ADNOC plans $25 billion offshore spend

 In a break from the energy industry’s current contraction trend of spending cuts, employee layoffs, contract delays and cancellations, Abu Dhabi National Oil Co. (ADNOC) recently announced plans to spend more than US$25 billion on various offshore fields. The capital spend is intended to increase production, and will commence this year and continue until 2020 at a rate of about $2.5 billion per year, according to Arab News.

ADNOC expects its investment to return an increase of crude oil output up to 3.5 MMb/d by 2018, which represents an increase of about 700,000 b/d more than its current production of 2.8 MMb/d. Specifically, the company plans to increase production in its Abu Dhabi Marine Operating Co. fields from the offshore areas of the Emirate of Abu Dhabi, and its ZADCO (a partnership of ExxonMobil, ADNOC and Japan Oil Development Co.) oil fields to 1.6 MMb/d by 2018, up from its current rate of 1.2 MMb/d. ADNOC wants to increase production in its Upper Zakum field to 750,000 b/d by 2018, and to 1 MMb/d by 2024. Overall, ADNOC expects to complete 160 wells per year during the next few years.

ADNOC’s recent exploration and production efforts have focused on assessing undiscovered reserves, optimizing recovery, and improving reservoir management. Altogether, the organization has 15 subsidiary companies working in the oil, gas, petrochemical, and energy-service sectors, including: ADCO, ADMA-OPCO, GASCO, ADGAS, ZADCO, TAKREER, NDC, ESNAAD, IRSHAD, FERTIL, BOROUGE, ADNATCO-NGSCO, ADNOC Distribution, Elixier and Al Hosn Gas.

Read more:

First oil flows from Nasr field 

Middle Eastern promise 

Lamprell marks rig delivery record

Current News

Greensand CCS Scheme in North Sea Lines Up First CO2 Storage Customer

Greensand CCS Scheme in North

New York Governor to Fight US Federal Decision to Halt Empire Wind Project

New York Governor to Fight US

Pree-FEED Work Begins for CCS Project Off Australia

Pree-FEED Work Begins for CCS

ADNOC Drilling Gets $1.63B Integrated Offshore Drilling Services Contract

ADNOC Drilling Gets $1.63B Int

Subscribe for OE Digital E‑News

Offshore Engineer Magazine