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ADNOC has reached a FID on the Ruwais LNG project and awarded USD 5.5 billion in EPC contracts.
READ MOREH.E. Suhail Mohamed AL MAZROUEI
Minister of Energy and Infrastructure
UAE
Proven oil reserves (2022): 111 billion barrels
Proven natural gas reserves (2022): 6.46 tcm (228.1 tcf)
LNG exports (2022): 7.6 bcm (268.4 bcf)
Installed solar PV capacity (2022): 3.04 GW
Despite its relatively small size, the UAE ranks among the world’s top 10 nations by oil and gas reserve volume. The Abu Dhabi National Oil Company (ADNOC) is responsible for nearly all of the country’s hydrocarbons production. Given profits and royalties from its oil and gas sector, the country has traditionally allotted high levels of investment to its greenfield projects to keep reserves and production robust.
The oil and gas sector is the UAE’s economic axis, representing 40% of its GDP. However, the government has pushed to diversify the economy through its Vision 2030 initiative, which envisions building strong manufacturing and downstream sectors. But while non-oil sectors are becoming a more prominent part of the GDP, hydrocarbons production remains the country’s key economic pillar and main enabler of this diversification. The UAE targets 5 million bopd of production by 2027 to meet soaring energy demand worldwide. Moreover, natural gas is seen as a transitional fuel that will make up 38% of the country’s energy mix by 2050.
The UAE is also expanding the role of renewables in its energy mix. The government is targeting a share of 50% of power generation from nuclear and renewables by 2050. “The UAE follows a positive, pragmatic approach to the energy transition as it continues to meet the global energy needs of today, while investing heavily in the new energy systems of tomorrow,” Minister of Energy and Infrastructure H.E. Suhail Mohamed Al Mazrouei told The Energy Year. Overall, the UAE is the region’s fastest-growing market for renewables, and major opportunities have arisen in the areas of solar, waste-to-energy and hydrogen.
ADNOC Gas has awarded USD 550 million in EPC contracts to enhance the UAE's sales gas pipeline network.
READ MOREFertiglobe has been chosen to supply renewable ammonia to the EU in a pilot auction by Germany’s H2Global.
READ MOREADNOC has deployed RoboWell, AIQ’s AI-based autonomous well-control solution, at its NASR field.
READ MOREShell has signed on to take a 10% interest in ADNOC's Ruwais LNG terminal in Abu Dhabi.
READ MOREAbu Dhabi's ADNOC has signed a financing deal for its green energy and decarbonisation initiatives with JBIC.
READ MOREADNOC Drilling has won a $733-million contract to supply three island rigs for the Zakum oilfield offshore Abu Dhabi.
READ MOREPTTEP has acquired Wintershall Dea's 10% participating interest in the UAE’s Ghasha Concession.
READ MOREADNOC has reached a FID on the Ruwais LNG project and awarded USD 5.5 billion in EPC contracts.
READ MOREMasdar and Azerbaijan NOC SOCAR have broken ground on three major solar and wind projects in Azerbaijan with a capacity of 1 GW.
READ MOREAzerbaijan's SOCAR has acquired a 3% stake in the SARB and Umm Lulu concession offshore Abu Dhabi from ADNOC.
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