Arab News: The UAE is pursuing a plan to increase its crude production capacity to 5 million barrels per day by 2025.
Quoting people familiar with the matter, Bloomberg reported that the Abu Dhabi National Oil Co., had initially targeted to achieve 5 million bpd of production by 2030, and now the firm has revised its goal.
According to the report, the UAE is aiming to sell more oil and natural gas when the prices of fossil fuels are high.
Post-Russia’s invasion of Ukraine oil soared to more than $120 a barrel. The prices, however, have slumped since June to below $100 a barrel, but is still far above the UAE’s production costs.
“As we embrace the energy transition and future-proof our business, we will continue to explore potential opportunities that can further unlock value, free up capital and enhance returns,” ADNOC told Bloomberg.
The UAE’s Energy Ministry didn’t immediately respond to a request for comment.
The UAE is the biggest oil producer in the Organization of the Petroleum Exporting Countries after Saudi Arabia and Iraq.
The country says it has the ability to produce over 4 million barrels a day, but the production has been restricted from reaching such a high level by the caps imposed by OPEC to stabilize the global market.
Even though the UAE is planning to increase its oil output, it has also set a zero-emission target by 2050, and it is investing a lot in solar power and cleaner fuels like hydrogen, the report added.
https://www.arabnews.com/node/2165516/business-economy
