Abu Dhabi boosts reserves with unconventional oil

: Crude oil
20/11/22

Abu Dhabi has boosted its estimated conventional oil reserves by 2bn bl to take its total to 107bn bls, the emirate's Supreme Petroleum Council (SPC) announced today. This is the second consecutive reserves increase in as many years.

It also added another 22bn bl of recoverable unconventional oil resources following a major onshore appraisal program by state-owned Adnoc covering 25,000 km2 in Abu Dhabi.

The reserve additions were confirmed by Houston-based independent petroleum consultants Ryder Scott, according to the SPC.

At 22 billion barrels, the newly discovered recoverable unconventional resource would be bigger than Abu Dhabi's existing major oil fields, the SPC said, and have production potential comparable to "the largest shale oil operations in North America".

The announcement followed a meeting of the SPC, Abu Dhabi's highest hydrocarbon policy and strategy body, which was chaired by the UAE's de facto ruler, Abu Dhabi's crown prince Mohammed bin Zayed al-Nahyan.

The additions come just one year after the SPC boosted its estimate of Abu Dhabi's oil reserves by 7 bn bl to 105bn bl. This lifted it from seventh to sixth position in global reserves ranking.

And further announcements on reserves could be on the way in the coming years if exploration work at blocks included in Abu Dhabi's second licensing round prove successful. The SPC is preparing to announce the winners of the upstream exploration licensing round, which was held in 2019. Two onshore and three offshore blocks were offered in that round, as well as unconventional oil and gas prospects for the first time.

"Based on the data available from detailed studies of the petroleum system and seismic surveys obtained from exploration and evaluation wells, it is estimated that the new areas within the second round of competitive bidding contain large resources estimated at several billions of barrels of oil and trillions of cubic feet of natural gas," the SPC said.

Adnoc aims to use discoveries made the licensing rounds to help sustain its long-term production capacity target of 5mn b/d by 2030. The emirate can currently produce as much as 4mn b/d.

Along with the reserves hike, the SPC also approved a 448 billion dirham ($122 billion) capital spending plan for Adnoc to help fund energy projects for the coming five years. Further details on the outlay were not provided however.

By Adal Mirza

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25/06/18

Market risks grow as Trump threatens Iran: Update

Updates with details throughout Washington, 18 June (Argus) — The prospect of wider escalation in the Middle East if the US joins Israel's attacks on Iran is affecting marine insurance, freight and middle distillate prices, even though the flow of energy commodities out of the Mideast Gulf so far remains unfettered. US president Donald Trump, in wide-ranging remarks throughout the day, hinted at a potential US role in Israel's bombing campaign against Iran. But he also suggested that a diplomatic solution is still possible, noting that he has yet to make a decision on whether to target Iran. Trump told reporters at around 3:10pm ET that he would shortly convene another meeting with his top national security advisers to discuss US options. Speaking from Tehran earlier in the day, Iran's supreme leader, Ayatollah Ali Khamenei, warned of "irreparable damage" to the US if it joins the attacks. Trump, in remarks to reporters at the White House this morning, said he presented an "ultimate ultimatum" to Tehran. And as for a potential US air raid on Iran, Trump said: "I may do it. I may not do it. I mean, nobody knows what I'm going to do." Speaking from the Oval Office in the afternoon, Trump said, "I'd like to make a final decision one second before it's due." Khamenei, in a televised address today, denounced Trump's "absurd, unacceptable rhetoric to openly demand that the Iranian people surrender to him". Iran will oppose any "imposed peace", Khamenei said. The escalating conflict in the Middle East is causing a surge in Europe-bound freight rates for medium range tankers loading in the US Gulf coast. Mideast Gulf middle distillate premiums are at multi-month highs. Additional War Risk Premiums in the Mideast Gulf could rise sharply in the coming days, as the number of insurance underwriters willing to commit at current levels appears to be shrinking. Some LNG carriers that have held off from transiting the strait of Hormuz in recent days have since sailed through or have approached the strait, while no carriers loaded in the Mideast Gulf have slowed from sailing via the strait. Few barriers to US participation Domestically and internationally, there is no significant pushback against a potential US involvement. But the isolationist wing of Republican politicians and media figures loyal to Trump, including former Fox New anchorman Tucker Carlson, is urging him to avoid involvement in an Israel-Iran war. Trump's extensive commentary suggests a perceived need to push back on criticism of his sudden eagerness to involve the US in another war in the Middle East after years of lambasting his predecessors for having done so. Trump told reporters this afternoon that "Carlson called and apologized the other day because he thought he said things that were a little too strong." The argument Trump says he is trying to make is that preventing Iran from acquiring a nuclear weapon may be worth a military intervention. "I'm not looking to fight," Trump said. "But if it's a choice between fighting or having a nuclear weapon, you have to do what you have to do." The US intelligence community assessed, most recently in April, that Iran has not restarted work on nuclear weapons despite building up enriched uranium stockpiles since 2018, when Trump terminated a functioning agreement that curbed that program. "I've been saying for 20 years, maybe longer, that Iran cannot have a nuclear weapon," Trump said today. Mixed messages on talks Trump claimed that Iran's government has reached out to him for a diplomatic solution and has expressed willingness to send a high-ranking official to the White House. The offer is "courageous", Trump said, but added, "I said it's very late to be talking." Iran's mission to the UN subsequently denied a request for a meeting at the White House. Iran after the Israeli attack canceled a round of talks scheduled to take place in Oman on 15 June. Khamenei, in his remarks today, hinted at a "suspicion" that the US diplomatic approach had been part of Israel's preparation for military strikes. "Considering their recent remarks, this suspicion is growing stronger day by day," Khamenei said. Trump said he began to consider the possibility of US military action in the immediate aftermath of the Israeli attack. "The first night was devastating, and it really knocked the one side off," Trump said. Russian president Vladimir Putin reached out with an offer to mediate in the Israel-Iran conflict, Trump said. The conversation took place on 14 June, according to the Kremlin. "I said, do me a favor, mediate your own," Trump said, referring to Russia's war in Ukraine. "Let's mediate Russia first. OK?" By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US Fed sees 2 rate cuts in '25, eyes tariffs: Update

25/06/18

US Fed sees 2 rate cuts in '25, eyes tariffs: Update

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US Fed keeps rate flat, still eyes 2 cuts in 2025

25/06/18

US Fed keeps rate flat, still eyes 2 cuts in 2025

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Mexican president floats 'general agreement' with US

25/06/18

Mexican president floats 'general agreement' with US

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Trump talk of Iran attacks spreads market risks

25/06/18

Trump talk of Iran attacks spreads market risks

Washington, 18 June (Argus) — The prospect of wider escalation in the Middle East if the US joins Israel's attacks on Iran is affecting marine insurance, freight and middle distillate prices, even though the flow of energy commodities out of the Mideast Gulf so far remains unfettered. US president Donald Trump's repeated hints at a potential US role in Israel's bombing campaign against Iran prompted Iran's supreme leader, Ayatollah Ali Khamenei, to warn of "irreparable damage" to the US if it joins the attacks. Trump in remarks to reporters at the White House today said he presented an "ultimate ultimatum" to Tehran and said of a potential US air raid on Iran, "I may do it. I may not do it. I mean, nobody knows what I'm going to do." Khamenei in a televised address today denounced Trump's "absurd, unacceptable rhetoric to openly demand that the Iranian people surrender to him." Iran will oppose any "imposed peace", Khamenei said. "The harm the US will suffer will definitely be irreparable if they enter this conflict militarily," Khamenei said. The escalating conflict in the Middle East is causing a surge in Europe-bound freight rates for medium range tankers loading in the US Gulf coast. Mideast Gulf middle distillate premiums are at multi-month highs. Additional War Risk Premiums (AWRP) in the Mideast Gulf could rise sharply in the coming days as the number of insurance underwriters willing to commit at current levels appears to be shrinking. Some LNG carriers that have held off from transiting the strait of Hormuz in recent days have since sailed through or have approached the strait, while no carriers loaded in the Mideast Gulf have slowed from sailing via the strait. Few barriers to US participation Domestically and internationally, there is no significant pushback against a potential US involvement. The isolationist wing of Republican politicians and media figures loyal to Trump are urging him to avoid involvement in an Israel-Iran war. A group of Democratic senators on Tuesday circulated legislation to require Trump to ask for congressional authorization to use force against Iran, but senate majority leader John Thune (R-South Dakota) would not commit to allowing a vote on the resolution. "Dismantling Iran's nuclear program is what this is all about," Thune said in a televised interview Tuesday. "It can happen diplomatically, voluntarily, or can happen via force." There is also no unanimity among the other G7 leaders on the future course of conflict. The group in a statement on 16 June that Trump endorsed called Iran "the principal source of regional instability and terror." The Pentagon is ready to execute on any order by Trump, US defense secretary Pete Hegseth told a Senate panel today. Hegseth declined to say if Trump made any decision on an attack. Mixed messages on talks Trump claimed today that Iran's government has reached out to him for a diplomatic solution and has expressed willingness to send a high ranking official to the White House. The offer is "courageous", Trump said, but added that "I said it's very late to be talking." Iran's mission to the UN subsequently denied a request for a meeting at the White House. Trump said today that Russian president Vladimir Putin reached out with an offer to mediate in the Israel-Iran conflict. The conversation took place on 14 June, according to the Kremlin. "I said, do me a favor, mediate your own," Trump said, referring to Russia's war in Ukraine. "Let's mediate Russia first. Okay?" By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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