Red Sea Development Company Adopts Green Strategy to Support Tourism

The Red Sea Development Company cooperates with the Ministry of Environment, Water and Agriculture to set new standards in sustainable development that are compatible with global biosecurity regulations. (Asharq Al-Awsat)
The Red Sea Development Company cooperates with the Ministry of Environment, Water and Agriculture to set new standards in sustainable development that are compatible with global biosecurity regulations. (Asharq Al-Awsat)
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Red Sea Development Company Adopts Green Strategy to Support Tourism

The Red Sea Development Company cooperates with the Ministry of Environment, Water and Agriculture to set new standards in sustainable development that are compatible with global biosecurity regulations. (Asharq Al-Awsat)
The Red Sea Development Company cooperates with the Ministry of Environment, Water and Agriculture to set new standards in sustainable development that are compatible with global biosecurity regulations. (Asharq Al-Awsat)

As part of its commitment to developing a comprehensive sustainable landscape strategy to embrace the pristine environmental components and enhance biodiversity in the Red Sea region, the Red Sea Development Company - a subsidiary of the Saudi Public Investment Fund (PIF) - is seeking to rely on local and regional plants while including endemic and adaptive plant species.

The company cooperates with the Ministry of Environment, Water and Agriculture to set new standards in sustainable development that are compatible with global biosecurity regulations, policies and procedures with regard to importing the required types of adapted plants and agricultural products into the Kingdom.

In this regard, the ministry, in coordination with the Red Sea Nursery, provided seeds and seedlings of many local plant species, in addition to developing mechanisms for transporting and planting large trees and palms from their local and regional sources to the destination.

John Pagano, CEO of the Red Sea Development Company and AMAALA, said the nursery, which extends over an area of 100 hectares, was currently producing one million plants.

“We are seeking to increase that rate by another million plants by the end of this year,” he added.

Fahd Al-Hubaili, Assistant Director of Environmental Programs at the Red Sea Development Company, noted that the establishment of the Red Sea Nursery came in line with the highest international standards to provide all projects with multiple options of plant species needed to enhance the landscape and the planned environmental improvement programs.

He underlined the company’s keenness to comply with the sustainability goals, which include protecting the natural components inherent in the region and enhancing them by applying the highest standards of sustainability and biosecurity.

The nursery covers an area of more than one million square meters, making it one of the largest nurseries in the Middle East and one of the most important destination facilities for implementing the sustainability strategy in the Red Sea Project.



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.