Saudi Arabia unveils major gas discovery in Jafurah Field: Ministry of Energy 

With the latest discovery, the quantity of resources in the field has become 229 trillion standard cubic feet of gas and 75 billion barrels of condensate, the ministry added in the press statement, citing the Kingdom’s energy minister Prince Abdulaziz bin Salman. Supplied
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Updated 25 February 2024
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Saudi Arabia unveils major gas discovery in Jafurah Field: Ministry of Energy 

RIYADH: Saudi Arabian Oil Co. has discovered an additional 15 trillion standard cubic feet of gas in the Kingdom’s Jafurah Field. 

According to a press statement from the Ministry of Energy, the discovery also includes 2 billion barrels of condensate. 

With the latest discovery, the quantity of resources in the field has become 229 trillion standard cubic feet of gas and 75 billion barrels of condensate, the ministry added in the press statement, citing the Kingdom’s Energy Minister Prince Abdulaziz bin Salman. 

This discovery made by the energy giant, also known as Saudi Aramco, was a result of applying the highest international standards in estimating and developing hydrocarbon resources to ensure their proper exploitation, the statement added.  

In November 2023, the Ministry of Energy announced that Saudi Aramco had discovered two new gas fields in the Eastern Province and the Empty Quarter respectively. 

In a press statement, the ministry said the first discovery occurred at the Hanifa reservoir in the Al-Hiran-1 well.  

It reported that the field was discovered after gas flowed at a rate of 30 million scf per day from the said reservoir, along with 1,600 barrels of condensate.  

The second discovery was made at the Al-Mahakek-2 well, where the natural resource flowed at 0.85 million scf per day. 

The ministry added that gas was also discovered in five other reservoirs in previously discovered fields, including the Jalla reservoir in the Assekra field, where gas flowed at a rate of 46 million scf per day.  

In November, Saudi Aramco also began the production of unconventional tight gas from its South Ghawar operational area, two months ahead of its schedule. 

Unconventional tight gas, also known as shale gas, is typically found in reserves where hydrocarbons are tightly trapped within rock layers.  

Extracting this resource demands specialized techniques like horizontal drilling and hydraulic fracturing. 

The commissioned facilities at South Ghawar currently have a processing capacity of 300 million scf per day for raw gas and 38,000 barrels per day for condensate. 

Earlier in February, speaking at the International Petroleum Technology Conference in Dhahran, Amin H. Nasser, CEO of Saudi Aramco, said that the company is eyeing continuity in the production of all types of energy, including oil and gas, along with renewables.  

He also added that Aramco has the full capability to grow in any sector to create profitable companies. 


Closing Bell: Saudi indices close in green at 12,048

Updated 15 min 13 sec ago
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Closing Bell: Saudi indices close in green at 12,048

  • MSCI Tadawul Index increased by 5.51 points, or 0.37%, closing at 1,512.82
  • Parallel market Nomu gained 72.27 points, or 0.27%, to close at 27,297.45

RIYADH: Saudi Arabia’s Tadawul All Share Index started the week in green, gaining 26.15 points, or 0.22 percent, to close at 12,048.26. 

The total trading value of the benchmark index was SR4.2 billion ($1.1 billion), with 82 listed stocks advancing, while 147 retreated. 

The MSCI Tadawul Index also increased by 5.51 points, or 0.37 percent, closing at 1,512.82. 

The Kingdom’s parallel market Nomu gained 72.27 points, or 0.27 percent, to close at 27,297.45, with 38 stocks advancing and 35 retreating. 

The best-performing stock of the day was Riyadh Cables Group Co., whose share price surged by 9.98 percent to SR112.40. 

Other top performers included MBC Group Co., which saw a rise of 9.98 percent to SR45.75. 

Anaam International Holding Group and Al-Baha Investment and Development Co. also recorded gains of 8 percent and 7.69 percent, closing at SR1.35 and SR0.28, respectively. 

Rabigh Refining and Petrochemical Co. was also among the top performers with SR8.61, recording a 5.51 percent increase. 

Quara Finance Co. announced its nine-month financial results, seeing SR147.1 million in revenue, a 2.3 percent year-on-year increase. 

Despite the company’s gains in sales, net profit saw a 28.1 percent yearly decline, recording SR34.5 million in net income. 

Quara attributed the revenue increase to a growth in yield of the retail portfolio, while the decrease in profits was due to an increase in write-offs and decrease in write-off recoveries. 

Quara closed Sunday’s trading at SR16, a 0.49 percent increase. 

Elm Co. also released its financial results for the nine months of the year recording SR5.2 billion in revenue, a 25.2 percent year-on-year increase. 

The company’s net profit also saw an increase to reach SR1.3 billion, a 29.1 percent growth. 

Elm attributed the revenue growth to a 25.66 percent increase in digital business revenue and a 29.02 percent rise in business process outsourcing revenue, partially offset by a 19.13 percent decline in professional services revenue. 

Elm closed Sunday’s trading at SR1,072.20, a 4.85 percent increase. 

Tanmiah Food Co. reported a revenue increase of 23.8 percent year on year for the first nine months, reaching SR1.8 billion. 

Net profits also increase by 39.3 percent to reach SR69.1 million by the end of the period, driven mainly by fresh poultry. 

Tanmiah Food closed Sunday’s trading at SR143, a 4.99 percent increase. 

Dr. Sulaiman Al Habib Medical Services Group’s revenue also increased by 14.9 percent in the first nine months of the year compared to the same period last year, to reach SR8 billion. 

Net profits grew to reach SR1.7 billion, an 11.8 percent year-on-year increase. 

The revenue increase was primarily driven by growth in the hospital and pharmacy segments, fueled by a rise in the number of patients in the hospital sector. The rise in net profits was largely attributed to this revenue growth. 

Dr. Sulaiman Al Habib Medical Services Group closed Sunday’s trading at SR288.40, a 0.77 percent increase. 

Fragrance company Al Majed Oud Co. reported revenue of SR683.7 million for the first nine months of the year, marking a 25.5 percent increase compared to the same period last year. 

Net profits rose to SR141.9 million, a 23.3 percent year-over-year increase. The company attributed the growth in profits and sales to the strong performance of branches opened in 2023, which significantly boosted sales in the current period. 

Al Majed Oud Co. closed trading at SR150.60, a 1.05 percent decrease.


Saudi road maintenance time down 40% thanks to modern technology, transport minister says

Updated 17 sec ago
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Saudi road maintenance time down 40% thanks to modern technology, transport minister says

  • Saleh Al-Jasser said cutting-edge innovations have helped reduce carbon emissions
  • Several road networks were surveyed to identify shortcomings and execute safety initiatives, minister said

RIYADH: Saudi road maintenance time has been slashed by 40 percent thanks to modern technologies, according to the Kingdom’s Minister of Transport and Logistics Services. 

During a speech on the first day of the Road Safety and Sustainability Conference taking place in Riyadh from Nov. 3 — 4, Saleh Al-Jasser said the cutting-edge innovations have also helped reduce carbon emissions.

This falls in line with Saudi Arabia’s Roads General Authority’s vision of enhancing the safety and sustainability of the road sector through national competencies. It also aligns with the body’s keenness to improve the quality of road networks and user experience, as well as foster innovation. 

It is also in line with the authority’s objective to reduce the number of road deaths to less than five cases per 100,000 people.

“Modern technologies have helped reduce road maintenance time by up to 40 percent while reducing carbon emissions,” Al-Jasser said. 

He added: “The Kingdom has implemented many scientific innovations such as road cooling and rubber roads and has advanced in the road quality index to fourth place among the G20 countries.”

The minister highlighted how this confirms its leadership in achieving the highest safety and quality standards on roads. 

“The Kingdom’s vision has given great attention to quality of life and road safety,” Al-Jasser said.

“The Kingdom’s road network is the world’s first in terms of connectivity, and enhances sustainable development for individuals and goods according to the highest standards of security and safety,” he also said. 

The minister went on to say a large number of road networks were surveyed to identify shortcomings and execute safety initiatives. Several measures have been implemented following the reviews. 

Speaking at the same event, the Vice Minister of Transport and Logistics Services for Road Affairs and Acting CEO of RGA, Badr Abdullah Al-Dulami, shared findings from the world’s largest road survey, which confirmed that 77 percent of the Kingdom’s roads meet safety standards. He also highlighted that protection measures in traffic diversions have risen to 95 percent.

“Expanding an advanced research study that the authority is working on to use the products of building demolition in asphalt mixtures, which contributes to preserving the environment and investing in natural resources,” Al-Dulami said. 

“Launching the Saudi Road Code, which contributes to raising the level of safety, preserving the environment, and preparing the infrastructure for self-driving vehicles,” he added. 

Chairman of the International Road Federation, Abdullah bin Abdulrahman Al-Muqbil, was also present during the event. 

“To make roads safer for travel, we have harnessed modern technologies to sustain them and raise their efficiency,” Al-Muqbil said. 

The chairman said the federation has established effective partnerships with member states, including the Kingdom, which has led to enhanced safety and sustainability in the road sector and the adoption of modern technologies.


IMF to begin review Egypt’s loan program on Tuesday

Updated 03 November 2024
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IMF to begin review Egypt’s loan program on Tuesday

  • Review is fourth under Egypt’s latest 46-month IMF loan program approved in 2022
  • Egypt had requested financing under the RSF since 2022, with hopes it could unlock up to an additional $1 billion

CAIRO: The International Monetary Fund will begin its review of Egypt’s loan program on Tuesday, Egyptian Prime Minister Mostafa Madbouly said on Sunday at a press conference with IMF managing director Kristalina Georgieva.
The review, which could unlock more than $1.2 billion in financing, is the fourth under Egypt’s latest 46-month IMF loan program that was approved in 2022 and expanded to $8 billion this year after an economic crisis marked by high inflation and severe foreign currency shortages.
Madbouly emphasized the mutual cooperation with the IMF, adding that Egypt “expects continued successful and fruitful partnership in the coming period.”
Georgieva also praised the fund’s cooperation with Egypt and highlighted the current global challenges.
She noted that the IMF’s discussions with Egypt next week will also look into ways of supporting the Egyptian objectives in the area of greening the economy and Egypt’s access to the Resilience and Sustainability Facility in the pursuit of this effort.
Egypt had requested financing under the RSF since 2022, with hopes it could unlock up to an additional $1 billion.
Egyptian President Abdel Fattah El-Sisi has recently cautioned that Egypt may need to reassess its expanded loan program if international institutions do not factor in the exceptional challenges the region currently faces.
Madbouly later said that talks with the IMF during the fund’s annual meetings in October did not include additional financing but aimed to reassess Egypt’s commitments, targets, and timings.
When the IMF completed its third review in July, it said that inflationary pressures were gradually abating, foreign exchange shortages have been eliminated, and fiscal targets (including those related to spending by large infrastructure projects) were met.
It also underscored the need for greater efforts to accelerate a program of divestment of state-owned enterprises and carry out reforms to prevent them from using unfair competitive practices.


Saudi Arabia calls for robust action against land degradation

Updated 51 min 47 sec ago
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Saudi Arabia calls for robust action against land degradation

  • Kingdom’s incoming UNCCD presidency aims to increase the number of participating countries and the ambition of their goals
  • More than 71,000 square km of land expected to face deterioration before the Dec. 2nd start of the conference

RIYADH: Saudi Arabia is encouraging urgent action to combat drought, as vast areas of land — larger than the size of Ireland — are projected to face degradation globally in the near future.

With less than one month remaining until the 16th session of the Conference of Parties of the UN Convention to Combat Desertification begins in Riyadh, the Kingdom’s incoming UNCCD presidency has urged the international community to take decisive measures on drought resilience and land restoration. 

Recent data underscores the urgency of this appeal, with more than 71,000 square km of land expected to face deterioration before the Dec. 2nd start of the conference, according to the UNCCD. 

“COP16 in Riyadh is a critical moment for the international community to address land degradation if we are to meet the UNCCD target of restoring 1.5 billion hectares of land by 2030,” said Osama Faqeeha, the Kingdom’s deputy minister for environment at the Ministry of Environment, Water and Agriculture. 

Faqeeha, who is also the adviser to the COP16 presidency, added: “As the hosts, we are calling for all parties to come to Riyadh ready to increase their ambition by strengthening land restoration targets, bolstering drought resilience initiatives, and enhancing land tenure rights.” 

Since 2015, countries have been aligning with voluntary Land Degradation Neutrality targets as part of the UN Sustainable Development Goals. 

Over 130 nations have engaged in the LDN Target Setting Programme, with more than 100 already defining their objectives.

Saudi Arabia’s incoming UNCCD presidency aims to increase the number of participating countries and the ambition of their goals. 

The UNCCD has estimated that more than $44 trillion in economic output, representing over half of global gross domestic product, is moderately or highly dependent on natural capital. 

Restoration investments are highlighted as economically beneficial, with projections that each dollar invested could yield up to $30 in returns, presenting a significant opportunity for a trillion-dollar restoration economy. 

COP16 in Riyadh will mark the first time the UNCCD will introduce a Green Zone, a dedicated space for businesses, scientists, and financial institutions, as well as NGOs, the public, and impacted communities to collaborate on sustainable solutions. 

The conference will also feature seven thematic days focused on key topics such as land restoration, governance, and agri-food systems, as well as resilience, finance, and advancements in science, technology, and innovation. 


Oman’s oil exports hit 230.6m barrels by September: official data

Updated 03 November 2024
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Oman’s oil exports hit 230.6m barrels by September: official data

JEDDAH: Oman’s oil exports totaled approximately 230.6 million barrels by the end of September, averaging $82.60 per barrel and accounting for 84.6 percent of total production, which exceeded 272.4 million barrels.

According to statistics from the country’s National Center for Statistics and Information, as reported by the state news agency, oil exports increased by 0.1 percent compared to September 2023, when total exports were nearly 230.3 million barrels. This rise occurred alongside a 5.1 percent decrease in production, which was recorded at over 287 million barrels during the same period last year.

Total crude oil production declined by 6.7 percent, reaching over 208.5 million barrels by the end of September, while condensate production saw a slight increase of 0.6 percent, totaling more than 63.86 million barrels. The NCSI noted that the average daily oil production was 994,200 barrels through the end of September.

The World Bank forecasts Oman’s economic growth will rise to 2.7 percent in 2025 and 3.2 percent in 2026, driven by a rebound in oil and gas production as the Duqm refinery reaches full capacity, alongside a revival in agricultural and construction activities and a strong services sector.

The report also indicated that inflation is expected to remain low, averaging 1.3 percent from 2024 to 2026, largely due to the country’s currency being pegged to the US dollar and regulated fuel prices.

According to the Oman News Agency, China was the top importer of Omani oil, with imports totaling approximately 219.6 million barrels, marking a 4.5 percent increase compared to September 2023.

Japan followed with nearly 4 million barrels, a decline of 46.4 percent, while South Korea imported around 3.8 million barrels, an increase of 31.8 percent. Exports to India totaled 2,002,000 barrels, down 26.3 percent.

Overall, Oman’s oil exports during the first half of 2024 increased by 0.3 percent to 153,362,300 barrels, with the average price per barrel at $82.20, according to the NCSI.

Oil exports constituted 84.6 percent of the total oil production volume, which was over 181 million barrels, down 5.3 percent from 191.4 million barrels in the same period in 2023. Total crude oil production also fell by 7.4 percent to over 138.7 million barrels by the end of the first half of 2024, while oil condensate production rose by 2.3 percent to 42.5 million barrels. The average daily oil production at that time was reported at 842,700 barrels. During this period, China remained the leading country importing oil from Oman, with nearly 148 million barrels.