Offshore set to make up 50% of Abu Dhabi output

Sep 28, 2015 12:00 AM

Offshore reserves will account for approximately 50% of total oil production in Abu Dhabi by 2018 as a result of continued investments in production capacity, industry experts revealed.

With $25bn worth of investments in offshore oil projects planned by the Abu Dhabi National Oil Company (ADNOC) over the next five years, advancing the sector through developments in research and technology is becoming ever more critical to preserving it as a valuable energy resource, say industry leaders.

The ADNOC investment is part of the UAE’s strategy to boost its total oil output capacity to 3.5mn barrels per day (bpd) by 2017-18 from the current 2.8mn bpd.

Currently, an estimated 40% of oil produced in Abu Dhabi comes from offshore reserves, however sources say that figure will rise to 50% in the next three years.

Globally, about 30% of oil produced worldwide comes from offshore oil wells, and offshore resources are playing a greater role in supplying the rising demand for energy, with a growing interest in the potential of deep water reserves.

According to figures from a 2014 report by Total, the deep offshore is believed to contain more than 5% - an estimated 300 billion barrels - of the world’s liquid hydrocarbon resources, or 12% of total conventional oil resources.

In 2013, deep water liquid reserves accounted for 6% of global production. That share is forecast to rise to close to 11% of conventional oil output, or 9 million barrels per day, by 2035, according to the same document.

Dagher Al Marar, Chief Executive Officer of the Abu Dhabi offshore services company, ESNAAD, said: “Offshore production will represent around 50 per cent of oil production in Abu Dhabi by 2018, and therefore ESNAAD’s offshore services primary role is to accommodate the logistical and technical requirements of this vital sector within the emirate of Abu Dhabi.

"Tapping into offshore oil reserves has always had its specialty and challenges, and advances in technology have been helping the industry overcome such challenges.”

Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« August 2020 »
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Register to announce Your Event

View All Events