UAE Discovers More Oil Reserves

The UAE announced this week that it has discovered an additional 2 billion barrels of conventional oil, pushing its recoverable reserves up to 107 billion barrels. It also discovered 22 billion barrels of unconventional oil which will be more difficult to extract, according to a Bloomberg report.

Abu Dhabi is planning to invest $122 billion dollars in oil and natural gas over the next five years to boost production.