Saudi Arabia is seeking to establish more fuel stations to provide countrywide connectivity, particularly in rural areas, amid population growth, expected economic growth, and increased urbanisation and industrialisation activities. Several foreign players have expressed interest in investing in fuel stations across the country, which is expected to drive the growth of the fuel station market. As […]
Saudi Arabia
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Revealed: 5 largest oilfields in the Middle East
The Middle East is home to some of the largest and economical oilfields in the world. The world’s largest oil field, Saudi Arabia’s Ghawar Field, for instance, produces around 4 million barrels of oil per day, accounting for well over one-thirds of Saudi Arabia’s total production. Here is a list of the top five oil […]
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Oil prices rise after OPEC shocks market with output cut announcement
Oil prices spiked on Monday after OPEC+ announced they would cut production by about 1.16 million barrels per day — a surprise move, which could trigger global inflation. Brent crude, the global benchmark, jumped 4.8% to $83.73 a barrel, while WTI, the US benchmark, rose 4.9% to $79.36. On Sunday, Saudi Arabia announced that it […]
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Aramco’s massive production expansion to support China’s energy strategy, CEO Amin Nasser says
Saudi Aramco’s oil production capacity expansion by a million barrels per day to 13 million barrels by 2027 will strengthen China’s long-term energy security, company President and CEO Amin H Nasser told China Development Forum 2023. In addition, the oil major will increase its gas production by more than 50% by 2030, which should release an additional […]
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APICORP reports $164 million net comprehensive income on the back of ‘strategic priorities’
Arab Petroleum Investments Corp (APICORP), the Dammam-based multilateral financial institution focused on energy in MENA, witnessed a 40% YoY surge in net comprehensive income to $164 million in 2022. Despite a volatile macroeconomic backdrop that included a decline in global equity prices, APICORP reported a strong financial performance, which, according to Chairman of APICORP Aabed […]
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Saudi Arabia, Russia confirm oil production cuts until end of 2023
Saudi Arabia and Russia reaffirmed their commitment to the recent OPEC+ decision to cut production until the end of 2023 during a high-level meeting held in Riyadh on Thursday, Saudi Gazette reported. Saudi Energy Minister Prince Abdulaziz bin Salman, who is also the head of the Saudi side in the Joint Saudi-Russian Intergovernmental Commission on […]
Posted inEnergy Transition
TAQA signs agreement to establish Riyadh-based geothermal venture
PIF-backed Industrialisation and Energy Services Co (TAQA)Â has signed a joint venture agreement with Reykjavik Geothermal to establish TAQA Geothermal Energy LLC, headquartered in Riyadh, Saudi Arabia. TAQA Geothermal will explore and develop geothermal resources in Saudi Arabia and the MENA region contributing to Saudi and Middle East Green Initiatives’ decarbonisation targets. TAQA said in […]
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Offshore is back: Middle East projects to drive over $200 billion investments
The offshore oil and gas sector is set for the highest growth in a decade in the next two years, with $214 billion of new project investments lined up, Rystad Energy reported. One of the leading global drivers is the sizable expansion of offshore activities in the Middle East. For the first time, offshore upstream […]
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Aramco targets $55 billion investments; eyes increased oil and gas production
Aramco, the world’s most profitable energy company forecast its capital expenditure for 2023 between $45 to $55 billion in its largest spending exercise to date as it looks to increase its output capacity to 13 million b/d by 2027, the Saudi giant said in its full year financial results on March 12. Aramco continues to […]
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Saudi Arabia’s Shareek program outlines $51 billion projects
Saudi Arabia outlined plans for $51 billion of investments by local companies including Saudi Aramco and mining giant Maaden under a government incentive program as it seeks to accelerate a plan to diversify its economy away from oil. Speaking on the occasion, Amin Al-Nasser, CEO of Saudi Aramco, said, “The Shareek program accelerates the projects […]
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