Dubai, United Arab Emirates (CNN) – The Supreme Petroleum Council in the Emirates, headed by the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, Sheikh Mohammed bin Zayed Al Nahyan, announced on Sunday the discovery of 2 billion barrels of conventional crude oil and 22 billion bimrillions of non-oil resources. The traditional extractable, according to the official Emirates News Agency (WAM).
The council approved “ADNOC’s plan to increase its capital investments to 448 billion dirhams over the next five years to enable the implementation of its smart growth strategy,” according to Loam.
ADNOC’s plan includes “redirecting 160 billion dirhams to the local economy over the next five years as part of its program to boost in-country value,” according to the agency.
The council announced its approval of “ADNOC’s awarding of new areas for exploration, development and production of oil and gas within the second round of competitive bidding launched by Abu Dhabi in 2019 as part of its strategy to issue licenses for new areas,” according to Loam.
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