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The UAE's Energy Industry

H.E. Suhail Mohamed AL MAZROUEI

Minister of Energy and Infrastructure

UAE

We recognise that energy security, economic development and climate action are closely interlinked.

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The UAE's Energy Industry In Figures

Proven oil reserves (2022): 111 billion barrels

Proven natural gas reserves (2022): 6.46 tcm (228.1 tcf)

LNG exports (2022): 7.6 bcm (268.4 bcf)

Installed solar PV capacity (2022): 3.04 GW

A global pioneer in energy

Despite its relatively small size, the UAE ranks among the world’s top 10 nations by oil and gas reserve volume. The Abu Dhabi National Oil Company (ADNOC) is responsible for nearly all of the country’s hydrocarbons production. Given profits and royalties from its oil and gas sector, the country has traditionally allotted high levels of investment to its greenfield projects to keep reserves and production robust.

The oil and gas sector is the UAE’s economic axis, representing 40% of its GDP. However, the government has pushed to diversify the economy through its Vision 2030 initiative, which envisions building strong manufacturing and downstream sectors. But while non-oil sectors are becoming a more prominent part of the GDP, hydrocarbons production remains the country’s key economic pillar and main enabler of this diversification. The UAE targets 5 million bopd of production by 2027 to meet soaring energy demand worldwide. Moreover, natural gas is seen as a transitional fuel that will make up 38% of the country’s energy mix by 2050.

The UAE is also expanding the role of renewables in its energy mix. The government is targeting a share of 50% of power generation from nuclear and renewables by 2050. “The UAE follows a positive, pragmatic approach to the energy transition as it continues to meet the global energy needs of today, while investing heavily in the new energy systems of tomorrow,” Minister of Energy and Infrastructure H.E. Suhail Mohamed Al Mazrouei told The Energy Year. Overall, the UAE is the region’s fastest-growing market for renewables, and major opportunities have arisen in the areas of solar, waste-to-energy and hydrogen.

UAE Energy Industry News and Articles

NEWS

Abu Dhabi’s ADNOC inks LNG supply deal with Indian Oil

UAE - September 09, 2024

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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