UAE oil discoveries boost ADNOC’s 5 million bpd capacity target by 2030

  • Date: 23-Nov-2020
  • Source: Mubasher
  • Sector:Oil & Gas
  • Country:UAE
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UAE oil discoveries boost ADNOC’s 5 million bpd capacity target by 2030

UAE - Mubasher: The UAE's new oil discoveries reflect the continued development process carried out by ADNOC to raise the production capacity to 5 million barrels per day (bpd) by 2030, the UAE Minister of Energy and Infrastructure, Suhail bin Mohammed Al Mazrouei, announced.

 Al Mazrouei remarked that the new oil discoveries will contribute to attracting many foreign investments to the UAE and strengthen the country's position as a reliable energy source, according to the UAE Ministry of Energy's official Twitter account.

The minister also added that the discoveries support the UAE's plan for the next 50 years.

It is noteworthy to mention that on Sunday, 22 November, the Supreme Petroleum Council (SPC) announced the discovery of recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels (STB) in Abu Dhabi, and a rise in conventional oil reserves of 2 billion STB in Abu Dhabi.