We all are well aware of UAE’s potential in the oil market. For those who don’t know, it possesses the sixth-largest oil reserve in the world. In addition, it has made great strides over the years. From 4.2 million barrels in the early 1980s to about 98 billion barrels today. Recently, In the capital city of the United Arab Emirates (Abu Dhabi), around 22 billion barrels of crude oil were discovered. Moreover, this crude oil is termed as non-conventional and recoverable.
Earlier, on Sunday, SPC made a declaration in this context. SPC stands for the Supreme Petroleum Council of Abu Dhabi. Further, this is indeed a great discovery in the onshore fields. It will raise the nation’s conventional oil reserves to hold by 2 billion barrels.
Later that day, SPC sanctioned an uplifted investment in Abu Dhabi’s National Oil Company. This accounts for 448 billion dirhams. The amount will infuse from 2021 to 2025. Finally, this action will feed regional democracy with a figure of 160 billion dirhams.
Above all, the UAE consists of seven emirates in total. Out of which, Abu Dhabi accounts for 92 billion barrels, and Sharjah has 1.5 billion barrels of crude oil. While Dubai’s share in crude oil is 4 billion barrels.
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References-> Bloomberg
Featured image credit-> Gulf News
