IEA says UAE’s June oil output at 2.73 million bpd

IEA says UAE’s June oil output at 2.73 million bpd
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Published July 14th, 2013 - 08:04 GMT via SyndiGate.info

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Abu Dhabi aims to start producing about 500 million cubic feet a day of sour gas in 2014
Abu Dhabi aims to start producing about 500 million cubic feet a day of sour gas in 2014
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Paris
,
Occidental Petroleum Corp
,
International Energy Agency
,
Abu Dhabi National Oil Company
,
The Abu Dhabi Marine Operating Company
,
UAE’s Ministry of Energy

The UAE’s average June oil output was unchanged from May at 2.73 million barrels per day (bpd), latest data from the Paris-based International Energy Agency (IEA) showed.

“Preliminary data indicate production was unchanged in the UAE,” said the Paris-based IEA, which advises 28 industrialised countries on energy policy.

According to the IEA, the UAE’s sustainable oil production capacity was 2.9 million bpd in June while its average crude supply during the second quarter of 2013 was 2.72 million bpd, higher than the first quarter’s average supply of 2.67 million bpd.

Officials at the UAE’s Ministry of Energy were not immediately available to comment on the IEA’s figures.

Abu Dhabi accounts for more than 90 per cent of the UAE’s crude oil output, the bulk of which is exported. The UAE intends to increase its oil production capacity to 3.5 million bpd by 2020 to help meet the rising global demand.

The Abu Dhabi Marine Operating Company (Adma-Opco), which is majority-owned by the Abu Dhabi National Oil Company (Adnoc), plans to invest at least $10 billion (Dh36.7 billion) in developing two offshore fields to boost the firm’s crude output by 60 per cent. Adma-Opco recently said that it plans to boost its output by 400,000 barrels a day to almost 1 million barrels a day by 2020.

The offshore oil and gas unit of Adnoc previously had said it planned to reach this target by 2017.

As per the plan, Adnoc will spend $40 billion on crude, natural gas, petrochemical and refinery projects from 2010 through 2014. Gas projects under construction account for $25 billion of that.

Abu Dhabi aims to start producing about 500 million cubic feet a day of sour gas in 2014 from a $10 billion venture with Occidental Petroleum Corp at its onshore Shah field. The Shah field is located 210 kilometres south-west of the capital.

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