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Oil & Gas

Saudi Arabia’s oil and gas sector witnessed significant growth and development in 2013. Saudi Aramco plans to add 20 percent or 160 billion barrels to the Kingdom's total oil reserves. Saudi Arabia’s hydrocarbons market saw $3.9 billion-worth of projects awarded in 2013. The major projects included the Riyadh refinery upgrade, SABIC’s polyacetal plant, Ras Tanura refinery and Jubail refinery. Another big project, Jizan Gasification project, was under evaluation process.

In the gas sector, there was a new discovery of unconventional energy source such as shale gas. Saudi Arabia currently boasts a proven reserve of more than 600 trillion cubic feet of shale gas, more than the double of its natural gas reserves. This enormous reserves place Kingdom fifth in the world ranking shale gas reserves between US and Canada.   A 1000-MW power plant will be built with the supply of shale gas in the Jizan area. New study has been undertaken to find more new shale gas in different regions of the Kingdom.