ADNOC: Murban covers the needs of the local market by 100%

March 29 The Abu Dhabi Stock Exchange and "Murban Crude" start operating on international platforms

• Murban ore is extracted in the most competitive manner through the use of advanced technology.

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Two officials at the Abu Dhabi National Oil Company (ADNOC) said that the Abu Dhabi Stock Exchange and "Murban Crude" will be ready to start its operations on global platforms on March 29, after it obtained regulatory approvals, noting that "Murban" covers 100% of the needs. Local market.

The two officials added during a media briefing yesterday that the cost of producing "Murban crude" is among the lowest in the world for a barrel of oil, since in the last five years this cost has been reduced by 25%, noting that ADNOC's oil production will reach five million barrels per day. By 2030, half of it is from "Murban crude" and the other half from the rest of the fields.

Supply and demand

In detail, the CEO of the Refining, Manufacturing and Marketing Department of the Abu Dhabi National Oil Company (ADNOC), Khaled Salmeen, said that “Murban crude” is very similar to “Brent crude” in terms of its characteristics and its market, and that the price will be close to “Brent” according to the offer. Demand and market price.

Salmin said, in a briefing yesterday, about the latest developments about "Murban crude", that the price of "Murban" depends on supply and demand in the futures contract system, as this guarantees maximum transparency in pricing.

He added that the method of pricing is determined from the purchase and sale orders on the stock exchange and the subsequent daily price, closing price and average of the month's trades, indicating that this is what is used to determine the price, meaning that the latter is determined according to the supply and demand on the stock exchange.

Market needs

Salmin said that “Murban” covers 100% of the local market’s needs through “ADNOC Refining” which refines “Murban crude” to extract various derivatives from it that are used in all sectors.

Salmin indicated that ADNOC produces according to the market needs, which is currently in a stable stage after "Covid-19", pointing out that there is a demand for "Murban crude", but the company cannot produce more than its specified quota in order to maintain the market balance.

Market

He pointed out that on March 29th, "Murban" is expected to appear on stock index screens around the world for several reasons, including the enjoyment of "Murban" crude futures in a good position that qualifies it to become a new price index for oil, explaining that "the Abu Dhabi Intercontinental Exchange Futures Exchange" will provide Pricing independently based on market movement.

He added that the Stock Exchange had obtained the necessary regulatory approvals to officially start work, indicating that the Stock Exchange is currently signing agreements with financial settlement centers related to trading, and some companies ready to start trading.

growth

For his part, CEO of ADNOC Exploration, Development and Production, Yasser Al Mazrouei, said that the success story of Murban began with the first commercially viable well in 1960 with a production capacity of 4000 barrels per day, reaching the production capacity of about two million barrels per day per year. 2020, from 2000 wells spread over 12 fields.

He added that this growth in production capacity from "Murban" strengthens the position of "ADNOC" as a reliable supplier of energy to all its customers around the world.

Al-Mazrouei said that ADNOC’s oil production will reach five million barrels per day by 2030, half of it from Murban crude and the other half from the rest of the fields.

Cost

Al-Mazrouei stated that the production cost of "Murban" is among the lowest in the world in terms of a barrel of oil, indicating that in the last five years this cost has been reduced by 25%.

He emphasized that ADNOC is a leading global low-cost company in extracting a barrel, but also one of the global companies with the lowest carbon emissions, pointing out that Murban crude is extracted in the most competitive way through the use of advanced technology, which makes ADNOC at the forefront. Low-cost global oil producers, which enables high profitability and gives great flexibility in any market scenarios.

Value Added

Al Mazrouei stated that since the start of the ADNOC in-country value-added program in 2018, the company's projects in the onshore fields producing Murban crude have redirected about five billion dollars to the local economy of the UAE.

Cadres

The CEO of ADNOC Exploration, Development and Production, Yasser Al Mazrouei, emphasized the vital role that human cadres play in the success of Murban, explaining that more than 7,500 employees work in the production operations of Murban Crude, 65% of whom are from UAE citizens.

He said that the Rumaitha onshore field, which produces "Murban crude", is the first oil facility in the Middle East to be managed by 100% female cadres of ADNOC female engineers and employees, pointing out that the engineer Aisha Al Marzouki manages operations in the Northeast fields. Door.

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Millions of barrels of oil produced by ADNOC per day by 2030, half of which will come from Murban.

- The cost of producing "Murban crude" is among the lowest in the world per barrel of oil.

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