UAE's ADNOC starts producing new Umm Lulu crude oil stream (updated)

GS Holdings

17/10/2018 11:59

(Adds details)
    DUBAI/SINGAPORE, Oct 17 (Reuters) - Abu Dhabi National Oil
Company (ADNOC) started producing and exporting a new crude
grade known as Umm Lulu this month, a company spokesman said on
Wednesday.
    Umm Lulu is a blend produced from its Umm Lulu and SARB
fields, operated by ADNOC Offshore, with initial production of
50,000 barrels per day (bpd).
    The fields are expected to contribute to ADNOC's production
capacity target of 3.5 million bpd by the end of 2018, the
spokesman said last month.  urn:newsml:reuters.com:*:nL4N1WC2R4
    ADNOC has sold two 500,000-barrel cargoes of the crude
loading in November to South Korea's second largest refiner GS
Caltex and India's Reliance Industries Ltd  RELI.NS  at close to
parity to the official selling price (OSP) for Das Blend, trade
sources said.
    GS Caltex and Reliance could not be reached for immediate
comment.
    Umm Lulu has an API gravity of 38.7 degrees and contains 0.7
percent sulphur.
    

 (Reporting by Rania El Gamal in DUBAI and Florence Tan in
Singapore; editing by Jason Neely
Editing by Christian Schmollinger)
 ((Florence.Tan@thomsonreuters.com; +65 6870 3497; Reuters
Messaging: florence.tan.thomsonreuters.com@reuters.net))