7th APRIL 2015 - Vol.XXXVIII No.018
Business News

Oil output may top 3.5m bpd

ABU DHABI: The Abu Dhabi government's economic plan sees oil production capacity topping the previous target of 3.5 million barrels per day (bpd) over the next decade.

The document, outlining the emirate's development plans to 2030, did not say by how much capacity in the world's fifth-largest oil exporter would exceed the target.

Officials have previously said the Opec member would reach 3.5m bpd over the next 10 years. The plan gave no details of capacity plans beyond the next decade to 2030.

Abu Dhabi leads the UAE, produces most of its oil and holds more than 90 per cent of its oil reserves.

Capacity stands at around 2.8m bpd, although output is less due to production curbs agreed with the Opec. The UAE pumped around 2.3m bpd last month, according to an Opec survey.

Abu Dhabi plans to almost triple its refinery capacity from 485,000 bpd, the government said, without giving the new target capacity.

State refining company Takreer is planning to expand the 400,000 bpd Ruwais refinery by around 400,000 bpd.

The Abu-Dhabi government-owned International Petroleum Investment Company (IPIC) plans another refinery in Fujairah, on the UAE's east coast. That plant would have capacity of under 200,000 bpd, IPIC said.

Abu Dhabi has grown rapidly as record oil revenues have fuelled an economic boom and the emirate has struggled to keep up with power demand.

Demand for electricity was expected to more than triple by 2020 and the government is considering nuclear power plants as a long-term option to meet rising demand.

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