UAE’s oil output rises by 1.8 per cent in Q2 2013
The UAE’s oil output rose by 1.8 per cent to 2.72mn bpd in Q2 2013, compared with 2.67mn bpd during Q1 2013, according to data from the International Energy Agency (IEA)
The IEA report showed that the country’s oil output in August, however, fell marginally to 2.72mn bpd compared to its average output of 2.75mn bpd in July.
The agency also noted that the UAE has a sustainable oil production capacity of 2.9mn bpd and its crude supply averaged 2.69mn bpd in the first half of 2013, Gulf News reported.
The UAE’s average oil output in 2012 was 2.65mn bpd, according to the IEA.
Abu Dhabi reportedly accounts for more than 90 per cent of the UAE’s crude oil output, the bulk of which is exported.
The UAE intends to increase its oil production capacity to 3.5mn bpd by 2020 to help meet the rising global demand, Oil Ministry sources said.
To raise Abu Dhabi’s oil output, the Abu Dhabi Marine Operating Company (ADMA-OPCO), which is majority-owned by the Abu Dhabi National Oil Company (ADNOC), plans to invest at least US$10bn in developing two offshore oilfields to boost the firm’s capacity by 60 per cent.
ADMA-OPCO recently said that it plans to boost its output by 400,000 bpd to almost one million barrels per day by 2020.