UAE’s huge investments in oil more than $ 70 billion

Abu Dhabi National Oil Company (ADNOC) announced its intend to expansion investments plans between $ 60 and $ 70 billion to double its production of oil and gas during the next ten years.

ADNOC implement a development project worth ten billion dollars to boost production capacity by 30% to reach 3.5 million barrels per day by 2016.

In the context of the efforts of Abu Dhabi to develop oil projects will be held next Monday fourth session of the Conference and Exhibition Abu Dhabi International Petroleum, which lasts four days with the participation of 1500 companies worldwide and 45 thousand specialists in oil and gas industry.

Abdel-Munim Saif al-Kindi conference chairman and chief executive Onshore Oil Operations (ADCO) expects that great deals to held during the conference, pointing out that the Gulf region accounts for 75% of the world’s reserves of oil.

Oil projects postponed during the past two years because of fears of global financial crisis, but that the situation of the economic recovery experienced by the world currently pays to put forward projects to expand production, considering that the exhibition is an ideal opportunity to do so.

In remarks to al-Jazeera .net Kinidi considered that Abu Dhabi through the continued implementation of projects to develop oil fields in the past two years – despite the global crisis – has been able to benefit from a decline in costs by 30% due to lower demand for these projects.

Oil is still attractive

Kindi considered that the demand for oil is still significant and that costs much less than the production costs of other types of energy.

He pointed out that the current price for a barrel of oil price of $ 80 while the same amount of energy from the sun or wind ranging between $ 250 and $ 300.

He added to reporters on the sidelines of a conference Thursday in Abu Dhabi Declaration on the Programme of Action of the Conference “The increase in the productive capacity of ADCO will come from increased production in the fields of the Bab, Asab and Fushaira in addition to the reservoirs and new fields, and 2012 will see the of new projects for the company.”

During the conference, will discuss the major challenges faced by the oil industry in the world, and will be allocated a number of seminars to assess the experience of ADCO injection of carbon dioxide in the field of Rumaythah, an experience that relies upon Abu Dhabi greatly increase the volume of production from the fields of oil over time larger.

It is noteworthy that ADNOC Group comprises 15 companies operating the areas of oil and gas industry, petrochemicals and transport crude oil and gas and oilfield services.

ADCO is the largest group, and is currently working to raise its production capacity from 1.4 million barrels per day to 1.8 million by the year 2016.

Maintain staff
For its part, the responsible administrative ADNOC Badria Khalfan showed that the planned conference will be devoted several meetings to discuss ways to maintain expatriate talent of engineers and technicians in the oil and gas sector, in addition to promising experiments in the UAE oil and gas sector.

She pointed out that ADNOC has succeeded in creating a cadre AED specializes in oil and gas industry, and the rate of resettlement are currently up to 50%, which represents approximately 15 thousand employees and the figure will rise to 75% in 2014.

She considered that resettlement of oil and gas sector strategy is an urgent issue requires future of the industry in the region, pointing out that the ADNOC currently operates a thousand employees including 800 citizens per year.