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ADNOC announces three new oil discoveries

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Abu Dhabi, May 19, 2022 (WAM) – Abu Dhabi National Oil Company (Adnoc) on Thursday announced three oil discoveries that will add more than 650 million barrels of oil to the country’s hydrocarbon reserves.In a statement, the Abu Dhabi-based group said the 500 million barrels of oil were discovered at Bu Hasa, Abu Dhabi’s biggest onshore field, with a crude oil production capacity of 650,000 barrels per day (bpd). The second oil find was in Abu Dhabi’s Onshore Block 3, operated by Occidental, with around 100 million barrels of oil in place.“In the third discovery, around 50 million barrels of light and sweet Murban-quality crude were found in Al Dhafra Petroleum Concession,” according to the Adnoc statement.

Adnoc produces almost all of the UAE’s oil and is spending billions of dollars on multiple development projects as it aims to expand its crude output capacity to five million barrels per day (bpd) by 2030, up from the existing four million bpd.

Energy analysts and market experts said these additional reserves will be ‘a sizeable boost’ to the UAE’s hydrocarbon reserves base standing well above 111 billion barrels of oil and 289 trillion standard cf of natural gas.

Earlier this year, Adnoc had announced a sizeable gas discovery in the Offshore Block 2 exploration concession operated by Italy’s Eni. Adnoc had said that the interim results from the block’s first exploration well indicated between 1.5 trillion and 2 trillion cubic feet of raw gas in place in multiple good quality reservoirs of the Jurassic exploration targets.

In December last, there was confirmation of a discovery of up to one billion barrels of oil equivalent (BBOE) at Onshore Block 4 Exploration Concession, which is operated by the Japanese combine INPEX/JODCO (Japan Oil Development Company). The oil discoveries were disclosed at the Adnoc board of directors meeting chaired by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office.

During the meeting, held at Adnoc headquarters in Abu Dhabi, Sheikh Khaled reviewed Adnoc’s performance and strategic targets and commended the company’s expanded approach to strategic partnerships, which have helped lead to new discoveries of oil, including a new find at Bu Hasa, Abu Dhabi’s biggest onshore field with a crude oil production capacity of 650,000 barrels per day (mbpd).

“The 500 million barrels of oil discovered from an exploration well in the Bu Hasa field has unlocked a new formation within the field, offering substantial additional premium-grade Murban oil resources. Bu Hasa is part of the Adnoc Onshore Concession and is operated by Adnoc Onshore,” according to the statement issued by Adnoc.

In Abu Dhabi’s Onshore Block 3, operated by Occidental, around 100 million barrels of oil in place were discovered, marking the second oil find in this concession. Occidental was awarded the exploration rights for Onshore Block 3 in early 2019.

“Around 50 million barrels of light and sweet Murban-quality crude was also discovered in the Al Dhafra Petroleum Concession, operated by Al Dhafra Petroleum, a joint venture between Adnoc, the Korea National Oil Company (KNOC) and GS Energy,” the statement said.

With 20 years of experience across print, TV, and digital journalism, Sudhashree is a seasoned media professional with a keen eye for news. A true news bug, she thrives on curating stories that capture the pulse of fashion, film, and all things trending. Deeply immersed in the fast-evolving media landscape, she swears by the power of social media to shape narratives and spark conversations.

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Dubai announces Dh1.5 billion package to protect jobs and support businesses

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Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has approved a fresh Dh1.5 billion economic support package aimed at protecting jobs, easing pressure on businesses and strengthening Dubai’s economy during a challenging period for the region.

The latest measures bring the total value of Dubai’s recent economic support initiatives to Dh2.5 billion, following an earlier Dh1 billion package introduced earlier this year.

The new package includes 33 initiatives that will be rolled out over the next three to 12 months, targeting key sectors including tourism, hospitality, trade, education and customs services.

One of the biggest beneficiaries is Dubai’s hotel and tourism industry, with several major fee relief measures announced to reduce operating costs.

Hotels across the emirate will be allowed to postpone 100 per cent of government sales fees on rooms as well as food and beverage services for three months. The relief applies to hotels, hotel apartments and holiday homes.

Dubai has also postponed the Tourism Dirham fee, a charge applied to hotel stays for up to 30 consecutive nights, for the same period. Hotels will additionally be exempt from permit, postponement and cancellation fees related to events.

Retailers and commercial businesses are also expected to benefit, with Dubai removing additional charges linked to sales campaigns and promotional offers. The move is likely to encourage more discounts and shopping promotions across the city over the coming months.

The package further includes streamlined procedures for residency permit issuance and renewals, although detailed implementation guidelines are yet to be announced.

Other sectors receiving support include education, customs, transport and aviation. Measures include deferred licence renewal fees for educational institutions, payment deferrals in the transport sector, an 80 per cent reduction in customs fines and a 50 per cent cut in fees for renewing civil aviation permits.

In a statement shared on X, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said the initiatives reinforce Dubai’s economic resilience and competitiveness while strengthening partnerships between the government and private sector.

He added that Dubai remains committed to supporting businesses and residents while continuing to position itself as a leading global economic hub.

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Dubai property boom fuels ANAROCK’s Middle East expansion plans

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ANAROCK Group has announced a major leadership reshuffle as it looks to expand its footprint across the Middle East and Europe, with a strong focus on Dubai’s growing real estate market.

The independent real estate consultancy said the appointments come as the region enters a new phase of growth, driven by rising investor confidence, infrastructure expansion and increasing demand across residential and institutional real estate sectors.

New leadership appointments

Anuj Kejriwal has been appointed CEO, EMEA, while continuing his current role as Founding Partner and Head of Retail Advisory.

In his expanded position, Kejriwal will oversee the rollout of ANAROCK’s institutional advisory services across the Middle East, including capital markets, land services, consulting and valuation.

The company said Dubai will act as the launchpad for its wider regional expansion strategy before moving into broader European markets.

Meanwhile, Aayush Puri has been named CEO – Residential, Middle East and CEO of ANAROCK Channel Partner (ACP).

He will lead the firm’s residential business across the region while continuing to oversee the international operations of ANACITY, the group’s proptech and property management platform.

Focus on Dubai’s growth

According to ANAROCK, Dubai’s real estate market remains one of the key long-term growth drivers for the company, supported by strong economic fundamentals and sustained investor demand.

The firm also plans to hire senior local talent across consulting, residential and capital markets divisions as part of its expansion push.

Anuj Puri, Chairman of ANAROCK Group, said the leadership changes reflect the company’s commitment to strengthening its regional presence and capturing new cross-border opportunities in one of the world’s most dynamic real estate markets.

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New women-focused platform launches in Dubai with regional expansion plans

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A new women-focused platform has officially launched in the UAE with ambitions to become one of the GCC’s leading ecosystems for female empowerment, entrepreneurship and community support.

FEMPOWERMENT was founded by Kirsten Jenna Michaels and Alexander Sailer and aims to support women through business opportunities, coaching, education and networking initiatives.

Launched in Dubai, the platform combines community events, business launch support, workshops, coaching programmes and large-scale experiences designed to help women grow personally and professionally.

At the centre of the initiative is the Women’s Business Launchpad, a programme created to help women set up and scale businesses in the UAE through partnerships with banking, licensing and business service providers.

Founder and CEO Kirsten Jenna Michaels said the platform was designed to move beyond traditional empowerment messaging and focus on creating real opportunities for women.

The platform also features tiered membership programmes offering access to networking events, certifications, workshops and coaching experiences, alongside promotional opportunities for female-led businesses.

Co-Founder Alexander Sailer said the long-term vision is to build a scalable ecosystem that helps women access funding, launch ventures and create sustainable growth opportunities across the region.

Alongside its business and networking focus, FEMPOWERMENT has also pledged to support social impact initiatives, including plans to provide meals for 1,000 labour camp workers in the UAE and contribute to healthcare and education-related causes.

The organisation plans to expand across the GCC and international markets as part of its broader growth strategy.

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