The United Arab Emirates, especially Abu Dhabi, is a crucial player on the global energy stage. The UAE is one of the world’s 10 largest oil producers and a critical member of OPEC, the Organization of Petroleum Exporting Countries. It is also an important player in a critical region of the world that’s been riven by geopolitical tensions of late. The UAE’s hydrocarbon production has supported a dramatic economic expansion that has turned it into an important financial and trading center. The UAE has also diversified its energy investments, focusing on low-carbon options such as solar energy, carbon capture and storage, and other new technologies.
In this edition of Columbia Energy Exchange, host Jason Bordoff is joined by Omar Suwaina Al Suwaidi, who sits at the center of many of these developments as the Executive Office Director of the Abu Dhabi National Oil Company (ADNOC), a company where he has worked for nearly fifteen years. As part of its Executive Management team, he oversees operational and business development activities for the company’s vast oil and gas reserves.
State-run ADNOC is the main oil-producing company in the United Arab Emirates, supplying nearly 3% of global oil demand. Crude oil remains the centerpiece of the company’s operations, and ADNOC has sought to remain competitive in a busy market by improving efficiency, applying cutting edge technology, and reducing extraction costs. The company has recently announced sizeable new oil and gas reserves, and it has announced the goal of making the UAE self-sufficient in gas. It has also expanded its outreach to international investors and to foreign partners.
Jason sat down with Omar on the sidelines of the ADIPEC — the Abu Dhabi International Petroleum Exhibition and Conference — in November to discuss ADNOC’s ventures and the state of play of UAE’s oil and gas industry.