Supported by massive discoveries, the UAE has strengthened its position in the list of the world’s largest countries in possession of oil and gas reserves.
According to global and local data, the UAE has jumped in the ranking of the countries with the highest oil reserves, thanks to huge discoveries, the progress of exploration and the demand of foreign investors.
Today, Wednesday, the United Arab Emirates celebrates the 49th anniversary of the founding of the Union, under the leadership of the late Sheikh Zayed bin Sultan Al Nahyan, on December 2, 1971.
This year, the UAE celebrates the National Day amidst the aspiration for a brighter future and the desire to achieve great achievements, and for peace, tolerance, stability and prosperity to prevail in the region and the world.
These celebrations come amid high rates of economic growth – despite the global slowdown – reinforced by large foreign investment partnerships in all fields, especially the energy sector.
On November 22, the Supreme Petroleum Council in the Emirates announced new discoveries of unconventional oil resources that can be recovered in land areas estimated at about 22 billion barrels of oil.
The new disclosure includes an increase in conventional oil reserves by two billion barrels of oil, bringing the confirmed total to 107 billion barrels, placing it in fifth place in the world.
This development in the energy industry in the UAE comes after the country discovered crude oil in the “Bab Field” in 1958 after a large-scale search process that lasted 30 years.
The field, also known as Murban 3, was completed in 1960, and then began producing 3,674 barrels per day of crude oil, according to what ADNOC publishes on its official Facebook website.
The Abu Dhabi National Oil Company (ADNOC) and its subsidiaries are leading the oil and gas industry in the UAE, amid expanding operations outside the country, as it is one of the world’s largest producers of crude oil and gas.
The UAE is currently ranked 12th in the world as the largest producer of crude oil, among more than 50 countries that produce oil in commercial quantities, and is considered one of the most important countries in the “OPEC +” alliance.
The UAE is currently participating actively, as official figures show, in the global (OPEC +) agreement to reduce crude oil production, which began in early May and continues until April 2022, aiming to restore stability to global energy markets.
The UAE produces 3 million barrels per day in normal conditions, far from the current production reduction agreement, and has an immediate capacity to increase production to an average of 3.5 million barrels per day, according to ADNOC data, and plans to produce 5 million barrels per day by 2030.
The UAE ranks fifth in the world as the country with the most proven oil reserves of 107 billion barrels, after Venezuela, which has 303 billion barrels, followed by Saudi Arabia with 266 billion barrels of oil.
In third place, Canada came with total proven oil reserves of 169 billion barrels, while Iran came in fourth place with total proven reserves of 157 billion barrels of crude oil, according to figures early 2020.