Abu Dhabi in 22-billion-barrel oil find

Abu Dhabi

ABU DHABI, November 23, 2020 – Abu Dhabi’s Supreme Petroleum Council (SPC)  announced the discovery of an estimated 22 billion barrels of onshore unconventional oil resources on Sunday.

The SPC also announced an increase in conventional oil reserves of 2 billion stock tank barrels in Abu Dhabi. This brings the UAE’s conventional oil reserves, now totalling around 107 billion barrels, close to those of Russia.

Details on the location of the unconventional find were not released.

At Sunday’s meeting, the SPC also approved USD 122 billion in capex by ADNOC for the years 2021-2025, part of the NOC’s “smart growth” plan.

For more on ADNOC’s smart growth plan, read our latest interview with CEO Dr. Sultan Ahmed Al Jaber.