50.24$US/1 Barrel
59.70$US/1 Barrel
55.10$US/1 Barrel
69.99$US/1 Barrel
75.61$US/1 Barrel
75.71$US/1 Barrel
77.66$US/1 Barrel
66.90$US/1 Barrel
66.75$US/1 Barrel
68.55$US/1 Barrel
50.11$US/1 Barrel
55.68$US/1 Barrel
55.28$US/1 Barrel
60.68$US/1 Barrel
64.72$US/1 Barrel
60.50$US/1 Barrel
62.00$US/1 Barrel
55.00$US/1 Barrel
60.00$US/1 Barrel
61.50$US/1 Barrel
485.00$US/MT
378.00$US/MT
705.00$US/MT
585.00$US/MT
508.00$US/MT
463.75$US/MT
368.00$US/MT
395.25$US/MT
678.00$US/MT
844.25$US/MT
SEATTLE (Oil Monster): Abu Dhabi National Oil Company (ADNOC) announced that it has started crude oil production from its Belbazem offshore block, around 120 kilometres northwest of the capital city of Abu Dhabi. The offshore block is operated by Al Yasat Petroleum, a joint venture between Adnoc and China National Petroleum Corporation (CNPC).
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In a recent news release, ADNOC had stated that the offshore block is expected to reach a production capacity of 45,000 barrels per day (bpd) of light crude and 27 million standard cubic feet per day (MMscfd) of associated gas. In addition to helping ADNOC from reaching the production goal of 5 million bpd by 2027, the start of production will boost UAE’s efforts to achieve self-sufficiency in gas.
Commenting on the development, Abdulmunim Saif Al Kindy, Upstream Executive Director, ADNOC noted that the start of crude oil production from the Belbazem offshore block is a testament of its s strategic partnership with CNPC and the strengthening bilateral relationship between the UAE and China, he added.
ADNOC plans to integrate advanced technologies towards optimizing production and reservoir management.