Tuesday 19 March 2024
 
»
 
»
Story

Al-Falih ...difficult year.

Aramco discovers eight new fields

DHAHRAN, March 4, 2015

Saudi Aramco discovered eight new oil and gas fields and produced a record volume of gas last year, the oil giant's chief executive officer has said.

However,  Khalid Al-Falih, also the company's president, described 2014 as a difficult year as a result of a 50 per cent fall in oil prices, a report in Arab News said.

In a statement after a meeting of the company’s executive committee in Dhahran, Al-Falih said said the company was able to continue its activities 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 cu ft of natural gas per day through the Wasit Gas Plant when completed.

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 per cent Arabian Heavy Crude, maximising the resource and producing gasoline, high quality diesel, and liquefied petroleum gases (LPG) as well as byproduct sulfur and petroleum coke for export.




Tags: aramco | Gas fields |

More Energy, Oil & Gas Stories

calendarCalendar of Events

Ads