TOGY talks to Anupam Ghosal, oil and gas area manager of DNV GL. The company serves the maritime, oil and gas, and energy industries and also offers certification…
READ MORESaudi Arabia's Energy Industry
in figures
Oil reserves297.5 billion barrels
Oil production10.94 million bopd
Gas reserves6 tcm
Gas Production117.3 bcm
Saudi Arabia: Dominance and Diversification
Saudi Arabia’s oil and gas industry has lifted the nation into being one of the richest nations in the Middle East. The country holds around 17% of the world’s hydrocarbons reserves and maintains one of the world’s largest oil production capacities, just behind the US. Saudi Arabia also holds the world’s sixth-largest natural gas reserves after Iran, Russia, Qatar, Turkmenistan and the US. The OPEC member’s oil exports account for 70% of the country’s output and support more than half of the government’s revenues. All areas of Saudi Arabia’s oil and gas industry are driven by NOC Saudi Aramco.
While Saudi Arabia has more than 100 different producing fields, eight of them are responsible for the majority of the country’s oil production. Most notable is the Ghawar field, the world’s biggest oilfield, and the Safaniya field, the world’s largest offshore oilfield. Most of Saudi Aramco’s investments go towards maintaining its upstream operations.
Saudi Arabia’s downstream operations have received massive funding as part of the country’s diversification roadmap. The nation now produces base oils, lubricants and chemicals, such as aromatics, olefins, polyolefins, polyols, isocyanates and synthetic rubber. In 2020, Saudi Aramco acquired 70% equity in Saudi Basic Industries Corporation, a local diversified chemicals company with operations in US, Europe, Middle East and Asia, further consolidating its downstream market.
The nation’s target to become carbon neutral by 2060 is being led through heavy financing of renewables developments, including blue and green hydrogen. Investment is backed by Saudi Arabia’s National Development Fund set up in 2017. The country has tremendous solar capacity and aims to harness its potential to have 50% of its power generation coming from green sources by 2030. While developments are underway, the country still relies heavily on hydrocarbons to meet its high energy consumption.
Faisal Ayesh of Alkhorayef talks about the growing importance of public-private partnerships in Kuwait's energy industry.
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READ MORESaudi Arabia reports
More reportsSaudi Aramco has awarded a USD 1.7-billion EPC contract for gas infrastructure to CPECC.
READ MORESuresh Pillai of Mark Technologies talks about natural gas production in Kuwait's Jurassic gasfields.
READ MORETareq Qaddumi, CEO of SPETCO, talks about developing novel solutions for gas processing and expansion plans in Kuwait’s…
READ MOREBaker Hughes has won a gas technology equipment supply contract from Saudi Aramco, via Worley, for the Master Gas System.
READ MOREFourteen MENA countries on Thursday agreed to work towards setting up an Arab Common Market for Electricity, the Saudi Press Agency reported on Friday.
Signed on…
READ MORETOGY talks to Markus Koepsel, general manager of RSA-TALKE. The company specialises in chemical logistics solutions, including liquid bulk services.
READ MORECGG GeoConsulting has been awarded a multi-year deal for a geophysical study of the Partitioned Neutral Zone (PNZ), the company announced on Thursday.
Kuwait Gulf…
READ MOREThe decision to slash taxes paid by Saudi Aramco to the government by over 40% has increased the corporate valuation of the company by some USD 1 trillion, consultancy…
READ MORESaudi Arabia has reduced Saudi Aramco’s tax rates on income by more than 40%, the Saudi Press Agency reported on Monday.
The measure will see Aramco and other…
READ MORETOGY talks to Sunil Jain, Indian ambassador to Kuwait, about how relations between the two countries support hydrocarbons co-operation and investment and Kuwait’s…
READ MORETOGY talks to Mohammad Kyanpour, engineering and business development manager for the GCC at RGL Reservoir Management, about how the company is applying its…
READ MOREThe oil and gas news of the past week was a mixed bag. A major Wood Group acquisition set things in motion on Monday, with the highlights of the past week ranging from…
READ MORESaudi King Salman bin Abdulaziz Al Saud’s visit to China has resulted in several agreements on investment and energy co-operation, a Chinese official said on…
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