Abu Dhabi Seeking To Increase Oil Production

From Albawaba Business

 

Abu Dhabi’s Supreme Petroleum Council, the country’s highest oil authority, has instructed operating companies to seek ways of raising production, Abu Dhabi International Petroleum Exhibition and Conference (Adipec) said in a statement.

“The UAE has raised output from 2.7 million to 2.8 million barrels per day and it is targeting capacity of 3 milion barrels per day by end of 2012,” the statement revealed.

“There are plans to invest $60 billion in the next five years to raise production capacity to 3.5 million barrels per day by 2017,” according to the statement.

Adipec said that Abu Dhabi National Oil Company (Adnoc)’s affiliate Abu Dhabi Company for Onshore Oil Operaitons (Adco), which accounts for 1.4 million barrels per day of produdction, is 40 per cent owned by Shell, Total, Exxon Mobil, BP and Partex.

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