Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi Aramco to Cut Kingdom s Domestic Consumption of Oil by 2014  Join our daily free Newsletter

MENAFN - Qatar News Agency - 13/10/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Qatar News Agency) Saudi Aramco will start reducing the Kingdom's domestic consumption of oil by 2014 and depending more on natural gas as the main source for producing energy.

The company will depend on existing gas fields and work on exploring new ones and will use the production as fuel in power generation and water desalination plants, according to the Saudi daily (Arab News).

As gas field discoveries have increased lately the last of which was in the Red Sea the company would work on limiting the use of oil and diesel in energy production and industrial activities.

Limiting domestic consumption of oil would increase Saudi oil exports while expanding the exploration and exploitation of gas will help the company meet the increasing demand for liquid gas from petrochemical companies. The data was released after international organizations, the last of which was the International Monetary Fund, called on Saudi Arabia to lower its domestic consumption of oil, predicting that otherwise the economy would be affected.

Other organizations said the country could eventually become an oil importer in the future if it does not reduce the rate of domestic oil consumption. The last gas field discovered in the north of the Red Sea has encouraged the company to explore farther afield.

Saudi Aramco increased its gas exploration activities in 2010 after it completed a huge oil exploration program that started in 2009. In 2012, the country's natural gas reserves were estimated at 284 trillion cubic feet. Saudi Arabia's peak production of gas is 11.2 billion cubic feet from more than 100 wells.

The Red Sea field drilling produced gas at the rate of 10 million cubic feet a day at a test well at the depth of 17,700 feet, according to Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi, who added that more wells will be drilled.

The company has focused on its underwater natural gas fields' development projects at the Arabian Gulf and the northwestern part of the country.

It worked on establishing new facilities for processing natural gas and launched investment programs to explore for shale gas in the northern and western regions.

The company will also announce the discovery of commercial quantities soon, according to its officials. Aramco expanded its main gas pipeline network by adding 215 kilometers of 56-inch pipelines that increased gas transferred to the company's clients and its facilities in the Eastern Province to 7.2 billion cubic feet.

It is working on raising production at its gas processing plants of Kharasaniya, Hawiya, Wasit, Shaiba and Harad (plants), as well as the ones in Yanbu and Juaima. Saudi Arabia was able to increase its natural gas reserves by 5 trillion cubic feet in less than a year.

The reserves are expected to increase given the rate of prospects explored.

 






  MENA News Headlines
Apr 24 2014Qatar- HH Sheikha Moza Meets Mayor of Kobe Visits RIKEN Research Institution ,Qatar News Agency
(MENAFN - Qatar News Agency) Kobe April 24 - Her Highness Sheikha Moza bint Nasser Chairperson of Qatar Foundation for Education Science and Community Development (QF) today held a meeting with the ...

Apr 24 2014Qatar- Sidra-BMC Event Boosts Biomedical Research Publishing ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - A symposium organised jointly by Sidra Medical Research Centre and BioMed Central (BMC) mulled trends in research and on open access publishing here ...

Apr 24 2014Qatar- Mannai Corp Q1 Net Profit up 73% to QR 150.1 Million ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 ...

Apr 24 2014Bahraini firms forecasted to grow 10 pct ,MENAFN
(MENAFN) In a report based on a study of over 650 companies across GCC, Kuwait Financial Centre (Markaz) forecasts a growth of the Bahraini companies' earnings by 10 percent in 2014, Gulf Daily News ...

Apr 24 2014Israeli Army Storms Deir Samit Village West of Hebron ,Qatar News Agency
(MENAFN - Qatar News Agency) bron April 24 - Israeli army forces stormed at dawn Thursday Deir Samit village southwest of Hebron city in the West Bank. The Israeli forces conducted raid and search ...

Apr 24 2014Qatar Airways to add more seats on Doha-Vienna route ,MENAFN
(MENAFN) Qatar Airways plans to offer more 1.700 seats on its Doha-Vienna route beginning from September 2014, according to Gulf News. The company aims to expand the growing passenger demand from ...

Apr 24 2014Qatar- QFC Authority Five-a-Side Football Tournament Kicks Off ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - Qatar Financial Centre (QFC) Authority's first Five-a-side Football Tournament is displaying dribbling skills of executives from Doha's financial ...

Apr 24 2014Qatar Stock Exchange Down 0.05% ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - The Qatar Exchange ended in the red area when trading closed Thursday at 12954.93 points (0.05%) down 6.63 points from the previous closing of 12961.56 ...

Apr 24 2014Israeli Tanks Enter Gaza Border area ,Qatar News Agency
(MENAFN - Qatar News Agency) Gaza April 24 - Six Israeli military tanks on Thursday entered a border area in the southern Gaza Strip witnesses said. The tanks crossed into Gaza in an area called ...

Apr 24 2014Georgian Justice Minister Leaves Doha ,Qatar News Agency
(MENAFN - Qatar News Agency) Doha April 24 - HE Minister of Justice of Georgia Tia Tsulukiana left Doha on Thursday morning wrapping up a two-day official visit to the country. An agreement on ...

Apr 24 2014Afghan Guard Shoots Dead 3 Foreigners in Hospital ,Qatar News Agency
(MENAFN - Qatar News Agency) Kabul April 24 - Three foreigners including a doctor were shot dead and their colleague wounded when a guard of a private Cure Hospital opened fire on them in the ...

Apr 24 2014Uruguay Public Health Minister Meets HE Qatari Ambassador ,Qatar News Agency
(MENAFN - Qatar News Agency) Montevideo April 24 -Minister of Public Health in Uruguay Maria Susana Mu?iz met here on Thursday with HE qatari ambassador to the republic of Uruguay mohamed hassan ...

Apr 24 2014President Salva Kiir Relieves his Chief of the General Staff ,Qatar News Agency
(MENAFN - Qatar News Agency) Juba April 24 -South Sudanese President Salva Kiir relieved Chief of the General Staff of south sudan army James Hoth Mai. This came in a presidential decree aired ...

Apr 24 2014Omani non-oil exports to enter African markets ,MENAFN
(MENAFN) A senior official at the Oman Chamber of Commerce and Industry (OCCI) said that the Sultanate is seeking expansion in new African markets, in a time it is looking forward to reduce its ...

Apr 24 2014US Secretary of State Meets Egyptian Intelligence Chief ,Qatar News Agency
(MENAFN - Qatar News Agency) shington April 24 - US Secretary of State John Kerry has met with the Egyptian Intelligence Chief Major General Mohammed Ahmed Fareed al-Tohami who is currently ...

Apr 24 2014Egypt's Interim President Receives Phone Call from South African President ,Qatar News Agency
(MENAFN - Qatar News Agency) Cairo April 24 - Egypt's Interim President Adly Mansour has received a telephone call from President of the Republic of South Africa Jacob Zuma in which they discussed ...

Apr 24 2014Sharjah Ladies Club organizes "Sharjah Ladies run" at the University City ,MENAFN Press
(MENAFN Press) Sharjah Ladies Club gears up to launch "Sharjah Ladies run" at the Sharjah University City. With over 250 participants, the activity aims to encourage women and enable them to ...

Apr 24 2014Alcatel-Lucent Enterprise to address the network application challenge with new access switch, added analytics and SDN capabilities ,MENAFN Press
(MENAFN Press) The Enterprise division of Alcatel-Lucent recently unveiled new technology to address the challenges created by pervasive mobility and the explosion of new applications being ...

Apr 24 2014King bids to reassure Saudis as MERS deaths hit 85 ,AFP
(MENAFN - AFP) King Abdullah was in the Saudi commercial hub of Jeddah on Thursday in a bid to reassure a worried public as the death toll from the MERS virus hit 85. The Red Sea city has seen a ...

Apr 24 2014UAE's Jumeirah to expand portfolio in Dubai ,MENAFN
(MENAFN) UAE's Jumeirah Group is planning to add additional hotels to its Dubai portfolio in the following 6 years, Arabian Business reported. The luxury hotelier's president and group CEO said ...

more...


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help