ADNOC has announced plans to invest $30 billion on oil fields to accelerate production up to 5 million b/d, Hellenic Shipping News reported. This represents a seismic increase from their current production record of 3.336 million b/d in November 2018.
ADNOC has previously said it would reach a production capacity of 4 million b/d by 2020. To reach their target of 5 million b/d, ADNOC will implement new measures such as accelerating the award of a second licensing round and tapping smaller and unconventional fields.
ADNOC Onshore, which pumps some 1.8 million b/d now, is expected to reach 2 million b/d by the end of this year. Furthermore, ADNOC is looking to increase their offshore production with the expansion of Upper Zakum, by increasing production to 750,000 b/d up from its current 650,000 b/d.