Adnoc announces 3 new oil discoveries

Shaikh Khalid Bin Mohammad Bin Zayed, Member of Abu Dhabi Executive Council and Chairman of Abu Dhabi Executive Office, yesterday commended the Abu Dhabi National Oil Company’s (Adnoc) approach to strategic partnerships, which have led to new oil discoveries, including a find at Bu Hasa, Abu Dhabi’s biggest onshore field with a crude oil production capacity of 650,000 barrels per day (mbpd).

This came as Shaikh Khalid chaired a meeting of the Executive Committee of Adnoc’s Board of Directors at Adnoc’s headquarters in Abu Dhabi. Shaikh Khalid reviewed Adnoc’s performance and strategic targets.

Murban oil resources

The 500 million barrels of oil discovered from an exploration well in the Bu Hasa field offers substantial additional premium-grade Murban oil resources. Bu Hasa is part of the Adnoc Onshore Concession and is operated by Adnoc Onshore.

In Abu Dhabi’s Onshore Block 3, operated by Occidental, around 100 million barrels of oil was discovered, marking the second oil find in this concession. Occidental was awarded exploration rights for Onshore Block 3 in early 2019.

Around 50 million barrels of light and sweet Murban-quality crude was also discovered in the Al Dhafra Petroleum Concession, operated by Al Dhafra Petroleum, a joint venture between Adnoc, the Korea National Oil Company and GS Energy.

Capital markets push

Shaikh Khalid also praised Adnoc’s strengthening of UAE capital markets through its intention to float 10 per cent of Borouge, Adnoc’s leading petrochemicals company, on the Abu Dhabi Securities Exchange.

Shaikh Khalid also gave directives to explore new clean energy partnerships, including clean hydrogen, as part of the company’s ambitious growth plans in the field, and to help support the energy transition.

Over the course of the year, the Executive Committee meets to review Adnoc’s progress against its strategic and financial targets and performance.