The UAE continues to take advantage of reduced Iranian volumes to sustain relatively high crude output of around 2.7mn b/d. Including condensates and NGLs, we estimate oil production in 2012 averaged 3.0mn b/d. On the back of efforts to increase recovery rates, we expect UAE production to rise to 3.2mn b/d by 2016. Gas production will also increase as more associated gas is captured and new projects such as the Shah field drive output to 68bcm by the end of our forecast period.We highlight the following trends and developments in the UAE''s oil and gas sector:With around 1mn barrels per day (b/d) of Iranian crude removed from the oil market due to ...
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