are expected to offer internal rates of return (IRR) between 15% and 25%, appealing to investors seeking both profitability and environmental impact.

Odisha: A Live Model for Sustainable Urban Innovation

The conclave will take place in Bhubaneswar, the capital of Odisha, one of India’s fastest-growing hubs for renewable energy and smart cities. The venue itself will serve as a live showcase of sustainable urban development, featuring zero-waste hospitality, circular economy practices, and local sourcing models.

Organisers say the event is designed to foster lasting bilateral frameworks that will drive long-term cooperation between India and the Middle East across sustainability, technology transfer, and impact investment.

“This is the decade of decisive climate action and cross-regional collaboration,” Dr Suar added. 

“The BCKIC 2025 Conclave will not just discuss ideas but catalyse partnerships that define the global sustainability roadmap for years to come.”

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Abu Dhabi T10 levels up its game with BC.GAME Esports as principal partner

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The Abu Dhabi T10 League has announced BC.GAME Esports as its Principal Partner for the 2025 season. This landmark partnership connects the energy of T10 cricket with the fast-growing global esports ecosystem, driving brand visibility and fan engagement to new levels.

The alliance will deliver powerful exposure across broadcast, digital, and in-stadia platforms, while introducing esports-inspired activations to enhance the tournament experience for fans. The aim is to bring the worlds of live cricket and competitive gaming closer than ever before.

The Abu Dhabi T10 will run from November 18 to 30, 2025, at the Zayed Cricket Stadium, featuring top international players competing in action-packed 10-over matches. With BC.GAME Esports on board, the league will strengthen its appeal to younger, digital-first audiences across global markets.

“We’re excited to welcome BC.GAME Esports as our Principal Partner,” said a T10 League spokesperson. “Season 9 will be our biggest yet, with expanded global reach and enhanced fan experiences — and we are confident that BC.GAME Esports will return again next year.”

A BC.GAME Esports spokesperson added: “Partnering with Abu Dhabi T10 gives us the perfect platform to expand our community and create unique experiences that unite cricket fans and gamers worldwide.”

This partnership reflects Abu Dhabi T10’s commitment to innovation, youth engagement, and global growth, making 2025 one of its most exciting seasons yet.

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Your guide to the UAE’s new banking law, and how it changes your relationship with banks

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UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan on Friday issued a sweeping new federal decree that fundamentally changes how banks and financial institutions operate in the UAE, with major implications for everyday customers.

Federal Decree Law No. (6) of 2025 strengthens the Central Bank’s oversight powers and introduces critical protections designed to safeguard consumers, expand financial access, and speed up complaint resolution.

Here’s what actually changes for you.

Your complaints get resolved faster

What’s new: All banking and insurance complaints now go through one unified system managed by Sanadak, an independent entity created specifically to handle customer disputes.

What this means for you:

  • No more confusion about where to file complaints
  • Faster resolution process with a single point of contact
  • Decisions are legally enforceable against banks and insurers

The game-changer: New specialised judicial committees will handle financial disputes, with final, binding decisions for amounts up to Dh100,000. Banks and insurance companies must comply, no appeals, no delays.

Bottom line: If you have a problem with your bank or insurer, getting it resolved just became significantly easier and faster.

Loans must match your actual income

What’s reinforced: Banks are now legally required to align credit facilities with your actual income, protecting you from taking on debt you can’t afford.

What this means for you:

  • Stricter affordability checks before loan approval
  • Protection from irresponsible lending practices
  • Banks can’t push you into loans beyond your repayment capacity

Why it matters: This prevents the debt spiral that happens when people are given credit they can’t realistically repay based on their salary.

Everyone gets access to banking services

What’s mandated: Licensed financial institutions must provide banking and financial services to all community members, not just high-income earners or certain demographics.

What this means for you:

  • No arbitrary account rejections based on income level
  • Access to digital banking innovations for everyone
  • Financial inclusion as a legal requirement, not a courtesy

The push: This aligns with the UAE’s digital transformation efforts, ensuring modern financial services reach all residents.

Your money is safer if a bank fails

What’s new: The Central Bank now has sweeping “early intervention” powers if a financial institution shows signs of trouble.

What this means for you:

  • Proactive measures kick in before a bank collapses
  • Your deposits and services are protected through managed interventions
  • The Central Bank can force mergers, change management, or orderly liquidation

How it works: If your bank is struggling, the Central Bank can:

  • Force it to implement recovery plans
  • Require additional capital reserves
  • Change management or business strategy
  • Arrange mergers or acquisitions
  • Conduct organised liquidation (protecting customer funds)

Bottom line: You’re less likely to wake up to frozen accounts or lost deposits because problems get addressed early.

Banks face massive fines for violations

What’s changed: Administrative fines have been dramatically increased, up to 10 times the value of the violation or unjust profit.

What this means for you:

  • Banks have a stronger incentive to follow rules
  • Real financial consequences for misconduct
  • More transparent market (violations published on the Central Bank website)

The enforcement: Fines are automatically debited from the violating institution’s accounts, no waiting for payment.

Better financial education is coming

What’s planned: National awareness campaigns about financial services, launched in collaboration between the Central Bank, the financial sector, and community organisations.

What this means for you:

  • Better understanding of banking products and rights
  • More informed financial decisions
  • Community-wide financial literacy improvements

What stays the same

The decree maintains the Central Bank’s core responsibilities:

  • Keeping the national currency stable
  • Managing foreign reserves
  • Overseeing the financial system
  • Setting monetary policy

But the enforcement mechanisms and customer protections are now significantly stronger.

When does this take effect?

The Federal Decree Law is now in effect, though implementation of specific mechanisms (like the Sanadak complaints system and specialised judicial committees) will roll out according to Central Bank timelines.

What you should do

Know your rights: You now have stronger protections – use them
Keep documentation: If disputes arise, you have clear resolution paths
Check loan terms: Banks must justify lending against your income
File complaints properly: Use the new unified Sanadak system
Stay informed: Watch for Central Bank announcements about implementation

The bottom line

This isn’t just regulatory reshuffling; it’s a fundamental strengthening of your rights as a banking customer in the UAE. Complaints get resolved faster, loans must be affordable, access is guaranteed, and your money is better protected if institutions fail.

The message is clear: customer protection just became law, not a courtesy.

Key Takeaways:

  • Unified complaints system (Sanadak) handles all banking/insurance disputes
  • Fast-track resolution for disputes up to Dh100,000
  • Mandatory income-based lending protects from over-borrowing
  • Universal financial access is required by law
  • Early intervention powers protect deposits before banks fail
  • 10x penalty multiplier for institutional violations

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