UAE should avg 2.7 mln bpd output this year - oilmin
UAE should avg 2.7 mln bpd output this year - oilmin
Mon May 1, 2006 10:23 AM GMT
ABU DHABI (Reuters) - OPEC producer UAE should average 2.7 million barrels per day (bpd) in oil production this year, UAE oil minister Mohammed al-Hamli said on Monday.
"We are producing about 2.6 million bpd now, I think this year we should average 2.7 million," he told reporters on the sidelines of an oil-and-gas conference in Abu Dhabi.
Hamli also repeated his call for investment to boost oil production capacity and build more refineries.
The United Arab Emirates produced an average of 2.5 million bpd during the first quarter of calendar 2006, monthly Reuters surveys of OPEC output show.
In the conference, he said the UAE hopes to boost production capacity to 3.5 million bpd in the next five years.
Hamli said the Middle East had around 65 percent of total proven world oil reserves and that the region produces 30 percent of total world oil production.
"This glaring disparity between the hydrocarbon reserves and production cannot be allowed to stand for long especially in the light of the unabated demand the world has witnessed in recent years," he said.
"The investment needed to increase production and refining capacities amounts to billions of dollars and requires the active cooperation between national and international oil companies ..." he added.
Hamli also said the cost of new projects in the oil industry have "escalated beyond imagination", putting additional investment burden on producing countries.
Mon May 1, 2006 10:23 AM GMT
ABU DHABI (Reuters) - OPEC producer UAE should average 2.7 million barrels per day (bpd) in oil production this year, UAE oil minister Mohammed al-Hamli said on Monday.
"We are producing about 2.6 million bpd now, I think this year we should average 2.7 million," he told reporters on the sidelines of an oil-and-gas conference in Abu Dhabi.
Hamli also repeated his call for investment to boost oil production capacity and build more refineries.
The United Arab Emirates produced an average of 2.5 million bpd during the first quarter of calendar 2006, monthly Reuters surveys of OPEC output show.
In the conference, he said the UAE hopes to boost production capacity to 3.5 million bpd in the next five years.
Hamli said the Middle East had around 65 percent of total proven world oil reserves and that the region produces 30 percent of total world oil production.
"This glaring disparity between the hydrocarbon reserves and production cannot be allowed to stand for long especially in the light of the unabated demand the world has witnessed in recent years," he said.
"The investment needed to increase production and refining capacities amounts to billions of dollars and requires the active cooperation between national and international oil companies ..." he added.
Hamli also said the cost of new projects in the oil industry have "escalated beyond imagination", putting additional investment burden on producing countries.
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