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Saudi Energy Minister: We Aim to Boost Oil, Gas Production, Plan to Export Hydrogen

Saudi Energy Minister Prince Abdulaziz bin Salman speaks at Monday's event. (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks at Monday's event. (SPA)
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Saudi Energy Minister: We Aim to Boost Oil, Gas Production, Plan to Export Hydrogen

Saudi Energy Minister Prince Abdulaziz bin Salman speaks at Monday's event. (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman speaks at Monday's event. (SPA)

Saudi Energy Minister Prince Abdulaziz bin Salman announced the Kingdom’s strategic plans to increase its production of oil, gas and clean energy.

“We in the Kingdom aim to increase oil and gas production, and we plan to export hydrogen,” said Prince Abdulaziz on the sidelines of the 7th edition of the activities of Iktva 2023 forum in Dhahran.

He revealed that Saudi Arabia is working to increase the gas production by 60%. Work is under way to add 4,000 kilometers to gas lines.

Prince Abdulaziz indicated that the energy laboratory that was launched has an investment value of about $1 billion.

He emphasized that promoting localization strengthens energy supplies, enhances flexibility of supply chains, and reduces risks resulting from economic shocks.

According to Prince Abdulaziz, Saudi Arabia’s Energy Ministry represents a catalyst and engine for the localization program in partnership with various governmental and private entities.

Energy localization programs in the Kingdom have enabled many international partners to cooperate in launching more than 200 manufacturing facilities, he stressed.

Many projects are currently under development and on their way to becoming fully operational, added Prince Abdulaziz.

He highlighted the acceleration of the work of liquids-to-chemicals conversion facilities to increase the raw materials for petrochemicals.

Moreover, Saudi Arabia will invest SAR 1 trillion ($266 billion) to generate “cleaner energy” and add transport lines and distribution networks.

Prince Abdulaziz added that the eventual goal is to export energy to the world and produce clean hydrogen.

In other news, Saudi Aramco signed over 100 deals and MoUs valued at around $7.2 billion at the Iktva forum.

The company also launched Aramco Digital Co. to accelerate its digital transformation efforts.

The Iktva program achieved 63 % local content in 2022, up from 35 % in 2015 when it was initially launched.

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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.