Saudi Aramco finds eight new oil and gas fields

Updated 02 March 2015
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Saudi Aramco finds eight new oil and gas fields

Saudi Aramco discovered eight new oil and gas fields and produced a record volume of gas in 2014, said Khalid Al-Falih, its president and CEO.
In a statement following a meeting of the company’s executive committee in Dhahran, Al-Falih described 2014 as a difficult year as a result of a 50 percent fall in oil prices.
However, he said the company was able to continue its activities without fail despite the challenges. Al-Falih has instructed his executives to cut expenditure due to market changes.
The company is expected to start production from Arabiyah and Hasbah offshore gas fields, which will produce 2.5 billion standard cubic feet of natural gas per day through the Wasit Gas Plant when completed.
Nasir K. Al-Naimi, vice president of Northern Area Oil Operations, and Fahad E. Al-Helal, vice president of Project Management, conducted a recent site visit to the offshore project location at Hasbah.
During the visit, Mohammed Al-Sadiq, senior project engineer from Project Management, presented the progress of the project completion and what has been achieved so far, and the project is progressing as planned.
Al-Falih described the start of production at YASREF Refinery Project as one of the main achievements of 2014. Located in the Yanbu Industrial City, the refinery will supply 400,000 barrel per day.
As a full conversion facility, the refinery will process 100 percent Arabian Heavy Crude, maximizing the resource and producing gasoline, high quality diesel, and liquefied petroleum gases (LPG) as well as byproduct sulfur and petroleum coke for export.
Within a few years of operation, YASREF is expected to deliver significant annual revenues and generate about 6,000 direct and indirect jobs for the community. Also, the joint venture has enrolled approximately 700 Saudi employees in the apprentice program in order to ready them to assume full jobs in operations, maintenance, industrial relations and engineering activities.
The refinery is using proprietary technologies supplied by UOP, Chevron Lummis and ConocoPhillips to assure the quality and quantity of the production of premium clean transportation fuels. All products will be internationally marketed and sold on behalf of YASREF by its owners.


‘Huge increase’ in crude prices not expected: IEA executive director

Updated 19 July 2019
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‘Huge increase’ in crude prices not expected: IEA executive director

  • The International Energy Agency is revising its 2019 global oil demand growth forecast down to 1.1 million barrels per day
  • IEA’s Fatih Birol: Serious political tensions could impact market dynamics

NEW DELHI: The International Energy Agency (IEA) doesn’t expect oil prices to rise significantly because demand is slowing and there is a glut in global crude markets, its executive director said on Friday.
“Prices are determined by the markets ... If we see the market today, we see that the demand is slowing down considerably,” said IEA’s Fatih Birol, in public comments made during a two-day energy conference in New Delhi.
The IEA is revising its 2019 global oil demand growth forecast down to 1.1 million barrels per day (bpd) and may cut it again if the global economy and especially China shows further weakness, Birol told Reuters in an interview on Thursday.
Last year, the IEA predicted that 2019 oil demand would grow by 1.5 million bpd. But in June this year it cut the growth forecast to 1.2 million bpd.
“Substantial amount of oil is coming from the United States, about 1.8 million barrels per day, plus oil from Iraq, Brazil and Libya,” Birol said.
Under normal circumstances, he said, he doesn’t expect a “huge increase” in crude oil prices. But Birol warned serious political tensions could yet impact market dynamics.
Crude oil prices rose nearly 2 percent on Friday after a US Navy ship destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.
Referring to India, Birol stressed the country could cut its imports, amid rising oil demand in the country, by increasing domestic local oil and gas production.
Prime Minister Narendra Modi had set a target in 2015 to cut India’s dependence on oil imports to two-thirds of consumption by 2022, and half by 2030. But rising demand and low domestic production have pushed imports to 84 percent of total needs in the last five years, government data shows.
Meanwhile, the IEA doesn’t expect a global push toward environmentally friendly electric vehicles can dent crude demand significantly, Birol said, as the main driver of crude demand globally has been petrochemicals, not cars.
He said the impact of a serious electric vehicle adoption push by the Indian government would not be felt immediately.