Font Size

- Aa +

Mon 1 Nov 2010 10:42 AM

Font Size

- Aa +

ADNOC to invest $60bn over 10 years

CEO says production capacity to increase from 2.5m bpd to 3.5m bpd by 2017

ADNOC to invest $60bn over 10 years
UAES ADNOC: Companys CEO says production increment would be secured through increasing the output of existing oil fields and the development of new ones.

Abu Dhabi National Oil Co (ADNOC) plans to spend $60bn over the next 10 years in oil, gas and petrochemical projects, including increasing the emirates oil production, the firm's chief executive has said.

Yousef Omair bin Yousef told Saudi-owned Al Hayat newspaper that 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 the production increment would be secured through increasing the output of existing oil fields and the development of new ones.

The main oil producer for OPEC-member the United Arab Emirates also has plans to increase its petrochemical production.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.