22 billion barrels of non-conventional crude oil discovered in Abu Dhabi


The Supreme Petroleum Council (SPC) has announced new onshore discoveries of non-conventional, recoverable oil resources in Abu Dhabi, estimated at 22 billion barrels.

It has also confirmed an increase of conventional oil reserves by 2 billion barrels in the emirate.

The SPC announced the new discoveries during a virtual meeting headed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, and SPC Deputy Chairman.

During the meeting, the Council approved ADNOC's action plan to increase its capital investment to AED 448 billion over the next five years, which will reinject AED 160 billion into the local economy.

More from Business News