Abu Dhabi Company for Onshore Oil Operations (ADCO) is considering 400,000 barrels per day (bpd) increase in its crude capacity to 1.8 million bpd by 2017, a senior official at the company said today.
Delivering a keynote speech at a forum titled 'Innovative Development Solutions for Marginal Fields' in Abu Dhabi today, ADCO's General Manager Abdel Munim Al Kindy said the company was seeking to ensure sustainability of production, in line with the directives of the Supreme Petroleum Council and the mother company Abu Dhabi National Oil Company (ADNOC).
"ADCO will invest US$ 5.3 billion by 2012 to boost crude production by 225,000 bpd. This comes as part of a comprehensive plan to increase production on a regular basis to reach 1.8 million bpd in 2017," he said.
Al Kindy revealed that ADCO will soon sign contracts totalling US$1.5 billion to boost production of Bab onshore fields from 300,000 bpd to 380,000, to develop the new Jessiora field to produce 30,000 bpd and to begin a US$300 million development of Bida Al Qimzan filed. - Emirates News Agency, WAM
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