UAE ADNOC makes 3 oil discoveries - Energy

The Abu Dhabi National Oil Company, ADNOC, announced today, Thursday, its success in discovering 650 million barrels of oil, from 3 fields in different regions, which enhances the potential of the UAE, as one of the largest oil producers.

According to a statement published by the Abu Dhabi Government Media Office, the three discoveries are concentrated in the “Bu Hasa” field, and the concessions of onshore area No. 3 and Al Dhafra.

For his part, Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, member of the Executive Council of the Emirate of Abu Dhabi and head of the Abu Dhabi Executive Office, praised the company’s success in making these discoveries, and their importance in increasing the UAE’s oil reserves.

This came while he chaired today, Thursday, the meeting of the Executive Committee of the Abu Dhabi National Oil Company’s Board of Directors, which was held at the headquarters of the ADNOC Group.

ADNOC Discoveries

The company succeeded in discovering nearly 500 million barrels of exploration well in a new geological formation within the “Bu Hasa” field area, noting that this would provide additional sources of high-quality Murban crude.

It is worth noting that the Bu Hasa field is part of the concession area of ​​ADNOC Onshore, and is managed by it.

According to the Abu Dhabi government’s press release, 100 million barrels of oil were also discovered in the Onshore Block 3 concession, which represents the second oil discovery in the concession area.

The American oil company Occidental had obtained the rights to explore, develop and produce oil and gas in the onshore area No. 3 in early 2019.

ADNOC
Sheikh Khalid bin Mohamed bin Zayed while chairing the ADNOC meeting – Photo from the Abu Dhabi Government Media Office (May 19, 2021)

With regard to the third oil discovery, ADNOC succeeded in discovering 50 million barrels of light and low sulfur Murban crude in the Al Dhafra concession area operated by Al Dhafra Petroleum Company, a joint venture between ADNOC, the Korea National Oil Corporation (KNOC) and GS Energy.

Reliable global supplier of oil

Member of the Executive Council of the Emirate of Abu Dhabi and head of the Abu Dhabi Executive Office, Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, described the UAE as a “reliable global provider of less emissions-intensive oil for decades to come.”

He praised the efforts of the Abu Dhabi National Oil Company in strengthening cooperation with its partners to ensure the consolidation of the UAE’s position globally in the energy market.

He also praised ADNOC’s efforts in strengthening the capital markets in the country through plans to list 10% of the shares of “Borouge” chemicals company, on the Abu Dhabi Securities Exchange, as part of its continuous efforts to support the growth and diversification of the economy, in line with ADNOC’s strategy to create and enhance value.

Sheikh Khalid bin Mohamed bin Zayed directed to build new partnerships to accelerate the production of renewable energy resources, including clean hydrogen, to promote progress in ADNOC’s ambitious plans for growth and expansion in this field and accelerate the transformation of the energy sector.

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