UAE May oil output up 1.1% over April - IEA
Click here to add Abu Dhabi National Oil Company as an alert
Disable alert for Abu Dhabi National Oil Company,
Click here to add International Energy Agency as an alert
Disable alert for International Energy Agency,
Click here to add Occidental Petroleum Corp as an alert
Disable alert for Occidental Petroleum Corp,
Click here to add Organisation of Petroleum Exporting Countries as an alert
Disable alert for Organisation of Petroleum ...,
Click here to add Organization of Petroleum-Exporting Countries as an alert
Disable alert for Organization of Petroleum- ...,
Click here to add Paris as an alert
Disable alert for Paris,
Click here to add The Abu Dhabi Marine Operating Company as an alert
Disable alert for The Abu Dhabi Marine Opera ...,
Click here to add UAE’s Ministry of Energy as an alert
Disable alert for UAE’s Ministry of Energy
The UAE’s May oil output rose 1.1 per cent over April to 2.73 million barrels per day (bpd), latest data from the Paris-based International Energy Agency (IEA) showed.
“Opec [Organisation of Petroleum Exporting Countries] crude oil supply in May rose to its highest level in seven months due to increased output from Saudi Arabia and, to a less extent, Iran, the UAE and Kuwait. May Opec output was up by around 135,000 bpd to 30.89 million bpd, with higher output from the Gulf producers only partially offset by reduced supplies from Iraq, Libya and Nigeria, where terrorist and militant activity continued to undermine production levels,” said the IEA, which advises 28 industrialised countries on energy policy.
The UAE’s sustainable oil production capacity was 2.9 million bpd in May, the IEA said, adding the country’s average crude supply for the first quarter this year was 2.67 million bpd.
Officials at the UAE’s Ministry of Energy were not 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 2018 to meet the rising global oil 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) developing two offshore fields to boost the firm’s crude output by 60 per cent 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.
- 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
- IEA says UAE’s June oil output at 2.73 million bpd
- OPEC output edged up 70,000 barrels per day in May
- IEA says OPEC cut in oil output will have moderate impact on the market
- UAE oil output drops slightly in September
- A free fall? IEA cuts oil demand outlook, says prices could fall further for THIRD time this month