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Msg  340554 of 343487  at  7/21/2021 6:29:27 AM  by


The following message was updated on 7/21/2021 7:04:17 AM.

 In response to msg 340551 by  suderle
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Re: Analysis, Tactics & Strategy.

   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

Published:  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.


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Msg # Subject Author Recs Date Posted
340558 Re: Analysis, Tactics & Strategy. Bearcatbob 9 7/21/2021 7:05:47 AM
340567 Re: Analysis, Tactics & Strategy. doomonyou 18 7/21/2021 7:56:14 AM

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