Search ARN News Centre

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

Sunday, 22 November 2020 16:24

WAM

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.

Share

More from Business

  • UAE announces VAT exemptions under amended law

    The Ministry of Finance announced the UAE Cabinet approved amendments to a Federal Decree-Law on Value Added Tax (VAT), which is set to exempt investment fund management services from VAT to stimulate growth in the investment management sector and increase the UAE’s attractiveness as a leading investment hub.

  • Brazil's top court says X paid pending fines to wrong bank

    Brazil's Supreme Court said on Friday that lawyers representing social media platform X did not pay pending fines to the proper bank, postponing its decision on whether to allow the tech firm to resume services in Brazil.

  • Abu Dhabi Investment Office announces animal feed markets tender

    Companies are being invited by the Abu Dhabi Investment Office (ADIO) to submit proposals to operate UAE animal feed markets.

  • OpenAI value climbs to $157bn in funding deal

    OpenAI, the company behind ChatGPT, has raised $6.6 billion (AED 24.4 billion) from investors, which could value the company at $157 billion (AED 576 billion) and cement its position as one of the most valuable private companies in the world.

  • India, US sign pact to cooperate on battery mineral supply chains

    Indian Trade Minister, Piyush Goyal, and US Commerce Secretary, Gina Raimondo, signed an agreement to cooperate on strengthening supply chains in the two countries for lithium, cobalt and other critical minerals used in electric vehicles and clean energy applications.

Latest Local News

News

Quick Links

Get the app

  • Available on the App Store
  • Available on Google Play

© 2024 ARN and Aiir. All Rights Reserved.