With nearly 10 percent of the world’s total supply of proven crude oil reserves, the United Arab Emirates is an important and strategic player in global energy markets. Oil exports account for approximately 30 percent of the U.A.E.’s economy, and the country has taken important steps to ensure the reliable and safe delivery of hydrocarbons to global markets – most notably by constructing the Abu Dhabi Crude Oil Pipeline, which allows oil to bypass the Strait of Hormuz.
Over the last several years, the U.A.E. has instituted dramatic reforms to its oil and gas sector with the aim of increasing output from 3 million bpd to 5 million bpd by 2030, becoming self-sufficient in gas production, and significantly expanding its refining and petrochemical operations. In the process, the in-country value (ICV) program instituted by Abu Dhabi National Oil Company (ADNOC) is creating spill-over economic benefits across the U.A.E., strengthening the sector’s contribution to national development goals.
The U.A.E. has a long history of welcoming private sector and foreign investment into its upstream oil and gas exploration and production sectors. In this regard, major U.S. companies including ExxonMobil and Occidental Petroleum have inked partnerships with Abu Dhabi.
The U.S.-U.A.E. Business Council is proud of the role it has played in promoting bilateral cooperation between key stakeholders in the U.S. and U.A.E. oil and gas sectors. The Business Council regularly hosts events with key U.S. and U.A.E. energy officials, such as U.S. Energy Secretary Rick Perry, U.A.E. Minister of Energy and Industry, H.E. Suhail Al Mazrouei, and ADNOC leadership both in-person and virtually. The Council also provides vital information about this important sector through its regular media digests and supplementary materials such as its report on the U.A.E.’s oil and gas sector.