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Jun 17th, 2015
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Alabama Southern Community College
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Oil and Gas revenues has been the mainstay of UAE’s economy accounting for one- third of the country’s GDP. Sitting atop 8%of the world’s proven oil reserves (97.8 bn barrels) and almost 5% of the world's natural gas (5.8 trillion cu meters).

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Outlook Oil and Gas revenues has been the mainstay of UAEs economy accounting for one- third of the countrys GDP. Sitting atop 8%of the worlds proven oil reserves (97.8 bn barrels) and almost 5% of the world's natural gas (5.8 trillion cu meters); the UAE's extraordinary hydrocarbon wealth gives it one of the highest GDP per capitas in the world. UAE is a member of the Organization of the Petroleum Exporting Countries (OPEC) since joining in 1967. The emirate of Abu Dhabi is the centre of oil and gas industry followed by Dubai, Sharjah and Ras Al Khaimah. Abu Dhabi owns the lion's share of the oil and gas resources - 95% of the oil and 92% of gas.Abu Dhabi is the heart of UAE's hydrocarbon and industrial power. Abu Dhabi National Oil Company (ADNOC) is the largest state owned company; it operates 17 subsidiaries and has the right to take up to 60% share in all new major oil projects. The Abu Dhabi National Oil Company asserted in August 2006 that the UAE is presently ready to expand production of crude oil to 2.8m barrels per day (bpd) and is targeted to push production to 4m bpd.. Given these vast resources, oil and gas continue to play a crucial role in the country's economic profile.Principal offshore oil fields are Umm Shaif, Lower Zakum, Upper Zakum, Al Bunduq and Abu Al-Bukhoosh. The main onshore fields are Asab, Bab, Bu Hasa, Sahil and Shah. Almost 92 per cent of the country's gas reserves are also located in Abu Dhabi and the Khuff reservoir beneath

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