2014-01-09 08:57:01 - United Arab Emirates Oil and Gas Report Q1 2014 - a new market research report on companiesandmarkets.com
The UAE will continue to a major focus of upstream investment as it targets increasing production to 3.5mn barrels per day (b/d) by 2018. However recent reports that this date may be delayed to 2020 in light of project delays could also be a result of rapidly growing competition for export markets. We expect steady growth in oil and gas production over the course of our forecast period. Increased production of the latter will be critical to limiting the UAE´s import requirement as consumption continues to outstrip demand, even with some US$25bn set to be investment in gas projects in Abu Dhabi alone.
An ambitious upstream investment plan will raise production capacity in the UAE with increased recovery from onshore and
offshore fields set to see billions in contracts awarded as part of a plan to raise production capacity. Abu Dhabi is planning to spend US$60bn over the next five years to raise production capacity above 3.5mn barrels per day (b/d) by 2018, a target we believe the UAE is largely on track to meet. However, reports that plans to reach this capacity may be delayed until 2020 as result of delays underscore the risk of such a large investment programme.
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