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Friday, December 10, 2010     GET REAL

UAE plans to invest in 30 percent increase in crude oil capacity

ABU DHABI — The United Arab Emirates plans to invest at least $20 billion to bolster crude oil production.

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The UAE's Abu Dhabi emirate said the investment would be conducted over the next two years in an effort to raise crude oil capacity by 30 percent. Officials said the emirate's goal was to produce 3.5 million barrels per day.

"Revenues from oil and gas and [oil] products constitute 35 percent of Abu Dhabi's gross domestic product, 80 percent of the government's revenues and 90 percent of the total exports," the Abu Dhabi Economic and Social Report 2008 said.


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Abu Dhabi has been producing 2.7 million barrels of oil per day, or 94 percent of total UAE output, Middle East Newsline reported. The UAE has proven oil reserves of 97.8 billion barrels.

Meanwhile, Bahrain plans to construct at least one terminal to process liquefied natural gas.

Officials said Bahrain's Energy Ministry has conducted two studies on the feasibility of an LNG terminal. They said two U.S. companies — Hess and Shell — have deemed the project feasible.

"Qatar, Russia and Egypt, among others could be the source of the gas, transported in the liquid form and then turned into gas again to power Bahrain's industries and infrastructure," Bahraini Energy Minister Abdul Hussein Mirza said.

Mirza said the facility would have the capacity to process hundreds of thousands of tons of LNG. Bahrain plans to increase its current gas production from the current 1.3 billion cubic feet per day to 2.7 billion feet by 2014.



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