The UAE remains committed to increasing oil production to 3.5mn b/d by 2017.
Delegates at last year’s Adipec conference eagerly anticipated an announcement on which companies would be awarded shares in the 40% of the Abu Dhabi Company for Onshore Petroleum Operations (Adco) concession available to foreign firms. The wait goes on for 22% of the concession. This year, attention turned to how the country’s plans to increase production capacity from current levels of around 3.2mn b/d to 3.5mn b/d by 2017 will be impacted by the continued low price environment. (CONTINUED - 1011 WORDS)