The Abu Dhabi National Oil Company (ADNOC) currently has an oil production capacity of around 3.3mn bpd, and remains on track to increase its production capacity to 3.5mn bpd by the end of 2018
ADNOC said that it has the ability to increase oil production by several hundred thousand bopd, should this be required to help alleviate any potential supply shortage in the market.
The company emphasised that working in close cooperation with the UAE Ministry of Energy and Industry, it stands ready to increase its production in alignment and coordination with OPEC and non-OPEC Joint Ministerial Monitoring Committee (JMMC).
In addition, ADNOC has taken a number of initiatives to boost company's downstream portfolio, giving it a chance to cash in on the growing demand for petrochemical products. The state-owned oil company said it would expand capacity at its Ruwais refinery by more than 65 per cent by 2025. This would bring the refinery's capacity to 1.5mbpd.
Recently, Al Yasat Company for Petroleum Operations (Al Yasat), a subsidiary of ADNOC, has awarded the engineering, procurement and construction (EPC) contract, for the full development of the offshore Bu Haseer field, to Abu Dhabi’s National Petroleum Construction Company (NPCC).
