The UAE will continue to explore its hydrocarbon reserves and attract investment into its oil and gas sector as it prepares to meet the world's long-term energy needs.
"We will not leave any opportunity unturned," Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and group chief executive of Adnoc, told the Financial Times.
“We are continuing exploration programmes, identifying proven reserves, increasing production and, wherever we can, we will attract strategic partners.”
Adnoc intends to raise output from about 4.2 million barrels per day to 5 million bpd by 2030.
Hydrocarbons will still play a long-term role in the global energy mix despite the pivot towards greener energy.
Dr Al Jaber said global consumption is expected to recover to 105 million bpd by 2030.
“We are a long-term player. The future will require more oil and more hydrocarbon resources ... being the lowest-cost producer will always give us a competitive edge,” he said.
The UAE is part of the 23-member Opec+ alliance of producers that agreed to curb output by a record 9.7 million bpd last year to rebalance oil markets.
The curbs have since been eased to 7.2 million bpd and Dr Al Jaber said the “interim” measures are not in conflict with Adnoc’s long-term goals.
The country, Opec's third-largest producer, has invested heavily in the exploration of new oil and gas resources in recent years.
In November, Abu Dhabi’s Supreme Petroleum Council announced the discovery of 22 billion stock tank barrels in recoverable, unconventional oil resources.
It also said conventional oil reserves had increased by 2 billion STB to 107 billion STB.
At the same time, the council approved Adnoc’s plans to spend Dh448 billion ($122bn) over the next five years, of which Dh160bn has been earmarked for the local economy.
Adnoc awarded exploration rights for Abu Dhabi’s Offshore Block 3 to a consortium led by subsidiaries of Italy’s Eni and Thailand’s PTT Exploration and Production Public Company in December after the conclusion of its second upstream bid round.
The partners are investing up to Dh1.51bn into the project.
Adnoc also awarded Occidental Petroleum exploration rights to Onshore Block 5 in a Dh514m contract last year.
"This oversupply of oil right now is not going to last," the Financial Times cited Vicki Hollub, chief executive of Occidental Petroleum, as saying.
Given rapid recoveries in China and India, the global distribution of coronavirus vaccines and recent lack of investment by many other companies, “this is going to cause an oil shortage and [Dr Al Jaber] ... understands this”, she said.
The oil and gas sector is a major FDI contributor to the UAE's economy and accounts for about 42 per cent of Abu Dhabi's revenue.
Adnoc has already attracted billions of dollars through deals that leverage its asset base.
The company has attracted Dh237bn in FDI flows over the past few years, bringing on board global investors such as the world's largest asset manager, BlackRock, private equity company KKR and Singaporean wealth fund GIC.
Bruce Flatt, chief executive of Brookfield Asset Management – part of a consortium that invested in Abu Dhabi's gas pipelines last year in a $20.7bn deal – said foreign partners had been reassured because Dr Al Jaber "has lived up to everything he has said", according to the Financial Times.
The aim of the deals, Dr Al Jaber told the paper, is to "stretch the value" of every barrel of oil and contribute to diversification beyond oil to future-proof Abu Dhabi and the UAE.
Dr Al Jaber was "a tough but fair" negotiator, said Adebayo Ogunlesi, chairman and managing partner of Global Infrastructure Partners, one of the consortium members that invested in Adnoc's pipelines.
Adnoc will continue to work with investors on conventional hydrocarbon discoveries and is forming new partnerships to improve its green hydrogen capabilities.
“We must be lower-cost and the lowest-carbon [producer],” Dr Al Jaber said.
Adnoc, Mubadala Investment Company and Abu Dhabi's industrial holding company ADQ signed an agreement to form a hydrogen alliance focused on the production of green and blue hydrogen.
The alliance intends to make Abu Dhabi the “trusted exporter of hydrogen to emerging international markets and build a substantial green hydrogen economy in the UAE”.
Adnoc also plans to establish a "hydrogen ecosystem" and unveiled plans in November to boost production of hydrogen, which is already used in its downstream sector.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
FIXTURES
All kick-off times UAE ( 4 GMT)
Friday
Sevilla v Levante (midnight)
Saturday
Athletic Bilbao v Real Sociedad (7.15pm)
Eibar v Valencia (9.30pm)
Atletico Madrid v Alaves (11.45pm)
Sunday
Girona v Getafe (3pm)
Celta Vigo v Villarreal (7.15pm)
Las Palmas v Espanyol (9.30pm)
Barcelona v Deportivo la Coruna (11.45pm)
Monday
Malaga v Real Betis (midnight)
More from Rashmee Roshan Lall
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Carzaty%2C%20now%20Kavak%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3ECarzaty%20launched%20in%202018%2C%20Kavak%20in%20the%20GCC%20launched%20in%202022%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20140%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Automotive%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3ECarzaty%20raised%20%246m%20in%20equity%20and%20%244m%20in%20debt%3B%20Kavak%20plans%20%24130m%20investment%20in%20the%20GCC%3C%2Fp%3E%0A
DUBAI SEVENS 2018 DRAW
Gulf Men’s League
Pool A – Dubai Exiles, Dubai Hurricanes, Bahrain, Dubai Sports City Eagles
Pool B – Jebel Ali Dragons, Abu Dhabi Saracens, Abu Dhabi Harlequins, Al Ain Amblers
Gulf Men’s Open
Pool A – Bahrain Firbolgs, Arabian Knights, Yalla Rugby, Muscat
Pool B – Amman Citadel, APB Dubai Sharks, Jebel Ali Dragons 2, Saudi Rugby
Pool C – Abu Dhabi Harlequins 2, Roberts Construction, Dubai Exiles 2
Pool D – Dubai Tigers, UAE Shaheen, Sharjah Wanderers, Amman Citadel 2
Gulf U19 Boys
Pool A – Deira International School, Dubai Hurricanes, British School Al Khubairat, Jumeirah English Speaking School B
Pool B – Dubai English Speaking College 2, Jumeirah College, Dubai College A, Abu Dhabi Harlequins 2
Pool C – Bahrain Colts, Al Yasmina School, DESC, DC B
Pool D – Al Ain Amblers, Repton Royals, Dubai Exiles, Gems World Academy Dubai
Pool E – JESS A, Abu Dhabi Sharks, Abu Dhabi Harlequins 1, EC
Gulf Women
Pool A – Kuwait Scorpions, Black Ruggers, Dubai Sports City Eagles, Dubai Hurricanes 2
Pool B – Emirates Firebirds, Sharjah Wanderers, RAK Rides, Beirut Aconites
Pool C – Dubai Hurricanes, Emirates Firebirds 2, Abu Dhabi Saracens, Transforma Panthers
Pool D – AUC Wolves, Dubai Hawks, Abu Dhabi Harlequins, Al Ain Amblers
Gulf U19 Girls
Pool A – Dubai Exiles, BSAK, DESC, Al Maha
Pool B – Arabian Knights, Dubai Hurricanes, Al Ain Amblers, Abu Dhabi Harlequins
Five films to watch
Castle in the Sky (1986)
Grave of the Fireflies (1988)
Only Yesterday (1991)
Pom Poki (1994)
The Tale of Princess Kaguya (2013)
The specs: Macan Turbo
Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October
Roger Federer's record at Wimbledon
Roger Federer's record at Wimbledon
1999 - 1st round
2000 - 1st round
2001 - Quarter-finalist
2002 - 1st round
2003 - Winner
2004 - Winner
2005 - Winner
2006 - Winner
2007 - Winner
2008 - Finalist
2009 - Winner
2010 - Quarter-finalist
2011 - Quarter-finalist
2012 - Winner
2013 - 2nd round
2014 - Finalist
2015 - Finalist
2016 - Semi-finalist
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Hamilton profile
Age 32
Country United Kingdom
Grands Prix entered 198
Pole positions 67
Wins 57
Podiums 110
Points 2,423
World Championships 3
RIVER%20SPIRIT
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3ELeila%20Aboulela%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Saqi%20Books%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20320%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
UAE currency: the story behind the money in your pockets
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Killing of Qassem Suleimani
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
Low turnout
Two months before the first round on April 10, the appetite of voters for the election is low.
Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.
"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."
SUCCESSION%20SEASON%204%20EPISODE%201
%3Cp%3E%3Cstrong%3ECreated%20by%3A%20%3C%2Fstrong%3EJesse%20Armstrong%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Brian%20Cox%2C%20Jeremy%20Strong%2C%20Kieran%20Culkin%2C%20Sarah%20Snook%2C%20Nicholas%20Braun%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
