As hydrocarbons producers reap sustained revenue from high global prices, national oil companies (NOCs) in the Gulf are accelerating investment in carbon capture, utilisation and storage (CCUS); hydrogen; and other green energies to make their activities less carbon-intensive and support the energy transition.
The GCC chemicals and petrochemicals industry demonstrated considerable resilience in the face of Covid-19 and oil price fluctuations.
Amid an increase in global demand and concerns over key supplies, global oil prices are approaching $100 per barrel for the first time since 2014. But, with prices rising, what does this mean for the renewable energy transition, especially in Gulf countries?
Kuwait has moved to further expand its energy sector, after officials resumed talks with their Saudi Arabian counterparts on oil production in the Partitioned Neutral Zone (PNZ).
In order to meet rising domestic demand and free up oil for export, Kuwait is increasing investment in solar energy, providing opportunities for technology and service providers.
A new expansion drive will see Kuwait invest $120bn in hydrocarbons projects through to 2030, with the aim of boosting both upstream and downstream production capacity ahead of an anticipated rise in energy demand.
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