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FINANCIAL NEWS
Abu Dhabi’s hydrocarbon sector surges 53% in 2011
02 Jan 2013
(MENAFN) The Abu Dhabi Department of Economic Development stated that the emirate’s oil sector surged by around 53 percent in 2011 to hit USD128.41 billion, compared with USD79.33 billion in 2010, reported Emirates 24/7.
The department said that the increase raised the hydrocarbon sector’s share of gross domestic product (GDP) to 58.5 percent in the year.
It added that in 2011, crude prices grew by almost 50 percent, reaching USD107.4 per barrel from USD77.4 a year earlier.
The total fixed capital formation (investment) in the industry climbed to USD13.28 billion in 2011 from USD2.12 billion in 2006, at an annual growth level of 44 percent.
It is worth noting that Abu Dhabi’s oil production in 2011 is estimated at nearly 2.5 million barrels per day (bpd), according to industry sources.
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