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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Transocean signed a new $28-million contract with Abu Dhabi-based offshore company Bunduq Oil, the offshore drilling contractor announced in its fleet status report on…
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Gulf Agency Company Oman general manager Daniel Nordberg talks to TOGY about Oman’s developing logistics industry and highlights the growing competition among…
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An Oslo court ruled in favour of Norway in a dispute on tariffs between the state and the operators of its Gassled pipeline network, Reuters reported on Friday.
The…
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The Emirates National Oil Company (ENOC) has moved into the final stage of acquiring full ownership of Dragon Oil. ENOC has gained approval to purchase at least 90.1…
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On August 1, the UAE is set to become the first country in the Gulf region to do away with fuel subsidies, as part of an effort by the oil-rich country to cut…
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The Kuwait National Petroleum Company has announced the awarding of four contracts, worth a total of $11.5 billion, for the construction of the Al Zour refinery. The…
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Offshore seismic services provider Seabed Geosolutions is gearing up to begin work on two new contracts worth a total of around $180 million.
The first contract…
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On Thursday, ABB a Swiss technology firm, was awarded a contract by Hyundai Heavy for the installation of a telecommunication and electrical system at the Nasr oil play…
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Shares in Irish independent exploration and production company Dragon Oil rose to a record high following a €5.1 billion buyout offer from Dubai’s Emirates National…
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Abu Dhabi has pegged more than $25 billion in spending to raise oil production offshore over the next five years. The emirate’s plans align with the UAE’s intent to…
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