Abu Dhabi Company for Onshore Oil operations (ADCO) is planning to raise its oil output capacity from 1.5 mbpd to 1.8 mbpd by end of 2016, its General Manager Abdul Munim Al Kindy disclosed today.
’’The production boost will be part of a massive Dh 45 billion ($12 bn) development and expansion plan,’’ Al Kindi said in a press statement today.
’’Financing of these projects will be secured through ADCO’s partners without borrowing from the international markets. We have ample funds to finance our operations without taking loans from local and foreign banks,’’ he affirmed.
According to him, the oil fields to be developed include Habshan, Dabbiya, Beda, Qamzan and Jessoura in addition to Asab, Shah and Sahi.
(ADCO) awarded two Engineering, Procurement and Construction (EPC) contracts for the development of its Sahil, Asab and Shah Fields.
The Asab Field Development Project has been awarded to Petrofac International Ltd. at a lump sum price of Dh 8.5 billion ($2.3 bn) while the Sahil and Shah Fields Development Project has been awarded to a consortium of Tecnicas Reunidas and CCC at a lump sum price of $1.2 billion. Total cost of development of the three fields stood at Dh 12.9 bn.
’’Development of the three fields will raise the output capacity by 150,000 bpd,’’ he explained.
Financially, he unveiled that the company has set aside $ 3 billion for development operations in 2009.
