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UAE's ADNOC Announces Three New Oil Discoveries

Some of the pipelines in the Bu Hasa, Abu Dhabi’s biggest onshore field. (WAM)
Some of the pipelines in the Bu Hasa, Abu Dhabi’s biggest onshore field. (WAM)
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UAE's ADNOC Announces Three New Oil Discoveries

Some of the pipelines in the Bu Hasa, Abu Dhabi’s biggest onshore field. (WAM)
Some of the pipelines in the Bu Hasa, Abu Dhabi’s biggest onshore field. (WAM)

Abu Dhabi National Oil Company (ADNOC) announced Thursday three oil discoveries including one at Bu Hasa, Abu Dhabi’s biggest onshore field, with a crude oil production capacity of 650,000 barrels per day (bpd).

The discovery in Bu Hasa includes 500 million barrels of oil from an exploration well in the field, the company said in a statement, adding that the discovery offers “substantial additional premium-grade Murban oil resources.”

ADNOC said the second oil find was in Abu Dhabi’s Onshore Block 3, operated by Occidental, and around 100 million barrels of oil in place were discovered.
In the third discovery, around 50 million barrels of light and sweet Murban-quality crude were found in the Al Dhafra Petroleum Concession, ADNOC added.

The discoveries were unveiled during a meeting of the Executive Committee of ADNOC’s Board of Directors 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.

Interlocutors met at ADNOC’s headquarters and reviewed the company’s performance and strategic goals.

Sheikh Khaled commended the company for its collaborative approach with its partners, which would ensure that the UAE remains a reliable supplier of some of the world’s least carbon-intensive oil for decades to come.

He also gave directives to explore new clean energy partnerships, including clean hydrogen, as part of the company’s ambitious growth plans in the field, and to help support the energy transition.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.