UAE: Abu Dhabi Energy

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While reduced oil prices are undoubtedly a concern for the emirate’s authorities, economic diversification efforts of recent years mean Abu Dhabi is well placed to weather a prolonged period of subdued prices. Vision 2030 meanwhile contains a raft of goals that will further reduce the emirate’s reliance on hydrocarbons, and continue to foster the emergence of a more sustainable and knowledge-based economy in the years ahead.

The state-owned Abu Dhabi National Oil Company (ADNOC) announced plans in November to more than double petrochemical production over the next decade as part of its 2030 strategy.

Following a series of high-profile consolidations in Abu Dhabi this year, the Abu Dhabi National Oil Company (ADNOC) is the latest entity to enact structural changes in an effort to drive down costs and increase efficiency.

Major reforms are under way at the Abu Dhabi National Oil Company (ADNOC), as the state-owned oil firm moves to strengthen performance and profitability and create greater efficiencies, against a backdrop of low oil prices.

 

While Abu Dhabi continues to diversify its economy, oil and gas nevertheless remain the emirate’s mainstays, representing more than half of GDP in 2015 and accounting for more than 90% of government revenues, according to figures from the Statistics Centre - Abu Dhabi (SCAD). Despite the impact of low oil prices on the sector, the government...

 

After several years of bumper oil prices, including what at one point seemed a new normal of $100 per barrel, crude oil-producing nations now have to accept that energy markets are once more interesting. However, while significant attention has been focused on the price war between OPEC and US shale, the current slump in prices is also...

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