Abu Dhabi: Abu Dhabi Gas Industries (Gasco), a unit of Abu Dhabi National Oil Co (Adnoc), is investing Dh22 billion ($6 billion) to boost gas output, the head of Adnoc said yesterday.
Yousuf Omair Bin Yousuf, chief executive of state-run Adnoc, said projects included the third phase of the Habshan gas complex expansion, whose cost he put at Dh5.5 billion.
"Upon completion in April 2008, it will be one of the biggest gas plants in the world," Bin Yousuf said ahead of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) that starts today.
In September, Bin Yousuf said Abu Dhabi plans to increase its natural gas production to six billion cubic feet per day by 2008 from 4.5 billion cubic feet at present.
He said gas reserves in Abu Dhabi are estimated at around 200 trillion cubic feet.
Gasco currently operates and maintains three NGL plants, two gas plants, one NGL fractionation plant, two gas injection plants and two gas distribution hubs, according to its website.
Adnoc holds a 68 per cent stake in Gasco while Shell and Total each hold 15 per cent and Partex 2 per cent.
Energy Minister Mohammad Bin Dha'en Al Hamili said the UAE was working to boost its crude oil output capacity to 3.5 million barrels per day by 2010 despite its decision to reduce output by 100,000 bpd from November.
"The UAE is committed to Opec decisions and at the same time realises that global demand for crude oil is growing, and to meet those needs producing countries are investing to boost capacity," he said ahead of Adipec.