AlEqtisadiah from Riyadh
Eng. Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources, revealed that there are discussions with UAE and Oman to establish a regional gas network.
He pointed to the discovery of a lot of gas in Saudi Arabia.
He said, "Saudi Aramco is seeking to develop gas resources in the Kingdom to meet local needs with the potential for export in the future."
Al-Falih predicted a reduction in domestic energy consumption of between 1.5 and 2 million barrels per day of oil equivalent by 2030 as a result of last year's moves to increase gasoline and electricity prices.
According to Reuters, Al-Falih stressed-during the Abu Dhabi Sustainability Week 2019-that Saudi Arabia plans to bid for at least 12 renewable energy projects this year, as part of an effort to the world's largest oil exporter to diversify its energy mix.
"It will stimulate the investor, manufacturing and development activity throughout the value chain," he said.
"Saudi Arabia aims to develop renewable energy capacity of around 60 gigawatts in the next 10 years, including 40 gigawatts of electricity generated from solar power, and three gigawatts of wind power," he added.
Saudi Arabia is implementing agreements to develop solar energy, boost power generation from renewable sources and gas-fired plants that are less polluting.
"Since the implementation of the reforms, we have noticed growing public interest in energy conservation and a clear change in behavior," he said.
This is indicating that the demand for gasoline fell 8 per cent in 2018 compared to 2017 and decreased demand for electricity too.
He predicted that energy conservation and energy price reforms would reduce domestic energy consumption by 1.5 million to 2 million bpd of the oil equivalent by 2030, compared to the scenarios if the normal situation continues.
The minister said, "Over the next 10 years, the burning of liquids in our utility facilities will actually end, while the share of electricity production from gas will grow from about 50 percent currently to about 70 percent, which will be the highest among the G-20 countries."
"Saudi Arabia is seeking to develop the capacity to generate electricity from renewable energy," he said.
The Public Investment Fund and its selected partners will develop 70 per cent of the total renewable energy capacity with the goal of accelerating the localization of our manufacturing capacity, which is indicating that the Ministry will tender for the remaining 30 percent.
Al-Falih confirmed that Saudi Aramco has revealed more gas resources in the Kingdom and will develop unconventional gas reserves in the Eastern part of Ghawar Field.
Unconventional gas refers to reserves that require advanced extraction methods such as those used in the shale gas sector.
"The Kingdom aims to export gas by 2030," a source in the sector said.
The Saudi Electricity Company participated in the Abu Dhabi Sustainability Week 2019, which will be held from 6 to 13 Jumada I, within the Kingdom's pavilion, in the presence of a number of thought leaders, policy makers and senior energy and industry leaders in the world, with six specialized worksheets, presented by a number of employees of the company.
The Kingdom is participating in an interactive pavilion comprising 21 sectors through which to provide a number of lectures and panel discussions in topics including: energy efficiency, reducing carbon emissions, Saudi Arabia's initiatives to diversify the energy mix, the settlement of the electricity industry and related services, water resources, investment in the Kingdom, as well as the role of research and development for sustainability.
The exhibition also includes pavilions for a number of specialized bodies in the fields of energy, industry and electricity that to review future initiatives and projects to raise energy efficiency and develop new technologies to enhance sustainability in Saudi Arabia.
Minister Al-Falih, accompanied by a number of officials, briefed on the company's activities and projects within the Kingdom's pavilion.
Dr. Khalid bin Saleh Al Sultan, Chairman of the Board of Directors, praised the participation of "Saudi Electricity" and the work of tariff projects and achievements in the field of thermal insulation and volcanic ash and other projects that attracted a large number of visitors and specialists.
