Abu Dhabi’s Supreme Petroleum Council (SPC) approved the launch of a new pricing mechanism for the Abu Dhabi National Oil Company’s (ADNOC) onshore crude oil and Murban. Furthermore, it announced an increase in oil and natural gas reserves, as well as new discoveries in Abu Dhabi, according to Khaleej Times.

The new discoveries were estimated at around 7 billion barrels of crude oil and 58 trillion cubic feet (tcf) of natural gas.

Moreover, the SPC revealed that Abu Dhabi’s reserves reached around 105 billion barrels of crude oil and 273 tcf of natural gas.

As a result of the increase, the UAE now ranks sixth globally in terms of oil and natural gas reserves. Additionally, the UAE is considered the third largest producer in the Organization of Petroleum Exporting Countries (OPEC), pumping around 3 million barrels per day (b/d).

Abu Dhabi’s Crown Prince Mohamed bin Zayed Al Nahyan, praised the efforts of ADNOC to enhance the exploration of oil and natural gas in Abu Dhabi as well as the increase in reserves. Furthermore, Al Nahyan commended ADNOC’s performance despite volatile energy markets.