(MENAFN) Abu Dhabi National Oil Company's (ADNOC) director general, Abdullah Al Suwaidi, stated that the emirate would invest USD70.76 billion to boost its sustainable daily crude oil output capacity to around 3.5 million barrels, reported Emirates 24/7.
Al Suwaidi said that the expansion plan is carried out by the company's main oil firms, including the Abu Dhabi Oil Company for Onshore Operations (ADCO).
He added that at the current time, production capacity is standing at nearly 2.8 million barrels per day (bpd).
The emirate plans to boost the production of ADCO's field from 1.4 million bpd to 1.8 million bpd through developing several onshore fields managed by the company.
He noted production capacity at Asab field will be increased to 340,000 bpd from 290,000 bpd, whereas capacity at Sahl field will be raised to 100,000 bpd from 55,000, and that of Shah's to 70,000 bpd from 50,000.
It is worth noting that government-controlled ADNOC controls Abu Dhabi's hydrocarbon sector.