Saudi Arabia Oil and Gas Industry

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In January 2009 Saudi Arabia oil and gas industry has been able to discover three new natural gas fields and five new oil fields. This information has been provided by Ali bin Ibrahim-al-Naimi who is minister of petroleum and mineral resources of Saudi Arabia. Saudi Aramco, which is a state owned oil and gas company of Saudi Arabia, has declared that its major investments would not be affected by financial problems across globe.

Saudi Arabia International Oil & Gas Conference & Exhibition 2008 was hosted by Saudi Arabia oil and gas industry from 17 to 19th November 2008 at Dammam. This was an important event for oil and gas industry in Saudi Arabia.

This is a major event of oil and gas industry of Saudi Arabia as it draws technical experts from higher levels of that industry itself. This show, organized annually by oil and gas industry at Saudi Arabia is also attended by important industry professionals as well as decision makers and specialists from different sectors of Saudi Arabian oil and gas industry. In another report from Saudi Aramco have canceled their plans for redeveloping an oil field at Dammam. This step has been taken in view of rising expenses.

In a recent development from Saudi Arabia oil and gas industry, Saudi Aramco has also annulled plans for developing an oil field at Manifa, Saudi Arabia. This contract had been awarded to Snamprogetti, an Italian oil and gas company and a sister concern of Saipem during July 2008. This contract would be tendered again by Saudi Aramco.

Total, a well known oil company from France, has had to put on hold its joint venture with Saudi Aramco at Jubail refinery. This project was worth $10 billion and had to be delayed as a result of problems prevailing in financial markets across globe.

In a news from Saudi Arabia oil and gas industry ConocoPhillips, a major oil and gas company of USA and Saudi Aramco had announced in November 2008 that they would hold up building an oil refinery at Yanbu due to unsatisfactory condition of world financial market. This oil refinery was being planned for a long time.