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UAE oil giant ADNOC to boost output capacity to 4 million bpd by 2020

The UAE is a major OPEC producer pumping around 3 million bpd of crude oil and plans to boost its output oil capacity to 3.5 million bpd by the end of this year

Reuters  |  Dubai 

State energy giant Abu Dhabi National Oil Company (ADNOC) plans to increase its oil production capacity to 4 million barrels per day by the end of 2020 and 5 million bpd by 2030 after new oil and gas finds, the company said on Sunday. Abu Dhabi's Supreme Petroleum Council (SPC) on Sunday approved ADNOC's new integrated gas strategy and its plan for capital investment between 2019-2023, the company said in a statement. The SPC approved AED 486 billion ($132.33 billion) in capex to support ADNOC's five-year growth plan, Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed, ...

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First Published: Sun, November 04 2018. 18:39 IST