Adnoc has made an unconventional discovery of 22 billion stock tank barrels onshore, Abu Dhabi’s Supreme Petroleum Council (SPC) has said.
Sultan Ahmed Al Jaber
Adnoc has begun trading derivatives via its Adnoc Trading (AT) unit, marking a step for the NOC to become an increasingly sophisticated market player.
Adnoc Logistics & Shipping has launched a joint venture with Wanhua Chemical Group focused on the transportation of LPG and products.
Abu Dhabi has approved the transfer of rights, from China National Petroleum Corp. (CNPC) to Cnooc Ltd, in the Lower Zakum and Umm Shaif and Nasr offshore concessions.
There are “signs that the market has tightened in recent weeks and the OPEC++ agreement … is working to start to rebalance the market,” ADNOC’s CEO Sultan Ahmed al-Jaber said in comments at the company’s ‘Virtual Majlis’.
Abu Dhabi intends to supply more than 4 million barrels per day of crude in April, following recent moves by Saudi Arabia and Russia to maximise output.
Lukoil has signed up for a 5% stake in the Ghasha concession, as a part of a broader package between the United Arab Emirates and Russia.