Adco investing up to $7bn in commitment to meet 2017 oil production target | The National:
"The Abu Dhabi Company for Onshore Oil Operations (Adco) is set to invest a further US$5 billion to $7bn to meet its production target of 1.8 million barrels per day (bpd) by the end of 2017, the company’s chief executive said yesterday.
Adco, which operates the largest onshore oilfields which are currently responsible for about 40 per cent of the country’s output of 2.85 million bpd, said the commitment to pump more oil will help the UAE meet its target to increase capacity to 3.5 million bpd by 2017.
Adco, which currently has capacity of 1.613 million bpd, invested about $5bn in the first phase of the expansion programme up to the end of 2012, increasing production by 225,000 bpd."
'via Blog this'
No comments:
Post a Comment