An estimated seven billion barrels of crude oil and 58 trillion cubic feet of conventional gas have been discovered in Abu Dhabi, this new hydrocarbon have pushed UAE’s total reserves the sixth position globally in oil and gas reserves.
The total reserves of crude peaked at 105 billion barrels and conventional gas to 273 trillion cubic feet with regards to the recent discoveries, Abu Dhabi’s Supreme Petroleum Council (SPC) said on Monday.
Abu Dhabi National Oil Company’s initiative to explore the hydrocarbon resources in the region was commended by 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. He insisted that the achievement strengthens UAE’s position to secure and provide energy supplies to the global market.
Furthermore, His Highness Sheikh Mohamed appreciated Adnoc’s efficient performance as the massive oil producer has been able to achieve its operational and financial targets, amid volatile energy markets.
The SPC approved the launch of a newly priced mechanism for Adnoc’s flagship Murban crude in relation with the oil company’s transformation strategy.
Adnoc is expected to follow its new Murban crude forward pricing between the second and third quarters of 2020.