Abu Dhabi National Oil Company (ADNOC) is set to spend more than $70 billion over the next five years to increase its crude production capacity, according to Suhail Mohammed Al Mazroui, Minister of Energy for the United Arab of Emirates (UAE).
Speaking on a panel at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) Sunday, Al Mazroui said that the ongoing projects will boost production capacity to more than 3.5 million barrels per day by 2018.
During his opening address to some of the world’s most important energy leaders, Al Mazroui said: “ADIPEC 2013 is an outstanding forum to directly discuss pressing issues facing the all-important oil and gas industry. As one of the major producers in the world, the UAE and Abu Dhabi continue to lead the way as a global hub for technology and innovation. Important changes are taking place as part of the shifting energy balance: the UAE has decided to be part and embrace this change, while remaining a reliable source and supplier of hydrocarbon to the world.”
Speaking during the Ministers panel, which followed the opening session, the UAE energy minister said that his country is also planning to diversify its energy resources where nuclear energy will account of 25 percent of the total energy mix, while renewable accounts for 7 percent and gas represents 70 percent of the total energy mix.
Al Mazroui also blamed low and subsidy energy prices in the UAE and in all other Gulf Cooperation Council (GCC) countries for the excess energy consumption in the country.
“Consumers in the UAE are wasting energy because of the low cost,” he said.
Dr. Mohammad Bin Hammad Al Rumhy, Oman’s Minister of Oil & Gas, also echoed Al Mazroui’s comments. The two ministers were speaking during the Ministers panel, which also included Dr. M Veerappa Moily, Honorable Minister of Petroleum and Natural Gas, India and Hon Gregory Barker, Member of Parliament, Minister of State, Department of Energy and Climate Change, United Kingdom.
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