21 April 2015, News Wires – Abu Dhabi National Oil Company (Adnoc) is to plough $25 billion into boosting oil production from offshore fields in the next five years, according to a report.
The United Arab Emirates state giant is also to pump a significant amount of cash into offshore drilling operations, Reuters reported.
“We want to build capacity from production and from (a) number of wells and infrastructure,” the news wire quoted Qasem al-Kayoumi, manager of the oil company’s offshore division of exploration & production, as saying on Tuesday.
“Our current plan as Adnoc (is to reach) 3.5 million barrels per day and to sustain it,” Qasem al-Kayoumi, Adnoc’s offshore division manager, told reporters.
Kayoumi also said that Adnoc will spend $2.5 billion a year on offshore drilling in the period.
Abu Dhabi has a number of vast offshore fields under development, including Upper Zakum, where US supermajor ExxonMobil has a stake.