From The Report: Abu Dhabi 2020
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Home to approximately 95% of the UAE’s total oil reserves and 92% of its natural gas, Abu Dhabi is one of the world’s leading hydrocarbons producers. The main player in Abu Dhabi’s oil and gas industry is Abu Dhabi National Oil Company (ADNOC), the largest company in both the emirate and the UAE. While the global Covid-19 pandemic and subsequent steep decline in international oil prices present challenges for the industry, the fundamentals underpinning the emirate’s energy sector remain strong. ADNOC doubled its refinery throughput between 2008 and 2018, and aims to raise oil production to 5m barrels per day by 2030. At the same time, Abu Dhabi is working to achieve self-sufficiency in natural gas, while also meeting a larger proportion of its domestic energy needs through renewables and nuclear power. This chapter contains a viewpoint with Sultan Al Jaber, UAE Minister of State; and Group CEO, Abu Dhabi National Oil Company; and Mohamed Al Hammadi, CEO, Emirates Nuclear Energy Corporation.