Opec cuts, Adnoc IPO dominate Adipec 2017
the diversification of the UAE’s economy. The IPO money could also be used to accelerate the shift from dependence on the oil revenue to a post-oil era,” said Dr Mamdouh G Salameh, a London-based oil economist.
Important oilfields
Adnoc also announced plans to increase production capacity of two important oilfields including Upper Zakum as well as Bab oilfields to meet the growing demand from its customers.
At Bab, production will go up from 420,000 barrels of oil per day to 450,000 barrels of oil per day by 2020 while production at Upper Zakum will go up to one million barrels per day by 2024.
Besides, plans are in place for Adnoc to also launch “Umm Lulu Crude Oil”, a new crude blend produced from its Umm Lulu and Sarb fields, operated by Adnoc Offshore.
Also in focus during the fourday event was extension of production cuts. Gulf energy ministers including from the UAE, Oman and Bahrain backed the extension of oil output cuts beyond March 2018, in order to boost oil prices.
UAE energy minister Suhail Al Mazroui said there is a potential for extension of Opec agreement beyond March 2018 but the period of extension is subject to discussion. “I haven’t heard anyone talking about not to extend the deal but the period of extension is subject to discussion. I am hopeful that we will reach an agreement that will lead to more stabilisation and investment in the industry,” he said earlier in the week.
Opec countries will meet on November 30 in Vienna to take a decision on the extension of the output cut agreement reached between the members of the group and non-Opec countries last year.