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  • Saudi Aramco discovers two new oil and gas fields: energy minister

    State oil company Saudi Aramco has discovered two new oil and gas fields in the northern regions, the kingdom’s energy minister said on Sunday, state news agency SPA reported. The energy minister Prince Abdulaziz bin Salman Al-Saud said the new Abraq al-Toloul oil field, which lies to the south east of the northern city of Arar, flows with a daily rate of 3,189 barrels per day (bpd) of Arab light crude oil, along with 3.5 million cubic feet of natural gas.

  • Saudi energy think tank urges greater private sector funding

    A Saudi energy think tank said that greater private sector involvement in funding and delivering projects would spur the non-oil economy in the Kingdom. It is one of five key recommendations in a paper published by the King Abdullah Petroleum Studies and Research Center that could maximize the impact of government spending on the economy beyond oil.

  • Twin U.S. Gulf Coast storms stir deep production cuts by energy giants

    During 2017’s Hurricane Harvey, which occurred three years ago this week, five feet (1.52 meters) of rain fell on east Texas, forcing Motiva to halt operations for nearly two weeks and others to take shorter shut-downs. That storm led Motiva, which is owned by the world’s top oil producer Saudi Aramco, to cancel plans to expand the refinery

  • With U.S. Backing, Iraq Pushes for Energy Rapprochement With Saudis

    The Trump administration is urging Iraq to proceed with a project to connect its power grid with Saudi Arabia and other Gulf states, among steps to reduce Baghdad’s longstanding dependency on Iranian energy, U.S. and Arab officials said. The grid-connection venture has been the subject of intensive consultations in recent months and was discussed during Iraqi Prime Minister Mustafa al-Kadhimi’s visit to Washington last week.

  • Saudi energy ministry to assist development of mega economic zone Neom

    Saudi Arabia’s energy ministry is to offer assistance so that Neom, a $500 billion high-tech development that includes tourism and sport facilities on the Red Sea, can be completed on schedule, minister Abdul Aziz bin Salman said on Sunday. The 26,500 square km (10,230 square mile) development, first revealed in 2017 with a planned completion in 2025, will include high-tech projects powered by wind and solar energy.

  • Global oil demand to recover to 97% of pre-Covid levels by year-end, Saudi energy minister says

    Prince Abdulaziz said the oil markets showed “signs of improvement”, indicated by the drawdown of global inventories, a decline in floating storage and a speedy recovery in fuel demand, especially for gasoline and diesel both globally and in Saudi Arabia.

  • Oil: How the coronavirus is debunking myths of the energy industry

    “Big Oil” companies, referring to the world’s largest oil and gas firms, posted huge losses in the three-month period through to June as coronavirus lockdown measures coincided with an unprecedented demand shock. The results were expected to mark the low point of what has already been touted as potentially the worst year in the history of global oil markets.

  • Gulf energy ministers see encouraging signs of improvement in global economy

    "Full compliance to the Opec+ deal, including making up for the limited progress on adherence, would speed up the recovery of the global oil market to the best interest of oil consumers and producers alike, the energy industry and the world economy," the statement said.

  • Oil and OPEC: Shale Job Losses Accelerate in U.S. as Virus Curbs Energy Demand

    The U.S. oilfield-services sector shed 9,344 jobs last month, a 43% increase from June’s losses, the industry-funded trade group said in a report released Monday. That pushed the industry’s total job casualties since the pandemic emerged to 99,253. Texas, Louisiana, Oklahoma, Colorado and New Mexico were the hardest-hit regions for oilfield job cuts, according to the report, which crunched U.S. Bureau of Labor Statistics data with help from the University of Houston’s Hobby School of Public Affairs. Oilfield employment in American fields hasn’t been this low since March 2017.

  • Blueprint may power up Saudi Arabia’s wind energy future

    "Through our novel methodology and ad-hoc computer simulations, we have accurately quantified wind energy resources in Saudi Arabia and have provided a detailed plan for a cost-effective implementation of the government's wind energy target of 16 gigawatts of installed capacity by 2030," says Genton. "Our work shows that Saudi Arabia is well positioned to become a role model for wind energy development in the Middle East and worldwide."