Anticipated Surge in Oil Drilling Projected by UAE as COP28 Takes Place

The United Arab Emirates (UAE), which is hosting the upcoming COP28 climate talks, is planning to significantly increase its oil production, according to BBC reports. Analysts at Rystad Energy, a trusted source for oil market intelligence, predict that the UAE's state oil firm Adnoc will drill 42% more oil by 2030. This expansion is expected to make the UAE the second-largest oil producer, only behind Saudi Arabia, between 2023 and 2050. Adnoc, however, argues that their projections represent production capacity rather than actual production. Adnoc claims that some oil and gas will still be necessary in the future and that they are working towards making their operations more climate-friendly. Nevertheless, environmental campaigners criticize Adnoc's plans, emphasizing that such an increase in oil production goes against efforts to limit global warming to 1.5°C. The expansion is expected to emit over 14 billion tonnes of CO2 by 2050, equivalent to more than 6% of the Earth's carbon budget for that temperature target. The head of the International Energy Agency, Fatih Birol, also states that Adnoc's plans are incompatible with keeping global temperatures within safe limits. The analysis by Rystad Energy does not differentiate between production capacity and actual production, and Adnoc clarifies that their plans to expand capacity do not directly translate to increased production. Nonetheless, campaigners demand that Adnoc reconsider its expansion plans, arguing that pursuing new oil drilling opportunities contradicts the urgency to address the climate crisis.