The Global News Source for the World of Science
09 March 2021Chem Chat
The UAE’s Energy Minister Suhail Al Mazroui has indicated that he expects the global oil market will rebalance by the beginning of 2022. Speaking at the Gulf Intelligence Global UAE Energy Forum, Al Mazroui offered an optimistic outlook on the imminent future for the oil market, after a disastrous spell brought about the coronavirus pandemic.
However, Al Mazroui was careful to warn that such...
28 February 2021Chem Chat
The Abu Dhabi National Oil Company (ADNOC) has announced partnerships with two of the country’s sovereign wealth funds, as it bids to diversify its energy portfolio by moving into hydrogen. The UAE economy has historically been built upon the extraction and exportation of oil and gas, but a changing of the times has instigated a robust response from the Emirati government.
By signing deals w...
21 January 2021Chem Chat
The establishment of pipelines connecting the Middle East to the rest of the world could be crucial to guaranteeing global oil security, according to outgoing US Energy Secretary Dan Brouillette. Brouillette visited Abu Dhabi last month to meet with high-ranking officials from regional powers and discuss the possibility of diversifying the transportation methods used to ferry oil to Asia, Europ...
10 January 2021Chem Chat
The UAE are quietly confident that the coming year will see a slow but steady resurgence in the demand for oil. Speaking to Sky News Arabia, Energy Minister Suhail Al-Mazrouei explained that he envisaged a “gradual” recovery that would take place over the course of the year.
Oil demand fell to record low levels last year, after the spread of coronavirus prompted governments across the globe ...
20 December 2020Chem Chat
The total amount of crude oil reserves belonging to the UAE reached a staggering 97.8 billion barrels in 2019, according to official figures. The quantification of UAE’s oil assets was made by the Federal Competitiveness and Statistics Authority (FCSA), who also identified the country’s production of both oil and natural gas in the last year.
That signifies that the Emirates still retain a v...
13 December 2020Chem Chat
The Supreme Petroleum Council (SPC) of the UAE made headlines last month with the announcement of a significant discovery of previously unknown oil reserves in Abu Dhabi. According to an SPC announcement, the Emirati capital is home to an estimated 22 billion barrels of recoverable, non-conventional crude oil that the authorities did not previously know existed.
The SPC say the new cache cou...
22 November 2020Chem Chat
The Secretary General of the Organisation of Oil Exporting Countries + (OPEC+) has indicated that the alliance is fully prepared to take all necessary actions to ensure that oil prices do not plummet steeply once more. Every industry has been affected by the coronavirus pandemic to some extent, but with energy demand slumping, the fossil fuels sector has been harder hit than most.
11 November 2020Chem Chat
The UAE has opened talks with Israel over the use of a pipeline in the latter region, the operations of which remain classified. The Eilat-Ashkelon pipeline originates on the Gulf of Aqaba on the Red Sea and terminates at Ashkelon on the Mediterranean Sea, thus making it an ideal route for oil from Asia to Europe.
Although it is early days in the discussions, the accord could represent a hug...
23 October 2020Chem Chat
Global oil demand will likely peak around 2030, according to a leading expert in the industry from the UAE. Musabbeh Al Kaabi is the CEO of Petroleum and Resources at the Mubadala Investment Company, headquartered in Abu Dhabi. He delivered his views as part of an online series of interviews with prominent figures from the sector.
According to Al Kaabi, the oil market will recover from the c...
31 August 2020Chem Chat
The UAE has become the first Arab country to open a nuclear power plant this month with the unveiling of its 5,600GW Barakah facility near Ruwais. The project is the latest attempt by the Emirati government to diversify its energy and their economic portfolios and transform its oil companies into broader energy firms, thus reducing the country’s over-reliance on fossil fuels and transitioning t...