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FINANCIAL NEWS
Abu Dhabi’s ZADCO eyes output increase of 50%
07 Nov 2010
(MENAFN) Officials from Zakum Development Company (ZADCO) have announced that the oil production company has set plans to increase its output by 50 percent to 750,000 barrel per day of crude oil by 2015, Khaleej Times reported.
The Abu Dhabi-based company, which is one of eleven ADNOC subsidiaries, plans to develop four artificial oil islands by the end of 2015 in order to achieve the mentioned goal.
During the ADIPEC-2010 event, ADNOC released a statement announced that the construction of the South Island began in August 2010 with the first visible signs appearing above the waves last month.
The contract which was awarded to Abu Dhabi-based National Marine Dredging Company in November 2009, is valued at $626.2 million, whereas production capacity is expected to represent about a quarter of the UAE’s oil production by the end of 2015.
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