RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2019-11-05 14:45:00

THE NEW ABU DHABI'S OIL: 7 BBL

THE NEW ABU DHABI'S OIL: 7 BBL

GULF NEWS - November 04, 2019 - Abu Dhabi: The UAE's Supreme Petroleum Council on Monday announced a new pricing mechanism for ADNOC Murban crude, which will be listed on "an exchange," and also announced a major increases in Abu Dhabi's oil and gas reserves.

During the meeting held at ADNOC headquarters, the Council revealed the discovery of new hydrocarbon reserves estimated at 7 billion barrels of crude oil and 58 trillion standard cubic feet of conventional gas, putting the UAE in the sixth place in terms of global oil and gas reserves, with a total reserves of 105 billion barrels and 273 trillion cubic feet of conventional gas.

Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, has said that support of the UAE's leadership is enabling ADNOC to accelerate the pace of its ongoing transformation into a more commercially-driven and customer-focused integrated energy company with global reach.

Speaking following the Supreme Petroleum Council, SPC, meeting, Dr. Al Jaber, said, "Following the leadership's wise directives, ADNOC is adopting more creative strategies and more flexible business models, while shaping value-add partnership opportunities to remain resilient and meet operational and financial targets in today's unpredictable energy markets, as we deliver our 2030 strategy."

The SPC meeting was presided over by His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, and Vice-Chairman of the SPC.

Sheikh Mohamed highlighted ADNOC's ongoing transformation into a more performance-led and commercially-driven organisation and emphasised the central role ADNOC plays in enabling the UAE's economic ambitions. He expressed the SPC's recognition of ADNOC's efforts to drive foreign investment into the UAE through its approach to strategic partnerships and investments.

He noted ADNOC has recruited over 3,200 Emirati nationals with advanced qualifications since 2016 and is set to employ an additional 1,258 by the end of 2019, including over 600 ADNOC scholars. He also acknowledged ADNOC's plans to recruit more than 3,000 additional Emirati nationals over the next few years.

Murban crude to be traded on an exchange

Commenting on the SPC's decision to list ADNOC's Murban crude on an exchange, Dr. Al Jaber said, "The forward-looking decision and market-orientated foresight of His Highness Sheikh Mohamed bin Zayed and the SPC, to list Murban on an internationally recognised exchange and improve the terms of sale of ADNOC's Murban Crude, is another significant step in our transformation.

-----


Earlier:

THE NEW ABU DHABI'S OIL: 7 BBL
2019, October, 18, 11:20:00
UAE INVESTMENT FOR INDIA $4 BLN
This is the next step of BASF’s and Adani’s investment plans as announced in January 2019. With the inclusion of ADNOC and Borealis as potential partners, the parties are examining various structuring options for the chemical complex that will leverage the technical, financial and operational strengths of each company. The total investment is estimated to be up to US$4 billion.
All Publications »
Tags: UAE, ABU, DHABI, OIL,
Chronicle:
THE NEW ABU DHABI'S OIL: 7 BBL
2022, June, 24, 11:34:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
THE NEW ABU DHABI'S OIL: 7 BBL
2022, June, 24, 11:33:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
THE NEW ABU DHABI'S OIL: 7 BBL
2022, June, 24, 11:30:00
RUSSIAN OIL PROTECTION
Certification by the Indian Register of Shipping (IRClass), one of the world's top classification companies, provides a final link in the paperwork chain - after insurance coverage - needed to keep state-owned Sovcomflot's tanker fleet afloat and delivering Russian crude oil to overseas markets.
THE NEW ABU DHABI'S OIL: 7 BBL
2022, June, 24, 11:20:00
U.S. LNG EXPORTS DOWN BY 17%
Freeport LNG is one of seven LNG export facilities operating in the United States.
THE NEW ABU DHABI'S OIL: 7 BBL
2022, June, 24, 11:15:00
ЭНЕРГИЯ РУССКОЙ АРКТИКИ
Обсуждалось строительство газовозов и танкеров-челноков. В частности, 15 газовозов запланированы к постройке на судоверфи «Звезда». В планах – строительство дополнительных судов для транспортировки продукции инвесторов по Севморпути.
THE NEW ABU DHABI'S OIL: 7 BBL
2022, June, 24, 11:10:00
U.S. SMR FOR POLAND
Last Energy's SMR technology is based on a pressurised water reactor with a capacity of 20 MWe or 60 MWt.
THE NEW ABU DHABI'S OIL: 7 BBL
2022, June, 24, 11:05:00
PAKISTAN ENERGY CRISIS
This is the third time this month that Pakistan failed to complete an LNG tender for July, and the country’s inability to purchase fuel threatens to exacerbate electricity shortages just as hotter weather boosts air conditioning and power demand.
All Publications »