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New major oil discovery in Abu Dhabi

Abu Dhabi: The UAE’s top petroleum council on Sunday announced new discoveries of unconventional oil resources, estimated at about 22 billion barrels of oil, in addition to 2 billion barrels of conventional oil in Abu Dhabi.

The announcement was made during the virtual meeting of the council held today (Sunday) under the chairmanship of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Commander-in-Chief of the UAE Army.

During the meeting, the board approved ADNOC’s business plan, which has been adapted to increase its capital investments to Dh448 billion for the next five years, which will enable the company to achieve smart growth.

ADNOC plans to divert Dh160 billion ($ 43.6 billion) to the local economy during the period 2021-2025 through its program, which aims to increase local added value, working with companies in the private sector and international companies, provide more opportunities for the local private sector, contribute to economic and social development and create jobs for UAE citizens.

Source: Gulf News

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