Oil report

UPDATE 2-UAE investing to ensure energy resources well secured

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ABU DHABI, Jan 11 (Reuters) - The United Arab Emirates energy said on Saturday it was investing heavily to secure its energy resources.

“We are in a very good position to secure ourselves and keep securing our customers (needs),” Energy Minister Suhail al-Mazrouei told an energy conference in the capital Abu Dhabi.

“We are committed that (our partners) have ample supply of hydrocarbons and we are investing heavily to ensure that energy security for... our partners are well secured,” he added.

He said investments by foreign companies in the UAE energy sector reflected their confidence in the country’s security.

The chief executive of Abu Dhabi National Oil Co (ADNOC) said earlier the state oil company was on schedule to increase its oil production capacity.

“We will continue to responsibly grow our hydrocarbon resources to ensure reliable flows of energy to global markets,” Jaber said.

“At ADNOC, we are on track to increase crude oil production capacity to 4 million barrels per day by the end of this year.”

Mazrouei also said that Russia was fully committed to the OPEC+ agreement adding that he hoped to continue cooperation with the country in the future.

When asked for his oil demand forecast for 2020, the UAE minister said he was not worried.

“We are in a better position than 2019. The trade tension between the U.S. and China is easing...from a demand point of view. I’m not worried.”

Jaber also expressed optimism for the global economy in 2020 and added that the UAE would be the first country in the Arab world to operate a nuclear power plant this year.

The UAE is building the Barakah plant, its first and the world’s largest nuclear project under construction, with four reactors and 5,600 megawatts (MW) capacity.

“The UAE will be the first country in the region to operate a safe commercial, peaceful nuclear power station,” he said.

Jaber also said the UAE was on track to achieve gas self-sufficiency and would ultimately become a net exporter. (Reporting By Rania El Gamal, Writing By Maha El Dahan, Editing by Jane Merriman and Alexander Smith)