UAE's ADNOC to boost oil output capacity to 4 million bpd by 2020 | Reuters:
State energy giant Abu Dhabi National Oil Company (ADNOC) plans to increase its oil production capacity to 4 million barrels per day by the end of 2020 and 5 million bpd by 2030 after new oil and gas finds, the company said on Sunday.
Abu Dhabi’s Supreme Petroleum Council (SPC) on Sunday approved ADNOC’s new integrated gas strategy and its plan for capital investment between 2019-2023, the company said in a statement.
The SPC approved AED 486 billion ($132.33 billion) in capex to support ADNOC’s five-year growth plan, Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed, who headed the SPC’s meeting, said earlier on his Twitter account.
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