Despite setting an ambitious target of more than 3 million bpd by the end of 2012, Abu Dhabi fell some 300,000 bpd short of its production goal, according to the UAE Minister of Energy, Mohammed Al Hamli.
Speaking at an industry event in the UAE capital yesterday, he revealed Abu Dhabis oil production now stands at 2.8 million bpd for January 2013.
In October last year, the minister had again highlighted the emirates goal to pump 3 million bpd by year-end, as part of a five-year capacity-building toward achieving 3.5 million bpd.
The closing of the gas gap was also raised by Al Hamli, who said the UAE will continue as a net importer of natural gas for the foreseeable future, as demand from domestic consumers and industry continues to rise.
This follows concerns raised by Khalid al Awadi, consultant with Hawk Energy in the UAE and former gas operations manager, Emarat, at the Middle East Gas Forum in September last year. At the time, he estimated the shortages could grow to 6 bcf in 10 years "equivalent to 1 million bpd of oil...the only way to meet demand will be to burn an additional 1 million bpd of oil per day."
With Brent crude prices at historical highs of around US$110 per barrel, Abu Dhabi is keen to maximise benefits by decrease the number of barrels of oil burned in domestic power production.