Breaking News

Alibaba Raises $8 Billion in Debut Bond Offering
Tweet TWEET

U.A.E.’s Adco to Increase Output by Year-End, Al Ittihad Says

The Abu Dhabi Co. for Onshore Oil Operations, known as Adco, will raise production to 1.47 million barrels of oil a day this year, from 1.37 million currently, Al Ittihad newspaper reported, citing Chief Executive Officer Abdul Munim Al-Kindy.

In the second quarter of next year, Adco will start awarding contracts valued between 7.3 billion dirhams ($2 billion) and 11 billion dirhams for developing the third and last phase of its oilfields, the newspaper said.

To contact the reporter on this story: Tamara Walid in Abu Dhabi at twalid@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.