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Commodities

UAE oil discoveries bolster ADNOC bid to reach 5 million bpd capacity: minister

FILE PHOTO: A worker injects a car with fuel at an ADNOC petrol station in Abu Dhabi, United Arab Emirates July 10, 2017. REUTERS/Stringer/File Photo

DUBAI (Reuters) - United Arab Emirates’ Energy Minister Suhail al-Mazrouei said on Monday the latest oil discoveries are part of state-owned Abu Dhabi National Oil Co’s efforts to increase production capacity to 5 million barrels per day by 2030.

The UAE on Sunday announced the discovery of two billion barrels of conventional oil reserves and 22 billion barrels of unconventional oil reserves.

The discoveries “reflect the constant development operations carried out by ADNOC in its endeavour to reach its target of increasing oil production capacity to 5 million bpd by 2030,” Mazrouei said on his ministry’s Twitter account.

Reporting by Maher Chmaytelli; editing by Jason Neely

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