Business | Oil & Gas
Channel Sponsor
Abu Dhabi oil firm plans 28.5% boost in output capacity by 2017
The Abu Dhabi Company for Onshore Oil Operations (Adco) plans a 28.5 per cent increase in its oil production capacity by 2017 to 1.8 million barrels per day (bpd), a top company official said on Monday.
- Staff Report
- Published: 00:41 December 2, 2008
Abu Dhabi The Abu Dhabi Company for Onshore Oil Operations (Adco) plans a 28.5 per cent increase in its oil production capacity by 2017 to 1.8 million barrels per day (bpd), a top company official said on Monday.
In a statement, Adco General Manager Abdul Munim Al Kindi said: "Adco will respond to the Supreme Petroleum Council guidelines by raising its sustainable production in incremental steps, to up to 1.8 million barrels per day by 2017."
Four projects
He said the increments of production increases will be 197,000 bpd by 2013, 94,000 bpd by 2014, and 133,000 bpd by 2017.
"This increase will be achieved with the completion of four main projects," said Al Kindi.
"The first of these is a $4.5 billion (Dh16.5 billion) project that will allow the company to sustain current levels of production and add additional capacity. The project includes the replacement of assets that are more than 35 years old," he added.
Owned 60 per cent by the Abu Dhabi National Oil Company (Adnoc) and 40 per cent by international partners, Adco was incorporated in October 1978.
Share this article
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
Credit swaps... a fair trade
Would you swap an unbuilt unit at the Lagoons for an apartment at JBR?
-
New face of safety: Volvo's 2011 S60
Volvo reveals a sleeker S60, ready to hit the roads early next year
-
When the Web lives worldwide
Cutting-edge firms are building massive data facilities all over the globe
