Saudi Aramco, the world’s largest oil-exporting company, plans to complete an increase in daily oil-production capacity to 13 million barrels per day from 12 million by 2027, according to its chief executive.
“The full capacity will be available by 2027 but it will come in increments,” Amin Nasser told the Energy Intelligence Forum, an online conference, on Monday.
To achieve the 13 million bpd capacity, “we will focus on existing fields and will make the appropriate disclosure and announcements when we reach certain project milestones but it is going to come from existing and new fields, so it will be a combination of both”.
Mr Nasser said that demand for oil is rising amid tighter natural gas supplies globally, as well as a fall in surplus oil inventories.
“There is some shift that we have seen from gas to liquids, especially in certain markets in Asia, and that impacts oil demand by almost half a million barrels.
“The surplus inventories are behind us right now, down more than 10 per cent from the five-year average so overall the demand is very healthy,” he added.
Oil prices rallied on Monday after Opec+ said it will stick to its original plan to increase production by 400,000 barrels per day of supply for November. Improved economic demand amid relaxing movement restrictions has also supported crude prices. Brent, the global benchmark, was trading above $81 per barrel on Monday, while West Texas Intermediate, the key gauge for US oil, was trading at $77.76 per barrel — the highest level since 2014.
Mr Nasser also said the investment was “prematurely cut” in the oil and gas industry due to pressure from shareholders and investors and several producers are “fidgeting away” from the sector.
“The net effect is lower supply and I am concerned that this will continue for the foreseeable future,” he said.
He also urged the industry to transition responsibly in a quest to not affect the supply.
“The bigger issue is they are related to energy transition and the industry supports the transition to have a better and cleaner source of energy but the transition must ensure there are reliable supplies of energy and also people can afford them at the same time.”
“There is a need for orderly transition. Pragmatic energy policies are needed and hasty decisions must be avoided as much as possible in order to get back to normality of the business.”
Publicly-listed oil majors around the world have come under increasing pressure from activist investors, governments, courts and large institutional investors that promote Environmental, Social, and Corporate Governance (ESG) standards to reduce their carbon footprint and transition to clean energy.
ExxonMobil earlier this year lost three of its board seats to small activist investor Engine No. 1, which had been pressing the company to cut emissions.
Royal Dutch Shell was also ordered by a Netherlands court to slash its emissions harder and faster than planned.
Saudi Aramco will focus on building blue hydrogen projects in line with demand worldwide, Mr Nasser said.
“The scale [of the projects] will all depend on demand,” he said.
“Clean hydrogen will cost much more than a barrel of oil equivalent or a barrel of gas equivalent so the market needs to develop for companies like Saudi Aramco and other companies to develop projects at scale.”
“We do have the interest, we do have the capacity to do that but right now we are working with our customers in different markets to see the appetite for these scaled projects.”
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How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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De De Pyaar De
Produced: Luv Films, YRF Films
Directed: Akiv Ali
Cast: Ajay Devgn, Tabu, Rakul Preet Singh, Jimmy Sheirgill, Jaaved Jaffrey
Rating: 3.5/5 stars
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
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The specs
- Engine: 3.9-litre twin-turbo V8
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Engine: 51.5kW electric motor
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Torque: 175Nm
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Directors: Madeline Sharafian, Domee Shi, Adrian Molina
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Results
2.30pm: Dubai Creek Tower – Handicap (PA) Dh40,000 (Dirt) 1,200m; Winner: Marmara Xm, Gary Sanchez (jockey), Abdelkhir Adam (trainer)
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Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
