Abu Dhabi announces major oil discovery

SourceKhaleej Times
SectorOil & Gas
CountryUAE

Announced the discovery of 2 billion barrels of conventional oil reserves and 22 billion barrels of unconventional oil reserves Abu Dhabi’s Supreme Petroleum Council (SPC) approved on Sunday capital expenditure for Abu Dhabi National Oil Company (Adnoc) of Dh448 billion ($121.97 billion) between 2021 and 2025, state news agency WAM reported. The SPC also approved the awarding of a second round of exploration blocks and announced the discovery of 2 billion barrels of conventional oil reserves and 22 billion barrels of unconventional oil reserves. Abu Dhabi’s crown prince also directed Adnoc to explore and pursue potential opportunities in hydrogen, WAM said. ...read more...