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A general introduction to oil and gas law in United Arab Emirates
An extract from The Oil and Gas Law Review, 8th Edition
Introduction
The United Arab Emirates (the UAE) produced an average of 3 million barrels of crude oil per day in 2019, maintaining its position as the fourth-ranked OPEC member (and eighth-ranked country worldwide) in terms of crude oil production. In May 2020, daily production decreased to 2.45 million barrels of crude oil per day in response to reduced OPEC targets, a reduction in crude oil prices and the effects of the covid-19 pandemic. Further reductions for the remainder of 2020 are possible, but the UAE is expected to retain its ranking in terms of global production. Ninety-five per cent of the UAE s proven oil reserves are based in the emirate of Abu Dhabi (Abu Dhabi), one of the seven emirates of the UAE, and Abu Dhabi s production accounts for almost all, if not all, of the oil exported from the UAE.
By Graham Dunn2020-12-17T19:31:00+00:00
Signature Aviation is in talks with private equity firm Blackstone over a possible cash offer for the private aviation company, after Signature rejected a rival approach from Global Infrastructure Partners (GIP).
In a brief statement issued to the London Stock Exchange today, following a sharp jump in Signature’s share price, the company says the discussions relate to a cash offer of $5.17 (£3.83 ) per share. Signature’s share price closed today at £3.75, having opened the day at £2.61.
Source: Signature Flight Support
Discussions are under way with Blackstone Infrastructure Advisors and Blackstone Core Equity Management Asssociates over the possible offer for the aviation services company.
Disclaimer J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove ( J.P. Morgan Cazenove ), is authorised in the United Kingdom by the Prudential Regulation Authority (the PRA ) and regulated in the United Kingdom by the PRA and the Financial Conduct Authority. J.P. Morgan Cazenove is acting as financial adviser exclusively for Signature and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Signature for providing the protections afforded to clients of J.P. Morgan Cazenove, or for providing advice in relation to any matter referred to herein.
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The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid
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- Private jets set
HIGH-FLYERS. Private equity firm Blackstone is betting that plutocrats will be back in the air before the rest of us. Shares in London-listed Signature Aviation – which provides fuelling and ground services to private jets and charter flights – jumped by 40% on Thursday after it revealed Steve Schwarzman’s firm made a $4.3 billion cash takeover offer. A proposal from a rival investment fund, Global Infrastructure Partners, was rejected.