Abu Dhabi discovers new unconventional onshore oil resources

Abu Dhabi discovers new unconventional onshore oil resources

The Supreme Petroleum Council (SPC) announced the discovery of recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels (STB), and an increase in conventional oil reserves of 2 billion STB in the emirate of Abu Dhabi.The announcements were made following a meeting in which the SPC approved ADNOC's capital expenditure (CAPEX) plan of $122 billion (AED 448 billion) for 2021-2025. ADNOC aims to drive over $43.6 billion (AED160 billion) back into the UAE economy in that time.The 22 billion STB of recoverable unconventional oil resources announced by the SPC exceeds some of Abu Dhabi's major fields in terms of resources and the production potential ranks alongside the most prolific North American shale oil plays. The unconventional oil resource assessment was supported by extensive well data as well as a dedicated appraisal program by ADNOC in an area covering 25,000 square kilometers onshore in Abu Dhabi.The 2 billion STB of conventional oil reserves announced by the SPC increases the UAE's conventional oil reserves base to 107 billion STB of recoverable oil, strengthening the country's position in global rankings as the holder of the sixth-largest oil reserves. This increase in