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Mon 4 Nov 2019 05:19 PM

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UAE moves up to 6th in global list of oil, gas reserves after new discoveries

Abu Dhabi's Supreme Petroleum Council announces significant increase in oil and gas reserves plus new discoveries

UAE moves up to 6th in global list of oil, gas reserves after new discoveries

SPC reported an increase in hydrocarbon reserves of 7 billion stock tank barrels (STB) of oil and 58 trillion standard cubic feet (TSCF) of conventional gas, and the discovery of 160 TSCF of unconventional gas.

Abu Dhabi’s Supreme Petroleum Council (SPC) on Monday announced a significant increase in oil and gas reserves and new discoveries in the emirate.

The SPC reported an increase in hydrocarbon reserves of 7 billion stock tank barrels (STB) of oil and 58 trillion standard cubic feet (TSCF) of conventional gas, and the discovery of 160 TSCF of unconventional gas.

That raised crude oil reserves to 105 billion barrels and natural gas reserves to 273 trillion cubic feet (7.7 billion cubic metres), moving the UAE from 7th to 6th position in both global oil and gas reserves ranking. 

Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and vice-chairman of the SPC, said the discoveries underpin the country's position as a stable and long-term energy provider to the world.

The UAE pumps about three million barrels of oil per day (bpd) and produces some 10.5 billion cubic feet of raw natural gas, according to ADNOC.

Sheikh Mohamed commended ADNOC on its strong performance as it delivers its 2030 strategy and highlighted that it has been able to achieve its targets despite the volatile energy markets.

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He also praised ADNOC on its "relentless efforts" to drive the exploration of Abu Dhabi’s huge hydrocarbon resources.

Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said: “The 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.”

The SPC also gave its approval to list ADNOC's Murban crude oil on an internationally recognised exchange, with the goal of boosting the UAE's position as an energy provider, particularly to fast-growing Asian markets.

"The initiative will enable our customers and other market participants to better price, manage and trade their purchases of Murban," which pumps some 1.7 million bpd, Jaber said.

Last year, ADNOC granted concession rights in existing and new oilfields and earmarked some $132 billion to invest in the oil sector over the next five years.

ADNOC plans to boost crude output capacity to four million bpd in 2020 and to five million bpd a decade later.

*With AFP

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