The U.A.E. is planning to raise its oil output capacity to 3.5 million barrels per day by 2017 and refining capacity to 1.1 mbpd from 707,000 barrels per day, affirming its strategic vision as a major oil producer in the world, Shall bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, said today.
''The UAE holds 4% of the world's proven oil reserves and 3.5% of the world's gas reserves and its oil production accounts nearly 15% of the total oil output of OPEC. Hosting a seat of the International Renewable Energy Agency in the capital, Abu Dhabi, the U.A.E. has maintained its status as a world hub for renewable energy'' the minister told an high-profile audience of Sheikhs, ministers and diplomats at the Sheikh Mohamed bin Zayed Majlis.
Speaking in a lecture titled '' Energy Outlook and Resources Security in the U.A.E., and attended by H.H. Sheikh Haze bin Zayed Al Nahyan, National Security Advisor and Deputy Chairman of Abu Dhabi Executive Council, Al Mazrouie noted that the U.A.E. wise leadership, led by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, Their Highnesses Supreme Council Members and Rulers of Emirates and His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the U.A.E. Armed Forces, pay great attention to the energy sector and diversification of energy mix.
The government, he said, aims to make the U.A.E. of the world's best countries in policies of energy use and delivery of highest possible feasible investment in energy resources.
Addressing consumption patterns of water and energy in the U.A.E., the minister said economic growth and demographic expansion had drive annual water and electricity consumption to 6%, a rate that is higher the world growth average.
