New report explores how Saudi Arabia plans to balance oil expansion plans with net zero ambitions

New report explores how Saudi Arabia plans to balance oil expansion plans with net zero ambitions

Riyadh: Saudi Arabia’s plans to increase oil production capacity while also working towards becoming a net-zero economy by 2060 are given wide-ranging analysis in a new report just produced by the global research and advisory firm Oxford Business Group (OBG).

The Report: Saudi Arabia 2022 maps out efforts under way in the Kingdom to take advantage of its plentiful reserves and low production costs to boost oil output beyond 13m bpd within the next five years, contributing to global energy security in the process. With the Kingdom remaining committed to long-term carbon neutrality, the report also analyses the viability of plans to expand renewable energy capacity and scale up the use of carbon capture and storage technology.

Elsewhere, it charts the expansion taking shape within key industrial segments such as manufacturing, petrochemicals and mining, as the Kingdom strives to utilise its hydrocarbon and mineral resources to develop productive downstream industries.

Efforts to enhance the attractiveness of Riyadh as a regional business hub are another key area of focus, with the report looking closely at how the government is incentivising multinational companies to establish their regional headquarters in the capital city to boost capital inflows and job creation.

The national drive to further develop the