UAE Announces Huge Oil Discovery of about 22 Bln Barrels

On Sunday, the Emirati Supreme Petroleum Council (SPC) announced a new onshore discovery of non-conventional, recoverable oil resources in Abu Dhabi, estimated at 22 billion barrels.

In a virtual meeting of the SPC,  Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, announced the huge oil discovery of around 22 billion barrels, in addition to 2 billion barrels’ worth of conventional oil reserves.

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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 re-inject AED 160 billion into the local economy.

Conventional oil is found in pools and can be extracted with vertical well bores, whilst conventional oil requires horizontal boring and often hydraulic fracturing (fracking), according to the government of British Columbia’s Ministry of Natural Gas Development and Minister Responsible for Housing.