UAE Accelerates Efforts to Reach 5 Million Bpd Production Capacity

Along with its goals of being self-sufficient in gas and becoming the pre-eminent oil storage and supply centre in the Middle East, the UAE's top priority is to increase crude oil output to at least 5 million barrels per day (BPD) as soon as practicable. In this backdrop, Abu Dhabi National Oil Company (ADNOC), the country's main state-owned oil company, revealed last week that it had granted AED2.4 billion (US$653 million) in new fram....