ADNOC's US$40 billion investment plan underway
Abu Dhabi National Oil Co. (ADNOC) said that they are halfway through plans for the company's US$40 billion investment plan. ADNOC boosted the capacity for its largest land-based deposits to an estimated 1.6 million barrels daily from the previous 1.4 million barrels produced before the expansion.
Fareed Abdulla, senior vice president of Abu Dhabi Co. for Onshore Oil Operations (ADCO), said that the venture between ADNOC and ADCO will raise the overall production to 1.8 million barrels a day by the end of 2017. ADCO is the partnership that operates the fields for ADNOC.
Mohammed Sahoo Al Suwaidi, head of the gas directorate at ADNOC, said, "Abu Dhabi is in the middle of a five-year, $40 billion plan aimed at boosting oil and natural gas output and expanding petrochemical and refining facilities."
Middle Eastern oil and gas producers are looking for ways to meet rising demand for gas as economies and populations expand. The demand also affects the growing power usage of industries and homes. Abu Dhabi currently produces most of the nation's oil. The United Arab Emirates is the fourth-largest producer in the Organization of Petroleum Exporting Countries, with Saudi Arabia, Iraq and Kuwait heading the list.