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FINANCIAL NEWS
UAE’s ADCO to boost oil output capacity by 100k bpd
23 Jan 2012
(MENAFN) The Abu Dhabi Company for Onshore Oil Operations (ADCO) said that by the end of 2012, the firm would boost its production capacity through adding 100,000 barrels per day (bpd), reported Emirates 24/7.
The UAE’s largest oil producing company added that new projects would increase output to 1.47 million bpd at the end of the current year, from around 1.37 million bpd listed at the end of 2011.
It also said that in the second quarter of 2013, the firm would ink new deals worth between USD2 billion and USD3 billion within its last capacity development phase, adding that plans aim to enhance Asab field’s capacity from 290,000 bpd to 355,000 bpd and Sahel’s capacity from 75,000 to 100,000 bpd, moreover, Shah field’s capacity would also be expanded from 50,000 bpd to 70,000 bpd, whereas output at Bab, one of the largest onshore oilfields in the region, would be boosted from around 300,000 bpd to around 380,000 bpd.
It is worth noting that the move came as ADOC, one of the world’s largest 10 oil firms, is planning a multi-billion dollar program to reach its 2017’s target of 1.8 million bpd.
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