Abu Dhabi National Oil Company (ADNOC) has made new oil discoveries at Bu Hasa, the emirate’s biggest onshore field with a crude oil production capacity of 650,000 barrels per day (mbpd), as well as at the onshore Block 3 and Al Dhafra Petroleum Concession.
The 500 million barrels of oil discovered from an exploration well in the Bu Hasa field has unlocked a new formation within the field, offering substantial additional premium-grade Murban oil resources. Bu Hasa is operated by ADNOC Onshore.
In Abu Dhabi’s Onshore Block 3, operated by Occidental, around 100 million barrels of oil in place were discovered, marking the second oil find in this concession. Occidental was awarded the exploration rights for Onshore Block 3 in early 2019.
Around 50 million barrels of light and sweet Murban-quality crude were also discovered in the Al Dhafra Petroleum Concession, operated by Al Dhafra Petroleum, a joint venture between ADNOC, and the Korea National Oil Company (KNOC) and GS Energy.
Under the guidance of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office, the Executive Committee is providing strategic direction for ADNOC as it delivers on its 2030 strategy and enables economic growth in support of the UAE’s ‘Principles of the 50’. Over the course of the year, the Executive Committee meets to review ADNOC’s progress against its strategic and financial targets as well as its operational performance.
Last year, ADNOC‘s board approved plans to invest $126.8 billion between 2022 and 2026 to expand its upstream production capacity and downstream portfolio, as well as its low-carbon fuels business and clean energy ambitions.
