08 November 2007
Abu Dhabi: Abu Dhabi has planned investments of more than $20 billion to boost the emirate's oil and natural gas output, said the chairman of Al Rayan Investment.
Speaking at a conference organised by the company, Fardan Hassan Al Fardan said the proposed investment will be made under Abu Dhabi's Strategic Plan 2030.
"Over $20 billion... has been allocated for the oil and gas sector to increase increase in production from 2.6 million barrels per day to around 3.5 million barrels per day from 2009 and 2011. "Production will be increased to four million barrels per day by 2015," said Al Fardan.
Oil is being produced at only 18 of 67 potential known fields in the UAE, he added.
"Specifically in the gas industry, it is projected that production levels will increase from 6.5 million cubic feet of gas per day to 9.5 million by 2011," he said.
In all, he said there are approximately 213 billion cubic feet of identified gas reserves in the UAE.
The plan also includes implementing projects in the petrochemical industry worth an estimated $5 billion, as well as another $5 billion in power and water sectors, Al Fardan said.
By Himendra Mohan Kumar
Gulf News 2007. All rights reserved.
