ADNOC is planning USD 25 billion worth of investments in offshore oil projects

Off-shore reserves will account for approximately 50 per cent of the total oil production in Abu Dhabi by 2018 as a result of continued investments in production capacity, experts said, as the emirate gears up to host the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in November.

Abu Dhabi National Oil Company (Adnoc) is planning $25 billion (Dh91.83 billion) worth of investments in offshore oil projects over the next five years as part of the UAE’s strategy to boost its total oil output capacity to 3.5 million barrels per day (bpd) by 2017-18, up from the current 2.8 million bpd.

Currently, an estimated 40 per cent of oil produced in Abu Dhabi comes from offshore reserves and this is expected to rise to 50 per cent in the next three years, ADIPEC organisers said on Monday in a statement.

Globally, about 30 per cent of oil produced worldwide comes from offshore oil wells and offshore resources are playing a greater role in supplying the rising demand for energy, with a growing interest in the potential of deep water reserves.

According to figures from a 2014 report by Total, the deep offshore is believed to contain more than 5 per cent — an estimated “300 billion barrels” — of the world’s liquid hydrocarbon resources, or 12 per cent of total conventional oil resources.

In line with regional and global efforts to continue exploring and developing offshore production, ADIPEC will be launching a dedicated Offshore, Marine and Heavy Equipment Zone situated on the waterfront at the Abu Dhabi National Exhibition Centre (Adnec), only 150 metres away from the main exhibition floor. The new area will cover 8,000 gross square metres of space, with a jetty that extends 500 metres long.

“ADIPEC is pleased to be the first oil and gas exhibition in the Mena [Middle East and North Africa] region to dedicate an entire waterfront section to offshore, subsea and marine products and services,” Ali Khalifa Al Shamsi, director of Strategy & Coordination at Adnoc and Adipex 2015 Chairman, said in a statement.

“The Offshore, Marine and Heavy Equipment Zone will allow exhibitors to showcase their sub-sea and marine products and services in their native environment, a unique advantage that will offer both participants and visitors a valuable experience,” he added.

ADIPEC 2015 will take place from November 9 to 12 this year, and is expected to host more than 2,000 exhibitors, 85,000 attendees and 7,000 delegates.