The UAE is looking to expand its production capacity from 4 million bpd today to 5 million bpd ahead before 2030. The investments in production expansion are also aimed at boosting the local economy. In tandem with developing its oil output are efforts to build out the means to transport it, and to ship and store the oil and other commodities of other major players in the market. Together with its aims of becoming self-sufficient in gas and creating the pre-eminent oil storage and supply hub in the Middle East, boosting crude oil production to at least 5 million barrels per day (bpd) as soon as possible remains a core priority for the UAE. In precisely this context, its key state-owned oil conduit, the Abu Dhabi National Oil Company (ADNOC), last week announced that it awarded AED2.4 billion (US$653 million) in new framework agreements that will allow it to […]