SAUDI ARABIA

(in Middle East)

CAPITAL: RIYADH

POPULATION: 28 mm

AREA (on): 1,960,600 km2

OIL PEAK: 2019 (forecast)

SUPPLY

As a member of OPEC Saudi Arabia has restricted output since the mid-1980s but began producing near to full developed potential in 2002, apart from some heavier oil reservoirs which were not in demand by refineries. Oil output had increased up to 2005 but began to slide in 2006 when several new projects were announced to maintain capacity. However in 2008, considerable amounts of, mainly onshore, oil were shut-in to meet its OPEC obligations.

By 2012 Saudi Aramco is expected to begin returning the country to full capacity but there remain question marks as to its maximum capacity once old giant fields, especially Ghawar onshore and Safaniya offshore, begin to decline. Assuming no output restrictions after 2012 it is forecast that growth will continue up to a maximum around 2022.

Gas production has barely begun into a Master Gas System inaugurated in 1982. The country has huge potential to increase output of gas from both associated and non-associated fields. However restrictions in oil capacity have hit associated gas production such that output is now flat but development of the Karan gas field is designed to fill this gap.

 

DEMAND

Oil consumption in Saudi Arabia is one of the highest in the world per capita due to the ready availability of cheap oil. It is rising and will continue to do so for a decade in an environment of subsidised gasoline prices.

Exports have declined since 2005 and are only forecast to begin increasing again slowly in 2009 until they jump in 2013 when global supplies have tightened. Gas consumption will begin increasing more rapidly as new gas resources are developed in the country. It is forecast that exports of gas to neighbouring countires may begin around 2013.

 

 
 

This is a simple forecast - detailed forecasts including offshore and onshore, deep water splits, sedimentary basins and major fields and drilling etc. can be purchased for most countries.

 

An onshore and offshore oil and gas production, consumption and drilling activity forecast report on this country can be commissioned,

including all relevant charts. Contact us for price and contents list.

 

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