Abu Dhabi National Oil Company announces three new oil finds

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ADNOC said over 80 percent of the value of the awards will flow back into the UAE’s economy. (Pic WAM)
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  • Abu Dhabi-based group said the 500 million barrels of oil were discovered at Bu Hasa, Abu Dhabi's largest onshore field
  • The second oil find was in Abu Dhabi’s Onshore Block 3, operated by Occidental, with around 100 million barrels of oil in place

The Abu Dhabi National Oil Company (Adnoc) announced three oil discoveries Thursday that will bring the country’s hydrocarbon reserves up to 650 million barrels.

Abu Dhabi-based group said the 500 million barrels of oil were discovered at Bu Hasa, Abu Dhabi’s largest onshore field with a crude oil production capacity of 650,000 barrels per day (bpd).

The second oil find was in Abu Dhabi’s Onshore Block 3, operated by Occidental, with around 100 million barrels of oil in place.

“In the third discovery, around 50 million barrels of light and sweet Murban-quality crude were found in Al Dhafra Petroleum Concession,” according to the Adnoc statement.

Almost all of the UAE’s oil is produced by Adnoc and it is investing billions of dollars into a variety of development projects. Adnoc plans to increase its crude production capacity to five million barrels per day (b/d) by 2030, up from the current four million.

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