The growing emphasis on ESG is a key component in the upstream oil and gas industry.

This is part of the GBP1.7 billion of new direct government funding to develop a large-scale nuclear project announced in October.

The legislation is aimed at reducing carbon emissions and shifting consumers to green energy,

Al-Ghais noted that oil investments have not yet returned to pre-pandemic levels. He said it is difficult to forecast oil markets due to the current global economic conditions.

TotalEnergies said it would boost spending on short-cycle projects this year to help ease Europe's growing energy supply crunch. It expects its full-year capital spending to hit $16 billion in 2022 as it hopes to increase its sources of European natural gas and produce more LNG in the coming months.

Saudi Arabia would be looking to secure investments in untapped business sectors, including green hydrogen, renewable energy, and information technology.

The company boosted coal production by 6.2% to 300 million tons and increased sales to 390 million tons.

The two programs – the Carbon Capture Demonstration Projects Program and the Carbon Dioxide Transport/Front-End Engineering Design (FEED) Program – are funded by a more than $2.6 billion investment from President Biden’s Bipartisan Infrastructure Law.

The oil ministry said June 29 that India would allow operators to sell locally-produced crude in the domestic market without restrictions from Oct. 1, but restrictions on exporting locally-produced crude would remain.

The agreements cover a range of sectors, including renewable energy, green hydrogen, pharmaceuticals and e-commerce