ADNOC to raise Upper Zakum capacity

ADNOC plans to increase production capacity in the Upper Zakum offshore oilfield to 1 million bopd by 2024, the company announced Tuesday.

ADNOC, ExxonMobil and Inpex signed an agreement for the project, according to a company statement.

“As we continue our transformation into a more commercially driven and performance led oil and gas company, we are focused on securing partnerships to allow us to unlock and maximise value and secure market access. In the upstream, we are adapting to the evolving market environment by driving down production costs and increasing our crude oil production capacity. We are also focusing on the application of value add and innovative technologies and are leveraging big data to drive efficiencies and optimise production,” CEO Sultan Al Jaber said.

In a separate statement, the company said it would raise production capacity at the maturing onshore Bab field to 450,000 bopd from 420,000 bopd by 2020. China Petroleum Engineering & Construction Corporation has won the EPC contract for the project.

“The decision to modernise our production infrastructure at the large Bab field, is another clear signal that ADNOC is making smart investments to increase production capacity, enhance the long-term productivity and maximise the profitability of Abu Dhabi’s oil reserves, as we create a more profitable upstream business, in line with our Supreme Petroleum Council approved 2030 growth strategy,” Al Jaber said.