Abu Dhabi National Oil Company (ADNOC) has announced three onshore oil discoveries totalling 650mn barrels of oil
This includes 500mn barrels of oil in place from an exploration well at Abu Dhabi’s largest onshore field - Bu Hasa, which has unlocked a new formation within the field. The company reports that it offers “substantial additional premium-grade Murban oil resources”. Bu Hasa is part of the ADNOC Onshore concession and is operated by ADNOC Onshore.
ADNOC said that 100mn barrels were discovered in Onshore Block 3 operated by Occidental, marking the second oil find in this concession. Occidental was awarded the exploration rights for Onshore Block 3 in early 2019.
In the third discovery, around 50mn barrels of light and sweet Murban-quality crude were found in the Al Dhafra Petroleum Concession, operated by Al Dhafra Petroleum, a joint venture between ADNOC, the Korea National Oil Company (KNOC) and GS Energy, ADNOC said.
The discoveries were announced at a meeting of the executive committee of the ADNOC board of directors, which took place at ADNOC’s headquarters.
H.H. Sheikh Khaled bin Mohamed bin Zayed, member of Abu Dhabi Executive Council and chairman of Abu Dhabi Executive Office, who chaired the meeting, reviewed ADNOC’s performance and strategic targets, commending ADNOC’s expanded approach to strategic partnerships, which are supporting new oil discoveries. He noted that the company and its partners would ensure that the UAE remains a reliable supplier of some of the least carbon-intensive oil in the world for decades to come.
HH also praised ADNOC’s strengthening of UAE capital markets through the company's plans to float 10% of Borouge, the ADNOC joint venture with Borealis, on the Abu Dhabi Securities Exchange (ADX). Borouge has confirmed its intention to list approximately three billion shares, representing 10% of its issued share capital. The price per share for the offering has been set at AED 2.45, implying an equity value of approximately US$20bn. The listing is set to be the largest ever on the ADX, according to ADNOC.
Looking to the future, His Highness also gave directives to explore new clean energy partnerships, including clean hydrogen, as part of the company’s ambitious growth plans in the field, and to help support the energy transition.