UAE Says 3.5Mn B/D Capacity Target On Schedule

The UAE is sticking to its 3.5mn b/d 2017 capacity expansion target. It says stalled renewal of the ADCO concession that makes up close to half of current 3mn b/d capacity will not delay its ramp-up plans.

UAE Energy Minister Suhail al-Mazru’i, speaking in Vienna on 4 December, acknowledged that there will be a delay in awarding a new concession following the 10 January expiry of the existing Abu Dhabi Company for Onshore Operations (ADCO) concession. ADCO groups Total, Shell, BP, ExxonMobil and Partex with state-owned ADNOC (see chart).

Eleven companies have been qualified to bid for a renewed concession (see table). Bids by the 11 were submitted in October to ADNOC, which will have to present its recommendations to the Supreme Petroleum Council, and the latter will have the final say, a process that will take several months. (CONTINUED - 517 WORDS)

DATA INSIDE THIS ARTICLE

table ADCO Renewal Prequalifiers