United Arab Emirates' Energy Minister Suhail al-Mazrouei said on Nov. 23 the latest oil discoveries are part of state-owned Abu Dhabi National Oil Co.'s efforts to increase production capacity to 5 million barrels per day (MMbbl/d) by 2030.
The UAE on Nov. 22 announced the discovery of two billion barrels (Bbbl) of conventional oil reserves and 22 Bbbl of unconventional oil reserves.
The discoveries “reflect the constant development operations carried out by ADNOC in its endeavor to reach its target of increasing oil production capacity to 5 MMbbl/d by 2030,” Mazrouei said on his ministry’s Twitter account.
Brutal cold puts gas production from Appalachia at risk.
Front-month natural gas futures rose 14.0 cents, or 5.1%, to settle at $2.881/MMBtu, their highest close since March 2019.
U.S. natural gas futures climbed to their highest in nearly two years on Oct. 26 on forecasts for higher heating demand and concerns that Tropical Storm Zeta could disrupt production.