HH Sheikh Mohamed bin Zayed commends ADNOC’s agility and resilience at SPC meeting

HH Sheikh Mohamed bin Zayed commends ADNOC’s agility and resilience at SPC meeting

The Supreme Petroleum Council (SPC) announced 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 two 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 $122bn for 2021-2025 to enable smart growth. As part of this plan, ADNOC aims to drive over $43.6bn 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) programme, 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 reviewed the transformation