Abu Dhabi oil boost gathers momentum

Projects aimed at delivering ambitious production growth are gathering pace

Abu Dhabi National Oil Company (Adnoc) has a target to increase output by almost 15pc from 3.5mn bl/d in late 2018—when it outlined its new strategy—to 4mn bl/d by the end of 2020, and to 5mn bl/d by 2030. A number of projects that form part of a $132bn five-year investment plan to help achieve them are beginning to motor ahead. And the firm is seeing progress not just in development and production, but also in exploration. In November last year, the country’s Supreme Petroleum Council (SPC) unveiled a rare revision to the UAE’s reserves figures—revealing that recent discoveries in Abu Dhabi totalling some 7bn bl had increased the federation-wide tally to 105bn bl, thereby leapfrogging Kuwa

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