The Supreme Petroleum Council (SPC) has announced the discovery of substantial recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels (STB), and an increase in conventional oil reserves of 2 billion STB in the Emirate of Abu Dhabi.
The SPC approved Abu Dhabi National Oil Co.’s (ADNOC) capital expenditure (CAPEX) plan of AED 448 billion ($122 billion) for 2021–2025 to enable smart growth. As part of this plan, ADNOC aims to drive more than AED 160 billion ($43.6 billion) back into the United Arab Emirates’ (UAE) economy between 2021–2025. The inflow to the local economy will be enabled by ADNOC’s In-Country Value (ICV) program which is aimed at nurturing new local and international partnerships and business opportunities for the private sector, fostering socioeconomic growth and creating job opportunities for Emiratis.
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