October 08, 2008

UAE plans to achieve 5 MBPD oil capacity by 2014

UAE National Media Council, in its 2008 Yearbook, said that UAE is pushing ahead with mega projects to lift its oil capacity above 5 million barrels per day within 6 years and maintain its position as one of the world’s top crude suppliers.

Citing official oil statistics, the Yearbook estimated that UAE’s present crude production capacity at around 2.9 million barrels per day. It said "The UAE has plans to raise its oil production capacity to 3.5 million barrels per day by 2009 and to more than 5 million barrels per day by 2014. A large part of the increase would come from Umm Shaif and Upper and Lower Zakum fields."

The Yearbook gave no figures on investments but independent industry sources put spending on the hydrocarbon sector at more than AED 36.7 billion in the next 5 years. Investments have exceeded USD 15 billion over the past decade.

UAE’s proven oil reserves stood at 97.8 billion barrels at the end of 2007, including 92 billion in Abu Dhabi. Its gas resources were estimated at 6.5 trillion cubic meters, the fifth largest after Russia, Iran, Qatar and Saudi Arabia.