No slip up for UAE oil industry
The UAE produced on average 2.69 million barrels per day (bpd) in September, similar to the production levels in a month earlier, latest data from the Paris-based International Energy Agency (IEA) showed.
The UAE has a sustainable oil production capacity of 2.79 million bpd at present, said the IEA, which advises 28 industrialised countries on energy policy. In July, the UAE’s oil production was estimated at 2.68 million bpd.
In 2011, according to IEA’s estimates the UAE on average, produced 2.50 million barrels of oil per day.
The emirate of Abu Dhabi produces more than 90 per cent of the UAE’s crude oil output, the bulk of which is exported.
A top-ranking UAE oil executive previously said the country’s oil production capacity is expected to rise to around 3 million barrels per day by the end of 2012.
The UAE intends to increase its oil production capacity to 3.5 million bpd by 2018 to meet the rising global oil demand. Abu Dhabi Company for Onshore Oil Operations (ADCO) is hopeful new capacity of 213,000 bpd will come on stream in 2012. Abu Dhabi Marine Operating Company (ADMA-OPCO), majority-owned by the Abu Dhabi National Oil Company (ADNOC), plans to invest at least $10 billion (Dh36.7 billion) developing two offshore fields to boost the firm’s crude output by 60 per cent by 2017.
As per plan, Abu Dhabi’s state oil producer Abu Dhabi National Oil Company (Adnoc) will spend $40 billion (Dh146.93 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 km south west of Abu Dhabi city.