Half of Abu Dhabi’s oil output to come from offshore by 2018, news agency says

Offshore reserves will account for about half of total oil production in Abu Dhabi by 2018, according independent news agency UAE Interact (OGJ Online, Feb. 5, 2015). Currently about 40% of oil produced in Abu Dhabi comes from offshore reserves.

The news agency said Abu Dhabi National Oil Co. (ADNOC) plans to spend $25 billion on offshore oil projects over the next 5 years (OGJ Online, Oct. 20, 2014). ADNOC’s investment plan is part of the UAE’s strategy to boost total oil output capacity to 3.5 million b/d by 2017-18 from the current 2.8 million b/d, the news agency reported.

Worldwide, about 30% of oil produced comes from offshore wells, UAE Interact said.

The agency, citing a 2014 report from Total SA, said that deepwater is believed to contain more than 5%, or about 300 billion bbl, of the world’s liquid hydrocarbon resources, or 12% of total conventional oil resources. The same document stated that in 2013, deepwater liquid reserves accounted for 6% of global production. That share is forecast to rise to nearly 11% of conventional oil output, or 9 million b/d, by 2035.

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