Abu Dhabi to slash output
Adnoc’s project to slash emirate’s crude production by 600,000 bpd
Posted: 01 October 2007
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Abu Dhabi will soon launch a major maintenance programme at its key oilfields and officials said it would slash output by nearly 600,000 bpd.
The Abu Dhabi National Oil Company said the scheduled maintenance would be carried out at three major offshore oil fields in November.
“ Adnoc will carry out the maintenance program, which has been under planning for more than a year, at its Upper Zakum, Lower Zakum and Umm Shaif fields,” the government-controlled company said last month.
Upper Zakum , located in the Gulf, is the world's second-largest offshore oil field with an estimated 20 billion barrels of crude in place.
The reduction in output comes at a time when oil prices have hit record highs, partly on concerns over tight supplies ahead of the approaching winter season in the U.S. and Europe .
"Adnoc has worked closely with its term clients to ensure there is minimal disruption to operations, which also coincides with the scheduled seasonal refinery maintenance in the market," Adnoc said.
"Adnoc's commitments to its term clients are all met by advancing the majority of liftings, and some deferments that have been rescheduled by mutual agreement.”
Adnoc's refining subsidiary Takreer will implement a scheduled maintenance program at its Ruwais refinery between Dec. 22 and Feb. 25, ADNOC said.
The shutdown will release about 5 million barrels of crude to the market, the company added.
The UAE is the fourth-largest producer in the Organization of Petroleum Exporting Countries, with daily output of around 2.6 million barrels per day. |
