United Arab Emirates to invest further in off-shore oil fields
A source from Abu Dhabi National Oil Co (ADNOC) commented that the United Arab Emirates plans to invest over 25 billion dollars to boost their oil production capacity in off-shore oil fields over the next five years. The plan is part of the UAE’s strategy of increasing its crude oil output potential to 3.5 million barrels/day by 2017-2018.
Qasem al-Kayoumi, manager of ADNOC’s offshore division of the exploration and production directorate, commented that ADNOC plans to drill around 160 wells per year in the next couple of years.
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