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Browsing: Oil & Gas
- Aramco CEO says the energy industry should “abandon the fantasy of phasing out fossil fuels.”.
- At the moment, green energy solutions are too expensive for commercial viability.
- For Africa, while leaders welcome green energy investments, they continue to sign ambitious investments to explore oil & gas.
Green energy transition is facing challenges as global leaders in oil production, Saudi Arabia says current initiatives have failed and calls for more investment in oil. “New energy sources can complement fossil fuels but not replace them, he said. Investment in all sources of energy was needed to meet global energy demand,” quoted the CEO of Saudi Arabia oil giant Aramco.
The CEO of the world’s largest oil company goes on to point out; “the current strategy of prematurely switching to immature alternatives has been so self-destructive.”
According to him, “new sources cannot even meet the growth in demand.” In a previous conference he
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Southern Africa, East and West Africa saw their flows of FDI rise in 2021. It was only in Central and North Africa that flows of foreign direct investment were flat or declined, respectively. Flows to North Africa fell by 5 per cent to $9.3 billion.
Egypt saw its FDI drop by 12% as large investments in exploration and production agreements in extractive industries were not repeated. Despite the decline, Egypt has the second highest flows of FDI in 2021 on the continent.
UNCTAD reports that it expects FDI flows to increase in North Africa owing to pledges of as much as US$ 22 billion to the region from Gulf states. In Egypt, according to the UNCTAD World Investment Report 2022 tripled green field projects of US$ 5.6 billion and real estate projects of US$ 1.5 billion.
In Morocco, FDI flows increased by 52% to US$ 2.2 billion. This was driven …