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...
Abu Dhabi is home to the world’s sixth-largest proven oil reserves and is working to achieve self-sufficiency in natural gas. It has been successfully pursuing diversification, particularly in terms of manufacturing, banking and ICT. While the global Covid-19 pandemic and decline in international oil prices poses challenges for the emirate, the fundamentals underpinning its economy remain strong.
With one of the biggest consumer markets in the region and robust fundamentals, Egypt is well placed to attract international investment and emerge from this difficult period in a strong position. Although the Covid-19 pandemic has caused considerable disruption, the government’s ongoing reform efforts have helped to mitigate the worst effects of the crisis.
With new data showing that global carbon emissions are rebounding more quickly than expected after coronavirus lockdowns are eased, questions are being asked about the prospects for renewable energy projects in emerging markets.
In Africa, the twin challenges of the coronavirus pandemic and subsequent drop in oil prices are affecting countries in different ways: net energy exporters are braced for headwinds, but net importers have some relief from current account pressures.
The Covid-19 pandemic has proved a unique challenge for the global economy, and in particular the energy industry, which has witnessed a severe fall in demand in response to lockdown measures around the world. Despite this, major developments in the Gulf suggest that players are pursuing a business-as-usual attitude as they push ahead with major investment plans.