Latest data from the Paris based International Energy Agency showed that the UAE, on average, produced 2.67 million barrels per day in October 0.74% lower than its output in September.
IEA said that in the Q1 of 2013, increased capacity is expected from a steady ramp up in production from Iraq (320,000 bpd) as well as start up of project expansions in the UAE. The UAE has a sustainable oil production capacity of 2.79 million barrels per day at present.
In 2011, according to IEA's estimates, the UAE on average produced 2.50 million barrels of oil per day. The emirate of Abu Dhabi produces more than 90 per cent of the UAE's crude oil output, the bulk of which is exported. A top ranking UAE oil executive previously said the country's oil production capacity is expected to rise to around 3 million barrels per day by the end of 2012.
The UAE intends to increase its oil production capacity to 3.5 million barrels per day by 2018 to meet the rising global oil demand. Abu Dhabi Company for Onshore Oil Operations is hopeful new capacity of 213,000 barrels per day will come on stream in 2012. Abu Dhabi Marine Operating Company majority owned by the Abu Dhabi National Oil Company (Adnoc), plans to invest at least USD 10 billion developing two offshore fields to boost the firm's crude output by 60% by 2017.
As per plan, Abu Dhabi's state oil producer Abu Dhabi National Oil Company will spend USD 40 billion on crude, natural gas, petrochemical and refinery projects from 2010 through 2014. Gas projects under construction account for USD 25 billion of that.
Abu Dhabi aims to start producing about 500 million cubic feet a day of sour gas in 2014 from USD 10 billion venture with Occidental Petroleum Corporation at its onshore Shah field. The Shah field is located 210 km south west of Abu Dhabi city.
Source:
http://www.steelguru.com/middle_east_news/UAE_October_oil_output_at_3_million_barrels_per_day/294712.html
