Zee News - UAE oil output to rise 35% in five years: Report
Zee News - UAE oil output to rise 35% in five years: Report: "UAE oil output to rise 35% in five years: Report
Dubai, May 02: The United Arab Emirates will increase its oil production capacity by 35 percent within the next five years to 3.5 million barrels per day, reports said today quoting the oil minister.
The UAE, a member of the OPEC cartel, is currently producing 2.6 million barrels per day (bpd) and is set to boost production to 2.7 million bpd by the end of the year, the al-Khaleej Times quoted Mohammed al-Hamili as telling a conference in Abu Dhabi.
Output is expected to reach 3.5 million bpd within the next five years, Hamili added.
Abu Dhabi, the largest and wealthiest of the seven Emirates making up the UAE, accounts for some 90 percent of the federation's oil output.
In March, US oil giant Exxonmobile acquired a 25 percent stake in the offshore upper Zakum Field with the aim of increasing its production to 750,000 bpd from around 550,000 bpd.
Bureau Report"
Dubai, May 02: The United Arab Emirates will increase its oil production capacity by 35 percent within the next five years to 3.5 million barrels per day, reports said today quoting the oil minister.
The UAE, a member of the OPEC cartel, is currently producing 2.6 million barrels per day (bpd) and is set to boost production to 2.7 million bpd by the end of the year, the al-Khaleej Times quoted Mohammed al-Hamili as telling a conference in Abu Dhabi.
Output is expected to reach 3.5 million bpd within the next five years, Hamili added.
Abu Dhabi, the largest and wealthiest of the seven Emirates making up the UAE, accounts for some 90 percent of the federation's oil output.
In March, US oil giant Exxonmobile acquired a 25 percent stake in the offshore upper Zakum Field with the aim of increasing its production to 750,000 bpd from around 550,000 bpd.
Bureau Report"
posted by Lankadata at 9:16 PM
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