For example U.A.E. seems to have adopted a strategy of maximising sales now to bring in as much revenue as possible as they seem
to believe that alternatives will push out oil & gas and so there
is danger of " stranded assets " & that oil may well be only worth
dollars a barrel by '30- '50.
No the reality is UAE had a new field they discovered which has increased their recoverable oil dramatically. In turn they are asking OPEC for an increase to their base line production. The media implies the reason is "stranded assets" , that is fake news, seen that meme repeated a few times so understand why some have picked up on it.
New major oil discovery in Abu Dhabi
Unconventional oil resources of about 22b barrels and 2b barrels of conventional oil found
November 22, 2020
Abu Dhabi: The Supreme Petroleum Council (SPC) announced on Sunday
the discovery of substantial recoverable unconventional oil resources
located onshore, estimated at 22 billion stock tank barrels (STB), and
an increase in conventional oil reserves of 2 billion STB in Abu Dhabi.
The announcements were made following the SPC meeting
presided over by His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown
Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab
Emirates (UAE) Armed Forces and Vice-Chairman of the SPC...
Commenting on ADNOC’s discovery of onshore unconventional oil resources
and an increase in its conventional oil reserves, Sheikh Mohammed said
the achievement is a testament to ADNOC’s relentless efforts to unlock
and maximize value from the UAE’s hydrocarbon reserves for the benefit
of the nation...
Commenting on the SPC’s announcement of new hydrocarbon discoveries, Dr.
Al Jaber said: "Today’s announcement by the SPC of the discovery of
recoverable unconventional oil resources demonstrates how ADNOC is
efficiently expediting the exploration and development of Abu Dhabi’s
unconventional resources and marks a major milestone as the nation’s
unconventional industry evolves. Importantly, the increase in the UAE’s
conventional oil reserves sends a strong signal that ADNOC is leaving no
stone unturned in unlocking value from our abundant hydrocarbon
resources to ensure the UAE remains a long-term and reliable energy
provider to the world for decades to come.
ADNOC’s CAPEX plan will enable it to drive upstream growth, progress
downstream expansion and further strengthen the company’s marketing and
trading capabilities to ensure it maintains its competitiveness and
industry leadership position over the next fifty years...
The new discovered resources will further strengthen the UAE’s role as a
leading resource holder with high-quality crude grades, reinforce the
country’s energy security and underpin its position as an essential and
reliable energy provider to the world. This year, ADNOC successfully
increased its crude oil production capacity to over 4 million barrels
per day (mmbpd)...
The 22 billion STB of recoverable unconventional oil resources
announced by the SPC exceeds some of Abu Dhabi’s major fields in terms
of resources and the production potential ranks alongside the most
prolific North American shale oil plays. The unconventional oil resource
assessment was supported by extensive well data as well as a dedicated
appraisal program by ADNOC in an area covering 25,000 square kilometers
onshore in Abu Dhabi.
The 2 billion STB of conventional oil reserves announced by the SPC
increases the UAE’s conventional oil reserves base to 107 billion STB of
recoverable oil, strengthening the country’s position in global
rankings as the holder of the sixth-largest oil reserves...
As ADNOC develops its upstream resources and
expands its downstream footprint, it is further strengthening its
marketing and trading capabilities. As part of this effort, AGT – a
joint venture with Eni and OMV – is set to begin the trading of refined
products before the end of the year.
In addition, ADNOC will expand its shipping capabilities by
purchasing a fleet of Very Large Crude Carriers (VLCCs), through ADNOC
Logistics & Services (ADNOC L&S), creating new long-term revenue
streams as it enters a new sector to support growing customer demand
and its historic move into trading.