The United Arab Emirates (UAE) has the world’s sixth-largest proven oil reserves. Therefore the fifth largest gas reserves, making the country a critical partner and responsible supplier in global energy markets. The UAE is the world’s third-largest exporter of petroleum, though exports little or no us. While a mainstay to the economy, oil exports actually account for less than about one-third of economic activity. As a result of aggressive government policies designed to diversify the UAE economy.
The UAE is additionally pursuing groundbreaking renewable energy and energy efficiency programs. In 2005 the UAE ratified the Kyoto Protocol to the UN Convention on global climate change, becoming one among the primary major oil-producing countries to try to so. Abu Dhabi has also established one of the world’s most comprehensive clean energy initiatives.
Oil and gas
Each emirate controls its own boring and resource development. Dubai contains an estimated 4 billion barrels, followed by Sharjah and Ras al-Khaimah with 1.5 billion and 100 million barrels of oil, respectively.
Abu Dhabi features a history of welcoming private sector investment into its upstream oil and gas exploration and production sector. Abu Dhabi was the sole OPEC member to not nationalize the holdings of foreign investors. During the wave of nationalization that swept the worldwide oil and gas industry. Within the mid-1970s, and it continues to profit from high levels of private-sector investment. Today, international oil companies from us, Japan, France, Britain, and other countries still hold combined equity stakes of between 40 and one hundred pc in Abu Dhabi’s vast oil concessions.
The UAE exports quite 40 percent of its petroleum to Japan, making it the UAE’s largest customer. The UAE may be a net importer of gas, and gas exports are primarily to Japan, the world’s largest buyer of liquefied gas.
Due largely to geographic realities affecting transportation costs, the UAE exports minimal quantities of oil and gas to us. Nevertheless, the UAE is a crucial oil and gas supplier to the international market and second only to Saudi Arabia in terms of spare boring capacity.A
