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Tue 2 Nov 2010 10:21 AM

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Abu Dhabi invests $30bn in new oil projects

The investments were made between March 2009 and March 2010, oil industry sources told the WAM News Agency

Abu Dhabi invests $30bn in new oil projects
MONEY INJECTION: Abu Dhabi, the wealthiest of the seven emirates, has invested more than $30bn in new oil projects in a bid to boost production

Abu Dhabi, the wealthiest of the seven emirates, has
invested more than $30bn in new oil projects in a bid to boost production.

The deals were struck in the twelve months between March
2009 and March 2010, said state news agency WAM, and were intended to boost
crude production in the oil-rich emirate to 3.5 million barrels a day by the
close of 2010.

Yousef Omair bin Yousef, CEO of Abu Dhabi National Oil Co
(ADNOC) on Monday said the firm plans to spend $60bn over the next ten years in
oil, gas and petrochemical projects.

The state-run company and its subsidiaries have started
projects to increase Abu Dhabi's current production capacity from 2.5 million
barrel per day (bpd) to 3.5 million bpd by 2017, he said.

 

 

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