UAE to increase oil output to 5 million (bpd) within the next 7 years
The UAE is set to increase its oil production to over 5 million (bpd) within the next 7 years, UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan announced here Monday. Sheikh Abdullah , who is on an official visit to China also revealed that his country, which is one of major oil producers in the world, has embarked in recent years on alternative energy sources in a bid to provide clean energy. "UAE's oil sector has seen significant strides in recent years. Our current production is over 2.5 million (bpd) and the country is set to increase output to over 5 million (bpd) within the next 7 years", said Sheikh Abdullah in remarks during a meeting here with Chen Deming, Vice Chairmen, National Development and Reform Commission (NDRC) He further added that the UAE was endowed with massive renewable energy resources. "With such huge resources, we are in a better position to provide renewable and clean energy. Indeed, we are planning to set up a solar energy plant soon. This plant, which is expected to provide about 500 megawatt of power, would be established in cooperation with Tokyo University", he said.
Sheikh Abdullah also underscored the UAE's commitment to protect the environment by reducing carbon dioxide emissions from the oil industries.
"Studies are now underway to reduce these emissions to 40% within the next 5 years", said Sheikh Abdullah. During the meeting, Sheikh Abdullah and the Chinese official also discussed bilateral cooperation on economic and industrial areas, particularly in the area of renewable energy. They also underlined the importance of exchanging visits between officials in the two countries. For his part , the Chinese official hailed the astounding achievements made by the UAE, adding that his country was ready to enhance joint cooperation with the UAE in various spheres, particularly in the sphere of energy. Citing the strong bilateral ties, Deming said private and pubic sectors in both countries would benefit from the ever growing UAE-Sino relations. He further lauded the UAE's role in stabilising the global oil market through its regular supplies. Source WAM
Sheikh Abdullah also underscored the UAE's commitment to protect the environment by reducing carbon dioxide emissions from the oil industries.
"Studies are now underway to reduce these emissions to 40% within the next 5 years", said Sheikh Abdullah. During the meeting, Sheikh Abdullah and the Chinese official also discussed bilateral cooperation on economic and industrial areas, particularly in the area of renewable energy. They also underlined the importance of exchanging visits between officials in the two countries. For his part , the Chinese official hailed the astounding achievements made by the UAE, adding that his country was ready to enhance joint cooperation with the UAE in various spheres, particularly in the sphere of energy. Citing the strong bilateral ties, Deming said private and pubic sectors in both countries would benefit from the ever growing UAE-Sino relations. He further lauded the UAE's role in stabilising the global oil market through its regular supplies. Source WAM
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