UAE on target to achieve three million bpd

oilwell2The UAE Ministry of Energy has stated that the country is on track to achieve three million barrels of oil per day (bpd)

Speaking on the sidelines of an international conference held to showcase Turkmenistan’s oil and gas assets, Matar Hamed Al Neyadi, undersecretary at the Ministry, said the UAE would shortly be reaching its targeted oil production capacity of three million bpd. The country’s output is currently about 2.6mn bpd.

“This will happen according to the schedule and improvement in the operating system and after consultations with other members of Opec,” Al Neyadi said.

He also said the UAE was interested in expanding its interests in Turkmenistan’s oil and gas exploration sector and that Abu Dhabi’s Mubadala Development Company was working closely with the Turkmenistan government in this regard.

At present, Dubai-based Dragon Oil has a 100 per cent stake in an offshore oil block in Turkmenistan under a production sharing agreement. The oil block produces about 70,000 bpd per day.

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