UAE state-owned oil company Abu Dhabi National Oil Company (ADNOC) secured approval from Abu Dhabi’s Supreme Petroleum Council (SPC) to invest AED448bn ($122bn) over next five years, from 2021 to 2025, to expand the region’s hydrocarbons sector.

The approval enables ADNOC to expand Emirate’s vast hydrocarbon reserves.

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SPC also approved the awarding of a ‘second round of exploration blocks’ and announced the discovery of two billion stock tank barrels (STB) of conventional oil reserves and 22 billion STB of unconventional oil reserves.

These oil reserves are located onshore in the Emirate of Abu Dhabi.

ADNOC noted that the capital expenditure (CapEx) plan of $122bn will help it drive upstream growth, advance downstream expansion and enable its 2030 smart growth strategy, as well as further strengthen its marketing and trading capabilities.

The company’s 2030 strategy is intended to deliver increased growth and profitability across the business over the next ten years, focusing on three areas; greater profitability upstream, greater value downstream, and a more sustainable and cost-efficient gas supply.

Commenting on SPC’s announcement of new hydrocarbon discoveries, ADNOC CEO Al Jaber stated: “Today’s announcement by the SPC of the discovery of recoverable unconventional oil resources demonstrates how ADNOC is efficiently expediting the exploration and development of Abu Dhabi’s unconventional resources and marks a major milestone as the nation’s unconventional industry evolves.

“Importantly, the increase in the UAE’s conventional oil reserves sends a strong signal that ADNOC is leaving no stone unturned in unlocking value from our abundant hydrocarbon resources to ensure the UAE remains a long-term and reliable energy provider to the world for decades to come.”

Last month, ADNOC awarded contracts valued at AED1.19bn ($324m) to optimise its onshore field operations and enhance efficiencies.