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Kuwait announced last month that it plans to invest more than $6 billion in exploration over the next five years to increase production from 2.4 million barrels to 4 million barrels per day.
This month, the United Arab Emirates, a key OPEC member producing four million barrels of oil a day, became the first Persian Gulf state to commit to a goal of net zero carbon emissions by 2050. But just last year, the UAE’s national oil company, ADNOC, announced that it has invested $122 billion in new oil and gas projects.
Iraq, OPEC’s second largest producer after Saudi Arabia, has invested heavily in increasing oil production in recent years and aims to increase production from the current five million to eight million barrels per day by 2027. The country suffers from political turmoil, power outages and inadequate ports, but the government has made many big deals with foreign oil companies to help the state-owned power company develop new fields and improve production from old ones.
Even in Libya, where warring factions have been undermining the oil industry for years, production is on the rise. In recent months, 1.3 million barrels per day have been released, a nine-year high. The government aims to increase this total to 2.5 million in six years.
National oil companies in Brazil, Colombia and Argentina are trying to produce more oil and gas to boost their governments’ revenues before oil demand falls as richer countries cut fossil fuel use.
After years of frustrating disappointments, production at Argentina’s Vaca Muerta, or Dead Cow, oil and gas field has surged this year. According to Rystad Energy, a research and consulting firm, the field has never supplied more than 120,000 barrels per day of oil, but is now expected to end the year with 200,000 barrels per day. Considered the climate leader in Latin America, the government has proposed a law to encourage more 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 Washington research organization Inter-American Dialogue. “The rest of the world needs to reduce oil production globally, but that doesn’t mean we need to change our behavior in particular,” Argentina said, explaining its view.
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