UAE to increase oil output to 5mbd by 2030 – Minister

The United Arab Emirates (UAE) says it is looking forward to boosting its oil production up to five million barrels per day by 2030 following the recent discovery of new oil fields in the emirate of Abu Dhabi.
The country’s Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei said this on Monday.On Sunday, the UAE disclosed that 22 billion barrels of unconventional oil reserves had been discovered in Abu Dhabi.

Along with that, the emirate’s supreme petroleum council announced another finding with two billion barrels of conventional oil.

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According to the Financial Times, this brings the country’s recoverable reserves up to 107 billion.“Its (discoveries) enhance the UAE position as a major player in the global oil market and reflects the continuous development procedures undertaken by (state oil company) ADNOC in its pursuit of a goal to increase production capacity to five million oil barrels per day by 2030,” Al Mazrouei said, as quoted by the ministry on Twitter.

The minister noted that these developments would also contribute to attracting a large package of foreign investments considered by the UAE as “a safe haven in light of rapid changes in the world.”

The findings support the country’s development strategy in various fields, the minister added.


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