In a major breakthrough, the UAE has announced the discovery of new onshore non-conventional, recoverable oil resources in Abu Dhabi.
The UAE’s Supreme Petroleum Council (SPC) said the resources are estimated at 22 billion barrels and an increase of conventional oil reserves by 2 billion barrels.
The new discovery would increase ADNOC's capital investment to Dhs448 billion over the next five years, which will reinject Dhs160 billion into local economy.