The economy of the UAE has been placed on an even more solid foundation this week with the announcement of the discovery of new deposits of natural gas, putting the nation on course for full self-sufficiency in energy. Of significant strategic importance, the find of roughly 80 trillion standard cubic feet of gas resources were discovered straddling the emirates of Abu Dhabi and Dubai between Jebel Ali and Saih Al Sidirah over an area of some 5,000 square kilometres at shallow levels.
This find comes hard on the heels of an announcement in November that there was a discovery of roughly seven billion barrels of oil and a gasfield of some 58 trillion cubic feet of conventional gas in a field mostly within the emirate of Abu Dhabi. And during late January, officials with the Sharjah National Oil Corporation announced the discovery of an inland gasfield with flow rates of up to 50 million cubic standard feet per day, along with liquids associated with such a find.
As of now, the UAE has strategic oil reserves of more than 105 billion barrels, moving it up to sixth place on the global reserves list. Adnoc — Abu Dhabi National Oil Company — plans to produce four million barrels of oil per day during 2020, increasing production to five million daily by the end of the decade and ramping up production even more after that.
We can now fully embrace our dreams of a sustainable future, where new projects make use of the latest green technologies to enhance the environment and increase living standards.
Putting all these into perspective, the long-term energy outlook and self-sustenance is security, placing UAE’s economy on a sure footing. Indeed, developing these resources will mean that companies and businesses depending on the strategic oil, gas and energy sector will benefit. And in a bigger picture, the overall strategic vision and ambitious plans for national growth and development are underpinned by strong financials free from outside interference, factors or influences.
It is important to remember that the UAE has committed itself to developing other sources of energy. The UAE’s first nuclear plant will soon come on stream in the western region of Abu Dhabi, creating a supply of dependable clean energy, and governments and agencies across the UAE are working to harness the power of the sun in bringing green and renewable energy sources to market.
We can now fully embrace our dreams of a sustainable future, where new projects make use of the latest green technologies to enhance the environment and increase living standards. And we now have the resources in place to fully diversify our economy across every sector.