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FINANCIAL NEWS
UAE invested USD70b to boost oil, gas capacity
10 Nov 2014
(MENAFN) The UAE’s Ministry of Energy revealed that Abu Dhabi National Oil Company (ADNOC) has invested USD70 billion in developing new oil and gas fields, as well as in boosting the country’s current output capacity to 3.5 million barrels per day by 2017, Gulf News reported.
The Ministry said that ADCO is ready to increase its oil production capacity from the current 1.4 million barrels per day (bpd) to 1.8 million bpd by 2017, with the Shah Gas Project on track to commence production in 2014
The UAE is also planning a number of projects under its national strategy to diversify the energy mix as well as have the production of liquefied natural gas (LNG) be divided into 50 percent of the production for the local demand while the remaining 50 percent will be imported.
“We expect to develop new gas fields and launch new projects to import LNG. These projects include the awarding of a contract for the Emirates LNG project in Fujairah by the end of 2014 or early 2015,” The UAE Minister of Energy said.
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