Adco to invest Dh18-25bn to raise output: CEO

Abu Dhabi Company for Onshore Oil Operations (Adco) plans to invest between $5 billion (Dh18.35 billion) and $7 billion (Dh25.7 billion) in the next three years to raise output by 12.5 per cent.

The state-owned crude oil producer currently produces 1.6 million barrels per day.

The cost is 5 to 7 billion dollars to reach 1.8 million barrels per day by end-2017.

He said currently low oil prices will have no impact on the expansion plans.

Nine Asian and Western firms have bid for stakes in the Abu Dhabi Company for Onshore Oil Operations (Adco) concession, after a deal with Western oil majors that dates back to the 1970s expired in January.

 

 

 

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