Abu Dhabi to source 50% oil from offshore reserves by 2018
Offshore reserves will account for approximately 50 per cent of total oil production in Abu Dhabi by 2018 as a result of continued investments in production capacity, experts said.
With $25 billion worth of investments in offshore oil projects planned by the Abu Dhabi National Oil Company (Adnoc) over the next five years, advancing the sector through developments in research and technology is becoming critical to preserve it as a valuable energy resource, say industry leaders.
The Adnoc investment is part of the UAE’s strategy to boost its total oil output capacity to 3.5 million barrels per day (bpd) by 2017-’18 from the current 2.8 million bpd.
Currently, an estimated 40 per cent of oil produced in Abu Dhabi comes from offshore reserves. However, sources say that figure will rise to 50 per cent in the next three years. Globally, about 30 per cent of oil produced worldwide comes from offshore oil wells. Details