Adco to invest Dh18-25bn to raise output: CEO

Abu Dhabi Company for Onshore Oil Operations (Adco) plans to invest between $5 billion (Dh18.35 billion) and $7 billion (Dh25.7 billion) in the next three years to raise output by 12.5 per cent, its chief executive said on Monday.

The state-owned crude oil producer currently produces 1.6 million barrels per day.

"The cost is 5 to 7 billion dollars to reach 1.8 million barrels per day by end-2017," Abdul Munim Al Kindy told reporters at an industry event.

He said currently low oil prices will have no impact on the expansion plans.

"We are committed to achieving 1.8 million barrels per day and all the projects will go ahead," he said.  

Nine Asian and Western firms have bid for stakes in the Abu Dhabi Company for Onshore Oil Operations (Adco) concession, after a deal with Western oil majors that dates back to the 1970s expired in January.

The companies have been asked to extend offers that were due to expire around Octob 22 until December 21, sources told Reuters in mid-October.

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