Abu Dhabi’s Supreme Court Council (SPC) has approved on Sunday capital expenditure to invest 448 billion dirhams for Abu Dhabi National Oil Company (ADNOC) for the next five years.
Alongside, the SPC has made an announcement for the discovery of 22 billion barrels of unconventional oil reserves and 2 billion barrels of conventional oil reserves. It has also approved of ADNOC to develop hydrogen as a low-carbon energy source, with recognizing and awarding contracts for company to explore both offshore and onshore gas and oil blocks.
According to CEO of ADNOC and Minister of Industry and Advanced Technology, Sultan bin Ahmed Al Jaber, the discovery of the conventional and unconventional oil resources shows efficiency of the company in accelerating the speed of exploration and development of Abu Dhabi’s unconventional hydrocarbon resources.
ADNOC plans to bolster its capital investments to achieve “smart growth” by redirecting Dh160 billion to the UAE economy. This will further aid in boosting production of its flagship Murban crude, which was earlier delayed due to the novel coronavirus pandemic.
Muruban is associated with the majority of UAE’s oil supply and is one of the four major crudes by ADNOC.