The Supreme Petroleum Council (SPC) announced the discovery of 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 a meeting in which the SPC approved ADNOC’s capital expenditure (CAPEX) plan of $122 billion (AED 448 billion) for 2021-2025. ADNOC aims to drive over $43.6 billion (AED160 billion) back into the UAE economy in that time.
The 22 billion STB of recoverable unconventional oil resources announced by the SPC exceeds some of Abu Dhabi’s major fields in terms of resources and the production potential ranks alongside the most prolific North American shale oil plays. The unconventional oil resource assessment was supported by extensive well data as well as a dedicated appraisal program by ADNOC in an area covering 25,000 square kilometers onshore in Abu Dhabi.
The 2 billion STB of conventional oil reserves announced by the SPC increases the UAE’s conventional oil reserves base to 107 billion STB of recoverable oil, strengthening the country’s position in global rankings as the holder of the sixth-largest oil reserves. This increase in reserves is as a result of the ongoing maturation of ADNOC’s developments towards its 5 million barrels per day (mmbpd) oil production capacity target by 2030, and its appraisal activities, particularly in the Al Nouf field.
Ryder Scott Co. LP has confirmed through an independent assessment that ADNOC’s conventional oil reserves and the technically recoverable unconventional oil resources are consistent with their results.
These additions to the UAE’s hydrocarbons base follows the announcement in November 2019 by the SPC of increases in hydrocarbon reserves of 7 billion STB of oil, 58 trillion standard cubic feet (TSCF) of conventional gas, and 160 TSCF of unconventional recoverable gas resources. These additions to the UAE’s hydrocarbon reserves marked a historic milestone for the country since the last major update of its reserves base three decades ago.
Commenting on the SPC’s announcement of new hydrocarbon discoveries, H.E. Dr. Sultan Al Jaber, CEO of ADNOC Group, said: “Today’s announcement by the SPC of 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 as the nation’s unconventional industry evolves. Importantly, 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 longterm and reliable energy provider to the world for decades to come.
