UAE discovers new oil deposits

The Abu Dhabi National Oil Company (ADNOC) has discovered new oil deposits at three fields in certain areas of the emirate.

It is reported by TASS with reference to the Reuters agency.

According to the publication, preliminary estimates confirmed 500 million barrels of Murban oil reserves on the largest onshore field in the emirate of Abu Dhabi, Bu Khasa, located 200 km southwest of the capital of an Arab country. 

Another field was discovered in Block 3 offshore the emirate, which, according to some estimates, contains about 100 million barrels. It is noted that the rights to exploration work on this block are owned by the American company Occidental.

The third field, where about 50 million barrels of Murban oil was discovered, is located in the Al Dhafra concession.

The UAE authorities have developed a plan to increase oil production to five million barrels per day by 2030 (now it is about 3.5 million). In addition, in March of this year, the Minister of Energy and Infrastructure of the UAE, Suheil al-Mazroui, announced the country's commitment to the OPEC + agreement and existing mechanisms for adjusting oil production.