The largest state-owned Middle East oil and gas companies have set out clear roadmaps for lowering their carbon footprints, with an increased focus on carbon capture, utilisation and storage (CCUS) programmes, hydrogen production and building up long-term renewables capacity while they continue to scale up their oil production capabilities.
While the Ukraine war and prolonged underinvestment in the upstream sector have triggered energy shortages globally, highlighting the need for billions of dollars worth of investments in the oil and gas sector, the national oil companies in the Middle East region are also gathering pace on big-ticket energy transition projects.
