The nation who have massive oil reserves are turning to wind and solar to generate power at home and help extend the life of its crucial crude reservoir.
Saudi Arabia plans to develop almost 10 gigawatts of renewable energy by 2023, starting with wind and solar plants in its vast northwestern desert. The effort could replace the equivalent of 80,000 barrels of oil a day now burned for power. Add in natural gas projects set to start later this decade, and the Saudis could quadruple that number, according to consultant Wood MacKenzie Ltd. That could supplant all the crude burned in the kingdom during its winter months.
“Renewable energy is not a luxury anymore. If domestic use continues like this, eventually the Saudis won’t have spare oil to export,’’ said Mario Maratheftis, chief economist at Standard Chartered Plc.
Energy Minister Khalid Al-Falih said that Saudi Arabia is seeking $30 billion to $50 billion worth of investment in renewables. The ministry will set up a division to handle the tenders until the country establishes a new independent buyer for all power supplies.
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