The Oil & Gas Year Abu Dhabi 2015
The Oil & Gas Year’s fifth guide to the Abu Dhabi market describes a nation that is busily developing new gas resources and diversifying its economy.
Onshore concessions accounting for production of nearly 1.61 million barrels of crude per day expired in 2014 and Abu Dhabi’s oil and gas industry changed trajectory. Maintenance of assets and cutting-edge technology for production enhancement could help the emirate export 3.5 million barrels of oil per day by 2017. For renewed concessions, 11 international oil companies are now pre-qualified to place bids, with further international participation of industry players expected.
The UAE is diversifying its economy to address surging energy demand.
Through downstream diversification, more efficient hydrocarbons extraction and processing and cleaner, more sustainable power generation, the country hopes to add value to its hydrocarbons resources. Possessing nearly 6 percent of global oil reserves and 3 percent of the world’s gas supplies allowed it to weather the global financial downturn of 2008.
Andrew Vaughan, Shell’s country chairman in Abu Dhabi was interviewed for TOGY Abu Dhabi 2015
The Oil & Gas year Abu Dhabi 2015 features interviews with the leading players in the oil and gas industry including Minister of Energy H.E. Suhail Mohamed Faraj Al Mazrouei, Abu Dhabi National Oil Company director general H.E. Abdulla Nasser Al Suwaidi and Mubadala Development Company CEO of energy H.E. Sultan Al Jaber.
The year’s focus chapter of this market guide details the development of Abu Dhabi’s large sour gasfields, as the emirate requires increasing amounts of natural gas to sustain swelling demand for power generation, water desalination and industry. Two billion-dollar extraction, processing and delivery projects that were previously too expensive and risky to consider are underway, the first to start producing in 2015.