Arab Emirates announced new discoveries of oil and gas that bring it closer to self-sufficiency

Arab Emirates announced new discoveries of oil and gas that bring it closer to self-sufficiency

The ADNOC oil company of the United Arab Emirates announced the discovery of important oil and gas resources that can lead to a total "self-sufficiency", coinciding with the entry into force on Monday of US sanctions against neighboring Iran.

The public company Abu Dhabi National Oil Company (ADNOC) announced on Sunday new deposits totaling 145 trillion cubic feet, and another one billion barrels of oil.

The company also announced that it will take its oil production in 2020 to 4 million barrels per day (mbd), and to 5 mbd in 2030, as part of a plan to make the United Arab Emirates fully autonomous, according to the country's officials.

The crown prince, Sheikh Mohamed ben Zayed, also announced that the Supreme Oil Council approved a budget of 486,000 million dirhams (132 billion dollars) to support a five-year growth plan.

The United Arab Emirates, the fourth producer of OPEC, currently produces up to 3.5 mbd. Like its main ally, Saudi Arabia, the UAE supports new sanctions against Iran, Riyadh's great regional rival.

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