Abu Dhabi: The UAE’s Supreme Petroleum Council on Monday announced new discoveries which include seven billion barrels of crude oil and 58 trillion cubic feet of natural gas.
It also launched a new pricing mechanism for Abu Dhabi Murban crude.
This raises its ranks to the world's sixth largest oil deposits with 105 billion crude oild reserves, overtaking Kuwait, Abu Dhabi National Oil Co (ADNOC) said in a statement.
ADNOC also stated that natural gas reserves were boosted to 273 trillion cubic feet (7.7 billion cubic metres) and that the UAE discovered about 160 trillion cubic feet of unconventional natural gas.
“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,” said UAE Minister of State and ADNOC CEO Sultan Al Jaber.
He added that the UAE's leadership's support enables ADNOC to increase the pace of its transformation into a company that is customer-focused, commercially-driven and with global reach.