UAE: 22 Billion New Barrels of Oil Discovered in Abu Dhabi

Published November 22nd, 2020 - 03:30 GMT
UAE: 22 Billion New Barrels of Oil Discovered in Abu Dhabi
The meeting approved Adnoc's action plan to increase its capital investment to AED448 billion ($121 billion) over the next five years. (Shutterstock)

The UAE's Supreme Petroleum Council has announced new onshore discoveries of non-conventional, recoverable oil resources estimated at 22 billion barrels and an increase of conventional oil reserves by 2 billion barrels in the Emirate of Abu Dhabi.

The SPC announced the new discoveries during a virtual meeting headed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, and SPC Deputy Chairman, the UAE's national news agency WAM reported.

The meeting approved Adnoc's action plan to increase its capital investment to AED448 billion ($121 billion) over the next five years, which will reinject AED160 billion into local economy.


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