ADCO official reveals $5.3 billion spending plans

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The general manager of the Abu Dhabi Company for Onshore Oil Operations (ADCO) has said that the company is planning to invest US$5.3 billion in order to ramp up onshore oil production in Abu Dhabi by 400,000 barrels per day (bpd) to 1.8 million bpd.

AFP reported that Abdel Monim al-Kindy said that the money will be spent between now and 2012.

The official also said that one $300 million and two $1.5 billion contracts were due to be awarded in the next two weeks. The official declined to reveal the exact nature or the winning bidders of any of the contracts in questions.

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The projects form part of a strategy implemented by Abu Dhabi to raise total crude production from 2.8 million bpd to 3.5 million bpd.