United Arab Emirates

• The United Arab Emirates holds the world’s sixth largest proven oil reserves of approximately 98 billion barrels and seventh largest gas reserves of 215 trillion cubic feet.

Crescent Petroleum is headquartered in the United Arab Emirates (UAE). The United Arab Emirates holds the world’s sixth largest oil and seventh largest gas reserves as of end 2009.¹ Oil and gas is a significant component of the UAE economy. The UAE’s has proven oil and natural gas reserves of approximately 98 billion barrels and 227 trillion cubic feet, respectively.²

Oil was first discovered in Abu Dhabi in 1958. Onshore and offshore fields were developed quickly and it soon became a major oil exporter in world terms. Oil was discovered offshore Dubai in 1966, with exports starting in 1969, while its onshore production of oil and condensate began in 1983. Sharjah production commenced in 1974, from the Mubarek Field, which was discovered by Crescent Petroleum in 1972.

Infrastructure needs of the Gulf Region

The Arab Petroleum Investment Corporation (APICORP) review of energy investments in the Arab world expected over the period 2010-2014 describes potential capital projects worth approximately $470 billion, and given the distribution of hydrocarbon resources within the world, most of these energy investments will be in the Gulf. Of the potential $470 billion in investment, the oil supply chain accounts for 47%, the gas chain 36%, and the power generation sector accounts for the remaining 17%.

The realisation of oil and gas related projects to meet the world’s demand for energy will require a large amount of human and corporate effort and capital investment.

¹BP 2010 Statistical Review

²BP 2010 Statistical Review