The United Arab Emirates’ giant energy firm, Abu Dhabi National Oil Co. (ADNOC) said that it has added to its reserves 7 billion stock tank barrels of oil and 58 trillion standard cubic feet of conventional gas, to become the sixth largest company in global oil and gas reserves in the world, moving from the seventh rank, Reuters reported on Monday November 4th.
The UAE’s Supreme Petroleum Council said a new discovery of hydrocarbon reserves boosted ADNOC’s reserves to a total of 105 billion barrels and 273 trillion cubic feet of conventional gas.
UAE Minister of State and ADNOC Group CEO, Dr. Sultan Ahmed Al Jaber, said that the support of the political leadership in the UAE had enabled ADNOC to speed its transformation into a more commercially-driven and customer-focused energy firm.
Al Jaber said that ADNOC is following more creative strategic methods and flexible business models to meet the challenges of unpredictable energy markets.
The Supreme Petroleum Council announced earlier a new pricing mechanism for ADNOC’s flagship, Murban crude, to enable the company to adopt a more inclusive approach for the energy market.