Abu Dhabi seeking to increase oil production
Abu Dhabi is seeking to increase oil production
Click here to add Abu Dhabi Company for Onshore Oil Operaitons as an alert
Disable alert for Abu Dhabi Company for Onsh ...,
Click here to add Abu Dhabi Naitonal Oil Company as an alert
Disable alert for Abu Dhabi Naitonal Oil Company,
Click here to add Abu Dhabi’s Supreme Petroleum Council as an alert
Disable alert for Abu Dhabi’s Supreme Petrol ...,
Click here to add BP as an alert
Disable alert for BP,
Click here to add Exxon Mobil as an alert
Disable alert for Exxon Mobil,
Click here to add Giyas Gokkent as an alert
Disable alert for Giyas Gokkent,
Click here to add Muaatasem Awda as an alert
Disable alert for Muaatasem Awda,
Click here to add NBAD as an alert
Disable alert for NBAD,
Click here to add Tawazun as an alert
Disable alert for Tawazun
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.
- Will terror attacks damper Arabs' appetite for European holidays?
- So cool it's hot: Saudi Arabia's $3.2B HVACR market driven by construction boom
- US, EU protectionist policies may be a blessing in disguise for GCC suppliers
- Dubai to Doha: How far can you stretch your dirham?
- OPEC's poor history of compliance will make production cut deal a challenge
- UAE plans $60bn investment to oil the wheels for record output
- UAE oil output at 2.6 million
- Surplex raises $27 million
- RAK Properties’ net profit rose 35.6 % in 2012, announces plans for a five-star hotel in RAK and residential projects in Abu Dhabi
- Abu Dhabi gas company plans to increase production level