Aramco to add 160bn barrels to oil reserves

Updated 11 January 2014
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Aramco to add 160bn barrels to oil reserves

Saudi Aramco plans to add 20 percent or 160 billion barrels to the Kingdom's oil reserves, said Khalid Al-Falih, president and chief executive officer of the company.
“This figure is more than the combined current reserves of the United States, Russia, China, the UK and Brazil,” the Aramco chief said during an address in Dhahran.
He said Saudi Aramco would continue its efforts to find new oil and gas resources across the Kingdom. “Our research centers will play a big role in achieving this objective,” he said. “Our company aims to establish export-oriented integrated industries apart from oil and gas, which is considered the backbone of the Saudi economy.” he added.
“We also want to discover large additional resources of oil and gas from both conventional and unconventional sources. We want to image 15,000 feet deep into reservoirs with a seismic resolution of five feet. We want to drill 50 percent faster than we do today, and cut costs along the way.”
Saudi Arabia has long been a major exporter of petroleum, Al-Falih said. “In the future, we want to see our nation also become a leading exporter of technological solutions, and a valued contributor to the global pool of knowledge and innovation.”


Saudi Arabia gears up for live music festival during E-Prix race

Updated 33 min 4 sec ago
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Saudi Arabia gears up for live music festival during E-Prix race

  • International and Arab musicians are set to perform
  • The event will be held at the UNESCO heritage site of Ad Diriyah

DUBAI: Saudi Arabia will be hosting a three-day music festival during the Saudia Ad Diriyah E-Prix in December.

International and Arab musicians are set to perform for fans to celebrate the first staging of the Formula E race.

The event will be held at the UNESCO heritage site of Ad Diriyah where six major artists will be performing each night from December 13, 14 and after the race itself on December 15.

“The ‘Saudia’ Ad Diriyah E-Prix is set to be the hottest ticket in town for so many reasons, from breath-taking electric racing, to entertainment, to culture. Soon everyone will find out who is coming, and we can promise a festival of music that offers fans, friends and families an unmissable experience,” Vice-Chair of the Saudi Arabia General Sports Authority, Prince Abdulaziz Bin Turki Al-Faisal, said.

“We suggest fans avoid the rush by getting your ticket now to avoid disappointment after the names are released,” he added.