ADNOC Finds 3 New Oil Reserves of Liquid Gold in the UAE
Sunil Ambalavelil
- at General
- on May 20, 2022 - 17:27
- on Updated: May 20, 2022 - 17:49
Abu Dhabi National Oil Company (ADNOC) seems to have dug a liquid goldmine. Recent news revealed that it discovered three rich sources of crude oil with a capacity to pump out 650 million barrels of liquid gold.
Bu Hasa field operated by ADNOC Onshore revealed a new formation of premium-grade Murban oil resources with 500 million barrels of oil. Onshore Block 3 managed by Occidental is found to have a reserve of 100 Mb of oil. Al Dhafra Petroleum operated by a joint venture of ADNOC, the KNOC, and GS Energy discovered 50 million barrels of light and sweet Murban-quality crude oil.
His Highness Sheikh Khaled bin Mohamed bin Zayed commended the discovery of three new oil sources during an Executive Committee meeting of the ADNOC Board of Directors on 19th May 2022.
He admired the efforts of ADNOC and its strategic partnerships that led to the new discoveries of oil sources with a capacity of 650,000 Million Barrels Per Day (MMbbl/d). The ADNOC is planning to pump up crude oil production to 5 million barrels per day (B/D) by 2030.
The Executive Committee operating under the guidance of His Highness Sheikh Khaled provides strategic directions to ADNOC as it delivers on the economic growth of the UAE. His Highness Sheikh Khaled provided instructions on exploring clean energy to enable the energy transition.
For any legal queries or information, contact info@thelawreporters.com or call us on +971547928720
Popular Posts
Related News
UAE: Energy Department Issues Policy for Clean Energy Certificates
- at General
In an effort to reduce the carbon footprint of power generation in the Emirate the Energy Department in Abu Dhabi has issued policy for Clean Energy Certifications for reliable form of accreditation and is modelled on the Internationally recognized standard called International Renewable Energy Certificate Standard Foundation (I-REC Standard). Every producer of clean energy in the Emirate...
- By, Sunil Ambalavelil
- Share
Abu Dhabi Arbitration Centre Signs Agreement with Takheem
- at General
The Abu Dhabi Global Market Arbitration Centre, better known as ADGMAC, has signed an agreement with the Sharjah International Arbitration Centre (Takheem), for promoting commercial arbitration across the UAE and the wider region. This agreement is projected as a solution to effect cooperation between the two centres, and has been created with the objective of working together to bring accessibility,...
- By, Sunil Ambalavelil
- Share
Sharjah Announces Four-Day Workweek
- at General
The Sharjah Executive Council has announced that Sharjah will adopt a four-day workweek. This announcement came a day after the UAE said that it will shift to a four-and-a-half day workweek. His Highness Dr. Sheikh Sultan bin Mohammed Al Qasimi, the Ruler of Sharjah and Supreme Council Member had directed the Sharjah Executive Council to make this remarkable change in the work culture. As per sources,...
- By, Sunil Ambalavelil
- Share
UAE Public Prosecution Warns of Heavy Penalties for Spreading...
- at General
The Public Prosecution social media handles posted a video reminding the public about penalties for spreading fake news and rumours. A hefty fine or imprisonment could be slapped on culprits under the Federal Decree Law No. 34 of 2021. In the social media posts, the Public Prosecution mentioned that the Article 52 of the law prohibits anyone from using the internet to publish and spread fake news,...
- By, Sunil Ambalavelil
- Share
UAE: UAE President Issues Law to Establish Human Rights...
- at General
The UAE seems to be moving in the direction of having a formal institution in place to ensure Human Rights protection, thanks to the President His Highness Sheikh Khalifa bin Zayed Al Nahyan issuing a law to create National Human Rights Institution (NHRI). This law is called Federal law No. 12 of 2021, which under Article 2 defines the formation of an independent body for Human Rights headquartered...
- By, Sunil Ambalavelil
- Share
COPYRIGHT LAW IN THE UAE
- at General
INTRODUCTION Although the word “copyright” is commonly used in everyday conversation, it is not often explored in the context of UAE law. Copyright refers to the right over the work of an artist or author to express an original idea through handmade work. Retaining "copyright" essentially means legally securing the rights to produce, adapt, distribute, and make copies of the original work....
- By, Sunil Ambalavelil
- Share