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2017-07-12 14:05:00

SAUDI ARAMCO INVESTMENT: $300 BLN

SAUDI ARAMCO INVESTMENT: $300 BLN

SAUDI ARAMCO - The role of oil as a vital source of energy to the world is expected to continue for the long term despite the growth of alternatives, said Amin H. Nasser, President and CEO of Saudi Aramco.

At the World Petroleum Congress in Istanbul today, Nasser reiterated in a keynote to heads of state, government ministers, and executives that new investments are necessary and crucial to ensuring global energy security. Nasser offered insights on the future of energy and how Saudi Aramco is transforming to meet new economic realities and industry demands.

Noting historic trends which saw a rise in absolute demand for legacy fuels despite a drop in market share, Nasser predicted in the next 25 years a doubling of the world economy, plus an additional two billion energy consumers, resulting in a lengthy energy transition that alternative sources such as renewables cannot adequately support.

"There's a growing belief that the world can prematurely disengage from proven, reliable energy sources like oil and gas, on the assumption that alternatives will rapidly deploy," Nasser said. "About $1 trillion in investments has been lost in the current downturn, concurrent to growing oil demand and the natural decline of developed fields. Conservative estimates suggest we need about 20 million [additional] barrels per day over the next five years to counter these effects."

The volume of conventional oil discovered around the world halved over the past four years, compared to the previous four, according to Nasser, leading to an investment shortfall and the start of a cycle that may inhibit a future energy transition.

Nasser identified three areas that can build resilience and discipline for the transition: available supplies; cost structure and portfolio integration; and emissions reduction.

Addressing supplies, Nasser noted, "Saudi Aramco plans to invest more than $300 billion over the coming decade to reinforce our preeminent position in oil, maintain our spare oil production capacity and pursue a large exploration and production program centered on conventional and unconventional gas resources."

Portfolio integration is also important, as Saudi Aramco emerges as the world's largest and most integrated energy producer. The company has identified refining and chemicals, among other areas, as key drivers of long-term value and growth.

Leveraging innovation and technology to make the use of oil and gas ultra-clean relates to Saudi Aramco's commitment to the Paris Climate Agreement. "We aim to double our natural gas production to 23 billion standard cubic feet per day (scf/d) over the coming decade, and raise the share of gas in the Kingdom's utilities to about 70 percent, the highest of any G20 nation," Nasser said. "We have collaborated with many oil and gas companies to promote low-emission solutions, to include our commitment to the Oil and Gas Climate Initiative's $1 billion investment fund to develop and rapidly deploy those technologies."

Nasser also noted that Saudi Aramco is prioritizing the direct conversion of oil to petrochemicals as a major part of its long-term strategic focus. The company is also investing in solar energy, having launched a phased program to build an initial renewable capacity of 9.5 GW by 2023.

Nasser concluded that while the industry can take pride in a history of significant economic contributions, it must adopt a future strategy calculated for the energy transformation. "Industry leaders and policy makers must develop an aligned and compelling narrative to attract the level of investments we need," he said. "Part of that effort will be transforming our own business model to ensure that oil and gas are not just proven, reliable energy sources, but are as clean and affordable as possible, without compromising the world's energy security," he said.

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Earlier: 

SAUDIS OIL RESOURCES UP 

SAUDIS ASSETS DOWN 

NO ONE ENVIES THE SAUDIS 

SAUDIS & U.S. DEALS: $50 BLN 

SAUDIS FINANCIAL PRESSURE 

IMF WANT SAUDIS 

SAUDI'S OIL POLICY

 

 

Tags: SAUDI, ARAMCO, INVESTMENT, OIL, GAS

Chronicle:

SAUDI ARAMCO INVESTMENT: $300 BLN
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

SAUDI ARAMCO INVESTMENT: $300 BLN
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

SAUDI ARAMCO INVESTMENT: $300 BLN
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

SAUDI ARAMCO INVESTMENT: $300 BLN
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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