Energy

According to figures from the Statistics Centre – Abu Dhabi, in 2014 the mining and quarrying sector, including oil and gas, contributed Dh485.7bn ($132.2m) to Abu Dhabi’s GDP when measured at current prices. The emirate holds 94% of the UAE’s oil reserves and as of the end of 2014 the UAE had proven oil reserves of 97.8bn barrels, equivalent to 5.8% of the world total, placing the UAE eighth globally in terms of oil wealth. Alongside these reserves, the UAE is also home to the world’s seventh-largest reserves of natural gas, estimated at 215trn standard cu feet, with Abu Dhabi again holding the majority of resources. Although the delivery horizon for some new projects has been extended in light of the falling oil price, Abu Dhabi authorities remain committed to a long-term investment strategy that will see production reach a plateau of 3.5m bpd within the next two years. This chapter contains interviews with Sultan Al Jaber, CEO, Abu Dhabi National Oil Company (ADNOC); and Mohamed Jameel Al Ramahi, CEO, Masdar.