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

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Jan. 23 (Bloomberg) -- 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

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