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$40 billion oil output plan in Abu Dhabi

24 Jul 2013
The Abu Dhabi National Oil Co. is pumping approximately 1.5 million barrels of crude a day from its main onshore fields, according to company officials. Halfway through a planned $40 billion investment plan, the state-owned energy producer has boosted capacity at its largest land-based deposits to about 1.6 million barrels daily from 1.4 million before the expansion. The Abu Dhabi Co, for Onshore Oil Operations venture will raise overall capacity to 1.8 million barrels a day by the end of 2017.

Gas developments account for $25 billion of the planned investment and Abu Dhabi is studying “a whole list of potential reservoirs” in onshore and offshore areas to further increase supply.

Middle Eastern producers are seeking to meet rising demand for gas as their economies and populations expand, and Abu Dhabi in particular produces most of the nation’s oil.