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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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…
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Last Wednesday, Qatar’s state-owned gas company Qatargas sold its first LNG cargo to Chinese independent Jovo LNG Storage and Transportation Company. 640,000 cubic…
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The Abu Dhabi Marine Operating Company (ADMA-OPCO) announced first oil from its Umm Lulu offshore greenfield last week.
The Umm Lulu Phase 1 facilities were…
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– Multinational engineering, procurement and construction company Chicago Bridge & Iron (CB&I) has been awarded a $90-million contract for the overhaul of…
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The 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…
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Partially state-owned natural gas company Dolphin Energy said last Wednesday it is to increase its LNG imports in early 2015 to meet rising demand.
“Energy…
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Private natural gas company Dana Gas’ subsidiary Dana Gas Explorations announced last week that it had secured $100 million to finance the start of production from…
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The 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…
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Egypt’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…
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Abu Dhabi’s state-owned investment company, Mubadala Petroleum, entered talks on Sunday to buy a $3-billion stake in the $10-billion Shah sour gasfield development…
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