New oil discovery in Abu Dhabi
About 22 billion barrels of non-conventional and recoverable crude oil were recently discovered in Abu Dhabi according to SPC (Abu Dhabi’s Supreme Petroleum Council). The SPC has also approved a record Dh448 billion capital expenditure plan for Abu Dhabi National Oil Company (Adnoc) for 2021-2025 to enable smart growth. This oil discovery will shore up the economy of the UAE in these virus-laden times. Among UAE, Abu Dhabi is on top of the list with most of the oil (92 billion barrels), followed by Dubai (4 billion barrels) and Sharjah (1.5 billion barrels).