Sinopec Fuling Shale Gas Field Sets New Cumulative Production Record of 40 Billion Cubic Meters

BEIJING, Oct. 9, 2021 /PRNewswire/ — China Petroleum & Chemical Corporation’s (HKG: 0386, “Sinopec”) Fuling Shale Gas Field – the first commercially developed and operated large-scale shale gas field in China – announced on October 8 that it has produced 40 billion cubic meters of shale gas, setting a new record for the cumulative production of shale gas in the country. The steady supply of a green gas source has benefited more than 200 million residents in over 70 cities across six provinces along the Yangtze River Economic Belt.

Sinopec Fuling Shale Gas Field Sets New Cumulative Production Record of 40 Billion Cubic Meters.

Shale gas is an unconventional natural gas that exists in the organic-rich mud shale and its interlayers in an adsorbed or free state. The main component of shale gas is methane, a clean, efficient energy resource and industrial chemical, widely used in residential gas, urban heat supply, power generation, automobile fuel and chemical production.

Sinopec’s Fuling Shale Gas Field has a daily gas production reaching 20 million cubic meters at present and can meet the gas demands of 40 million households, contributing to a speedy clean energy transition, ensuring national energy security and helping to achieve the goals of reaching peak carbon and carbon neutrality.

The Fuling Shale Gas Field is located in the Fuling District of Chongqing City and is one of the key gas sources of China’s Sichuan-East Gas Pipeline and a foundation of Sinopec’s promotion of gas popularization in the Yangtze River Economic Belt. The construction of the gas field began in December 2012 and at the time it was the world’s first major commercial shale gas discovery outside North America. The project entered commercial development ahead of schedule in March 2014 and became China’s first large-scale shale gas field with commercial development. It also made China the third country worldwide to achieve shale gas commercial development after the United States and Canada.

The gas field went into operation in 2017 as scheduled with an annual production capacity of 10 billion cubic meters, reducing carbon dioxide emissions by 12 million tons per year, which is the equivalent of planting 110 million trees or taking 8 million cars off the roads. The successful development of the Fuling Shale Gas Field has set a new milestone in China’s energy development history and opened a new chapter for the country’s energy revolution.

Innovative management model enabling “Chinese speed” for shale gas development

Sinopec Jianghan Oilfield Company benchmarked world-class standards to optimize production organization and operation as well as standardized construction, significantly accelerating and improving productivity and construction of the gas field to build a shale gas production capacity of 10 billion cubic meters in only three years. It became China’s first large-scale shale gas field to reach 10 billion cubic meters, enabling the “Chinese speed” that has turned heads around the world.

Now, the construction period of drilling and fracturing has been cut in half. The Jiaoye 1HF discovery well of the gas field has been in continuous production for more than 3,000 days. Another well, the Jiaoye 6-2HF, has produced more than 330 million cubic meters of gas as it maintains two records for the longest development time of domestic shale gas wells and highest single well cumulative production.

According to an assessment by China’s Ministry of Natural Resources in October 2020, the proven total reserves of the shale gas field in Fuling have reached 792.641 billion cubic meters.

Starting from scratch, Sinopec has been continuously exploring, fracturing, and has integrated five technology systems of shale gas development including the staged fracturing gas testing of long horizontal wells and green development, laying a solid theoretical and technical foundation for China’s large-scale shale gas exploration and development.

In November 2014, Sinopec was granted the “International Pioneer Award” by the 5th World Shale Oil & Gas Summit for the discovery of Fuling Shale Gas Field. In 2018, the “Efficient Exploration and Development of Fuling Large-scale Marine Shale Gas Field” project won the first prize in the National Science and Technology Progress Awards.

For more information, please visit Sinopec.

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ITR, Schaeffler and MAHLE unveil DTM Electric Design Model at Norisring

  • Next step towards fully electric race series
  • DTM Electric Design Model shows what the race cars will look like
  • Outlook on prototype that is currently being developed

NUREMBERG, Germany, Oct. 9, 2021 /PRNewswire/ — The future of electrified motorsport is looking good! During DTM Norisring powered by BWT, ITR GmbH and series’ partners Schaeffler and MAHLE presented the next step towards DTM Electric. Prior to the first race of the DTM season finale, DTM boss Gerhard Berger, Matthias Zink (CEO Automotive Technologies, Schaeffler), Dr. Jochen Schroeder (President E-Mobility Division, Schaeffler) and Fred Tuerk (Vice President MAHLE Motorsport) unveiled the DTM Electric Design Model.

The DTM Electric Design Model is a 1:1 model of the prototype for the race series that is currently being developed and shows the look of the DTM Electric cars. Participants in DTM Electric will have the possibility to adapt the chassis with their specific design characteristics.

This is the next big step after the presentation of the DTM Electric Demo Car that demonstrated the technical basis of the futuristic race series. Over 1,000 horsepower and top speeds of well over 300 km/h will provide an electrifying motorsport experience in future as DTM Electric shows sustainable racing at highest level with help from strong partners like DTM Electric pioneer Schaeffler and MAHLE.

The DTM Electric cars will feature single-wheel electric drives from Schaeffler, featuring an infinitely variable torque distribution and therefore reaching into new dimensions both in driving dynamics potential as well as for recuperable energy. Moreover, all DTM Electric cars will come with the innovative Space Drive steering system that is already successfully used in DTM. As a result, DTM Electric as an innovation laboratory in motorsport will provide an ideal mix of attractive racing and future technology.

– Cross reference: Picture is available at AP Images (http://www.apimages.com)

Dubai Customs shares experience with Senegal’s delegation

DUBAI, Dubai Customs received a delegation from Senegal headed by Habdul Rahman Diyay, Director-General of Senegal’s Customs.

The visit aimed at learning about Dubai Customs’ business model and the latest practices they follow in processing transactions and implementing advanced inspection systems.

Ahmed Mahboob Musabih, CEO of Ports, Customs and Free Zone Corporation, Director-General of Dubai Customs, and the senior management team welcomed the visitors to the Dubai Customs’ main building.

The visitors listened to a presentation on the department’s smart customs systems, which help increase revenues, prevent smuggling and contain customs and tax evasion.

“Dubai Customs’ unique and outstanding experience in developing breakthrough services and innovations has become a worldwide model,” Musabih said. “We seek to enhance cooperation with other countries that work on developing their customs sector to enable them to learn from our experience following the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

Musabih also talked about the Dubai Customs’ experience during the pandemic and working from home. Advanced technologies that the Government Department had invested in during the past years have streamlined the process.

Trade between Dubai and Senegal skyrocketed 74 percent to AED1.4 billion in H1 2021 from AED826 million in the corresponding period in 2020. Imports amounted to AED230 million, exports touched AED228 million, and re-exports made AED981 million.

Diyay expressed his happiness at learning about the advanced customs systems and services that Dubai Customs provides to traders and passengers.

Dubai Customs highlighted specific systems in the meeting, including the Smart Risk Engine, which assesses additional security, economic, environmental and social risks. The system reduced the time needed for customs clearance to less than 10 seconds.

The Authorised Economic Operator (AEO) programme, and its role in facilitating trade, was also presented. There are now 80 member companies in the programme who enjoy many incentives, including higher market penetration, especially in the countries that signed mutual recognition agreements.

Source: Emirates News Agency

SCA, financial markets, regulatory authorities participate in ‘Global Investor Week’

ABU DHABI, Regulatory authorities and financial markets in the UAE will participate in the events of the International Organization of Securities Commissions (IOSCO), which will be launched Sunday as part of the “Global Investor Week 2021” campaign that aims this year to enhance the financial culture of investors and shed light on the issues around which the campaign events revolve, including sustainable finance, fraud and deception prevention.

The authorities participating in the campaign are the Securities and Commodities Authority (SCA), Abu Dhabi Securities Exchange (ADSX), Dubai Financial Market (DFM), Dubai Gold and Commodities Exchange (DGCX), Financial Services Regulatory Authority of Abu Dhabi Global Market, and Dubai Financial Services Authority. The authorities participating in these events look forward to strengthening and elevating the UAE’s position as a leading financial center in the region and the world, in line with the vision of the UAE’s government and the State’s national agenda.

This year’s Global Investor Week campaign is expected to highlight the importance of raising awareness of four main themes: financial fraud, sustainable financing, the basics of investing, and electronic investment.

Dr. Maryam Al Suwaidi, Acting CEO of the Securities and Commodities Authority stated: “The themes covered in this year’s campaign reflect the challenges the financial world is facing in the post-pandemic period, as the world today is exposed to unprecedented threats. As a result, the financial community must respond to and overcome these threats by promoting sustainable investment.” She added that “the spread of digital technologies used in investment poses new challenges in containing and tackling financial crimes, which investors should be aware of.”

The CEO of Authority noted that the keenness to participate in the “Global Investor Week” initiative annually by disseminating protection messages to dealers in financial instruments, and clarifying the supervisory role of Authority that it exercises to achieve the safety and stability of financial markets, through several mechanisms provided by law to protect the rights of dealers in the markets and achieve balance between them or whatever measures it deems necessary to reduce manipulation and fraud in markets.

Dr. Maryam Al Suwaidi explained that “The Authority made sure that the events of this year’s initiative are characterized by launching a mixture of awareness activities that combine activities with physical attendance and events held remotely – using electronic communication techniques – in line with the precautionary measures applied to reduce the risks of Covid-19.”

The participating authorities organized an integrated package of events, including virtual seminars for investors, dialogue sessions for universities and colleges students, in addition to a campaign to be launched via social media platforms during the period between 10 and 14 October to shed light on the issues around which the campaign events revolve (sustainable finance, and fraud and deception prevention).

In addition to broadcasting awareness messages in Arabic and English through various media, as well as to the accounts of the authorities participating in the campaign on social media networks.

As for the campaign messages, they vary between messages related to IOSCO, and others prepared by Authority and aimed at educating those concerned with the financial sector in general, and the activities of securities in particular and they focus mainly on the themes of “financial fraud” and “sustainable finance”.

“SCA participates in the events of “Global Investor Week 2021” by “IOSCO” due to its being an active member of the International Organization of Securities Commissions, knowing that supervisory authorities representing at least 100 States, which are members in IOSCO, participate in the events.

The State’s supervisory authorities are keen to actively participate in the various activities of international organizations and their regional committees, so that it can follow up on the latest developments and keep pace with relevant global standards, which will positively reflect on the local economic reality, and reflect the position of the UAE in international forums.

It should be noted that the International Organization of Securities Commissions (IOSCO) had launched its awareness initiative entitled “Global Investor Week” for the first time in 2017, with the aim of raising the levels of financial knowledge and enhancing the culture of capital market investors.

Year after year, this initiative acquires double importance in return for its efforts to educate and protect investors, a matter that is increasing in importance in light of the conditions witnessed by the global economic conditions since nearly two years, as a result of the repercussions of the Corona virus pandemic and the precautionary measures to confront it.

The purpose of this initiative is to enhance the culture of investors and preserve their rights through the concerted efforts of all authorities supervising the securities and commodities sector within the member states of the Organization, in addition to employing various means of communication and media in order to enhance investor awareness and highlight the role entrusted to regulatory authorities and financial markets in protecting investors.

IOSCO – which is considered as the reference authority for the supervisory authorities of the securities markets in the world – includes members from more than 100 States around the world, as its membership includes the securities regulatory authorities, the World Bank, the International Monetary Fund and several financial markets in addition to financial and monetary institutions. The number of its members is more than 200, including 114 of the securities regulatory authorities. The member states of IOSCO control and regulate more than 95% of the financial markets around the world. IOSCO seeks to strengthen the bonds of cooperation among its members and to develop regulatory standards on the securities markets in order to ensure the highest levels of transparency and effectiveness in trading operations, facilitate the exchange of information and experiences, and standardize regulatory standards.

IOSCO also seeks to provide protection for investors and increase their confidence in the integrity of financial markets by encouraging cooperation in the field of financial market supervision and brokers and cooperation for the purpose of curbing improper practices. IOSCO works to enhance the coordination process among all its members in order to develop, apply and implement internationally recognized standards. IOSCO facilitates the exchange of information at the regional and international levels to assist in the development of financial markets, strengthening the infrastructure of the markets and enacting appropriate legislations.

Source: Emirates News Agency

USGBC awards Route 2020 metro stations with LEED Gold Certification

DUBAI, Seven metro stations on Route 2020 of Dubai’s Roads and Transport Authority (RTA) have been awarded the LEED Gold Certification under the LEED V4 BD+C rating system following the US Green Buildings Council (USGBC), part of the Leadership in Energy and Environmental Design (LEED) programme.

Abdul Redha Abu Al Hasan, Executive Director, Rail Planning and Projects Developments at the RTA’s Rail Agency, said, “The U.S. Green Buildings Council had confirmed that the RTA has the world’s highest number of LEED v4 BD+C: NC certified Transit projects. This achievement reflects the authority’s standing commitment to leadership and excellence in delivering the Route 2020 project for the region and the world over.”

“This achievement is credited to selecting the best locations for stations, and implementing strategies for saving the consumption of power and water. Such strategies are also aimed at curbing carbon emissions, using suitable and recyclable building materials, and reducing construction waste,” he added.

“RTA is keen to using cutting-edge technologies and implementing green building technologies as part of its endeavour to nurture a more sustainable urban environment. It also seeks to enhance the efficiency of the infrastructure in all vital activities and facilities through which it had made significant achievements that had a crucial role in protecting the environment, saving costs and preserving resources,” Abu Al Hasan said in conclusion.

Source: Emirates News Agency

Hamdan bin Mohammed approves digital platform for Emiratis enrolled in Dubai’s housing programme to exchange grants, land plots, housing units

DUBA, In line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to launch initiatives to enhance the welfare of Emirati families, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai, has approved the launch of a digital platform for Emiratis enrolled in Dubai’s housing programme to exchange grants, land plots and housing units among themselves.

H.H. Sheikh Hamdan bin Mohammed also approved prioritising the allocation of residential land plots and housing units to first-degree family members in the same residential area in Dubai as part of the broader aim of strengthening family bonds in the community.

With a budget of AED65 billion, Dubai’s housing programme is the largest initiative of its kind to develop residential areas for Emiratis and enhance the community welfare system within an integrated framework. “The housing programme will help create an ideal environment in Dubai for both work and life, improve the quality of life of citizens, and promote family stability and social cohesion,” Sheikh Hamdan bin Mohammed said.

Emphasising that the programme reflects the vision of H.H. Sheikh Mohammed bin Rashid for enhancing the quality of life of Emiratis, the Dubai Crown Prince said it will help preserve social and economic stability and promote sustainable growth, as part of the broader objective of transforming Dubai into the world’s best city to live in and work.

This year, His Highness Sheikh Mohammed bin Rashid Al Maktoum approved a historic housing budget of AED65 billion for Dubai Government’s housing programme over the next 20 years. The programme is part of the Dubai 2040 Urban Master Plan which aims to advance the emirate’s urban growth and sustainable development, address future challenges and improve the city’s quality of life.

The housing programme features the provision of 4,000 plots of land for Emirati citizens, and an increase in the total area of land plots allocated to Emirati citizens to 1.7 billion square feet in order to meet the needs of citizens over the next 20 years. Emiratis in Dubai will be entitled to housing loans of up to AED1 million under the programme.

Source: Emirates News Agency