The Abu Dhabi National Oil Company (Adnoc) will spend more than $100bn over the next four years on new facilities and infrastructure to increase production capacity, according to a senior executive.
Speaking at the Al Gharbia Development Forum in Abu Dhabi, Al Hosn Gas CEO Saif Ahmed Al-Ghafli said that in order to meet its production target, Adnoc will have to invest $32.67bn in 2016, $32.39bn in 2017, $19.6bn in 2018 and $17.96bn in 2019.
He added that the oil company is on track to hit its target of raising sustainable oil production capacity to 3.5mn barrels per day (bpd) in 2017.
“(We) have other programmes to raise gas production and our refinery (capacity) to reach 920,000 bpd,” Al-Ghafli said.
He added that work has started on an Adnoc housing complex in Liwa, which is scheduled for completion in 2017 and when ready will accommodate 1,350 people.
Al Hosn Gas, a 60-40% venture between Adnoc and Occidental Petroleum, operates the Shah Sour Gas field, which came online in January.
Estimated cost of the field has been put at $10bn and when fully developed the field will produce 10% of the UAE’s total gas output, excluding sulphur and LNG.
The chief executive said that oil and gas projects in the western region of Abu Dhabi would contribute $13.61bn per annum to the country’s GDP by 2030.
