Matrade urges M’sian o&g providers to eye Abu Dhabi for business opportunities

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KUALA LUMPUR: Malaysian oil and gas (O&G) service providers should take advantage of available business opportunities in Abu Dhabi, says the Malaysia External Trade Development Corporation (Matrade).

According to the Emirate’s Statistical Bureau, Abu Dhabi’s investment in the hydrocarbon sector reached a record high of US$13.1 billion at the end of 2011, an increase of 11.5 per cent from 2010, said Matrade in a statement.

“Abu Dhabi aims to increase crude oil production capacity above three million barrels per day in the next few years.

“It has allocated about US$1.5 billion for the development of offshore Upper Zakum in order to produce an additional 200,000 barrels daily to add on to its existing capacity of 550,000 barrels,” said the trade promotion agency.

It noted an equivalent amount had also been earmarked for the expansion of the mammoth Umm Shaif offshore field and US$2 billion for the Nasr Field development by the Abu Dhabi Marine Operation Company.

The Abu Dhabi Onshore Oil Company was also investing almost US$1.5 billion in a development programme which would increase another 400,000 barrels per day in its output, it added.

Malaysian oil service providers with the skills and experience in oil and gas exploration and offering advanced technology in oil production are urged to explore business opportunities in Abu Dhabi.

It could be via direct dealing or through joint ventures with the local companies in Abu Dhabi as well as those in the Gulf region, said Matrade. — Bernama