Abu Dhabi: An assessed 22 billion barrels of recoverable and non-conventional crude oil was as of late found in Abu Dhabi, the capital of the United Arab Emirates (UAE), it was reported.
In the declaration on Sunday, Abu Dhabi’s Supreme Petroleum Council (SPC) stated that the most recent major onshore discovery could increase the country’s conventional oil reserves by 2 billion barrels, the official WAM news organization revealed.
The SPC additionally approved around the same time to increase the capital investment in Abu Dhabi National Oil Company to 448 billion dirhams ($122 billion) from 2021 to 2025, as reported by Xinhua news organization.
The move is anticipated to re-infuse 160 billion dirhams ($43 billion) into the local economy.
The UAE has the 6th largest crude oil reserve on the planet, from 4.2 million barrels in the early 1980s to around 98 billion barrels as of now.
Amongst the seven emirates comprising the UAE, Abu Dhabi has a large portion of the oil with 92 billion barrels while Dubai has 4 billion barrels and Sharjah has 1.5 billion barrels.
In a statement, Abu Dhabi National Oil Company stated the 22bn in unconventional oil resources were bigger than a few of those in its conventional fields.
The declaration of new reserves comes in the midst of tensions between Abu Dhabi and its close ally Riyadh in the summer after it surpassed its production quota set by Opec, the oil group drove by Saudi Arabia.
The spending plan would throughout the following five years drive around $44bn into the UAE, Adnoc stated, by means of a program seeking to channel investment back into the domestic economy and make jobs for emiratis. The economy has been dented by the economic toll of COVID-19 and lower oil costs.
Adnoc stated the council had allowed approval for the granting of exploration blocks in Abu Dhabi’s second competitive bid round, which was originated in 2019.
with IANSinputs
