Abu Dhabi Boosts Oil Output in $40 Billion Plan - Bloomberg

Abu Dhabi Boosts Oil Output in $40 Billion Plan - Bloomberg:

"Abu Dhabi National Oil Co. is pumping about 1.5 million barrels of crude a day from its main onshore fields and is halfway through a planned $40 billion investment plan, company officials said.
The state-owned energy producer has boosted capacity at its largest land-based deposits to about 1.6 million barrels daily from 1.4 million before the expansion, Fareed Abdulla, senior vice president at Abu Dhabi Co. for Onshore Oil Operations, the partnership which operates the fields, said in Abu Dhabi late yesterday. The ADCO venture will raise overall capacity to 1.8 million barrels a day by the end of 2017, he 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, said Mohammed Sahoo Al Suwaidi, head of the gas directorate at Adnoc, as the state producer is known. Both spoke at a media reception in Abu Dhabi."

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