About Abu Dhabi Oil:
One of the world's largest producers of oil is Abu Dhabi, which possesses 90 percent of the UAE's approximately 100 billion barrels of oil reserves and 60 percent of its significant gas reserves.
About Abu Dhabi Oil:
One of the world's largest producers of oil is Abu Dhabi, which possesses 90 percent of the UAE's approximately 100 billion barrels of oil reserves and 60 percent of its significant gas reserves.
First Oil Discoveries
In 1953, D'Arcy Exploration Company, the exploration arm of British Petroleum, obtained an offshore concession which was then transferred to a company created to operate the concession: Abu Dhabi Marine Areas (ADMA) was a joint venture between BP and Compagnie Française des Pétroles (later Total). In 1958, using a marine drilling platform; the ADMA Enterprise, oil was struck in the Umm Shaif field at a depth of about 8,755 feet (2,669 m). In 1962, the company discovered the Bu Hasa field and ADMA followed in 1965 with the discovery of the Zakum offshore field. Today, in addition to the oil fields mentioned, the main producing fields onshore are Asab, Sahil and Shah, and offshore are al-Bunduq, and Abu al-Bukhoosh.
Economy
The UAE’s large hydrocarbon wealth gives it one of the highest GDP per capita in the world and Abu Dhabi owns the majority of these resources – 95% of the oil and 6% of gas. Abu Dhabi thus holds 9% of the world’s proven oil reserves (98.2bn barrels) and almost 5% of the world’s natural gas (5.8 trillion cu metres). Oil production in the UAE was in the region of 2.3m barrels per day (bpd) in 2010.