Saudi Aramco finds eight new oil and gas fields
Saudi Aramco discovered eight new oil and gas fields and produced a record volume of gas in 2014, said Khalid Al-Falih, its president and CEO.
In a statement following a meeting of the company’s executive committee in Dhahran, Al-Falih described 2014 as a difficult year as a result of a 50 percent fall in oil prices.
However, he said the company was able to continue its activities without fail despite the challenges. Al-Falih has instructed his executives to cut expenditure due to market changes.
The company is expected to start production from Arabiyah and Hasbah offshore gas fields, which will produce 2.5 billion standard cubic feet of natural gas per day through the Wasit Gas Plant when completed.
Nasir K. Al-Naimi, vice president of Northern Area Oil Operations, and Fahad E. Al-Helal, vice president of Project Management, conducted a recent site visit to the offshore project location at Hasbah.
During the visit, Mohammed Al-Sadiq, senior project engineer from Project Management, presented the progress of the project completion and what has been achieved so far, and the project is progressing as planned.
Al-Falih described the start of production at YASREF Refinery Project as one of the main achievements of 2014. Located in the Yanbu Industrial City, the refinery will supply 400,000 barrel per day.
As a full conversion facility, the refinery will process 100 percent Arabian Heavy Crude, maximizing the resource and producing gasoline, high quality diesel, and liquefied petroleum gases (LPG) as well as byproduct sulfur and petroleum coke for export.
Within a few years of operation, YASREF is expected to deliver significant annual revenues and generate about 6,000 direct and indirect jobs for the community. Also, the joint venture has enrolled approximately 700 Saudi employees in the apprentice program in order to ready them to assume full jobs in operations, maintenance, industrial relations and engineering activities.
The refinery is using proprietary technologies supplied by UOP, Chevron Lummis and ConocoPhillips to assure the quality and quantity of the production of premium clean transportation fuels. All products will be internationally marketed and sold on behalf of YASREF by its owners.