Friday, October 22, 2021

As Western Oil Giants Slash Production, State-owned Enterprises Increase

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Kuwait announced last month that it planned to invest more than $ 6 billion in exploration over the next five years to increase production to four million barrels per day, from the current 2.4 million barrels.

The United Arab Emirates, a major OPEC member that produces four million barrels of oil a day, this month became the first Persian Gulf state to commit to a goal of zero net carbon emissions by 2050. But the year Past Adnoc, the UAE’s national oil company, announced that it was investing $ 122 billion in new oil and gas projects.

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

Even in Libya, where warring factions have crippled the oil industry for years, production is increasing. In recent months, it has been producing 1.3 million barrels per day, a nine-year high. The government aims to increase that total to 2.5 million barrels a day within six years.

National oil companies in Brazil, Colombia and Argentina are also working to produce more oil and gas to increase their governments’ revenues before oil demand falls as richer countries reduce their use of fossil fuels.

After years of frustrating disappointments, production at the Vaca Muerta or Dead Cow oil and gas field in Argentina has increased this year. The field had never supplied more than 120,000 barrels of oil in one day, but is now expected to end the year at 200,000 barrels a day, according to Rystad Energy, a research and consulting firm. The government, which is considered a climate leader in Latin America, has proposed legislation that would further encourage production.

“Argentina is concerned about climate change, but they don’t see it primarily as their responsibility,” said Lisa Viscidi, an energy expert at the Inter-American Dialogue, a Washington research organization. Describing the Argentine vision, he added: “The rest of the world worldwide needs to reduce oil production, but that does not mean that we in particular should change our behavior.”

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