Before we learn about Saudi Aramco New Projects 2018, let’s acquaint ourselves with this oil giant!
Saudi Aramco, the state-owned oil company of the Kingdom of Saudi Arabia, is a fully integrated, global petroleum and chemicals enterprise. A rich history of 85 years of service and innovation has established Saudi Aramco as the world’s largest integrated oil and gas company, and a world leader in hydrocarbons exploration, production, refining, distribution, and marketing. Their oil and gas production infrastructure leads the industry in the scale of production, operational reliability, and technical advances.
With such a powerful track record, Saudi Aramco further looks forward to maintaining its firm ground on the earned merit.
The firm remains sincerely committed to meeting the future oil demand through continued investments.
The chairman of Saudi Aramco has said that the firm “continued to prepare itself for the listing of its shares, a landmark event the company and its board anticipate with excitement”.
He further stated that despite an improved market picture, the oil industry’s preparedness for the future remained in question as the sector had lost an estimated $1 trillion in planned investments since the start of the market downturn.
According to him, significant new investments are required in additional capacity and expended and upgraded infrastructure, as well as the development of pioneering technology to make petroleum energy more sustainable and accessible.
Two new oil fields- Sakab and Zumul, and a gas reservoir in the Sahba field have been discovered by Saudi Aramco.
With respect to gas, Aramco “commenced projects to expand production and processing capacity, and brought online the first unconventional gas in Saudi Arabia,” as reported by Aramco’s Chief Executive.
Midyan, discovered in the year 1980, is one of the new gas fields in northwest Saudi Arabia to produce gas for power plants and potentially supply other industries in a region rich in iron ore deposits.
These developments mark a step forward in the direction of enhanced production to meet the ever-expanding demand for energy.
Aramco is certainly leading the global oil and gas industry by example!