Abu Dhabi : The Abu Dhabi National Oil Company (Adnoc) plans to spend $5 billion (Dh18 billion) by 2016 in order to further increase its oil production capacity, a senior executive said here yesterday.
"There's demand for extra capacity. We have spent $5 billion already. We plan to spend another $5 billion to reach our 2016 objective," Abdul Munim Al Kindy, Chief Executive of Adnoc's onshore operations unit Adco, told reporter in a news conference.
The UAE has set an overall target to increase its oil production capacity to 3.5 million barrels per day (bpd) by 2018 from 2.7 million bpd.
Al Kindy said he is hoping new capacity of 213,000 barrels per day will come onstream in 2012.
He said service contracts will be awarded in 2012 for projects that will bring on stream additional new capacity of 200,000 barrels per day by 2016. However, he couldn't immediately provide an estimated value of those contracts.
Adipec 2010
Al Kindy, who is also the conference chairman for Adipec 2010 said over 40,000 delegates will congregate in Abu Dhabi from November 1 to 4 for the conference's 14th edition.
"Despite the persistent lower than expected global economic growth, stemming from an unprecedented worldwide financial market meltdown seen in recent years, the Middle east's oil and gas industry has pressed ahead with mega-size projects to ensure sustainability of supply and provide the required additional capacity to help the world meet its future increases in energy demand," said Al Kindy. He said Adipec 2010 will involve more than 1,500 local and international exhibitors from over 56 countries.
75% locals by 2014
There will be 75 per cent Emiratisation in Adnoc and across its Group of Companies by 2014, Badria Khalfan, Deputy Director, Human Resources and Administration at Adnoc said yesterday.
"We have 30,000 employees in different areas currently and have achieved 50 per cent Emiratisation," Khalfan told a news conference.
"We are adding 800 national employees each year. Of the total employees, there are 15 per cent female employees at Adnoc and across its group of companies," she added.
