Abu Dhabi’s ADNOC has awarded a 3D-seismic contract expansion worth USD 519 million to BGP, a subsidiary of China National Petroleum Company.
BGP is represented in…
READ MOREChristophe SASSOLAS
President of Total E&P UAE and Total Country Chair for the UAE
TOTAL
UAE oil reserves97.8 billion barrels
UAE oil production3.67 million bopd
UAE gas reserves5.9 tcm
UAE gas production57 bcm
Abu Dhabi’s oil and gas industry has rapidly grown on the back of its substantial hydrocarbons potential. The UAE is among the top 10 nations by reserve size despite covering an area of only 84 thousand square kilometres. The Abu Dhabi National Oil Company (ADNOC) is responsible for nearly all the country’s oil and gas production. Given profits and royalties from its oil and gas industry, the country has traditionally poured high levels of investment into its greenfield projects to keep reserves and production on an even keel.
The oil and gas sector is the UAE’s economic axis, representing 40% of its GDP. However, the country has strongly pushed to diversify its economy through its Vision 2030 initiative, including building strong manufacturing and downstream sectors. While non-oil sectors are becoming a more prominent part of the country’s GDP, the hydrocarbons sector remains its key economic pillar and main enabler of diversification.
The UAE is also pushing the growth of renewables in its energy mix. The government has targeted 50% of its power generation coming from nuclear and renewables by 2050. “We now see advanced renewable energy sources increasingly growing their share of the energy mix,” H.E. Eng. Awaidha Murshed Ali Al Marar, chairman of the Abu Dhabi Department of Energy, told The Energy Year. “Nuclear energy is safer than most other sources when it comes to delivering reliable, steady, and stable energy. Its low carbon emissions make it a promising way forward to a cleaner, greener world.”
The Kuwait Authority for Partnership Projects has invited bids for the development and operation of the IWPP for Al Zour North.
READ MOREADNOC and German midstream energy company SEFE have signed a 15-year LNG supply deal.
READ MOREFaisal Malallah of Al Kout Industrial Projects talks about Kuwait's market for chemical products.
READ MOREADNOC has formally closed the acquisition of a key 24.9% stake in OMV AG, a global energy and chemicals group, from Abu Dhabi…
READ MOREDP World and Masdar have agreed to partner on exploring and implementing renewable energy systems at DP World's ports.
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READ MOREAbu Dhabi’s ADNOC has awarded a 3D-seismic contract expansion worth USD 519 million to BGP, a subsidiary of China National Petroleum Company.
BGP is represented in…
READ MOREThe UAE has relaxed its rules on foreign ownership of companies set up within the emirates, allowing 100% foreign-held businesses.
The move is seen as a bid to…
READ MOREAbu Dhabi’s Supreme Petroleum Council (SPC) announced the discovery of an estimated 22 billion barrels of onshore unconventional oil resources on Sunday.
The SPC…
READ MOREMartin Pearson, director of Mazrui Energy Services (MES), talks to The Energy Year about the company’s strategy on in-country value (ICV) and the importance of making…
READ MOREAbu Dhabi’s ADNOC and French super-major Total have achieved first gas at the Ruwais Diyab unconventional gas concession, the NOC announced on Wednesday.
The…
READ MOREAbu Dhabi’s recently formed ADNOC-ADQ joint venture, known as TA’ZIZ, plans to invest more than USD 5 billion in projects at the Ruwais Derivatives Park, the partners…
READ MOREAbu Dhabi is experiencing its Fourth Industrial Revolution, and there has never been a better time. The dual shock has swept across the Gulf, putting the entire…
READ MOREAbu Dhabi’s ADNOC announced the award of several onshore contracts on Monday together valued at USD 324 million.
The three contracts from the NOC’s ADNOC Onshore…
READ MOREThe Abu Dhabi NOC’s pipelines unit will see an investment of USD 2.1 billion from the Abu Dhabi Pension Fund and state holding ADQ, ADNOC said on Thursday.
The two…
READ MOREH.E. Dr. Sultan Ahmed Al Jaber, minister of industry and advanced technology and ADNOC Group CEO, talks to The Energy Year about how the Group is ensuring business…
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