Abu Dhabi National Oil Co. (ADNOC) is contributing $187 million to boost the production limit of the Al Nouf oilfield to 175,000 barrels each day (BPD) by 2024, from the current 160,000 BPD.
This funding, in the developing field, is said to assist ADNOC to arrive at its 5 million BPD oil production limit target by 2030. The state-claimed mogul, which siphons essentially all the oil in the United Arab Emirates, said that an additional 20 new wells will be contributed to the Al Nouf field. The utilization of water and gas infusion will be extended to facilitate oil recuperation.
ADNOC has granted the engineering, procurement, and construction (EPC) contract (enduring 39 months) of the Nouf development to an Abu Dhabi-based contracting organization, Robt Stone. An excess of 75% of the worth of the agreement will be encompassed under the oil organization’s in-country value program.
In November 2020, Abu Dhabi-based Supreme Petroleum Council (SPC) affirmed the revelation of an expected 22 billion stock tank barrels (STB) of eccentric oil assets found onshore and an expansion in traditional oil reserves of 2 billion STB in the capital emirate.
The 2 billion STB of the traditional oil reserves declared by the SPC at the time expanded the UAE’s ordinary oil reserves base to 107 billion STB of recoverable oil, reinforcing the nation’s situation in worldwide rankings as the holder of the 6th biggest oil reserves.