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.