UAE oil company ADNOC has announced the discovery of new oil and gas resources, with an eye on full self-sufficiency as US sanctions on Iran go into effect, AFP reported Monday (November 5th).
State-run ADNOC, based in Abu Dhabi, said Sunday it had discovered new gas fields, totalling 15 trillion standard cubic feet, and another billion barrels of oil.
The company also announced plans to boost output to four million barrels per day by 2020 and five million bpd by 2030 -- a plan UAE officials said was aimed at making the country entirely self-sufficient.
Abu Dhabi Crown Prince Mohammed bin Zayed also announced the Supreme Petroleum Council, the city's main decision-making council, approved a budget of 486 billion dirhams ($132 billion) to support a five-year growth plan.
This included ADNOC's "gas strategy to become self-sufficient and a net gas exporter", he said in a social media post.
The UAE, OPEC's fourth largest producer, currently produces up to 3.5 million bpd.
Sunday's announcement came as the US imposed strict sanctions against Iran, a move which the UAE and Saudi Arabia support.
Saudi Arabia is the only producer with significant spare capacity that can be tapped into to compensate for the loss of Iranian supplies. But analysts doubt Riyadh can sustain high production for a prolonged period.
