SUBSCRIBER NOTE: Platts proposes Abu Dhabi's Umm Lulu crude assessment from Mar 2019

S&P Global Platts seeks feedback on a proposal to begin publishing price assessments for Abu Dhabi's light, sweet Umm Lulu crude from March 1, 2019.

Platts proposes to publish an outright price and a differential to the grade's official selling price for cargoes loading two months from the month of assessment, in line with its methodology for Middle East crude grades. For example, in March Platts will publish an outright price and a differential to the OSP for cargoes of Umm Lulu loading in May.

Abu Dhabi National Oil Company first began exporting Umm Lulu in July 2018. Current production of Umm Lulu is estimated to be around 55,000 b/d, which is expected to increase in coming years amid efforts to ramp up crude oil production by the UAE government.

ADNOC publishes the OSP as an outright price on a retroactive basis. Starting January 2019, Platts began publishing the Umm Lulu OSP announced by ADNOC for cargoes loaded in December 2018. Platts also publishes the Umm Lulu OSP differential to benchmark Dubai prices.

The OSP and its differential to Dubai are published on Platts Global Alert (PGA) Page 1051 under codes OSLUF00 and OSLUD00.

Umm Lulu, a light sweet crude oil grade with API of 38.9 and 0.7% sulfur content, is produced via offshore fields and transported to Zirku Island for shipments.

Abu Dhabi in 2018 awarded a 20% stake each to Spain's Cepsa and Austria's OMV in the offshore Umm Lulu and SARB concessions. Cepsa is wholly owned by Mubadala Investment Co., which also holds a 24.9% stake in OMV. ADNOC holds the remaining 60% stake in the concessions.

Please send all comments, suggestions and questions to asia_crude and price group by February 10, 2019.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available upon request.