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ADNOC Reveals Second Gas Discovery in Abu Dhabi Offshore Block

This latest discovery builds on previously announced exploration concession discoveries. (WAM)
This latest discovery builds on previously announced exploration concession discoveries. (WAM)
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ADNOC Reveals Second Gas Discovery in Abu Dhabi Offshore Block

This latest discovery builds on previously announced exploration concession discoveries. (WAM)
This latest discovery builds on previously announced exploration concession discoveries. (WAM)

Abu Dhabi National Oil Company (ADNOC) revealed on Friday a second discovery of natural gas resources in the first exploration well in Abu Dhabi's Offshore Block 2 Exploration Concession, operated by Eni.

The find from a new deeper reservoir. which indicates between 1 – 1.5 trillion standard cubic feet (TSCF) of raw gas in place, builds on the initial finding in February 2022 from a shallower target, taking the total amount of gas in place from this single well to 2.5 - 3.5 TSCF.

A consortium, led by Eni and PTT Exploration and Production Public Company Limited (PTTEP), was awarded the exploration rights for Offshore Block 2 in 2019 as part of ADNOC's debut competitive block bid round.

ADNOC Upstream Executive Director Yaser Saeed Almazrouei said that the discovery highlights ADNOC's accelerated exploration and development program and how it's "identifying untapped hydrocarbon resources, creating long-term value for the UAE".

"We are particularly pleased to see Eni and PTTEP pursuing deeper zones, which has demonstrated additional potential resources in place. We look forward to continuing to work with all our strategic partners to sustainably identify and further unlock Abu Dhabi's hydrocarbon resources," he said, state news agency WAM reported.

In May 2022, ADNOC also announced the discovery of approximately 100 million barrels of oil in place in Abu Dhabi's Onshore Block 3, operated by Occidental, while in December 2021, up to 1 billion barrels of oil equivalent (BBOE) in Onshore Block 4 Exploration Concession, which is operated by INPEX/JODCO was confirmed.

ADNOC launched Abu Dhabi's first and second competitive block bid rounds in 2018 and 2019, respectively, offering a set of major onshore and offshore blocks to international companies, on behalf of the Government of Abu Dhabi.

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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.