On December 1, 2014, West Texas Intermediate crude briefly fell below $65 per barrel, reaching its lowest level since July 2009. Prices had been volatile since the…
READ MOREThe UAE's Energy Industry
H.E. Suhail Mohamed AL MAZROUEI
Minister of Energy and Infrastructure
UAE
The 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
ADNOC Drilling has secured a "transformational" USD 1.7-billion contract to drill 144 wells in the UAE from parent company ADNOC.
READ MORESharjah National Oil Corporation has acquired a 30% participating interest in a block from Eni in Ras Al Khaimah, UAE.
READ MOREAlexandre Eykerman of Wärtsilä talks about the company’s pioneering role in adapting its solutions to the energy transition.
READ MOREADNOC will supply of 600,000 tpy of LNG for 15 years to EnBW from the low-carbon Ruwais LNG project.
READ MOREPresight has acquired a 51% shareholding in AIQ, an energy-focused AI player founded by ADNOC and G42.
READ MOREKarim Al Sayed of SLB talks about key trends and developments shaping Kuwait's upstream and SLB’s key role in the sector.
READ MORETotal CEO and chairman Christophe De Margerie was killed in an air crash in Moscow on Monday, when his jet collided with a snow plough, three aircrew also died, Russian…
READ MOREThe UAE’s Undersecretary to the Ministry of Energy confirmed last week that the country is on track to increase oil production to 3 million barrels per day (bopd) by…
READ MOREOn Monday, UAE gas company Dana Gas said that it has been awarded two onshore concessions in Egypt.
The first, North El Salhiya, Block 1, is solely owned by Dana…
READ MOREThe Abu Dhabi arm of Omani construction firm Al Hassan Engineering has been subcontracted for three oil and gas developments worth a combined $34.65 million, the…
READ MOREEgypt’s ministry of oil told Reuters on Sunday that the UAE would provide the country with around $8.7 billion worth of oil products over the next year.
The deal…
READ MORELast week, India’s Oil Minster Dharmendra Pradhan said that the national oil companies of the UAE and Kuwait would hire sections of a large underground crude storage…
READ MOREUS 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…
READ MOREDeloitte partner Kenneth McKellar gives his view of how Bahrain should align its natural gas supply and demand balance. McKellar is responsible for managing…
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