Abu Dhabi Marine Operating Company (Adma-Opco) late on Tuesday celebrated the 50th anniversary of the first crude oil shipment from the emirate.
The shipment of crude produced at Abu Dhabi’s Umm Shaif field and exported from Das Isaland on july 4, 1962 is considered a turning point in the history of the UAE as it ushered in a new era of drastic transformation of the country from a barren desert region that relied heavily on fishing and pearl diving to a booming economic hub.
Abu Dhabi produces more than 90 per cent of the UAE’s crude oil output, the bulk of which is exported.
A top-ranking UAE oil executive previously said the country’s oil production capacity is expected to rise to around 3 million barrels per day by the end of 2012.
The UAE intends to increase its oil production capacity to 3.5 million bpd by 2018 to meet the rising global oil demand. Abu Dhabi Company for Onshore Oil Operations (Adco) is hopeful new capacity of 213,000 bpd will come on stream in 2012. Adma-Opco, majority-owned by the Abu Dhabi National Oil Company (Adnoc), plans to invest at least $10 billion (Dh36.7 billion) in developing two offshore fields to boost the firm’s crude output by 60 per cent by 2017.
As per the plan, Adnoc will spend $40 billion on crude, natural gas, petrochemical and refinery projects from 2010 through 2014. Gas projects under construction account for $25 billion of that.
Abu Dhabi aims to start producing about 500 million cubic feet a day of sour gas in 2014 from a $10 billion venture with Occidental Petroleum Corp at its onshore Shah field. The Shah field is located 210 km south west of Abu Dhabi city.