ADNOC to spend $ 5 bn on onshore projects

Oct 28, 2010 12:00 AM

Abu Dhabi National Oil Company (ADNOC) plans to spend $ 5 bn until 2016 to boost oil output from its onshore operations to 1.8 mm bpd, a senior executive said."We already spent $ 5 bn and we plan to spend another $ 5 bn to reach our 2016 objective," Abdul Munim Saif Al-Kindy, chief executive of ADNOC's onshore operations unit ADCO, told.

The United Arab Emirates has set an overall target to increase its oil production capacity to 3.5 mm bpd by 2018 from 2.7 mm bpd. ADNOC's current capacity is 1.4 mm bpd, and to date it has produced around 13 bn barrels of crude. The company plans to add 213,000 bpd by 2012 from existing, new reservoirs and new fields, Al-Kindy told, 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 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.

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