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How Fast Can Abu Dhabi Expand Capacity?

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Abu Dhabi's ambition to boost its oil production capacity to 5 million barrels per day is well known. But how feasible are plans to move the original 2030 deadline forward by three to five years — and where will the additional capacity actually come from? These are important questions for a global oil market with thin spare capacity. Abu Dhabi National Oil Co. (Adnoc) has officially retained 2030 as the target date for attaining 5 million b/d of capacity but is understood to have brought forward its internal deadline to 2027. Energy Intelligence understands that the idea of moving the target date further forward — to as early as 2025 — was floated by the company's Accelerate 100X unit, which was set up in July to speed up internal decision-making in the face of a rapidly changing global energy landscape. The capacity expansion plans could be fast-tracked and potentially be implemented by 2025 — but this would require large additional investments, a source close to the matter says. “It's feasible but very optimistic because it's a massive investment,” the source tells Energy Intelligence. Adnoc has moved swiftly to boost its upstream capacity in recent years. Energy Intelligence estimates that oil production capacity in Abu Dhabi presently stands at nearly 4.3 million b/d, helped in parts by Exxon Mobil completing works to boost capacity at the giant Upper Zakum offshore field to 1 million b/d in late 2021, some three years ahead of schedule.

Topics:
Upstream Projects, Opec-Plus Supply , Oil Supply
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