Adu Dhabi Upgrades Oil, Gas Reserves
Abu Dhabi’s Supreme Petroleum Council (SPC) November 4 announced an increase in oil and gas reserves and new discoveries in Abu Dhabi, at its meeting held at Adnoc’s headquarters, Adnoc said the same day in a statement.
At the meeting, the SPC announced increases in hydrocarbon reserves of 7bn stock tank barrels (STB) of oil and 58 trillion ft3 of conventional gas, moving the UAE from seventh to the sixth position in both global oil and gas reserves ranking with a total of 105bn STB of recoverable oil and 273 trillion ft3 of conventional gas, Adnoc said.
“These significant additions to the UAE’s hydrocarbon reserves mark a historic milestone for the country since the last major update of its reserves base three decades ago and underpin its position as a stable and long-term energy provider to the world,” the state-run company said.
In addition, the SPC announced the discovery of unconventional recoverable gas resources totalling 160 trillion ft3 – a first for the region, Adnoc added.
According to Adnoc, the increase in reserves and new discoveries is a result of extensive drilling of dozens of new exploration and appraisal wells across Abu Dhabi’s conventional and unconventional oil and gas fields over the past few years. In addition, the start of production in new fields such as SARB, Umm Lulu, Haliba, and Bu Haseer, has enabled Adnoc to verify and further upgrade the originally expected reserves’ volumes, it said.
“The unconventional and conventional gas discoveries and increase in reserves follow the approval last year by the SPC of Adnoc’s integrated gas strategy that will allow Adnoc, commercially and holistically, to unlock Abu Dhabi’s abundant gas resources to enable the UAE to achieve gas self-sufficiency and potentially transition to a net gas exporter,” the company said.