UAE on track to meet 3.5 mil b/d production capacity target in 2017: energy minister

The UAE is continuing to invest in its oil and gas development plans despite lower oil prices, and is on track to meet its 2017 production capacity aims, energy minister Suhail al-Mazrouei said Sunday. The Persian Gulf state will spend as much as $35 billion in an attempt to cut its dependence on natural gas for power generation. “We are continuing with our investments,” Mazrouei said at an energy event in Abu Dhabi, state-run WAM news agency reported Sunday, adding that was no delay due to the fall in the price of crude oil. The sharp oil price decline that began in the second half of 2014 has prompted concern over upstream investments, but Mazrouei reiterated that the UAE remained on track to meet its medium-term production capacity target of 3.5 million b/d by late 2017 or early 2018, up from around 3 million b/d currently. Article continues below… […]

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