Opinion

Top Three Saudi Oil Fields Drive 59% of Country’s Oil Production in 2021, says GlobalData


Analysis of Saudi Arabia's crude oil production shows that over $79.6bn in capital expenditure (capex) would be spent by Saudi Arabia Oil Co on oil projects over the next four years, to ensure that country's production remains around 11.2 million barrel per day (mmbd) in 2021. The company will have 17 fields producing in 2021, of which 13 are conventional oil fields and four are gas fields producing condensate, according to GlobalData, a leading data and analytics company.

Saudi Arabia is expected to spend $79.6bn as capex on conventional oil projects during 2018 to 2021, with spending topping in 2021 at $20.5bn. Average full cycle capex per barrel of oil equivalent for Saudi Arabian oil projects is $4.76. Onshore projects have an average full cycle capex of $2.9 per barrel of oil equivalent, while shallow water projects average $6.9 per barrel of oil equivalent in full cycle capex.

Average development break-even price for oil projects in Saudi Arabia is about $7.6 per barrel. Shallow water projects require an oil price of $8.5 per barrel to break even, while the onshore projects have a development break-even price of $6.8 per barrel.


Visit source site

https://energy.globaldata.com/media-center/press-r...

Kingdom of Saudi ArabiaSaudi ArabiaSaudi Arabia OilProduction

More items from oilvoice


NPD: Drilling Permit For Well 7322/7-1 in Production Licence 852

The Norwegian Petroleum Directorate has granted Spirit Energy Norge AS a drilling permit for well 7322/7-1, cf. Section 15 of the Resource Management Regulations. Well 7322/7-1 will be drilled from the Island Innovator drilling facility, at position 73°24'48.4" north and 22°02'22.09" east after ...

OilVoice Press - OilVoice


Posted 5 hours agoPress > NorwayNorwegian Petroleum DirectorateNPD +3

US Oil & Gas Small Cap Has 'Potential for Significant Upside'

ROTH Capital Partners initiated coverage and reviewed this energy company's U.S. projects. Torchlight Drilling In a June 18 research note, analyst John White reported that ROTH Capital Partners initiated coverage with a Buy rating on Torchlight Energy Resources Inc. (TRCH:NASDAQ) , which ...

OilVoice Press - OilVoice


Posted 6 hours agoPress > NasdaqUnited StatesOil +5

ExxonMobil Announces Eighth Discovery Offshore Guyana

Longtail-1 well encounters approximately 256 feet of high-quality, oil-bearing sandstone Discovery is in southeast portion of Stabroek Block, near Turbot discovery Adding third drillship to accelerate exploration of high value prospects IRVING, Texas--( BUSINESS WIRE )-- Exxon Mobil Corpo ...

OilVoice Press - OilVoice


Posted 9 hours agoPress > GuyanaOffshoreDiscovery +3

Hess Announces Eighth Oil Discovery Offshore Guyana

Longtail-1 well encounters approximately 256 feet of high-quality, oil-bearing sandstone Discovery is in southeast portion of Stabroek Block, near Turbot discovery Adding third drillship to accelerate exploration of high value prospects NEW YORK--(BUSINESS WIRE)--Jun. 20, 2018-- Hess Cor ...

OilVoice Press - OilVoice


Posted 9 hours agoPress > HessOil DiscoveryDiscovery +2

Hess Announces Eighth Oil Discovery Offshore Guyana

Longtail-1 well encounters approximately 256 feet of high-quality, oil-bearing sandstone Discovery is in southeast portion of Stabroek Block, near Turbot discovery Adding third drillship to accelerate exploration of high value prospects NEW YORK--(BUSINESS WIRE)--Jun. 20, 2018-- Hess Cor ...

OilVoice Press - OilVoice


Posted 9 hours agoPress > HessHess CorporationDiscovery +3
All posts from oilvoice