Giant Abu Dhabi Oil Field Could Hit Target Early, Says Exxon CEO

Abu Dhabi’s Upper Zakum offshore oil field is likely to reach its target for expanding production capacity ahead of schedule, said Exxon Mobil Corp. Chief Executive Officer Darren Woods.

Upper Zakum, which Exxon has developed in partnership with Abu Dhabi’s government-owned producer and Japan’s Inpex Corp., currently has capacity to pump 1 million barrels daily, Woods said. Work is underway to expand that to 1.5 million barrels a day by 2030, and the project is likely to hit that goal early, he said.