The United Arab Emirates (UAE) is investing $35 billion to diversify its energy resources and reduce its dependence on natural gas imports for power generation, the country's energy minister said on Sunday.

"We need to minimise our reliance on natural gas and its imports," Suhail bin Mohammed Al-Mazroui said at an energy event.

"We are investing $35 billion for that purpose," he said, adding the aim is to decrease the Opec member's dependence on natural gas from 100 per cent now to 70 per cent by 2021.

The UAE plans to boost natural gas production over the next years to help meet growing domestic demand. 

He said the country is moving ahead with its oil and gas investment plans despite the current drop in oil prices.

Answering questions by Reuters, Al-Mazroui said: "Investments are going, we are continuing with our investments."

Asked whether the Opec member's plans to boost its oil production capacity to 3.5 million barrels per day by 2017 were on track, the minister said: "Yes".

Global oil investments this year are seen to drop by 20 per cent, marking their biggest decline in history, Fatih Birol, head of the International Energy Agency, said on Friday. - Reuters