UAE discovers three new oil reserves

UAE discovers three new oil reserves

Abu Dhabi National Oil Company (ADNOC) on Thursday announced three oil discoveries including one at Bu Hasa, Abu Dhabi’s biggest onshore field, with a crude oil production capacity of 650,000 barrels per day (bpd), the company said on Thursday.

The discovery in Bu Hasa includes 500 million barrels of oil from an exploration well in the field, the company said in a statement, adding that the discovery offers "substantial additional premium-grade Murban oil resources".

ADNOC said the second oil find was in Abu Dhabi’s Onshore Block 3, operated by Occidental (OXY.N), and around 100 million barrels of oil in place were discovered, Reuters reported.

In the third discovery, around 50 million barrels of light and sweet Murban-quality crude were found in the Al Dhafra Petroleum Concession, ADNOC said.