ADNOC's oil output to reach 3.5mn barrels per day by 2017

oil-pump-ben-grasser-shutterstockADNOC seeks further capital investment to expand its oil output. (Image source: Ben Grasser)Abu Dhabi National Oil Company (ADNOC) is on target to reach an oil production capacity of 3.5mn bpd by 2017, with plans to expand its gas production and refining capacity to 920,000 bpd

The company, which has a 60 per cent holding in Al Hosn Gas, (Occidental Petroleum Corporation holds the remaining 40 per cent) said that it seeks capital investment of US$32.6bn in 2016, US$32.3bn in 2017, US$19.6bn in 2018 and US$17.9bn in 2019.

“[We] have other programmes to raise gas production and our refinery (capacity) to reach 920,000 bpd,” said Al Hosn Gas chief executive Saif Ahmed al-Ghafli, at the Al Gharbia Development Forum, referring to the gas production from the US$10bn-Shah Field that started in January.

The Al Gharbia Development Forum is an annual event organised by the Department of Economic Development of Abu Dhabi that covers topics such as oil and gas in the Middle East, the progress of the UAE’s nuclear energy programme, infrastructure investments plans, education and health.

Other topics also discussed include banking and finance, developments in the food production and processing sector, real estate and tourism.

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