It has recently been announced that 15 trillion standard cubic feet of gas have been discovered in the UAE which would enable the country to rely on these reserves in the near future and meet global demand.
Because the UAE is a significant consumer of natural gas, with a great portion of the gas being used for electricity generation and water desalination, it currently imports gas from neighboring countries. Thanks to these newly found reserves, the UAE could become a net gas exporter.
Known as a reliable and trusted energy supplier, ADNOC has welcomed this news, as it will be able to respond to the increasing domestic demand for natural gas.
The company credits industry-leading experience as well as advanced technology to this great discovery.
In the same line of thinking, ADNOC recently signed a 40-year concession deal with Eni (Italian oil and gas company) in order to explore natural gas fields. The UAE has also signed an engineering, procurement and construction agreement between the Spanish group Tecnicas Reunidas and Abu Dhabi Target Engineering Construction Company in order to further expand the value of its gas assets.
Dr. Sultan bin Ahmad Sultan Al Jaber (UAE Minister of State and ADNOC Group CEO) stressed the importance of these projects as it will be ‘’bringing forward the day when the UAE will not only be self-sufficient in gas but also transition to being a net exporter of gas.’’
Sources:
https://gulfnews.com/business/sectors/energy/adnoc-announces-new-discoveries-in-oil-and-gas-1.2297812
https://www.arabianbusiness.com/energy/408024-adnoc-eni-sign-deal-for-25-stake-in-abu-dhabi-gas-concession
Business Voice magazine, November 2018 issue