Adma-Opco oil output to rise from end 2012
Abu Dhabi, October 19, 2011
Abu Dhabi Marine Operating Company (Adma-Opco) expects to raise production from its Lower Zakum oil field by 100,000 barrels per day (bpd) from late 2012 to the end of 2014.
It will also start producing from a new project by the end of 2013, the company's chief executive said on Wednesday.
Adma-Opco -- controlled by the Abu Dhabi National Oil Company (Adnoc) -- hopes to produce first oil from the first phase of its Umm Al Lulu and Nasr offshore project in late 2013, Ali Rashid Al Jarwan said.
But the company's oil production should start rising from late 2012 as an enhanced oil recovery project to boost production at its Lower Zakum field by 100,000 bpd to 425,000 bpd starts to take effect.
"We will see the beginning of the ramp up by the end of 2012 and it will reach full production by end of 2014," Ali Rashid Al Jarwan told reporters on the sidelines of a conference.
Adma-Opco daily oil production is around 500,000 barrels per day, while daily gas production is around one billion standard cubic feet, according to the company's website.
The first phase of the new offshore development is expected to increase output by 50,000 bpd. Adnoc holds 60 percent of the company while the rest is divided between BP, Total and Japan's JODC.
The UAE is one of the world's top oil exporters, with most of the reserves concentrated in the emirate of Abu Dhabi, and total daily production of around 2.6 million bpd.
More Energy, Oil & Gas Stories
- GCC firms consider Occidental Mena stake bid
- Experts discuss Mena energy markets outlook
- Saudi Nov output steady, pumps 9.745m bpd
- Libya lost $7bn to oil strikes, says minister
- Iran to start gas exports to Iraq by July 2014
- Taqa invites banks ahead of bond issue
- Dewa ups 2014 budget by $1.8bn from 2013
- Egypt govt pens energy debt payoff deal
- Qatar ready to invest in Turkey power project
- Asia gasoline margins set to plunge in 2014