Abu Dhabi- Approx. 22 Billion Barrels of Crude Oil discovered

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.

Abu Dhabi Field site
credits->Pulse News Korea

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.

BP- Sharjah Oil refinery

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.

Check out our other article-> India to decrease carbon content by 35%

References-> Bloomberg

Featured image credit-> Gulf News

Ayush Joshi
Mr. Joshi is one of the vital members of Akashbaani for the last 8 months. His writings cover Books, Space, Technology, and most importantly trending news around the globe. Above all, he is working relentlessly so that Akashbaani can see new horizons each day.
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