UAE – Overview on the Gas Sector Regulations in 2019
The United Arab Emirates’ economy is the 9th freest, as its overall score remains unchanged, with higher scores for judicial effectiveness, ranked 1st among the Middle East, so its overall score is above the world averages. But what are the primary regulations of the oil industry in the seven United Arab Emirates (Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah, Ajman, Umm Al Quwain and Fujairah)?
Economic diversification has reduced the portion, as Abu Dhabi launched a development plan but each emirate establishes its ownership and court. Shearman & Sterling partners and associate Ryan Gawrych prepared a comprehensive guide to gas, published by Lexology, looking at the regulatory issues and production, storage and distribution, safety issues, taxes and decommissioning, as well as anti-corruption. The real estate sector is linked to the Expo 2020 and the constant infrastructural developments which are making real estate look attractive in the market, especially from China, which seems to be coming with a huge appetite.
This is a prospect industry sector which includes a trade data compared to global averages, in relation with the considerable energy reserves, on the world’s seventh largest crude oil producer in the Organization of the Petroleum Exporting Countries, the U.A.E. Exploring unchartered territory requires creativity and some fresh wrinkles are often the norm, especially amid the talk of a global economic slowdown, but clearly the effort pays off, as Sharjah National Oil Corp. was the first to successfully conduct a tender for oilfield concessions for a major exploration, totaling an area of 1,885 square kilometers.
The federal authorities (the Federal Supreme Council, the Cabinet and the Federal Judicial Authority) are responsible for foreign affairs and education, with jurisdiction over all matters, including natural resources, excluding natural resources which are to be the public property, so the industry is subject to a variety of legislation such as federal Law No 14, federal Decree Law No 8, the Abu Dhabi Tax Decree or the Abu Dhabi Law No 7. The UAE continues to see international brands and retail outlets, as it is the seventh most popular destination according to a recent study, and organizations are attempting to attract digital talent through work environment modernization, training and improved compensation packages.
The oil reserves can be found offshore, while Dubai holds an estimated 4 billion barrels, followed by Ras al-Khaimah. The United Arab Emirates is party to the Recognition and Enforcement of Foreign Arbitral Awards, but what government bodies are charged with regulating the gas industry and the energy sector? The United Arab Emirates is a federation that has grown to be one of the most important centers and one of the most liberal countries, with other beliefs tolerated, although it remains authoritarian. Abu Dhabi’s position means that the SPC is considered the country’s most important entity, as the U.A.E. produced 3.7 million barrels per day of petroleum in 2016, and the state-owned ADNOC is in the process of expanding the output of crude oil by 2020, as proven reserves are expected to remain constant.