RIYADH: ExxonMobil is planning to meet with Abu Dhabi National Oil Co. regarding the development of the $8 billion Upper Zakum oil field.
The company is looking to expand the project further, according to a statement by Liam Mallon, president of upstream ExxonMobil, during the Energy Intelligence Forum in London.
“It’s been an extraordinary journey with extraordinary technology and innovation – unlocking enormous potential in that field," Mallon added about the project.
Upper Zakum is the second-largest offshore oil field in the world — and fourth-largest overall.
The work on the first phase of project UZ1000 commenced in 2020 — with an aim to increase oil production of the offshore Upper Zakum field to 1 million barrels a day by 2024.
The field is located 84 kilometers from offshore Abu Dhabi and is owned predominantly by Zakum Development Co. — a joint venture between ADNOC and ExxonMobil.
