- Investment worth $25bn over five years
- National oil company plans to increase production capacity from offshore fields
- Abu Dhabi wants to increase capacity to 3.5 million barrels a day within three years
Abu Dhabi plans to invest $25bn over the next five years to increase oil production capacity from its offshore fields, according to a senior official at Abu Dhabi National Oil Company (Adnoc).
The emirate has awarded contracts worth over $10bn on major offshore developments over the last three years as it aims to reach a total capacity of 3.5 million barrels a day (b/d) by 2017-18.
We want to build capacity from production and from a number of wells and infrastructure. Our current plan as Adnoc [is to reach] 3.5 million b/d and to sustain it, said Qasem al-Kayoumi, manager of the companys offshore division, exploration and production directorate, who was speaking at a conference in Abu Dhabi on 21 April.
Al-Kayoumi said that offshore production is set to increase to 1.6 million b/d by 2017-18 from its current capacity of about 1.2 million b/d.
Adnoc has started preparations for the renewal of its Abu Dhabi Marine Operating Company (Adma-Opco) offshore concession, he added. The current joint venture expires in 2018.