UAE discovers 22 billion barrels worth of onshore ‘unconventional’ oil resource

UAE discovers 22 billion barrels worth of onshore ‘unconventional’ oil resource

UAE discovers 22 billion barrels worth of onshore 'unconventional' oil resource

UAE discovers 22 billion barrels worth of onshore 'unconventional' oil resource

UAE discovers 22 billion barrels worth of onshore 'unconventional' oil resource

UAE Minister of State and ADNOC Group CEO, Sultan Ahmed al-Jaber, speaks during the Abu Dhabi International Petroleum Exhibion and Conference (ADIPEC) on Nov. 13, 2017. (File/AFP)

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UAE discovers 22 billion barrels worth of onshore 'unconventional' oil resource

The announcement also reported an increase in conventional oil reserves of 2 billion barrels

The Supreme Petroleum Council (SPC) has also approved the firm's capital expenditure (CAPEX) plan

Updated 23 November 2020

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DUBAI: An onshore unconventional oil source with 22 billion recoverable barrels has been discovered, the Abu Dhabi National Oil Company (ADNOC) has announced.

The discovery of new oil sources "is a testament to ADNOC's relentless efforts to unlock and maximize value from the UAE's hydrocarbon reserves for the benefit of the nation,“ Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed said in a statement.

The announcement also reported an increase in conventional oil reserves of 2 billion barrels.

The Supreme Petroleum Council (SPC) has also approved the firm's capital expenditure (CAPEX) plan of $122 billion for smart growth in 2021-2025, through which ADNOC aims to channel