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ADNOC announces discovery of new oil, gas resources in UAE

Gasoil News - Published on Thu, 08 Nov 2018

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UAE oil company ADNOC announced the discovery of new oil and gas resources, with an eye on full self-sufficiency as US sanctions on Iran go into effect. State-run ADNOC, based in the oil-rich capital Abu Dhabi, said on Sunday it had discovered new gas fields, totalling 15 trillion standard cubic feet, and another billion barrels of oil. The company also announced plans to boost output to four million barrels per day by 2020 and five million bpd by 2030 -- a plan UAE officials said was aimed at making the country entirely self-sufficient.

Abu Dhabi Crown Prince Mohammed bin Zayed also announced the Supreme Petroleum Council, the city's main decision-making council, approved a budget of 486 billion dirhams ($132 billion) to support a five-year growth plan. This included ADNOC's gas strategy to become self-sufficient and a net gas exporter

The United Arab Emirates, OPEC's fourth largest producer, currently produces up to 3.5 million bpd.

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Posted By : Joykumar Irom on Thu, 08 Nov 2018
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