Oil & Gas
Energy: Oil, Gas, & Petrochemical Products
The UAE is the world's Sixth largest proven oil reserve and the fifth largest natural gas reserve. The UAE is the world's third largest exporter of crude oil, thought it exports almost nothing to the United States. Oil exports only amount to one-third of the country's economic activity as a result of UAE government efforts to diversify the economy. Each Emirate controls its own oil production and resource development. Abu Dhabi holds 94% of the UAE's oil reserves, or about 92.2 billion barrels. Dubai contains an estimated 4 billion barrels, followed by Sharjah and Ras Al-Khaimah with 1.5 billion and 100 million barrels of oil, respectively. The UAE exports more than 40 percent of its crude oil to Japan. The UAE is a net importer of natural gas and gas exports are primarily to Japan as well.
Opportunities for U.S. companies include many areas of consulting, engineering, procurement, and construction of refinaries and petrochemical complexes with the Abu Dhabi National Oil Company (ADNOC) and their subsidiary groups of companies. Other entities that play in this field in a more downstream role include Abu Dhabi Basic Industries Corporation (ADBIC). There are several entities that have been established to take on investment opportunities in the sector, both domestically and abroad, such as the International Petroleum Investment Company (IPIC).