Introduction
Abu Dhabi is the political capital of UAE and counted as one of the beautiful cities in the world. It possesses 96% of the total oil reserve of the country. The Emirate offers multiple investment opportunities involving almost all economic sectors; particularly import substituting projects and export oriented projects. Abu Dhabi offers attractive investment incentives for investors from any part of the world. Its oil and gas sector provides a high competitive potential mainly for chemical and petrochemical industries and products.
The first commercial quantities of oil were found in 1958. Exports began four years later. Ongoing exploration both on and off share has so far identified one tenth of the world’s crude reserves, enough, even at the present rate of production of over 2 million barrels a day, to last another one hundred and fifty years at least. Finding oil was the first step. Before it could reach the tanker ships there had to be massive construction of rigs, pipes, tanks and terminals, which brought a surge of industry and investment to Abu Dhabi, and it is still happening.
In 1971, the government of Abu Dhabi in common with other major oil producers in the Middle East negotiated new concessions with its foreign partners securing the controlling interest in its precious oil resources. Gas reserves belong wholly to the government. The Abu Dhabi national Oil Company (ADNOC) was established to administer the industry. ADNOC is usually the first port of call for those wanting to do business in oil sector in Abu Dhabi.
Current expansion and development of the oil and gas industry, which ADNOC administers, translates into projects, mostly for heavy industry, worth many millions of dollars.
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