With a value of six billion dollars .. “UAE” announces new oil investments

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Today, Tuesday, the Abu Dhabi Petroleum Company of the United Arab Emirates announced investments worth $6 billion in the field of crude oil exploration. According to what was reported by Agence France-Presse.

In a statement on the sidelines of the Energy Conference “ADIPEC”, the state oil company “ADNOC” revealed that “the new investments aim to increase drilling to raise the country’s production capacity of crude oil to 5 million barrels per day by 2030,” as these investments include equipment that was acquired Several companies have different contracts to provide them, as some of these contracts extend for about ten years.

The UAE Energy Minister, Suhail Al Mazrouei, confirmed that Abu Dhabi is working on developing “ambitious legislation, initiatives and projects aimed at creating a balance between energy production and economic growth and between preserving the environment and supporting the cause of climate change.”

It should be noted that the UAE, which announced its intention to reach carbon neutrality in 2050, is one of the largest oil producers in the world, with an average of 4.2 million barrels per day.



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