Interview
Kuwait - June 01, 2023
Farid Saber, assistant group CEO of Gulf Insurance Group, talks to The Energy Year about the group’s key competitive advantages in the regional insurance market and…
READ MORE
Back toour markets
The UAE's Energy Industry
H.E. Suhail Mohamed AL MAZROUEI
Minister of Energy and Infrastructure
UAE
We recognise that energy security, economic development and climate action are closely interlinked.
Read The Full InterviewThe UAE's Energy Industry In Figures
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
A global pioneer in energy
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.
UAE Energy Industry News and Articles
NEWS
UAE - May 13, 2024
ADNOC Drilling has secured a "transformational" USD 1.7-billion contract to drill 144 wells in the UAE from parent company ADNOC.
READ MORE
NEWS
UAE - May 10, 2024
Sharjah National Oil Corporation has acquired a 30% participating interest in a block from Eni in Ras Al Khaimah, UAE.
READ MORE
Interview
Multinational - May 09, 2024
Alexandre Eykerman of Wärtsilä talks about the company’s pioneering role in adapting its solutions to the energy transition.
READ MORE
NEWS
UAE - May 09, 2024
ADNOC will supply of 600,000 tpy of LNG for 15 years to EnBW from the low-carbon Ruwais LNG project.
READ MORE
NEWS
UAE - May 02, 2024
Presight has acquired a 51% shareholding in AIQ, an energy-focused AI player founded by ADNOC and G42.
READ MORE
Interview
Kuwait - February 22, 2024
Karim Al Sayed of SLB talks about key trends and developments shaping Kuwait's upstream and SLB’s key role in the sector.
READ MORE
Interview
Kuwait - July 01, 2023
Jorge Pérez, Kuwait’s country manager of TSK, talks to The Energy Year about the company’s role in digitalising and decarbonising Kuwait’s energy industry and…
READ MORE
Interview
Kuwait - June 01, 2023
Faisal Sarkhou, CEO of Kamco Invest, talks to The Energy Year about the company’s exposure to the energy sector and challenges when it comes to raising capital for…
READ MORE
Interview
Saudi Arabia - December 15, 2023
Francesco Balordi, general manager of Saudi Powerline Trading, talks to The Energy Year about the drivers behind activity in supply chain management in Saudi Arabia and…
READ MORE
Interview
- December 13, 2023
Huseyn Tarek, regional president of INTECH Process Automation, talks to The Energy Year about digitalisation in industrial plant management, how automation systems…
READ MORE
Interview
- December 13, 2023
Christopher Seymour, Mott MacDonald’s head of strategy and investment for the Middle East, Africa and South Asia, talks to The Energy Year about the role of gas in…
READ MORE
Interview
- December 13, 2023
Richard Edwin, CEO of Erith Group, talks to The Energy Year about how the group’s activities support the UAE’s vision for local manufacturing, as well as the…
READ MORE
Interview
UAE - December 13, 2023
Anil Abraham, CEO of APT Global, talks to The Energy Year about the company’s most important verticals and how the UAE has become an ideal hub for ship refurbishment,…
READ MORE
Interview
UAE - December 13, 2023
Irfan Mulla, chairman and CEO of Taj Al Mulook, and Shaikh Rafeeque Qureshi, the company’s COO, talk to The Energy Year about how their company has developed its…
READ MORE
Interview
- December 13, 2023
Talal Al Hashmi, CEO of Jaheziya, talks to The Energy Year about how safety measures develop in the energy industry and the company’s offering to the oil and gas…
READ MORE