The United Arab Emirates, a leading OPEC producer, on Monday announced "significant" oil and gas discoveries and launched a new pricing mechanism for Abu Dhabi flagship Murban crude.

The Gulf state's highest energy decision-making body, the Supreme Petroleum Council (SPC), said the new discoveries included seven billion barrels of crude oil and 58 trillion cubic feet of natural gas.

That raised UAE crude oil reserves to 105 billion barrels, overtaking neighbor Kuwait for the world's sixth largest oil deposits, Abu Dhabi National Oil Co. (ADNOC) said in a statement.

Natural gas reserves were also boosted to 273 trillion cubic feet (7.7 billion cubic meters), ADNOC said. In addition, the UAE discovered about 160 trillion cubic feet of unconventional natural gas.

UAE pumps about three million barrels of oil per day (bpd) and produces some 10.5 billion cubic feet of raw natural gas, according to ADNOC.

"We are very pleased and honored to have enabled the UAE to move from the seventh to the sixth-largest oil and gas reserves in both global rankings," said ADNOC CEO Sultan Al-Jaber.

Source: National News Agency