The New Saudi Discovery: Sparking an Energy Storm with Astonishing Reserves of Natural Gas and Condensate
Saudi Aramco has discovered 150 trillion standard cubic feet of natural gas in the Jafurah oil field in the country.
According to a news statement from the Ministry of Energy, the discovery also includes 2 billion barrels of condensate. The ministry, citing Saudi Energy Minister Abdulaziz bin Salman, stated in the news release that with the latest discovery, the field's resource estimates have reached 229 trillion standard cubic feet of natural gas and 75 billion barrels of condensate. The statement further noted that this discovery is the result of the energy giant (also known as Saudi Aramco) adopting the highest international standards in estimating and developing hydrocarbon resources to ensure their proper extraction.
In November 2023, the Ministry of Energy announced that Saudi Aramco had discovered two new gas fields in the Eastern Province and an open area. The ministry stated in a news release:
The first discovery occurred at the Hanifa reservoir of the Al-Hiran-1 well. Reportedly, the gas field was found after the above reservoir flowed out 30 million cubic feet of natural gas and 1,600 barrels of condensate per day.
The second discovery was made at the Al-Mahakek-2 well, with a natural resource flow rate of 850,000 standard cubic feet per day. The ministry added that natural gas was also discovered in five other reservoirs of previously discovered oil fields, including the Jalla reservoir of the Assekra oil field, with a gas flow rate of 46 million standard cubic feet per day.
In early February, Amin H. Nasser, CEO of Saudi Aramco, stated during a speech at the International Petroleum Technology Conference held in Dhahran that the company is focusing on the continuity of all types of energy production, including oil, gas, and renewable energy. He also added that Aramco is fully capable of developing and establishing profitable ventures in any field.
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The project originally named "New Jeddah Downtown" will be implemented in three phases, with the first phase expected to be completed by the end of 2027, the second phase by 2030, and the third phase after 2030. The Jeddah Central Development Company, established by the Public Investment Fund (PIF) in 2019, with the Saudi Crown Prince personally serving as the chairman of the board, is specifically responsible for the implementation of this project.
$3.2 billion! Saudi Jeddah Central Comprehensive Infrastructure Project Goes Live
The Jeddah Central Development Company (JCDA), a subsidiary of the Saudi sovereign wealth fund, the Public Investment Fund (PIF), has announced externally that the CEO of the company, Ahmed Al Sulaim, has officially signed contracts for four core landmark construction projects and infrastructure construction projects under the Jeddah Central Destination Tourism Complex Infrastructure Development Project.
The four engineering contracts include the construction of a sports stadium, opera house, museum, aquarium, as well as Phase One infrastructure and public facility construction. The total investment for the four projects is estimated to be SAR 12 billion, equivalent to $3.2 billion.
Overseas projects not only help improve local infrastructure, provide ample job opportunities, cultivate professional technical talents, and boost local economic and social development, but also promote advanced Chinese technologies, equipment, and construction management to go global. In this process, the "Made in China" label shines brighter and brighter.
Successful contract signing for the Saudi Jeddah Central Comprehensive Infrastructure Project
China Harbour Engineering Company (CHEC) has been awarded the contract to implement Phase One infrastructure engineering for the Jeddah Central Destination. This includes the construction of docks, parks, green spaces, and other basic projects.
China Railway Construction Corporation has won the bid for the construction project of the Jeddah Central Sports Stadium. Recently, a consortium consisting of China Railway Construction Corporation's Saudi branch and local Saudi contractor Sama Construction Company won the bid for the construction project of the Jeddah Central Sports Stadium.
The project is planned to commence construction in February 2024 and be completed by 2026. This project will become another large-scale sports stadium facility project undertaken by China Railway Construction Corporation in the Middle East Gulf region after successfully constructing the "Al Janoub Stadium" for the Qatar World Cup in Doha. It will directly serve the Saudi Arabia FIFA World Cup in 2034.
The implementation contract for the Jeddah Sports Stadium has been awarded to a consortium of China Railway Construction Corporation's Saudi branch and Sama Construction Company. The stadium will be built according to FIFA standards, with unique architecture and cooling systems for the stands and stadium, accommodating 45,000 spectators and hosting regional and international events.
Stadium
The Jeddah Central Tourism Authority stated in a declaration that the construction contract for the Oceanarium project has been awarded to Modern Building Leaders (MBL) Company (a Saudi local enterprise chaired by Mohammed Saleh Bin Laden, an important member of the Saudi Bin Laden family). The Oceanarium will provide visitors with a unique experience, reinforcing Jeddah's status as a regional and global leader in marine environment conservation. Meanwhile, the construction project contract for the Jeddah Opera House has also been awarded to MBL.
Aquarium
Theater
Museum
The Jeddah Central Project is an important part of Saudi Arabia's ongoing large-scale comprehensive infrastructure investment and development plan, aimed at revitalizing the historical and cultural heritage of the Hijaz region and promoting Jeddah as the cultural and tourism center of the Saudi region. The core of this project, Jeddah Central Destination, is planned to open its doors to visitors in 2027, becoming a new landmark for tourism in Jeddah.
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Non-oil activities in Saudi Arabia currently account for 50% of the Gross Domestic Product (GDP).
According to the Ministry of Economy and Planning in Saudi Arabia, non-oil economic activities contributed 50% to the Gross Domestic Product in 2023, reaching the highest level in history. Driven by continued growth in investment, consumption, and exports, the non-oil GDP reached $453 billion at constant prices. Private investment has seen unprecedented performance in the last two years, with a growth rate of 57%, reaching a historic high of $255 billion in 2023.
The growth of non-oil activities has been led by arts and entertainment, which more than doubled in value between 2021 and 2022. Other activities such as accommodation, food services, transportation, and warehousing recorded strong growth rates of 77% and 29% respectively. The growth of non-oil activities in 2023 was notable for its diversity and momentum. Social services such as health and education recorded growth of 10.8%, followed by transportation and communication at 3.7%, and trade, restaurants, and hotels at 7%.
Real service exports, represented by tourist spending, saw a historical growth rate of 319% over the past two years, reflecting the significant impact of Saudi Arabia's transformation into a global tourism and entertainment destination and driving the process of economic diversification.
Increasing the proportion of non-oil economic activities in the total GDP is a key goal of Saudi Arabia's Vision 2030, which aims to achieve economic prosperity by separating the growth engine from hydrocarbons.
A senior official stated that Saudi Arabia may double its hotel room capacity in the next 10 years to meet the growing number of religious tourists.
Elie Maalouf, CEO of InterContinental Hotels Group Hotels and Resorts, stated in an interview with "Arab News" that as the Kingdom of Saudi Arabia is developing into a global tourist destination, the available capacity is insufficient to meet Saudi Arabia's growing demand.
"Religious travel is a unique part of the kingdom and continues to grow. In fact, we know today that we cannot accommodate all the potential of religious travel. Therefore, over the next decade, we may need twice as many hotel rooms as we currently have in the kingdom," Maalouf said.
He noted that two new hotels from the InterContinental Hotels Group will be named Regent and InterContinental and will be built in the King Abdullah Financial District, expected to open in 2027.
According to data from the Saudi Ministry of Finance, non-oil revenues in Saudi Arabia have grown by 193% over the past seven years, with the internal factors of the "Vision 2030" and implementation of transformation plans driving growth. The global real estate consulting firm, Le Frond Real Estate Brokers, said that Saudi Arabia is on track to become the world's largest construction site after launching the "Vision 2030" plan in 2016.
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