The Oil & Gas Industry in Saudi Arabia registered Total production of 11,581,510.59 boed in 2020
The indicator recorded a historical decline (CAGR) of 2.14% between 2017 to 2020, and is expected to decline by ...
GlobalData projects the indicator to grow ...
Total production of Oil & Gas Industry in Saudi Arabia declined in 2020
The GCC holds significant gas resources and is looking to exploit them with major new projects. However, for those countries which lack significant export capacity, the potential to maximize their use is likely to depend significantly on internal demand, mainly from the power sector.
Power generation is the main driver of gas demand in the GCC. Countries like Saudi Arabia and Kuwait are accelerating their transition from oil-fired power generation to gas, betting on expanding associated gas projects, building treatment plants for domestic use and increasing gas import capacity in the case of Kuwait. However, renewable power sources will make inroads into the power mix over the coming decade, and this is likely to mean more limited demand growth, particularly in the UAE where significant nuclear generation is also being developed.
Qatar has taken the initiative at the beginning of the year by taking FID at the giant North Field East LNG project, which will position it as the largest LNG producer in the world once online. In this sense, it has moved quickly, securing necessary contracts to place its new productive capacity, but significant uncontracted volumes remain.
Many projects are awaiting the green light in the council countries. UAE has three that could change the reality of the country helping it achieve self-sufficiency of gas. Some doubts remain in Saudi Arabia with the development of its unconventional gas fields. While Qatar has even more gas projects to offer to a market that is warning it will be very tight in the near term.
Total Production (Boed) is crude oil and natural gas equivalent production/sales volume for the reporting period. For this computation, one barrel is the equivalent of six thousand cubic feet of gas.
Although the generation of power will not increase substantially in Saudi Arabia, the share of natural gas in the power mix will continue to increase by the end of the decade boosting the demand.
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