Business | Oil & Gas
Sustainable production capacity of UAE to rise
The UAE's sustainable crude production capacity is likely to rise 9.12 per cent by 2013 to 3.11 million barrels per day (bpd), the latest estimates of Paris-based International Energy Agency (IEA) show.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:39 July 15, 2008
Abu Dhabi: The UAE's sustainable crude production capacity is likely to rise 9.12 per cent by 2013 to 3.11 million barrels per day (bpd), the latest estimates of Paris-based International Energy Agency (IEA) show.
The estimates show the UAE's sustainable crude production capacity at 2.85 million bpd at the end of 2008. The country's oil output at present is averaging 2.66 million bpd.
The IEA, which advises 27 industrialised nations of the world on energy policy, said by 2011, the country's sustainable crude production capacity will rise to 2.91 million bpd and in 2012, it would further rise to 3.04 million bpd.
Officials at the UAE's Ministry of Energy weren't immediately available for comment.
According to the recently released 2008 BP Statistical Review of World Energy, the UAE's oil would last 92 years at current production levels. The UAE's proven oil reserves of 97.8 billion barrels make up 7.9 per cent of the world's total reserves.
At present, oil is being produced at only 18 of 67 potentially known fields in the UAE.
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