Christophe SASSOLAS
President of Total E&P UAE and Total Country Chair for the UAE
TOTAL
UAE oil reserves97.8 billion barrels
UAE oil production3.67 million bopd
UAE gas reserves5.9 tcm
UAE gas production57 bcm
Abu Dhabi’s oil and gas industry has rapidly grown on the back of its substantial hydrocarbons potential. The UAE is among the top 10 nations by reserve size despite covering an area of only 84 thousand square kilometres. The Abu Dhabi National Oil Company (ADNOC) is responsible for nearly all the country’s oil and gas production. Given profits and royalties from its oil and gas industry, the country has traditionally poured high levels of investment into its greenfield projects to keep reserves and production on an even keel.
The oil and gas sector is the UAE’s economic axis, representing 40% of its GDP. However, the country has strongly pushed to diversify its economy through its Vision 2030 initiative, including building strong manufacturing and downstream sectors. While non-oil sectors are becoming a more prominent part of the country’s GDP, the hydrocarbons sector remains its key economic pillar and main enabler of diversification.
The UAE is also pushing the growth of renewables in its energy mix. The government has targeted 50% of its power generation coming from nuclear and renewables by 2050. “We now see advanced renewable energy sources increasingly growing their share of the energy mix,” H.E. Eng. Awaidha Murshed Ali Al Marar, chairman of the Abu Dhabi Department of Energy, told The Energy Year. “Nuclear energy is safer than most other sources when it comes to delivering reliable, steady, and stable energy. Its low carbon emissions make it a promising way forward to a cleaner, greener world.”
Abu Dhabi's ADNOC has signed a 15-year LNG deal for the supply of 1 million tonnes per year to Indian Oil.
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ADNOC will take a 35% equity stake in ExxonMobil's low-carbon hydrogen project in Baytown, Texas.
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ADNOC is deploying an in-house AI-enabled process optimisation technology across its operations.
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ADNOC Drilling has won a $733-million contract to supply three island rigs for the Zakum oilfield offshore Abu Dhabi.
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ADNOC has reached a FID on the Ruwais LNG project and awarded USD 5.5 billion in EPC contracts.
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Azerbaijan's SOCAR has acquired a 3% stake in the SARB and Umm Lulu concession offshore Abu Dhabi from ADNOC.
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Alexandre Eykerman of Wärtsilä talks about the company’s pioneering role in adapting its solutions to the energy transition.
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TOGY talks to Yasser Zaghloul, CEO of the National Marine Dredging Company. Founded in 1976, NMDC executes dredging projects in the regional waters of the UAE.
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The pre-qualification round for EPC work at ADCO’s Bu Hasa onshore oilfield has begun and is expected to draw quite a crowd.
A large group of EPC contractors are…
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Two of Abu Dhabi’s largest sovereign wealth funds, Mubadala Development and International Petroleum Investment Company (IPIC), are close to finalising their merger.…
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Speaking at a conference in Abu Dhabi last week, ADNOC’s gas management director, Omar Al Suwaidi, said that the Al Hosn Gas project has outperformed expectations.…
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TOGY’s coverage of the global oil and gas industry was highlighted by the response to new sanctions on Iran imposed by the Trump administration, recent discoveries…
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BP overturned a 2015 loss of USD 6.5 billion and reported a full-year 2016 headline profit of USD 115 million on Tuesday.
For the fourth quarter of 2016, BP posted…
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Abu Dhabi National Oil Company has reportedly worked to improve the term of the contracts governing the Abu Dhabi Company for Onshore Petroleum Operations’ (Adco)…
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Speculation abounds around the topic of who will receive the last 12% in Abu Dhabi Company for Onshore Petroleum Operations’ (Adco) onshore concession, with many…
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India signed a landmark contract for the storage of UAE crude oil on Wednesday.
The agreement between Indian Strategic Petroleum Reserves and Abu Dhabi National Oil…
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On Saturday, the government of Abu Dhabi announced the names of the new board members for the USD 125 billion company being formed as a result of the merger of Mubadala…
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