Abu Dhabi has unveiled the discovery of 22bn barrels of unconventional reserves including shale oil as the Gulf producer pledged $122bn in capital expenditure for its national oil company over the next five years.
The emirate’s supreme petroleum council said on Sunday that it had also discovered another 2bn of conventional oil, bringing its recoverable reserves up to 107bn, the sixth-largest in the world.
In a statement, Abu Dhabi National Oil Company said the 22bn in unconventional oil resources were larger than some of those in its conventional fields.
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