State-owned Abu Dhabi National Oil Company began production and loading of crude from its offshore Umm Lulu and Sarb fields with commercial shipment to start next month, according to a company spokesman.
The grade known as Umm Lulu is produced by Adnoc jointly with Spanish energy company Cepsa and Austrian energy firm OMV, which each have a 20 per cent stake in the fields.
The two entities, which both have Mubadala Investment Company as a stakeholder, were awarded the concessions earlier this year, with Adnoc retaining 60 per cent interest. Initial capacity at the field is 50,000 barrels per day, which the twin stakeholders have said will rise to 129,000 bpd by year-end and 215,000 bpd by 2023.
Adnoc, which produces much of the UAE’s oil from fields onshore and offshore Abu Dhabi, is looking to raise production capacity to 3.5 million bpd by the end of the year.