Processing Upper Zakum instead of Murban would’ve raised $275mn more in 2017.

Abu Dhabi state Adnoc has awarded a $3.1bn contract for a long-planned Crude Flexibility Project (CFP) to enable its Ruwais West refinery to process 420,000 b/d of Upper Zakum crude, freeing up more valuable Murban crude for export.

Murban’s premium to Upper Zakum averaged $1.80/B for 2017, implying $275mn more revenues had 420,000 b/d of Murban been exported in place of Upper Zakum (MEES, 20 October...