Abu Dhabi to source 50 oil from offshore reserves by 2018

Date

10/3/2015 11:19:06 PM

(MENAFN- Khaleej Times)

Offshore reserves will account for approximately 50 per cent of total oil production in Abu Dhabi by 2018 as a result of continued investments in production capacity experts said.

With $25 billion worth of investments in offshore oil projects planned by the Abu Dhabi National Oil Company (Adnoc) over the next five years advancing the sector through developments in research and technology is becoming critical to preserve it as a valuable energy resource say industry leaders.

The Adnoc investment is part of the UAE's strategy to boost its total oil output capacity to 3.5 million barrels per day (bpd) by 2017-'18 from the current 2.8 million bpd.

Currently an estimated 40 per cent of oil produced in Abu Dhabi comes from offshore reserves. However sources say that figure will rise to 50 per cent in the next three years. Globally about 30 per cent of oil produced worldwide comes from offshore oil wells.

According to figures from a 2014 report by Total the deep offshore is believed to contain more than five per cent - an estimated 300 billion barrels - of the world's liquid hydrocarbon resources or 12 per cent of total conventional oil resources.

In 2013 deep water liquid reserves accounted for six per cent of global production. That share is forecast to rise to close to 11 per cent of conventional oil output or nine million barrels per day by 2035 according to the same document.

The Abu Dhabi International Petroleum Exhibition and Conference (Adipec) will launch a dedicated offshore marine and heavy equipment zone situated on the waterfront at the Abu Dhabi National Exhibition Centre (Adnec) only 150 metres away from the main exhibition floor. The new area will cover 8000 gross square metres of space with a jetty that extends 500 metres long.

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