Be Nice- 5th Largest Gas Reserves, 8% of World's Oil UAE

[Clara T]

United Arab Emirates
The United Arab Emirates (UAE) is important to world energy markets because it contains 98 billion barrels, or nearly 10 percent, of the world's proven oil reserves. The UAE also holds the world's fifth-largest natural gas reserves and exports significant amounts of liquefied natural gas.



GENERAL BACKGROUND
The overall performance of the UAE's economy is heavily dependent on oil exports, which account for over 30 percent of total gross domestic product (GDP). Growth in real GDP was 6.4 percent in 2004, partially due to higher crude oil prices. For 2005, real GDP growth is projected to reach 6.5 percent. The non-oil segment of the UAE's economy also is experiencing strong growth, particularly the petrochemicals and financial services sectors.


Other Industry
In recent years, the UAE has undertaken several projects to diversify its economy and to reduce its dependence on oil and natural gas revenues. The non-oil sectors of the UAE's economy presently contribute around 70 percent of the UAE's total GDP, and about 30 perecnt of its total exports. The federal government has invested heavily in sectors such as aluminum production, tourism, aviation, re-export commerce, and telecommunications. As part of its strategy to further expand its tourism industry, the UAE is building new hotels, restaurants and shopping centers, and expanding airports and duty-free zones. Dubai has become a central Middle East hub for trade and finance, accounting for about 85 percent of the Emirates’ re-export trade.  The UAE has been a member of the World Trade Organization (WTO) since 1995, and has one of the most open economies in the region. It began negotiations in March 2005 with the United States on a possible free trade agreement.

Foreign Affairs
The UAE and Iran continue to dispute the ownership of three islands, Abu Musa and the Greater and Lesser Tunb Islands, which are strategically located in the Strait of Hormuz. All three islands were effectively occupied by Iranian troops in 1992. The Mubarak field, which is located six miles off Abu Musa, has been producing oil and associated natural gas since 1974. In 1995, the Iranian Foreign Ministry claimed that the islands are "an inseparable part of Iran." Iran rejected a 1996 proposal by the Gulf Cooperation Council (GCC) for the dispute to be resolved by the International Court of Justice, an option supported by the UAE. In early 1996, Iran took further moves to strengthen its hold on the disputed islands. These actions included starting up a power plant on Greater Tunb, opening an airport on Abu Musa, and announcing plans for construction of a new port on Abu Musa. In the dispute, the UAE has received strong support from the GCC, the United Nations, and the United States. Although Iran remains a continuing concern for officials in Abu Dhabi, they have chosen not to escalate the territorial dispute. Iran is one of Dubai’s major trading partners, accounting for 20 percent to 30 percent of Dubai’s business.

OIL
According to Oil and Gas Journal (1/1/05), the UAE contains proven crude oil reserves of 97.8 billion barrels, or slightly less than 8 percent of the world total. Abu Dhabi holds 94 percent of this amount, or about 92.2 billion barrels. Dubai contains an estimated 4.0 billion barrels, followed by Sharjah and Ras al-Khaimah, with 1.5 billion and 100 million barrels of oil, respectively. The majority of the UAE’s crude oil is considered light, with gravities in the 32o to 44o API range. Abu Dhabi's Murban 39o and Dubai's Fateh 32o blends are the UAE's primary export crude streams, though Dubai's production is been falling in recent years due to the decline of its modest reserves. Most of the UAE’s oil fields have been producing since the 1960s or early 1970s. Proven oil reserves in Abu Dhabi have roughly doubled in the last decade, mainly due to significant increases in rates of recovery. Abu Dhabi has continued to identify new finds, especially offshore, and to discover new oil-rich structures in existing fields.

http://www.eia.doe.gov/emeu/cabs/uae.html

[benburch]

1. They can blow that gas out their asses...

and jerk off with the oil.

FUCK THEM.

[babylonsister]

2. Easy for you to say..........now. nt

[Mr_Spock]

4. All the money wasted in Iraq could have had an alternative fuel

infrastructure set-up in this country by now. Think about it - $250 billion is nearly $1000 from each and every man, woman & child in this country.

[babylonsister]

5. Ouch! Lots of money! So who's spending what where?

Can we finally convince the *blivet people that they are not getting what they banked on?

[Nutmegger]

3. Jaysus, Iran sure is close...

:scared::scared::scared:

[Clara T]

7. And the Persian Gulf

What's a few ports when there's money to be had.

[president4aday]

6. US companies operate the oil in the UAE...but their's can't here?

From the link...

"The Abu Dhabi National Oil Company (ADNOC) brought in ExxonMobil in June 2004 as a strategic partner in the development of the Upper Zakhum field, with a 28 percent ownership stake, after a competitive bidding process. ExxonMobil is set to undertake a program of upgrades to the Upper Zakum field to raise its capacity from the current 550,000 bbl/d to 750,000 bbl/d by 2008, and to 1.2 million bbl/d by 2010."


"Bechtel was awarded the initial engineering and design work for OGD-3 in May 2002, which was completed in 2003. Bidding on OGD-3 construction projects has begun, and six firms have prequalified to submit offers for the $1.1 billion condensate and NGL recovery facilities to be constructed at Habshan. The U.S.-based engineering firm Foster Wheeler was awarded a project management contract for OGD-3 in January 2005,"

It's a global economy folks.

[DoYouEverWonder]

8. That's why port security is more important then ever

We waste our time and money patting down 6 year olds, but open our ports wide open for our 'friends' to send us their Trojan horses.

[oneighty]

9. But it is Companies based in the U.S. doing business in UAE

It is not the U.S.Government doing business in UAE.

180

[president4aday]

12. The US government actually does business in the UAE.

"U.S. troops have used bases in the UAE since the 1991 Persian Gulf War"

Moreover...

"After talks with the UAE's defense minister and chief of staff, Rumsfeld and Franks said American military forces were not going to leave any time soon."

The UAE does not have troops on our soil or warships in our waters. It's the other way around.

It's we who are a threat to them. Period.

[Leopolds Ghost]

13. Seen the movie Syriana?

'Nuff Said. nt

On edit: Yes, it was filmed in Dubai.

[president4aday]

14. "Syriana" is fiction. Real world decisions need to based on fact.

[oneighty]

15. I do not understand you.

For many years the U.S. has rejected foreign 'government owned' business from selling in or doing business in the U.S. It still does in NAFTA and CAFTA agreements. It is considered to be unfair competition to American business.

The power of the U.S. is a threat to all that do not offer obedience. Including U.S. citizens.

180

[Minnesota Libra]

10. Bush's whole idea is easy access to oil and military bases.......

.......from which the entire area can be controlled. With oil and military sales that would go through the roof Bush, Cheney, Rummy, Rice and the rest would be multi-billionaires a few times over. :bounce: Wow, won't they be a happy bunch while the rest of us drive around in our gassed up SUV's?? :sarcasm:

[Inspector77]

11. UAE really has a good world citizen record -- like the Venezuela of the ME