The journey of the energy industry, similar to that of a nation, is the interplay of impulse, momentum and terrain. Fifty years have brought the UAE’s energy industry a long way. While some features were set early on, progress has been slowed and hastened by the peaks and valleys of the world economy and politics.

Even before the country’s founding, certain fundamentals were in place. The first oil concession, covering onshore Abu Dhabi, was awarded as far back as 1939 to a multinational consortium of Shell, BP, the forerunners of Total and ExxonMobil, and Partex, the petroleum interests of entrepreneur and art connoisseur Calouste Gulbenkian.

Key features include balanced partnerships with both western and Asian companies, developing local capabilities but continuing to give international companies a strong stake in the country’s stability and success.

Policy within Opec has been moderate, usually closely aligned with that of Saudi Arabia, not seeking excessive price increases and trying to maintain constructive relations with consumers. Natural resources have been developed at a measured pace but not overly conservatively.

There is an emphasis on using gas productively, both for local industrial development and export. Surpluses from the vast but often volatile revenue bases help to build national infrastructure and overseas savings.

Among peers, national energy policy has an almost unique continuity over half a century. That should serve the country well as the world's oil and gas sector embarks on an even greater transformation than that of the 1970s.