The U.A.E.’s huge Upper Zakum offshore oilfield likely will achieve its 2030 target to expand production capacity to 1.5 million bbl/day from 1 million bbl/day ahead of schedule, Exxon Mobil (XOM) CEO Darren Woods said Monday.
“The team is working hard to drive production up,” Woods told Bloomberg in an interview. “We’ve got an objective that we set by 2030, but I think we can do better than that.”
Abu Dhabi’s Adnoc and Exxon (XOM) announced plans to expand Upper Zakum in May during President Trump’s visit to the U.A.E. and other countries in the region, but the companies did not specify the target capacity level at that time.
The U.A.E.’s current production capacity totals 4.85 million bbl/day, although it currently produces ~3.4 million bbl/day due to the OPEC+ agreements and quotas.
Woods also said Exxon (XOM) is in discussions with Iraq’s government about returning to that country to look for more resources around the Majnoon field.
Separately, the CEO also warned the company could pull its business out of Europe if the European Union fails to dramatically soften its sustainability rules set to take effect in 2027.