New major oil discovery in Abu Dhabi

New major oil discovery in Abu Dhabi

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Abu Dhabi: The UAE’s Supreme Petroleum Council on Sunday announced new discoveries of unconventional oil resources estimated at about 22 billion barrels of oil in addition to 2 billion barrels of conventional oil in Abu Dhabi.

The announcement was made during the council’s virtual meeting held today (Sunday) under the chairmanship of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

During the meeting, the council approved ADNOC’s business plan tailored to increase its capital investments to Dh448 billion for the next five years, which will enable the company to achieve smart growth.

Through this plan, ADNOC intends to redirect Dh160 billion ($ 43.6 billion) to the local economy during the period between 2021-2025 through its program, which aims to ehance the local added value, cooperate with private sector companies and international companies, provide more opportunities for the local private sector, contribute to economic and social development and create job opportunities for UAE citizens.

The council also approved ADNOC’s award of new areas for exploration, development and production of oil and gas as part of the second round of competitive bidding launched by Abu Dhabi in 2019.

20200221101654 New major oil discovery in Abu Dhabi
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