Erik Conrad’s Post

#Saudi Arabia’s state-owned energy giant aramco announced today that it was asked to maintain its maximum #oil sustainable capacity (MSC) at 12m bbl/day. The Saudi government had previously mandated Saudi #Aramco to boost #production capacity to 13m bbl/day by 2027. #Saudiarabia is the de facto leader of oil cartel #OPEC, which has reduced production in recent years to prevent oil #prices from crashing amid an overall weakness in #demand. Read more here: https://lnkd.in/dveePv8G

Saudi Arabia uncovers seven new oil, gas deposits in Eastern Province, Empty Quarter

Honestly, Not Pharaonic-JV company only is doing that but all JV companies also for oil and gas production target rates for any fiscal year. So, such as I posted before many posts explain for you why Egypt is importing oil yearly by cost (10-12) billion dollar, although I swear the remaining oil reserve for Egypt can cover the consumption rate and export oil also if Egypt produced the average remaining reserve oil rate instead of producing the minimum remaining reserve oil rate. For gas the same also, Egypt is suffering from sharp declining in the gas production and exporting and depends now mainly on the imported gas from Israel to cover the consumption and find little gas for exporting and also it wants to explore new concessions although 60% from the gas discovery without development beside this company put the target rate based on DCA and do not care by remaining gas reserve can deliver average gas rate + 444 MMSCFD or doing doubling gas rate for this company. This company just example (see the previous posts)!!

Egypt as usual has no problem with any shareholder to put any new oil or gas fields on maximum rates to deplete them so fast, and after that, asking to explore new fields to compensate the sharp declining in oil and gas rates! Until discovering new fields, Egypt is suffering from importing oil and gas and electricity problems! beside accelerate depleting the oil and gas reserves. Here just example for that. For shareholders, putting the fields on maximum rates although this presents high risk on the reservoirs and serious technical problems but it may be economic for them due to early cash flow and benefits, but for Egypt, what is the benefits from depleting the fields so early and much losses in reserves and sharp declining in production rate after short time??.

Qatar, a country with fewer residents than Mississippi, is set to produce an amount of LNG equivalent to about 7.25 million barrels of oil per day. Most of this will be exported, putting them on par with Saudi Arabia in oil shipments. By the end of the decade, Qatar is expected to control around 25% of the global liquefied natural gas market. This production boost could increase their annual revenue by approximately $31 billion. Qatar plans to invest this money, via its sovereign wealth fund, in diverse global industries like healthcare or technology. Qatar is playing the long game!

Workability Index for Coal-to-LNG conversion and LPG-to-LNG conversion The window for retail LNG is now wide open for the first time since September 2021. JKM today is about 2.4 times coal and 65% x LPG (CP). Not easy to replace coal failing subsidies and some magic carbon pricing. However LNG is very competitive compared to LPG, the cheapest liquid fuel. Sources: Published Sources, Infraline, Saudi Aramco

Saudi Arabia's oil titan, Aramco, announced a profit of $121 billion for the 2023 year, a decrease of 25% from its record-breaking $161 billion in 2022. The declines reasons include: 1-Scare oil resources tends to low sale 2-Consumer going toward alternative energy sources. 3-High competition among substitute products. #oil #profit #energyfuture #renewableenergy

Groundbreaking Discoveries: Saudi Arabia Unveils New Oil and Gas Fields Saudi Energy Minister Announces New Oil and Natural Gas Discoveries Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman, revealed new oil and natural gas discoveries in the Eastern Region and the Empty Quarter. The discoveries include: - 𝐋𝐚𝐝𝐚𝐦 field: Flow rate of 5,100 barrels per day of very light Arabian crude oil and 4.9 million cubic feet of gas daily. - 𝐅𝐚𝐫𝐨𝐮𝐤 field: Flow rate of 4,557 barrels per day of very light Arabian crude oil and 3.79 million cubic feet of gas daily. - 𝐌𝐚𝐳𝐚𝐥𝐞𝐞𝐣 field: Producing 1,780 barrels per day of light Arabian crude oil and 0.7 million cubic feet of gas daily. - 𝐉𝐞𝐡𝐚𝐤 field: Natural gas reserves with significant production. - 𝐊𝐚𝐭𝐨𝐮𝐟 field: Gas flow rate of 7.6 million cubic feet per day and 40 barrels per day of condensates. - 𝐀𝐬𝐢𝐤𝐫𝐚 field: 4.9 million cubic feet per day of natural gas and 100 barrels per day of condensates. These discoveries signify Saudi Arabia's commitment to expanding its oil and gas reserves, a significant milestone for the nation's energy sector. It reflects the ongoing efforts to enhance energy security and sustainability. #saudiarabia #oilandgas #naturalgas #oil #gas #riyadh #saudi #ksa

The Saudi Arabia valves market is set to grow significantly, projected to reach USD 3,777.0 million by 2030 with a CAGR of 5.1%. This growth is fueled by the booming #oil & #gas #industry, industrialization, and investments in power generation and water management. Key players such as L&T Valves and AVK International Saudi Valves Manufacturing - SVM are driving innovation and expansion in this sector. Read More@ https://lnkd.in/gMTbrzyG #SaudiArabia #ValvesMarket #MarketAnalysis #Technology #Innovation #IndustryInsights #OilAndGas #WaterTreatment #Manufacturing #Growth #pnsintelligence #researchreport #outlook

🇸🇦 Aramco advances gas and LNG strategies on all fronts Saudi Arabia has long been a gas island—neither an importer nor an exporter, and with no involvement in the most dynamic sector of the industry: LNG. This is despite being one of the world’s largest producers and consumers of the fuel. The country’s national energy and chemicals company, Saudi Aramco, is now working full throttle to change that situation. Aramco has set itself a target of boosting its gas production by 60% over 2021’s level of 104bcm to more than 165bcm/yr by 2030. The projects underway to achieve this are part of a massive capex programme that this year alone will require investment of $48–58b. Source ➡️ https://lnkd.in/gsGRJk7k #LNG #Aramco #MidOcean #EIG