Major discovery of crude oil in Abu Dhabi to enhance UAE economy
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Abu Dhabi's Supreme Petroleum Council (SPC) announced on Sunday the discovery of 22 billion barrels of unconventional resources and another two billion barrels of conventional oil reserves in Abu Dhabi.
In an SPC meeting headed by His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Vice-Chairman of the SPC, reiterated ADNOC's conveyance of sustainable morals for the national economy through its 2030 strategy.
SPC has approved Abu Dhabi National Oil Company's (ADNOC) new capital expenditure plans of expanding its hydrocarbons sector to spend $122 B over the next five years, 2021 – 2025. ADNOC said in its statement that the investments will help boost production of its flagship Murban crude. The Murban Bab Oil Field was discovered in 1953 and developed by ADNOC, which is situated 84 km northwest of Abu Dhabi Islands.
ADNOC delivered $16.8 billion (AED 62 billion) in foreign direct investment (FDI) to the UAE this year despite the pandemic limitations, making the total FDI delivered since 2016 to AED 237 billion ($64.5 billion).
The statement said the Crown Prince instructed ADNOC to explore potential opportunities in hydrogen with the ambition to position the UAE as a hydrogen leader, already produces hydrogen for its downstream operations. The company will explore the potential to help meet the emerging global demand for hydrogen and ammonia derived from natural gas.