Abu Dhabi to invest over $25 billion in offshore oil fields
The plan is part of the UAE’s strategy of increasing its crude oil output potential to 3.5 million barrels per day by 2017-18.
Abu Dhabi — Abu Dhabi plans to invest over $25 billion in the next five years on boosting its oil production capacity from offshore fields, a senior official of Abu Dhabi National Oil Company, or Adnoc, said on Tuesday
The plan is part of the UAE’s strategy of increasing its crude oil output potential to 3.5 million barrels per day by 2017-18. The UAE’s actual current production is around 2.8 million bpd.
“We want to build capacity from production and from number of wells and infrastructure. Our current plan as Adnoc (is to reach) 3.5 million bpd and to sustain it,” Qasem Al Kayoumi, manager of Adnoc’s offshore division of the exploration and production directorate, told reporters.
Speaking at the Middle East Petroleum and Gas conference in Abu Dhabi, he also said the investment plan for offshore drilling activities was $2.5 billion per year. Adnoc plans to drill around 160 wells per year in the next couple of years, Kayoumi said. Read More