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A senior official working for a subsidiary of the Abu Dhabi National Oil Company (ADNOC) has said that the emirate is to spend around US$50 billion in an attempt to dramatically increase its production output.
Salah Al Bufalah, a major project manager for the Zakum Development Company, told local newspaper Emirates Business that is was business as usual in Abu Dhabi’s oil and gas industry.
“Abu Dhabi has not halted any of the oil and gas projects announced over the past few years despite the international financial crisis,” Bufalah is quoted by Emirates Business as saying.
“ADNOC will spend more than $50 billion on oil and gas projects over the next three years, including $30 billion on infrastructure projects and production facilities and more than $20 billion on excavation, exploration and drilling projects.”
“The budget for infrastructure projects is separate from that of excavation and drilling. Drilling accounts for half the budget allocated for excavation and drilling,” he added.
Bufalah also said that Zadco is hoping to increase production from the Upper Zakum Umm Al Dalkh and Satah oilfields by 50% by the year 2015.
In the GCC the UAE is second only behind Saudi Arabia in terms of its spending on oil and gas projects.Â
