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May 24, 2022updated 23 May 2022 3:38pm

Abu Dhabi announces new oil discoveries

Approximately 650 million barrels of onshore crude oil reserves have been discovered by Adnoc.

By MEED   

Abu Dhabi National Oil Company (Adnoc) has announced a discovery of 650 million barrels of onshore crude oil reserves in Abu Dhabi.

Adnoc announced the discovery of 500 million barrels of oil in a new formation at Bu Hasa, ‘offering substantial additional premium-grade Murban oil resources.’ Bu Hasa is Abu Dhabi’s biggest onshore field, with a crude oil production capacity of 650,000 barrels a day, and is operated by Adnoc Onshore.

In Abu Dhabi’s Onshore Block 3, operated by US oil and gas company Occidental, approximately 100 million barrels of oil in place were discovered, marking the second oil find in this concession. Occidental was awarded the exploration rights for Onshore Block 3 in early 2019.

Nearly 50 million barrels of light and sweet Murban-quality crude was also discovered in the Al-Dhafra Petroleum Concession, operated by Al-Dhafra Petroleum, a joint venture between Adnoc, the Korea National Oil Company (KNOC), and GS Energy. The discoveries were announced during a meeting of the executive committee of Adnoc’s board of directors at the Adnoc headquarters in Abu Dhabi, which was chaired by Sheikh Khaled bin Mohamed bin Zayed al-Nahyan, member of the Abu Dhabi Executive Council and chairman of the Abu Dhabi Executive Office.

In December last year, Adnoc announced an increase in national reserves of 4 billion stock tank barrels (STB) of oil, and 16 trillion standard cubic feet (scf) of natural gas.

Discovery of these additional reserves increased the UAE’s hydrocarbon reserves base to 111 billion STB of oil and 289 trillion scf of natural gas, reinforcing the country’s position in global rankings as the holder of the sixth-largest oil reserves and the seventh-largest gas reserves.

This article is published by MEED, the world’s leading source of business intelligence about the Middle East. MEED provides exclusive news, data and analysis on the Middle East every day. For access to MEED’s Middle East business intelligence, subscribe here.

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