UAE announces discovery of new oil reserves

An estimated 22 billion barrels of non-conventional and recoverable crude was recently discovered in Abu Dhabi, the capital of the United Arab Emirates (UAE).

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Abu Dhabi's Supreme Petroleum Council (SPC) announced on Sunday that the latest major onshore discovery could increase the country's conventional oil reserves by 2 billion barrels, the official WAM news agency reported.

The SPC also approved on the same day to increase the capital investment in Abu Dhabi National Oil Company to 448 billion dirhams (122 billion US dollars) from 2021 to 2025.

The move is expected to re-inject 160 billion dirhams (43.6 billion dollars) into the local economy.

Last November, the SPC announced the discovery of new reserves containing 7 billion barrels of oil and 58,000 billion cubic feet of natural gas.

Prior to the latest discovery, the UAE was the eighth largest oil producer in the world with 97.8 billion barrels, after Venezuela (with 298.4 billion), Saudi Arabia (with 263.3 billion), and Canada (with 171 billion), Iran (with 157.8 billion), Iraq (with 144.2 billion), Kuwait (with 104 billion), and Russia (with 103.2 billion) barrels.

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