UAE plans $60bn investment to oil the wheels for record output
The United Arab Emirates (UAE) is on track to expand its crude oil production capacity to 3 million barrels per day (bpd) by the end of the year, two industry sources said yesterday.
The UAE, one of the world's top oil exporters, increased its production capacity from 2.7 million bpd to around 2.8m bpd earlier this year and expects to add another 200,000 bpd of capacity over the next few months.
"Oil production capacity in the UAE should reach 3m bpd by the end of this year, and already the current capacity is around 2.8m bpd," said an industry source familiar with the projects.
In July the country's production was ramped up close to its maximum capacity of 2.8m bpd, the source added.
"The maximum capacity has been tested and everything is going ahead as planned," he said.
Abu Dhabi, which has the largest share of the UAE's oil, plans to invest $60 billion over the next five years to boost production capacity to 3.5m bpd.
The bulk of the capacity increase this year will come from the Zakum oil fields, said a second industry source, adding that production at the Murban-Bab field had also increased in 2012 but declining to say by how much.
- 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