Abu Dhabi National Oil Co. (ADNOC) is investing $187 million to expand the production capacity of the Al Nouf oilfield to 175,000 barrels per day (bpd) by 2024 from the current 160,000 bpd, Zawya reports, citing the company.
By 2030, the oil giant hopes to reach its 5 million bpd oil production capacity target, ADNOC reportedly said in a statement on its LinkedIn page on Monday.
Al Nouf field located around 85 kilometers southwest of Abu Dhabi will also include more than 20 new wells. ADNOC has awarded the engineering, procurement and construction (EPC) contract–lasting over 39 months–of the Nouf development to Abu Dhabi-based contracting company Robt Stone. The company, the world’s 12th largest oil firm by production, produces nearly all the oil in the United Arab Emirates.
State-owned Abu Dhabi National Oil Co. injects $187m in Al Nouf oilfield to increase output
