Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » ‘Recent oil mega-deals show hydrocarbons are here to stay’

    ‘Recent oil mega-deals show hydrocarbons are here to stay’

    October 29, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Saudi Energy minister Prince Abdulaziz bin Salman

    Riyadh — Saudi Energy Minister Prince Abdulaziz bin Salman said on Tuesday that recent multi-billion dollar acquisitions by U.S. oil majors Exxon Mobil and Chevron of smaller rivals showed that hydrocarbons were “here to stay”.

    “Exxon, Chevron didn’t buy because they want to have stranded assets,” he said at Riyadh’s flagship annual Future Investment Initiative (FII) conference, adding that the two acquisitions “could not have come at a better time”.

    Chevron (CVX.N) said on Monday it would buy Hess (HES.N) in a $53 billion all-stock deal, less than two weeks after fellow U.S. major Exxon Mobil (XOM.N) said it would buy Pioneer Natural Resources (PXD.N) for $59.5 billion in stock.

    The deals have drawn some rebuke from environmentalists who see them undercutting climate goals.

    Prince Abdulaziz said that the energy transition will require hydrocarbons including petrochemicals.

    The International Energy Agency (IEA) this week said that world fossil fuel demand is set to peak by 2030 as more electric cars hit the road and China’s economy grows more slowly and shifts towards cleaner energy.

    The IEA’s view contrasts with the view of oil producer group the Organization of the Petroleum Exporting Countries (OPEC), which sees oil demand rising long after 2030 and calls for trillions in new oil sector investment.

    Saudi Arabia, the world’s biggest oil exporter, is investing heavily in increasing its oil production capacity by 1 million barrels per day (bpd) to 13 million bpd by 2027.

    “We are investing not to create a stranded asset,” Prince Abdulaziz said. He added that Saudi wouldn’t have invested in raising its capacity if it thought there wouldn’t be demand for the additional production.

    *Maha El Dahan; Ahmad Ghaddar, Yousef Saba & Nadine Awadalla; editing: Kevin Liffey & Susan Fenton – Reuters

    Related News

    Demand for US light sweet crude drops as OPEC+ ramps up output

    Crude climbs on US jobs report, China talks

    Oil prices at risk amid supply increases, demand concerns

    E-book
    Resilience Exhibition

    Latest News

    Demand for US light sweet crude drops as OPEC+ ramps up output

    June 8, 2025

    ‘Ebonyi communities face pollution, abuse from Chinese mining firms’

    June 8, 2025

    Nigeria loses N710bn to gas flaring in four months

    June 8, 2025

    NNPCL cuts workforce by 197 employees in one year

    June 8, 2025

    Rivers State to revive abandoned Songhai Farms, healthcare facilities

    June 8, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.