Supreme Petroleum Council announces new discovery of 22 billion barrels of non-conventional, recoverable crude oil in Emirate of Abu Dhabi
ABU DHABI, (Pakistan Point News - 22nd Nov, 2020) The Supreme Petroleum Council, SPC, announced on Sunday new onshore discoveries of non-conventional, recoverable oil resources estimated at 22 billion barrels and an increase of conventional oil reserves by 2 billion barrels in the Emirate of Abu Dhabi.
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.
The meeting 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 local economy.