Abu Dhabi announces new oil discovery; approves ADNOC $122bln capex for 2021-2025

Abu Dhabi's crown prince also directed ADNOC to explore and pursue potential opportunities in hydrogen

  
A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019.

A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019.

REUTERS/Christopher Pike

DUBAI - Abu Dhabi's Supreme Petroleum Council (SPC) approved on Sunday capital expenditure for Abu Dhabi National Oil Company (ADNOC) of 448 billion dirhams ($121.97 billion) between 2021 and 2025, state news agency WAM reported.

The SPC also approved the awarding of a second round of exploration blocks and announced the discovery of 2 billion barrels of conventional oil reserves and 22 billion barrels of unconventional oil reserves.

Abu Dhabi's crown prince also directed ADNOC to explore and pursue potential opportunities in hydrogen, WAM said.

($1 = 3.6729 UAE dirham)

(Reporting by Lisa Barrington and Rania El Gamal; Writing by Yousef Saba) ((Yousef.Saba@thomsonreuters.com; +971562166204))

More From Energy