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| volume 9, issue #16 - Wednesday, August 18, 2004 | |
08-08-04 The United Arab Emirates (UAE) earned a record $ 29.5 bn in oil and gas revenues in 2003 and was expected to post a continuous growth in 2004 thanks to soaring oil prices. The income included $ 25.6 bn in crude and oil products sales and nearly $ 3.9 bn from exports of natural gas, LNG and natural gas liquids (NGL). The Abu Dhabi oil price averaged $ 28.11 in 2003, the highest level since the end of the oil boom 22 years ago. Source: Xinhua News Agency
UAE earns $ 29.5 bn from oil and gas in 2003
Figures by the Ministry of Petroleum and Mineral Resources and the Abu Dhabi National Oil Co. (ADNOC) showed that oil and gas export income was about $ 29.5 bn in 2003, a 30.7 % growth compared to the previous year.
Crude oil and condensates output in 2003 stood at 2.59 mm bpd, and gas production was around 46 bn cm, including 7.34 bn cm of LNG and 12.75 bn of NGL.
Oil and gas income in 2004 was expected to be even higher since the country was pumping crude at full capacity and prices were projected to climb.
