The Zakum Development Company (ZADCO) has announced that its plans to boost production capacity at the Upper Zakum crude oilfield in the United Arab Emirates (UAE) are expected to cost up to $12bn.
Output capacity at Upper Zakum is set to be complete by the end of 2015, Salah al-Bufalah, projects manager at Zadco, told Reuters.
"We are increasing production from Upper Zakum by 40%...it will be executed in two phases, the early production and the build-up scheme," he said.
ExxonMobil has a 28% stake in the concession holder for the Upper Zakum field. Initial plans were to boost production to 750,000bpd by 2010.
ADNOC owns 60% of Zadco and Japan's Inpex owns the remaining 12%.
The field is pumping at 500,000bpd, with no scheduled maintenance planned in the next two years, according to ZADCO.
The UAE is the world's third-largest oil exporter.