SUBSCRIBER NOTE: Platts to publish Abu Dhabi's Umm Lulu crude OSP from Jan 2019

S&P Global Platts will begin publishing official selling prices set by Abu Dhabi National Oil Company for its Umm Lulu crude oil grade from January 2019.

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

The new OSP and differential will be published alongside existing ones for ADNOC's Murban, Das Blend and Upper Zakum grades on Platts Global Alert (PGA) Page 1051 under codes OSLUF00 and OSLUD00.

ADNOC first began exporting Umm Lulu in July 2018. It has since marketed and sold the crude on the spot market on a regular basis. 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.

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

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.

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