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UAE on track to achieve 3 mbpd oil production

posted on 14/03/2013: 822 views



The UAE's civil nuclear programme is on schedule and the country's first nuclear reactor would start operating in 2017, Dr. Matar Hamed Al Neyadi, Undersecretary at the Ministry of Energy, said here yesterday,

Speaking to reporters on the sidelines of an international conference held to showcase Turkmenistan's oil and gas assets, Al Neyadi also said the UAE would "shortly” be reaching its targeted oil production capacity of 3 million barrels per day (bpd). The country's output is currently about 2.6 million bpd.

"This will happen according to the schedule and improvement in the operating system and after consultations with other members of OPEC,” he added.

Separately, Al Neyadi said the UAE is interested in expanding its interests in Turkmenistan's oil and gas exploration sector and Abu Dhabi's Mubadala Development Company is working closely with the government of Turkmenistan in this regard. As well, a lot of other local companies are in the process of negotiations with oil and natural gas entities in Turkmenistan with a view to invest in that country, he added.

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 barrels per day. The oil concession will run until 2025 and there's the option to extend it for a further 10 years. – Gulf News

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