SHARJAH: Sharjah National Oil Corporation (SNOC) and its partner Eni, have announced the start-up of Mahani-1 gas well, marking the commencement of gas production from the Mahani Field, in Sharjah Area B.

The announcement comes within only one year of the discovery of gas in the field, labelled as the first new onshore discovery in Sharjah for 37 years.

Despite Covid-19-related challenges, which included the difficulty of importing raw materials during lockdown, and the laying of a 23,000-metre pipeline in hostile desert conditions during the summer, the well was completed in a record eight months. It is now connected to the existing pipeline, ready to safely produce gas and liquids for processing at the Sajaa gas processing plant, owned and operated by SNOC.

“The commencement of the first gas production from Mahani, less than a year after discovery, is a tremendous achievement for Sharjah, meeting our commitment to contribute to the efforts of making reliable gas supplies widely available for the local energy needs of Sharjah and the UAE,” said His Excellency Sheikh Sultan bin Ahmed Al Qasimi, President of SNOC.

Mahani-1 was drilled to a total measured depth of 14,597 feet and tested gas at flow rates of up to 50 MMSCF per day with associated condensate from the Thamama Formation. The well-established Sharjah infrastructure, the abundant capacity of the Sajaa gas processing complex, the available efficient pipeline network, the well-planned project activities and its project management capabilities have all enabled SNOC to make such an achievement in record time.

“Bringing on production of the first onshore discovery in Sharjah in almost four decades marks the beginning of an exciting time for SNOC and for Sharjah’s energy sector. This new production follows just two years after completion of the First Sharjah Licence Round, and we look forward to license additional areas of Sharjah in line with the Emirate’s strategic plans in the coming years,” said Hatem Al Mosa, CEO of SNOC.

The related field development plan provided for the required surface facilities as well as extended well testing as part of a long-term programme to further evaluate the size and potential of the field. In addition to starting production from Mahani, the planned work programme will include further drilling in order to determine the extent of the structure.

SNOC (the Operator of Area B), and Eni each hold a 50% stake in the Mahani field as part of the Area B Concession Agreement signed in 2019 following the successful First Sharjah Licence Round. The two companies are also partners in the onshore Concession Areas A and C, where exploration is actively in progress, with Eni being the Operator.

SNOC was established in 2010 by an Amiri decree of Sharjah’s Ruler, and is tasked with exploration, production, engineering, construction, operation and maintenance of the Emirate’s energy assets. In addition to the new Mahani field, SNOC owns and operates over 50 wells, a gas processing complex and 2 hydrocarbon liquid storage and export terminals. Its Sajaa complex is the hub of gas pipelines connecting the northern Emirates.

Source: zawya

UAE – Mubasher: The UAE has ranked first in the world in terms of the macroeconomic stability index, Sheikh Mohammed bin Rashid Al Maktoum, the UAE Vice President, Prime Minister, and Ruler of Dubai, announced on his official Twitter account.

Sheikh Mohammed bin Rashid referred that the UAE has led the region in attracting foreign investments and facilitating doing businesses.

Meanwhile, the UAE government’s sovereign credit rating is the highest in the region.

The UAE Vice President and Prime Minister further added that the UAE has topped the world in terms of the partnership between the public and private sector and mobile broadband internet connection.

Moreover, the UAE came in the second position globally in the government’s capability to adapt to changes.

Source: zawya

Despite the falling interest rates, Saudi banks have fared strongly, with system loan growth having reached 11% YTD (and 14% YoY at 3Q20) from a CAGR of just 3% over the preceding three years, a report said.

This, in conjunction with government support measures (SR50 billion of interest free deposits, which helped bring Cost of funding down sharply) helped sector revenues grow 3% YTD, said the BofA report.

Furthermore, the banks were able to limit the fall in earnings to just 6% YTD, as cost control measures help offset a significant part of the 34% pickup in impairments.

2021 gives some scope for optimism

BofA said its sees numerous reasons to be optimistic on the KSA banks looking in to 2021 including:

(1) The Saudi banks are entering 2021 from a position of strength, with tier one ratios above 17% on average, NPL coverage in excess of 140% and healthy liquidity measures

(2) the IMF sees Saudi posting the highest 2021 growth rate in the region, at 3.6% (vs. less than 2% for other GCC countries)

(3) we see strong loan growth, underpinned by continued strong growth in the mortgage market (>30% YoY growth expected in 2021) and the awarding of major Government contracts associated with the log awaited mega projects We see loan growth reaching 9% in 2021, with upside risks

(4) Margin decline is set to abate, with 4Q20 likely representing the bottom in net interest margins for the banks. The extension of Central bank support measures should also be supportive for margins given the cost of funding advantages provided

(5) Cost of risk is set to ease in to 2021 (particularly if the vaccine allows the Saudi economy to operate more freely); and

(6) We see scope for material growth in non-interest income streams diversifying away from using balance sheet (given low interest rates)

The uncertainties in the economic outlook and concerns over liquidity, capital and asset quality pushed the Saudi banks to refrain from paying a dividend in 1H20. With many of these concerns now having eased, the banks having greater confidence in the economic outlook (particularly given the potential for a global recovery underpinned by the roll out of the vaccine) and strong capital positions, we believe the Saudi banks will announce healthy dividends in conjunction with FY20 earnings, with an average yield of c. 4%.

The Saudi banks have posted a relatively strong performance in 2020 YTD, with the Tadawul banks index falling just 6% YTD. AS such, valuations are now relatively rich, with the Saudi banks trading at .almost 13x 2021earnigns, a c.15% premium to EEMEA peers. That is to say, we believe much of the positive outlook for the Saudi banks is already being discounted in the shares, leaving limited opportunities with significant upside.

With the central bank unlikely to hike rates for the foreseeable future and valuations now looking relatively full, our investment strategy for the Saudi banks remains to focus on banks with mispriced, stock specific growth stories.

“Specifically, we highlight banks who are benefitting from growth in the lucrative mortgage market (where yields are significantly more attractive than corporate loan yields), can deliver significant cost savings (e.g. via merger synergies) and are able to deliver strong non-interest income growth via advisory businesses,” the report said. – TradeArabia News Service

Source: zawya

The Dubai Multi Commodities Centre (DMCC) saw a record number of companies setting up their businesses in the free zone in 2020.

From January to December last year, new business registrations reached 2,025, the highest in five years, DMCC said.

In March 2020, DMCC rolled out a business support package, said to be the largest ever commercial offering by the business hub. The incentives include discounts and waivers for existing and new companies looking to set up their business at the zone.

“DMCC’s strong performance is primarily due to the business support package launched in March 2020 that saw interest from companies in 149 countries,” the free zone said.

Ahmed Bin Sulayem, executive chairman and CEO of DMCC said the number of registrations is proof of DMCC’s strong performance last year and Dubai’s appeal to the investor community. He added that he is optimistic about this year despite the “countless challenges” everyone is facing.

“2020 was a year like no other, with the COVID-19 pandemic impacting every society, business and country. Despite the countless challenges at our doorstep, the UAE’s visionary leadership and prompt and decisive actions meant that our economy remained resilient throughout,” said Sulayem.

“We know that 2021 will not be without its obstacles, but we are optimistic about our growth trajectory and our continued ability to attract foreign direct investment to the emirate,” he added.

DMCC is a hub for thousands of businesses from across industries, including gold and base metals, energy, agriculture and financial services.

It is currently expanding its offering, with the construction of Uptown Dubai district, which will showcase a 340-metre tower with 188 luxury hotel rooms and suites, restaurants, conference facilities, offices and residences.

Source: zawya

The UAE’s travel and tourism sector could bounce back “more strongly” than expected, Bank of America (BofA) said in its latest analysis.

Though foreign direct investments (FDI) could increase in 2021, banks in the UAE aren’t likely to see a remarkable improvement, with revenues and net income expected to remain “broadly flat”, it said.

Economies around the world suffered the worst crisis since the Great Recession after the pandemic broke out last year. Many businesses that live on revenues from visitor traffic suffered the worst impact. Although there have been some pockets of improvement since the re-opening of borders and easing of COVID-19 restrictions worldwide, the effects of the outbreak are still being felt.

Given the persistence of risk factors, market expectations remain tepid, according to BofA. The International Monetary Fund (IMF) has forecast the UAE’s gross domestic product (GDP) to grow at just 1.3 percent this year, following a 6.6 contraction in 2020.

On a positive note, the hosting of the World Expo in Dubai later this year, coupled with the rollout of multiple, highly effective vaccines, could bring some much-needed boost to some businesses, particularly those in the travel and tourism sector.

“We believe the vaccine provides a realistic chance that the travel and tourism sector, including attendance at the Expo, and trade could rebound more strongly than currently anticipated,” BofA said.

The recent announcement that foreigners can fully own their businesses in the country, along with other positive measures, such as allowing unmarried couples to share the same accommodation, the easing of rules on the sale of alcohol, granting of 10-year and retirement visas, and the normalisation of relations between the UAE and Israel, could also fuel more foreign investments.

These changes, despite a cautious backdrop, could also provide “material upside risks” to banks’ earnings via a more optimistic economic outlook, stronger loan growth and lower provisioning.

“While margin compression is expected to abate [in the banking sector], there is little scope for expansion as Fed rates are set to remain near 0 percent,” said the bank.

“Loan growth is expected to reach mid to low single digits and provisioning to remain elevated… As such, we expect aggregate banking revenues and net income to remain broadly flat year-on-year in 2021, despite some consolidation in the sector,” BofA said.

The bank said there are risks revolving around geo-politics and strength of oil price rebound as well. It cited that the Iranian elections “could spur the country to take a more hard line attitude” towards relations with Gulf states, a less pronounced recovery in oil demand, which could negatively impact oil prices and the UAE growth outlook.

The UAE central bank said in its latest report that economic activity in the country “partially recovered” in the third quarter of 2020, although the rebound “remained fragile”.

The central bank projected the UAE’s real total GDP growth to decline by 6 percent for 2020 before growing by 2.5 percent this year.

Source: zawya

Dubai’s real estate sales curve is on the rise as the World Expo 2020 Dubai approaches, said Walid Al Zarouni, real estate expert and chairman of W Capital Real Estate Brokerage.

Al Zarouni said the upcoming international event which is less than a year from now, helped drive demand for Dubai’s real estate sector.

He showed his great confidence in the effects of new laws and regulations that stimulate the real estate sector in the country during the past few years, which will support the real estate sector, and accelerate its growth during the next year. That will include the term relating to the age limit of 70 years in real estate financing when paying the last instalment, in addition to the event of Expo 2020Dubai which is becoming nearer.

He echoed that the real estate market in Dubai offers better opportunities for both investors and tenants alike during the third quarter of this year.

Zarouni said that the figures and statistics are the best evidence of this rise, whether issued by the Dubai land Department, or one of the well-known real estate global and regional consultants.

Dubai Land Department reports show that real estate transactions in Dubai rose by 12 per cent in 2019, compared to the same period last year.

The department announced a total of 4,774 sale transactions during the month of October, the highest number of deals in the same month since 2008.

The latest studies and data issued by ‘Data Finder’, a platform belonging to the ‘Property Finder Group’, a real estate consultancy specialised in real estate data analysis, show record numbers in real estate sales in Dubai last October, for the first time in 11years, in terms of real estate deals on a monthly basis.

Off-plan sales accounted for 59 per cent of the total property transactions in the emirate, with 2,841 transactions, the highest rate since September2015 and the second-highest month in 11 years.

Off-plan residential units remain the preferred choice for investors, due to its attractiveness in terms of prices, payment plans and exemption from fees.

‘Civil Arch’, real estate specialists, revealed in a separate report that Dubai’s real estate sales this year reached their highest level since 2008, thanks to a notable rise due to reasonable costs compared to 2018, as well as expectations of stable and robust growth rates ahead of Expo 2020. Government efforts to grant facilities positively impact asset pricing over the next few quarters.

Palm Jumeirah, Dubai Marina, Downtown Dubai and Jumeirah Village Circle, are the most sought-after areas for real estate sales, while Al Nahda, Dubai Marina, Mirdif, Bur Dubai and Jumeirah, topped the list of most leased areas, according to Civil Arch report. – TradeArabia News Service

Source: zawya

The annual meeting of the World Economic Forum at Davos always gets you thinking on big ideas, and there is no one better equipped to discuss them with than Badr Jafar.

Jafar is chief executive of Crescent Enterprises, the Sharjah-based industrial and financial conglomerate, as well as president of the related energy group Crescent Petroleum and chairman of ports management company Gulftainer.

But he is much more than an executive bean-counter. A conversation with Jafar leaves you feeling that you have had access to unique insight about many of the essential issues of the day.
The big thing on his mind as we sat in the Central Lounge of the Congress Hall in Davos 10 days ago was climate change. The far-reaching effects of rapidly changing weather patterns was the dominant theme at the meeting. Some delegates had predicted a climate apocalypse if nothing was done to reduce human-manufactured environmental damage.

Jafar was not quite so pessimistic. “There is no doubt in my mind that we, collectively, have what it takes to pivot to a sustainable future, without curbing human progress. However, we first need to transcend short-term politics, and move quickly to embrace conducive policies that will achieve actual results, and not just rhetoric,” he said.

Two measures are essential to meet the goals of the Paris Accord on climate, which seeks to reduce global temperatures by 2 percent by 2030, he believes: A rapid increase in production and consumption of natural gas, without gas flaring and methane leakage; and far greater use of renewables such as wind and solar power in, for example, Saudi Arabia and the UK’s North Sea.

“That would radically move the needle,” he said.

Born: UAE, 1979

Education:

Eton College, UK
University of Cambridge, UK
Harvard University, US
Cambridge Judge Business School, UK
Young Global Leader, World Economic Forum
Executive positions:

CEO, Crescent Enterprises
President, Crescent Petroleum
Chairman, Gulftainer
Crescent is a major player in Middle East energy markets, and Jafar has firm views about the state of global fossil fuel markets. There are big concerns currently because of the coronavirus outbreak in China, which could affect demand, as well as longer-term fears that the era of petro-dominance is in decline. He does not necessarily see it that way.

“Compared to today, the middle class in 2030 will have 1.7 billion more people, mainly from Asia, and these middle-class consumption appetites will mean that primary energy demand will shoot up to 350 million barrels of oil equivalent in 2040, from around 290 million today — that’s the equivalent of six new Saudi Arabias.

“So thinking long-term — which again is not always the most popular choice for the politicians of today — our challenge is how can we invest today in the right solutions to ensure that we are able to supply these requirements in ways that do not do more harm to our natural environment, and instead promote a much healthier balance between human prosperity and the health of the symbiotic natural systems upon which we are dependent to survive as a race,” Jafar said.

One of the main reason that he was in Davos was to launch a new initiative, the Center for Strategic Philanthropy, a partnership with the University of Cambridge, of which old-Etonian Jafar is an alumnus. The center aims to research, quantify and structure global charitable donations, and direct them to where they are most needed.

In the Muslim world, zakat taxes and sadaqah charitable donations generate up to $1 trillion, but Jafar and his partners at the center worry that this is not being used properly.

“One in three Muslims live below the poverty line, and 90 percent of global humanitarian crises of today are in Muslim-majority countries. And with increasingly evident risks involved with the opaque flow of capital, we also have a huge responsibility to urgently institute transparent and accountable systems to ensure these monies are going to where they need to get to,” he said.

There is an enormous amount of potential. Studies used by the center show that over the next decade about $4 trillion of global wealth is due to pass from one generation to the next, with half of that in Asia. Emerging markets are growing four times faster in terms of per capita GDP than the developed world, which will throw up vast amounts of disposable income, some of which will find its way into philanthropic causes.

Philanthropy could also be used, he argued, to bridge the funding gap of about $2.5 trillion needed to meet the UN’s Sustainable Development Goals, intended to be in place by 2030. Currently, only about 5 percent of philanthropic donations go toward environmental causes, Jafar said, coming back to the dominant theme of Davos.

“Why should a business care about this? For many reasons. But essentially because philanthropy is private capital for the public good. Government and business capital we know about to some extent, and both those have their own challenges in dealing with climate change. But the neglected aspect is philanthropy,” he said.

The biggest potential donor in the Middle East is Saudi Arabia. The Crescent business — started by Badr’s father Hamid when he immigrated from Iraq and now co-managed with his brother Majid — is big in the Kingdom, via the ports activities of Gulftainer’s terminals in Jeddah and Jubail. It has invested SR4 billion ($1.06 billion) over the past seven years, and employs more than 2,000 Saudi citizens.

So his views on the transformation under way in Saudi Arabia are germane. “It’s clear to everyone in the region, and increasingly the world, that Saudi Arabia is going through its own economic and social renaissance, which will have important and exciting implications for the whole region and beyond. Whilst the process of economic diversification is never easy, the steps that are being taken across the Kingdom’s key sectors to lay the foundations for this diversification drive are both visible and rapid,” he said.

As a cultural connoisseur himself, he is especially impressed by the emphasis on Saudi art and history as part of the Vision 2030 transformation. “History, including our own region’s so-called Golden Age in the 8th and 9th centuries, clearly demonstrates that periods of rapid innovation always happened at the intersection of sciences and the humanities. As we strive to embrace innovation and thrive in the Fourth Industrial Revolution that is upon us, the role of our artists and creatives will not be ornamental, but fundamental,” he said.

Jafar’s other preoccupation in recent years has been the Pearl Initiative, a nonprofit private-sector organization based in the Arabian Gulf that partnered with the UN to to promote the business case behind good corporate governance.

The initiative has had some success in addressing governance in the region, as measures to promote accountability and transparency have become more mainstream in Gulf business. But that has not stopped some big examples of corporate scandal, notably in the case of Abraaj, the private equity fund that collapsed and in which the Jafar family had a significant financial interest.

Speaking generally, Jafar agreed there was still more to do in the governance field. “The process of instituting better governance is a journey for any business and market, and I believe the next 10 years will mark the decade that our regional business community reaps the rewards of what good governance can bring, and, vice-versa, eradicates those businesses that fail to adopt best practice,” he said.

The main role of government in business should be to regulate corporate culture, rather than interfere directly, especially in the field of private investment. “It is crucial that business is not made to feel it is being made to compete with government in its investments or operations,” he said.

“I of course understand and respect the need for government to control certain strategic sectors. However, with the majority of sectors government needs to focus on the business of regulation, and allow business to be in the business of business,” he said.

The rule of law, and adherence to contractual obligations, is also vital, he said. “The critical aspect is respect for contract. Many of our investments, and all infrastructure investments, are long term in nature — 30-plus years. Without robust contract governance mechanisms, as well as robust dispute resolution and legal enforcement frameworks, investor confidence will be greatly diminished, and the cost of capital for any country will skyrocket.”

The two biggest economies of the Gulf should be the standard-bearer for Middle East business, he believes.

“Saudi Arabia and the UAE have an increasingly important global role in setting standards, and really demonstrating what strong leadership and smart economic policies can do to transform a region and its societies into thriving innovation hubs that embrace diversity, inclusion and the art of the possible, as cornerstones for success,” he said, with a Davosian flourish.

Source: zawya

Saudi Arabia’s Saline Water Conversion Corp (SWCC), which operates desalination plants and power stations in the kingdom, has signed a 1.6 billion riyals ($430 million) bridge financing agreement with local banks.

The financing aims to improve the utilization of assets and increase the efficiency of desalination plants Jubail 1 and Khobar 2, double their daily production, and achieve savings on energy and operational costs of up to 1.25 billion riyals ($ 330 billion) annually, SWCC said.

The financing was provided by Banque Saudi Fransi and Saudi British Bank (SABB) and with the support of the financial consultant of the company HSBC Saudi Arabia, the corporation said in Arabic through its official twitter account.

The National Debt Management Center (DMO) provided advisory services to the corporation to offer the most appropriate financing solutions, SWCC tweeted.

SWCC is the second largest electricity power producer in Saudi Arabia and the largest water desalination company in the world.

In September last year, the Saudi Council of Ministers approved the blueprint for SWCC privatization.

(Writing by Nada Al Rifai nada.rifai@refintiv.com, Editing by Seban Scaria)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

Source: zawya

ABU DHABI- The United Arab Emirates announced on Sunday the allocation of US$2 billion to fund investment and development projects, as well as a soft loan for Mauritania.

The move follows the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, further bolstering relations between the UAE and Mauritania.

Source: zawya

ABU DHABI – The United Arab Emirates announced today the discovery of 80 trillion standard cubic feet, TSCF, of shallow gas resources in place within the area between Saih Al Sidirah and Jebel Ali in the Emirates of Abu Dhabi and Dubai respectively. This new discovery reinforces the nation’s goal of achieving gas self-sufficiency, enabling major development projects in preparation for the next fifty years of the union.

The announcement was made during the signing of a strategic cooperation agreement between the Abu Dhabi National Oil Company, ADNOC, and Dubai Supply Authority, DUSUP, to continue to explore and develop the shallow gas resources in this area in a joint project named ‘Jebel Ali’.

This signing of the agreement was witnessed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

The agreement was signed by H.H. Sheikh Ahmed bin Saeed Al Maktoum, Director-General of DUSUP, and Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO.

Following the signing of the agreement, H.H. Sheikh Mohammed bin Rashid and H.H. Sheikh Mohamed bin Zayed were given a presentation where details of the project were outlined, including the nature of the shallow gas reservoir, the project development plan and the innovative technologies ADNOC’s is leveraging to unlock the UAE’s vast hydrocarbon resources.

Speaking on the occasion, Sheikh Ahmed bin Saeed said, “The agreement is an important step forward in further enhancing cooperation and tapping synergies to maximise the UAE’s resources, as part of our leadership’s vision for the next 50-year phase of development. This partnership enables our organisations to combine each other’s capabilities to capture the greatest possible benefits from the UAE’s hydrocarbon assets.

“We look forward to working closely with ADNOC to further explore gas resources in the area between Abu Dhabi and Dubai as part of diversifying our energy resources. This collaboration will contribute to raising our long-term energy security, which is crucial to realising our aspirations in a new economic era of growth to be a leader in shaping the future of the region and the world, as well as enhancing the happiness and welfare of our people.” The discovery of the 80 TSCF of shallow gas resources was made within an area of 5,000 square kilometers between the two emirates with ADNOC drilling more than ten exploration and appraisal wells, signifying the first time ADNOC has explored for hydrocarbon resources in Dubai.

Dr. Al Jaber said, “The discovery of shallow gas resources between Abu Dhabi and Dubai is a result of ADNOC’s drive to implement the leadership’s wise directives to efficiently accelerate the exploration and development of the UAE’s vast untapped hydrocarbon resources and maximise its value for the benefit of the nation. It reinforces ADNOC’s commitment to ensuring a sustainable and economic gas supply and achieving gas self-sufficiency.

“The strategic cooperation agreement between ADNOC and DUSUP is a natural evolution of our shared commitment to harness energy resources in the service of the UAE. We look forward to swiftly progressing the ongoing work and further exploring, appraising and developing the area by leveraging ADNOC’s best-in-class expertise and innovative technologies to ensure the success of the project. We see significant potential in this joint project to create long-term and enduring value for the nation.” As part of today’s agreement, in collaboration with DUSUP, ADNOC will deploy capital, technology, and expertise to develop and produce shallow gas resources and conduct further exploration to assess further volumes and firm up development costs.

The gas produced will be supplied to DUSUP, to support Dubai’s economic growth ambitions and enhance its energy security as it reinforces its position as a pivotal hub of the global economy.

The discovered reservoir is unique and is referred to as ‘shallow gas’, as it contains high-quality organic gas at relatively shallow depths from the earth’s surface. ADNOC is utilising both conventional and unconventional drilling and completion technologies and methods to access this trapped gas, including horizontal drilling and hydraulic fracturing to enable optimal productivity while reducing the number of drilling rigs required.

As part of ADNOC’s 2030 strategy, the company also plans to tap gas from its gas caps and substantial unconventional gas reserves, as well as new natural gas accumulations, which will continue to be appraised and developed as the company pursues its exploration activities.

Today’s announcement comes less than three months after Abu Dhabi’s Supreme Petroleum Council, SPC, announced increases in hydrocarbon recoverable reserves of 7 billion stock tank barrels, STB, of oil and 58 TSCF of conventional gas, moving the UAE from seventh to the sixth position in both global oil and gas reserves rankings with a total of 105 billion STB of recoverable oil, 273 TSCF of conventional gas and 160 TSCF of unconventional gas resources.

Source: zawya