Kuwait announced last month that it plans to invest more than $ 6 billion in exploration over the next five years to increase production from the current 2.4 million barrels to 4 million barrels a day.
The United Arab Emirates, a key member of OPEC, which produces 4 million barrels of oil a day, became the first Persian Gulf nation to promise a net zero carbon emission target by 2050 this month. But last year, UAE’s state-owned oil company Adnock announced that it had invested $ 122 billion in new oil and gas projects.
Iraq, OPEC’s second largest producer after Saudi Arabia, has invested heavily in recent years to increase oil production, increasing production from the current 5 million barrels to 8 million barrels by 2027. I am aiming for that. The country suffers from political turmoil, power shortages and inadequate ports, but the government works with foreign oil companies to help state-owned energy companies develop new areas and improve production from older areas. Made some major deals.
Production is increasing even in Libya, where conflicting factions have plagued the oil industry for years. In recent months, it has hit 1.3 million barrels a day, the highest in nine years. The government aims to increase that total to 2.5 million barrels a day within six years.
State oil companies in Brazil, Colombia and Argentina will also produce more oil and gas to increase government income before oil demand declines as richer countries reduce fossil fuel use. I am working on it.
After years of frustrating disappointment, production in Argentina’s Vaca Muerta, or Dead Cow, oil and gas fields surged this year. According to research and consulting firm Rystad Energy, the field never supplied more than 120,000 barrels of oil per day, but is now expected to reach the end of the year at 200,000 barrels per day. The government, which is considered the climate leader in Latin America, is proposing legislation to encourage more production.
Lisa Viscidi, an energy expert at Inter-American Dialogue, a Washington research institute, said: He explained Argentina’s view, adding that “the rest of the world needs to reduce oil production globally, but that doesn’t mean we need to change our behavior.”