Adnoc to reach its 5m bpd oil target before 2027

Adnoc

Abu Dhabi National Oil Company (Adnoc) is likely to reach its 5 million barrel per day (bpd) oil production capacity expansion by the end of next year or early 2026, Bloomberg reported, citing people aware of the operations.

The oil company announced in November 2022 that the new target was to be achieved by 2027 from a previous target of 2030.

Adnoc and its partners are actively drilling new oil wells and connecting production sites to existing processing facilities to enhance production, the sources said. 

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The UAE energy giant in March commenced crude oil production from its Belbazem offshore block that is operated by Al Yasat Petroleum, a joint venture between Adnoc and China National Petroleum Corporation.

The production capacity at the Belbazem block will be progressively ramped up to 45,000 bpd of light crude and 27 million standard cubic feet per day of associated gas.

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Adnoc’s board approved in November 2022 a five-year business plan and capital expenditure of AED550 billion ($150 billion) for 2023-2027 to enable the accelerated growth strategy.  

In January, Adnoc said it would allocate $23 billion for decarbonisation and lower-carbon projects, up from a previous target of $15 billion.