On November 22, local time, the UAE Abu Dhabi Supreme Petroleum Council (SPC) announced that about 22 billion barrels of unconventional recoverable oil resources on land have been discovered in the Emirate of Abu Dhabi.
In addition, the country’s conventional oil reserves have increased by 20 Billion barrels.
On the same day, the UAE government approved the Abu Dhabi National Oil Company (ADNOC) action plan to increase its investment capital to AED 448 billion in the next five years, which will inject new investment into the local economy 160 billion dirhams
In 2019, the UAE’s total crude oil reserves were 105 billion barrels, ranking sixth among the global oil-producing countries.
The UAE is also OPEC’s third-largest oil-producing country, second only to Saudi Arabia and Iraq, and pumping about 3 million barrels of oil per day.