Gulf Oil and Gas accountACCOUNT

ADNOC to Spend $5 Billion on Onshore Projects

Source: Reuters 10/28/2010, Location: Middle East

Abu Dhabi National Oil Company (ADNOC) plans to spend $5 billion until 2016 to boost oil output from its onshore operations to 1.8 million barrels per day (bpd), a senior executive said.

'We already spent $5 billion and we plan to spend another $5 billion to reach our 2016 objective,' Abdul Munim Saif Al-Kindy, chief executive of Adnoc's onshore operations unit Adco, told reporters on the sidelines of a news conference.

The United Arab Emirates has set an overall target to increase its oil production capacity to 3.5 million bpd by 2018 from 2.7 million bpd. ADNOC's current capacity is 1.4 million bpd, and to date it has produced around 13 billion barrels of crude. The company plans to add 213,000 bpd by 2012 from existing, new reservoirs and new fields, Al-Kindy told Reuters, adding the remaining 200,000 bpd increase would come from existing fields of Bab, Asab, Qusahwira and some smaller new fields.

Asked if he was concerned about demand for crude dwindling in the future, Al-Kindy told reporters there was no shortage of demand foreseen in the future. 'If anything there is a shortage of supply,' he added. The UAE, together with Kuwait and Saudi Arabia, are among OPEC countries with spare capacity that can be added to the oil market as required.

Investment News in United Arab Emirates >>

Mexico >>  7/16/2019 - In the presence of the president of Mexico, Andres Manuel Lopez Obrador, the chief executive officer of Petr?leos Mexicanos, Octavio Romero Oropeza, p...
Ghana >>  7/15/2019 - Africa Finance Corporation ("AFC"), the leading infrastructure solutions provider in Africa, announces it has financed Aker Energy A.S., a subsidiary ...

United States >>  7/10/2019 - Tellurian Inc. (Tellurian) (TELL) has entered into definitive agreements with Total Delaware, Inc. (Total) and Total Gas & Power North America, Inc. ...
Indonesia >>  7/5/2019 - Bass Oil has announced that it has successfully arranged a $0.15 million private placement to sophisticated and professional investors through the iss...

United Kingdom >>  7/4/2019 - The National Trust has announced it will cease any investment in fossil fuel companies. The charity will introduce a series of new measures to ensure ...
Australia >>  6/27/2019 - Santos announced that the Barossa Joint Venture has entered into exclusive negotiations with the Darwin LNG Joint Venture for the supply of backfill g...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.