Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on August 18, 2018
Saudi Aramco committed to meeting future oil demand
Saudi state oil giant Saudi Aramco remains committed to meeting future oil demand through continued investments, the kingdom’s Energy Minister Khalid Al Falih said in a company report on Friday.
Aramco, which is slated for a public share sale, “continued to prepare itself for the listing of its shares, a landmark event the company and its board anticipate with excitement,” Al Falih, who is also chairman of Saudi Aramco, said.
Despite an improved market picture, the oil industry’s preparedness for the future remained in question as the sector had lost an estimate $1 trillion in planned investments since the start of the market downturn, Al Falih wrote.
Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed
“Significant new investments are required in additional capacity and expended and upgraded infrastructure, as well as the development of pioneering technology to make petroleum energy more sustainable and accessible,” he said.
The company discovered two new oil fields, Sakab and Zumul, and a gas reservoir in the Sahba field, Aramco said in the report.
Aramco said “it will maintain its position as the world’s leading crude oil producer by production volume by tempering production from mature fields, accelerating younger fields and secondary reservoirs, and developing fresh reserves from new increments.”
The world’s top oil exporter is boosting its output of the natural gas needed to meet rapidly rising domestic power demand and supply raw materials to its strategically important petrochemical industry.
In gas, Aramco “commenced projects to expand production and processing capacity, and brought online the first unconventional gas in Saudi Arabia,” Aramco’s Chief Executive Amin Nasser said in the report.
Aramco was preparing the Midyan non-associated gas field last year to produce 75 million standard cubic feet per day (scfd) of non-associated gas and 4,500 barrels of condensate per day, it said in the report.
Midyan is one of the new gas fields in northwest Saudi Arabia to produce gas for power plants and potentially supply other industries in a region rich in iron ore deposits. It was discovered in the 1980s and has significant reserves.
8 Comments on "Saudi Aramco committed to meeting future oil demand"
Boat on Sat, 18th Aug 2018 10:16 am
What the target price for oil that the Saudi wants is the question. Manipulating production to control prices is normal behavior.
Majed Alahmadi on Sat, 18th Aug 2018 2:53 pm
The answer is simple: 1-High enough to stimulate investments in order to avoid price spike. 2- Low enough to avoid demand destruction.
Boat on Sat, 18th Aug 2018 3:12 pm
Majed
What’s your magic number to accomplish both.
makati1 on Sun, 19th Aug 2018 3:17 am
“Saudi Arabia: Wherever One Looks, Failure Abounds”
https://journal-neo.org/2018/08/18/saudi-arabia-wherever-one-looks-failure-abounds/
KSA is shooting itself in the foot just like the Us. Both slip slidin’…
Davy on Sun, 19th Aug 2018 5:17 am
come on slip slidin, the above is a totally empty reference without content and a lame one liner comment. Just more of your trash. I am not here to defend the KSA but I do want to protect the board from this type of spamming nonsense. If you are going to regularly do these empty references at least sport some content that can be debated.
Anonymous on Sun, 19th Aug 2018 12:22 pm
All the evidence so far indicates that Saudis have more production available than what they pump. Both on short and long term bases.
Simmons and the rest of the peak oil crew, even the less frantic ones like Hamilton and Staniford, were wrong. To his credit, staniford admitted it. Although it is strange how he lost interest in the topic after events went the opposite of his ideas.
Those of us who said the Saudis were withholding oil to prop up price have been proved right.
Boat on Sun, 19th Aug 2018 1:58 pm
The Saudi dropped production to collude to Jack up world oil prices. That’s not debatable. Before that for years the Saudi claimed to have as much as 3 mbpd in extra capacity. Not only that claimed they could pump as much as 20 mbpd within 2-3 years if demand could handle it.
Doomers and peak oil folks get all excited about that kind of news. Just too much easy oil for their brains to accept.b
MASTERMIND on Sun, 19th Aug 2018 2:40 pm
Boat
If you want to take the Saudi’s word at face value you can, I mean you are pretty fucking dumb..And you religious people will believe anything no matter how far fetched..
Saudi Arabian oil reserves are overstated by 40% – Wikileaks
https://www.theguardian.com/business/2011/feb/08/saudi-oil-reserves-overstated-wikileaks
Saudi Arabia’s Energy Minister Warns of World Oil Shortages Ahead
https://www.wsj.com/articles/saudi-minister-sees-end-of-oil-price-slump-1476870790
Saudi Aramco chief warns of looming oil shortage
https://www.ft.com/content/ed1e8102-212f-11e7-b7d3-163f5a7f229c
Saudi Aramco CEO sees oil supply shortage coming as investments, discoveries drop
https://www.reuters.com/article/us-aramco-oil/aramco-ceo-sees-oil-supply-shortage-as-investments-discoveries-drop-idUSKBN19V0KR
Saudi Arabia ‘may run out of oil to export by 2030’
https://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/9523903/Saudis-may-run-out-of-oil-to-export-by-2030.html
The collapse of Saudi Arabia is inevitable
http://www.middleeasteye.net/columns/collapse-saudi-arabia-inevitable-1895380679