2022-02-03 12:14:59
ABU DHABI: The United Arab Emirates on Thursday introduced the invention of the primary gas reserves from its offshore exploration concessions because it seeks to realize gas self-sufficiency.
The Abu Dhabi Nationwide Oil Firm (ADNOC) stated that between 42.5 billion and 56.5 billion cubic metres (between 1.5 trillion and a couple of trillion cubic ft) of uncooked gas was discovered off the oil-rich nation.
“This discovery marks the first from Abu Dhabi’s offshore exploration concessions,” it stated in a assertion.
ADNOC CEO Sultan al-Jaber stated the invention would assist “create long-term value for the UAE”.
A consortium led by Italy’s ENI and PTT of Thailand gained the exploration rights for the offshore block in 2019.
The UAE has a number of the world’s largest gas reserves, with roughly 273 trillion cubic ft of typical gas and 160 trillion cubic ft of unconventional gas.
Nevertheless it at the moment provides most of its home demand with imports from neighbouring Qatar.
The assertion gave no particulars of the timeframe for the brand new gas assets to return onstream.
In 2020, the UAE stated it had found large reserves of gas that will assist it meet its wants.
ADNOC stated about 80 trillion cubic ft of shallow gas reserves have been found between the emirates of Dubai and Abu Dhabi, the most important within the seven-member UAE.
In the meantime, the UAE has stated it hopes to be carbon impartial by 2050.
Nevertheless, it forecast final 12 months that the oil and gas trade would wish to speculate “over $600 billion every year until 2030” simply to maintain up with projected demand.
