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
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.
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