Saudi Arabia Presents before Davos G20 Summit Priorities

The World Economic Forum is holding its 50th annual meeting in Davos, Switzerland. (Reuters)
The World Economic Forum is holding its 50th annual meeting in Davos, Switzerland. (Reuters)
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Saudi Arabia Presents before Davos G20 Summit Priorities

The World Economic Forum is holding its 50th annual meeting in Davos, Switzerland. (Reuters)
The World Economic Forum is holding its 50th annual meeting in Davos, Switzerland. (Reuters)

The World Economic Forum hosted on Thursday a session on Saudi priorities in the G20 Summit, which will be held in Riyadh in November.

Saudi Energy Minister Prince Abdulaziz bin Salman underlined the Kingdom’s openness to share its economic progress experience, especially in the energy fields.

He noted that his country attached great importance to climate issues and the need to reduce emissions, giving as an example the city of Neom, which he said would be an urban eco-friendly model.

Saudi Finance Minister Mohammed al-Jadaan, for his part, said that Saudi Arabia assumed the chairmanship of the G20 this year, amid several challenges facing the world, including geopolitical issues, climate change, technology problems and the volatility of foreign debts in countries of the world.

“We have new ways to study and benefit from technology, and we will focus on investing in the opportunities of the 21st century,” he told the participants.

Al-Jadaan continued that the world was becoming more interconnected, so are the challenges facing the countries.

“That’s why we must work together to face these challenges through international cooperation,” he remarked.

He noted that the Kingdom’s G20 plan was based on three main goals, which are empowering people, preserving the environment and the planet, and shaping new horizons by taking advantage of technology to serve the people of the world. He explained that one of the Saudi priorities during the G20 meeting was comprehensive financing and sustainable development.

Saudi Assistant Minister of Commerce Iman al-Mutairi emphasized the role of women in Saudi Arabia, saying that her country has engaged in serious reforms in this regard.

Also on Thursday, officials announced the next Middle East summit of the World Economic Forum (WEF) will be held in April.

“The next Middle East summit will be held in Saudi Arabia on April 5 and 6 this year,” WEF President Borge Brende told delegates.



Iraq, BP Agree to Develop Four Kirkuk Fields

The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. (Reuters)
The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. (Reuters)
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Iraq, BP Agree to Develop Four Kirkuk Fields

The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. (Reuters)
The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. (Reuters)

Iraq and oil major BP have signed a deal to redevelop four Kirkuk oil and gas fields, BP said on Tuesday, a breakthrough for Iraq, where output has been constrained by years of war, corruption and sectarian tensions.

The signing comes a day before BP plans to update investors on its strategy and is widely expected to reduce investments in renewable energy and shift back to invest more in oil and gas.

BP is expected to spend up to $25 billion over the lifetime of the project, a senior Iraqi oil official told Reuters in early February.

Under the terms of the agreement, which is subject to final ratification by Iraq's government, BP will work with North Oil Co.(NOC), North Gas Co. (NGC) and the new operator to stabilize and grow production, BP said.

Work will include a drilling program, the rehabilitation of existing wells and facilities, and the construction of new infrastructure, including gas expansion projects, it added.

BP said its remuneration will be linked to incremental production volumes, price and costs and will be able to book a share of production and reserves proportionate to the fees it earns for helping to increase production.

BP would boost crude production capacity from the four oilfields in Kirkuk by 150,000 barrels per day (bpd) to raise total capacity to at least 450,000 bpd in 2-3 years, according to a senior Iraqi oil official.

Tuesday's signing came after the two parties agreed on "technical issues and contractual terms, including the economic model of the project," according to a statement from the Iraqi prime minister office.

The BP deal is focused on rehabilitating facilities in four oilfields and developing natural gas to support Iraq's domestic energy needs.

BP was a member of the consortium of oil companies that discovered oil in Kirkuk in the 1920s. BP has estimated that the Kirkuk field holds about 9 billion barrels of recoverable oil.

The company holds a 50% stake in a joint venture operating the giant Rumaila oilfield in the south of the country, where it has been operating for a century.