Abu Dhabi discovers new oil field of about 22 billion barrels

Gulf Today, Staff Reporter

In a major breakthrough, the UAE has announced the discovery of new onshore non-conventional, recoverable oil resources in Abu Dhabi. 

The UAE’s Supreme Petroleum Council (SPC) said the resources are estimated at 22 billion barrels and an increase of conventional oil reserves by 2 billion barrels.

His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces announced the new discoveries during a virtual meeting.

The new discovery would increase ADNOC's capital investment to Dhs448 billion over the next five years, which will reinject Dhs160 billion into local economy.

READ MORE

Sharjah discovers new natural gas reserves

Gas reserves discovered near Jebel Ali

Adnoc invests $245m to upgrade oil lines, Jebel Dhanna terminal

The programme aims to enhance in-country 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.

 Picture used for illustrative purpose only.

The SPC also reviewed the quantum leap achieved by ADNOC in its marketing, supply, trading and continuous development activities it has accomplishing to provide more services and products to customers.

Thanks to this expansion, ADNOC has achieved more integration in fields of shipping, logistics, warehousing and trading, through the establishment of two new commercial companies, namely ADNOC Trading and ADNOC Global Trading.