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Abu Dhabi: The UAE's crude oil production capacity is expected to reach 3.1 million barrels per day (bpd) in 2013, a rise of 10.71 per cent over the 2.8 million bpd currently, the International Energy Agency (IEA) said on Tuesday.
In its Medium Term Oil Market Report, the Paris-based agency, which advises 27 industrialised nations of the world on energy policy, said that the country's original official target of 3.5 million bpd is "now seen in industry circles as possible by 2019 at the earliest."
"Costs for expansions at the offshore Upper Zakum project and onshore at Asab, Shah and Sahil have reportedly doubled amid contractor shortages. Onshore, the Adco/Murban PSA expires in 2014, dissuading foreign partners from spending until the contract is renewed," the IEA said.
Gas shortage
"Moreover, a looming domestic natural gas shortage may compromise volumes otherwise destined for reinjection at oilfields, notwithstanding the advent of piped gas from Qatar," it added.
The report also said the crude oil production capacity of the Organisation of Petroleum Exporting Countries (Opec) is seen rising by 2.5 million bpd over 2008-2013 to reach 37.9 million bpd.
"Saudi Arabia and to a lesser extent Iraq, Nigeria and the UAE, account for most of the increase," said the report.
The UAE's gas liquids output, the IEA said, is expected to increase by some 50 per cent from 630,000 bpd to 950,000 bpd, with the bulk of this coming from the third phase expansion of Abu Dhabi's Habshan gas plant, due to be completed by September 2008.
"This will generate 130,000 bpd of condensate and 140,000 bpd of ethane, LPG and naphtha, with the bulk of the dry gas reportedly destined for oilfield re-injection," the report added.
Officials at the UAE's Ministry of Energy and executives of Abu Dhabi National Oil Company (Adnoc) weren't immediately available for comment on the IEA report.
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