Oil output in the UAE dropping but plans afoot
The UAE, on average, produced 2.65 million barrels per day (bpd) of oil in November, 0.75 per cent lower than its output in October, latest data from the Paris-based International Energy Agency (IEA) showed.
“Kuwait and the UAE posted small declines in November. Kuwait output was down by 40,000 bpd to 2.78 million bpd while the UAE fell by a smaller 20,000 bpd to 2.65 million bpd. Qatari production was unchanged at 730,000 bpd,” said the IEA, which advises 28 industrialised countries on energy policy.
According to the IEA, the IEA, the UAE, on average, produced 2.67 million bpd of crude oil in October, while its output in September stood at 2.69 million bpd.
The UAE has a sustainable oil production capacity of 2.79 million bpd at present, the IEA figures revealed.
Officials at the UAE’s Ministry of Energy weren’t immediately available to comment on the IEA’s findings.
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.
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