UAE oil output on track

DUBAI: The UAE is on track to expand its crude oil production capacity to three million barrels per day (bpd) by the end of the year.

The UAE increased its production capacity from 2.7m bpd to around 2.8m bpd earlier this year and expects to add another 200,000 bpd of capacity over the next few months. “Oil production capacity in the UAE should reach 3m bpd by the end of this year. The current capacity is around 2.8m bpd,” said an industry source familiar with the projects.

In July the Opec country’s production was ramped up close to its maximum capacity of 2.8m bpd, the source added.

Abu Dhabi plans to invest $60 billion over the next five years to boost production capacity to 3.5m bpd.

August 29, 2012