Proven Oil Reserves
The UAE holds approximately 111 billion barrels of proven crude oil reserves as of 2024, representing roughly 6% of global proven reserves. This positions the UAE as the sixth-largest holder of oil reserves worldwide, behind Venezuela, Saudi Arabia, Canada, Iran, and Iraq.
The vast majority of reserves are located in the Emirate of Abu Dhabi, which accounts for approximately 96% of total UAE reserves. The principal producing fields include the onshore Bab, Bu Hasa, and Asab formations, and the offshore Upper Zakum and SARB fields.
Global Reserve Rankings
| Country | Proven Reserves (bn barrels) | Global Share (%) | Rank |
|---|---|---|---|
| Venezuela | 303.8 | 17.5 | 1 |
| Saudi Arabia | 267.2 | 15.4 | 2 |
| Canada | 168.1 | 9.7 | 3 |
| Iran | 157.8 | 9.1 | 4 |
| Iraq | 145.0 | 8.4 | 5 |
| UAE | 111.0 | 6.4 | 6 |
| Kuwait | 101.5 | 5.9 | 7 |
| Russia | 80.0 | 4.6 | 8 |
Production Data
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Crude production (mn bpd) | 3.04 | 3.12 | 3.18 |
| OPEC+ quota (mn bpd) | 3.18 | 3.22 | 3.22 |
| Spare capacity (mn bpd) | 0.72 | 0.88 | 0.82 |
| Condensates (mn bpd) | 0.38 | 0.41 | 0.43 |
| Reserve-to-production ratio (years) | 100 | 98 | 96 |
ADNOC Capacity Expansion
ADNOC has targeted a production capacity of 5 million barrels per day by 2027, up from approximately 4.0 million bpd in 2024. Key projects driving this expansion include the Hail and Ghasha sour gas and condensate development, the offshore Lower Zakum expansion, and the Dalma gas project.
Investment in enhanced oil recovery (EOR) technologies, including CO2 injection and advanced reservoir simulation, is expected to extend the productive life of mature onshore fields and improve recovery factors from current levels of approximately 50% toward 70%.
Natural Gas Reserves
The UAE also holds approximately 6.1 trillion cubic metres of proven natural gas reserves, ranking seventh globally. The Khazzan tight gas project in Abu Dhabi and the Shah gas field are central to the strategy of reducing gas imports and achieving gas self-sufficiency.
Strategic Significance
Despite the UAE’s commitment to economic diversification and the Net Zero 2050 target, hydrocarbon reserves remain a strategic asset. Revenue from oil production funds sovereign wealth accumulation through ADIA and Mubadala, and provides the fiscal base for long-term infrastructure investment across non-oil sectors.