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FINANCIAL NEWS
Abu Dhabi to spend USD25b on offshore oilfields
22 Apr 2015
(MENAFN) The government of Abu Dhabi is set to make a USD25 billion investment on increasing its oil generating capacity from offshore plants, according to Abu Dhabi National Oil Co, Arabian Business reported.
The investment is going to be allocated over a five-year period until 2020, and it is part of the whole country’s plan to increase the generating capacity of oil to 3.5 million barrels per day by 2018.
“We want to build capacity from production and from number of wells and infrastructure. Our current plan as ADNOC (is to reach) 3.5 million bpd and to sustain it,” the manager of ADNOC’s offshore division of the exploration and production said.
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