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FINANCIAL NEWS
Abu Dhabi’s Adma-Opco to develop $10b projects
03 Nov 2010
(MENAFN) Chief Executive Officer of Abu Dhabi Marine Operating Company (Adma-Opco), Ali Rashid Al Jarwan, announced that the firm is set to develop two offshore fields, valued at $10 billion, to increase the firm’s crude output 60 percent by 2017, Gulf Daily News reported.
Adma-Opco, majority-owned by Abu Dhabi’s state oil firm, is expected to produce 600,000 barrels of oil per day (bpd) in early 2011, compared to the current 550,000 bpd, announced the CEO.
As a result of the development of the two offshore oilfields – Umm Al Lulu and Nasr -, Adma-Opco will produce 970,000 bpd by 2017, adding 50,000 bpd in the first phase and another 200,000 bpd in the full phase.
The two major fields, Umm Shaif and Lower Zakum, are the two major fields that supply Adma-Opco with its oil and gas production, and within three years, the firm will be increasing production capacity to 700,000 bpd while executing an additional 120,000 bpd from the lower Zakum field, whereas the Umm Al Shaif project will accelerate output by 50,000 bpd in early 2011.
Adma-Opco which is 60 percent owned by the Abu Dhabi National Oil Company (Adnoc), has other stakeholders such as BP, Total and Japan Oil Development Company.
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