UAE to up oil output 30%

by Dylan Bowman
14 June 2007
ArabianBusiness.com

The UAE is looking at upping its oil output 30% in the next two years, the country’s minister of energy said on Wednesday. Mohammad Bin Dha'en Al Hamili said during a press conference the country was considering raising production from 2.7 million barrel per day (BPD) to 3.5 million barrel per day by 2009. The minister, who is also the current president of OPEC, said both the UAE and OPEC are worried about oil price stability, but that there are enough oil supplies.

He attributed the rise in prices to political tension in some production areas, market speculations and refining bottleneck in some producing countries. Al Hamili called for more communication between oil producing nations and consumer countries in order to create greater stability within the market and wider global economy.

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Cuba Boosts Oil Production

Posted on Feb. 19, 2007
ET Staff

In 2006, Cuba produced a record 78,000 barrels of oil per day, and the country continues to ramp up its exploration efforts. Last year’s production is about seven times what Cuba produced in 1990, and domestic output now supplies roughly 43 percent of the country’s total consumption. The new production has meant about $260 million in annual savings for Cuba, which has long relied on imports.

State-owned Cubapetróleo (CUPET) oversaw the drilling of 30 oil wells in 2006, six of which it operated. In 2007, CUPET plans to double the number of wells it drills to a dozen, with most of the activity in the island’s western part. Offshore exploration is increasing as well. A number of foreign companies are now exploring an area covering 30,000 square kilometers of Cuba’s territorial waters in the Gulf of Mexico.