Economy

New oil fields discovered in Abu Dhabi

11:16, 23 November 2020 50
Photo: Sergey Lantyukhov/NEWS.ru

New unconventional crude oil fields have been discovered in the Emirate of Abu Dhabi, the UAE Supreme Petroleum Council (SPC) reports.


The estimated production volume may be about 22 billion barrels per year.

SPC announced the discoveries during an online meeting presided over by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces and Vice-Chairman of the SPC.

At the meeting, the SPC approved the ADNOC (Abu Dhabi National Oil Company) capital expenditure (CAPEX) plan of AED 448 billion ($122 billion) for 2021-2025 to enable smart growth.

As part of this plan, ADNOC aims to drive over AED160 billion ($43.6 billion) back into the United Arab Emirates’ (UAE) economy between 2021-2025.

The inflow to the local economy will be enabled by ADNOC’s In-Country Value (ICV) program, which aims to nurture new local and international partnerships and business opportunities for the private sector, fostering socio-economic growth and creating job opportunities for Emiratis.

China may become the world leader in oil refining in 2021, pushing the US, which dominated the market since the mid-19th century, to second place, Bloomberg reported earlier.