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Report Highlights Saudi Incentives for New Technologies, 4th Industrial Revolution Solutions

Photo taken during the LEAP technological conference, which focused on the 4th Industrial Revolution among other files. (Photo: Bashir Saleh)
Photo taken during the LEAP technological conference, which focused on the 4th Industrial Revolution among other files. (Photo: Bashir Saleh)
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Report Highlights Saudi Incentives for New Technologies, 4th Industrial Revolution Solutions

Photo taken during the LEAP technological conference, which focused on the 4th Industrial Revolution among other files. (Photo: Bashir Saleh)
Photo taken during the LEAP technological conference, which focused on the 4th Industrial Revolution among other files. (Photo: Bashir Saleh)

A recent report revealed five advantages and incentives to enable Saudi Arabia to implement the technologies and solutions of the Fourth Industrial Revolution, including the presence of digital infrastructure equipped with 5G technology, and the Kingdom’s financial and investment capabilities.

The Kingdom inaugurated last year a dedicated center on the sidelines of the first Saudi Forum for the 4th Industrial Revolution, which was held in Riyadh, in a step that reflects the country’s determination to empower this sector.

According to a report issued by the Ministry of Industry and Mineral Resources, Saudi Arabia’s advanced digital government is one of the country’s most important features that enables it to implement the techniques of the 4th Industrial Revolution, in addition to the presence of more than 40 specialized and integrated industrial cities and a motivated young population.

The report noted that the 4th Industrial Revolution contributed to supporting the localization of new and advanced industries within the Kingdom, expanding supply chains and enhancing their flexibility and reliability, in addition to increasing the competitive advantage of existing industries.

Saudi Arabia attaches great importance to this revolution through the development of the national industry and logistics services within Saudi Vision 2030, which aims to transform the Kingdom into a leading industrial power and a global logistics platform. This goal is attained by maximizing the value achieved from the mining and energy sectors and focusing on local content and the 4th Industrial Revolution to contribute significantly in enhancing and diversifying the economic impact of the targeted sectors, sustaining their growth, achieving leadership and creating an attractive investment environment.

The activities of the LEAP Conference, which was hosted in Riyadh on Tuesday, focused on future technologies, digital transformation and economic diversification in the era of the 4th Industrial Revolution, in addition to the future of smart and digital sustainable cities.

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Libya to Offer Production Sharing Contracts under New Oil Bid Round

A view shows El Feel oil field near Murzuq, Libya, July 6, 2017. REUTERS/Aidan Lewis/File Photo
A view shows El Feel oil field near Murzuq, Libya, July 6, 2017. REUTERS/Aidan Lewis/File Photo
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Libya to Offer Production Sharing Contracts under New Oil Bid Round

A view shows El Feel oil field near Murzuq, Libya, July 6, 2017. REUTERS/Aidan Lewis/File Photo
A view shows El Feel oil field near Murzuq, Libya, July 6, 2017. REUTERS/Aidan Lewis/File Photo

Libya is set to offer 22 areas for oil exploration and development in its first such bidding round in more than 17 years, oil officials said on Monday, adding that deals will involve production sharing agreements.

The new bidding round, announced on March 3, comes as Africa's second-largest oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC) seeks to raise its oil output.

National Oil Corporation (NOC) Chairman Massoud Suleman told an event for potential investors in London that areas on offer are split equally between onshore and offshore.

Libya's current crude production has reached about 1.4 million bpd, 200,000 bpd short of its pre-civil war high, according NOC. It aims to raise output further to 2 million bpd, Reuters reported.

Foreign investors have been wary of putting money in Libya, which has been in a state of chaos since the overthrow of Muammar Gaddafi in 2011. Disputes between armed rival factions over oil revenues have often led to oilfield shutdowns.

NOC Chairman Suleman told Reuters on the sidelines of the event that the round has already generated a lot of interest from international oil companies since it was launched in early March.

In January, Abdulsadek told Reuters the country needed between $3 billion and $4 billion in investment to reach output of 1.6 million bpd.

The bidding will involve acreage in some of the most prolific basins in the country, including the Sirte, Murzuq and Ghadamis basins as well as offshore Mediterranean, oil minister Khalifa Abdulsadek told Monday's event.

A presentation by other NOC officials showed the areas on offer will be under a Production Sharing Agreement model, replacing the more stringent EPSA IV model which Libya adopted under previous bid rounds and which offered fewer returns to investors.

NOC expects to sign the new contracts between November 22-30.