Saudi energy minister announces discovery of seven oil, gas deposits

Prince Abdulaziz bin Salman said Saudi Aramco had discovered seven oil, gas deposits. (File/AFP)
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Updated 01 July 2024
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Saudi energy minister announces discovery of seven oil, gas deposits

  • Aramco discovers “two unconventional oil fields, reservoir of light Arabian oil, two natural gas fields, and two natural gas reservoirs”
  • Unconventional oil fields and one reservoir discovered in Eastern Province while two natural gas fields and two reservoirs in Empty Quarter

RIYADH: Saudi Arabia’s energy minister announced the discovery of seven oil and gas deposits in the Kingdom’s Eastern Province and Empty Quarter, Saudi Press Agency reported on Monday.

Prince Abdulaziz bin Salman said Saudi Aramco had discovered “two unconventional oil fields, a reservoir of light Arabian oil, two natural gas fields, and two natural gas reservoirs,” SPA said.

Two unconventional oil fields and one reservoir were discovered in the Kingdom’s Eastern Province while two natural gas fields and two reservoirs in the Empty Quarter.

The “Ladam” unconventional oil field was discovered in the Eastern Province after the flow of very light Arabian oil in the Ladam-2 well at a rate of 5,100 barrels per day, accompanied by about 4.9 million standard cubic feet of gas per day.

“Al-Farouk” unconventional oil field was discovered in the Eastern Province after Arab ultra-light oil flowed from the Al-Farouk-4 well at a rate of 4,557 barrels per day, accompanied by about 3.79 million standard cubic feet of gas per day.

The “Unayzah B/C” reservoir was discovered in the “Mazalij” field in the Eastern Province, after Arab Light oil flowed from the Mazalij-62 well at a rate of 1,780 barrels per day, accompanied by about 0.7 million standard cubic feet of gas per day.

“Al-Jahaq” field was discovered in the Empty Quarter after natural gas flowed from the “Al-Arab-C” reservoir in Al-Jahaq-1 well at a rate of 5.3 million standard cubic feet per day, and from the “Al-Arab-D” reservoir in the same well at a rate of 1.1 million standard cubic feet per day.

“Al-Katuf” field was discovered in the Empty Quarter after natural gas flowed into Al-Katuf-1 well at a rate of 7.6 million standard cubic feet per day, accompanied by about 40 barrels per day of condensate.

The “Hanifa” reservoir was also discovered in the “Asikra” field in the Empty Quarter after natural gas flowed in the Asikra-6 well at a rate of 4.9 million standard cubic feet per day.

Natural gas flowed into the same well from “Al-Fadhili” reservoir at a rate of 0.6 million standard cubic feet per day, accompanied by about 100 barrels of condensate per day.


Turkish man arrested after threatening Saudi tourists with a knife in Istanbul restaurant

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Turkish man arrested after threatening Saudi tourists with a knife in Istanbul restaurant

RIYADH: Turkish police have arrested a man suspected of insulting and threatening a group of Saudi tourists in Istanbul with a knife. 

Istanbul’s police department they arrested a 43-year-old man seen in a viral video welding a knife and threatening a group of Saudis while chanting anti-Arab remarks.   

The man was under the influence of alcohol when the attack took place at 2am on Tuesday, police said.

The Saudi embassy in Turkey also has also confirmed the arrest of the man according to Al Arabiya News Channel. 


Glimpses into Chinese culture showcased in Jeddah

Updated 03 July 2024
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Glimpses into Chinese culture showcased in Jeddah

JEDDAH: China’s heritage and fine arts are being showcased at City Walk, the Saudi Press Agency reported on Wednesday.

The “China Town” exhibition includes markets selling traditional crafts, and has displays of the Asian nation’s unique architecture.

Visitors can also enjoy various games including mini-bumper car and rollercoaster rides.

The “China Town” exhibition is a part of Jeddah Season 2024.


Saudi Cabinet reiterates efforts to end Israeli aggression against Palestinians

Updated 03 July 2024
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Saudi Cabinet reiterates efforts to end Israeli aggression against Palestinians

RIYADH: Saudi Arabia’s Cabinet on Tuesday reiterated the Kingdom’s tireless efforts alongside its partners at the political and humanitarian levels to halt the Israeli aggression against the Palestinian people, the Saudi Press Agency reported.

For nearly nine months, Israel has been carrying out a devastating ground an air incursion inside the Gaza Strip after Hamas militants attacked Israeli settlements bordering the enclave.

The Kingdom and allies have been pushing for a ceasefire to end the conflict and bring relief to the more than 2 million people living in the Palestinian territory.

Separately, ministers welcomed the discovery of seven oil and gas deposits in the Kingdom’s Eastern Province and Empty Quarter.

On Monday, Prince Abdulaziz bin Salman said Saudi Aramco had discovered “two unconventional oil fields, a reservoir of light Arabian oil, two natural gas fields, and two natural gas reservoirs,” SPA reported.

During the meeting, chaired by Crown Prince Mohammed bin Salman in Jeddah, ministers said awarding contracts for the second phase of the Jafurah gas field development and the third stage of the expansion of the master gas system falls within continuing development and economic diversification effort, and strengthens the Kingdom’s leadership position in global energy markets.

Saudi Aramco on Sunday granted 16 agreements for phase two development at Jafurah, worth a combined total of around $12.4 billion.

An additional 15 one-time complete contracts, worth around $8.8 billion, have been awarded to commence phase three expansion of the master gas system, which delivers natural gas to customers across Saudi Arabia.

The cabinet highlighted the launch of a geographical survey project for renewable energy in the Kingdom, which is considered the first of its kind in the world, and reflects the commitment to achieving national targets in the production of renewable energy.

This contributes to reaching the optimal energy mix for generating electricity, supporting the Kingdom’s trend towards exporting electrical energy, and producing clean hydrogen.


Diriyah Company brings Saudi heritage to Harrods in London with $63bn development showcase

Updated 02 July 2024
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Diriyah Company brings Saudi heritage to Harrods in London with $63bn development showcase

  • Exhibition spotlights 350 luxury residences that are part of the project
  • Immersive experience aims to attract the attention of the 450,000 people expected to visit Harrods this month

LONDON: Diriyah Company is bringing a taste of Saudi culture and heritage to upmarket London department store Harrods this month, in the form of an exclusive pop-up exhibition highlighting the $63 billion mega-development project underway in Diriyah, the historic birthplace of the Kingdom.

The immersive experience, which opened on Monday and continues until July 26, aims to attract the attention of the 450,000 people expected to visit Harrods this month. The centerpiece of the event is a display featuring the master plan for the ambitious urban development project, which when complete will be six-and-a-half times the size of Monaco. It will feature hotels, four metro stations, and extensive retail and commercial office spaces.

The centerpiece of the event is a display featuring the master plan for the ambitious urban development project. (Supplied)

Diriyah Company has worked with the Harrods team to transform the space into an exhibition that tells the story of Saudi heritage and architecture, incorporating elements of the traditional Najdi architectural style in a warm color palette of yellows, oranges and browns. A highlight of the event is a showcase of 350 residences developed by luxury brands Ritz Carlton, Baccarat and Corinthia.

“These are the best of the best to collaborate with,” Diriyah Company’s chief marketing officer, Kiran Jay Haslam, told Arab News, adding that each brand brings something unique to the project.

The Baccarat residences will be notable for their sophisticated fusion of modern luxury and classic French elegance, incorporating opulent materials and Baccarat crystal accents, he said, while Corinthia will offer a more family-focused, homely feel, and the Ritz Carlton units will put an emphasis on the high levels of services available to residents. Representatives of Diriyah Company are on hand to explain the differences between the brands and highlight their unique selling points, he added, to help visitors understand what each has to offer.

In 2021, Saudi authorities issued a directive allowing non-Saudis who are legal residents of the country to buy single properties in the Kingdom, subject to approval by licensing authorities.

“In addition to that, the conversations that we know are taking place right now to open up real estate to foreign investment are really exciting for us,” Haslam said. “We’re looking very closely into when that will come to play.

“I think a lot of the projects in the kingdom will take on a new lease of life because of the ability for global interaction in these budgets. And … I think we’re really going to start to attract some significant talent to the kingdom.”

Six units are available for purchase at the Corinthia development and eight at the Baccarat. Haslam said sales at the Ritz Carlton development have moved more quickly than the company anticipated, and only 16 of the 106 residences are still available.

Visitors passing by Harrods take a look at Diriyah masterplan on display at the pop-up. (Supplied)

The pop-up event at Harrods follows Diriyah Company’s immersive exhibition at Outernet, an entertainment, arts and culture district in London. The showcases are part of a broader Saudi strategy to promote Diriyah on the global stage, with upcoming events planned in Los Angeles, New York, Sydney and Paris.

Haslam said the exhibition at Harrods has already received a positive response from early visitors, particularly those for whom the celebration of Arab culture hit close to home.

“We’re a very emotional project,” he said. “We’re a project that’s delivering some kind of unique quality in essence and pride of the Kingdom. And so it’s really great to be here and to have this interaction.”
 


Finland’s foreign minister discusses expanding relations with Saudi Arabia

Elina Valtonen, Finnish Foreign Minister
Updated 03 July 2024
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Finland’s foreign minister discusses expanding relations with Saudi Arabia

  • Recognition of Palestinian state a matter of ‘when rather than if,’ says Elina Valtonen

HELSINKI: In an interview with Arab News, Finland’s Foreign Minister Elina Valtonen discussed Saudi-Finnish ties, the recognition of the Palestinian state, and the results of the 2024 World Happiness Report which ranked the Nordic country in the top spot for the seventh year in a row.

“I think we have had intensifying ties in the trade side for some years now, and we have especially taken notice of the Vision 2030 plans of Saudi Arabia,” Valtonen told Arab News.

“We also see that Finland and our terrific companies should and could have a significant role in the implementation … especially (in) bringing expertise,” she added.

The foreign minister highlighted “renewable energies, energy technologies, water usage,” and “high-end technologies like critical infrastructure, 5.5G, 6G, artificial intelligence, and quantum” as areas of potential cooperation.

“There’s quite a bit we can do, together,” noted Valtonen.

“We are already doing quite a bit, but we can do, so much more in the future,” she added. “We look forward to having Saudi Arabia as a credible partner and also tackling all the geopolitical challenges that we’re facing.”

We look forward to having Saudi Arabia as a credible partner and also tackling all the geopolitical challenges that we’re facing.

Elina Valtonen, Finnish Foreign Minister

Speaking about other important areas of bilateral relations, Valtonen said: “Finland is always a staunch supporter of human rights, and the role of women, and that’s also something which we would like to partner up with … in relation to trade and all the other, positive relationships we have with Saudi Arabia.”

Discussing regional stability, the foreign minister commended the Kingdom for its work in recent months, stating: “We have appreciated the constructive role of Saudi Arabia when it comes to the situation in the Middle East.”

As the Israel-Hamas war wages on, many countries have shifted their positions towards the recognition of Palestine and the need for a two-state solution.

Valtonen underlined that when she says there needs to be a two-state solution, that implies that “there will (be a) need, or there is a need, for a Palestinian state and its recognition.”

Expanding on Finland’s stance on the recognition of Palestine, she added: “That is something that Finland will be looking at and is looking at because it’s more a question of, you know, when rather than if.

“Now we do see that many of our peers have already recognized or are moving in that direction,” Valtonen said. “So obviously we are monitoring the situation closely, but we would like to find the perfect time which really could also send the right signal because it's an irreversible step. And we do see that it also needs to be that way.”

She emphasized that Finland has called for an immediate ceasefire for months and the “unconditional” release of all hostages.

“We hope that there could be a deal as soon as possible on this,” the foreign minister stressed, adding that the country is hoping for a “more permanent ceasefire and negotiations for the two-state solution.

“Finland’s long-standing position has been that there needs to be a two-state model for ending the crisis and for having a peaceful long-term solution.”

During the interview, she also discussed Finland’s top ranking as the “Happiest Country in the World,” according to the 2024 World Happiness Report, for the seventh year in a row.

The report weighs a few categories when ranking the happiest countries globally such as GDP per capita, social support, healthy life expectancy, freedom, generosity, and freedom from corruption.

The foreign minister credited Finland as the happiest nation in the world based on “stable democracy, the rule of law, human rights and equality.”

She said: “The Finnish mindset is that, independent of your background you know you can achieve anything in your life, whether you (are a) girl, boy, whether you’re born here or elsewhere, (regardless of) your religion.”

Valtonen added that based on their education a person can chase their ambitions in the labor market.

She explained that these are the factors that make Finland the happiest country in the world, coupled with its “tranquility, nature and, peace.

“We Finns, we take pride in that, in this country, you can trust everybody,” she concluded.