Saudi Ministerial Delegation Meets with Major US Tech Companies

Saudi Arabia promotes entrepreneurship and digital economy in the communications and information sector (Asharq Al-Awsat)
Saudi Arabia promotes entrepreneurship and digital economy in the communications and information sector (Asharq Al-Awsat)
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Saudi Ministerial Delegation Meets with Major US Tech Companies

Saudi Arabia promotes entrepreneurship and digital economy in the communications and information sector (Asharq Al-Awsat)
Saudi Arabia promotes entrepreneurship and digital economy in the communications and information sector (Asharq Al-Awsat)

The Saudi Ministry of Communications and Information Technology (MCIT) is holding meetings with major US technology companies and innovation and space centers.

Minister Abdullah al-Swaha and the accompanying delegation will launch Thursday a series of meetings with the US companies to boost the Kingdom's leading role as a regional center in the Middle East and North Africa.

The meetings aim to consolidate Saudi Arabia's leading position as a technology and innovation hub and attract investments to the Kingdom by establishing strategic partnerships that promote and develop the digital economy, innovation, and space economy, in line with Vision 2030.

Saudi Arabia has ranked second globally among the G20 countries in the Digital Competitiveness Report for 2021 issued by the European Center for Digital Competitiveness.

The Kingdom seeks to boost communication and relations with developed countries in the field, including the US.

Saudi Arabia said it is adopting a package of initiatives and investments at the LEAP conference, which it hosted last February.

It is determined to continue building its digital economy and transform it into an innovation-based economy, expanding the impact to serve humanity and preserve the planet.

The Kingdom continues to establish partnerships with many entities and sectors to accelerate innovation in the communications and information technology sector, enhance technical research and digital education, and sponsor digital innovation and entrepreneurship ecosystems to achieve the goals of Vision 2030.

Recently, the Ministry launched the National Center for Emerging Network Technologies, following a strategic partnership between King Saud University and the Ministry of Communications and Information Technology.

Powered by Huawei, this new center aims to develop 5G applications and identify frameworks for developing local talent, to enhance the country's position as the most innovative country in the region.

The two parties aim to develop 5G applications, identify frameworks for developing local talent, enhance the Kingdom's position as the leading and most innovative country in the region, and work towards serving common interests and goals.

The center will help raise awareness of 5G technologies and its expanding set of applications, support local talent in this field, and strengthen 5G cybersecurity.

It will provide a platform to develop digital trust, enhance digital infrastructure, adopt emerging technologies, advance smart cities, foster digital capabilities and skills, and digital innovation.



Iraq to Sign Deal with Halliburton to Develop Nahr Bin Omar Oilfield

Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo
Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo
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Iraq to Sign Deal with Halliburton to Develop Nahr Bin Omar Oilfield

Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo
Participants observe a presentation at Halliburton's booth at the World Petroleum Congress in Houston, Texas, US December 7, 2021. REUTERS/Liz Hampton/File Photo

Iraq and US oil services firm Halliburton are close to finalizing an agreement to develop the Nahr Bin Omar oilfield, the head of Iraq's Basra Oil Company (BOC) told Reuters on Thursday.

Bassem Abdul Karim, director general of state-run BOC, said Iraq's oil ministry and Halliburton are expected to sign a confidentiality agreement in the coming days, after which Iraq will provide Halliburton with data on the Nahr Bin Omar field and its installations.

Under the deal, Halliburton will help Iraq in increasing production at the field to 300,000 barrels per day (bpd), Abdul Karim said, though he did not specify a timeline. The field currently produces around 50,000 bpd, Reuters reported.

"Halliburton will also help Iraq to produce 300 million cubic feet of gas from the field", said Abul Karim.

Abdul Karim said oil production at the West Qurna 1 field, operated by PetroChina in southern Iraq, is expected to reach 750,000 bpd by the end of 2025, up from the current 550,000 bpd. PetroChina holds the largest stake in the field following Exxon's exit.

To reduce its gas import bill, Iraq has selected China Petroleum Engineering & Construction Corporation (CPECC) to develop a $1.7 billion gas project at the Nahr Bin Omar field, which will produce 300 million standard cubic feet (mscf) of gas, according to the BOC manager.

"We are in talks with CPECC to reduce the project's cost, and final signing is imminent," he said.

Asked about the impact of the latest sanctions targeting Russia on the global crude supplies and if Iraq is ready to lift production, Abdul Karim said Iraq has the capacity to increase its oil production by 200,000 barrels per day (bpd) immediately if asked by OPEC.

Iraq's oil exports from its southern ports averaged 3.232 million bpd in December, he added.