UAE Fast-Tracks Goal To Reach 5 Million Bpd Production Capacity

Together with its aims of becoming self-sufficient in gas and creating the pre-eminent oil storage and supply hub in the Middle East, boosting crude oil production to at least 5 million barrels per day (bpd) as soon as possible remains a core priority for the UAE. In precisely this context, its key state-owned oil conduit, the Abu Dhabi National Oil Company (ADNOC), last week announced that it awarded AED2.4 billion (US$653 million) in new framework agreements that will allow it to drill thousands of new oil wells. The agreements were made with…