The COP28 host wants to increase oil production by more than 40%

The country, which hosts the United Nations (UN) climate summit, wants to increase oil production by 42% by 2030, and produce nearly 36 billion barrels by 2050.

This means the United Arab Emirates (UAE) will increase annual production from one billion barrels to nearly 1.5 billion barrels.

The acceleration in production will continue throughout the 2030s, and will begin to slow in the 2040s. Production in 2050 should be around 850 million barrels per year, below current levels.

Only Saudi Arabia expects to increase production further between 2023 and 2050, with state oil company Saudi Aramco producing 100 billion barrels by 2050, according to data from Rystad Energy compiled by Global Witness.

Another controversy at this summit: The UAE will be the first major oil producer to receive the COP. At the same time, the chairman of the summit, Sultan Al-Jaber, is also the chairman of the state oil company ADNOC. But there are many more controversies (see text below).

ADNOC plans to produce more oil than any of the five global companies ExxonMobil, Chevron, Shell, BP and Total Energies.

ADNOC’s production alone (36 billion barrels by 2050) is nearly 50% higher than estimates for the combined production of Shell, BP and Total: 24 billion barrels.

“ADNOC is undergoing an aggressive increase in its production in the short term, making it a major global producer”, according to Global Witness, with only Petrobras (47%) forecasting more than this among the 30 largest global producers. ADNOC (41%).

In reaction, the UAE’s state oil company said the projections only showed oil production potential.

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The UAE wanted to discuss oil deals during COP28

The news comes at a time when the reduction of fossil fuel consumption is being discussed at COP 28 and the event began under controversy: the government of the United Arab Emirates (UAE) aims to use its role to discuss oil and gas deals. , “BBC” revealed.

The UAE group, which has already denied the intention, said documents it prepared for meetings with 27 foreign governments during COP 28 were handed over to talks with China, where the UAE’s state oil company, Adnoc, is “ready to evaluate international opportunities”. in Liquefied Natural Gas (LNG) in Mozambique, Canada and Australiaā€¯.

On the other hand, the UAE was ready to tell the Colombian minister that Adnoc was “ready” to support Colombia’s desire to explore the South American country’s fossil resources. Officials were ready to communicate this support for oil and gas exploration to 13 governments. , including Germany and Egypt. Among the 20 meetings with the governments of the United Kingdom, the United States, France, Germany, Brazil, China and other countries, the meetings will also help explore business opportunities for state-owned renewable energy company Masdar.

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