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Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the SPC.

PHOTO BY ARCHIVE


New oil discovery in Abu Dhabi announced

 

DUBAI – An estimated 22 billion stock tank barrels of oil have been discovered in Abu Dhabi, the Supreme Petroleum Council (SPC) announced.

The latest discovery of substantial recoverable unconventional oil resources located onshore will increase Abu Dhabi’s oil reserves to 2 billion stock tank barrels.

Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said that the latest oil discoveries in Abu Dhabi will drive economic growth in the UAE and strengthen its position as a credible energy supplier.

In a statement on Monday (November 23), Al Mazrouie said: “The discoveries will support the UAE’s plans for the next fifty years and its overall development. They will also attract many foreign investors who consider the country a haven amidst the rapid current developments witnessed by the entire world, as well as a platform for generating new investment opportunities in all segments of the oil sector.”

The discoveries will also consolidate the UAE’s stature as a key player in the global oil market, he further added, noting that the ongoing development operations of the Abu Dhabi National Oil Company (ADNOC) will help achieve its goal to increase production capacity to 5 million barrels of oil per day by 2030. ICA/Expat Media


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