Oil and Gas

Although the UAE is investing heavily in other sectors to reduce its reliance on hydrocarbons, oil remains the driving force of the economy. State owned, Abu Dhabi National Oil Company – ADNOC has 14 subsidiaries and it operates two refineries in Ruwais and Umm al Nar.

Estimates by the Oil & Gas Journal suggest the UAE holds the 7th place in oil reserves with proven reserves of 97.8b barrels in 2013. 94% of these reserves are located in Abu Dhabi. The oil output for 2013 stood at 2.8m barrels per day however there is much interest to increase this to 3.5m by 2020. 22 new wells were drilled in 2011 as part of this plan. In addition, ADNOC is developing a number of its fields and reservoirs to increase their production capacity with specific output targets set for each of them. A few of its offshore fields will also go through expansion.

As far as gas, although the UAE has proven reserves of 215,025 billion cubic feet, it has been importing gas to meet its energy needs from Qatar through the Dolphin pipeline. This is both due to the high content of sulfur, resulting in locally produced gas being used primarily for reinjection into its oil fields as part of EOR techniques, but also due to the increasing demand for electricity.

There is a number of Norwegian companies from this sector established in the region. Statoil in particular is well established. Norway similarly to the UAE has a history in oil and gas and there is a number of solutions developed in Norway that could prove useful for the UAE.