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.”


Majlis culture brings a little Saudi warmth to freezing Davos

At a five-star hotel in Davos, the Saudi Arabia General Investment Authority has sponsored a prominent display proclaiming ‘The future-forward economy — Invest Saudi.’ (AN photo)
Updated 23 January 2019
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Majlis culture brings a little Saudi warmth to freezing Davos

  • The Misk Pavilion is one of the many signs of the Kingdom’s enthusiastic involvement in the world’s biggest gathering of political, business and thought leaders

DAVOS: From the sub-zero temperatures of the icy Davos Promenade you are ushered through a glass door into the warmth of a desert majlis, with works by young Saudi artists on the walls and traditional Arabian delicacies being served. It is quite a culture shock.

The Davos majlis is the work of the Misk Global Forum (MGF), the international arm of the organization founded by Crown Prince Mohammed bin Salman to promote youth empowerment. 

The Misk Pavilion is one of the many signs of the Kingdom’s enthusiastic involvement in the world’s biggest gathering of political, business and thought leaders.

“The Kingdom’s participation in WEF 2019 highlights its role in developing the regional and global economy, and reflects the nation’s continuing ambition for sustainable development,” said Bader Al-Asaker, head of the crown prince’s private office and chairman of the Misk Initiatives Center. 

The Saudi delegation’s HQ overlooks the main congress hall, inside the Davos security cordon. 

At a nearby five-star hotel, the Saudi Arabia General Investment Authority has sponsored a prominent display proclaiming: “The future-forward economy — Invest Saudi.” 

This is the second year Misk has been prominent at Davos. As well as the majlis, its pavilion offers visitors the chance to immerse themselves in modern Saudi art via a virtual reality tour of the work of four young artists.

Misk is organizing daily events there, building up to a power breakfast with leading executives on Friday on the theme of youth empowerment.

“In an age of profound economic disruption, we regard young people as the problem-solvers, not a problem to be solved,” said MGF executive manager Shaima Hamidaddin.

“We’re holding interactive discussions on how to empower young people to be the architects of the future economy, not the tenants of it.”