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AlKhorayef: Saudi Arabia Has Become a Major Global Player in Mining Sector

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)
Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)
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AlKhorayef: Saudi Arabia Has Become a Major Global Player in Mining Sector

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)
Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef speaks at the roundtable in Sao Paulo. (Saudi Ministry of Industry and Mineral Resources)

Saudi Minister of Industry and Mineral Resources Bandar AlKhorayef stressed on Tuesday that the Kingdom has proven its strength in the field of mining, becoming a major global player in the field.

It is forging ahead in developing its mining sector as part of the Kingdom’s efforts to diversify its economy, he said during his participation in a roundtable meeting organized by the Federation of Industries of the State of Sao Paulo during his official visit to Brazil.

The roundtable was attended by several leading figures in the mineral wealth sector.

AlKhorayef said mining is a global issue that demands international leadership and cooperation given its importance in pushing forward the energy transition across the world.

“The Kingdom recognizes that global mineral production challenges require collective leadership,” he added.

“Our strategy for real progress is rooted in collaboration, and while we maintain our ambitious goals, we focus on forging strong partnerships worldwide,” he stressed.

“Mineral production transcends economic value; it embodies the potential of our country and people. With our rich resources, skilled workforce, and exceptional investment opportunities, the Kingdom is poised for transformative growth,” he went on to say.

Moreover, AlKhorayef highlighted the fourth edition of the International Mining and Resources Conference, set to take place in Riyadh in January, saying it has become the most important platform for discussing opportunities, issues, and solutions in the global mining sector.

The minister said Saudi Arabia’s national industry strategy aims to diversify 12 main sectors and provide job opportunities at over 800 projects that are worth a trillion riyals.

Furthermore, the minister said Saudi Arabia was seeking to “revolutionize the pharmaceutical sector, with a target to localize 80-90% of insulin production and attract top-tier investments in healthcare.”

He highlighted the Kingdom’s wealth of natural resources and human capital, major investment opportunities and modern infrastructure.

AlKhorayef kicked off his visit to Brazil on July 22. He is later set to visit Chile.

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Chevron Announces First Oil at Ballymore Project in Gulf of Mexico  

The logo and trading information for Chevron is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, US, June 27, 2022. (Reuters)
The logo and trading information for Chevron is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, US, June 27, 2022. (Reuters)
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Chevron Announces First Oil at Ballymore Project in Gulf of Mexico  

The logo and trading information for Chevron is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, US, June 27, 2022. (Reuters)
The logo and trading information for Chevron is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, US, June 27, 2022. (Reuters)

Chevron has started oil and gas production from a project in the US Gulf of Mexico, the oil major said on Monday, bringing the company a step closer toward its goal of growing production from the ocean basin by 50% this year.

The $1.6 billion project called Ballymore, located about 160 miles southeast of New Orleans, is composed of three wells that are expected to produce up to 75,000 barrels of oil per day.

Chevron aims to grow oil and gas production from the Gulf to 300,000 barrels of oil equivalent per day in 2026, and at the same time, it is working to cut up to $3 billion in costs across the business.

Instead of building a new production platform for Ballymore, the wells will transport oil and gas back to an existing platform, which the company said will allow it to increase production at less expense.

“Ballymore is interesting in that it's a tie-back to an existing facility, which has allowed us to bring production to market more quickly,” said Bruce Niemeyer, president of Americas exploration and production, in an interview.

The project is also Chevron's first in a geological formation of the Gulf called Norphlet, where the oil and gas industry has historically had fewer discoveries than in other parts of the ocean basin, he added.

Advancements in technology are key to expanding resource exploration, such as the use of ocean bottom nodes, which allow geophysicists to collect better data underneath the ocean floor, Niemeyer said.

Chevron is the operator of Ballymore with a 60% interest, while co-owner TotalEnergies has 40%.

Ballymore holds an estimated 150 million barrels of oil equivalent in potentially recoverable resources.

The company owns 370 leases in the Gulf of Mexico and expects to participate in a lease sale this year by US President Donald Trump's administration, Niemeyer said.

The Ballymore start-up comes after Chevron announced first oil in August at Anchor, a Gulf of Mexico project that is a technological breakthrough with the ability to operate in deepwater pressures of up to 20,000 pounds per square inch.