UAE finds 22bn STB of unconventional onshore oil resources
The UAE’s Supreme Petroleum Council (SPC) has announced the discovery of 22 billion stock tank barrels (STB) of recoverable unconventional oil resources onshore - a 2 billion increase on the emirate's conventional oil reserves.
The findings exceed some of Abu Dhabi’s major fields and the production potential ranks alongside the most prolific US shale oil facilities.
The SPC has approved Abu Dhabi National Oil Company’s (ADNOC) capital expenditure plan of £91.7 billion for 2021-2025 to enable smart growth. ADNOC aims to pump more than £32.7 billion back into the UAE’s economy in the same period.
Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, said in parallel it is developing large-scale capital projects in Ruwais to stretch the margin from each barrel of oil further.
Two weeks ago, Intercontinental Exchange announced plans to launch ICE Futures Abu Dhabi (IFAD) - the world’s first futures contracts based on Murban crude oil - on March 29, subject to regulatory approvals (click here).
It followed ADNOC awarding contracts worth £248.8 million to optimise onshore field operations and enhance efficiencies as it seeks to drive smart growth (click here).