UAE oil output hits 2.73 million bpd in May 2013

barrel UAE-chrisbulle flickrThe UAE’s oil output in May 2013 rose 1.1 per cent month-on-month to 2.73mn bpd from 2.7mn bpd in April 2013, an international report has revealed

The International Energy Agency (IEA) said in a statement, “Organisation of Petroleum Exporting Countries (OPEC) crude oil supply in May 2013 rose to its highest level in seven months due to increased output from Saudi Arabia, Iran and Kuwait.

“The OPEC output was up by around 135,000 bpd to 30.89mn bpd, with higher output from the Gulf producers.”

The UAE’s reported sustainable oil production capacity was 2.9mn bpd in May and the country’s average crude supply for Q1 2013 was 2.67mn bpd.

Abu Dhabi 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 2018 to meet the rising global oil demand.

The Abu Dhabi Marine Operating Company (ADMA-OPCO), owned by the Abu Dhabi National Oil Company (ADNOC), plans to invest at least US$10bn to develope two offshore fields to boost the firm’s crude output by 60 per cent by 2017, industry sources said.

According to IEA, the UAE will also aim to start producing about 14mn cubic metres a day of sour gas in 2014 from a US$10bn venture with Occidental Petroleum Corporation at its onshore Shah Field.

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