Dr Carole Nakhle, CEO of Crystol Energy, spoke at the 2025 Global Energy Outlook Forum hosted by Gulf Intelligence, discussing the outlook for investment in Gulf upstream E&P in the age of the clash between energy security and energy transition.

Dr. Carole Nakhle emphasized the Gulf’s critical role in the global energy landscape, highlighting its ability to balance hydrocarbon production with the demands of the energy transition. She explained that as the world pushes for decarbonization, Gulf states must align traditional energy production with sustainable strategies to remain competitive.
Regarding renewables, Dr. Nakhle argued that complete reliance on green energy is impractical in the near term. She pointed out that metals and minerals essential for renewable technologies are more geographically concentrated than oil and gas, creating new vulnerabilities. Instead, she advocated for an energy transition that balances the global energy mix, ensuring hydrocarbons continue to play a sustainable role.
Dr. Nakhle also discussed the Gulf’s unique advantages, such as vast reserves, low production costs, and strategic geography, which underpin its energy leadership. However, she noted disparities within the region. While the GCC nations, including Saudi Arabia, Kuwait, and the UAE, excel in low-emission oil production, others like Algeria and Iraq face challenges such as gas flaring and higher emissions.
She highlighted Saudi Arabia’s careful approach to expanding oil capacity as a strategic move, preserving its low-cost, low-carbon reserves while stabilizing markets during volatility. This adaptability positions Saudi Arabia as a leader in both energy security and the energy transition.
Dr. Nakhle pointed out that Gulf producers face broader challenges, including managing OPEC+ dynamics and geopolitical risks. For instance, the UAE recently postponed plans to increase its OPEC quota, reflecting market uncertainties. OPEC+ must contend with growing non-OPEC+ supply, modest demand increases, and price stability pressures.
Dr. Nakhle concluded that Gulf producers must balance energy security with decarbonization to maintain their relevance and influence in a rapidly evolving energy landscape.
Dr Nakhle was joined by Sara Akbar – CEO, OiLSERV Kuwait, and Khamis Al Mazrouei – Deputy CEO & Executive Director, Operations, SNOC.
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