ABU DHABI, (AFP) – Oil-rich Abu Dhabi is planning to raise its oil production capacity by 29.6 percent to 3.5 million barrels per day by 2018 from 2.7 million bpd today, according to a report published on Thursday.
Abu Dhabi has set ambitious targets to increase total production capacity from the current 2.7 million barrels of oil per day to 3.5 million bpd by 2018,” said The Oil and Gas Year, Abu Dhabi 2010.
The report put Abu Dhabi’s proven oil reserves at 98.2 billion barrels, and 95 percent of the reserves of the United Arab Emirates, which are ranked seventh largest in the world.
The UAE’s production quota imposed by the OPEC cartel stands currently at 2.2 million bpd.
The report also said that the leading emirate in the UAE federation sits on 5.8 trillion cubic metres (204.8 trillion cubic feet) of proven natural gas reserves.
It represented 93 percent of the UAE’s reserves of 6.43 tcm (227.1 tcf) — the world’s sixth-largest, it added.
Abu Dhabi has invested 30 billion dollars in oil and gas projects between March 2009 and March 2010, the report said, pointing out that operators and service providers have been able to “make the best” of the global economic downturn by purchasing materials, equipment and manpower at lower cost.
The Oil and Gas Year is produced by Wildcat Publishing, a private company which publishes comprehensive annual reports on the oil and gas industries of key energy-producing countries.
It is produced in partnership with Abu Dhabi’s national oil company ADNOC, and the emirate’s Department of Economic Development.
Abu Dhabi is also home to the world’s largest sovereign wealth fund, Abu Dhabi Investment Authority (ADIA), with assets of more than 600 billion dollars.