United Arab Emirates' Energy Minister Suhail al-Mazrouei said on Nov. 23 the latest oil discoveries are part of state-owned Abu Dhabi National Oil Co.'s efforts to increase production capacity to 5 million barrels per day (MMbbl/d) by 2030.
The UAE on Nov. 22 announced the discovery of two billion barrels (Bbbl) of conventional oil reserves and 22 Bbbl of unconventional oil reserves.
The discoveries “reflect the constant development operations carried out by ADNOC in its endeavor to reach its target of increasing oil production capacity to 5 MMbbl/d by 2030,” Mazrouei said on his ministry’s Twitter account.
Recommended Reading
US Natgas Drops 9% on Rail Deal, Bigger than Expected Storage Build
2022-09-15 - U.S. railway parties reached a tentative deal with unions to avoid railway shutdowns, according to a source, leading to a drop in natural gas prices.
Exxon Delivers First Sustainable Aviation Fuel Cargo to Singapore Changi Airport
2022-07-07 - The oil major was selected in February as the fuel supplier for the pilot program launched by the Civil Aviation Authority of Singapore, Singapore Airlines and Temasek.
US Crude Oil Inventories Soar, Fuel Stocks Dip: EIA
2022-07-07 - “We know refiners are going to have to continue to run at a high rate to keep up with demand. And so the expectation is that the crude supplies are not going to build as dramatically next week,” said Phil Flynn, analyst at Price Futures Group.
EU Parliament Backs Labeling Gas and Nuclear Investments as Green
2022-07-06 - The new rules will add gas and nuclear power plants to the EU "taxonomy" rulebook from 2023, enabling investors to label and market investments in them as green.
NextDecade Signs 20-year LNG Supply Deal with China’s Guangdong Energy
2022-07-07 - The agreement marks NextDecade’s fourth LNG supply deal this year, three of which have been with Chinese customers.