Showing posts with label ExxonMobil. Show all posts
Showing posts with label ExxonMobil. Show all posts

Saturday, December 21, 2019

Key energy industry interviews of 2019

As the current oil and gas trading year approaches its end, here are some of the industry interviews conducted by The Oilholic over the course of 2019 with C-suite executives around the world. The list includes group CEOs and Chairmen of Emerson, Hunting, IndianOil, OMV and Wintershall Dea. Most, but not all, of the interviews were published either on Forbes or Rigzone

John Rudolph, President of Honeywell Process Solutions 

Luca Volta, Marine Fuels Venture Head at ExxonMobil

David Farr, Chairman and Chief Executive Officer of Emerson

John Markus Lervik, Chief Executive Officer and Cofounder of Cognite

David Gilmour, Head of BP Ventures

Andreas Thorsheim, Cofounder and CEO of Otovo

Karl Johnny Hersvik, Chief Executive Officer of Aker BP

Rainer Seele, Chief Executive Officer of OMV

Greg Scheu, Head of Group Service & (former) President - Americas region at ABB

Jim Johnson, Chief Executive Officer of Hunting Plc

Rusty Hutson, Founder and Chief Executive Officer of Diversified Gas and Oil 

Jason Urso, Chief Technology Officer at Honeywell Process Solutions

Sanjiv Singh, Chairman of IndianOil Corporation

Mario Mehren, Chief Executive Officer of Wintershall Dea

Here's to many more C-Suite chats in 2020. Keep reading, keep it 'crude'!

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© Gaurav Sharma 2019.

Sunday, July 09, 2017

Time for Istanbul and WPC 22

The Oilholic has arrived in Istanbul, Turkey for 22nd World Petroleum Congress, with the 2017 edition being this blogger’s third. 

Oh how time flies! Many in the industry must be wondering the same – from Doha (2011) to Moscow (2014) to Istanbul in 2017, the price of crude, using Brent as a benchmark, has fallen considerably, even if it was not a steady downward trajectory.

In 2011, the industry was looking at three-figure prices following a recovery from the global financial crisis. In 2014, the signs of an oil price slump were visible and in here in Istanbul we see it crudely languishing in the $40s despite an OPEC production cut - of 1.8 million barrels per day - in concert with 10 non-OPEC players, at least on paper, and in place until March 2018.

With customary aplomb over 6,000 delegates are expected at the industry’s premier jamboree with 500 chief executive officers, 50 ministers and around 25,000 visitors for the World Petroleum Exhibition; one of the largest strategic oil and gas expos in the world.

Over coming days we can expect to hear from the bosses of Shell, BP, Total, ExxonMobil, Chevron and many more, and ministerial soundbites from India to Iran, Kuwait to Russia and then some. Watch this space, but that’s all from Istanbul for the moment folks! Keep reading, keep it ‘crude’!

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To email: gaurav.sharma@oilholicssynonymous.com

© Gaurav Sharma 2017. Photo: Istanbul Congress Center, venue of the 22nd World Petroleum Congress © Gaurav Sharma 2017.

Tuesday, March 07, 2017

Back in Houston town for CERAWeek

The Oilholic is back in Houston, Texas for the 2017 instalment of IHS CERAWeek; one of the world’s largest gatherings of oil and gas policymakers, executives, movers and shakers alike.

An early start to an empty lobby (see left) and a late finish (as yet to follow) are all but guaranteed, and it’s only day one! 

The morning began with the International Energy Agency’s Executive Director Fatih Birol telling us another supply glut courtesy of rising US shale production was around the corner (report here). 

Then Indian Petroleum Minister Dharmendra Pradhan told scribes it was an oil buyers’ market as far as he was concerned, and that he is not averse to the idea of India buying crude from the US, now that Washington permit unrefined exports. Take that Opec! (More here).

By the way, a rather large Russian delegation appears to be in town, led by none other than energy minister Alexander Novak himself. When put on the spot by IHS CERA Vice Chairman Daniel Yergin, the Kremlin’s top man at CERAWeek said Russia will achieve a 300,000 barrels per day (bpd) production cut by the end of April. 

However, Novak said Russia will not decide on extending its production cut deal with Opec and 10 other non-Opec producers until the middle of 2017.

Late afternoon, ExxonMobil’s relatively new boss Darren Woods put in a refined performance unveiling a $20 billion downstream investment plan, which is sure to delight President Donald Trump. (More here)

That’s all from CERAWeek for the moment folks. Keep reading, keep it ‘crude’! 

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© Gaurav Sharma 2017. Photo: Entrance to IHS CERAWeek 2017 in Houston, Texas, USA © Gaurav Sharma.

Saturday, May 21, 2016

ExxonMobil's Ghost Building in Houston

On the way to business meetings on Louisiana and Bagby Street in downtown Houston, Texas, earlier this week, the Oilholic cut across Bell Street passing by number 800, which of course was once ExxonMobil’s downtown office, with the top two floors being the dining space for the Petroleum Club of Houston (PCOH).

Alas no more, as all former occupants of the building have moved to the oil giant's sprawling campus in Spring, TX close to The Woodlands north of George Bush Intercontinental Airport. That’s excluding the PCOH which is now at the nearby Total Plaza.

According to the Houston Chronicle’s archives, Shorenstein Properties closed on the property for anundisclosed amount in the first quarter of 2013 with plans for making changes and improvements following ExxonMobil’s departure.

However, the oil giant has since leased back the entire building and not much has happened. Plans to move local government agencies into the building or other private tenants for that matter haven’t quite worked out either.

Shame the city and the building’s owners can’t work out what to do with the historic offices built in 1963 which ExxonMobil occupied until recently (see right). Downtown area of the oil and gas capital of the world could well do without another ghost building, having had one nearby left behind by Enron's collapse until Chevron moved in years later. That’s all for the moment from Houston folks; keep reading, keep it crude!

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To email: gaurav.sharma@oilholicssynonymous.com

© Gaurav Sharma 2016. Photo 1: 800 Bell Street, Houston, Texas, USA in 2016. Photo 2: The building's exterior in 2010. © Gaurav Sharma.

Friday, October 16, 2015

Why ‘chiflados’ in Caracas infuriate Colombians

Colombia and Venezuela haven’t always been the best of friends over the last 15 years, since the late Hugo Chavez swept to power. However, here in Bogota, the Oilholic finds relations between the two neighbours at an all time low, largely down to a select bunch of “chiflados oportunistas en Caracas” (loosely translated as opportunistic crackpots in Caracas), who blame everyone but themselves for  the effects their own mad economic policies, say locals.

But first some background – A general election is slated for 6 December in Venezuela with oil nowhere near the three-figure per barrel price the country needs to balance its budget. Regional analysts fear a sovereign default and monthly inflation according to independent forecasts is in double figures as Caracas hasn’t published official data for a while (even the fudged version). Meanwhile, industrial production is in doldrums as the government continues to print money. 

The Venezuelan Bolivar’s official exchange rate to the dollar is VEF6.34, but you’d be lucky if anyone in Bogota or elsewhere in Latin America would be willing to exchange the greenback for VEF635; forget the decimal point! Price controls and availability have played havoc with what Venezuelans can and cannot buy. More often than not, it is no longer a choice in a country that famously ran out of loo rolls last year. So what does President Nicolas Maduro do? Why blame it all on “conspirators” in Colombia! 

Now hear the Oilholic out, as he narrates a tale of farce, as narrated to him by an economics student at the local university, which this blogger has independently verified. With the Venezuelan Bolívar more or less not quite worth the paper its printed on – as explained above – most of the country’s citizens (including Chavistas, and quite a few regional central banks if rumours are to be believed) – turn to DolarToday, or more specifically to the website’s twitter account, to get an unofficial exchange rate based on what rate the Bolívar changes hands in Cucuta, a Colombian town near the border with Venezuela (The website currently puts the Bolivar just shy of VEF800 to the dollar). 

It is where Venezuelans and Colombians meet to exchange cheap price-controlled fuel, among other stuff from the false economy created by Caracas, to smuggle over to Colombia. The preferred currency, is of course, the Colombian peso, as the dollar’s exchange rate to the Bolívar is calculated indirectly from the value of the peso with little choice to do anything else but. 

The final calculation is extremely irregular, as the Colombian peso itself grapples with market volatility, but what the fine folks in Cucata come up with and DolarToday reports is still considered a damn sight better than the official peg, according to most contacts in Colombia and beyond, including the narrator of the story himself. 

So far so much for the story, but what conclusions did President Maduro take? Well in the opinion of the Venezuelan President, DolarToday is a conspiracy by the US, their pals in Colombia and evil bankers to wreck Venezuela’s economy; as if it needs their help! Smuggling across the border and of course food shortages in the country have been promptly blamed on private enterprise players “without scruples” and Colombians, carefully omitting Venezuela’s National Guard personnel, without whose alleged complicity, it is doubtful much would move across the border.

Maduro subsequently closed the border crossing from Tachira, Venezuela to Norte de Santander, Colombia earlier this quarter. He also announced special emergency measures in 13 Venezuelan municipalities in proximity of the Colombian border. The shenanigans prompted an angry response form President Juan Manuel Santos, Maduro’s counterpart in Bogota. Both countries recalled their respective ambassadors in wake of the incident. 

However, in line with the prevalent theme of finding scapegoats, Maduro’s government didn’t stop there. Nearly 2,000 Colombians have been deported from Venezuela, according newspapers here. Another 20,000 have fled back to Colombia, something which President Santos has described as a humanitarian crisis. Santos also chastised Venezuela at the Organisation of American States (OAS) noting that Caracas was blaming its “own economic incompetence on others” (translating literally from Spanish).

The Colombian President might well have felt aggrieved but he need not have bothered. The chiflados in Caracas know what they are. For example, when Venezuela was hit by an outbreak of chikungunya (last year), a disease marked by joint pains and bouts of fever according to the WHO website, the government’s response was as removed from reality as it currently is when it comes to DollarToday and smuggling across the Colombia-Venezuela border.

At the time, a group of doctors west of Caracas calling for emergency help saw their leader accused of leading a “terrorist campaign” of misinformation. With a warrant was issued for his arrest, the poor man fled the country. Close to 200,000 were affected according media sources outside of Venezuela but government statistics put the figure below 26,500. 

Each time economists and independent analysts challenge any data published by PDVSA or INE or any Venezuelan government institution, it is dismissed by Caracas as “politically motivated.” And so the story goes with countless such examples, albeit an international spat like the one with Colombia are relatively rare. Maduro is also miffed with neighbouring Guyana at the moment, for allowing ExxonMobil to carry out oil exploration in “disputed waters” which prompted a strong response at the UN from the latter.

Expect more nonsense from Caracas as the Venezuelan election approaches. However, here’s one telling fact from Colombian experts to sign off with – over the past year the Venezuelan Bolívar’s value has plummeted by 93% against the peso in the unofficial market. Now that’s something. 

The Oilholic tried to change pesos for the bolivar officially in the Colombian capital, but found few takers and got lots of strange looks! That’s all from Bogota for the moment folks as one heads to Peru! Back here later in the month, keep reading, keep it ‘crude’!   

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To email: gaurav.sharma@oilholicssynonymous.com

© Gaurav Sharma 2015. Plaza de Bolívar, Bogota, Colombia © Gaurav Sharma, October 2015

Tuesday, June 17, 2014

Oilholic’s photo clicks @ the 21st WPC host city

The Oilholic is by no means a photojournalist, but akin to the last congress in Doha, there is no harm in pretending to be one armed with a fully automatic Olympus FE-4020 digital camera here in Moscow!

The 21st World Petroleum Congress also marked this blogger's return to Russia and its wonderful capital city after a gap of 10 years.

The massive Crocus Expo International Center (above left) happens to be the Russian venue for the Congress from June 15 to June 19, with events also held at the Kremlin. Hope you enjoy the virtual views of the venue as well as Moscow, as the Oilholic is enjoying them here on the ground. (click on images to enlarge)

Crowds at 21WPC exhibition floor

Oil giants out in force at 21WPC exhibition
Shell's FLNG Model

Luxury cars right at home in Crocus Expo Center

Repsol Honda on display at 21WPC Exhibition floor   

The Virtual Racing Car experience thanks to ExxonMobil
Author Daniel Yergin (left) & BP Boss Bob Dudley
Highlighting Sakhalin region's potential
Gazprom's mammoth stand at 21WPC




Russian Hammer & Sickle at a Moscow Metro Station

Grand interior of a Moscow Metro Station






















Rush hour at motorway off the Red Square
























Saint Basil's Cathedral, Moscow























© Gaurav Sharma 2014. Photos from the 21st World Petroleum Congress, Moscow, Russia © Gaurav Sharma, June 2014.

Monday, January 28, 2013

Puts n’ calls, Russia ‘peaking’ & Peking’s shale

Oil market volatility continues unabated indicative of the barmy nature of the world we live in. On January 25, the Brent forward month futures contract spiked above US$113. If the day's intraday price of US$113.46 is used as a cut-off point, then it has risen by 4.3% since Christmas Eve. If you ask what has changed in a month? Well not much! The Algerian terror strike, despite the tragic nature of events, does not fundamentally alter the geopolitical risk premium for 2013.

In fact, many commentators think the risk premium remains broadly neutral and hinged on the question whether or not Iran flares-up. So is a US$113-plus Brent price merited? Not one jot! If you took such a price-level at face value, then yours would be a hugely optimistic view of the global economy, one that it does not merit on the basis of economic survey data.
 
In an interesting note, Ole Hansen, Head of Commodity Strategy at Saxo Bank, gently nudges observers in the direction of examining the put/call ratio. For those who don’t know, in layman terms the ratio measures mass psychology amongst market participants. It is the trading volume of put options divided by the trading volume of call options. (See graph above courtesy of Saxo Bank. Click image to enlarge)
 
When the ratio is relatively high, this means the trading community or shall we say the majority in the trading community expect bearish trends. When the ratio is relatively low, they’re heading-up a bullish path.
 
Hansen observes: “The most popular traded strikes over the five trading days (to January 23) are evenly split between puts and calls. The most traded has been the June 13 Call strike 115 (last US$ 3.13 per barrel), April 13 Call 120 (US$0.61), April 13 Put 100 (US$0.56) and June 13 Put 95 (US$1.32). The hedging of a potential geopolitical spike has been seen through the buying of June 13 Call 130, last traded at US$0.54/barrel.”
 
The Oilholic feels it is prudent to point out that tracking the weekly volume of market puts and calls is a method of gauging the sentiments of majority of traders. Overall, the market can, in the right circumstances, prove a majority of traders wrong. So let’s see how things unfold. Meanwhile, the CME Group said on January 24 that the NYMEX March Brent Crude had made it to the next target of US$112.90/113.29 and topped it, but the failure to break this month’s high "signals weakness in the days to come."
 
The  group also announced a record in daily trading volume for its NYMEX Brent futures contract as trading volumes, using January 18 as a cut-off point, jumped to 30,250 contracts; a 38% increase over the previous record of 21,997 set on August 8, 2012.
 
From the crude oil market to the stock market, where ExxonMobil finally got back its position of being the most valuable publicly traded company on January 25! Apple grabbed the top spot in 2011 from ExxonMobil which the latter had held since 2005. Yours truly does not have shares in either company, but on the basis of sheer consistency in corporate performance, overall value as a creator of jobs and a general contribution to the global economy, one would vote for the oil giant any day over an electronic gadgets manufacturer (Sorry, Apple fans if you feel the Oilholic is oversimplifying the argument).
 
Switching tack to the macro picture, Fitch Ratings says Russian oil production will probably peak in the next few years as gains from new oilfields are offset by falling output from brownfield sites. In a statement on January 22, the ratings agency said production gains that Russia achieved over the last decade were mainly driven by intensive application of new technology, in particular horizontal drilling and hydraulic fracturing applied to Western Siberian brownfields on a massive scale.
 
"This allowed oil companies to tap previously unreachable reservoirs and dramatically reverse declining production rates at these fields, some of which have been producing oil for several decades. In addition, Russia saw successful launches of several new production areas, including Rosneft's large Eastern Siberian Vankor field in 2009," Fitch notes.
 
However, Fitch says the biggest potential gains from new technology have now been mostly achieved. The latest production figures from the Russian Ministry of Energy show that total crude oil production in the country increased by 1.3% in 2012 to 518 million tons. Russian refinery volumes increased by 4.5% to 266 million tons while exports dropped by 1% to 239 million tons. Russian oil production has increased rapidly from a low of 303 million tons in 1996.
 
"Greenfields are located in inhospitable and remote places and projects therefore require large amounts of capital. We believe oil prices would need to remain above US$100 per barrel and the Russian government would need to provide tax incentives for oil companies to invest in additional Eastern Siberian production," Fitch says.
 
A notable exception is the Caspian Sea shelf where Lukoil, Russia’s second largest oil company, is progressing with its exploration and production programme. The ratings agency does see potential for more joint ventures between Russian and international oil companies in exploring the Russian continental shelf. No doubt, the needs must paradigm, which is very visible elsewhere in the ‘crude’ world, is applicable to the Russians as well.
 
On the very same day as Fitch raised the possibility of Russian production peaking, Peking announced a massive capital spending drive towards shale exploration. Reuters reported that China intends to start its own shale gale as the country’s Ministry of Land and Resources issued exploration rights for 19 shale prospection blocks to 16 firms. Local media suggests most of the exploration rights pertain to shale gas exploration with the 16 firms pledging US$2 billion towards the move.

On the subject of shale and before the news arrived from China, IHS Vice Chairman Daniel Yergin told the World Economic Forum  in Davos that major unconventional opportunities are being identified around the world. "Our research indicates that the shale resource base in China may be larger than in the USA, and we note prospects elsewhere," he added.
 
However, both the Oilholic and the industry veteran and founder of IHS CERA agree that the circumstances which led to and promoted the development of unconventional sources in the USA differ in important aspects from other parts of the world.

“It is still very early days and we believe that it will take several years before significant amounts of unconventional oil and gas begin to appear in other regions,” Yergin said. In fact, the US is benefitting in more ways than one if IHS’ new report Energy and the New Global Industrial Landscape: A Tectonic Shift is to be believed.

In it, IHS forecasts that the "direct, indirect and induced effects" of the surge in nonconventional oil and gas extraction have already added 1.7 million jobs to the US jobs market with 3 million expected by 2020. Furthermore, the surge has also added US$62 billion to federal and state government coffers in 2012 with US$111 billion expected by 2020. (See bar chart above courtesy of IHS. Click image to enlarge)
 
IHS also predicts that non-OPEC supply growth in 2013 will be 1.1 million barrels per day – larger than the growth in global demand – which has happened only four times since 1986. Leading this non-OPEC growth is indeed the surge in unconventional oil in the USA. The report does warn, however, that increases in non-OPEC supply elsewhere in the world could be subject to what has proved to be a recurrent “history of disappointment.”
 
That’s all for the moment folks! Keep reading, keep it ‘crude’!
 
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© Gaurav Sharma 2013. Graph: Brent Crude – Put/Call ratio © Saxo Bank, Photo: Russian jerry pump jacks © Lukoil, Bar Chart: US jobs growth projection in the unconventional oil & gas sector © IHS 2013.

Thursday, December 20, 2012

Splendid dossier on a secretive "supermajor"

In 1999, the merger of Exxon and Mobil created what could be described as an oil & gas industry behemoth and, using some financial metrics, perhaps also one of the most profitable among the international “supermajors”. Despite being a global entity, for many people ExxonMobil remains an enigma.
 
Its sheer presence on the world stage has its admirers yet critics have labelled it as a polluter, a climate-change denier, a controversial lobbyist, a bully and more. For Pulitzer Prize winning author Steve Coll, there is more to it than meets the eye when it comes to ExxonMobil and its financial performance which is more durable than others in the Fortune 500 list.
 
Minus generalisations or a linear exercise in big oil bashing, this latest work of Coll's – Private Empire: ExxonMobil and American Power – is a pragmatic book about a global brand which, in the author’s words, became the "most hated"  oil company in America after the Exxon Valdez oil spill off the coast of Alaska in 1989.
 
That incident itself provides the starting point for a detailed narrative of just under 700 pages, split into two parts – The End of Easy Oil and The Risk Cycle – containing 28 chapters. Banking on his journalistic tenacity and detailed research work including over 400 interviews, declassified documents, legal and corporate records and much more, Coll has pencilled his unique description of this “Private Empire” and it does not disappoint.
 
ExxonMobil has its dogmas, fears, idiosyncrasies, pluses and minuses and the author delves into these based on anecdotal as well as observed evidence. From an obsession with safety post Exxon Valdez to the moving of its headquarters to Irving, Texas, from “the merger” to an insistence on R.O.C.E (Return on Capital Employed) – Coll has tackled it all.
 
The author opines that far from being an attention seeking ruthless corporate giant in bed with politicians, as popular conjecture would have you believe, ExxonMobil’s legendary lobbying in Washington DC was cleverly and aggressively targeted for maximum effect. While it shunned overt politicising of its presence and affairs, the company benefitted from new markets and global commerce that US military hegemony protected the world over. After all, when fighting a tight corner, ExxonMobil often called in a favour from power brokers on Capitol Hill.
 
While the whole book is a thoroughly good read, for the Oilholic, reading Coll’s description of ExxonMobil’s grapples with "resource nationalism" in developing markets (as its oil output in developed jurisdictions started declining) and its management (or otherwise) of operations in inhospitable countries, were the two most interesting passages.
 
From Aceh in Indonesia to the Niger Delta, from the Gulf of Guinea to Chad, ExxonMobil found itself in alien territory and conflicts it had not seen before. But it strategized, adopted, called in favours and more often than not emerged with a result in its favour; if not immediately, then over a period of time, writes Coll.
 
Every saga needs a cast of characters and this one is no exception. One individual and his portrayal by the author stand out. That’s Lee ("Iron Ass") Raymond, ExxonMobil’s inimitable boss from 1993 to 2005. With a doctorate in chemical engineering, boasting Dick Cheney among his friends and a history of denying climate change, Raymond was by all accounts a formidable character and Coll’s description of him does not disappoint. One mute criticism the Oilholic has is that its borderline gossip in parts but one supposes the gossip joins the dots in a weighty narrative.
 
In summation, this blogger found the book to be a definitive one on ExxonMobil and by default a glimpse into the wider ‘crude’ world, it’s wheeling and dealing. The Oilholic would be happy to recommend it to anyone interested in the oil business, its history, market dynamics and the geopolitical climate it is inextricably linked with.
 
Those interested in business, finance and economics would also enjoy this book as would the mainstream non-fiction reader in search of a riveting real world account. Finally, it would also be well worth the while of students of financial journalism to read and learn from Coll’s craft.
 
© Gaurav Sharma 2012. Photo: Front Cover – Private Empire: ExxonMobil and American Power © Allen Lane / Penguin Group UK.


Saturday, August 25, 2012

Talking global 'crude' capex in the Emirates

It is good to be back in the Emirate of Dubai to catch-up with old friends and make yet newer ones! In the scorching heat of 41 C, sitting inside an English Pub (sigh…someone tell these guys yours truly just got off the plane from England) at a hotel right next to ENOC’s Bur Dubai office, new research of a ‘crude’ nature has thrown-up plenty of talking points here.
 
It seems that a report published this morning by business intelligence provider GlobalData projects capital expenditure in the global oil & gas business to come in at US$1.039 trillion by the end of December 2012; a rise of 13.4% on an annualised basis. However, no prizes for guessing that E&P activity would be the primary driver.
 
GlobalData predicts Middle Eastern and African capital spend would be in the region of US$229.6 billion. The figure has been met with nods of approval here in Dubai though one contact of the Oilholic’s (at an advisory firm) reckons the figure is on the conservative side and could be exceeded by a billion or two.
 
North America is likely to witness the highest capex with a US$254.3 billion spend; a 24.5% share of the 2012 figure. GlobalData reckons that renewed market confidence is a direct consequence of the increasing number of oil & gas discoveries (which stood at 242 over 2011 alone), high (or rather spiky) oil prices and emerging and cost effective drilling technologies making deep offshore reserves technically and financially viable.
 
So the ‘All hail shale brigade’ and ‘shale gale’ stateside along with Canadian oil sands would be the big contributors to the total North American spend. The Asia Pacific region could pretty much spend in the same region with a capex of US$253.1 billion.
 
However another facet of the GlobalData report fails to surprise punters at the table wherein it notes that National Oil Companies (NOCs) will lead the way in terms of capex. Though there were some “Hear, Hear(s)” from somewhere. (We try not to name names here of loyal NOC employees, especially if they’ve just walked in from a building next door!)
 
Only thing is, while the Middle Eastern and Chinese NOCs are in the predictable data mix, GlobalData notes that for the 2012–2016 period it is Petrobras which ranks first for capex globally amongst NOCs. As a footnote, ExxonMobil will be atop the IOC list. That’s all for the moment folks! More from Dubai later. Keep reading, keep it ‘crude’!
 
© Gaurav Sharma 2012. Photo: View of city skyline from Jumeriah beach, Dubai, UAE © Gaurav Sharma 2012.