ADNOC Oil Output to Exceed 3.25 Million bpd in 2014

State-owned Abu Dhabi National Oil Company, or ADNOC, is working to increase oil output by 18.18% to 3.25 million bpd, by year 2014 against an estimated 2.75 million bpd levels in 2009, according to a research report issued on Saturday by Dublin-based consultancy Research and Markets.

Gas production should reach at least 85 Bcm by 2014, up against an estimated 53 Bcm in 2009, it said.

The latest UAE Oil & Gas Report for Q1 2010 forecast’s that the country will account for 4.35% of Middle Eastern regional oil demand by 2014, while providing 11.35% of supply.

The UAE in 2009 consumed an estimated 14.27% of the regions gas, with its market share forecast at 14.63% by 2014.

“It contributed an estimated 12.60% to 2009 regional gas production and, by 2014, will account for 13.02 % of supply,” said the UAE Oil and Gas Report, UAE real GDP is estimated to have fallen by 2.8% in 2009, compared with 7.4% growth in 2008.

The report assumed average annual growth of 5.0% in 2010-2014, expects oil demand to rise from an estimated 472,000 bpd in 2009 to 552,000 bpd.

Consumption is expected to rise from an estimated 58 Bcm to 80 Bcm by the end of the forecast period, allowing net exports of around 5 Bcm.

Between 2009 and 2019, the report forecasts an increase in UAE oil production of 38.2 %, with volumes rising steadily to 3.80 million bpd by the end of the 10-year forecast period.

Oil consumption between 2009 and 2019 is set to increase by 39%, with growth slowing to an assumed 3% per annum towards the end of the period and the country using 656,000 bpd by 2019.

Gas production is expected to rise from an estimated 53bcm to 120bcm by the end of the period.

With 2009-2019 demand growth of 89.3 per cent, this provides net gas export potential rising to 10 bcm over the period.

For 2009, the report assumed an average Opec basket price of US$59 per barrel, a 37.3% decline year-on-year (y-o-y). It represents an upgrade from the US$55 forecast, assumed in the previous quarter.- Khaleej Times