Abu Dhabi to invest over $25b in offshore oilfields: Adnoc official | GulfNews.com

Abu Dhabi to invest over $25b in offshore oilfields: Adnoc official | GulfNews.com:



"Abu Dhabi plans to invest over $25 billion (Dh91.9 billion) in the next five years on boosting its oil production capacity from offshore fields, a senior official of Abu Dhabi National Oil Co (Adnoc) said on Tuesday.



The plan is part of the UAE’s strategy of increasing its crude oil output potential to 3.5 million barrels per day by 2017-18. The UAE’s actual current production is around 2.8 million bpd.



“We want to build capacity from production and from number of wells and infrastructure. Our current plan as ADNOC (is to reach) 3.5 million bpd and to sustain it,” Qasem al-Kayoumi, manager of ADNOC’s offshore division of the exploration and production directorate, told reporters."



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