7 billion barrels of oil found in new Abu Dhabi reserves; UAE in 6th position in global oil reserves

News Network
November 5, 2019

Abu Dhabi, Nov 5: The UAE’s Supreme Petroleum Council on Monday announced a new pricing mechanism for ADNOC Murban crude, which will be listed on “an exchange,” and also announced a major increases in Abu Dhabi’s oil and gas reserves.

During the meeting held at ADNOC headquarters, the Council revealed the discovery 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 and 273 trillion cubic feet of conventional gas.

Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, has said that support of the UAE’s leadership is enabling ADNOC to accelerate the pace of its ongoing transformation into a more commercially-driven and customer-focused integrated energy company with global reach.

Speaking following the Supreme Petroleum Council, SPC, meeting, Dr. Al Jaber, said, "Following the leadership’s wise directives, ADNOC is adopting more creative strategies and more flexible business models, while shaping value-add partnership opportunities to remain resilient and meet operational and financial targets in today’s unpredictable energy markets, as we deliver our 2030 strategy."

The SPC meeting was presided over by His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, and Vice-Chairman of the SPC.

Sheikh Mohamed highlighted ADNOC’s ongoing transformation into a more performance-led and commercially-driven organisation and emphasised the central role ADNOC plays in enabling the UAE’s economic ambitions. He expressed the SPC’s recognition of ADNOC’s efforts to drive foreign investment into the UAE through its approach to strategic partnerships and investments.

He noted ADNOC has recruited over 3,200 Emirati nationals with advanced qualifications since 2016 and is set to employ an additional 1,258 by the end of 2019, including over 600 ADNOC scholars. He also acknowledged ADNOC’s plans to recruit more than 3,000 additional Emirati nationals over the next few years.

Murban crude to be traded on an exchange

Commenting on the SPC’s decision to list ADNOC’s Murban crude on an exchange, Dr. Al Jaber said, "The forward-looking decision and market-orientated foresight of His Highness Sheikh Mohamed bin Zayed and the SPC, to list Murban on an internationally recognised exchange and improve the terms of sale of ADNOC’s Murban Crude, is another significant step in our transformation.

The initiative will enable our customers and other market participants to better price, manage and trade their purchases of Murban. This historic and strategic move cements the UAE, Abu Dhabi and ADNOC’s role in the international oil and gas sector.

He noted, "Murban is recognised the world over for its intrinsic chemical qualities, consistent and stable production volumes, large number of international buyers, and numerous long-term concession and production partners. These landmark changes, the SPC has approved, will make Murban an even more attractive crude to the global market."

MURBAN

Murban is the main onshore crude grade of Abu Dhabi and is produced by ADNOC Onshore – a subsidiary of ADNOC – via the ADNOC Onshore Murban Concession. The Murban concession produces approximately 1.7 mmbpd of Murban crude oil. ADNOC is a 60 percent equity shareholder in the Murban concession, with the remaining 40 percent shareholding held by the other concession partners, BP, Total, INPEX of Japan, GS Caltex of Korea, CNPC and ZhenHua of China.

Increase in reserves

Speaking about the increase in hydrocarbon reserves, Dr. Al Jaber said, "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. These achievements underscore ADNOC’s drive to ensure we remain a trusted, reliable and responsible supplier of energy to the world for decades to come.

Crucially, the discovery of substantial unconventional recoverable gas resources, for the first time, marks an important milestone in the development of the UAE’s unconventional resources as we execute our integrated gas strategy."

He added, "The significant discoveries and increase in reserves increase are testament to the hard work, innovation, and dedication of the ADNOC family who are ensuring that we continue to thrive and stay ahead of the world’s growing demand for energy. Building on this success, we are expanding our strategic partnerships and leveraging state-of-the-art technologies and world-class expertise to efficiently expedite further exploration of Abu Dhabi’s huge untapped resources while also driving new commercial opportunities, for the benefit of the UAE."

The council’s announcement was made yesterday during its meeting chaired by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.

The council also announced the discovery of 160 trillion standard cubic feet of unconventional gas resources. These discoveries are the first of its kind in the region, marking the beginning of a new phase in the development of unconventional hydrocarbon resources.

The SPC is the highest governing body of the oil and gas industry in Abu Dhabi. The Council formulates, approves, and oversees the implementation of Abu Dhabi's petroleum policy and follows up its implementation across all areas of the petroleum industry to ensure that the set goals are achieved.

After the meeting, Sheikh Mohamed reviewed the progress of ADNOC’s development and expansion projects at its headquarters, as well as its other works, such as a water fountain.

He was then briefed about the new facilities of ADNOC’s headquarters and toured a tunnel linking the building’s staff parking area and the main entrance to its northern and southern lobbies.

During the tour, he also viewed the modern lighting on the green areas surrounding the building, as well as its new plaza area and the drilling heads and valves used in several oil fields, which all combine the modernity and originality of ADNOC.

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News Network
May 3,2020

Dubai, May 3: Over 150,000 Indians in the UAE, who wish to return home amid the coronavirus lockdown, have applied through the online registration process to the Indian missions here, according to media reports.

The Indian missions in the country last week opened online registration for the expatriates who wish to fly back home after getting stuck in the country amidst the lockdown due to the coronavirus pandemic.

As of 6 pm on Saturday, we received more than 150,000 registrations, Consul General of India in Dubai Vipul told the Gulf News on Saturday.

A quarter of them want to return to their homeland after losing their jobs, he said.

According to a report in the Khaleej Times on Sunday, about 40 per cent of the applicants who have registered are blue-collared workers and 20 per cent are working professionals.

"Roughly 20 per cent have suffered job losses and about 55 per cent of the total applicants are from Kerala," Neeraj Aggarwal, Consul, Press, Information, Culture was quoted as saying in the report.

Aggarwal said that the figures would change as they are expecting registrations from workers from other states, including Telangana, Uttar Pradesh, and Bihar.

About 10 per cent of the applicants are visit and tourist visa holders who got stranded here due to the ongoing lockdown in India.

India extended the ongoing lockdown by two weeks from May 4 to contain the spread of the coronavirus that has affected nearly 40,000 people in the country.

Aggarwal said that a small number of the applications constitute those from pregnant women and other medical cases.

Since the online registration process was launched, the Consulate's website crashed several times due to the heavy rush of applicants wishing to register to fly back home.

The site has been working fine now though it took a lot of time for it to stabilise in the initial phase due to the heavy traffic, the counsel general said.

He said that the missions here have not yet received any information from the Indian government about the mode of transport of the stranded citizens, the prices of the tickets or how the COVID-19 test results of applicants would be assessed for their journey.

There are high-level discussions going on regarding these things, he said in the report.

Meanwhile, Norka (The Non Resident Keralites Affairs) said it has received a total of 398,000 applications from Keralites across the globe who wish to return home.

"Of which, the highest numbers are from the UAE. At least 175,423 applicants have signed up from the UAE," Norka said in an official statement on Saturday.

It also received 54,305 registrations from Saudi Arabia, 2,437 from the UK, 2,255 from the US, and 1,958 from Ukraine from those who wish to return to India, the Khaleej Times reported.

The coronavirus has infected 13,599 people and claimed 119 lives in the UAE, the Ministry of Health and Prevention said on Saturday.

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KT
April 13,2020

Dubai, Apr 13: The UAE Ministry of Health and Prevention (MoHAP) on Monday announced 172 new recoveries in the country, taking the total recoveries to 852 cases.

"With today's 172 cases, the total number of fully recovered Covid-19 patients has become 852, while three residents of different nationalities were declared dead, taking the total number of deaths to 25," Dr Farida Al Hosani, spokeswoman for the ministry, said.

"We have also carried out up to 23,380 new tests on Monday all over the country."

Also read: UAE residency, visit visas valid until end-2020

Dr Hosani said His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has launched the national home-based testing programme for determined people, be they nationals or residents.

"The program, targeting this important segment of the society who have difficulty doing tests outdoors, is part of the national drive-through testing national program."

Addressing some baseless rumours that are viral on social media, Dr Al Hosani confirmed that no one can fix a date for the peak of infected cases.

"So many studies have affirmed that physical distancing is so critical in reducing not only the number of Cobid-19 new cases but also the infection curve."

Dr Al Hosani advised the public to wear gloves whenever they go out. "However, do not touch your personal stuff when wearing gloves, particularly when using your phone, and safely dispose of them."

It is still so critical to clean your hands with water and soap on a regular basis, she underlined. "Cleaning and washing our hands are much better and safer than wearing gloves."

Wearing one-time disposable surgical gloves is highly advisable, she said. "If not available, hand-made cloth masks can be used but need to be cleaned regularly with water and soap."

Masks should be worn properly covering the nose, mouth and the chin, she pointed out. "Do not touch the internal or external parts of the face masks, while the blue colour side must be always outward."

Priority in drive-through tests are given for those with respiratory issues, senior people, and pregnant women, she said in answer to a question raised by media people.

"If you are developing no Covid-19 infection symptoms and just wish to make sure you are sound, you need to book an appointment, be aware that it will cost you Dh370."

"If developing minor symptoms, the public is urged to stay home and call any of these toll-free numbers for help: (800011111), (8001717), (800342)."

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Agencies
June 9,2020

Dubai, Jun 9: Dubai's Emirates airline has begun laying off employees to reduce cost and save cash as the carrier looks to rightsize its workforce.

"We at Emirates have been doing everything possible to retain the talented people that make up our workforce for as long as we can. However, given the significant impact that the pandemic has had on our business, we simply cannot sustain excess resources and have to rightsize our workforce in line with our reduced operations. After reviewing all scenarios and options, we deeply regret that we have to let some of our people go," the spokesperson said in the statement.

Citing sources, Reuters and Bloomberg earlier reported that a majority of those being made redundant are cabin crew workers as well as a minority of its engineers and pilots, including those flew the Airbus A380.

"This was a very difficult decision and not one that we took lightly. The company is doing everything possible to protect the workforce wherever we can. Where we are forced to take tough decisions we will treat people with fairness and respect. We will work with impacted employees to provide them with all possible support," said the statement.

The spokesperson, however, didn't disclose how many employees are being made redundant in this latest round of rightsizing the workforce.

Emirates on Sunday confirmed that it extended the period of reduced pay for its staff for another three months till September. It had previously reduced basic wages by 25 to 50 per cent for three months from April, with junior employees exempted.

The airline had employed around 60,000 people at the end of its 2019-20 financial year.

Saj Ahmad, chief analyst at StrategicAero Research, said the announced job cuts at Emirates will likely not be the last given the unprecedented damage that Covid-19 has had not just on air travel, but on the entire aviation industry as a whole.

"Emirates' massive international network means that job reductions were always a last resort option as the company staves off cash burn and expenses at a time when revenues are dried up. While Emirates SkyCargo is enjoying a resurgence in activities, the reality is that this income will never offset the lost money from passenger operations," he added.

"Whilst some salary reduction schemes have prevented bigger job cuts for now, the absence of a cure or medicinal suppressant of Covid-19 means that air travel is unlikely to even reach pre-9/11 levels within 3-5 years, let alone pre-Covid-19 levels in that same time period. For that reason, Emirates' reduction in headcount is necessary to stay competitive, agile and be ready for when air travel can resume with a degree of normalcy that we have been accustomed to for decades," said Ahmad.

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