- Adnoc says production capacity will hit 3.5 million barrels a day in 2017
- For 2016, Adnocs plans require $33bn of capital investment
Firm has other programmes to raise gas production
Abu Dhabi National Oil Company (Adnoc) is on track to hit its target of raising sustainable oil production capacity to 3.5 million barrels a day (b/d) in 2017, the Al-Gharbia Development Forum, held in Abu Dhabi, was told on 19 May.
(We) have other programmes to raise gas production and our refinery (capacity) to reach 920,000 b/d, said Saif Ahmed al-Ghafli, CEO of Al-Hosn Gas.
Adnocs plans call for capital investment of AED120bn ($33bn) in 2016, AED119bn in 2017, AED72bn in 2018 and AED66bn in 2019, Al-Ghafli said.
Al-Hosn Gas, a 60:40 joint venture between Adnoc and US-based Occidental Petroleum (Oxy), started gas production from the Shah field in January. The Shah sour gas project cost $10bn.
Al-Ghafli said work has started on an Adnoc housing complex in Liwa that will accommodate 1,350 people. It is set to be completed in 2017.
The Al-Gharbia Development Forum provided information to investors, entrepreneurs, developers, project owners and the wider value chain about opportunities in Al-Gharbia, which accounts for about 40 per cent of the UAEs GDP. Topics covered included oil and gas; progress in the UAEs nuclear energy programme; infrastructure investment plans in Al-Gharbia; education and health; banking and finance; developments in the food production and processing sector; real estate; and tourism.