Abu Dhabi seeking to increase oil production

Abu Dhabi seeking to increase oil production
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Published November 13th, 2012 - 07:43 GMT via SyndiGate.info

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Abu Dhabi is seeking to increase oil production
Abu Dhabi is seeking to increase oil production
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Abu Dhabi’s Supreme Petroleum Council, the country’s highest oil authority, has instructed operating companies to seek ways of raising production, Abu Dhabi International Petroleum Exhibition and Conference (Adipec) said in a statement.

“The UAE has raised output from 2.7 million to 2.8 million barrels per day and it is targeting capacity of 3 milion barrels per day by end of 2012,” the statement revealed.

“There are plans to invest $60 billion in the next five years to raise production capacity to 3.5 million barrels per day by 2017,” according to the statement.

Adipec said that Abu Dhabi Naitonal Oil Company (Adnoc)’s affiliate Abu Dhabi Company for Onshore Oil Operaitons (Adco), which accounts for 1.4 million barrels per day of produdction, is 40 per cent owned by Shell, Total, Exxon Mobil, BP and Partex.

It showed that concessions expire in two years and Abu Dhabi authorities have already received pre-qualificiation bids from 10 invited companies.

Giyas Gokkent, chief economist at NBAD, said that the UAE is well placed to boost oil production.

“The UAE is well placed to boost output thanks to investment in new capacity and with Iranian production declining, the demand situation is strong,”he remarked.

Adipec added that Adnoc’s capacity to ramp up crude production has proved a boon both to the global market and to the Emirates’ economy amidst expectations that the UAE 2012 GDP growth to reach 3.3 per cent.

For his part, Muaatasem Awda, CEO of Tawazun, said that the increase of production to 3 million barrels per day will be reflected positively on the UAE and represents the status of Abu Dhabi in oil production.

“The increase of production to 3 million barrels per day represent that Abu Dhabi has a very strong status in oil production at the international level,” said Awda.

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