The Oil & Gas Year Saudi Arabia 2012
With the world’s largest hydrocarbons reserves, Saudi Arabia is the global leader in oil production and exports. With substantial revenues from its hydrocarbons industry, the kingdom has worked on adding value to its resources through the downstream sector. Annual growth of 7 percent in domestic demand for gas for power and desalination, however, has led to petrochemicals ventures feeling the strain on their growth targets. The Jubail & Yanbu industrial cities are a signal of Saudi Arabia’s efforts downstream. Jubail alone is currently host to the latest multi-billion dollar joint ventures between Saudi Aramco and oil multinationals such as Total and Dow. Upstream, Saudi Aramco awarded two Red Sea coast seismic exploration contracts reiterating the potential and diversity of offshore exploration. The world's largest national oil company also announced that new discoveries to compensate for 2010 oil production. The Oil & Gas Year Saudi Arabia 2012 is a complete picture of the energy landscape in the kingdom and the voice of the industry.