Abu Dhabi’s Supreme Petroleum Council announces significant increase in oil and gas reserves plus new discoveries
Abu Dhabi’s Supreme Petroleum Council (SPC) on Monday announced a significant increase in oil and gas reserves and new discoveries in the emirate.
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.
This increase moves the UAE from 7th to 6th position in both global oil and gas reserves ranking and underpins its position as a stable and long-term energy provider to the world, said Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and vice-chairman of the SPC.
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 is the highest governing body of the oil and gas industry in Abu Dhabi. The Council formulates, approves, and oversees the implementation of Abu Dhabi’s petroleum policy and follows up its implementation across all areas of the petroleum industry to ensure that the set goals are achieved.
The SPC also approved ADNOC’s new trading strategy, following the incorporation of ADNOC Global Trading in July, a joint venture with Eni and OMV that will focus on creating additional value from the sales and trading of products from ADNOC Refining.
Al Jaber added: “We are very pleased and honoured to have enabled the UAE to move from the seventh to the sixth-largest oil and gas reserves in both global rankings. These achievements underscore ADNOC’s drive to ensure we remain a trusted, reliable and responsible supplier of energy to the world for decades to come.
“Crucially, the discovery of substantial unconventional recoverable gas resources, for the first time, marks an important milestone in the development of the UAE’s unconventional resources as we execute our integrated gas strategy.”