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Investing.com – Although the UAE is moving at full speed to diversify its revenues from oil, which accounts for around 30% of state revenues, research and exploration efforts have not and will not fail .
Where the sixth largest country in the world in terms of proven reserves announced a heavy oil discovery that would strengthen its position among the world’s oil producers.
The Supreme Petroleum Council has declared new discoveries of unconventional petroleum resources that can be recovered from land areas estimated at around 22 billion barrels of oil.
In addition to increasing conventional oil reserves by 2 billion barrels of oil in the emirate of Abu Dhabi.
In other words, total reserves are around 24 billion barrels, and based on the average price of a barrel of oil, which hovers around $ 40 a barrel, the total estimated value of new discoveries is around $ 10 trillion.
These new additions to the UAE’s hydrocarbon resource reserves follow the announcement by the Supreme Petroleum Council in November 2019 of an increase in hydrocarbon reserves of 7 billion barrels of oil.
In addition to 58 trillion standard cubic feet of conventional gas and 160 trillion cubic feet of recoverable unconventional gas resources.
These discoveries have been a historic achievement since the announcement of the last update on the country’s hydrocarbon reserves three decades ago.
Production potential is compared to the largest shale oil operations in North America
The 22 billion barrels of unconventional recoverable oil resource discoveries announced by the Supreme Petroleum Council outnumber some of Abu Dhabi’s major resource fields.
The 2 billion barrels of conventional oil reserves announced by the Supreme Petroleum Council help bring the UAE’s conventional oil resource reserves to 107 billion barrels of recoverable oil.
And these discoveries strengthen the country’s position at sixth place in the world in the list of countries with the highest oil reserves.
The assessment of unconventional petroleum resources was supported by comprehensive and expanded well data as well as a dedicated ADNOC assessment program over a land area covering 25,000 square kilometers in Abu Dhabi.
This increase in reserves is the result of ADNOC’s continued development in pursuit of its goal of increasing production capacity to 5 million barrels of oil per day by 2030, and evaluation activities, particularly in the field of Al-Nouf.
Both conventional and unconventional petroleum resources support ADNOC’s capabilities to produce additional quantities of Murban crude.
Ryder Scott has confirmed, through an independent assessment, that ADNOC’s reserves of conventional oil and unconventional oil resources that are technically recoverable are in line with his findings.
It should be noted that the Supreme Petroleum Council is the highest regulatory body for the oil and gas sector in the Emirate of Abu Dhabi.
It defines the policies and strategies related to the sector in the emirate and defines its objectives and goals in all areas of the oil industry.
In addition to making the decisions necessary for their implementation and monitoring the implementation of these decisions in order to achieve the desired objectives and results in all areas of the oil and gas industry.
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