The UAE is moving ahead with its oil and gas investments despite the current drop in oil prices and expects no delays in plans to boost its crude output potential by 2017, the country’s energy minister said.
“Investments are going, we are continuing with our investments,” Suhail bin Mohammed Al-Mazroui, speaking to reporters on the sideline of an energy conference in Abu Dhabi, said.
Asked whether the OPEC member’s plans to boost its oil production capacity to 3.5 million barrels per day by 2017 were on track, the minister said: “Yes.”
A halving in oil prices in the past year had led to cutbacks in exploration and production across the oil industry. The fall in prices to below $50 per barrel has hit investment plans at major oil firms, national oil companies and independents which have had to find ways to conserve cash.
Global oil investments this year are expected to drop by 20 percent, marking their biggest decline in history, Fatih Birol, head of the International Energy Agency.
Saudi Petroleum and Mineral Resources Minister Ali Al-Naimi said top oil exporter Saudi Arabia was continuing with its investments in the oil and gas industry as well as solar energy despite the fall in oil prices.
Source: http://www.arabnews.com/economy/news/815661
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