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Abu Dhabi Onshore Oil Co To Invest $5-7bn To Raise Output -CEO

Abu Dhabi Onshore Oil Co To Invest $5-7bn To Raise Output -CEO

The state-owned crude oil producer currently produces 1.6 million barrels per day.

Abu Dhabi Company for Onshore Oil Operations (ADCO) plans to invest between $5 billion and $7 billion in the next three years to raise output by 12.5 percent, its chief executive said on Monday.

The state-owned crude oil producer currently produces 1.6 million barrels per day.

“The cost is 5 to 7 billion dollars to reach 1.8 million barrels per day by end-2017,” Abdul Munim al-Kindy told reporters at an industry event.

He said currently low oil prices will have no impact on the expansion plans. “We are committed to achieving 1.8 million barrels per day and all the projects will go ahead,” he said.

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