ABU DHABI — The Supreme Petroleum Council (SPC) announced Sunday the discovery of substantial recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels (STB), and an increase in conventional oil reserves of 2 billion STB in the Emirate of Abu Dhabi.

The announcements were made following the SPC meeting presided over by Sheikh Mohamed Bin Zayed Al Nahyan, crown prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces and vice-chairman of the SPC.

At the meeting, the SPC approved ADNOC’s capital expenditure (CAPEX) plan of AED448 billion ($122 billion) for 2021-2025 to enable smart growth. As part of this plan, ADNOC aims to drive over AED160 billion ($43.6 billion) back into the United Arab Emirates’ (UAE) economy between 2021-2025.

The inflow to the local economy will be enabled by ADNOC’s In-Country Value (ICV) program, which is aimed at nurturing new local and international partnerships and business opportunities for the private sector, fostering socio-economic growth and creating job opportunities for Emiratis.

In addition, the SPC gave approval for ADNOC to award exploration blocks in Abu Dhabi’s second competitive block bid round which was launched in 2019.

The SPC also reviewed the transformation in ADNOC’s Marketing, Supply and Trading (MS&T) Directorate, which has evolved to offer customers a broader service, while further stretching the value from every barrel that ADNOC produces, refines and sells.

The directorate has become a more integrated shipping and logistics, storage and trading focused entity, establishing two new trading companies — ADNOC Trading (AT) and ADNOC Global Trading (AGT) — to help deliver its mandate.

The SPC also reviewed ADNOC and ADQ’s recently announced joint venture, TA’ZIZ, established to fund and develop chemicals projects within the Ruwais Derivatives Park. ADNOC and ADQ, through TA’ZIZ, are setting the stage for the UAE’s next generation of technology-driven growth and helping to advance the UAE post-COVID economic recovery.

Sheikh Mohamed Bin Zayed commended the Abu Dhabi National Oil Company’s (ADNOC) agility and resilience, which has enabled the company to ensure zero interruptions to its operations while achieving its operational and financial targets, despite the tough market conditions.

He also commended ADNOC’s robust and proactive response to COVID-19 which continues to prioritize the health and safety of its people and ensure business continuity and ADNOC’s sustained contribution to the United Arab Emirates (UAE) economy.

Commenting on ADNOC’s discovery of onshore unconventional oil resources and an increase in its conventional oil reserves, he said the achievement is a testament to ADNOC’s relentless efforts to unlock and maximize value from the UAE’s hydrocarbon reserves for the benefit of the nation. — WAM