The United Arab Emirates, a number one OPEC producer, on Monday declared “significant” oil and gas discoveries and launched a brand new rating mechanism for Abu Dhabi flagship Murban crude.
The Gulf state’s highest energy decision-making body, the Supreme Petroleum Council (SPC), aforesaid the new discoveries included seven billion barrels of petroleum and fifty-eight trillion cubic feet of natural gas.
That raised UAE crude oil reserves to one hundred and five billion barrels, crossing neighbor Kuwait for the world’s sixth-largest oil deposits, Abu Dhabi National Oil Co aforesaid in a statement.
Natural gas reserves were additionally boosted to 273 trillion cubic feet (7.7 billion cubic meters), ADNOC said. Additionally, the UAE discovered a hundred and sixty trillion cubic feet of unconventional natural gas.
UAE pumps regarding 3 million barrels of oil per day (BPD) and produces some 10.5 billion cubic feet of raw natural gas, according to ADNOC.
“We are very happy and honored to have enabled the UAE to move from the seventh to the sixth-largest oil and gas reserves in both world rankings,” aforesaid ADNOC chief executive officer Sultan al-Jaber.
The SPC additionally gave its approval to list ADNOC’s Murban crude oil on an internationally recognized exchange, with the goal of boosting the UAE’s position as an energy supplier, notably to fast-growing Asian markets.
“The initiative can enable our customers and different market participants to better value, manage and trade their purchases of Murban,” that pumps some 1.7 million BPD, Jaber said.