The Supreme Petroleum Council (SPC) has announced new onshore discoveries of non-conventional, recoverable oil resources in Abu Dhabi, estimated at 22 billion barrels.
It has also confirmed an increase of conventional oil reserves by 2 billion barrels in the emirate.
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.
During the meeting, the Council approved ADNOC's action plan to increase its capital investment to AED 448 billion over the next five years, which will reinject AED 160 billion into the local economy.
Supreme Petroleum Council announces new discovery of 22 billion barrels of non-conventional, recoverable crude oil in Emirate of #AbuDhabi #WamNews
— WAM English (@WAMNEWS_ENG) November 22, 2020
Read More: https://t.co/zkljx30R4z pic.twitter.com/x4QA0lstQV
Investors wipe $2.5 trillion off Nasdaq as blue tsunami prompts AI fears
Emirates Groups announces AED4.1 billion pre-tax profit in H1 2026
Disney's Pixar names Jonathan Garson president as Jim Morris steps back
DIP Holding places final IPO price
Gulfood Manufacturing brings global industry leaders to Dubai
