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2016-03-31 19:25:00

SAUDI EXPANSION

SAUDI EXPANSION

Saudi Arabian Oil Co. is pressing ahead with an expansion of the Khurais oil field despite lower crude prices and plans to double its production of natural gas over the next 10 years, the company's chief executive officer said.

The world's biggest oil exporter, known as Saudi Aramco, won't cancel any oil, gas or refining projects, Amin Nasser told reporters during a conference in Al-Ahsa in eastern Saudi Arabia. Aramco is also studying a possible expansion of the country's largest oil refinery, Ras Tanura, which has a capacity of 550,000 barrels a day, he said Wednesday.

"Until now all of our downstream and upstream projects are continuous," Nasser said. "No project in our programs got canceled."

Saudi Arabia led a 2014 decision by the Organization of Petroleum Exporting Countries to maintain output, not cut it, in order to defend market share and drive out higher-cost producers. Crude prices have tumbled almost 50 percent since the decision in November that year. Saudi Arabia plans to join a meeting next month of producers from within and outside OPEC in Doha, Qatar, adding its weight to QQa campaign by financially stricken crude exporters to freeze output and overcome the glut weighing on the market.

Giant Field

Khurais oil field's expansion is due to be complete in 2018, Nasser said. Aramco was seeking to add 300,000 barrels a day to the field's production to reach a capacity of 1.5 million barrels a day, the company's former CEO Khalid Al-Falih said in October 2013.

Ghawar oil field, the world's biggest, has been producing for 70 years and will keep pumping oil for "many years to come," Nasser said at the conference. Sixty percent of Saudi Arabia's crude oil output comes from Ghawar, Abdul Latif Al-Othman, governor of the Saudi Arabian General Investment Authority, said at the same event.

Aramco has made a "promising" shale gas discovery at the Jafurah field in the Al-Ahsa region and is assessing and appraising the area for future production, Nasser said. The company plans to double its gas production to 23 billion cubic feet a day over 10 years, he said. Aramco will also keep exploring for oil and gas in the Red Sea area, he said.

Proposals to sell a stake in some of Aramco's assets, announced by Deputy Crown Prince Mohammed bin Salman in early January, fanned speculation that the slump in oil prices had intensified Saudi Arabia's push to diversify its economy away from crude. Saudi Arabia's dependence on oil isn't sustainable, Nasser said.

bloomberg.com

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More: 

COMPLICATED OIL PRICES 

SAUDI & SHELL SHARES 

SAUDI RAISES PRICE 

TOUGH OIL TIMES

SAUDI PRICE WAR 

FREEZE OIL OUTPUT 

SAUDI NEED MONEY

 

 

 

Tags: SAUDI, OIL, PRICES, MARKET

Chronicle:

SAUDI EXPANSION
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

SAUDI EXPANSION
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

SAUDI EXPANSION
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

SAUDI EXPANSION
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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