Abu Dhabi: The US oil and gas sector is interested in the UAE and looking forward to the renewal of concessions to the US companies, Ambassador of the United States of America to the UAE Michael H Corbin said on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) on Monday.
“We are happy to participate as we have historically. We are looking forward to the renewal of concessions. US oil and gas sector is very interested in the UAE,” said the ambassador speaking to Gulf News.
Exxon Mobile and Occidental Petroleum are the two big companies from the US which are active in the UAE oil and gas sector. Concessions given to many western companies including Exxon Mobil expired early this year and the UAE government is yet to take a decision on whom to award concessions.
The ambassador said that they have enormous interest in the success of this market. He did not give the investment figures in the oil and gas sector but said that more than 160 companies are taking part in the trade fair.
“This shows the interest of the US companies in the UAE sector. This is an excellent trade fair,” he said about Adipec.
On the issue of lower oil prices, the ambassador said US companies have more to offer in terms of energy efficiency, computer solutions and new technologies. “We have the technology to save money, we have systems to be more efficient and we are constantly looking for ways to for improve efficiency and save money. As the prices of oil becomes lower, that means we have more to offer.”
Brent crude, a benchmark for oil, has plunged more than 20 per cent since peaking in June at about $115 (Dh422) a barrel amid oversupply and lack of demand. It is trading at less than $85 on Monday. Experts predicted that prices are likely to be under pressure in the next two to three years due to slower growth and increased oil production.
About shale gas, the ambassador said alternative forms of energies bring opportunities and challenges. “There are challenges to be addressed like on the environment but at the same time consumers are getting more and cheaper energy to fuel economic recovery and prosperity.”
