While Abu Dhabi continues to diversify its economy, oil and gas nevertheless remain the emirate’s mainstays, representing more than half of GDP in 2015 and accounting for more than 90% of government revenues, according to figures from the Statistics Centre - Abu Dhabi (SCAD). Despite the impact of low oil prices on the sector, the government...
Despite being home to the world’s seventh-largest natural gas reserves, with 215trn standard cu feet (scf), according to the “BP Statistical Review of World Energy 2015”, the UAE has been a net importer of gas since 2008. Indeed, according to the US Energy Information Administration (EIA), over the past decade the UAE’s imports of natural gas...
For the past two years Abu Dhabi’s onshore oil industry has been slowly transitioning to a new era. As of January 2014, the concession agreements that had defined the sector from its earliest beginnings more than 75 years ago are no more.
How would you characterise the mindset of financial institutions in terms of their comfort with funding renewable energy projects?
With many of the emirate’s onshore oilfields reaching maturity, plans to expand future production to 3.5m barrels per day (bpd) will mean a much bigger role for the emirate’s offshore sector. Indeed, the next five years will see more than $25bn invested in offshore production, as the government hopes to reach the 3.5m bpd goal by 2017,...
With Abu Dhabi’s growing demand for gas, how does ADNOC plan to ensure future supply for its own operations and for the emirate?
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