UAE finds 22bn STB of unconventional onshore oil resources

By Dominic Ellis
Supreme Petroleum Council approves ADNOC's CAPEX plan of £91.7 billion for 2021-2025 to enable smart growth...

 

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).  

Share

Featured Articles

UK and US announce energy partnership

The agreement will work towards reducing global dependency on Russian energy exports, stabilising energy markets, and stepping up collaboration

Alfa Laval to supply world’s largest green hydrogen plant

The facility is being built in NEOM, the US$500bn futuristic city being developed in Saudi Arabia

COP27 agrees to climate compensation fund

The deal is said to be a historic first in acknowledging the vast inequities of the climate crisis

North America's natural gas can help mitigate energy crisis

Oil & Gas

COP27: Egypt and Norway to build 100MW green hydrogen plant

Renewable Energy

Renewable energy company Masdar opens office in Saudi Arabia

Renewable Energy