UAE’s ADCO invests USD5 billion to raise output
11 Nov 2014
(MENAFN) Abu Dhabi Company for Onshore Oil Operations (ADCO) announced it is planning to invest between USD5 billion and USD7 billion during the next three years to raise its output by 12.5 percent, Arab News reported.
The company said that these investments will help raise its output to reach 1.8 million barrels per day by end-2017 compared to its current production of 1.6 million barrels per day.
ADCO said that the current low oil prices of oil will have no impact on the expansion plans, with the company being completely committed to achieving 1.8 million barrels per day and that all the projects are expected to go ahead according to its schedule.