Big surge in UAE's oil, gas reserves
Dubai - New discoveries boost nation's reserves to sixth globally in hydrocarbon ranking.
Published: Tue 5 Nov 2019, 10:41 PM
Last updated: Thu 7 Nov 2019, 8:50 AM
New hydrocarbon discoveries in Abu Dhabi, estimated at seven billion barrels of crude oil and 58 trillion cubic feet of conventional gas, have significantly boosted the UAE's total reserves to the sixth position globally in oil and gas reserves ranking.
Abu Dhabi's Supreme Petroleum Council (SPC) announced on Monday that total reserves of crude jumped to 105 billion barrels and conventional gas to 273 trillion cubic feet in the wake of the recent discoveries.
Currently the UAE, the third-largest oil producer in Opec behind Saudi Arabia and Iraq, pumps around three million barrels per day.
His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Vice-Chairman of the SPC, praised Abu Dhabi National Oil Company's efforts to drive the exploration of Abu Dhabi's huge hydrocarbon resources that resulted in significantly increasing its oil and gas reserves. He noted that the achievement reinforced the role the UAE plays and would continue to play in ensuring the security of energy supplies to global customers.
On Monday, the SPC approved the launch of a new pricing mechanism for Adnoc's flagship Murban crude in line with the oil giant's broader transformation strategy.
Sheikh Mohamed commended Adnoc on its strong performance and noted that the oil giant has been able to achieve its operational and financial targets, despite the volatile energy markets, due to its drive to continuously optimise performance and maximise value from its assets and resources.
He said the strategic and historic decision to list Murban crude oil on an internationally recognised exchange would provide the markets with greater confidence and solidify Abu Dhabi's position as a global energy hub and an essential energy provider to the world, particularly the fast-growing markets in Asia.
Adnoc is expected to implement its new Murban crude forward pricing mechanism between the second and third quarters of 2020. Monday's approval also included the lifting of destination restrictions on Adnoc's sales of Murban.