Abu Dhabi will invest 448 billion dirhams ($122 billion) in oil and natural gas over the next five years as it seeks to raise production capacity, even while OPEC restricts its output.
The Gulf emirate’s top body for energy policy, the Supreme Petroleum Council, approved the budget for Abu Dhabi National Oil Co., the state-run WAM news agency reported on Sunday. The investment plan will contribute to growth and expansion “in all business areas,” including production, refining and trading, according to the statement.
Abu Dhabi, which already holds most of the crude oil in the United Arab Emirates, has discovered an additional 2 billion barrels at conventional fields, bringing the UAE’s total reserves of recoverable oil to 107 billion, WAM reported. The emirate has also found an extra 22 billion barrels of unconventional oil, which is harder to extract and may not all be recoverable.
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