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
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.
