His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Deputy Chairman of the Supreme Petroleum Council, said that the UAE is an element of stability in the global oil market and a leading country in the field of exploring the future of energy and diversifying its sources.

Mohammed bin Zayed: UAE is an element of stability in the global oil market.

His Highness chaired yesterday the meeting of the Supreme Petroleum Council, during which he was briefed on the performance of Abu Dhabi National Oil Company (ADNOC) during the period ending this year and its future plans.

The Supreme Petroleum Council announced the discovery and addition of new hydrocarbon reserves estimated at 7 billion barrels of crude oil and 58 trillion standard cubic feet of conventional gas, which puts the UAE in sixth place globally in terms of global oil and gas reserves, and adopted a historic decision to launch a new pricing mechanism for Murban Crude, the standard used by ADNOC to sell its crude oil production, has approved the elimination of existing destination restrictions on Murban sales.

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His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Vice President of the Supreme Petroleum Council, has affirmed the support of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, to the plans and efforts to develop the oil and gas sector and increase its production capacities. And the efforts of Abu Dhabi National Oil Company «ADNOC» to invest energy resources, to ensure sustainable value for the UAE and its people.

His Highness Sheikh Mohammed bin Zayed Al Nahyan, while chairing the meeting of the Supreme Petroleum Council at the headquarters of «ADNOC» President, yesterday, the launch of a new pricing mechanism for «crude Murban» standard, which will contribute to the consolidation of the UAE, Abu Dhabi and «ADNOC», Globally in the global oil sector, through the empowerment of Murban Abu Dhabi as crude traded in the markets.

He praised the efforts of ADNOC and leading national companies to develop their performance, especially in terms of focusing on investing in national human resources and enhancing flexibility and competitiveness to ensure their continued role in the growth and development process through achieving maximum value of hydrocarbon resources.

His Highness stressed that the UAE is a stabilizing element in the global oil market, and a leading country in exploring the future of energy, diversifying its sources, and finding sustainable solutions, while seeking to optimize the investment of its oil and gas resources.

Economic ambitions

His Highness Sheikh Mohammed bin Zayed Al Nahyan, pointed to the role of «ADNOC» pivotal to achieve the economic and development aspirations of the UAE, and its efforts to attract foreign investments, through an approach to expand the construction of strategic partnerships, and provide joint investment opportunities, contribute to maximize the value of its business In all aspects and stages of the oil and gas sector.

His Highness stressed that the UAE's qualified human resources in the oil and gas sector have a pivotal role in implementing the ambitious state plans in this field, which are integrated with their vision and plans for comprehensive and sustainable national development.

Historical decision

The Supreme Petroleum Council, during the meeting, announced discoveries and increases in oil and gas reserves in the Emirate of Abu Dhabi, through the efforts of «ADNOC», which contributed to achieve a historic achievement represented in the UAE's progress from seventh to sixth globally in terms of oil and gas reserves And strengthen its position as a reliable global supplier of durable and stable energy supplies.

The Board also adopted a historic strategic decision to launch a new pricing mechanism for Mirban, the standard crude oil used by ADNOC to sell its crude oil production from onshore fields. The board approved the elimination of the current restrictions on destinations on the sales of «Murban». He reviewed the progress made in ADNOC's strategy to expand its refining and petrochemical operations.

New precautions

The Supreme Petroleum Council announced the discovery and addition of new hydrocarbon reserves estimated at 7 billion barrels of crude oil and 58 trillion standard cubic feet of conventional gas, putting the UAE in the sixth place in terms of global oil and gas reserves, with a total reserves of 105 billion barrels of oil. 273 trillion cubic feet of conventional gas. These major discoveries are a historic achievement since the last update on state reserves was announced three decades ago. The council also announced the discovery of 160 trillion standard cubic feet of recoverable non-conventional gas resources. These discoveries are the first of their kind in the region, marking the beginning of a new phase in the development of unconventional hydrocarbon resources.

Outstanding performance

During the meeting, the Board stressed the importance of an institutional culture based on outstanding performance, based on human resources of specialized personnel, and commended ADNOC's continued efforts to employ technology and the latest digital applications in its various fields and stages of the oil and gas sector, and its initiatives to develop and empower UAE nationals. And enhance the value of Abu Dhabi's hydrocarbon resources.

Business strategy

The Supreme Petroleum Council adopted the new ADNOC trading strategy, which follows the establishment of ADNOC World Trade last July, a new joint venture with Italy's Eni and Austrian OMV, which will focus on direct sales. It trades ADNOC Refining products.

He outlined the progress made in ADNOC's strategy to expand its refining and petrochemical operations, which aim to increase value and enable it to maximize revenue from every barrel of oil it produces.

Expansion and development

Following the meeting of the Supreme Petroleum Council, His Highness Sheikh Mohammed bin Zayed Al Nahyan, toured the expansion and development of the headquarters complex of Abu Dhabi National Oil Company «ADNOC», during which he was briefed on the newly built landmarks, most notably the water fountain.

Sheikh Mohammed was briefed on the new facilities at ADNOC President, then toured the internal tunnel linking parking spaces for staff and visitors and the main entrance to the north and south lounges, followed by a tour through the upper (outer) corridor linking the main entrance to the ADNOC reception center.

The meeting was attended by HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, HH Sheikh Hamed bin Zayed Al Nahyan, Managing Director of ADIA, and HH Sheikh Diab bin Mohammed bin Zayed Al Nahyan, President of the Crown Prince's Court. Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of State and CEO of Abu Dhabi National Oil Company (ADNOC) and its group of companies, Dr. Sultan bin Ahmed Al Jaber, as well as a number of senior officials.

Citizenship cadres

Abu Dhabi National Oil Company (ADNOC) has been able to recruit, support and develop UAE nationals of the most promising talent and employ more than 3,200 highly qualified nationals since 2016. It plans to employ 1258 nationals, including 600 ADNOC scholarship program. By the end of 2019, as well as employing more than 3000 citizens in the coming years.

• The discovery of 160 trillion standard cubic feet of recoverable non-conventional gas resources.

• A historic decision on a new pricing mechanism and the empowerment of «Abu Dhabi Murban» crude trading in the markets.

• The country's total reserves are 105 billion barrels of oil and 273 trillion cubic feet of conventional gas.

• Major discoveries represent a historic achievement since the last update of the country's reserves was announced three decades ago.

 € الأعلى The Supreme Petroleum Council approves the abolition of the current restrictions of destinations on the sales of crude «Marban».