Speaking at a media conference in Dubai and reported by Bloomberg, Mohammed Sahoo Al Suwaidi - head of gas at Adnoc, declared that Abu Dhabi is half way through a $40 billion four-year plan with the primary goal of raising the output of both natural gas and oil.
The plan involves pumping up crude oil production to 3.5 million barrels per day (bpd), a 2 million bpd increase from Abu Dhabi National Oil Co's current rate. Such an output fortifies the United Arab Emirates' standing as the biggest Gulf spender in the oil and gas industry.
The UAE Energy Minister, Suhail bin Mohamed Faraj Faris Al Mazrouei, has forecast a 2030 world oil demand to surpass the 105 million bpd figure with potential for 112m bpd.
Project tracking database Meed Projects released a statement, as reported by The Arab News, that these developments mark a 'critical stage' in the UAE’s push to: 'Expand its offshore output to new fields. Equally important, however, is the country’s push to optimise oil production, sustainability and innovation through successful integration of new and expanding projects.'
While oil will no doubt attract the most headlines, it is actually gas which will have the most investment as it accounts for $25bn of the total $40bn plan.
The oilfields speculated to imminently benefit from £2bn contracts are located on the Umm Al-Lulu offshore oilfield. Abu Dhabi's National Petroleum Construction Company, Technip of France and Samsung Engineering of South Korea are all in consideration.
image: © L.C. Nøttaasen