UAE plans to add 213,000 bpd of crude by 2012
The United Arab Emirates has set an overall target to increase its oil production capacity to 3.5 million barrels per day (bpd) by 2018.
October 28, 2010 8:49 by Reuters
Abu Dhabi’s National Oil Company plans to add 213,000 barrels per day (bpd) to its crude production by 2012, chief executive of the company’s onshore operations unit ADCO said on Wednesday.
The United Arab Emirates has set an overall target to increase its oil production capacity to 3.5 million barrels per day (bpd) by 2018 from 2.7 million bpd.
“We hope to add 213,000 barrels a day by 2012, which will come from existing, new reservoirs and new fields,” Abdul Munim Saif al- Kindy told Reuters in an emailed statement.
ADCO also has a longer term target to increase output by about 400,000 bpd to 1.8 million bpd over the next 10 years.
“The rest, some 200,000 barrels a day will come from increasing production from existing fields of Bab, Asab, Qusahwira and some smaller new fields which we plan to award related projects starting 2012,” he said.
The UAE, together with Kuwait and Saudi Arabia, is one of the OPEC countries with spare capacity that can be added to the oil market as required.
Spare capacity has increased after the Organization of the Petroleum Exporting Countries agreed output reductions in December 2008, when the oil price was crashing after a record rally and as global recession took hold, stifling demand.
As the oil price has recovered — to more than $80 now — compliance with agreed curbs has fallen.
(Reporting by Amena Bakr; Editing by Barbara Lewis)