DUBAI (Reuters) - Abu Dhabi said on Tuesday that it would increase the capacity of its giant Upper Zakum offshore oil field, one of the world’s largest, to 1 million barrels per day by 2024.
An agreement for the project was signed between the government’s Abu Dhabi National Oil Co (ADNOC), Exxon Mobil of the United States and Japan’s Inpex Corp, ADNOC said.
The Upper Zakum field is the second largest offshore oil field and fourth largest oil field in the world, the statement said. Previously, Abu Dhabi was pursuing a plan to boost its production capacity to 750,000 bpd by 2017-18.
ADNOC also said it would upgrade operations at its onshore Bab field, increasing production capacity to 450,000 bpd by 2020 from 420,000 bpd.
An engineering, procurement and construction contract for this project has been awarded to China Petroleum Engineering & Construction Corp, an affiliate of China National Petroleum.
Reporting by Saeed Azhar; Editing by Andrew Torchia