The SPC approves Dh448bn capex plan and announces discovery of 22 billion barrels of unconventional reserves The Supreme Petroleum Council approved Abu Dhabi National Oil Company's plans to spend Dh448 billion ($122bn) over the next five years, of which Dh160bn will be directed towards the local economy. Abu Dhabi's SPC also announced the discovery of "substantial recoverable unconventional oil resources" onshore, estimated at 22 billion barrels, and an increase in conventional oil reserves of 2 billion barrels.During an online meeting of the SPC, presided over by Crown Prince Sheikh Mohamed bin Zayed, the council also approved the award of new oil and gas exploration blocks under the second competitive licensing round. Adnoc is now set to announce the winners.  "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," said Dr Sultan Al Jaber, Adnoc group chief executive and Minister of Industry and Advanced Technology."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." The 22 billion barrels of unconventional oil exceeds some of Abu Dhabi’s major fields in terms of reserves and the production potential "ranks alongside the most prolific North American shale oil plays", Adnoc said.The reserves assessment was supported by extensive well data as well as a dedicated appraisal programme by Adnoc in an area covering 25,000 square kilometres onshore in Abu Dhabi.  The 2 billion barrels increase in conventional reserves strengthens the UAE's position as the holder of the world's sixth largest oil reserves.  The increase in reserves is a result of the progress being made on Adnoc's 5 million barrels per day oil production capacity target by 2030, and its appraisal activities, particularly in the Al Nouf field.The reserves assessment was supported by extensive well data as well as a dedicated appraisal programme by Adnoc in an area covering 25,000 square kilometres onshore in Abu Dhabi.  The 2 billion barrels increase in conventional reserves strengthens the UAE's position as the holder of the world's sixth largest oil reserves.  The increase in reserves is a result of the progress being made on Adnoc's 5 million barrels per day oil production capacity target by 2030, and its appraisal activities, particularly in the Al Nouf field. (ICE DUBAI)

Fonte notizia: www.thenationalnews.com/business/energy/adnoc-to-put-dh160bn-into-uae-economy-over-the-next-five-yea