WorldOil Abu Dhabi’s de facto ruler consolidates control over ADNOC Abu Dhabi’s de facto ruler, Crown Prince Mohammed Bin Zayed, has cemented his control over the emirate’s state energy company by becoming chairman of a newly-established board of directors. Abu Dhabi grants Japan’s Cosmo offshore oil exploration rights Cosmo will invest as much as $145 million in the exploration phase at Offshore Block 4, government-owned ADNOC said Wednesday in a statement. Abu Dhabi holds most of the oil in the United Arab Emirates, the third-largest producer in OPEC. UAE targets carbon-capture hydrogen to reduce greenhouse emissions The United Arab Emirates will use carbon-capture technologies to create what’s known as blue hydrogen on its path to becoming a major exporter of the fuel, Sultan Al Jaber, CEO of Abu Dhabi National Oil Co., said at a virtual conference on Tuesday. Abu Dhabi targets hydrogen as a future export fuel Mubadala Investment Co., Abu Dhabi National Oil Co. and ADQ have formed an alliance to produce hydrogen using natural gas and renewable energy and market it overseas as well as in the United Arab Emirates, ADQ said in a statement. UAE warns U.S. shale producers against flooding market with oil With demand still fragile, shale companies “are wise not to jump the gun and overproduce during the recovery year,” UAE Energy Minister Suhail Al Mazrouei said in an interview, adding they “need to be careful not to flood the market.” Abu Dhabi raises benchmark Murban crude prices Government-owned Abu Dhabi National Oil Co. set Murban crude at a premium of 75 cents a barrel to the regional benchmark, according to a notice from the producer. UAE projects a gradual oil demand recovery in 2021 Rollout of coronavirus vaccines and improvement in ties between the United States and China are likely to improve demand for oil, Energy Minister Suhail Al-Mazrouei told Sky News Arabia. “Recovery will be gradual, and won’t happen in a quarter or two,” he said. As the world focuses on climate change targets, the Middle East doubles down on oil With the Paris Agreement's decarbonization plans suddenly not ambitious enough for the West, key Middle East producers see an opportunity, and are putting serious money down to cover their bets. Aramco seeks to follow ADNOC’s lead raising cash from asset sales Saudi Aramco has hired Moelis and Co. to devise a strategy for selling stakes in some subsidiaries, according to people familiar with the matter. The plan includes raising around $10 billion from a stake sale in Aramco’s pipelines. UAE, Israel discuss joint oil and gas projects as relations improve OPEC’s third-largest oil producer and Israel held their first natural gas and petroleum working group meeting, UAE’s state-run WAM news agency reported on Thursday.