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2016-09-27 18:35:00

SAUDI'S INVESTMENT: $334 BLN

SAUDI'S INVESTMENT: $334 BLN

According to REUTERS, Saudi Arabia's state-owned oil giant Aramco plans to invest a total of about $334 billion by 2025, including spending on infrastructure and projects to maintain oil capacity, a senior Aramco official said on Monday.

Abdulaziz al-Abdulkarim, vice president for procurement and supply chain management, told a conference in Bahrain that the figure included spending on exploring for and developing unconventional resources, such as shale gas.

"Saudi Aramco is forecast to spend around $334 billion. This will be spent on material and services to support service facilities, infrastructure projects, drilling and maintain (oil) potential projects, unconventional resources both in the exploration phase and development and several other projects," he told the conference.

"That is the 10-year investment. It's everything. You talk about pipelines, you talk about bulk plants, you talk about power plants, there is a lot of investment, of course upstream facilities whether it's oil or gas," he later told reporters.

Saudi Aramco outlined a plan known as In-Kingdom Total Value Add (IKTVA) last year, when CEO Amin Nasser said the company would spend more than $300 billion over the next 10 years, of which 70 percent would be local content.

One of IKTVA's goals is to double the percentage of locally produced energy-related goods and services to 70 percent of the total spent by 2021.

Saudi Arabia has announced its "Vision 2030" plan, aimed at ending the kingdom's reliance on oil, including a proposed conversion of Aramco into an energy holding company and selling up to 5 percent of the company in an initial public share offering (IPO).

"Some companies as a matter of fact have already moved early, quickly and smartly," Abdulkarim said at the conference.

"In the past few months we have seen Schlumberger, General Electric and Siemens explain very robust IKTVA plans as their contribution to the Saudi Arabia Vision 2030," he said.

The local sourcing target comes at a time of significant financial stress in Saudi Arabia, as the Gulf's largest economy adjusts to lower oil prices and reduced state spending and economic growth.

As part of its local focus for the supply chain, Aramco aims to create around 500,000 direct and indirect jobs for Saudi nationals.

In its drive to boost local industry and create jobs, Saudi Aramco also plans to develop an energy industrial city between Al Ahsa and Dammam which includes manufacturing oil and gas equipment and drilling centers for Aramco.

Abdulkarim's speech referred to the city as to be located in Abqaiq.

-----

Earlier: 

SAUDI NEEDS CONSENSUS 

SAUDI CUTS DEFICIT $20 BLN 

SAUDI & RUSSIA COOPERATION 

SAUDI RAISED PRICES 

SAUDI STABILIZES PRICES

 

 

Tags: OIL, GAS, INVESTMENT, SAUDI

Chronicle:

SAUDI'S INVESTMENT: $334 BLN
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'S INVESTMENT: $334 BLN
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'S INVESTMENT: $334 BLN
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'S INVESTMENT: $334 BLN
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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