UAE’s Supreme Petroleum Council announced an increase in oil and gas reserves as well as new discoveries.
Oil reserves rose by seven billion barrels while conventional gas increased by 58 trillion standard cubic feet (TSCF). New discovery of unconventional gas amounted to 160 TSCF, a statement said.
The increase in reserves puts UAE in sixth position in terms of global oil and gas reserves, holding total reserves of 105 billion barrels of oil and 273 trillion cubic feet of conventional gas.
With the blessing of UAE President, the Supreme Petroleum Council announced major increases in #AbuDhabi oil & gas reserves & made an historic decision to list on #ADNOC Murban crude oil on an exchange, strengthening Abu Dhabi’s position as a global energy player pic.twitter.com/R6HqIMgtyQ
— محمد بن زايد (@MohamedBinZayed) November 4, 2019
The constant maturation of ADNOC’s field development plans heading to its oil production capacity target of five million barrels per day (mmbpd) by 2030, expanded oil recovery schemes, and ongoing in-fill drilling, have propelled the increase in reserves, the statement added.
#BreakingNews: The SPC also announces an increase in hydrocarbon reserves of 7 billion stock tank barrels of oil and 58 trillion standard cubic feet of conventional gas and the discovery of 160 TSCF of unconventional gas. pic.twitter.com/LyG1FsppeZ
— ADNOC Group (@AdnocGroup) November 4, 2019
“We are honoured to have enabled the UAE to move from the seventh to the sixth-largest oil and gas reserves in both global rankings,” said Sultan Ahmed Al Jaber, UAE minister of state and ADNOC group CEO.
“Crucially, the discovery of substantial unconventional recoverable gas resources, for the first time, marks an important milestone in the development of the UAE’s unconventional resources as we execute our integrated gas strategy.”
Abu Dhabi will begin trading futures contracts of its main oil grade, ADNOC’s Murban crude, which will strengthen the emirate’s position as a global energy player.
The crude’s forward pricing mechanism is expected to be implemented between the second and third quarter of 2020.