Natural gas was discovered off the coast of the United Arab Emirates today.
The Abu Dhabi National Oil Company found 1.5-2 trillion standard cubic feet of raw natural gas off the coast of the eponymous emirate, the official Emirates News Agency reported.
The company’s CEO Sultan bin Ahmed Al Jaber said there are “untapped hydrocarbon resources” in Abu Dhabi that can “create long-term value for the UAE,” according to the agency.
The UAE government owns the Abu Dhabi National Oil Company and Jaber is also the Emirati industry minister.
The UAE is working to diversify its economy away from dependence on oil and natural gas. This week, the country announced a corporate tax for the first time ever. The decision was partly motivated by diminished government revenue from oil sales. The Emirates is also seeking new investment opportunities. The country recently pledged to invest $10 billion in Israel, specifically in space, water use and agritech, among other sectors.
Other oil-rich Gulf states including Saudi Arabia are pursuing similar diversification strategies.
The UAE remains a major producer of natural gas in the meantime, ranking 10th in the world in overall production. The UAE is not among the world leaders in gas exports, on the other hand, and uses much of its gas domestically.