Gulf Keystone resumes Kurdistan oil expansion plans

Gulf Keystone resumes Kurdistan oil expansion plans
The required remaining capital expenditure is estimated to be between $40 million and $45 million. (Supplied)
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Updated 23 March 2021

Gulf Keystone resumes Kurdistan oil expansion plans

Gulf Keystone resumes Kurdistan oil expansion plans
  • The production ramp-up is expected to occur in the second quarter of this year

RIYADH: Gulf Keystone, a London-listed independent oil company in the Kurdistan Region of Iraq announced the resumption of its 55,000 barrels of oil per day (bpd) expansion program.
The production ramp-up is expected to occur in the second quarter of this year, the company said. Earlier guidance for average gross production will remain unchanged.
The required remaining capital expenditure is estimated to be between  $40 million and $45 million, Gulf Keystone said. That will result in total capital expenditure of as much as $65 million this year.
“Workstreams have already begun, and we are targeting to restart the drilling of SH-13 in the third quarter of 2021, subject to managing the continuing impact of COVID-19 on the movement of people, services and equipment," said CEO Jon Harris.
Gulf Keystone has restarted its expansion activity with the support from its partner Kalegran B.V., a unit of MOL Hungarian Oil & Gas.
Gulf Keystone is the operator of the Shaikhan Field, one of the largest developments in the Kurdistan region of Iraq.


Indonesia needs additional $148bn to limit carbon emissions 

Indonesia needs additional $148bn to limit carbon emissions 
Updated 6 sec ago

Indonesia needs additional $148bn to limit carbon emissions 

Indonesia needs additional $148bn to limit carbon emissions 

RIYADH: Indonesia will need an additional funding of $148 billion to meet its goal of curbing carbon emissions in 2030, Bloomberg reported.

The southeast Asian country needs a total of $365 billion in green investments to cut emissions by 29 percent, head of Fiscal Policy Agency, Febrio Kacaribu, said in a briefing. 

Of the total amount needed, $97 billion is to come from the government, while $120 billion to come from planned private investments. 

Indonesia could reduce emissions by 41 percent with “concrete” international help, Kacaribu added.


Nissan to spend $17.6bn over five years to accelerate vehicle electrification

Nissan to spend $17.6bn over five years to accelerate vehicle electrification
Updated 9 min 17 sec ago

Nissan to spend $17.6bn over five years to accelerate vehicle electrification

Nissan to spend $17.6bn over five years to accelerate vehicle electrification

RIYADH: Nissan Motor Co. plans to spend 2 trillion yen ($17.59 billion) over the next five years to accelerate vehicle electrification.

The new electrification strategy, called Nissan Ambition 2030, is a roadmap on how the company plans to meet its goals by the end of the decade, according to Bloomberg.

The Japanese automaker will launch 23 new electrified models by 2030, including 15 new electric vehicles.

Nissan has been ramping up its EV ambitions and announced plans to build a $1.4 billion hub to manufacture battery-powered cars in the UK. 

The Yokohama-based carmaker plans to further increase its global battery production capacity to 130 gigawatt-hours by 2030.

It will launch an EV equipped with a solid-state battery by 2028, the company said.

By 2024, a pilot plant for solid-state batteries will be operational in Yokohama, with mass production expected to start by 2028. 

According to Nissan, next-generation batteries are key to achieving cost parity between EV and gasoline vehicles. 

Over the next decade, global EV sales are projected to rise above 10 million a year from around 1 million today. 

Nissan also plans for EVs to account for more than 75 percent of sales in Europe, 55 percent in Japan, and 40 percent in China by 2026.

It plans to have EVs reach 40 percent of sales in the US in 2030. 


Aramco to spend $68bn to develop its giant Jafurah gas field

Aramco to spend $68bn to develop its giant Jafurah gas field
Updated 17 min 22 sec ago

Aramco to spend $68bn to develop its giant Jafurah gas field

Aramco to spend $68bn to develop its giant Jafurah gas field

Dhahran: Aramco is spending $68 billion to develop its giant unconventional gas field Jafurah, the company's CEO said in media briefing at the firm's headquarter in Dhahran. 

Responding to Arab News' question on the cost of the project, Amin Nasser stated that the first phase will cost $24 billion and will be completed by end if 2024, early 2025.

The second phase, he added, will cost $44 billion and will add up to 2 billion standard cubic feet per day of sales gas, and around 600,000 barrels per day of condensates — a very light type crude oil.


Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant

Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant
Updated 20 min 53 sec ago

Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant

Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant

RIYADH: Cairo-based Orascom Construction could acquire a 25 percent share in Egypt's first hydrogen plant announced last Wednesday, its CEO told Al Arabiya.

The plant is expected to start operation in 2014, Osama Bishai said.

Orascom joined the Green Hydrogen Consortium with Fertiglobe, Norway’s Scatec and the Sovereign Fund of Egypt to develop the first Egyptian green hydrogen production facility.

The production plant will consist of 100 MW PEM electrolyzer, ranked as world’s largest standalone electrolyzer and the first in Egypt, according to the company’s statement.


Real estate loans to retail customers up 7.3% in Q3: Saudi Central Bank

Real estate loans to retail customers up 7.3% in Q3: Saudi Central Bank
Updated 38 min 45 sec ago

Real estate loans to retail customers up 7.3% in Q3: Saudi Central Bank

Real estate loans to retail customers up 7.3% in Q3: Saudi Central Bank

Real estate loans made to Saudi individuals increased by 7.2 percent to hit SR412.6 billion ($110 billion) in the third quarter of this year, data from the Saudi Central Bank showed. 

Saudi banks lent SR533.4 billion in real estate loans to both retail and corporate customers in Q3, while finance companies lent a much lower SR25.4 billion.

The value of residential mortgage financing provided by banks to Saudi individuals  fell to SR11.8 billion in October, down from both the previous month and the same period in 2020. 

The number of contracts for these deals, however, increased to 23,899 contracts in October, SAMA data revealed. This reflected a 3.4 percent uptick from September’s level.

On the other hand, total contracts for residential mortgages were numbered at a higher 25,483 in October 2020. Their value was SR12.1 billion.

In particular, new residential mortgages for houses amounted to SR9.1 billion in October. Meanwhile, new bank loans used to finance the purchases of apartments by individuals were valued at SR2.3 billion in the same month.

These mortgages are used by individuals to finance the purchases of houses and apartments.