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Monday, October 25, 2021

As Western Oil Giants Cut Production, State-Owned Companies Step Up

Kuwait announced last month that it plans to invest over $ 6 billion in exploration over the next five years to boost production to four million barrels per day from 2.4 million barrels now.

The United Arab Emirates, a major OPEC member producing four million barrels of oil a day, became the first Gulf state this month to commit to zero carbon emissions by 2050. But just last year, Adnoc, the UAE’s national oil company, announced it would invest $ 122 billion in new oil and gas projects.

Iraq, OPEC’s second-largest oil producer after Saudi Arabia, has invested heavily in increasing oil production in recent years, aiming to increase production to eight million barrels per day by 2027 from the current five million. The country is plagued by political turmoil, power shortages and inadequate ports, but the government has struck several major deals with foreign oil companies to help the state-owned energy company develop new fields and improve production from old ones.

Even in Libya, where warring factions have stalled the oil industry for years, production is growing. It has been producing 1.3 million barrels a day in recent months, a nine-year high. The government intends to increase this volume to 2.5 million barrels per day within six years.

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The national oil companies of Brazil, Colombia and Argentina are also working to boost oil and gas production to boost their governments’ revenues before oil demand falls as wealthier countries cut their use of fossil fuels.

After years of disappointment, oil and gas production from the Vaca Muerta, or Dead Cow, Argentina field has skyrocketed this year. The field has never produced more than 120,000 barrels of oil per day, but is now expected to produce 200,000 barrels of oil per day by the end of the year, according to research and consulting firm Rystad Energy. The government, considered the climate leader in Latin America, has proposed legislation that will stimulate even more production.

“Argentina is concerned about climate change, but they do not see it primarily as their responsibility,” said Lisa Viscidi, an energy expert at the Inter-American Dialogue Research Organization in Washington. Describing Argentina’s point of view, she added: “The rest of the world on a global scale should cut oil production, but that does not mean that we, in particular, should change our behavior.”

World Nation News Deskhttps://www.worldnationnews.com
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