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| The
UAE holds the seventh largest proven oil reserves and the sixth largest
proven natural gas reserves in the world. |
The United Arab Emirates (UAE) has the
seventh largest proven oil reserves in the world at 97.8 billion
barrels, according to the Oil and
Gas Journal in January 2009. The UAE also has the sixth
largest proven natural gas reserves in the world at 214 trillion
cubic feet. It is an important oil and natural gas producer and is a
member of the Organization of the Petroleum Exporting Countries
(OPEC).
The UAE is a federation of 7 emirates
with the second largest economy in the Arab Middle East after
Saudi Arabia.
The emirate of Abu Dhabi is the focal point of the UAE's oil and gas
industry, followed by Dubai, Sharjah, and
Ras al Khaimah. While Abu Dhabi is the hydrocarbon and industrial
center, Dubai is the trading, financial,
and tourist center of the emirates. As a result of a successful
effort at economic diversification, the finance and service sectors
in Dubai are making the city a favored
base for multinational corporations in the Gulf.
The UAE is in the middle of a major
expansion program of its hydrocarbon sector mainly through the use
of enhanced oil recovery techniques at existing fields. Projects to
develop natural gas from associated and non-associated fields are
also underway. The UAE has suffered from a shortage of natural gas
in recent years as domestic demand for electricity generated in
gas-fired plants has continued to rise, fuelled by generous
subsidies, as well as the rapid development of the UAE as a regional
commercial hub, and the increased delivery of industrialization
projects using gas as a feedstock. However, despite the UAE's large
natural gas reserves, high extraction costs and sulfur content are
major issues in their development.
In late November 2009, Dubai World, a
Dubai state-owned holding company,
announced that the company would seek a standstill agreement with
its creditors and an extension of loan maturities. This
announcement caused a drop, at least temporarily, in financial
markets worldwide. By the end of November 2009, it was still
unclear what impact the announcement would ultimately have on
Dubai and world financial markets.
Full UAE Report
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