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Wed 13 Nov 2019 02:35 PM

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Exxon Mobil says $6.5bn invested in Abu Dhabi oil field

Energy giant says it has invested around $6.5bn in Abu Dhabi's Upper Zakum oilfield since its involvement in the offshore field in 2006

Exxon Mobil says $6.5bn invested in Abu Dhabi oil field

Energy giant ExxonMobil has worked in Abu Dhabi's Upper Zakum oilfield since 2006.

Energy giant Exxon Mobil has invested around $6.5 billion in Abu Dhabi's Upper Zakum oilfield since its involvement in the offshore field in 2006.

According to Christian G Lenoble, president and UAE lead country manager of Exxon (Al-Khalij) Inc, the company plans to invest millions more per year for "the foreseeable future".

"Upper Zakum is the second largest offshore field in the world and we are planning to participate in increasing its production to one million barrel per day by 2024. It is a target that involves significant technical challenges to be overcome by quality investments," he told state news agency WAM.

"Exxon Mobil’s current focus is on Upper Zakum. We plan to invest several million dollars per year over the foreseeable future," he added.

Lenoble underscored Exxon's belief that global demand for crude oil is set to continue over the next decade at least.

"Demand for oil, and despite all geopolitical challenges, is set to continue. We still believe that the demand growth is going to increase one percent per year until at least 2030," he told WAM.

"There are various scenarios regarding how renewables can pick up. There are many variables on this score. Overall, it’s safe to say that oil demand will continue to grow."

Lenoble also praised the recent listing of Murban crude by Abu Dhabi National Oil Company, saying: "The recent announcement on listing Murban is poised to get the full value of the supply chain and this is very impressive and on top of that we see a comprehensive digital revolution."

He described his company’s collaboration with ADNOC as "extremely successful."

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