Pursuant to article 23 of the UAE Constitution, the natural resources and wealth in each Emirate are the public property of that territory. The country’s leadership and community are mandated to preserve and use those resources for the public and economic interests of the Emirate.
Each Emirate within the UAE has constitutionally entrenched rights to its own natural resources (including crude oil and gas). As a result, each member of the federation may pursue its own independent policies regarding the development of its crude oil and gas reserves, with the ruler of each Emirate retaining ultimate control over the exploration and the development of crude oil and gas.
Abu Dhabi hosts a vast set of world-class reservoirs characterised by being one of the lowest cost oil and gas reserves globally. This has made the UAE and Abu Dhabi a more resilient location through the cycle compared to other regions in relation to Exploration and Production (E&P).
ADNOC obtains its authority from the Supreme Council for Financial and Economic Affairs (formerly the Supreme Petroleum Council) to explore, extract, refine, produce, transport, store, distribute, sell and export petroleum, gas and all other hydrocarbons (including their derivatives).