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Thursday, 29 October 2020

UAE amps up oil and gas output as Iran sanctions hit

AFP , Monday 5 Nov 2018
Oil production facility
File Photo: Oil production facility, undated. (AFP)
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UAE oil company ADNOC has announced the discovery of new oil and gas resources, with an eye on full self-sufficiency as US sanctions on Iran go into effect.

State-run ADNOC, based in the oil-rich capital Abu Dhabi, said Sunday it had discovered new gas fields, totalling 15 trillion standard cubic feet, and another billion barrels of oil.

The company also announced plans to boost output to four million barrels per day by 2020 and five million bpd by 2030 -- a plan UAE officials said was aimed at making the country entirely self-sufficient.

Abu Dhabi Crown Prince Mohammed bin Zayed also announced the Supreme Petroleum Council, the city's main decision-making council, approved a budget of 486 billion dirhams ($132 billion) to support a five-year growth plan.

This included ADNOC's "gas strategy to become self-sufficient and a net gas exporter," he said on Twitter.

The United Arab Emirates, OPEC's fourth largest producer, currently produces up to 3.5 million bpd.

Sunday's announcement came as the United States imposed strict sanctions against Iran.

The move targets buyers of Iranian oil with the aim of throttling Tehran's main source of income.

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