Abu Dhabi confirms massive oil discovery; governing body approves ADNOC’s Capex worth $122bn

Abu Dhabi confirms massive oil discovery; governing body approves ADNOC’s Capex worth $122bn

Abu Dhabi-based Supreme Petroleum Council (SPC) has confirmed the discovery of an estimated 22 billion stock tank barrels (STB) of unconventional oil resources located onshore, and an increase in conventional oil reserves of 2 billion STB in the capital emirate.

The announcements were made following the SPC meeting presided over by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and vice-chairman of the SPC.

The announcement of the oil discovery exceeds some of Abu Dhabi's major fields in terms of resources. The resource assessment was supported by extensive well data as well as a dedicated appraisal programme by ADNOC covering an area of 25,000 square kilometers onshore in the emirate.

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, official news agency WAM reported.

This increase in reserves is a result of the ongoing maturation of ADNOC's developments towards its 5 million barrels per day (mmbpd) oil production capacity target by 2030, and its appraisal activities, particularly in the Al Nouf field.

Both the conventional and unconventional oil resources