DUBAI: An onshore unconventional oil source with 22 billion recoverable barrels has been discovered, the Abu Dhabi National Oil Company (ADNOC) has announced.
The discovery of new oil sources “is a testament to ADNOC’s relentless efforts to unlock and maximize value from the UAE’s hydrocarbon reserves for the benefit of the nation,” Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed said in a statement.
The announcement also reported an increase in conventional oil reserves of 2 billion barrels.
The Supreme Petroleum Council (SPC) has also approved the firm’s capital expenditure (CAPEX) plan of $122 billion for smart growth in 2021-2025, through which ADNOC aims to channel $43.6 million back into UAE’s economy by nurturing local and international partnerships and business opportunities will which create new jobs for Emiratis.
“Following the SPC’s approval of ADNOC’s CAPEX, we are well-positioned to continue driving long-term and sustainable value for the UAE while creating opportunities for local businesses and private-sector jobs for Emiratis through our in-country value target,” ADNOC’s CEO Sultan Ahmed Al-Jaber said.