UAE announces new oil and gas reserves

Source: Xinhua| 2019-11-05 04:49:35|Editor: yan
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ABU DHABI, Nov. 4 (Xinhua) -- The Supreme Petroleum Council (SPC), the highest energy decision-making authority of the United Arab Emirates, announced on Monday major increases in Abu Dhabi oil and gas reserves.

The SPC also announced "an historic decision" to list on Abu Dhabi National Oil Company's (ADNOC) Murban crude oil on "an exchange" in the future.

Abu Dhabi's Crown Prince Sheikh Mohamed bin Zayed, who presided over the SPC meeting held at ADNOC headquarters, said on his Twitter account that these announcements are "strengthening Abu Dhabi's position as a global energy player".

During the meeting, ADNOC CEO Sultan al-Jaber said the increase in reserves is estimated at 7 billion barrels of crude oil and 58 trillion standard cubic feet of conventional gas, which moves the UAE from seventh to sixth in global oil and gas reserves ranking.

Commenting on the SPC's decision to list ADNOC's Murban crude oil, Jaber said the initiative will "enable our customers and other market participants to better price, manage and trade their purchases of Murban."

UAE produces some 3 million barrels of oil per day and about 10.5 billion cubic feet of raw natural gas, according to ADNOC.