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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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IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
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IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki

The International Monetary Fund said on Thursday that an escalation of the conflict in the Middle East could have significant economic ramifications for the region and the global economy, but commodity prices remain below the highs of the past year.

IMF spokesperson Julie Kozack told a regular news briefing that the Fund is closely monitoring the situation in southern Lebanon with "grave concern" and offered condolences for the loss of life.

"The potential for further escalation of the conflict heightens risks and uncertainty and could have significant economic ramifications for the region and beyond," Kozack said.

According to Reuters, she said it was too early to predict specific impacts on the global economy, but noted that economies in the region have already suffered greatly, especially in Gaza, where the civilian population "faces dire socioeconomic conditions, a humanitarian crisis and insufficient aid deliveries.

The IMF estimates that Gaza's GDP declined 86% in the first half of 2024, Kozack said, while the West Bank's first-half GDP likely declined 25%, with prospects of a further deterioration.

Israel's GDP contracted by about 20% in the fourth quarter of 2023 after the conflict began, and the country has seen only a partial recovery in the first half of 2024, she added.
The IMF will update its economic projections for all countries and the global economy later in October when the global lender and World Bank hold their fall meetings in Washington.
"In Lebanon, the recent intensification of the conflict is exacerbating the country's already fragile macroeconomic and social situation," Kozack said, referring to Israel's airstrikes on Hezbollah in Lebanon.
"The conflict has inflicted a heavy human toll on the country, and it has damaged physical infrastructure."
The main channels for the conflict to impact the global economy have been through higher commodity prices, including oil and grains, as well as increased shipping costs, as vessels avoid potential missile attacks by Yemen's Houthis on vessels in the Red Sea, Kozack said. But commodity prices are currently lower than their peaks in the past year.
"I just emphasize once again that we're closely monitoring the situation, and this is a situation of great concern and very high uncertainty," she added.
Lebanon in 2022 reached a staff-level agreement with the IMF on a potential loan program, but there has been insufficient progress on required reforms, Kozack said.
"We are prepared to engage with Lebanon on a possible financing program when the situation is appropriate to do so, but it would necessitate that the actions can be taken and decisive policy measures can be taken," Kozack added. "We are currently supporting Lebanon through capacity development assistance and other areas where possible."