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UAE's Adnoc announced 3 oil discoveries with 650 million barrels

The company produces almost all of the UAE’s oil

UAE's Adnoc announced 3 oil discoveries with 650 million barrels

Abu Dhabi, May 19 - Neftegaz.RU. Adnoc has made new oil discoveries at Bu Hasa, the emirate’s biggest onshore field, as well as at the onshore Block 3 and Al Dhafra Petroleum Concession.

These additional reserves increase the UAE’s hydrocarbon reserves base to 111 billion barrels of oil and 289 trillion standard cubic feet of natural gas.
The company stated:
  • The 500 million barrels of oil discovered from an exploration well in the Bu Hasa field has unlocked a new formation within the field, offering substantial additional premium-grade Murban oil resources
  • In Abu Dhabi’s Onshore Block 3, operated by US oil company Occidental, about 100 million barrels of oil were discovered, marking the 2nd oil find in this concession
  • round 50 million barrels of light and sweet Murban-quality crude was also discovered in the Al Dhafra Petroleum Concession, operated by Al Dhafra Petroleum, a JV between ADNOC, the Korea National Oil Company and GS Energy
The state oil producer also plans to significantly increase its investment in hydrocarbons and will raise its output capacity to 5 million bpd by 2030.

Under the 5-year business plan, Adnoc will be spending $127 billion to expand its upstream production capacity and downstream portfolio, as well as its low carbon fuels business and clean energy ambitions.

The Adnoc’s 5-year business plan approved in December 2021 and will be implemented during the 2022 and 2026.

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