Oil discovery bolsters UAE’s energy cachet – GulfToday

  • Date: 25-Nov-2020
  • Source: Gulf Today
  • Sector:Oil & Gas
  • Country:UAE
  • Who else needs to know?

Oil discovery bolsters UAE’s energy cachet – GulfToday

Oil discovery bolsters UAE's energy cachet

7 hours ago

Image for illustrative purpose only.

At a time when the coronavirus has been battering not just the economic lives of people but also nations, this is surely heartening news. The new oil discovery in the Emirate of Abu Dhabi will shore up the economy of the UAE in these virus-laden times and beef up the country's position as a credible energy supplier.

His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, said the achievement is a testament to Adnoc's relentless efforts to unlock and maximise value from the UAE's hydrocarbon reserves for the benefit of the nation.

The Supreme Petroleum Council, SPC, announced on Sunday the discovery of substantial recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels, and an increase in conventional oil reserves of 2 billion STB in the Emirate of Abu Dhabi.

This will support the UAE's plans for the next fifty years and its overall development. They will also attract many foreign investors who consider the country a haven amidst the rapid current developments witnessed by the entire world, and a platform for generating new investment