What are the drawbacks that the oil industry brings to the UAE
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The UAE and Global Oil Supply
With the world’s seventh largest proven crude oil reserves, the UAE is a responsible producer and critical partner in global energy markets. As a mainstay to the economy, oil exports now account for about 25 percent of the UAE’s gross domestic product.
In addition to being an important supplier of energy, the UAE is now becoming an increasingly relevant consumer of energy. The UAE will continue its long tradition of responsible energy stewardship as it develops and diversifies its economy, accelerates the development of additional hydrocarbon reserves and contributes to the development and implementation of alternative energy sources.
Seeking Innovations to Improve Efficiency
Much of the UAE’s current crude oil production is made possible by the reinjection of natural gas to boost pressure in the nation’s major oil reservoirs. Without this massive program, the UAE’s crude production would stagnate and decline. The UAE is also testing carbon capture and sequestration technologies to replace the reinjection of natural gas. This would enhance exports of natural gas, create more flexibility in oil production and provide important global environmental benefits. In 2013, a joint venture between Masdar and the Abu Dhabi National Oil Company created the Middle East’s first company focused on commercial-scale projects for carbon capture, usage and storage.
Lowering Consumption, Boosting Exports
In 2005, the UAE became one of the first major oil-producing countries to ratify the Kyoto Protocol to the UN Convention on Climate Change. As part of its energy diversification strategy, the UAE is working in a variety of ways to reduce its carbon footprint, meet its own domestic energy needs and expand exports:
The Abu Dhabi government committed an initial $15 billion to Masdar, the world’s largest and most comprehensive alternative energy program. US partners include MIT, Columbia University, Colorado-based CH2MHill, Chicago-based Adrian Smith + Gordon Gill Architecture and other institutions worldwide, such as WWF, Imperial College of London and Tokyo Institute of Technology.
The UAE is exploring nuclear energy to meet rapidly growing demand for electricity, due to tremendous growth as well as intense water desalination requirements. This reduces domestic demand for natural gas and the need for dirty, oil-burning power plants used to meet peak demand during hot summer months.
In the first major cross-border energy deal between Gulf countries, the UAE is importing natural gas by pipeline from Qatar. This pipeline, the Dolphin Project, frees Abu Dhabi’s natural gas supply for crude oil recovery and export. The project began delivering gas to power companies in the summer of 2007 and the UAE receives two billion cubic feet of gas per day.
Among other energy efficiency and environmental projects, Dubai has developed region’s most extensive light rail system, to move cars off the road, reduce pollution and ease traffic congestion.