HH Sheikh Khaled bin Mohamed bin Zayed, Member of Abu Dhabi Executive Council and Chairman of Abu Dhabi Executive Office, chaired a meeting of the Executive Committee of the Abu Dhabi National Oil Company (ADNOC) Board of Directors, during which he commended the company’s expanded approach to strategic partnerships, which have helped lead to new discoveries of oil.
The new discoveries were made at Bu Hasa, Abu Dhabi’s biggest onshore field with a crude oil production capacity of 650,000 barrels per day (mbpd); Abu Dhabi’s Onshore Block 3, operated by Occidental; and Al Dhafra Petroleum Concession, operated by Al Dhafra Petroleum, a joint venture between ADNOC, the Korea National Oil Company (KNOC) and GS Energy.
According to WAM, the 500 million barrels of oil discovered from an exploration well in the Bu Hasa field has unlocked a new formation within the field, offering substantial additional premium-grade Murban oil resources. Bu Hasa is part of the ADNOC Onshore Concession and is operated by ADNOC Onshore.
Meanwhile, around 100 million barrels of oil were discovered at Onshore Bloc3 and round 50 million barrels of light and sweet Murban-quality crude was also discovered in the Al Dhafra Petroleum Concession.
Sheikh Khaled commended ADNOC for its collaborative approach and noted that the company and its partners would ensure that the UAE remains a reliable supplier of some of the least carbon-intensive oil in the world for decades to come.
In line with ADNOC’s successful value creation strategy, WAM noted that he praised ADNOC’s strengthening of UAE capital markets through its intention to float 10 percent of Borouge, ADNOC’s world-leading petrochemicals company on the Abu Dhabi Securities Exchange (ADX), as the company continues to grow and diversify the UAE economy.
Under the guidance of Sheikh Khaled, the Executive Committee is providing strategic direction for ADNOC as it delivers on its 2030 strategy and enables economic growth in support of the UAE’s ‘Principles of the 50’.
Other members that attended the meeting include Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC; Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure; Ahmed Ali Al Sayegh, Minister of State; Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala Investment Company; and Jassem Mohamed Bu Ataba Al Zaabi, Chairman of the Abu Dhabi Department of Finance.
