Home Industry Energy Abu Dhabi’s ADNOC announces new oil and gas discoveries The discoveries of up to 1 billion barrels of oil equivalent have been made at an exploration well in Onshore Block 4 concession by Aarti Nagraj December 14, 2021 Abu Dhabi’s state-owned oil producer ADNOC has found “significant” conventional oil, condensate and gas discoveries of up to 1 billion barrels of oil equivalent (BOE) from an exploration well in Onshore Block 4 concession, it announced on Tuesday. The concession is operated by Inpex – part of the Japan Oil Development Company. The discovery comprises “substantial Murban oil resources” and represents the first find from this concession area as well as from a new geological formation, ADNOC said in a statement on social media. The exploration well in Onshore Block 4 was drilled after new insights from Abu Dhabi’s ongoing combined onshore and offshore 3D seismic survey, the company said. “The next step is to appraise and further quantify these resources as well as to explore the promising potential in and around Onshore Block 4,” it added. We are delighted to announce significant conventional oil, condensate and gas discoveries of up to 1 billion barrels of oil equivalent (BOE) from an exploration well in Abu Dhabi’s Onshore Block 4 Concession, operated by Japan’s INPEX/JODCO. Read more: https://t.co/9sEYhI4Mt7 pic.twitter.com/6aYEyuWInJ — ADNOC Group (@AdnocGroup) December 14, 2021 ADNOC has been seeing a steady increase in oil discoveries following investments in drilling. Last month, ADNOC announced record investments worth up to almost $6bn (Dhs22bn) to enable drilling growth as it boosts its crude oil production capacity to 5 million barrels per day (mmbpd) by 2030 and drives gas self-sufficiency for the UAE. The investments are in the form of procurement awards to contractors for wellheads and related components, downhole completion equipment (DCE) and related services, and liner hangers and cementing accessories – all crucial in drilling for oil and gas and completing wells. Almost 60 per cent of the total value of the awards could flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) programme over their duration. Read: Abu Dhabi’s ADNOC announces $6bn investments to foster drilling growth In November 2020, Abu Dhabi-based Supreme Petroleum Council confirmed the discovery of an estimated 22 billion stock tank barrels (STB) of unconventional oil resources located onshore, and an increase in conventional oil reserves of 2 billion STB in the capital. Read: Abu Dhabi confirms massive oil discovery, set to add Dhs160bn to the UAE’s economy Tags Abu Dhabi ADNOC Discovery energy oil 0 Comments You might also like Wizz Air launches first long-haul service from Abu Dhabi to Milan OPEC+ agrees to delay October oil output hike for two months Barakah Nuclear Plant’s Unit 4 begins commercial operations EtihadWE inaugurates four stations across emirates, invests Dhs442m