Abu Dhabi National Oil Company (Adnoc) has initiated the bid process for a sizeable oilfield expansion project, involving its Lower Zakum offshore oilfield, as the oil-rich emirate prepares to ramp up its production capacity to 5 million barrels per day by 2027.

Key Opec producers including Saudi Arabia and the United Arab Emirates are currently operating on limited spare production capacity and together are pumping in billions of dollars to advance key oilfield development projects, primarily led by their large-scale offshore oilfields.