FINANCIAL NEWS

Abu Dhabi 2005-2010 oil investment increases by 6 times

20 Nov 2011

(MENAFN) Abu Dhabi Department of Economic Development said that between 2005 and 2010, investments in the emirate’s oil sector grew by around 6 times, due to a rise in spending on oilfield development plans and an increase in investment in fixed assets in oil equipment, reported Emirates 24/7.

The department added that the rise in investments was accompanied with a surge in crude prices, which increased the sector’s contribution to gross domestic product (GDP) in 2010 to USD83.8 billion from USD4.21 billion in 2005.

It also said that during the period between 2005 and 2011, Abu Dhabi pumped more than USD10 billion into crude capacity expansion projects, which targeted its onshore and offshore areas.

It is worth noting that gross fixed capital formation (investments) in the oil and gas sector in 2005 reached USD1.95billion, whereas it grew to around USD2.12 billion in 2006 and USD2.31 billion in 2007, however, it surged to USD5 billion in 2008 and to USD9.2 billion the following year, while it hiked USD11.89 billion in 2010.

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