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Abu Dhabi, UAEThursday 15 November 2018

Adnoc begins production and export of Umm Lulu crude grade

The ramp up of output from the offshore fields is in line with efforts to raise production capacity to 3.5 million bpd by year end

The grade known as Umm Lulu is produced by Adnoc jointly with Spanish energy firm Cepsa and Austrian energy firm OMV, which each have a 20 per cent stake in the fields. Reuters
The grade known as Umm Lulu is produced by Adnoc jointly with Spanish energy firm Cepsa and Austrian energy firm OMV, which each have a 20 per cent stake in the fields. Reuters

State-owned Abu Dhabi National Oil Company began production and loading of crude from its offshore Umm Lulu and Sarb fields with commercial shipment to start next month, according to a company spokesman.

The grade known as Umm Lulu is produced by Adnoc jointly with Spanish energy company Cepsa and Austrian energy firm OMV, which each have a 20 per cent stake in the fields.

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Read more:

Adnoc and Austria's OMV sign $1.5bn offshore agreement

Adnoc to partner with Spanish firm Cepsa after awarding it 20% stake in offshore oil concessions

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The two entities, which both have Mubadala Investment Company as a stakeholder, were awarded the concessions earlier this year, with Adnoc retaining 60 per cent interest. Initial capacity at the field is 50,000 barrels per day, which the twin stakeholders have said will rise to 129,000 bpd by year-end and 215,000 bpd by 2023.

Adnoc, which produces much of the UAE’s oil from fields onshore and offshore Abu Dhabi, is looking to raise production capacity to 3.5 million bpd by the end of the year.