Adnoc is banking on unconventional oil and gas reserves to form a key plank of its upstream portfolio going forward. The firm late last year announced that the first unconventional gas from TotalEnergies’ Ruwais-Diyab license had been delivered to the grid, and by 2030 it intends to be producing 1bn cfd from the concession (MEES, 13 November 2020).
Given the importance of the emirate’s unconventional reserves to Adnoc’s longer-term strategy, the firm has focused on de-risking these reserves through a major exploration campaign. This has yielded dividends, with Adnoc pegging its discovered, recoverable reserves at 22bn barrels of unconventional oil and 160tcf unconventional gas (MEES, 27 November 2020). (CONTINUED - 875 WORDS)