Transition time in the Gulf
Fearful of American shale and electric cars, GCC states want to lessen their oil-revenue dependence
Kuwait has become the latest Gulf state to launch an ambitious plan to diversify its economy away from dependence on oil. "New Kuwait", a development strategy up to 2035, comes hard on the heels of Saudi Arabia's Vision 2030, launched in 2016. Among the aims of New Kuwait is to boost foreign-direct investment and expand the role of the private sector. Planned mega-projects in the coming decades aim to more than triple the country's revenue, from KD13bn ($42bn) to KD35bn, in 2035. That Gulf Cooperation Council (GCC) states need to move away from a reliance on income from hydrocarbons has been obvious for years, and the collapse of oil prices after 2014 has only reinforced that. Kuwait's lates
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The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
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E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
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Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
