ABU DHABI 29 March, 2017: The UAE reduced its oil production by nearly 200,000 barrels per day this month due to maintenance works, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, said.
Al Mazrouei, who was speaking on the sidelines of the Global Manufacturing and Industrialisation Summit, GMIS 2017, in Abu Dhabi expected the cut will continue over the next two months.
He added that a drop in crude stockpiles during the next period is expected to lead to an increase in demand.
There are talks among Opec members about a possible extension of the output cut. The Organisation will discuss that during its upcoming meeting in April, he added.
UAE bpd oil production reaches 3.089 million in 2016
The United Arab Emirates’ average barrel per day (Bpd) oil production reached 3.089 million in 2016, as per the Ministry of Energy statistics.
A total of 889.6 million barrels of crude oil were produced in 2016 following a performance-based strategy that has been developed by Abu Dhabi National Oil Company (Adnoc), to maximise operational efficiency, boost profitability and generate sustained and strategic growth in the company’s upstream, midstream and downstream segments.
The bpd production capacity reached an all-time high of 3.22 million in December, followed by November’s 3.195 million, October’s 3.188 m, September’s 3.186 m, August’s 3.153 m, and July’s 3.181 m, with the total production hitting 459 million barrels during the second half of the year.
During the first half, the bpd production reached 3.133 million in January, followed by February’s 2.779 million, 2.909 million in March, 2.827 million in April, rising to 3.107 million in May, with June hitting an all-time high of 3.168 million, said Wam.
The Adnoc 2030 Strategy reaffirms the national company’s intent to achieve a production target of 3.5m bpd in 2018. There will also be a stronger focus on the application of new and innovative technologies for enhanced oil recovery and tapping into additional sour gas resources.
– By Rajive Singh