Abu Dhabi announces new oil, gas reserves, says Murban oil to be put on stock

Abu Dhabi announces new oil, gas reserves, says Murban oil to be put on stock
  • Clock-gray 17:26
  • calendar-gray 04 November 2019

Abu Dhabi's Supreme Petroleum Council (SPC) announced major increases in oil and gas reserves and added that Abu Dhabi National Oil Company's (ADNOC) Murban crude oil to be listed on future exchanges, Abu Dhabi's Crown Prince Sheikh Mohamed bin Zayed said on Monday, APA reports citing Sputnik.

"With the blessing of UAE President HH Sheikh Khalifa, the Supreme Petroleum Council announced major increases in AbuDhabi oil and gas reserves," Mohamed bin Zayed tweeted.

He stressed that the council made a "historic decision" to list ADNOC Murban crude oil on an exchange, adding that the move would strengthen "Abu Dhabi’s position as a global energy player."

ADNOC group hailed the decision in a statement on Twitter.

"The Supreme Petroleum Council (SPC) takes historic and strategic decision to list ADNOC’s Murban crude as a futures contract on an internationally recognized exchange, unlocking greater value for its customers, ADNOC and the UAE," the company said.

Abu Dhabi National Oil Company said in early September that it retrospectively set the official selling price of its benchmark crude – Murban crude – for the month at $65.20 per barrel, by comparison with $62.30 for the previous month.

The Supreme Petroleum Council is the highest authority of oil and gas fields in the Emirate of Abu Dhabi, which is responsible for setting the Emirate’s petroleum policy and objectives.

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