To keep up with regional and global efforts to continue exploring and developing offshore production, the UAE has recently put in place a new strategy to boost its total oil output capacity to 3.5 million barrels per day (bpd) by 2017-18 from the current 2.8 million bpd.
Currently, offshore production accounts for about 40 per cent of total oil produced by Abu Dhabi. However, thanks to continued investments in offshore oil production, offshore reserves will account for approximately 50 per cent of total oil production in Abu Dhabi by 2018.
Consequently, Abu Dhabi National Oil Company (Adnoc) is planning to invest around $25 billion in the next five years, advancing the sector through developments in research and technology.
About 30 per cent of oil produced worldwide comes from offshore oil wells, and offshore projects are increasingly playing a pivotal role in supplying the rising demand.