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FINANCIAL NEWS
UAE’s Adma-Opco to boost output capacity by 2014 to 700k bpd
20 Oct 2011
(MENAFN) Abu Dhabi Marine Operating Company’s (Adma-Opco) chief executive, Ali Rashid Al Jarwan, said that by the end of 2014, the company’s crude output capacity would reach 700,000 barrels per day (bpd), with a rise of 14.2 percent over current figures, reported Gulf News.
Al Jarwan added that output capacity at the Lower Zakum field would reach 425,000 bpd compared with 325,000 bpd at the current time; moreover, the company’s oilfields’ cumulative production capacity was 600,000 bpd at the current time.
He also said that the company, of which 60 percent is owned by Abu Dhabi’s state oil firm Adnoc, would also spend at least USD10 billion to develop two offshore fields in order to increase the company’s crude output by 60 percent by 2017.
It is worth noting that in order to meet increasing global oil demand, the UAE plans to boost oil output capacity to 3.5 million bpd by 2018 from the current 2.7 million bpd.
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