Abu Dhabi finds new oilfield with 22b barrels

  • Date: 23-Nov-2020
  • Source: Emirates Business
  • Sector:Oil & Gas
  • Country:UAE
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Abu Dhabi finds new oilfield with 22b barrels

ABU DHABI / WAMThe Supreme Petroleum Council (SPC) announced on Sunday the discovery of substantial 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 the SPC meeting presided over by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces and Vice-Chairman of the SPC.At the meeting, the SPC approved Adnoc's capital expenditure (CAPEX) plan of AED 448 billion ($122 billion) for 2021-2025 to enable smart growth. As part of this plan, Adnoc aims to drive over AED160 billion ($43.6 billion) back into the United Arab Emirates' (UAE) economy between 2021-2025. The inflow to the local economy will be enabled by Adnoc's In-Country Value (ICV) program which is aimed at nurturing new local and international partnerships and business opportunities for the private sector, fostering socio-economic growth and creating job opportunities for Emiratis.In addition, the SPC gave approval for Adnoc to award exploration blocks in Abu Dhabi's second competitive block bid round which was launched in 2019.The SPC also