Abu Dhabi oil expansion backed by $52 bil in committed investment: execs

Abu Dhabi (Platts) Executives of the UAE’s Abu Dhabi National Oil Company and affiliated operating partnerships have disclosed about $52 billion of investment commitments intended to achieve a government target of raising Abu Dhabi’s oil production capacity to 3.5 million b/d by 2017, even as the emirate undergoes what promises to be a major shift in its concession structure. The investment total includes major contracts already awarded in the past two to three years. But the bulk of the spending is planned for the next three years, as the UAE’s major oil producing emirate intensifies its push to lift output capacity from its current level of, at most, 2.9 million b/d, mostly from aging fields with high depletion rates. ADNOC Deputy Director of Strategy and Coordination, Omar al-Suwaidi, told delegates attending the Abu Dhabi International Petroleum Exhibition and Conference in the UAE capital Monday that its […]

Comments are closed.