New oil discoveries have been made by Abu Dhabi National Oil Company at Bu Hasa, the emirate’s largest onshore field, as well as onshore Block 3 and Al Dhafra Petroleum Concession.
Adnoc Onshore operates Bu Hasa, which is part of the Adnoc Onshore Concession.It has a crude oil production capacity of 650,000 bpd.
“The discovery of 500 million barrels of oil in a Bu Hasa adventure well has created a new deposit within the field, providing huge extra premium-grade Murban oil resources,” Adnoc said in a statement on Thursday.
About 100 million barrels of oil were discovered in Abu Dhabi’s Onshore Block 3, which is managed by the US oil company Occidental. This is the second oil discovery in this concession. Occidental received a prize.
Al Dhafra Petroleum Concession, controlled by Al Dhafra Petroleum, a joint venture between Adnoc, the Korea National Oil Business, and GS Energy, has also discovered about 50 million barrels of light and sweet Murban-quality crude, according to the state-owned oil company.
Sheikh Khaled bin Mohamed, head of the Abu Dhabi Executive Office and a member of the Abu Dhabi Executive Council, praised the company’s increased approach to strategic partnerships, which resulted in new oil finds in the emirate.
The state oil company also intends to significantly increase its hydrocarbon investment and increase its output capacity to five million barrels per day by 2030. It has awarded a number of contracts to various companies in order to increase production.
Adnoc’s board of directors approved plans last year to spend Dh466 billion ($126.8 billion) between 2022 and 2026 to expand its upstream and downstream production capacity, as well as its low-carbon fuels business and clean energy ambitions.
It also revealed a “significant” increase in national reserves of four billion stock-tank barrels (STB) of oil and sixteen trillion standard cubic feet (TSCF) of natural gas.
According to Adnoc, the UAE’s hydrocarbon reserves now total 111 billion barrels of oil and 289 trillion standard cubic feet of natural gas.
Sheikh Khaled also praised Adnoc’s intention to list 10% of Borouge on the Abu Dhabi Securities Exchange, which will help to strengthen the UAE capital markets (ADX).
This week, Andoc and Austrian chemicals producer Borealis announced their intention to list Borouge on the ADX.
Following the listing, Adnoc will own 54% of the company, while Borealis will own 36%.
Sheikh Khaled directed Adnoc to look into new clean energy partnerships, such as clean hydrogen, and to aid in the energy transition.
Adnoc intends to build a “hydrogen ecosystem” in order to meet the growing global demand for the lighter and cleaner gas being developed as a replacement for fossil fuels.
In addition, the company is joining Taqa and Mubadala Investment Company as shareholders in Masdar, which will help increase the clean energy company’s renewable power capacity to more than 50 gigatonnes by 2030.
Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Adnoc managing director and group chief executive; Suhail Al Mazrouei, Minister of Energy and Infrastructure; and Ahmed Al Sayegh, Minister of State, all attended the meeting.
Mubadala Investment Company’s managing director and group chief executive, Khaldoon Al Mubarak, and the Abu Dhabi Department of Finance’s chairman, Jassem Al Zaabi, were also present.