The Abu Dhabi National Oil Company (Adnoc) on Sunday said it had signed an agreement awarding the exploration rights for Abu Dhabi Onshore Block 4 to Japan’s Inpex Corporation, which will invest up to Dh646 million ($176 million), including a participation fee, to explore for and appraise oil and gas opportunities.
The block covers an onshore area of 6,116 square kilometres from Abu Dhabi to the boundary with Dubai. Daily headlines from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos
The block covers an onshore area of 6,116 square kilometres from Abu Dhabi to the boundary with Dubai. Daily headlines from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos
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00:00The Abu Dhabi National Oil Corporation, or ADNOC as it's known, awarded on Sunday a new
00:07onshore block for development. The concession, which is onshore block 4, was awarded for
00:13664 million dirhams to Japan's Inpex Corporation, with a view to developing it to becoming an
00:19oil field one day. It's a 35 year concession and it's 100% owned by Inpex Corporation now.
00:26Elsewhere, Boeing has said that its 737 MAX 8 fleet, which is the fleet of jets grounded
00:32after the Ethiopian Airlines disaster last week, will be grounded at least until May,
00:37as investigators try and understand exactly what happened and whether the disaster in
00:42Ethiopia is linked to the disaster in Indonesia from last October, which involved the same
00:47plane. Analysts have said that the grounding of these jets may lead directly to a financial
00:53loss for Boeing, and may have longer term business effects on the company's financial
00:59stability. And lastly, the UAE Central Bank has launched a new initiative, working with
01:04a number of other national banks, to launch a new loan scheme, aiming to ease the debt
01:11burden of many UAE nationals. To help UAE citizens manage their debt accumulation, the
01:17scheme would propose that all of the existing debts of an individual Emirati would be consolidated
01:23into one monthly manageable loan, which will not cost more than 50% of that individual's
01:29income. The scheme is intended to help ease that debt accumulation and ease the burden
01:34of payments on that debt. That's all for today. I'm Ed Clouds. You can find stories as always
01:40on golfnews.com. Thanks very much for watching.