2023-10-02 22:09:58
The Minister of Energy and Infrastructure, Suhail Al Mazrouei, said, “The UAE’s oil production currently amounts to 4.2 million barrels per day, while the target is to reach five million barrels by 2027.”
Al Mazrouei stated, in press statements yesterday, on the sidelines of the ADIPEC 2023 exhibition, that “the global oil market needs annual investments ranging between 500 to 600 billion dollars, to meet the growing demand for energy, so I call on countries and producing companies to increase their investments, to ensure A smooth transition towards clean energy.
He pointed out that “what distinguishes this session of ADIPEC is that it precedes the UAE’s hosting of the Conference of the Parties (COP28), and it also comes following the UAE’s launch of the Energy Strategy 2050, in which it intends to triple its investments in renewable energies, in addition to the hydrogen production strategy, which aims to To produce 1.4 million tons by 2031, reaching 15 million tons in 2050. Al Mazrouei stressed that “the UAE is moving on two complementary paths with regard to investment in oil and gas, while at the same time taking into account climate changes, by reducing carbon dioxide emissions, and doubling its investments and production of renewable energies, to remain a reliable supplier in the global energy market.”
He explained that the UAE’s trend towards clean energy has not affected its investments in the oil and gas sector, so there must be international cooperation in this regard, to ensure that there is no shortage in production, in light of the remarkable growth in demand.
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