Al-Mazrouei: UAE will raise its daily oil output to 3.5 million bpd
ABU DHABI - The United Arab Emirates aims to hike its oil production capacity to 3.5 million barrels per day, from the current level of 2.6 million bpd, Energy Minister Suheil al-Mazrouei said on Monday.
The UAE is "aiming to raise its production capacity to 3.5 million bpd of crude oil, to contribute to stability in international markets and guarantee its long-term commitments to consumers," he said, quoted by state news agency WAM.
The agency said the OPEC member's new capacity is targeted for 2017.
Mazrouei, who was appointed last month, also said the Gulf state which sits on 97.8 billion barrels of proven oil reserves plans to produce 25 percent of its power needs from nuclear energy by 2021.
The country is building four nuclear plants that are expected to produce a total of 5,600 megawatts, WAM said.
Abu Dhabi last month also opened Shams 1, the world's largest concentrated solar power (CSP) plant which produces 100 megawatts, enough to provide electricity to 20,000 homes.