Abu Dhabi discovers 22 billion barrels worth of oil
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.
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.
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.