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Background Economique | Guide d'Abu Dhabi | Bayt.com
Controlling more than 85% of the UAE’s total oil output capacity and over 90% of its crude reserves, Abu Dhabi is by far the biggest oil producer in the UAE.
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% of the country's gas reserves are also located in Abu Dhabi and the Khuff reservoir beneath the oil fields of Umm Shaif and Abu al-Bukhoosh ranks among the largest single gas reservoirs in the world.
Abu Dhabi National Oil Company (ADNOC)
Abu Dhabi is the only Gulf oil producer to have retained foreign partners on a production-sharing basis. Up to 40% of the energy sector in Abu Dhabi is owned by oil companies from Japan, France, Britain, and other countries. More than half of Abu Dhabi’s oil production is generated by the Abu Dhabi Company for Onshore Operations (ADCO), one of the 10 largest oil companies worldwide and the largest crude oil producer in the southern Arabian Gulf. The second main producer is Abu Dhabi Marine Operating Company (ADMA-OPCO). The output of oil and gas from ADMA-OPCO fields is transported to its center of operations on Das Island for processing, storage and export. Both ADCO and ADMA-OPCO are part of the Abu Dhabi National Oil Company (ADNOC) group of companies. ADNOC, established in 1971, is a fully owned government company controlled and supervised by the Supreme Petroleum Council (SPC), which is responsible for formulating Abu Dhabi petroleum policy and overseeing the emirate’s oil and gas operations and related industry.
ADNOC is the eighth largest recipient of US federal contract dollars, receiving a total of $918,256,500 in 2008 alone.
For more information, visit Abu Dhabi National Oil Company (ADNOC)
Exports
Around a third of UAE's Gross National Product is produced by the Oil and Gas sector. Despite a very successful Government program in recent years of economic diversification, this sector remains the dominant contributor to Government revenues.
The Abu Dhabi National Oil Company, ADNOC, manages policy in Abu Dhabi under the supervision of the Supreme Petroleum Council. Production is handled through joint ventures with a consortia of international companies.
ADNOC also possesses, on behalf of the Government, all of Abu Dhabi's gas reserves. Oil production is around 2 million barrels a day. Gas is increasingly important, both for export and for meeting local demand from domestic and industrial consumers as well as power generation and water desalination plants. Dubai manufactures around 240,000 barrels a day of oil and substantial quantities of gas from offshore fields, with a major condensate field onshore, while Sharjah has smaller oil and gas fields.On the East Coast, Fujairah is the third largest bunkering port in the world, although all of the fuel is imported. Downstream development of refineries, petrochemical plants and other related industries is increasingly generating an integrated oil and gas sector, equivalent to that of industrialized nations.
Oil and gas production has been the mainstay of the economy in the UAE and will remain a major revenue earner long into the future, due to the vast hydrocarbon reserves at the country’s disposal. Proven recoverable oil reserves are currently put at 98.2 billion barrels or 9.5 percent of the global crude oil proven reserves.
As for natural gas, the proven recoverable reserves are estimated currently at 5.8 billion cubic meters or 4 percent of the world total. This means that the UAE owns the third largest natural gas reserves in the region and the fourth largest in the world. Excluding any new discoveries and at the current rate of utilization, these reserves will last for over 150 years.
The value of oil exports dropped from Dh 49.1 billion in 1997 to Dh 35.7 billion in 1998 (-27.3 per cent) due to the decline in oil prices which decreased by 34 per cent during 1998 compared with 1997 levels, to reach US $12.4 a barrel.
The value of liquefied gas exports also dropped from Dh 8.5 billion in 1997 to Dh 6.5 billion in 1998, owing to the decline in its prices which are closely related to oil prices
The UAE exports 62 per cent of its crude oil to Japan making it the UAE’s largest customer. Gas exports are almost entirely going to Japan, the world's largest buyer of liquefied gas, with UAE supplying almost one-eighth of Japan's entire requirements.
For more info, visit: www.uae.gov.ae/Government/oil_gas.htm
International Markets
he UAE plays a crucial role in achieving stability in international oil markets through its positive and balanced attitude within OPEC. The UAE welcomed a proposal to hold an OPEC summit meeting in Venezuela in late 1999 or the year 2000 in order to reinforce rationalization of the world supply of oil.
Taxation
Professionals moving to work in Abu Dhabi would be delighted to learn that Abu Dhabi is a "no tax" emirate, Abu Dhabi has no personal income taxation or withholding taxes with the exception of business properties that pay a municipal tax at 10% of annual rental value. Although there is no federal tax legislation in the UAE, governing tax decrees do apply for individual Emirates.
Insurance
Don’t take a walk on the wild side. No matter how healthy you are, purchasing travel insurance is always advisable. Clinics, hospitals and pharmacies in the UAE are excellent but for a traveller who is not covered, costs can add up quickly especially in cases of emergency repatriation. Emergency care, meanwhile, is free.