Abu Dhabi is pushing ahead with plans to increase its crude oil production capacity to four million bpd by 2010, said a senior official at Abu Dhabi National Oil Company (Adnoc).
It has also completed projects to expand its crude oil production capacity to nearly 2.8 million barrels per day (bpd), he was quoted as saying in a report.
Abdullah Nasser Al Suwaidi, Adnoc’s deputy chief executive and exploration and production director, said Adnoc was undertaking a number of projects with its group of companies to maintain its position as a key player in the global oil market.
He said Adnoc would continue to be a major contributor to the oil and gas industry.
Besides oil, new projects cover expansion of production of natural gas, petrochemicals and urea, he said in the report.
“Abu Dhabi National Oil Company is one of the leading companies in the world as it possesses vast oil and gas reserves. It has always been a key player in the world oil market and the focus is to build on its achievement,” Al Suwaidi said.
“Its production has increased by 25 per cent over the last two years and is currently developing new fields with the objective to increase the daily oil output from 2.8 million bpd to four million bpd by 2010.
“This is our commitment to the world market that will define Adnoc’s role in satisfying the increasing world demand for hydrocarbon products.’
Al Suwaidi said, some of Adnoc’s main projects involve increasing oil production capacity to meet global demand, expanding gas production capacity to meet increasing local demand and increasing urea production.
Last May, the UAE energy minister said the country would produce 3.5 million bpd of crude oil by 2010-11. The Abu Dhabi National Oil Company (Adnoc) is seeking about Dh16 billion ($4.36 billion) in syndicated financing from banks to meet its expansion plans, a move that bankers say is a cost-efffective medium term capital raising exercise.
According to reports, this is the first time the Abu Dhabi government-owned oil company is embarking on syndicated borrowing and that too despite record oil revenues.
At least three Abu Dhabi`-based banks confirmed they have bid to become Mandated Lead Arrangers (MLAs) along with some foreign banks.
Adnoc is close to finalising the MLAs list, the report said.
