UAE oil reserves 'to fall by 6bn barrels'

BMI report claims reserves may fall sharply while output increases
UAE oil reserves 'to fall by 6bn barrels'
The UAE had estimated reserves of 96.8bn barrels last year.
By Daniel Shane
Mon 12 Mar 2012 12:32 PM

The UAE’s oil reserves could plummet by 5.8bn barrels over
the coming four years, according to a new report published by Business Monitor
International (BMI).

According to the group’s UAE Oil and Gas Report, oil
reserves in the Gulf state will fall from an estimated 96.8bn in 2011 to 91bn
barrels in 2016.

The BMI report also forecast that the country’s oil
production would rise from more than 3.2m barrels per day in 2016 to almost
3.5m barrels per day in 2021.

This increase will be backed by re-development of mature oil
fields, deployment of enhanced oil recovery and investment from both
international and national oil companies.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.