what is the implication of sustainable consumption on the three pillars of sustainability; economic, social and environmental
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The development plans were reviewed by the Saudi High Commission for Hydrocarbons in a meeting chaired by Crown Prince Mohammed bin Salman.
The Al-Jafurah deposits are estimated to hold 200 trillion cubic feet of wet gas and the phased development of the field is expected to gradually increase production to 2.2 trillion cubic feet by 2036 if fully completed, SPA said.
The crown prince said development of the field over 22 years would provide the government with an annual net income of $8.6 billion and contribute $20 billion to the kingdom’s gross domestic product per year, according to the agency.
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The field is expected to produce 130,000 barrels per day of ethane and 500,000 bpd of gas liquids and condensates.
Al-Jafurah is southeast of Ghawar, the world’s largest conventional oilfield.
Unconventional gas refers to reserves requiring advanced extraction methods, such as those used in the shale gas industry.
SPA said the crown prince ordered gas produced from Al-Jafurah to be prioritized for domestic industries, including mining, to support the Kingdom’s Vision 2030 development plan.
(With Reuters/SPA)
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Topics: BUSINESS ECONOMY ECONOMY 2030 2030 ECONOMY GAS SAUDI ARABIA SAUDI ARAMCO AL-JAFURAH
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Oman’s sultan says government will work to reduce debt
Updated 55 min 45 sec ago
REUTERS
February 23, 2020 12:21
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DUBAI: Oman's Sultan Haitham bin Tariq al-Said said on Sunday the government would work to reduce public debt and restructure public institutions and companies to bolster the economy.
Haitham, in his second public speech since assuming power in January, said the government would create a national framework to tackle unemployment while addressing strained public finances.
"We will direct our financial resources in the best way that will guarantee reducing debt and increasing revenues," he said in the televised speech.
"We will also direct all government departments to adopt efficient governance that leads to a balanced, diversified and sustainable economy."
Rated junk by all three major credit rating agencies, Oman's debt to GDP ratio spiked to nearly 60% last year from around 15% in 2015, and could reach 70% by 2022, according to S&P Global Ratings.
The small oil producing country has relied heavily on debt to offset a widening deficit caused by lower crude prices. Also, the late Sultan Qaboos, who ruled Oman for nearly 50 years, held back on austerity measures.
The country has delayed introducing a 5% value added tax from 2019 to 2021, and economic diversification has been slow, with oil and gas accounting for over 70% of government revenues.
Last week, rating agency Fitch said Oman was budgeting for a higher deficit of 8.7% for 2020 despite its expectation of further asset-sale proceeds and some spending cuts.
"We are willing to take the necessary measures to restructure the state's administrative system and its legislation," Haitham said in his first speech since the mourning period for Qaboos ended, without elaborating.
He said there would be a full review of government companies to improve their business performance and competence.
Oman observers have said that if Haitham moves to decentralise power it would signal willingness to improve decision making. Like Qaboos, he holds the positions of finance minister and central bank chairman as well as premier, defence and foreign minister.
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Topics: OMAN SULTAN HAITHAM BIN TARIQ
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