The Abu Dhabi National Oil Company (Adnoc) will spend more than $100 billion in the next four years on increasing its oil production capacity and building other oil and gas facilities, a senior official said.

The company is on track to hit its target of raising sustainable oil production capacity to 3.5 million barrels per day (bpd) in 2017, Al Hosn Gas chief executive Saif Ahmed Al-Ghafli told the Al Gharbia Development Forum.

“(We) have other programmes to raise gas production and our refinery (capacity) to reach 920,000 bpd,” Al-Ghafli said.

Adnoc’s plans call for capital investment of Dh120 billion ($32.67 billion) in 2016; Dh119 billion ($32.39 billion) in 2017; Dh72 billion ($19.6 billion) in 2018 and Dh66 billion ($17.96 billion) in 2019, Al-Ghafli said.

Al Hosn Gas, a 60-40 joint venture between Adnoc and Occidental Petroleum Corporation, started gas production from the Shah Field in January. The Shah sour gas project cost $10 billion.

Al-Ghafli said work had started on an Adnoc housing complex in Liwa that will accommodate 1,350 people. It is to be completed in 2017.

The forum provided information to investors, entrepreneurs, developers, project owners and the wider value chain about opportunities in Al Gharbia, which accounts for about 40 per cent of the GDP of the UAE.

Topics included oil and gas, progress in the UAE’s nuclear energy programme; infrastructure investment plans in Al Gharbia; education and health; banking and finance; developments in the food production and processing sector; real estate and tourism.

The forum was organised under the patronage of Sheikh Hamdan bin Zayed Al Nahyan, ruler’s representative in the Western Region, and organised under an initiative by the Department of Economic Development of Abu Dhabi. - TradeArabia News Service