Christophe 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.”
Abu Dhabi has awarded the Bab Gas Cap development and production concession to an ADNOC-led consortium of international companies.
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Sonangol has secured a USD 2.65-billion financing package from international lenders to fund operations and capital investment.
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Fred Silva of Navilog Group talks about the company’s new partnership for offshore services in Angola.
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ADNOC and TAQA have signed a long-term utilities development deal for the TA’ZIZ Industrial Chemicals Zone in the UAE.
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With Masdar, ENGIE has reached financial close on the 1.5-GW Khazna Solar PV project in the UAE, its largest development to date.
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Urja Bharat, a joint venture between IndianOil and Bharat Petroleum, has announced two oil discoveries in Abu Dhabi’s onshore…
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Masdar has signed its first PPA in Angola for a 150‑MW solar project, launching the 500‑MW Project Royal Sable.
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Leo Koot managing director of national oil company of Abu Dhabi Taqa’s operations in Iraq describes how sour oil and gas experience will help operations.
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Abdulla Nasser Al Suwaidi, director general of the Abu Dhabi National Oil Company (ADNOC), the custodian of oil, gas and petrochemicals development in Abu Dhabi, talks…
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As of November 2014, the operator of the Karachaganak oil and gasfield, Karachaganak Petroleum Operating (KPO), had invested more than $17 billion into the development…
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The price of a barrel of oil is continuing a downward slump this week as Saudi Arabia’s Oil Minister Ali Al Naimi told OPEC would not cut production at any…
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The UAE’s state-owned oilfield services firm, National Drilling Company (NDC), announced the inauguration of a new land rig on Sunday to increase its number of rigs…
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Abu Dhabi Marine Operating Company (ADMA-OPCO) is preparing to finalise engineering, procurement and construction (EPC) contracts for phase one of the Nasr full field…
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The Abu Dhabi Marine Operating Company awarded South Korean shipbuilder Hyundai Heavy Industries a $1.94-billion contract for the Nasr oilfield offshore Abu Dhabi,…
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US multinational Occidental Petroleum has ceased its efforts to sell an $8-billion minority stake in its Middle Eastern operations to raise cash for drilling operations…
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US energy conglomerate GE Oil & Gas signed a memorandum of understanding (MoU) on Tuesday with the Abu Dhabi National Oil Company (ADNOC) to provide specalised…
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Last Monday, the Kuwait Petroleum Corporation and the Abu Dhabi National Oil Company confirmed their intention to store up to 2 million barrels of crude oil in Indian…
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