UAE To Host Climate Summit As It Develops 7.5 BBE Of Oil/Gas, Including #2 Offshore Field On Earth

[hatrack]

The United Arab Emirates, which is hosting this year’s UN climate summit, has the third biggest net zero-busting plans for oil and gas expansion in the world, the Guardian can reveal. Its plans are surpassed only by Saudi Arabia and Qatar. The CEO of the UAE’s national oil company, Adnoc, has been controversially appointed president of the UN’s Cop28 summit in December, which is seen as crucial with time running out to end the climate crisis. But Sultan Al Jaber is overseeing expansion to produce oil and gas equivalent to 7.5bn barrels of oil, according to new data, 90% of which would have to remain in the ground to meet the net zero scenario set out by the International Energy Agency.

Adnoc is the world’s 11th biggest oil and gas producer and delivered more than a billion barrels of oil equivalent (BBOE) in 2021. However, the company has big short-term expansion plans, the new analysis shows, with plans to add 7.6 BBOE to its production portfolio in the coming years – the fifth largest increase in the world. The data was produced for the Guardian by Urgewald, a German NGO, from its Gogel database. This is based on data from Rystad Energy, the industry standard source but not available to the public, and accessed in September 2022.

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Recent statements by Al Jaber also appear difficult to reconcile with Adnoc’s huge plans for new oil and gas production. At a “Road to Cop28” conference in Dubai on 15 March, Al Jaber said: “We [the world] have to rapidly reduce emissions.” The following day, at an International Energy Agency roundtable event, he said: “Oil and gas companies need to align around net zero.” In February, Al Jaber said: “We in the UAE are not shying away from the energy transition. We are running towards it.” Just 10% of Adnoc’s expansion is compatible with the IEA’s scenario for the world to reach net zero carbon emissions by 2050. The IEA said the 2050 goal requires no new oil and gas projects to be approved after 2021, but 90% of the oil and gas expansion being planned by Adnoc were advanced after this date and would have to stay in the ground to be compatible.

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Some of the largest developments that are not in line with the IEA net zero scenario will take place as part of the Upper Zakum project, off the coast of the UAE. Adnoc describes the extension of production in the Upper Zakum field as a “mega-project” and the “second-largest offshore oilfield in the world”. It involves “the construction of four artificial islands in shallow water [which] can accommodate 450 wells, 90 platforms, as well as drilling rigs, processing facilities, and infrastructure,” Adnoc said.

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https://www.theguardian.com/environment/2023/apr/04/revealed-uae-plans-huge-oil-and-gas-expansion-as-it-hosts-un-climate-summit

[Lovie777]

1. Money.................

for it can change minds and the future and destroy mankind and all inhabitants on earth, and earth itself.

Seven Deadly Sins: Pride, Envy, Gluttony, Lust, Anger, Greed, Sloth.

[cachukis]

2. My wife and I contribute less than 6000 lbs of CO2 per annum.

Working to get to 4k.
Sometimes I feel like a motherless child.