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Abu Dhabi’s Supreme Petroleum Council on 2 November approved state firm Adnoc’s 2030 strategy and its latest five-year business plan - to 2022. The strategy “ reaffirms Adnoc’s intent to achieve a production target of 3.5mn b/d in 2018, an increase over today’s production of 400,000 b/d,” Adnoc says. This indicates official production of 3.1mn b/d, in line with the UAE’s submissions to Opec, but slightly above the 3.05mn b/d MEES estimate for October (see p11).
Emirati oil officials were at pains to stress at Adipec in Abu Dhabi this week that the country continues to invest heavily in its oil and gas sector, despite oil prices stubbornly refusing to break $50/B for any prolonged period. Sharply reduced oil revenues are set to see the UAE run a $10bn deficit this year according to MEES estimates (MEES, 23 September). (CONTINUED - 1726 WORDS)