Energy Leaders from the Global South detailed their firms’ ambitions to grow oil and gas production while generating more renewable energy on Tuesday at the continuing global event CERAWeek in Houston, Texas.
Deputy Chairman and CEO of Kuwait Petroleum Corporation, Shaikh Nawaf S. Al-Sabah, stated that the company aims to invest $300 billion between now and 2040 to boost production capacity from 3 million to 4 million barrels per day by 2035.
Kuwait also has an ambitious plan to develop more renewable energy with its abundant solar energy resources, first to power its oil production, he added.
According to local analysts, the economic expansion of the Global South will be critical to global oil demand growth over the next decade as the globe undergoes an energy revolution and rapidly develops renewable energy resources.
However, because it houses 85 percent of the world’s population, the Global South is playing an increasingly crucial role in addressing climate change and energy transition.
Source: Energy Ghana