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Arrangements for Development of Saudi Investment Opportunities Committee

The Saudi Cabinet approved the organizational arrangements for a committee to identify and develop investment opportunities under the umbrella of the Supreme National Investment Committee. (Asharq Al-Awsat)
The Saudi Cabinet approved the organizational arrangements for a committee to identify and develop investment opportunities under the umbrella of the Supreme National Investment Committee. (Asharq Al-Awsat)
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Arrangements for Development of Saudi Investment Opportunities Committee

The Saudi Cabinet approved the organizational arrangements for a committee to identify and develop investment opportunities under the umbrella of the Supreme National Investment Committee. (Asharq Al-Awsat)
The Saudi Cabinet approved the organizational arrangements for a committee to identify and develop investment opportunities under the umbrella of the Supreme National Investment Committee. (Asharq Al-Awsat)

The Saudi Cabinet on Tuesday approved the organizational arrangements for a committee to identify and develop investment opportunities under the umbrella of the Supreme National Investment Committee.

Khalid Al-Falih, Minister of Investment, stressed that the organizational arrangements for the Supreme National Investment Committee and its subcommittees, the Committee for Inventory and Development of Investment Opportunities and the National Incentives Committee, represent an integrated system and reflect the leadership efforts to achieve the second pillar of Vision 2030.

He added that these integrated committees will be concerned with achieving the objectives of national investment policies and priorities, as well as overcoming the challenges facing investments and investors, especially the qualitative and strategic sectors.

“Such committees will be the national reference for everything related to investment,” he said.

Al-Falih added that approval of organizational arrangements confirms that Vision 2030 is moving ahead with achieving its objectives.

“This contributes to achieving a qualitative leap, which will reflect positively on all economic and development aspects, including the development, diversification and sustainability of the economy, as well as the transfer and localization of technology, support of the local content development, and improvement of the quality of life. This also contributes to promoting innovation, and providing more job opportunities,” the minister said.

Crown Prince Mohammed bin Salman had previously launched the National Investment Strategy (NIS) as a key enabler to deliver the objectives of Vision 2030.

The NIS will contribute to the growth and diversification of the Kingdom’s economy, which, in turn, will achieve many Vision 2030’s goals, including raising the private sector’s contribution to GDP to 65%; increasing the contribution of FDI to GDP to 5.7%; increasing the contribution of non-oil exports to GDP from 16% to 50%; reducing the unemployment rate to 7%; and positioning the Kingdom among the top ten economies in the Global Competitiveness Index; by 2030.

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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.