• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 3 hours UK, Stay in EU, Says Tusk
  • 5 hours Socialists want to exorcise the O&G demon by 2030
  • 3 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 13 hours How Is Greenland Dealing With Climate Change?
  • 13 hours German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 4 mins Venezuela continues to sink in misery
  • 15 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 1 hour What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 9 hours Maritime Act of 2020 and pending carbon tax effects
  • 1 day "Peace Agreement" Russia vs Japan: Control Over Islands Not Up For Discussion
  • 16 hours Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
  • 23 hours Solid-State Batteries
  • 21 hours Orphan Wells
Oil Majors Bet Big On Offshore Drilling In 2019

Oil Majors Bet Big On Offshore Drilling In 2019

Oilfield service providers are jumping…

The Oil Bull Market Is Back

The Oil Bull Market Is Back

Oil entered a bull market…

UAE Seeks To Raise Oil Output To 3.5 Million Bpd In 2018

UAE

The Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates (UAE) is looking to boost its crude oil production capacity to 3.5 million bpd next year, from the current 3-million-bpd capacity, by splitting offshore concessions and bringing in new partners.  

The offshore concession, currently operated by the Abu Dhabi Marine Operating Company (ADMA-OPCO) and expiring in March next year, will be split in order to unlock greater value and increase partnership opportunities, ADNOC said on Monday.

But the plans for increased oil production come at a time when OPEC is trying to close ranks and scold non-complying members to make efforts to stick to their production cuts.

As part of the deal, the UAE has pledged to cut 139,000 bpd from its October 2016 and bring production below 2.874 million bpd. However, the UAE has not strictly complied with its share of the cuts in any of the months since the start of the deal in January.

At the end of July, following Saudi Arabia’s pledge to do the same, the UAE announced its plans to reduce oil exports beginning in September of this year.

ADNOC’s plans to rely on offshore development to raise crude oil production are supported by the strategically located Port of Fujairah—the UAE’s only export terminal fully outside the Strait of Hormuz, UPI notes.  

Related: Are Strong U.S. Crude Inventory Draws Sustainable?

The Strait of Hormuz is the world’s most important chokepoint, with an oil flow of 18.5 million bpd in 2016, according to the EIA. In 2015, daily flow of oil through the strait accounted for 30 percent of all seaborne-traded crude oil and other liquids.

So the UAE has the Port of Fujairah—the second largest bunkering port in the world after Singapore—to export part of its offshore oil.

In September last year, UAE’s first berth for very large crude carriers (VLCC) started operations at the Port of Fujairah.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News