The United Arab Emirates (UAE) has found a major oil reserve in Abu Dhabi, according to a statement by the country's Supreme Petroleum Council (SPC) on Sunday.
The new onshore discovery is estimated to hold 22 billion barrels of unconventional recoverable reserves, Sheikh Mohamed bin Zayed Al Nahyan, who is also the vice chairman of SPC, said during a virtual meeting.
SPC also announced an additional 2 billion barrels of conventional oil reserves, bringing its recoverable reserves up to 107 billion and strengthening the country’s position in global rankings as the holder of the sixth-largest oil reserves.
The UAE’s new discovery came after the country announced in November that it had discovered new hydrocarbon reserves that include 7 billion barrels of oil and 1.64 trillion cubic meters of conventional gas, and unconventional recoverable gas resources of 4.53 trillion cubic meters.
“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,” Abu Dhabi National Oil Company (ADNOC) said in a statement.
By Sibel Morrow