UAE: 6th in Global Oil Reserves
7 Billion Barrels of Oil Found in Abu Dhabi Reserves
The Supreme Petroleum Council of the UAE made this announcement on Monday. It was during a meeting chaired by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.
During this meeting, held at ADNOC HQ, a new pricing mechanism for ADNOC Murdan Crude was also announced which will be listed on ‘an exchange’.
The council also divulged more information about discovering a new hydrocarbon reserve with estimated at 7 billion barrels of crude oil and 58 trillion standard cubic feet of conventional gas. This is amazing news for UAE as it catapults UAE to the sixth position in the world in terms of global oil and gas reserves. This makes the total reserves to 105 billion barrels and 273 trillion cubic feet of conventional gas.
The Minister of State in UAE and ADNOC Group CEO, Dr. Sultan Ahmed Al Jaber, supported the leaders of UAE in their initiatives to enable ADNOC in accelerating their transformation process and turning into a commercially-driven and customer-oriented company with a global standing. ADNOC was commended by Sheikh Mohammed on its contribution to UAE’s economy with its forward-thinking strategies and partnerships.
While addressing the Supreme Petroleum Council, SPC, Dr. Al Jaber emphasised on how ADNOC is working towards adopting more creative strategies with business models that are more flexible in nature. This aims to nurture partnerships that will add value to ADNOC, which will meet the financial and operational goals even in the unpredictable energy markets during the delivery of their 2030 strategy.
Recruiting over 3,200 Emirati nationals with advanced qualifications, ADNIC has, since 2016, set a good example in the region. They are now aiming to recruit at least 1, 258 more nationals in 2019 which will be inclusive of over 600 ADNOC scholars and looking to hire more than 3K Emirati nationals in the coming years.
SPC has now decided to add ADNOC’s Murban Crude oil on an exchange. Dr. Al Jaber is pleased with the decision of His Highness Sheikh Mohamed bin Zayed and the SPC as this will improve sales for ADNOC’s Murban Crude and add to the transformation that ADNOC is aiming to achieve.