SPC declares latest oil discovery in Abu Dhabi
The Supreme Petroleum Council (SPC) today announced the discovery of large onshore recoverable unconventional oil deposits, valued at 22 billion Stock Tank Barrels (STB) and a rise of 2 billion STB in conventional oil reserves in the Abu Dhabi Emirate.
SPC praises the new discovery
The announcements were made following the meeting of the SPC headed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. He’s also Deputy Supreme Commander of the Armed Forces of the United Arab Emirates (UAE) and Vice-President of the SPC.
At the meeting, ADNOC’s capital expansion plan consists of (CAPEX) of AED 448 billion ($122 billion) for 2021-2025. It was approved by the SPC to encourage smart development. ADNOC plans to push over AED160 billion ($43.6 billion) back into the economy of the United Arab Emirates (UAE) between 2021-2025. As part of this initiative. ADNOC’s In-Country Value (ICV) policy. It aims to promote new local and international collaborations and business opportunities for the private sector, foster socio-economic growth and generate job opportunities for Emiratis. This will enable inflows to the local economy.
Furthermore, in Abu Dhabi’s second competitive block bid round, which came to light in 2019. The SPC gave ADNOC permission to grant discovery blocks.
The SPC also reviewed the transformation of the Marketing, Supply and Trading (MS&T) Directorate of ADNOC, which has grown to provide a wider service to consumers, while further expanding the value of any barrel produced, processed and exported by ADNOC. In order to better meet its mission, the Directorate has become more centralized. All around shipping and logistics, storage and trading based organization. This is creating two separate trading entities. They are ADNOC Trading (AT) and ADNOC Global Trading (AGT).
The SPC also reviewed ADNOC and ADQ’s newly announced joint venture, TA’ZIZ. It’s within the Ruwais Derivatives Park to finance and grow chemical ventures. Via TA’ZIZ, ADNOC and ADQ are setting the stage for the next generation of technology-driven development for the UAE. Also helping to progress the post-Covid economic recovery of the UAE.