New Natural Gas Reserves discovered in UAE

On February 2, 2020, the United Arab Emirates discovered shallow natural gas reserves of about 80 trillion cubic feet. The reserve was discovered between the Emirates of Abu Dhabi and Dubai.

Highlights

In November 2019, UAE announced the discovery of 7 billion barrels of oil. This raised the crude reserves of the country to 105 billion barrels making it the sixth largest in the world. IT had also announced the discovery of 58 trillion cubic feet of gas. This puts the total reserves of natural gas of UAE to 273 trillion cubic feet conventional gas and 160 trillion cubic feet unconventional gas.

UAE

The UAE is formed by seven Emirates namely Dubai, Abu Dhadi, Ajman, Sharjah, Ras Al-Khaimah, Fujairah and Umm Al-Quwain. Around 30% of the GDP of the country is directly based on oil and gas.

India-UAE

The India-UAE bilateral trade currently stands at 59.9 billion USD. India is the third largest investor in UAE. There are more than 2 million Indian population living and working in UAE. The total remittances from UAE to India in the year 2009 was 10 to 12 billion USD. This is one-third of the total remittances received by India and also highest among all the GCC countries.

Month: Current Affairs - February, 2020