Opec member United Arab Emirates is reportedly considering investing in North American energy assets and possibly importing natural gas as part of the deal. Major oil producers across the Arabian Gulf region – including the Saudis – face tightening gas production and consumption fundamentals, as their domestic energy use soars, greater volumes of associated gas are directed toward enhanced oil recovery and gas-intensive industries are built out.

The UAE is also pursuing nuclear power and extensive solar expansion to feed its growing domestic energy needs. Given the country’s complicated supply/demand dynamics – the UAE now both imports and exports natural gas – it’s not surprising the Energy Ministry is attracted to abundant and relatively cheap US gas.

“We may follow the same trend of considering investments in the United States and Canada to bring some of that gas back home,” UAE Oil Minister Suhail bin Mohammed al-Mazroui said on Monday at an energy conference in London…

“We have a team in Mubadala as well as in Taqa looking at the optionality. Any investment needs to go through the vetting of the board of directors, not to me as an energy minister,” Mazroui said, adding that it was premature to give any volume estimates of a potential deal. – Reuters