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FINANCIAL NEWS
UAE to boost Lower Zakum oil output by 2014
22 Oct 2011
(MENAFN) Abu Dhabi Marine Operating Company (Adma-Opco) said it aims at increasing its crude output by 14.2 per cent to 700,000 barrels per day by the end of 2014, Gulf News reported.
Adma-Opco CEO said the expansion at the Lower Zakum field will boost capacity to 425,000 barrels per day from the current 325,000 barrels per day.
He added that the current cumulative production capacity at Adma-Opco’s oilfields was 600,000 barrels per day.
The company, which is a unit of Abu Dhabi National Oil Company (ADNOC), said earlier this year that the offshore construction for the Zakum water injection upgrade project, aimed at boosting oil output by 100,000 barrels per day from the Lower Zakum field, is set for completion by June 2012.
UAE seeks to increase its oil production capacity to 3.5 million bpd by 2018 from 2.7 million bpd to meet the rising global oil demand.
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