News Update


COP28: UAE expects a significant increase in oil drilling.

According to researchers regarded as the international gold standard in oil market intelligence, the United Arab Emirates’ state oil firm Adnoc may drill 42% more by 2030.

Only Saudi Arabia is predicted to produce more between 2023 and 2050.

According to Adnoc, estimates represent capacity to produce oil rather than actual output.

It added that it had already indicated plainly that it intended to increase its manufacturing capacity by 7% over the following four years.

The company stated that it was widely understood that some oil and gas would be required in the next decades and that it was making its operations more environmentally friendly, especially by growing into renewable energy.

More information on the COP28 climate summit
What exactly is COP28, and why is it so significant?
The UAE intended to use COP28 to complete oil deals.
Sultan al-Jaber: a primer on the COP28 president
Four ways that climate change exacerbates extreme weather
A straightforward guide on climate change.
The main focus of COP28 is the reduction or elimination of fossil fuels such as oil and gas.

Sultan al-Jaber is the president of the COP as well as the CEO of Adnoc.

According to this fresh research of oil industry statistics, Adnoc is currently undergoing significant expansion.

Rystad Energy provided the Adnoc data, which is widely utilized and trusted by fossil fuel businesses and international organizations such as the International Energy Agency.

Rystad forecasts future oil and gas production using business records, government sources, and academic research.

Global Witness then utilized this information to compile a list of the top oil producers between now and 2050.

The UAE came in second place, trailing only Saudi Arabia. It is now ranked 12th in the world.


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