The UAE’s Supreme Petroleum Council Monday announced a new pricing mechanism for Abu Dhabi National Oil Co. (Adnoc) Murban crude oil, which will be listed on “an exchange,” the Gulf News Web Report reported.
The Council also announced a major increases in Abu Dhabi’s oil and gas reserves, Kallanish Energy reports.
During the meeting at Adnoc headquarters, the Council revealed the discovery of new hydrocarbon reserves estimated at 7 billion barrels (BBbls) of crude oil and 58 trillion cubic feet (Tcf) of conventional gas, putting the UAE in sixth place in terms of global oil and gas reserves, with total reserves of 105 BBbls of crude and 273 Tcf of conventional gas.
Sultan Ahmed Al Jaber, UAE minister of state and Adnoc Group CEO, has said 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 a global reach.
Speaking following the Supreme Petroleum Council meeting, 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.”
This post appeared first on Kallanish Energy News.